Document:

Exhibit 10.2

 

Final Draft: October 1, 2021

 

IHS HOLDING LIMITED

2021 OMNIBUS INCENTIVE PLAN

 

1.            PURPOSE
OF THE PLAN. The purpose of the 2021 Omnibus Incentive Plan (as it may be amended or restated from time to time, the “Plan”)
of IHS Holding Limited, a Cayman Islands limited company (the “Company”), is to provide incentive for future endeavors
and to advance the interests of the Company and its stockholders by encouraging ownership of the Common Stock of the Company by Employees,
Consultants, and Non-Employee Directors (as defined below) and to enable the Company to compete effectively with other enterprises for
the services of such Employees, Consultants, and Non-Employee Directors as may be needed for the continued improvement of the Company’s
business, through the grant of (a) options to purchase shares of Common Stock, either as Incentive Stock Options or Non-statutory
Stock Options (collectively “Options”), (b) shares of Common Stock that are subject to restrictions set forth
in the Plan or any individual award agreement (“Restricted Stock” or a “Restricted Stock Award”),
(c) Stock Appreciation Rights (as defined below), (d) restricted stock unit awards (a “Restricted Stock Unit Award”,
and collectively with a Restricted Stock Award, a “Restricted Award”), (e) Other Stock Based-Awards, and (f) Other
Cash Based-Awards (such Options, Restricted Awards, Stock Appreciation Rights, Other Stock Based-Awards, and Other Cash Based-Awards,
collectively, the “Awards”).

 

2.            PARTICIPANTS.

 

(a)          Awards
may be granted under the Plan to such Employees, Consultants, and Non-Employee Directors of the Company and its Affiliates (as defined
below) as shall be determined by the Committee as set forth in Section 6 of the Plan (each, a “Grantee”); provided,
however, that no Awards may be granted to any person if such grant would cause the Plan to cease to be an “employee benefit
plan” as defined in Rule 405 of Regulation C promulgated under the Securities Act.

 

(b)         Incentive
Stock Options may be granted only to Employees. Awards other than Incentive Stock Options may be granted to Employees, Consultants and
Non-Employee Directors and those individuals whom the Committee determines are reasonably expected to become Employees, Consultants and
Non-Employee Directors following the Date of Grant.

 

(c)          A
Ten Percent Stockholder shall not be granted an Incentive Stock Option unless the exercise price of such Option is at least 110% of the
Fair Market Value of the Common Stock at the Date of Grant and the Option is not exercisable after the expiration of five years from the
Date of Grant.

 

     

     

    

 

(d)          A
Consultant shall not be eligible for the grant of an Award if, at the time of grant, a Form S-8 Registration Statement under the
Securities Act (“Form S-8”) is not available to register either the offer or the sale of the Company’s securities
to such Consultant because of the nature of the services that the Consultant is providing to the Company (i.e., capital raising), or because
the Consultant is not a natural person, or as otherwise provided by the rules governing the use of Form S-8, unless the Company
determines both (i) that such grant (A) shall be registered in another manner under the Securities Act or (B) does not
require registration under the Securities Act in order to comply with the requirements of the Securities Act, if applicable, and (ii) that
such grant complies with the securities laws of all other relevant jurisdictions.

 

3.            EFFECTIVE
DATE; TERM OF THE PLAN. The Plan was adopted on 30 September, 2021 by the Board, subject to the approval by the stockholders of the
Company (the “Effective Date”). If the Plan is not so approved by the stockholders of the Company, then the Plan will
be null and void in its entirety.

 

4.            DEFINITIONS.

 

(a)         “Affiliate”
means any affiliate of the Company selected by the Committee; provided, that, with respect to any “stock right” within
the meaning of Section 409A of the Code, such affiliate must qualify as a “service recipient” within the meaning of
Section 409A of the Code and in applying Section 1563(a)(1), (2) and (3) of the Code for purposes of determining
a controlled group of corporations under Section 414(b) of the Code and in applying Treasury Regulation
Section 1.414(c)-2 for purposes of determining trades or businesses (whether or not incorporated) that are under common control
for purposes of Section 414(c) of the Code, the language “at least 50 percent” is used instead of “at
least 80 percent”; provided, that, with respect to Incentive Stock Options, it shall mean any subsidiary or parent of the
Company that is a corporation and that at the time qualifies as a “subsidiary corporation” within the meaning of
Section 424(f) of the Code or a “parent corporation” within the meaning of Section 424(e) of the
Code.

 

(b)          “Award
Agreement” means a written agreement between the Company and a Grantee evidencing the terms and conditions of an individual
Award grant. Each Award Agreement shall be subject to the terms and conditions of the Plan.

 

(c)          “Board”
means the board of directors of the Company.

 

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(d)          “Cause”
means (i) “Cause” as defined in the applicable Award Agreement, or any written employment or service agreement with the
Company or an Affiliate, to which the Grantee is a party, or (ii) if clause (i) does not apply, then “Cause” shall
mean (A) the Grantee’s conviction of, or entry of a plea of no contest to (x) a felony or (y) a misdemeanor involving
moral turpitude (or the equivalent of a misdemeanor involving moral turpitude or a felony in a jurisdiction other than the United States),
(B) the Grantee’s gross negligence or willful misconduct, or a willful failure to attempt in good faith to substantially perform
his or her duties (other than due to physical illness or incapacity), (C) the Grantee’s material breach of a material provision
of any employment agreement, consulting agreement, directorship agreement or similar services agreement or offer letter between the Grantee
and the Company or any of its Affiliates, or any non-competition, non-disclosure or non-solicitation agreement with
the Company or any of its Affiliates, (D) the Grantee’s material violation of any written policies adopted by the Company or
any of its Affiliates governing the conduct of persons performing services on behalf of the Company or any of its Affiliates, (E) the
Grantee obtaining any material improper personal benefit as result of breach by the Grantee of any covenant or agreement (including a
breach by the Grantee of the Company’s code of ethics or a material breach by the Grantee of other written policies furnished to
the Grantee relating to personal investment transactions) of which the Grantee was or should have been aware, (F) the Grantee’s
fraud or misappropriation, embezzlement or material misuse of funds or property belonging to the Company or any of its Affiliates, (G) the
Grantee’s use of alcohol or drugs that materially interferes with the performance of his or her duties, or (H) willful or reckless
misconduct in respect of the Grantee’s obligations to the Company or its Affiliates or other acts of misconduct by the Grantee occurring
during the course of the Grantee’s employment or service that in either case results in or could reasonably be expected to result
in material damage to the property, business or reputation of the Company or its Affiliates. Notwithstanding anything to the contrary
herein or elsewhere, if, within six (6) months following a Grantee’s termination of employment or service for any reason other
than by the Company or the applicable employer Affiliate for Cause, the Company or the applicable employer Affiliate determines that such
Grantee’s termination of employment or service could have been for Cause, such Grantee’s termination of employment or service
will be deemed to have been for Cause for all purposes, and such Grantee will be required to disgorge to the Company all amounts received
under the Plan, any Award Agreement or otherwise that would not have been payable to such Grantee had such termination of employment or
service been by the Company or the applicable employer Affiliate for Cause. The determination of whether Cause exists shall be made by
the Committee in its sole discretion.

 

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(e)          “Change
in Control” shall mean:

 

(i)           the
acquisition by any person, entity or “group” (within the meaning of Sections 13(d)(3) or 14(d)(2) of the Exchange
Act, but excluding, for this purpose, the Company or its subsidiaries or any of their respective Affiliates, a corporation or other entity
owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of shares of
Common Stock in the Company, or any employee benefit plan of the Company or its subsidiaries which acquires beneficial ownership of voting
securities of the Company) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of a majority
of either the then-outstanding shares of Common Stock or the combined voting power of the Company’s then-outstanding voting securities
entitled to vote generally in the election of Directors; or

 

(ii)           individuals
who, as of the Effective Date, constitute the Board (as of such date, the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any person becoming a Director subsequent to such date whose election,
or nomination for election, was approved by a vote of at least a majority of the Directors then constituting the Incumbent Board or was
effected in satisfaction of a contractual requirement that was approved by at least a majority of the Directors when constituting the
Incumbent Board (in each case, other than an election or nomination of an individual whose initial assumption of office is in connection
with an actual or threatened election contest relating to the election of Directors of the Company) shall be, for purposes of this Section(e)(ii),
considered as though such person were a member of the Incumbent Board; or

 

(iii)          there
is consummated a merger or consolidation of the Company with any other corporation or other entity, and, immediately after the consummation
of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least
a majority of the board of directors of the company surviving the merger or consolidation or, if the surviving company is a subsidiary,
the ultimate parent thereof, or (y) the voting securities of the Company immediately prior to such merger or consolidation do not
continue, immediately thereafter, to represent or are not converted or exchanged into more than 50% of the combined voting power of the
then outstanding voting securities of the person resulting from such merger or consolidation or, if the surviving company is a subsidiary,
the ultimate parent thereof;

 

(iv)          the
sale of all or substantially all of the assets of the Company to any other person (other than the Company or its subsidiaries or any of
their respective Affiliates or any employee benefit plan of the Company or its subsidiaries);

 

(v)           the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement
or series of related agreements for the sale, lease or other disposition, directly or indirectly, by the Company of all or substantially
all of the Company’s assets, other than such sale or other disposition by the Company of all or substantially all of the Company’s
assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by stockholders of the Company
in substantially the same proportions as their ownership of the Company immediately prior to such sale.

 

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Notwithstanding the foregoing, except with respect
to clause (ii) and clause (iii)(x) above, a “Change in Control” shall not be deemed to have occurred by virtue of
the consummation of any transaction or series of integrated transactions immediately following which the record holders of the shares
of the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership
in, and own substantially all of the shares of, an entity which owns all or substantially all of the assets of the Company immediately
following such transaction or series of transactions. Notwithstanding the foregoing, to the extent
that any Award constitutes a deferral of compensation subject to Section  409A of the Code, and if that Award provides for payment
or a change in the time or form of payment based upon a Change in Control, then, solely for purposes of applying such payment or a change
in the time or form of payment provision, a Change in Control shall be deemed to have occurred upon an event described in this definition
only if the event would also constitute a change in ownership or effective control of, or a change in ownership of a substantial portion
of the assets of, the Company under Section 409A of the Code.

 

(f)           “Code”
means the Internal Revenue Code of 1986, as it may be amended from time to time.

 

(g)          “Committee”
means a committee of one or more members of the Board appointed by the Board to administer the Plan in accordance with Section 6(e).

 

(h)           “Common
Stock” means the common stock, $0.30 par value per share, of the Company.

 

(i)            “Consultant”
means any person, including an advisor (i) engaged by the Company or an Affiliate to render consulting or advisory services and
who is compensated for such services or who provides bona fide services to the Company or an Affiliate pursuant to a written
agreement or (ii) who is a member of the board of directors of an Affiliate; provided that, except as otherwise permitted in
Section 2(d) hereof, such person is a natural person and such services are not in connection with the offer or sale of
securities in a capital raising transaction and do not directly or indirectly promote or maintain a market for the Company’s
securities.

 

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(j)            “Date
of Grant” means the date on which the Committee adopts a resolution, or takes other appropriate action, expressly granting an
Award to a Grantee that specifies the key terms and conditions of the Award and from which the Grantee begins to benefit from or be adversely
affected by subsequent changes in the Fair Market Value of the Common Stock or, if a later date is set forth in such resolution, then
such date as is set forth in such resolution.

 

(k)           “Director”
means a member of the Board.

 

(l)           “Disability”
means (i) “Disability” as defined in the applicable Award Agreement, or any employment or service agreement with the
Company or an Affiliate, to which the Grantee is a party, or (ii) if clause (i) does not apply, (A) permanent and total
disability as determined under the Company’s, or an Affiliate’s, long-term disability plan applicable to the Grantee, or (B) if
there is no such plan applicable to the Grantee, “disability” as determined by the Committee (in each case, to the extent
applicable to any Award, as determined consistent with Section 22(e)(3) or 409A(a)(2)(C) of the Code).

 

(m)          “Dividend
Equivalent” has the meaning set forth in Section 14(c).

 

(n)          “Employee”
means any person employed by the Company or an Affiliate. Mere service as a Director or payment of a Director’s fee by the Company
or an Affiliate shall not be sufficient to constitute “employment” by the Company or an Affiliate.

 

(o)           “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(p)          “Fair
Market Value” means, as of any date, the value of the Common Stock as determined below. The Fair Market Value on any date on
which the Company’s shares of Common Stock are registered under Section 12 of the Exchange Act shall be the closing price of
a share of Common Stock on any national securities exchange or interdealer quotation system on which the shares of Common Stock are then
traded, as reported by the Wall Street Journal, on such date (if the such national securities exchange is not open for trading
on such date or if the closing price is not reported in the Wall Street Journal, then the closing price per share of the Common
Stock on such national securities exchange or interdealer quotation system on which the shares of Common Stock are then traded on the
next preceding day on which the national securities exchange was open for trading), provided, if the shares of Common Stock are
not then listed on a national securities exchange or interdealer quotation system, “Fair Market Value” shall mean the cash
consideration paid for the shares of Common stock, or the fair market value of the other property delivered for shares of Common stock,
as determined by the Board in good faith. Notwithstanding the foregoing, the determination of fair market value in all cases shall be
in accordance with the requirements set forth under Section 409A of the Code. Notwithstanding the foregoing, with respect to Awards
that are granted or become effective upon completion of an IPO, the Fair the Market Value
shall mean the per Share IPO price.

 

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(q)           “Form S-8”
has the meaning set forth in Section 2(d).

 

(r)            “Free
Standing Rights” has the meaning set forth in Section 15(a).

 

(s)           “Grantee”
means a person to whom an Award is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Award.

 

(t)           “Incentive
Stock Option” means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the
Code and the regulations promulgated thereunder.

 

(u)          “IPO”
means the initial underwritten public offering of the shares of Common Stock pursuant to
a registration statement filed under the Securities Act.

 

(v)          “Non-Employee
Director” means a Director of the Company who is not an Employee.

 

(w)          “Nonstatutory
Stock Option” means an Option not intended to qualify as an Incentive Stock Option.

 

(x)          “Officer”
means a person who is an officer of the Company within the meaning of Section 16 of the Exchange Act and the rules and regulations
promulgated thereunder.

 

(y)           “Option”
means an Incentive Stock Option or a Nonstatutory Stock Option granted pursuant to the Plan.

 

(z)           “Option
Agreement” means an agreement between the Company and an Optionholder evidencing the terms and conditions of an individual Option
grant. Each Option Agreement shall be subject to the terms and conditions of the Plan and need not be identical.

 

(aa)        “Optionholder”
means a Grantee to whom an Option is granted pursuant to the Plan or, if applicable, such other person who holds an outstanding Option.

 

(bb)        “Other
Cash-Based Award” means a cash Award granted to a Grantee under Section 16 of the Plan, including cash awarded as a bonus
or upon the attainment of performance goals or otherwise as permitted under the Plan.

 

(cc)        “Other
Stock-Based Award” means a right or other interest granted to a Grantee under Section 16 of the Plan that may be denominated
or payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of Common Stock, including but
not limited to dividend equivalents or performance units, each of which may be subject to the attainment of performance goals or a period
of continued employment or service or other terms or conditions as determined by the Committee.

 

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(dd)        “Plan”
means this IHS Holding Limited 2021 Omnibus Incentive Plan, as amended from time to time.

 

(ee)         “Related
Stock Appreciation Rights” has the meaning set forth in Section 15(a).

 

(ff)          “Restricted
Award” means any Award granted pursuant to Section 14(a).

 

(gg)        “Restricted
Period” has the meaning set forth in Section 4(a).

 

(hh)        “Rule 16b-3”
means Rule 16b-3 promulgated under the Exchange Act or any successor to Rule 16b-3, as in effect from time to time.

 

(ii)           “SAR
Exercise Price” has the meaning set forth in Section 15(a).

 

(jj)          “Securities
Act” means the Securities Act of 1933, as amended.

 

(kk)        “Share
Limit” has the meaning set forth in Section 5(a).

 

(ll)          “Stock
Appreciation Right” means the right pursuant to an award granted under Section 14 to receive an amount equal to the excess,
if any, of (i) the Fair Market Value, as of the date such Stock Appreciation Right or portion thereof is surrendered, of the shares
of stock covered by such right or such portion thereof, over (ii) the aggregate SAR Exercise Price of such right or such portion
thereof.

 

(mm)      “Stock
for Stock Exchange” has the meaning set forth in Section 10(b).

 

(nn)        “Ten
Percent Stockholder” means a person who owns (or is deemed to own pursuant to Section 424(d) of the Code) stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or of any of its Affiliates.

 

(oo)        “Vested
Unit” has the meaning set forth in Section 14(h).

 

5.            SHARES
SUBJECT TO THE PLAN.

 

(a)          Subject
to the provisions of Section 16 and subparagraphs (i), (ii), (iii), and (iv) of this Section 5(a), the number of shares
of Common Stock for which Awards may be granted under the Plan shall be 22,120,000 shares of Common Stock (the “Share Limit”).

 

(i)            If,
on or prior to the termination of the Plan as provided in Section 27, any Option or Stock Appreciation Rights granted under the Plan
shall have expired or terminated for any reason without having been exercised in full or any shares subject to a Restricted Award shall
have been forfeited, or any other Awards for which shares of Common Stock are deliverable are so forfeited, such unpurchased or forfeited
shares covered thereby shall again become available for the grant of Awards under the Plan. In addition, the following shares shall become
available again for the grant of Awards under the Plan: (x) shares of Common Stock tendered in payment of an Option; (y) shares
of Common Stock withheld by the Company to satisfy any tax withholding obligation; and (z) any shares of Common Stock that were subject
to a stock-settled Stock Appreciation Right that were not issued upon the exercise of such Stock Appreciation Right.

 

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(ii)            If,
on or prior to the termination of the Plan as provided in Section 27, any shares of Common Stock are subject to (x) an Award
that is settled in cash in lieu of shares of Common Stock, or (y) an Award that is exchanged with the Committee’s permission,
prior to the issuance of shares of Common Stock, for an Award pursuant to which shares of Common Stock may not be issued, then such shares
shall, in each such case, become available for the grant of Awards under Plan.

 

(iii)            Any
shares of Common Stock that are subject to Awards that may only be settled in cash shall not reduce such aggregate number of shares of
Common Stock for which Awards may be granted under the Plan.

 

(b)          All
shares of Common Stock reserved for issuance under the Plan may be used for Incentive Stock Options.

 

(c)          No
fractional shares of Common Stock may be issued and the Committee shall determine, in its sole discretion, whether cash shall be given
in lieu of fractional shares or whether such fractional shares shall be eliminated by rounding up or down as appropriate.

 

(d)          The
shares of Common Stock to be delivered pursuant to an Award shall be made available, at the discretion of the Committee, either from authorized
but previously unissued shares of Common Stock as permitted by the Company’s organizational documents or from shares re-acquired
by the Company, including shares of Common Stock purchased in the open market, and shares held in the treasury of the Company.

 

6.            ADMINISTRATION
OF THE PLAN.

 

(a)          The
Plan shall be administered by the Board unless and until the Board delegates administration to a Committee, as provided in Section 6(e).

 

(b)          The
Board shall have the power and authority to select and grant to Grantees Awards pursuant to the terms of the Plan. Notwithstanding the
foregoing, the full Board, acting by a majority of its members in office, shall conduct the general administration of the Plan with respect
to Awards granted to Non-Employee Directors.

 

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(c)          In
particular, the Board shall have the authority: (i) to construe and interpret the Plan and apply its provisions; (ii) to
promulgate, amend, and rescind rules and regulations relating to the administration of the Plan; (iii) to authorize any
person to execute, on behalf of the Company, any instrument required to carry out the purposes of the Plan; (iv) to delegate
its authority to one or more Officers of the Company with respect to awards that do not involve “insiders” within the
meaning of Section 16 of the Exchange Act; (v) to determine when Awards are to be granted under the Plan and the
applicable Date of Grant; (vi) from time to time to select, subject to the limitations set forth in the Plan, those Grantees to
whom Awards shall be granted; (vii) to determine the number of shares of Common Stock to be made subject to each Award;
(viii) to determine whether each Option is to be an Incentive Stock Option or a Nonstatutory Stock Option; (ix) to
prescribe the terms and conditions of each Award, including, without limitation, the exercise price and medium of payment, vesting
provisions and right of repurchase provisions, and to specify the provisions of the Award Agreement relating to such grant or sale;
(x) to amend any outstanding Awards, including for the purpose of modifying the time or manner of vesting, or the term of any
outstanding Award; (xi) to determine the duration and purpose of leaves of absences which may be granted to a Grantee without
constituting termination of their employment for purposes of the Plan, which periods shall be no shorter than the periods generally
applicable to Employees under the Company’s employment policies; (xii) to make decisions with respect to outstanding
Awards that may become necessary upon a change in corporate control or an event that triggers anti-dilution adjustments;
(xiii) establish special rules applicable to Awards to Grantees who are foreign nationals, are employed outside the United
States, or both, and grant Awards (or amend existing Awards) in accordance with those rules to the extent it deems it
necessary, appropriate or desirable to comply with foreign law or practices; and (xiv) to exercise discretion to make any and
all other determinations which it determines to be necessary or advisable for administration of the Plan. The Board may also modify
the purchase price or the exercise price of any outstanding Award, provided, however, that, except in connection with a corporate
transaction involving the Company (including, without limitation, any stock dividend, stock split, extraordinary cash dividend,
recapitalization, reorganization, merger, consolidation, split-up, spin-off, combination, or exchange of shares) or as is provided
in Section 17(a), and notwithstanding any other provisions of the Plan, the terms of outstanding Awards may not be amended to
reduce the exercise price of outstanding Options or Stock Appreciation Rights or cancel outstanding Options or Stock Appreciation
Rights in exchange for other Awards or Options or Stock Appreciation Rights with an exercise price that is less than the exercise
price of the original Options or Stock Appreciation Rights, without, in each such case, first obtaining approval of the stockholders
of the Company of such amendment or action.

 

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(d)           The
interpretation and construction of any provision of the Plan or of any Award granted under it by the Committee shall be final, conclusive
and binding upon all parties, including the Company, its stockholders and Directors, and the Employees and Consultants of the Company
and its Affiliates. No Director or member of the Committee shall be liable to the Company, any stockholder, any Grantee or any employee
of the Company or its Affiliates for any action or determination made in good faith with respect to the Plan or any Award granted under
it. No member of the Committee may vote on any Award to be granted to him or her.

  

(e)            The
Committee. (i) The Board may delegate administration of the Plan to a Committee or Committees of two or more members of the
Board, and the term “Committee” shall apply to any person or persons to whom such authority has been delegated.
If administration is delegated to a Committee, the Committee shall have, in connection with the administration of the Plan, the
powers theretofore possessed by the Board, including the power to delegate to a subcommittee any of the administrative powers the
Committee is authorized to exercise (and references in the Plan to the Board shall thereafter be to the Committee or subcommittee),
subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the
Board. The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. The members of the
Committee shall be appointed by and serve at the pleasure of the Board. From time to time, the Board may increase or decrease the
size of the Committee, add additional members to, remove members (with or without cause) from, appoint new members in substitution
therefor, and fill vacancies, however caused, in the Committee. The Committee shall act pursuant to a vote of the majority of its
members or, in the case of a committee comprised of only two members, the unanimous consent of its members, whether present or not,
or by the written consent of the majority of its members and minutes shall be kept of all of its meetings and copies thereof shall
be provided to the Board. Subject to the limitations prescribed by the Plan and the Board, the Committee may establish and follow
such rules and regulations for the conduct of its business as it may determine to be advisable.

 

(ii)            At
such time as the Common Stock is required to be registered under Section 12 of the Exchange Act, in the discretion of the Board,
a Committee may consist solely of two or more non-employee directors within the meaning of
Rule 16b-3. The Board shall have discretion to determine whether or not it intends to comply with the exemption requirements
of Rule 16b-3. However, if the Board intends to satisfy such exemption requirements, with respect to Awards to any insider subject
to Section 16 of the Exchange Act, the Committee shall be a compensation committee of the Board that at all times consists solely
of two or more non-employee directors within the meaning of Rule 16b-3. Within the scope
of such authority, the Board or the Committee may delegate to a committee of one or more members of the Board who are not non-employee
directors within the meaning of Rule 16b-3 the authority to grant Awards to eligible
persons who are not then subject to Section 16 of the Exchange Act. Nothing herein shall create an inference that an option is not
validly granted under the Plan in the event Awards are granted under the Plan by a compensation committee of the Board that does not at
all times consist solely of two or more non-employee directors within the meaning of Rule 16b-3.

    

(f)            The
expenses of administering the Plan shall be borne by the Company.

 

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7.            OPTION
PROVISIONS.

 

(a)          Each
Option shall be in such form and shall contain such terms and conditions as the Committee shall deem appropriate. All Options shall be
separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate
certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. Notwithstanding the
foregoing, it is the intention of the Company that all Options granted hereunder shall be intended to comply with the provisions and requirements
of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option shall include (through incorporation
of provisions hereof by reference in the Option or otherwise) the substance of each of the provisions set forth in Sections 7 through
13 of the Plan.

 

(b)          To
the extent that the aggregate Fair Market Value (determined at the time of grant) of Common Stock with respect to which Incentive Stock
Options are exercisable for the first time by any Optionholder during any calendar year (under all plans of the Company and its Affiliates)
exceeds $100,000, the Options or portions thereof which exceed such limit (according to the order in which they were granted) shall be
treated as Nonstatutory Stock Options.

 

8.            OPTION
PRICE.

 

(a)          Subject
to the provisions of Section 2(c) regarding Ten Percent Stockholders, the purchase price of the shares of Common Stock covered
by each Incentive Stock Option granted under the Plan shall be not less than 100% of the Fair Market Value of such shares at the time
the Option is granted. Notwithstanding the foregoing, an Incentive Stock Option may be granted with an exercise price lower than that
set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option in a manner
satisfying the provisions of Section 424(a) of the Code.

 

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(b)          The
exercise price of each Nonstatutory Stock Option shall be not less than 100% of the Fair Market Value of the Common Stock subject to the
Option on the date the Option is granted. Notwithstanding the foregoing, a Nonstatutory Stock Option may be granted with an exercise price
lower than that set forth in the preceding sentence if such Option is granted pursuant to an assumption or substitution for another option
in a manner satisfying the provisions of Section 424(a) of the Code.

  

(c)            The
exercise price of any outstanding Options shall not be reduced during the term of such Options except by reason of an adjustment pursuant
to Section 17 hereof (and any such reduction shall be in

accordance with Section 409A of the Code),
nor shall the Committee cancel outstanding Options and reissue new Options at a lower exercise price in substitution for the canceled
Options. The Committee shall take no action with respect to an Option that would be treated as a repricing under the rules and regulations
of the principal U.S. national securities exchange on which the shares of Common Stock are listed without the approval of the stockholder
of the Company.

 

9.           TERM
OF OPTIONS. The expiration date of an Option granted under the Plan shall be as determined by the Committee at the time of grant,
provided that each such Option shall expire not more than ten years after the date such Option was granted. Notwithstanding the foregoing
in the event that on the last business day of the term of an Option (other than an Incentive Stock Option) (a) the exercise of such
Option is prohibited by applicable law or (b) shares of Common Stock may not be purchased or sold by certain employees or directors
of the Company due to the “black-out period” of a Company policy or a “lock-up” agreement undertaken in connection
with an issuance of securities by the Company, the Committee may provide that the term of the Option shall be extended but not beyond
a period of thirty (30) days following the end of the legal prohibition, black-out period or lock-up agreement, to the
extent an extension does not cause adverse tax consequences to the Grantee under Section 409A of the Code, and provided
further that no extension will be made if the grant price of such Option at the date the initial term would otherwise expire is above
the Fair Market Value. Subject to the provisions of Section 2(d) regarding Ten Percent Stockholders, no Incentive Stock Option
shall be exercisable after the expiration of ten (10) years from the date it was granted.

 

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10.            VESTING;
EXERCISE OF OPTIONS.

 

(a)            Each
Option shall become exercisable in whole or in part or in installments at such time or times as the Committee may prescribe at the time
the Option is granted and specify in the Option Agreement. No Option shall be exercisable after the expiration of ten (10) years
from the date on which it was granted and no Option may be exercised, regardless of vesting, unless and until the Company has an effective
Registration Statement on Form S-8 (or such other applicable form) on file with the Securities and Exchange Commission to register
the sale of its common stock for issuance of shares upon the exercise of the Option, unless the Company determines that such grant (i) shall
be registered in another manner under the Securities Act or (ii) does not require registration under the Securities Act in order
to comply with the requirements of the Securities Act, if applicable.

  

(b)            The
exercise price of Common Stock acquired pursuant to an Option shall be paid, to the extent permitted by applicable statutes and regulations,
either (i) in cash or by certified or bank check at the time the Option is exercised or (ii) in the discretion of the Committee,
upon such terms as the Committee shall approve, the exercise price may be paid: (A) by delivery to the Company of other Common Stock,
duly endorsed for transfer to the Company, with a Fair Market Value on the date of delivery equal to the exercise price (or portion thereof)
due for the number of shares being acquired, or by means of attestation whereby the Grantee identifies for delivery specific shares of
Common Stock that have a Fair Market Value on the date of attestation equal to the exercise price (or portion thereof) and receives a
number of shares of Common Stock equal to the difference between the number of shares thereby purchased and the number of identified attestation
shares of Common Stock (a “Stock for Stock Exchange”); (B) a “cashless” exercise program established
with a broker; (C) by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such Option with a
Fair Market Value equal to the aggregate exercise price at the time of exercise; or (D) in any other form of legal consideration
that may be acceptable to the Committee. Unless otherwise specifically provided in the Option, the purchase price of Common Stock acquired
pursuant to an Option that is paid by delivery (or attestation) to the Company of other Common Stock acquired, directly or indirectly
from the Company, shall be paid only by shares of the Common Stock of the Company. Notwithstanding the foregoing, during any period for
which the Common Stock is publicly traded (i.e., the Common Stock is listed on any established stock exchange or a national market system)
an exercise by an executive officer that involves or may involve a direct or indirect extension of credit or arrangement of an extension
of credit by the Company, directly or indirectly, in violation of Section 402(a) of the Sarbanes-Oxley Act (codified as Section 13(k) of
the Exchange Act) shall be prohibited with respect to any Award under the Plan.

 

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11.            TRANSFERABILITY
OF OPTIONS.

 

(a)           An
Incentive Stock Option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable
during the lifetime of the Optionholder only by the Optionholder. Notwithstanding the foregoing, the Optionholder may, by delivering
written notice to the Company, in a form satisfactory to the Company, designate a third party who, in the event of the death of the
Optionholder, shall thereafter be entitled to exercise the Option.

  

(b)            A
Nonstatutory Stock Option may, in the sole discretion of the Committee, be transferable to a permitted transferee upon written approval
by the Committee to the extent provided in the Option Agreement. A permitted transferee includes: a transfer by gift or domestic relations
order to a member of the Optionholder’s immediate family (child, stepchild, grandchild, parent, stepparent, grandparent, spouse,
former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including
adoptive relationships), any person sharing the Optionholder’s household (other than a tenant or employee), a trust in which these
persons have more than 50% of the beneficial interest, a foundation in which these persons (or the Optionholder) control the management
of assets, and any other entity in which these persons (or the Optionholder) own more than 50% of the voting interests. If the Nonstatutory
Stock Option does not provide for transferability, then the Nonstatutory Stock Option shall not be transferable except by will or by the
laws of descent and distribution and shall be exercisable during the lifetime of the Optionholder only by the Optionholder. Notwithstanding
the foregoing, the Optionholder may, by delivering written notice to the Company, in a form satisfactory to the Company, designate a third
party who, in the event of the death of the Optionholder, shall thereafter be entitled to exercise the Option.

  

12.           STOCKHOLDER
RIGHTS OF OPTIONHOLDER. No Optionholder shall have any rights to dividends or other rights of a stockholder with respect to shares
subject to an Option prior to the purchase of such shares upon exercise of the Option.

 

13.            TERMINATION
OF OPTION.

 

(a)           Except
as set forth in an individual Award Agreement with any Optionholder, upon termination of employment or service with the Company, all unvested
Options held by such Optionholder shall immediately terminate and all vested options shall remain exercisable until the earlier of (i) ninety
(90) days after the date of termination of employment or service or (ii) the expiration of the original term of the Option, except
as follows.

 

(i)            Death
and Disability. If an Optionholder’s employment or service with the Company is terminated by reason of death or Disability,
or if the Optionholder dies during the applicable ninety (90) day post-termination exercise period described above in this Section 13(a),
then all vested Options shall remain exercisable until the earlier of one (1) year after the date of death or termination due to
the grantee’s Disability, as applicable, or the expiration of the original term of the Option.

  

(ii)            Cause.
If a Grantee’s employment or service with the Company is terminated for Cause, then all Options held by the Optionholder, whether
vested or unvested, shall immediately terminate.

 

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(b)            Notwithstanding
the foregoing, the Committee may, at any time prior to any termination of such employment or service, determine in its sole discretion
that the exercise of any Option after termination of such employment or other relationship with the Company shall be subject to satisfaction
of the conditions precedent that the Optionholder refrain from engaging, directly or indirectly, in any activity which is competitive
with any activity of the Company or any of its Affiliates thereof and from otherwise acting, either prior to or after termination of
such employment or other relationship, in any manner inimical or in any way contrary to the best interests of the Company and that the
Optionholder furnish to the Company such information with respect to the satisfaction of the foregoing condition precedent as the Committee
shall reasonably request.

 

(c)            An
Optionholder under the Plan may make a written designation of a beneficiary in a manner prescribed by the Company. Such beneficiary,
or if no such designation of any beneficiary has been made, the legal representative of such Optionholder or such other person
entitled thereto as determined by a court of competent jurisdiction, may exercise, in accordance with and subject to the provisions
of this Section 13, any unterminated and unexpired Option granted to such Optionholder to the same extent that the Optionholder
himself or herself could have exercised such Option were he alive or able; provided, however, that no Option granted under the Plan
shall be exercisable for more shares than the Optionholder could have purchased thereunder on the date his or her employment by, or
other relationship with, the Company and its Affiliates was terminated.

 

14.            RESTRICTED
AWARDS.

 

(a)            A
Restricted Award is an Award of actual shares of Common Stock (“Restricted Stock”) or hypothetical Common Stock units
(“Restricted Stock Units”) having a value equal to the Fair Market Value of an identical number of shares of Common
Stock, which may, but need not, provide that such Restricted Award may not be sold, assigned, transferred or otherwise disposed of, pledged
or hypothecated as collateral for a loan or as security for the performance of any obligation or for any other purpose for such period
(the “Restricted Period”) as the Committee shall determine.

 

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(b)            Each
Grantee granted Restricted Stock shall execute and deliver to the Company an Award Agreement with respect to the Restricted Stock setting
forth the restrictions and other terms and conditions applicable to such Restricted Stock. If the Committee determines that the Restricted
Stock shall be held by the Company or in escrow rather than delivered to the Grantee pending the release of the applicable restrictions,
the Committee may require the Grantee to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to
the Committee, if applicable and (ii) the appropriate blank stock power with respect to the Restricted Stock covered by such agreement.
If a Grantee shall fail to execute an agreement evidencing an Award of Restricted Stock and, if applicable, an escrow agreement and stock
power, the Award shall be null and void. Subject to the restrictions set forth in the Award Agreement, the Grantee generally shall have
the rights and privileges of a stockholder as to such Restricted Stock, including the right to vote such Restricted Stock. At the discretion
of the Committee, cash dividends and stock dividends with respect to the Restricted Stock may be withheld by the Company for the Grantee’s
account, and interest may be credited on the amount of the cash dividends withheld at a rate and subject to such terms as determined by
the Committee. The cash dividends or stock dividends so withheld by the Committee and attributable to any particular share of Restricted
Stock (and earnings thereon, if applicable) shall be distributed to the Grantee in cash or, at the discretion of the Committee, in shares
of Common Stock having a Fair Market Value equal to the amount of such dividends, if applicable, upon the release of restrictions on such
share and, if such share is forfeited, the Grantee shall have no right to such dividends.

  

(c)            The
terms and conditions of a grant of Restricted Stock Units shall be reflected in an Award Agreement. No shares of Common Stock shall be
issued at the time a Restricted Stock Unit is granted, and the Company will not be required to set aside a fund for the payment of any
such Award. At the discretion of the Committee, each Restricted Stock Unit (representing one share of Common Stock) may be credited with
cash and stock dividends paid by the Company in respect of one share of Common Stock (“Dividend Equivalents”). At the
discretion of the Committee, Dividend Equivalents may be withheld by the Company for the Grantee’s account, and interest may be
credited on the amount of cash Dividend Equivalents withheld at a rate and subject to such terms as determined by the Committee. Dividend
Equivalents credited to a Grantee’s account and attributable to any particular Restricted Stock Unit (and earnings thereon, if applicable)
shall be distributed in cash or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the
amount of such Dividend Equivalents and earnings, if applicable, to the Grantee upon settlement of such Restricted Stock Unit and, if
such Restricted Stock Unit is forfeited, the Grantee shall have no right to such Dividends Equivalents. Dividends and Dividend Equivalents
shall be paid in such form and manner (i.e., lump sum or installments), and at such time(s) as the Committee shall determine. All
dividends or Dividend Equivalents which are not paid currently may, at the Committee’s discretion, accrue interest, be reinvested
into additional shares of Common Stock or, in the case of dividends or Dividend Equivalents credited in connection with Restricted Stock
Awards, be credited as additional Restricted Stock Awards and paid to a Grantee if and when, and to the extent that, payment is made pursuant
to such Award.

 

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(d)            Restricted
Stock awarded to a Grantee shall be subject to the following restrictions until the expiration of the Restricted Period, and to such other
terms and conditions as may be set forth in the applicable Award Agreement: (i) if an escrow arrangement is used, the Grantee shall
not be entitled to delivery of the stock certificate; (ii) the shares shall be subject to the restrictions on transferability set
forth in the Award Agreement; (iii) the shares shall be subject to forfeiture to the extent provided in the applicable Award Agreement;
and (iv) to the extent such shares are forfeited, the stock certificates shall be returned to the Company, and all rights of the
Grantee to such shares and as a stockholder with respect to such shares shall terminate without further obligation on the part of the
Company.

 

(e)            Restricted
Stock Units awarded to any Grantee shall be subject to (i) forfeiture until the expiration of the Restricted Period, and satisfaction
of any applicable performance goals during such period, to the extent provided in the applicable Award Agreement, and to the extent such
Restricted Stock Units are forfeited, all rights of the Grantee to such Restricted Stock Units shall terminate without further obligation
on the part of the Company and (ii) such other terms and conditions as may be set forth in the applicable Award Agreement.

 

(f)            Upon
termination of a Grantee’s employment with or service to the Company or any of its Affiliates (including by reason of such Affiliate
ceasing to be an Affiliate of the Company), during the applicable Restricted Period, the Restricted Stock and Restricted Stock Unit shall
be forfeited, unless otherwise determined by the Committee and set forth in Award Agreement or otherwise, in its sole discretion. The
Committee, in its sole discretion, may provide (in an Award Agreement or otherwise) that the Restricted Stock and Restricted Stock Unit
may be paid subsequent to a termination of employment or service in certain events, including a Change in Control, the Grantee’s
death or Disability or any other specified termination of employment or service.

 

(g)            With
respect to Restricted Stock and Restricted Stock Units, the Restricted Period shall commence on the Date of Grant and end at the time
or times set forth on a schedule established by the Committee in the applicable Award Agreement.

 

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(h)            Upon
the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in this Section 14
and the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable
Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall deliver to the Grantee, or his beneficiary,
without charge, the stock certificate evidencing the shares of Restricted Stock which have not then been forfeited and with respect to
which the Restricted Period has expired (to the nearest full share) and any cash dividends or stock dividends credited to the Grantee’s
account with respect to such Restricted Stock and the interest thereon, if any. Upon the expiration of the Restricted Period with respect
to any outstanding Restricted Stock Units, the Company shall deliver to the Grantee, or his beneficiary, without charge, one share of
Common Stock for each such outstanding Restricted Stock Unit (“Vested Unit”) and, unless otherwise provided in an
Award Agreement, cash equal to any Dividend Equivalents credited with respect to each such Vested Unit in accordance with Section 14(c) hereof
and the interest thereon or, at the discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to such Dividend
Equivalents’ interest thereon, if any; provided, however, that, if explicitly provided in the applicable Award Agreement, the Committee
may, in its sole discretion, elect to pay cash or part cash and part Common Stock in lieu of delivering only shares of Common Stock for
Vested Units. If a cash payment is made in lieu of delivering shares of Common Stock, the amount of such payment shall be equal to the
Fair Market Value of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Vested Unit.

 

(i)            Each
certificate representing Restricted Stock awarded under the Plan shall bear a legend in the form the Company deems appropriate.

 

15.            STOCK
APPRECIATION RIGHTS.

 

(a)           A
stock appreciation right means the right pursuant to an Award granted under this Section 16 to receive an amount equal to the
excess, if any, of (i) the aggregate Fair Market Value, as of the date such Stock Appreciation Right or portion thereof is
surrendered, of the shares of Common Stock covered by such right or such portion thereof, over (ii) the aggregate exercise
price of such right or portion thereof (the “SAR Exercise Price”) which shall be at least 100% of the Fair Market
Value of such shares at the time the Stock Appreciation Right is granted (a “Stock Appreciation Right”). Stock
Appreciation Rights may be granted either alone (“Free Standing Rights”) or in conjunction with all or part of
any Option granted under the Plan (“Related Stock Appreciation Rights”). Related Stock Appreciation Rights may be
granted either at or after the time of the grant of such Option. In the case of an Incentive Stock Option, Related Stock
Appreciation Rights may be granted only at the time of the grant of the Incentive Stock Option. The Committee shall determine the
Grantee to whom, and the time or times at which, grants of Stock Appreciation Rights shall be made, the number of shares of Common
Stock to be awarded, the price per share, and all other conditions of Stock Appreciation Rights. Notwithstanding the foregoing, no
Related Stock Appreciation Right may be granted for more shares than are subject to the Option to which it relates and any Stock
Appreciation Right must be granted with an exercise price not less than the Fair Market Value of Common Stock on the date of grant.
The number of shares of Common Stock subject to the Stock Appreciation Right must be fixed on the date of grant of the Stock
Appreciation Right, and the right must not include any feature for the deferral of compensation other than the deferral of
recognition of income until the exercise of the right. The provisions of Stock Appreciation Rights need not be the same with respect
to each Grantee. Stock Appreciation Rights granted under the Plan shall be subject to the following terms and conditions set forth
in this Section 15 and shall contain such additional terms and conditions, not inconsistent with the terms of the Plan, as the
Committee shall deem desirable, as set forth in the applicable Award Agreement.

 

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(b)            The
Grantee of a Stock Appreciation Right shall not have any rights with respect to such Award, unless and until such recipient has executed
an Award Agreement and delivered a fully executed copy thereof to the Company. Grantees who are granted Stock Appreciation Rights shall
have no rights as stockholders of the Company with respect to the grant or exercise of such rights.

 

(c)            The
expiration date of a Free Standing Right granted under the Plan shall be as determined by the Committee at the time of grant, provided
that each Free Standing Right shall expire not more than ten years after the date such Free Standing Right was granted, and provided further
that Free Standing Rights shall be exercisable at such time or times and subject to such other terms and conditions as shall be determined
by the Committee at or after grant. Notwithstanding the foregoing in the event that on the last business day of the term of the Free Standing
Right (a) the exercise of such Stock Appreciation Right is prohibited by applicable law or (b) shares of Common Stock may not
be purchased or sold by certain employees or directors of the Company due to the “black-out period” of a Company policy or
a “lock-up” agreement undertaken in connection with an issuance of securities by the Company, the Committee may provide that
the term of the Stock Appreciation Right shall be extended but not beyond a period of thirty (30) days following the end of the legal
prohibition, black-out period or lock-up agreement, to the extent an extension does not cause adverse tax consequences to the Grantee
under Section 409A of the Code, and provided further that no extension will be made if the grant price of such Stock Appreciation
Right at the date the initial term would otherwise expire is above the Fair Market Value.

 

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(d)            Related
Stock Appreciation Rights shall be exercisable only at such time or times and to the extent that the Options to which they relate shall
be exercisable in accordance with the provisions of Section 10 above and this Section 15 of the Plan.

 

(e)            Upon
the exercise of a Free Standing Right, the Grantee shall be entitled to receive up to, but not more than, that number of shares of Common
Stock equal in value to the excess of the Fair Market Value as of the date of exercise over the price per share specified in the Free
Standing Right (which price shall be no less than 100% of the Fair Market Value on the date of grant) multiplied by the number of shares
of Common Stock in respect of which the Free Standing Right is being exercised, with the Committee having the right to determine the form
of payment.

 

(f)            Upon
exercise thereof, the Grantee of a Stock Appreciation Right shall be entitled to receive from the Company, an amount equal to the
product of (i) the excess of the Fair Market Value, on the date of such written request, of one share of Common Stock over the
SAR Exercise Price per share specified in such Stock Appreciation Right or its related Option, multiplied by (ii) the number of
shares for which such Stock Appreciation Right shall be exercised. Payment may be made in the form of shares of Common Stock (with
or without restrictions as to substantial risk of forfeiture and transferability, as determined by the Committee in its sole
discretion), cash or a combination thereof, as determined by the Committee. Fractional shares resulting from the exercise of a Stock
Appreciation Right pursuant to this Section 16 shall be settled in cash.

 

(g)            The
exercise price of a Free Standing Right shall be determined by the Committee, but shall not be less than 100% of the Fair Market Value
of one share of Common Stock on the Date of Grant of such Stock Appreciation Right. A Related Stock Appreciation Right granted simultaneously
with or subsequent to the grant of an Option and in conjunction therewith or in the alternative thereto shall have the same exercise price
as the related Option, shall be transferable only upon the same terms and conditions as the related Option, and shall be exercisable only
to the same extent as the related Option; provided, however, that a Stock Appreciation Right, by its terms, shall be exercisable only
when the Fair Market Value per share of Common Stock subject to the Stock Appreciation Right and related Option exceeds the exercise price
per share thereof and no Stock Appreciation Rights may be granted in tandem with an Option unless the Committee determines that the requirements
of Section 15(a) are satisfied.

 

(h)            Upon
any exercise of a Stock Appreciation Right, the number of shares of Common Stock for which any related Option shall be exercisable shall
be reduced by the number of shares for which the Stock Appreciation Right shall have been exercised. The number of shares of Common Stock
for which a Stock Appreciation Right shall be exercisable shall be reduced upon any exercise of any related Option by the number of shares
of Common Stock for which such Option shall have been exercised.

 

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(i)            Stock
Appreciation Rights shall be transferable only when and to the extent that an Option would be transferable under Section 11 of the
Plan.

 

(j)            Except
as otherwise set forth in an Award Agreement with a Grantee, upon termination of employment or service, any outstanding Stock Appreciation
Rights shall be governed by the same principles relating to Options as set forth in Section 13 hereof.

 

16.            OTHER
STOCK-BASED OR OTHER CASH-BASED AWARDS. The Committee is authorized to grant Awards to Grantees in the form of Other Stock-Based Awards
or Other Cash-Based Awards, as deemed by the Committee to be consistent with the purposes of the Plan and as evidenced by an Award Agreement.
The Committee shall determine the terms and conditions of such Other Stock-Based and Other Cash-Based Awards, consistent with the terms
of the Plan, at the date of grant or thereafter, including any performance goals and performance periods. Common Stock or other securities
or property delivered pursuant to an Award in the nature of a purchase right granted under this Section 16 shall be purchased for
such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, shares of Common Stock,
other Awards, notes or other property, as the Committee shall determine, subject to any required corporate action.

 

17.            ADJUSTMENT
OF AND CHANGES IN CAPITALIZATION.

 

(a)           In
the event that the outstanding shares of Common Stock shall be changed in number or class by reason of split-ups, spinoffs, combinations,
mergers, consolidations or recapitalizations, or by reason of stock dividends, and extraordinary cash dividends, the number or class of
shares which thereafter may be issued pursuant to Awards granted under the Plan, and the number and class of shares then subject to Awards
theretofore granted and the price per share payable upon exercise of Options theretofore granted and the exercise price per share of Stock
Appreciation Rights theretofore granted shall be adjusted so as to reflect such change, all as determined by the Committee. In the event
there shall be any other change in the number or kind of the outstanding shares of Common Stock, or of any stock or other securities or
property into which such Common Stock shall have been changed, or for which it shall have been exchanged, then if the Committee shall
determine that such change equitably requires an adjustment in any outstanding Award theretofore granted or which may be granted under
the Plan, such adjustment shall be made in accordance with such determination. Any adjustment in Incentive Stock Options under this Section 17
shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the
Code, and any adjustments under this Section 17 shall be made in a manner which does not adversely affect the exemption provided
pursuant to Rule 16b-3 or otherwise result in a violation of Section 409A or Section 457A of the Code.

 

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(b)            Notice
of any adjustment shall be given by the Company to each Grantee with an Award which shall have been so adjusted and such adjustment (whether
or not such notice is given) shall be effective and binding for all purposes of the Plan.

 

(c)            Fractional
shares resulting from any adjustment of Awards pursuant to this Section 18 may be settled in cash or otherwise as the Committee may
determine.

 

(d)            Notwithstanding
the above, in the event of any of the following: (i) the Company is merged or consolidated with another corporation or entity and,
in connection therewith, consideration is received by stockholders of the Company in a form other than stock or other equity interests
of the surviving entity or outstanding Awards are not to be assumed upon consummation of the proposed transaction; (ii) all or substantially
all of the assets of the Company are acquired by another person; (iii) the reorganization or liquidation of the Company; or (iv) the
Company shall enter into a written agreement to undergo an event described in clause (i), (ii) or (iii) above, then the Committee
may, in its discretion and upon at least ten (10) days’ advance notice to the affected persons, cancel any outstanding Awards
and cause the holders thereof to be paid, in cash, stock or other property, or any combination thereof, the value of such Awards based
upon the price per share of Common Stock received or to be received by other stockholders of the Company in the event. The terms of this
Section 17 may be varied by the Committee in any particular Award Agreement.

 

18.            CHANGE
IN CONTROL. In the event of a Change in Control, notwithstanding any provision of the Plan to the contrary, the Committee may, in
its sole discretion, take any action with respect to all or any portion of a particular outstanding Award or Awards, including, but not
limited to, the following:

 

(a)            except
as may otherwise be provided in any Award Agreement or any other written agreement entered into by and between the Company and a Grantee,
if a Change in Control occurs and a Grantee’s Awards are not converted, assumed, or replaced by a successor, such Awards shall become
fully exercisable and all forfeiture restrictions on such Awards shall lapse; provided, however, if the exercise or vesting
of any Award would otherwise be subject to the achievement of performance conditions, the portion of such Award that shall become fully
exercisable or vested shall be based on the achievement of an assumed level of performance (which may be actual, target or maximum performance),
as determined by the Committee or as otherwise provided in an applicable Award Agreement;

 

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(b)            except
as may otherwise be provided in any Award Agreement or any other written agreement entered into by and between the Company and a Grantee,
if the Award either is assumed by the successor entity or an Affiliate thereof or replaced with a comparable Award (as determined by the
Committee) with respect to shares of the capital stock of the successor entity or Affiliate thereof, then such Award (if assumed) or the
replacement Award (if replaced) shall (i) provide a Grantee with rights and entitlements substantially equivalent to the rights,
terms and conditions applicable under such Award; and (ii) become fully vested, exercisable and payable and be released from any
restrictions on transfer (other than transfer restrictions applicable to Options) and repurchase or forfeiture rights, immediately upon
an involuntary termination of the Grantee’s employment or service, as applicable, by the Company without Cause within eighteen (18)
months following the Change in Control; provided, however, if the exercise or vesting of any Award would otherwise be subject
to the achievement of performance conditions, the portion of such Award that shall become assumed or replaced shall be based on the achievement
of an assumed level of performance (which may be actual, target or maximum performance) as determined by the Committee or as otherwise
provided in an applicable Award Agreement;

 

(c)            settle
Awards previously deferred;

 

(d)            adjust,
substitute, convert, cash out, settle and/or terminate outstanding Awards as the Committee, in its sole discretion, deems appropriate
and consistent with the Plan’s purposes; and

 

(e)            in
the case of any Award with an exercise price that equals or exceeds the price paid for a share of Common Stock in connection with the
Change in Control, the Committee may cancel the Award without the payment of consideration therefor.

 

To the extent practicable,
any actions taken by the Committee under this Section 18 may occur in a manner and at a time which allows affected participants the
ability to participate in the Change in Control transactions with respect to the shares of Common Stock subject to their Awards. In addition,
in the event of a Change in Control, the Committee may, in its sole discretion and upon at least ten (10) days’ advance notice
to the affected persons, cancel any outstanding Awards and pay to the holders thereof, in cash or stock, or any combination thereof, the
value of such Awards based upon the price per share of Common Stock received or to be received by other stockholders of the Company in
such Change in Control.

 

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19.            SECURITIES
ACTS REQUIREMENTS.

 

(a)            No
Option granted pursuant to the Plan shall be exercisable in whole or in part, and the Company shall not be obligated to sell any shares
of Common Stock subject to any such Option, if such exercise and sale or issuance would, in the opinion of counsel for the Company, violate
the Securities Act or other Federal or state statutes having similar requirements, as they may be in effect at that time; and each Option
shall be subject to the further requirement that, at any time that the Committee shall determine, in their respective discretion, that
the listing, registration or qualification of the shares of Common Stock subject to such Option under any securities exchange requirements
or under any applicable law, or the consent or approval of any governmental regulatory body, is necessary or desirable as a condition
of, or in connection with, the granting of such Option or the issuance of shares thereunder, such Option may not be exercised or issued,
as the case may be, in whole or in part unless such listing, registration, qualification, consent or approval shall have been effected
or obtained free of any conditions not acceptable to the Committee.

 

(b)            As
a condition to the issuance of any Award that may be settled in shares of Common Stock under the Plan, the Committee may require the Grantee
to furnish a written representation that he or she is acquiring such Award for investment and not with a view to distribution of the shares
to the public and a written agreement restricting the transferability of the shares of such Award, and may affix a restrictive legend
or legends on the face of the certificate representing such shares. Such representation, agreement and/or legend shall be required only
in cases where in the opinion of the Committee and counsel for the Company, it is necessary to enable the Company to comply with the provisions
of the Securities Act or other Federal or state statutes having similar requirements, and any stockholder who gives such representation
and agreement shall be released from it and the legend removed at such time as the shares to which they applied are registered or qualified
pursuant to the Securities Act or other Federal or state statutes having similar requirements, or at such other time as, in the opinion
of the Committee and counsel for the Company, the representation and agreement and legend cease to be necessary to enable the Company
to comply with the provisions of the Securities Act or other Federal or state statutes having similar requirements.

 

20.            DISQUALIFYING
DISPOSITIONS. Any Grantee who shall make a “disposition” (as defined in Section 424 of the Code) of all or any portion
of shares of Common Stock acquired upon exercise of an Incentive Stock Option within two years from the Date of Grant of such Incentive
Stock Option or within one year after the issuance of the shares of Common Stock acquired upon exercise of such Incentive Stock Option
shall be required to immediately advise the Company as to the occurrence of the sale and the price realized upon the sale of such shares
of Common Stock.

 

    25 

     

    

 

21.            WITHHOLDING
OBLIGATIONS. To the extent provided by the terms of an Award Agreement and subject to the approval of the Committee, the Grantee
may satisfy any federal, state or local tax withholding obligation relating to the exercise or acquisition of Common Stock under an
Award by any of the following means (in addition to the Company’s right to withhold from any compensation paid to the Grantee
by the Company) or by a combination of such means: (a) tendering a cash payment; (b) authorizing the Company to withhold
shares of Common Stock from the shares of Common Stock otherwise issuable to the Grantee as a result of the exercise or acquisition
of Common Stock under the Award, provided, however, that no shares of Common Stock are withheld with a value exceeding the maximum
amount of tax required to be withheld by law; (c) delivering to the Company previously owned and unencumbered shares of Common
Stock of the Company; (d) through a cashless transaction through a broker; (e) by such other medium of payment as the
Committee, in its discretion, shall authorize; or (f) by any combination of the aforementioned methods of payment as may be
permitted by the Committee in its sole discretion. To the extent required by applicable Federal, state or local law, a Non-Employee
Director must make arrangements satisfactory to the Company for the payment of any withholding or similar tax obligations that arise
in connection with the Plan.

 

22.            AMENDMENT
OF THE PLAN AND AWARDS.

 

(a)            The
Board may at any time and from time to time alter, amend, suspend, or terminate the Plan in whole or in part. However, except as provided
in Section 17 relating to adjustments upon changes in Common Stock and Section 22(c), no amendment shall be effective unless
approved by the stockholders of the Company to the extent stockholder approval is necessary to satisfy any applicable law or securities
exchange listing requirements. At the time of such amendment, the Board shall determine, upon advice from counsel, whether such amendment
will be contingent on stockholder approval.

 

(b)            The
Board may, in its sole discretion, submit any other amendment to the Plan for stockholder approval.

 

(c)            It
is expressly contemplated that the Board may amend the Plan in any respect the Board deems necessary or advisable to provide eligible
Employees with the maximum benefits provided or to be provided under the provisions of the Code and the regulations promulgated thereunder
relating to Incentive Stock Options or to the nonqualified deferred compensation provisions of Section 409A or Section 457A
of the Code and/or to bring the Plan and/or Awards granted under it into compliance therewith.

 

    26 

     

    

 

(d)            Notwithstanding
the foregoing, no amendment to or termination of the Plan shall materially and adversely affect any of the rights of any Grantee, without
such Grantee’s consent in writing. All changes described in this paragraph are at the sole discretion of the Board, may be made
at any time, and may have a retroactive effective date.

 

(e)            The
Board at any time, and from time to time, may amend the terms of any one or more Awards; provided, however, that the Board may not effect
any amendment which would otherwise constitute an impairment of the rights under any Award unless (i) the Company requests the consent
of the Grantee and (ii) the Grantee consents in writing.

 

23.            GENERAL
PROVISIONS.

 

(a)            No
Employment or Other Service Rights. Nothing in the Plan or any instrument executed or Award granted pursuant thereto shall confer
upon any Grantee any right to continue to serve the Company or an Affiliate in the capacity in effect at the time the Award was granted
or shall affect the right of the Company or an Affiliate to terminate (i) the employment of an Employee with or without notice and
with or without Cause or (ii) the service of a Consultant pursuant to the terms of such Consultant’s agreement with the Company
or an Affiliate, and any applicable provisions of the corporate law of the state in which the Company or the Affiliate is incorporated,
as the case may be.

 

(b)            No
Stockholder Rights; Dividend Equivalents. The Grantee will not be deemed for any purpose to be, or to have any of the rights of, a
stockholder of the Company with respect to any shares of Common Stock represented by any Award (other than as provided with respect to
Awards of Restricted Stock) unless and until such time as shares of Common Stock represented by such vested Awards have been delivered
to the Grantee. The Grantee will have no right to receive any Dividend Equivalents until such time, if ever, any Award to which such Dividend
Equivalents relate shall have become vested.

 

(c)            Non-Uniform
Determinations. The Committee’s determinations under the Plan and Award Agreements need not be uniform and any such determinations
may be made by it selectively among persons who receive, or are eligible to receive, Awards under the Plan (whether or not such persons
are similarly situated). Without limiting the generality of the foregoing, the Committee will be entitled, among other things, to make
non-uniform and selective determinations under Award Agreements, and to enter into non-uniform and selective Award Agreements, as to (i) the
persons to receive Awards, (ii) the terms and provisions of Awards and (iii) whether a Grantee’s employment has been terminated
for purposes of the Plan.

 

    27 

     

    

 

(d)            Section 409A
and Section 457A of the Code. With respect to Awards subject to Section 409A or Section 457A of the Code, the Plan
is intended to comply with, or, be exempt from, the requirements of Section 409A and Section 457A of the Code, and the provisions
of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A and Section 457A
of the Code, and the Plan shall be operated accordingly. If the Board (or its delegate) determines in its discretion that an Award is
determined to be “nonqualified deferred compensation” subject to Section 409A of the Code, and that Grantee is a “specified
employee” as defined in Section 409A(a)(2)(B)(i) of the Code and the regulations and other guidance issued thereunder,
then the exercise or distribution of such Award upon a separation from service may not be made before the date which is six months after
the date the Grantee separates from service with the Company or any of its Affiliates. Notwithstanding any other provision contained herein,
terms such as “termination of service,” “termination of employment” and “termination of
engagement” shall mean a “separation from service” within the meaning of Section 409A of the Code, to
the extent any exercise or distribution hereunder could be deemed “non-qualified deferred compensation” for purposes thereof.
Notwithstanding any provision of the Plan to the contrary, in no event shall the Company or any Affiliate be liable to a Grantee on account
of an Award’s failure to (a) qualify for favorable U.S. or foreign tax treatment or (b) avoid adverse tax treatment under
U.S. or foreign law, including, without limitation, Sections 409A and 457A of the Code.

 

(e)            Section 16.
It is the intent of the Company that the Plan satisfy, and be interpreted in a manner that satisfies, the applicable requirements of Rule 16b-3
so that Grantees will be entitled to the benefit of Rule 16b-3, or any other rule promulgated under Section 16 of the Exchange
Act, and will not be subject to short-swing liability under Section 16 of the Exchange Act. Accordingly, if the operation of any
provision of the Plan would conflict with the intent expressed in this Section 23(e), such provision to the extent possible shall
be interpreted and/or deemed amended so as to avoid such conflict.

 

(f)            Right
of Offset. The Company or the applicable employer Affiliate will have the right to offset against its obligation to deliver shares
of Common Stock (or other property or cash) under the Plan or any Award Agreement any outstanding amounts (including, without limitation,
travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the Company
or the applicable employer Affiliate pursuant to tax equalization, housing, automobile or other employee programs) that the Grantee then
owes to the Company or the applicable employer Affiliate and any amounts the Committee otherwise deems appropriate pursuant to any tax
equalization policy or agreement. Notwithstanding the foregoing, if an Award provides for the deferral of compensation within the meaning
of Section 409A or Section 457A of the Code, the Committee will have no right to offset against its obligation to deliver shares
of Common Stock (or other property or cash) under the Plan or any Award Agreement if such offset could subject the Grantee to the additional
tax imposed under Section 409A or Section 457A of the Code in respect of an outstanding Award.

 

    28 

     

    

 

(g)            Clawback.
The Committee may, in its discretion, specify in an Award Agreement or a policy that will be deemed incorporated into an Award
Agreement by reference (regardless of whether such policy is established before or after the date of such Award Agreement), that a
Grantee’s rights, payments, and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture,
rescission or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting,
restrictions or performance conditions of an Award. Such events may include, but shall not be limited to, termination of employment
or service with or without Cause, breach of noncompetition, confidentiality, or other restrictive covenants that may apply to the
Grantee, or restatement of the Company’s financial statements to reflect adverse results from those previously released
financial statements, as a consequence of errors, omissions, fraud, or misconduct. Further, to the extent that the Grantee receives
any amount in excess of the amount that the Grantee should otherwise have received under the terms of the Award for any reason
(including, without limitation, by reason of mistake in calculations or other administrative error), the Grantee shall be required
to repay any such excess amount to the Company.

 

(h)            Data
Protection. By participating in the Plan, the Grantee consents to the holding and processing of personal information provided by the
Grantee to the Company or any Affiliate, trustee or third party service provider, for all purposes relating to the operation of the Plan.
These include, but are not limited to: (i) administering and maintaining Grantee records; (ii) providing information to the
Company, Affiliates, trustees of any employee benefit trust, registrars, brokers or third party administrators of the Plan; (iii) providing
information to future purchasers or merger partners of the Company or any Affiliate, or the business in which the Grantee works; and (iv) transferring
information about the Grantee to any country or territory that may not provide the same protection for the information as the Grantee’s
home country.

 

(i)            Appendices.
The Committee may approve such supplements, amendments or appendices to the Plan as it may consider necessary or appropriate for purposes
of compliance with applicable laws or otherwise and such supplements, amendments or appendices shall be considered a part of the Plan;
provided, however, that no such supplements shall increase the share limitation contained in Section 5(a) of the
Plan.

 

    29 

     

    

 

(j)            Governing
Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the Cayman Islands without
regard to conflicts of laws thereof or of any other jurisdiction.

 

24.            CHANGES
IN LAW. The Board may amend the Plan and any outstanding Awards granted thereunder in such respects as the Board shall, in its sole
discretion, deem advisable in order to incorporate in the Plan or any such Awards any new provision or change designed to comply with
or take advantage of requirements or provisions of the Code or any other statute, or rules or regulations of the Internal Revenue
Service or any other Federal or state governmental agency enacted or promulgated after the adoption of the Plan.

 

25.            INDEMNIFICATION
No past, present or future Non-Employee Director, Officer, Employee, agent, advisor or Affiliate of the Company or any of its subsidiaries
will have any liability to any person (including any Grantee) for any action taken or omitted to be taken or any determination made in
good faith with respect to the Plan or any Award. Each such person will be indemnified and held harmless by the Company against and from
(i) any loss, cost, liability or expense (including attorneys’ fees) that may be imposed upon or incurred by such person in
connection with or resulting from any action, suit, claim or proceeding to which such person may be a party or in which such person may
be involved by reason of any action taken or omitted to be taken under the Plan or any Award Agreement, in each case, in good faith and
(ii) any and all amounts paid by such person, with the Company’s approval, in settlement thereof, or paid by such person in
satisfaction of any judgment in any such action, suit or proceeding against such person, provided that the Company will have the
right, at its own expense, to assume and defend any such action, suit or proceeding and, once the Company gives notice of its intent to
assume the defense, the Company will have sole control over such defense with counsel of the Company’s choice. The foregoing right
of indemnification will not be available to a person to the extent that a court of competent jurisdiction in a final judgment or other
final adjudication, in either case, not subject to further appeal, determines that the acts or omissions of such person giving rise to
the indemnification claim resulted from such person’s bad faith, fraud or willful misconduct. The foregoing right of indemnification
will not be exclusive of any other rights of indemnification to which persons may be entitled under the Company’s organizational
documents, as a matter of law, or otherwise, or any other power that the Company may have to indemnify such persons or hold them harmless.

 

    30 

     

    

 

26.            ELECTRONIC
DELIVERY AND ACCEPTANCE. Subject to applicable laws, the Company may, in its sole discretion, deliver any documents related to
the Award, including, without limitation, applicable disclosures and procedures for the exercise of Awards, by electronic means. To
participate in the Plan, a Grantee consents to receive all applicable documentation by electronic delivery and through an on-line
(and/or voice activated) system established and maintained by the Company or a third party vendor designated by the Company.

 

27.            TERMINATION
OR SUSPENSION OF THE PLAN. The Plan shall terminate on the earliest of (a) the tenth (10th) anniversary of the Effective
Date or (b) such earlier time as the Board may determine. No Award shall be granted pursuant to the Plan after such date, but Awards
theretofore granted may extend beyond that date. The Board may suspend or terminate the Plan at any earlier date pursuant to Section 22(a) hereof.
No Awards may be granted under the Plan while the Plan is suspended or after it is terminated.

 

    31Exhibit 10.3

 

EXECUTION VERSION

 

 

ORIGINALLY DATED 30 MARCH 2020

AS AMENDED AND RESTATED BY AN AMENDMENT AND RESTATEMENT AGREEMENT 

DATED 2 June 2021

 

Facility Agreement

 

USD 225,000,000 Revolving Credit Facility

 

between

 

IHS Holding Limited

as Company

 

Citibank, N.A., London Branch

as Global Coordinator

 

Citibank, N.A., London Branch, ABSA Bank Limited
(acting through its Corporate and

 Investment Banking division), Goldman Sachs Lending Partners LLC, J.P. Morgan

 Securities plc, London
Branch and Standard Chartered Bank, Dubai International

 Financial Centre Branch, regulated by the Dubai Financial Services Authority

as Arrangers

 

The Financial Institutions

as Original Lenders

 

Each Entity listed in Part 2 of Schedule
1

as Original Guarantors

 

and

 

Citibank Europe PLC, UK Branch

as Facility Agent

 

White & Case LLP 

PO Box 9705 

Level 6, Burj Daman, Al Mustaqbal Street

 Dubai International Financial Centre

 Dubai

 United Arab Emirates

 

     

     

    

 

	 	 	Table of Contents	
	 	 	 	 
	 	 	 	Page
	 	 	 	 
	1.	 	Definitions and Interpretation	1
	 	 	 	 
	2.	 	The Facility	42
	 	 	 	 
	3.	 	Purpose	46
	 	 	 	 
	4.	 	Conditions of Utilisation	47
	 	 	 	 
	5.	 	Utilisation	47
	 	 	 	 
	6.	 	Repayment	48
	 	 	 	 
	7.	 	Prepayment and Cancellation	50
	 	 	 	 
	8A.	 	Rate Switch	57
	 	 	 	 
	8.	 	Interest	58
	 	 	 	 
	9.	 	Interest Periods	60
	 	 	 	 
	10.	 	Changes to the Calculation of Interest	61
	 	 	 	 
	11.	 	Fees	62
	 	 	 	 
	12.	 	Tax Gross Up and Indemnities	63
	 	 	 	 
	13.	 	Increased Costs	68
	 	 	 	 
	14.	 	Other Indemnities	70
	 	 	 	 
	15.	 	Mitigation by the Lenders	72
	 	 	 	 
	16.	 	Guarantee and Indemnity	72
	 	 	 	 
	17.	 	Costs and Expenses	75
	 	 	 	 
	18.	 	Representations	76
	 	 	 	 
	19.	 	Information Undertakings	82
	 	 	 	 
	20.	 	Financial Covenants	86
	 	 	 	 
	21.	 	Stamping	89
	 	 	 	 
	22.	 	General Undertakings	89
	 	 	 	 
	23.	 	Events of Default	97
	 	 	 	 
	24.	 	Security	101
	 	 	 	 
	25.	 	Changes to the Lenders	105
	 	 	 	 
	26.	 	Restriction on Debt Purchase Transactions	110
	 	 	 	 
	27.	 	Changes to the Obligors	111
	 	 	 	 
	28.	 	Role of the Administrative Parties	112
	 	 	 	 
	29.	 	Application of Proceeds	126
	 	 	 	 
	30.	 	Conduct of Business by the Finance Parties	127
	 	 	 	 
	31.	 	Sharing among the Finance Parties	128
	 	 	 	 
	32.	 	Payment Mechanics	129
	 	 	 	 
	33.	 	Set-Off	132
	 	 	 	 
	34.	 	Notices	132

 

    (i) 

     

    

 

	35.	 	Calculations and Certificates	135
	 	 	 	 
	36.	 	Partial Invalidity	135
	 	 	 	 
	37.	 	Remedies and Waivers	135
	 	 	 	 
	38.	 	Amendments and Waivers	136
	 	 	 	 
	39.	 	Confidential Information	139
	 	 	 	 
	40.	 	Confidentiality of Funding Rates	143
	 	 	 	 
	41.	 	Counterparts	144
	 	 	 	 
	42.	 	Governing Law	144
	 	 	 	 
	43.	 	Enforcement	144
	 	 	 	 
	44.	 	Acknowledgement Regarding any Supported QFCS	146
	 	 	 	 
	45.	 	Contractual Recognition of Bail-In	147

 

	Schedule 1	 	The Parties	148
	Part 1	 	The Original Lenders	148
	Part 2	 	The Guarantors as at the Date of this Agreement	149
	 	 	 	 
	Schedule 2	 	Conditions Precedent	150
	Part 1	 	Conditions Precedent to Initial Utilisation	150
	Part 2	 	Conditions Precedent Required to be Delivered by a Guarantor	152
	 	 	 	 
	Schedule 3	 	Form of Utilisation Request	154
	 	 	 	 
	Schedule 4	 	Form of Transfer Certificate	155
	 	 	 	 
	Schedule 5	 	Form of Assignment Agreement	157
	 	 	 	 
	Schedule 6	 	Form of Compliance Certificate	159
	 	 	 	 
	Schedule 7	 	Form of Increase Confirmation	160
	 	 	 	 
	Schedule 8	 	Form of Accession Letter	162
	 	 	 	 
	Schedule 9	 	Form of Resignation Letter	163
	 	 	 	 
	Schedule 10	 	Forms of Notifiable Debt Purchase Transaction Notice	164
	Part 1	 	Form of Notice on Entering into Notifiable Debt Purchase Transaction	164
	Part 2	 	Form of Notice on Termination of Notifiable Debt Purchase Transaction/Notifiable Debt Purchase Transaction Ceasing to be with Sponsor Affiliate	165
	 	 	 	 
	Schedule 11	 	Existing Security	166
	 	 	 	 
	Schedule 12	 	Existing Guarantees	169
	 	 	 	 
	Schedule 13	 	Timetables	170
	 	 	 	 
	Schedule 14	 	Existing Material Subsidiary Debt Facilities	171
	 	 	 	 
	Schedule 15	 	Acceptable Banks	172
	 	 	 	 
	Schedule 16	 	Additional Covenants	174
	 	 	 	 
	Schedule 17	 	Additional Events of Default	197
	 	 	 	 
	Schedule 18	 	Screen Rate Contingency Periods	199
	 	 	 	 
	Schedule 19	 	Compounded Rate Terms	200
	 	 	 	 
	Schedule 20	 	Daily Non-Cumulative Compounded RFR Rate	203
	 	 	 	 
	Schedule 21	 	Cumulative Compounded RFR Rate	205

 

    (ii) 

     

    

 

This Facility Agreement dated 30 March 2020,
as amended and restated on the Effective Date by an amendment and restatement agreement dated ____ June 2021.

 

Between:

 

		(1)	IHS Holding Limited, a private company incorporated under the laws of Mauritius, with registration
number 111344C1/GBL, and having its registered office at c/o CKLB International Management Ltd, 1st Floor, Felix House, 24 Dr. Joseph
Rivière Street, Port Louis, Mauritius (the “Company”);

 

		(2)	Citibank, N.A., London Branch as Global Coordinator (in this capacity, the “Global Coordinator”);

 

		(3)	Citibank, N.A., London Branch, ABSA Bank Limited (acting through its Corporate and Investment Banking
division), Goldman Sachs Lending Partners LLC, J.P. Morgan Securities plc, London Branch and Standard Chartered Bank, Dubai International
Financial Centre Branch, regulated by the Dubai Financial Services Authority as mandated lead arrangers (in this capacity and together
with the Global Coordinator, the “Arrangers”);

 

		(4)	The Financial Institutions listed in Part 1 of Schedule 1 (The Parties) as original
lenders (in this capacity, the “Original Lenders”);

 

		(5)	Each Entity listed in Part 2 of Schedule 1 (The Guarantors as at the Date of this Agreement)
as the original guarantors (the “Original Guarantors”); and

 

		(6)	Citibank Europe PLC, UK Branch as facility agent (in this capacity, the “Facility Agent”).

 

It is agreed as follows:

 

		1.	Definitions and Interpretation

 

		1.1	Definitions

 

In this Agreement:

 

“Acceptable Bank”
means:

 

		(a)	a bank or financial institution which has a long term unsecured credit rating of at least BBB by Standard &
Poor’s Rating Services or Fitch Ratings Ltd or at least Baa2 by Moody’s Investors Service Limited or a comparable rating from
an internationally recognised credit rating agency;

 

		(b)	each bank or financial institution with which Cash is held by the Company as at the date of this Agreement,
as set out in Schedule 15 (Acceptable Banks);

 

		(c)	the Lenders and/or their Affiliates (other than (i) any Lender or Affiliate of a Lender that is a
Sponsor Affiliate and (ii) any Lender that notifies the Facility Agent and the Company that it may not act as an Acceptable Bank);

 

		(d)	each bank or financial institution (other than any Sponsor Affiliate) that is a lender under any debt
facility provided to any member of the Group;

 

		(e)	each bank or financial institution (other than any Sponsor Affiliate) that either (i) becomes a lender
under a debt financing to be provided to a Subsidiary of the Company to fund a Permitted Acquisition or (ii) is providing banking
facilities to a Subsidiary of the Company acquired by way of a Permitted Acquisition, in each case for a period of 12 months following
the closing date of the relevant Permitted Acquisition; or

 

     

     

    

 

		(f)	any other bank or financial institution approved by the Facility Agent (acting on the instructions of
all the Lenders) from time to time.

 

“Accession Letter”
means a document substantially in the form set out in Schedule 8 (Form of Accession Letter), with any amendments the Facility
Agent and the Company may agree.

 

“Accounting Reference Date”
means 31 December or such other date agreed in accordance with this Agreement.

 

“Additional Business Day”
means any day specified as such in the applicable Compounded Rate Terms.

 

“Administrative Party”
means an Arranger or an Agent.

 

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

 

“Agent” means the
Facility Agent or the Security Agent.

 

“Amendment and Restatement
Agreement” means the amendment and restatement agreement dated on or about ____ June 2021 between the Company and the Facility
Agent, relating to this Agreement.

 

“Annual Financial Statements”
has the meaning given to that term in Clause 19.1 (Financial Statements).

 

“Anti-Corruption Laws”
means all laws, rules and regulations from time to time concerning or relating to bribery or corruption, including but not limited
to the UK Bribery Act 2010, the US Foreign Corrupt Practices Act (as amended) and all other anti-bribery and corruption laws, in
each case applicable to the Company or its Subsidiaries.

 

“Article 55 BRRD”
means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms.

 

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

 

“Authorisation” means
an authorisation, consent, approval, resolution, permit, licence, exemption, filing, notarisation or registration.

 

“Availability Period”
means the period from and including 30 March 2020 to and including the date falling one month before the Termination Date.

 

“Available Commitment”
means a Lender’s Commitment minus:

 

		(a)	the amount of its participation in any outstanding Loans; and

 

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

 

other than that Lender’s participation
in any Loans that are due to be repaid or prepaid on or before the proposed Utilisation Date.

 

“Available Facility”
means the aggregate for the time being of each Lender’s Available Commitment.

 

“Backstop Rate Switch Date”
means 30 June 2023 or any other date agreed as such between the Facility Agent, the Majority Lenders and the Company.

 

    	 	2 	 

     

    

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers.

 

“Bail-In Legislation”
means:

 

		(a)	in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55
BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

 

		(b)	in relation to the United Kingdom, the UK Bail-in Legislation; and

 

		(c)	in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law
or regulation from time to time which requires contractual recognition of any Write-Down and Conversion Powers contained in that law or
regulation.

 

“Blocking Law” means:

 

		(a)	Council Regulation (EC) No 2271/1996 of 22 November 1996 or the EU Blocking Regulation and Commission
Implementing Regulation (EU) 2018/1101 and/or any applicable national law or regulation relating to or implementing such Regulation in
any member state of the European Union or the United Kingdom; and

 

		(b)	any similar and applicable anti-boycott law or regulation issued by a Sanctions Authority.

 

“Bond Obligor” means
an Original Bond Obligor or a Subsequent Bond Obligor.

 

“Break Costs” means:

 

		(a)	in respect of a Term Rate Loan, the amount (if any) by which:

 

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

 

exceeds:

 

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

 

		(b)	in respect of a Compounded Rate Loan, any amount specified as such in the applicable Compounded Rate Terms.

 

“Bridge Facility”
means any bridge financing on customary market terms and for the sole purpose of funding a Permitted Acquisition, with a tenor not exceeding
24 months and that is repaid or refinanced within 24 months of incurrence.

 

“Business Day” means
a day (other than a Saturday or Sunday) on which banks are open for general business in Amsterdam, Lagos, London and (prior to a Permitted
Re-domiciliation) Mauritius or (after a Permitted Re-domiciliation) the Cayman Islands) and;

 

		(a)	(in relation to any date for payment or purchase of USD), New York;

 

		(b)	(at any time in relation to any date on which action must be taken by a Lender with its Facility Office
in South Africa), Johannesburg; and

 

    	 	3 	 

     

    

 

		(c)	(in relation to:

 

		(i)	any date for payment or purchase of an amount relating to a Compounded Rate Loan; or

 

		(ii)	the determination of the first day or the last day of an Interest Period for a Compounded Rate Loan, or
otherwise in relation to the determination of the length of such an Interest Period),

 

which is an Additional Business Day relating
to that Loan or Unpaid Sum.

 

“Cash” means, at
any time, any cash-in-hand and any credit balance on any deposit, savings, current or other account to which, in each case, a member of
the Group (and only that member of the Group or other members of the Group) is beneficially entitled and for so long as that cash is:

 

		(a)	except for a maximum aggregate amount for the Group of USD20,000,000 (twenty million dollars) or its equivalent,
held with an Acceptable Bank;

 

		(b)	available to be freely withdrawn within 90 days;

 

		(c)	not subject to any Security, other than:

 

		(i)	the Security created under the Security Documents;

 

		(ii)	charges arising solely by operation of law;

 

		(iii)	rights of set-off or netting or charges or pledge rights arising by operation of law or by contract by
virtue of the provision to that member of the Group of clearing bank or similar facilities or overdraft facilities and arising under the
standard commercial terms and conditions of such bank;

 

		(iv)	encumbrances over credit balances on bank accounts to facilitate operation of such bank accounts on a
cash-pooled net balance basis and arising under that account bank’s standard terms in the ordinary course of trading or business
activities of that member of the Group; or

 

		(v)	Security in respect of Financial Indebtedness to the extent such Financial Indebtedness is included for
the purposes of calculating Net Cash Finance Interest Adjusted for Leases or Net Financial Indebtedness; and

 

		(d)	capable of being applied or made available for application in repayment or prepayment of the Facility
or any other Financial Indebtedness included within the calculation of Net Cash Finance Interest Adjusted For Leases or Net Financial
Indebtedness, within the next 180 days,

 

and, for the avoidance of doubt, not
including any cash affected by any process referred to in Clause 23.9 (Creditors’ Process or Expropriation).

 

“Cash Equivalent Investments”
means at any time:

 

		(a)	certificates of deposit maturing within one year after the relevant date of calculation and issued by
an Acceptable Bank;

 

		(b)	any investment in marketable debt obligations issued or guaranteed by the government of any country in
which any member of the Group is located or by any government of any other country which has a rating for its short-term unsecured and
non credit-enhanced debt obligations of A-1 or higher by Standard & Poor’s Rating Services or F1 or higher by Fitch Ratings
Ltd or P-1 or higher by Moody’s Investors Service Limited or by an instrumentality or agency of any such government having an equivalent
credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security;

 

    	 	4 	 

     

    

 

		(c)	commercial paper not convertible or exchangeable to any other security:

 

		(i)	for which a recognised trading market exists;

 

		(ii)	issued by an issuer incorporated in a country, the government of which has a rating for its short-term
unsecured and non credit-enhanced debt obligations of A-1 or higher by Standard & Poor’s Rating Services or P-1 or higher
by Moody’s Investors Service Limited or by an instrumentality or agency of any such government having an equivalent credit rating;

 

		(iii)	which matures within one year after the relevant date of calculation; and

 

		(iv)	which has a credit rating of either A-1 or higher by Standard & Poor’s Rating Services
or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody’s Investors Service Limited, or, if no rating is available in respect
of the commercial paper, the issuer of which has, in respect of its short-term unsecured and non-credit enhanced debt obligations, an
equivalent rating;

 

		(d)	bills of exchange issued in Nigeria, Mauritius (after a Permitted Re-domiciliation) the Cayman Islands,
the United States of America, the United Kingdom, any member state of the European Economic Area or any Participating Member State or
any country in which any member of the Group is located eligible for rediscount at the relevant central bank and accepted by an Acceptable
Bank (or their dematerialised equivalent);

 

		(e)	any investment in money market funds which (i) have a credit rating of either A-1 or higher by Standard &
Poor’s Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody’s Investors Service Limited, (ii) invest
substantially all their assets in securities of the types described in paragraphs (a) to (d) above and (iii) can be
turned into cash on not more than 90 days’ notice; or

 

		(f)	any other debt security approved by the Majority Lenders,

 

in each case to which a member of the
Group (and only that member of the Group or other members of the Group) is beneficially entitled at that time and which is not issued
or guaranteed by a member of the Group or subject to any Security other than:

 

		(i)	Security created under the Security Documents;

 

		(ii)	charges arising solely by operation of law in the ordinary course of trading or business activities of
any member of the Group; or

 

		(iii)	Security in respect of Financial Indebtedness to the extent such Financial Indebtedness is included for
the purposes of calculating Net Financial Debt.

 

“Central Bank Rate”
has the meaning given to that term in the applicable Compounded Rate Terms.

 

“Central Bank Rate Adjustment”
has the meaning given to that term in the applicable Compounded Rate Terms.

 

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

 

“Commitment” means:

 

		(a)	in relation to an Original Lender, the amount set opposite its name in Part 1 of Schedule 1 (The
Parties) under the heading Commitment and the amount of any other Commitment transferred to it under this Agreement or assumed by
it in accordance with Clause 2.2 (Increase) or Clause 2.3 (Facility Increase); and

 

    	 	5 	 

     

    

 

		(b)	in relation to any other Lender, the amount of any Commitment transferred to it under this Agreement or
assumed by it in accordance with Clause 2.2 (Increase) or Clause 2.3 (Facility Increase),

 

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

 

“Compliance Certificate”
means a certificate substantially in the form set out in Schedule 6 (Form of Compliance Certificate), with any amendments
the Facility Agent and the Company may agree.

 

“Compounded Rate Interest Payment”
means the aggregate amount of interest that:

 

		(a)	is, or is scheduled to become, payable under any Finance Document; and

 

		(b)	relates to a Compounded Rate Loan.

 

“Compounded Rate Loan”
means any Loan or, if applicable, Unpaid Sum in dollars which is, or becomes, a “Compounded Rate Loan” pursuant to Clause
8A (Rate Switch).

 

‘Compounded Rate Supplement”
means, in relation to dollars, a document which:

 

		(a)	is agreed in writing by the Company and the Facility Agent (acting on instructions of the Majority Lenders);

 

		(b)	specifies for dollars, the relevant terms which are expressed in this Agreement to be determined by reference
to Compounded Rate Terms; and

 

		(c)	has been made available to the Company and each Finance Party,

 

provided, for the avoidance of doubt,
that the agreement of any Compounded Rate Supplement which would have the effect of changing the Credit Adjustment Spread set out in Schedule
19 (Compounded Rate Terms) will require the consent of all Lenders.

 

“Compounded Rate Terms”
means in relation to:

 

		(a)	dollars;

 

		(b)	a Loan or an Unpaid Sum in dollars;

 

		(c)	an Interest Period for such Loan or Unpaid Sum (or other period for the accrual of commission or fees
in dollars); or

 

		(d)	any term of this Agreement relating to the determination of a rate of interest in relation to such a Loan
or Unpaid Sum,

 

the terms set out for dollars in Schedule
19 (Compounded Rate Terms) or in any Compounded Rate Supplement.

 

“Compounded Reference Rate”
means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Loan, the percentage rate per annum which is
the aggregate of:

 

		(a)	the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day; and

 

		(b)	the applicable Credit Adjustment Spread.

 

    	 	6 	 

     

    

 

“Compounding Methodology Supplement”
means, in relation to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which:

 

		(a)	is agreed in writing by the Company, the Facility Agent (in its own capacity) and the Facility Agent (acting
on the instructions of the Majority Lenders);

 

		(b)	specifies a calculation methodology for that rate; and

 

		(c)	has been made available to the Company and each Finance Party,

 

provided, for the avoidance of doubt,
that the agreement of any Compounding Methodology Supplement which would have the effect of changing the Credit Adjustment Spread set
out in Schedule 19 (Compounded Rate Terms) will require the consent of all Lenders.

 

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

 

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

 

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

 

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

 

		(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 39 (Confidential Information);

 

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

 

		(C)	is known by 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.

 

“Confidentiality Undertaking”
means, at any time, a confidentiality undertaking substantially in the then current recommended form of the Loan Market Association or
in any other form agreed between the Company and the Facility Agent.

 

“Credit Adjustment Spread”
means, in respect of any Compounded Rate Loan, any rate which is either:

 

		(a)	specified as such in the applicable Compounded Rate Terms; or

 

		(b)	determined by the Facility Agent (or by any other Finance Party which agrees to determine that rate in
place of the Facility Agent) in accordance with the methodology specified in the applicable Compounded Rate Terms.

 

“Cumulative Compounded RFR
Rate” means, in relation to an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Facility
Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) in accordance with the methodology
set out in Schedule 21 (Cumulative Compounded RFR Rate) or in any relevant Compounding Methodology Supplement.

 

    	 	7 	 

     

    

 

“Daily Non-Cumulative Compounded
RFR Rate” means, in relation to any RFR Banking Day during an Interest Period for a Compounded Rate Loan, the percentage rate
per annum determined by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility
Agent) in accordance with the methodology set out in Schedule 20(Daily Non-Cumulative Compounded Rate) or in any relevant Compounding
Methodology Supplement.

 

“Daily Rate” means
the rate specified as such in the applicable Compounded Rate Terms.

 

“Debt Purchase Transaction”
means, in relation to a person, a transaction where such person:

 

		(a)	purchases by way of assignment or transfer;

 

		(b)	enters into any sub-participation in respect of; or

 

		(c)	enters into any other agreement or arrangement having an economic effect substantially similar to a sub-participation
in respect of,

 

any Commitment or amount outstanding
under this Agreement.

 

“Default” means:

 

		(a)	an Event of Default; or

 

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

 

“Defaulting Lender”
means any Lender:

 

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

 

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

 

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

 

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

 

		(i)	its failure to pay is caused by:

 

		(A)	administrative or technical error; or

 

		(B)	a Disruption Event; and

 

		(ii)	payment is made within three Business Days of its due date; or

 

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

 

“Delegate” means
any delegate, agent, attorney, co-trustee or co-agent appointed by the Security Agent or any Receiver.

 

    	 	8 	 

     

    

 

“Disruption Event”
means either or both of:

 

		(a)	a material disruption to the payment or communications systems or to the 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), provided that the 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 case) is not caused
by, and is beyond the control of, the Party whose operations are disrupted.

 

“Dutch Civil Code”
means the Burgerlijk Wetboek of the Netherlands.

 

“EBITDA” has the
meaning given to it in Clause 20.1 (Financial Definitions).

 

“EEA Member Country”
means any member state of the European Union, Iceland, Liechtenstein and Norway.

 

“Effective Date”
has the meaning given to the term “Restatement Effective Date” in the 2021 Amendment and Restatement Agreement.

 

“Environment” means
humans, animals, plants and all other living organisms, including the ecological systems of which they form part, and the following media:

 

		(a)	air (including, without limitation, air within natural or man-made structures, whether above or below
ground);

 

		(b)	water (including, without limitation, territorial, coastal and inland waters, water under or within land
and water in drains and sewers); and

 

		(c)	land (including, without limitation, land under water).

 

“Environmental Claim”
means any claim, proceeding, formal notice or investigation by any person in respect of the Performance Standards.

 

“EU Bail-In Legislation Schedule”
means the document described as such and published by the Loan Market Association (or any successor person) from time to time.

 

“Event of Default”
means any event or circumstance specified as such in Clause 23 (Events of Default).

 

“Excluded Subsidiaries”
means Tower Infrastructure Company Limited and IHS Towers Netherlands FinCo NG B.V.

 

“Existing Material Subsidiary
Debt Facility” means:

 

		(a)	any debt facility provided by any person that is not a member of the Group to any Material Subsidiary
on arm’s length terms (excluding any loan made by any direct or indirect shareholder of the Company (in its capacity as such) or
any overdraft facility), that is in existence as at the date of this Agreement, as set out in Schedule 14 (Existing Material Subsidiary
Debt Facilities); or

 

    	 	9 	 

     

    

 

		(b)	any debt facility that refinances any of the debt facilities referred to in paragraph (a) above
(other than any loan made by any direct or indirect shareholder of the Company (in its capacity as such) or any overdraft facility) and
whose terms are in compliance with the terms of this Agreement, but excluding (for the avoidance of doubt) the Senior Notes; or

 

		(c)	the Nigeria Group Credit Facility.

 

“Extended Termination Date”
has the meaning given to it in Clause 6.2 (Extension of Termination Date).

 

“Facility” means
the revolving credit facility made available under this Agreement as described in Clause 2 (The Facility).

 

“Facility Increase Lender”
has the meaning given to it in Clause 2.3 (Facility Increase).

 

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

 

“FATCA” means:

 

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

 

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

 

		(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; or

 

		(b)	in relation to a “passthru payment” described in section 1471(d)(7) of the Code
not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding
required by FATCA.

 

“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 any fees referred to in this Agreement.

 

“Finance Document”
means:

 

		(a)	this Agreement;

 

		(b)	the Amendment and Restatement Agreement;

 

    	 	10 	 

     

    

 

		(c)	each Security Document;

 

		(d)	each Fee Letter;

 

		(e)	each Compliance Certificate;

 

		(f)	each Utilisation Request;

 

		(g)	each Increase Confirmation;

 

		(h)	each Accession Letter;

 

		(i)	each Resignation Letter;

 

		(j)	each Guarantee Confirmation;

 

		(k)	any Compounded Rate Supplement;

 

		(l)	any Compounding Methodology Supplement;

 

		(m)	any subordination agreement entered into in respect of any Permitted Financial Indebtedness; or

 

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

 

“Finance Party” means
a Lender or an Administrative Party.

 

“Financial Indebtedness”
means, with respect to any person (without double counting):

 

		(a)	any indebtedness of such person for borrowed money;

 

		(b)	the outstanding principal amount of any bonds, debentures, notes, loan stock, commercial paper, acceptance
credits, bills or promissory notes drawn, accepted, endorsed or issued by such person (but not Trade Instruments);

 

		(c)	any indebtedness of such person for the deferred purchase price of assets or services (except trade accounts
incurred and payable in the ordinary course of trading or business activities to trade creditors that are treated as current payable in
the Financial Statements within 365 days of the date they are incurred);

 

		(d)	non-contingent obligations of such person to reimburse any other person for amounts paid by that person
under a letter of credit or similar instrument (excluding any letter of credit or similar instrument issued for the account of such person
with respect to trade accounts incurred and payable in the ordinary course of trading or business activities to trade creditors that are
treated as current payable in the Financial Statements within 365 days of the date they are incurred);

 

		(e)	the amount of any obligation of such person in respect of any Lease;

 

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

 

		(g)	amounts raised by such person under any other transaction having the financial effect of a borrowing and
which would be classified as a borrowing under IFRS;

 

		(h)	all indebtedness of the types described in the foregoing items secured by a lien on any property or assets
owned by such person, whether or not such indebtedness has been assumed by such person;

 

    	 	11 	 

     

    

 

		(i)	any repurchase obligation or liability of such person with respect to accounts or notes receivable sold
by such person, any liability of such person under any sale and leaseback transactions that do not create a liability on the balance sheet
of such person, any obligation under a “synthetic lease” or any obligation arising with respect to any other transaction which
is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such
person; and

 

		(j)	the amount of any obligation in respect of any guarantee or indemnity given by such person for any of
the foregoing items incurred by any other person (notwithstanding any treatment under IFRS to the contrary).

 

if and to the extent any of the preceding
items (other than letters of credit) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of the relevant
person, prepared in accordance with IFRS and provided that “Financial Indebtedness” shall not include indebtedness owed solely
to other Group members and shall not include:

 

		(i)	indebtedness arising under any New Shareholder Loan;

 

		(ii)	indebtedness arising under any “Subordinated Shareholder Loan” (as defined in Schedule 16
(Additional Covenants)); and

 

		(iii)	indebtedness arising under loans made by a member of the Nigeria Group to another member of the Nigeria
Group under paragraph (d) of “Permitted Loan” (as defined in Schedule 16 (Additional Covenants)).

 

“Financial Plan”
means the financial model delivered by the Company to the Facility Agent pursuant to Clause 4.1 (Initial Conditions Precedent),
and as updated from time to time in accordance with this Agreement.

 

“Financial Quarter”
means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.

 

“Financial Statements”
means Annual Financial Statements and Quarterly Financial Statements.

 

“Financial Year”
means the annual accounting period of the Company ending on the Accounting Reference Date in each year.

 

“Funding Rate” means
any individual rate notified by a Lender to the Facility Agent pursuant to paragraph (a)(ii) of Clause 10.4 (Cost of
Funds).

 

“Group” means the
Company and its Subsidiaries for the time being (but excluding, for all purposes other than the definition of Cash, Cash Equivalents,
Financial Indebtedness (to the extent used in Clause 20 (Financial Covenants)) and all references to Group in Clause 20
(Financial Covenants), the Excluded Subsidiaries).

 

“Group Structure Chart”
means the group structure chart provided to the Facility Agent pursuant to Clause 4.1 (Initial Conditions Precedent).

 

“Guarantee Confirmation”
has the meaning given to it in the Amendment and Restatement Agreement.

 

“Guarantor” means:

 

		(a)	the Original Guarantors; and

 

		(b)	at any other time, each person which becomes a Guarantor and has not ceased to be a Guarantor, in each
case in accordance with Clause 27 (Changes to the Obligors).

 

    	 	12 	 

     

    

 

“Guarantor Accession Date”
means, in relation to any Subsequent Bond Obligor, the date on which that Subsequent Bond Obligor becomes a Guarantor pursuant to paragraph (a) of
Clause 22.26 (Conditions Subsequent).

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		(i)	its failure to pay is caused by:

 

		(A)	administrative or technical error; or

 

		(B)	a Disruption Event; and

 

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

 

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

 

“Increase Confirmation”
means a confirmation substantially in the form set out in Schedule 7 (Form of Increase Confirmation).

 

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

 

“Increased Costs”
has the meaning given to it in Clause 13 (Increased Costs).

 

“Insolvency Event”
in relation to an entity means that the entity:

 

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

 

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

 

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

 

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

 

    	 	13 	 

     

    

 

		(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 (a) above and:

 

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

 

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

 

		(f)	has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the
Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009
or a bank administration proceeding pursuant to Part 3 of the Banking Act 2009;

 

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

 

		(h)	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 (other than, for so long as it
is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity
described in paragraph (d) above);

 

		(i)	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;

 

		(j)	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 (i) above; or

 

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

 

“INT Towers” means
INT Towers Limited, a company incorporated in Nigeria with registration number RC 1222736.

 

“Interest Period”
means each period determined under this Agreement by reference to which interest on a Loan or an Unpaid Sum is calculated.

 

“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 Interest Period of that Loan; and

 

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

 

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

 

    	 	14 	 

     

    

 

“ITNG” means IHS
Towers NG Limited (formerly known as Helios Towers Nigeria Limited), a company incorporated under the laws of Nigeria, with registration
number 448308, and having its registered office at 9 Alfred Rewane Road, Ikoyi, Lagos.

 

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

 

“Lease” means any
lease which would, in accordance with IFRS, be treated as a lease liability.

 

“Legal Reservations”
means:

 

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

 

		(b)	the time barring of claims under applicable limitation laws (including the Limitation Acts) and defences
of acquiescence, set-off or counterclaim and the possibility that an undertaking to assume liability for or to indemnify a person against
non-payment of stamp duty may be void;

 

		(c)	the principle that in certain circumstances Security granted by way of fixed charge may be recharacterised
as a floating charge or that Security purported to be constituted as an assignment may be recharacterised as a charge;

 

		(d)	the principle that the creation or purported creation of Security over any contract or agreement which
is subject to a prohibition on transfer, assignment or charging may be void, ineffective or invalid and may give rise to a breach of the
contract or agreement over which Security has purportedly been created;

 

		(e)	the principle that additional interest imposed pursuant to any relevant agreement may be held to be unenforceable
on the grounds that it is a penalty and thus void;

 

		(f)	similar principles, rights and defences under the laws of any relevant jurisdiction; and

 

		(g)	any other matters which are set out as qualifications or reservations (however described) as to matters
of law in the legal opinions delivered to the Finance Parties as required by the terms of this Agreement.

 

“Lender” means:

 

		(a)	an Original Lender; or

 

		(b)	any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance
with Clause 2.2 (Increase), Clause 2.3 (Facility Increase) or Clause 25 (Changes to the Lenders),

 

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

 

“LIBOR” means, in
relation to any Loan:

 

		(a)	the applicable Screen Rate as of the Specified Time for dollars for a period equal to the Interest Period
of that Loan; or

 

		(b)	as otherwise determined pursuant to Clause 10 (Changes to the Calculation of Interest),

 

and, if, in either case, that rate is
less than zero, LIBOR will be deemed to be zero.

 

    	 	15 	 

     

    

 

“Limitation Acts”
means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.

 

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

 

“Lookback Period”
means the number of days specified as such in the applicable Compounded Rate Terms.

 

“Majority Lenders”
means, at any time, a Lender or Lenders:

 

		(a)	whose participation in the outstanding Loans and whose Available Commitments then aggregate 662⁄3%
or more of the aggregate of all the outstanding Loans and the Available Commitments of all the Lenders;

 

		(b)	if there is no Loan then outstanding, whose Commitments then aggregate 662⁄3% or more of the Total
Commitments; or

 

		(c)	if there is no Loan then outstanding and the Total Commitments have been reduced to zero, whose Commitments
aggregated 662⁄3% or more of the Total Commitments immediately before the reduction.

 

“Margin” means 3.00%
per annum.

 

“Market Disruption Amount”
means the amount determined in accordance with the definition of “Market Disruption Amount” in the applicable Compounded Rate
Terms (if any).

 

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

 

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

 

		(b)	the ability of the Obligors (taken as a whole) to perform their payment obligations under the Finance
Documents or the ability of the Company to comply with its obligations under Clause 20.2 (Financial Condition) (and, for the
purposes of determining the ability of the Company to comply with its obligations under Clause 20.2 (Financial Condition) taking
into account any contractual commitment of any Affiliate of the Company (other than a member of the Group) to provide an Additional Investment
under Clause 20.4 (Equity Cure); or

 

		(c)	subject to the Legal Reservations and Perfection Requirements, the validity or enforceability of, or the
effectiveness or ranking of any Security granted or purported to be granted pursuant to any of, the Finance Documents or the rights or
remedies of any Finance Party under any of the Finance Documents.

 

“Material Subsidiary”
means:

 

		(a)	from the date of this Agreement ITNG, IHS Cameroon S.A., IHS Côte d’Ivoire S.A., IHS
(Nigeria) Limited and INT Towers, IHS Brasil Participações Ltda. and IHS Brasil – Cessão de Infraestruturas
S.A.; and

 

		(b)	thereafter, a Subsidiary of the Company the gross assets, earnings before interest, tax, depreciation
and amortisation (calculated on the same basis as EBITDA) or turnover of which accounts for at least 5% of the gross assets, EBITDA or
turnover of the Group,

 

and for the purposes of paragraph (b) above:

 

		(i)	subject to paragraph (ix) below, the contribution of a Subsidiary of the Company will be determined
from its financial statements which were consolidated into the latest audited consolidated financial statements of the Company;

 

    	 	16 	 

     

    

 

		(ii)	the financial condition of the Group will be determined from the latest audited consolidated financial
statements of the Company;

 

		(iii)	if a Subsidiary of the Company becomes a member of the Group after the date on which the latest audited
consolidated financial statements of the Company were prepared:

 

		(A)	the contribution of that Subsidiary will be determined from its latest financial statements; and

 

		(B)	the financial condition of the Group will be determined from the latest audited consolidated financial
statements of the Company but adjusted to take into account any subsequent acquisition or disposal of a business or a company (including
that Subsidiary);

 

		(iv)	subject to paragraph (ix) below, the contribution of a Subsidiary will, if it has Subsidiaries, be
determined from its consolidated financial statements;

 

		(v)	if a Material Subsidiary disposes of all or substantially all of its assets to another member of the Group,
it will immediately cease to be a Material Subsidiary and the other member of the Group (if it is not the Company or already a Material
Subsidiary) will immediately become a Material Subsidiary;

 

		(vi)	if a Material Subsidiary disposes of all or a material part of its assets to a person that is not a member
of the Group, the Material Subsidiaries will be determined based on the most recent financial statements referred to in paragraphs (i) and
(ii) (or, if applicable paragraph (iii)) above with a pro forma adjustment applied to take account of such disposal;

 

		(vii)	a Subsidiary of the Company (if it is not already a Material Subsidiary) will become a Material Subsidiary
on completion of any other intra-Group transfer or reorganisation if it would have been a Material Subsidiary had the intra-Group transfer
or reorganisation occurred on the date of the latest audited consolidated financial statements of the Company;

 

		(viii)	except as specifically mentioned in paragraph (v) above, a member of the Group will remain a
Material Subsidiary until the next audited consolidated financial statements of the Company delivered to the Facility Agent pursuant to
paragraph (a) of Clause 19.1 (Financial Statements) show otherwise;

 

		(ix)	any Subsidiary of the Company (a “Relevant Subsidiary”) that is itself a Holding Company
and which has no operations and does not undertake or carry on any business other than the ownership of shares in a Subsidiary or activities
consequential on, or incidental to, its role as a Holding Company, will not be a Material Subsidiary, unless:

 

		(A)	such Relevant Subsidiary is a borrower of Financial Indebtedness in excess of USD 10,000,000 (or the equivalent
in any other currency) which is provided by a creditor that is not a member of the Group; and

 

		(B)	the condition in paragraph (b) above is met in relation to it,

 

provided further that any Relevant Subsidiary
that is not a Material Subsidiary solely as a result of the application of this paragraph (ix) will be deemed to be a “Material
Subsidiary” for the purposes of Clause 22.9 (Negative Pledge), Clause 22.10 (Disposals) and Clause 22.19 (Loans
or Credit); and

 

    	 	17 	 

     

    

 

		(x)	any Subsidiary of the Company incorporated in Rwanda or Zambia shall not, at any time, constitute a Material
Subsidiary unless, after the date of this Agreement:

 

		(A)	a Material Subsidiary or other Subsidiary of the Company (other than a Subsidiary of the Company that
is incorporated in Rwanda or Zambia as at the date of this Agreement and shown on the Group Structure Chart) transfers sufficient assets,
business or undertakings to the relevant Subsidiary incorporated in Zambia or Rwanda (as applicable) and that Subsidiary satisfies the
test in paragraph (b) above; or

 

		(B)	the relevant Subsidiary of the Company incorporated in Rwanda or Zambia ceases to operate all or substantially
all of its business, or all or substantially all of its assets and undertaking cease to be situated, in each case within its jurisdiction
of incorporation (where such business, assets or undertaking is instead located in a different jurisdiction).

 

If there is a dispute as to whether or
not a member of the Group is a Material Subsidiary, a certificate of the Company’s auditors is, in the absence of manifest error,
conclusive.

 

“Material Subsidiary Event
of Default” means:

 

		(a)	an event of default (however defined or described) under any document evidencing Financial Indebtedness
of a Material Subsidiary where the aggregate principal amount outstanding of that Financial Indebtedness is equal to or more than USD75,000,000
(or the equivalent in any other currency);

 

		(b)	an Event of Default that would arise under Clause 23.5 (Misrepresentation) in respect of paragraph (c) of
Clause 18.2 (Status) if the references in that Clause 23.5 (Misrepresentation) to an Obligor were references to
a Material Subsidiary; or

 

		(c)	an Event of Default that would arise under Clause 23.7 (Insolvency) to Clause 23.10 (Cessation
of Business) (inclusive), Clause 23.14 (Failure to Comply with Court Judgment) and Clause 23.15 (Litigation)
if, in each case, the references in such Clauses to the Company (or, as applicable, an Obligor) were references to a Material Subsidiary
(other than a Guarantor) provided that:

 

		(i)	(insofar as such Clause refers to a Material Subsidiary by virtue of this paragraph) the reference in
Clause 23.14 (Failure to Comply with Court Judgment) to “having a value of at least USD50,000,000 (or its equivalent
in any other currency)” shall be deemed instead to be a reference to “which has or would be reasonably likely to have a Material
Adverse Effect”; and

 

		(ii)	where the term Permitted Reorganisation is used in such Clauses, the references in the definition of Permitted
Reorganisation to the Company shall be deemed to include references to a Material Subsidiary (other than a Guarantor), shall be deemed
to exclude a Permitted Re-domiciliation and shall be subject to the condition that the relevant Permitted Reorganisation would not result
in, or be reasonably likely to result in, the occurrence of a Material Subsidiary Event of Default.

 

“Money Laundering Laws”
means money laundering laws, rules and regulations from time to time, in each case applicable to the Company or its Subsidiaries.

 

    	 	18 	 

     

    

 

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

 

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

 

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

 

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

 

		(d)	in relation to an Interest Period for the Compounded Rate Loan (or any other period for the accrual of
commission or fees) for which there are rules specified as ‘Business Day Conventions’ in the Compounded Rate Terms, those
rules will apply.

 

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

 

“New Lender” has
the meaning given to it in Clause 25 (Changes to the Lenders).

 

“New Shareholder Injections”
means the net cash proceeds received by the Company after the first Utilisation Date from any of the Company’s direct or indirect
shareholders from any subscription by that shareholder in cash for shares of the Company or capital contribution to the Company that does
not result in the occurrence of a Change of Control.

 

“New Shareholder Loan”
means each shareholder loan made to the Company by any of the Company’s direct or indirect shareholders or any of their Affiliates
after the first Utilisation Date which is subordinated to the claims of the Finance Parties under this Agreement on terms satisfactory
to the Majority Lenders.

 

“Nigeria” means the
Federal Republic of Nigeria.

 

“Nigeria Group” means
IHS Netherlands Holdco B.V. and its Subsidiaries (other than the Excluded Subsidiaries) from time to time.

 

“Nigeria Group Credit Facility”
means the NGN and USD senior credit facility agreement dated on 3 September 2019 between, among others, IHS Netherlands
Holdco B.V., each of IHS (Nigeria) Limited, INT Towers Limited and ITNG as borrowers, Ecobank Nigeria Limited as agent and the senior
lenders named therein, as amended from time to time.

 

“Non-Consenting Lender”
means any Lender who does not and continues not to consent or agree to a waiver or amendment where:

 

		(a)	the Company or the Facility 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 Majority Lenders have consented or agreed to such waiver or amendment.

 

“Notifiable Debt Purchase Transaction”
has the meaning given to that term in paragraph (b) of Clause 26.2 (Disenfranchisement on Debt Purchase Transactions
Entered into by Affiliates).

 

“Obligor” means the
Company and each Guarantor.

 

    	 	19 	 

     

    

 

“Obligors’ Agent”
means the Company, appointed to act on behalf of each Obligor in relation to the Finance Documents pursuant to Clause 2.5 (Obligors’
Agent).

 

“Original Bond Obligor”
means a member of the Group that issues the Senior Notes or is a guarantor of the Senior Notes as at the date of issuance of the Senior
Notes.

 

“Original Financial Statements”
means the audited consolidated financial statements of the Company and its Subsidiaries for its financial year ended 31 December 2019.

 

“Original Obligor”
means the Company and each Original Guarantor.

 

“Original Termination Date”
means the date falling 36 Months after 30 March 2020.

 

“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.

 

“Perfection Requirements”
means the making or the procuring of the necessary registrations, acknowledgements of registration, filing, endorsements, notations in
stock registries (accompanied by any necessary certifications), notarisation, stampings and/or notifications of the Security Documents
and/or the Security created thereunder in each case necessary for the perfection, priority, validity, enforceability and admissibility
of the Security created under the Security Documents.

 

“Performance Standards”
means the International Finance Corporation (IFC) Performance Standards on Social & Environmental Sustainability, effective 1 January 2012.

 

“Permitted Acquisition”
means any acquisition:

 

		(a)	pursuant to a Permitted Reorganisation or Permitted Transaction;

 

		(b)	to which the Facility Agent (acting on the instructions of the Majority Lenders) has given prior written
consent;

 

		(c)	of assets, a person, of shares, securities or a business or undertaking (or, in each case, any interest
in any of them) or the incorporation of a company (or purchase of shares in a shelf company) for the purpose of effecting such acquisition,
but only if:

 

		(i)	no (A) Default is continuing or (B) mandatory prepayment event under Clause 7.4 (Mandatory
Prepayment – Sanctions Etc.) has occurred and either the 15 Business Day period or 20 day notice period referred to in
paragraph (c) of Clause 7.4 (Mandatory Prepayment – Sanctions Etc.) has not expired in relation to any Lender,
in each case, on the date on which the relevant member of the Group enters into a legal commitment for that acquisition or is incorporated,
or is reasonably likely to occur as a result of that acquisition or that legal incorporation;

 

		(ii)	without prejudice to Clause 22.4 (Sanctions), the assets the subject of the acquisition are
not subject to Sanctions and the assets are not located in, nor does the person the subject of the acquisition carry out any of its business
in, a Sanctioned Country at the time of the acquisition; and

 

		(iii)	in the case of an acquisition by a member of the Group of a person that would become a Material Subsidiary
(or a Holding Company of such person) only, the relevant member of the Group has delivered to the Facility Agent, not later than the date
falling 10 Business Days after the date on which the relevant member of the Group enters into a legal commitment for the relevant acquisition,
an updated Financial Plan assuming completion of such acquisition on that date, for the period until the Termination Date from the date
on which the relevant member of the Group enters into a legal commitment for such proposed acquisition, and the revised Financial Plan
shows that the Company will not be in breach or default in respect of any of the financial covenants set out in Clause 20 (Financial
Covenants) at any time during that period;

 

    	 	20 	 

     

    

 

 

		(d)	subject
                                            to paragraph (b) of Clause 22.1 (General) and Schedule 16 (Additional Covenants)
                                            (in each case, as applicable to the Nigeria Group), made between members of the Group;

 

		(e)	subject
                                            to paragraph (b) of Clause 22.1 (General) and Schedule 16 (Additional Covenants)
                                            (in each case, as applicable to the Nigeria Group), pursuant to an issue of shares by a member
                                            of the Group to another member of the Group, or by the Company to the extent not giving rise
                                            to a Change of Control; and

 

		(f)	comprising
                                            the acquisition of securities which are Cash Equivalent Investments.

 

“Permitted
Disposal” means any disposal:

 

		(a)	of assets
                                            by the Group in the ordinary course of trading or business activities;

 

		(b)	between
                                            members of the Group;

 

		(c)	of assets
                                            in exchange for other assets comparable or superior as to type, value or quality;

 

		(d)	the decommissioning
                                            of any towers;

 

		(e)	of obsolete
                                            or redundant assets no longer required for the relevant person’s business;

 

		(f)	of cash
                                            by way of a Permitted Loan;

 

		(g)	of cash
                                            pursuant to Clause 22.18 (Dividends and Share Redemption) or a “Permitted Payment”
                                            as defined in Schedule 16 (Additional Covenants), as applicable to the Company;

 

		(h)	of Cash
                                            Equivalent Investments for cash or in exchange for other Cash Equivalent Investments;

 

		(i)	arising
                                            as a result of the creation of any Permitted Security, the creation of any Permitted Security
                                            (as defined in Schedule 16 (Additional Covenants)) or (in the case of any member of
                                            the Group which is not an Obligor) the creation of any Security to the extent not prohibited
                                            by the terms of the Agreement, a Permitted Reorganisation, a “Permitted Reorganisation”
                                            (as defined in Schedule 16 (Additional Covenants)) or a Permitted Transaction;

 

		(j)	of cash
                                            to the extent not otherwise prohibited by the terms of this Agreement;

 

		(k)	constituted
                                            by a licence of intellectual property rights;

 

		(l)	constituted
                                            by a licence or sub-licence in the ordinary course of trading or business activities;

 

		(m)	constituted
                                            by a lease or licence of real property arising in the ordinary course of trading or business
                                            activities of the disposing entity;

 

    	 	21 	 

     

    

 

		(n)	any share
                                            sale by the Company, a Guarantor or a Material Subsidiary (other than a member of the Nigeria
                                            Group) or share issuance by any member of the Group or arising as a result of such share
                                            sale or issuance;

 

		(o)	arising
                                            as a result of the sale of towers, provided that such towers are replaced by towers
                                            with an aggregate fair market value that is equal to or greater than the aggregate fair market
                                            value of the towers sold;

 

		(p)	of trade
                                            receivables earned during a previous accounting period on a non-recourse basis (which may
                                            include recourse in respect of warranties and indemnities as to title and validity that are
                                            customarily provided in such non-recourse arrangements) and provided that such transaction
                                            does not have the commercial effect of a borrowing;

 

		(q)	arising
                                            as a result of the disposition of receivables in connection with the compromise, settlement
                                            or collection thereof in the ordinary course of trading or business activities or in bankruptcy
                                            or similar proceedings and exclusive of factoring or similar arrangements;

 

		(r)	arising
                                            as a result of a foreclosure, condemnation or any similar action with respect to any property
                                            or other assets or a surrender or waiver of contract rights or the settlement, release or
                                            surrender of contract, tort or other claims of any kind;

 

		(s)	arising
                                            as a result of a seizure, expropriation, nationalisation, intervention, restriction or other
                                            action by or on behalf of any governmental, regulatory or other authority which in each case
                                            does not constitute (i) an Event of Default pursuant to Clause 23.9 (Creditors’
                                            Process or Expropriation) or (ii) a mandatory prepayment event pursuant to Clause 7.3
                                            (Mandatory Prepayment – Material Subsidiary Event of Default);

 

		(t)	of treasury
                                            shares by any member of the Group that are held following the exercise, in each case on a
                                            “cashless” or “net exercise” basis, of any option to purchase corporate
                                            stock, shares or membership interests granted to any future, present or former employee,
                                            director, officer, contractor or consultant of the Company or any Subsidiary of the Company
                                            pursuant to any employee benefit plans or arrangements, including for the purpose of satisfying
                                            any taxes (including estimated taxes) due as a result of the exercise of any such option;

 

		(u)	by the Group
                                            (other than the Company or a Material Subsidiary that is not a Guarantor) to the extent not
                                            otherwise restricted by the terms of this Agreement (excluding under Clause ‎22.12 (Joint
                                            Ventures); and

 

		(v)	arising
                                            under any single transaction or series of related transactions that involves assets having
                                            a fair market value of less than the greater of USD20,000,000 (or its equivalent in other
                                            currencies) and an amount equal to zero point eight per cent. (0.8%) of Total Assets.

 

“Permitted
Financial Indebtedness” means any Financial Indebtedness:

 

		(a)	arising
                                            under the Finance Documents;

 

		(b)	arising
                                            under the Nigeria Group Credit Facility;

 

		(c)	arising
                                            under the Senior Notes Indenture;

 

		(d)	arising
                                            under a Permitted Guarantee;

 

		(e)	under any
                                            Lease;

 

    	 	22 	 

     

    

 

		(f)	comprising
                                            of deferred consideration arising in connection with a Permitted Acquisition, provided
                                            that:

 

		(i)	such deferred
                                            consideration shall not exceed 75% of the total consideration (excluding any post-completion
                                            adjustments and/or earnouts) for that Permitted Acquisition;

 

		(ii)	the deferred
                                            consideration is payable in full by no later than the date falling 18 months after the
                                            completion date for that Permitted Acquisition; and

 

		(iii)	if such
                                            deferred consideration is not paid or discharged when due, it shall be either:

 

		(A)	automatically
                                            converted into an equitable interest in the Company, with the Company having no residual
                                            indebtedness or other liability in connection with such deferred consideration following
                                            such conversion; or

 

		(B)	subordinated
                                            to the claims of the Finance Parties under this Agreement on terms satisfactory to the Majority
                                            Lenders;

 

		(g)	under derivative
                                            transactions entered into in connection with protection against or benefit from fluctuation
                                            in any interest or currency rates or commodity prices that arise in the ordinary course of
                                            trading or business, but not transactions for investment or speculative purposes;

 

		(h)	of a member
                                            of the Group (other than the Company or any member of the Nigeria Group), provided that such
                                            Financial Indebtedness does not exceed the Priority Debt Cap at any time;

 

		(i)	arising
                                            under any refinancing of any Permitted Financial Indebtedness;

 

		(j)	arising
                                            under any Existing Material Subsidiary Debt Facility;

 

		(k)	any liability
                                            arising as a result of a fiscal unity (fiscale eenheid) for Dutch corporate tax purposes;

 

		(l)	any liability
                                            in respect of any member of the Group incorporated in The Netherlands arising under a declaration
                                            of joint and several liability (hoofdelijke aansprakelijkheid) as referred to in Section 2:403
                                            of the Dutch Civil Code; and

 

		(m)	of a member
                                            of the Group, which is not permitted by the preceding paragraphs, provided that the Leverage
                                            Ratio and Interest Coverage Ratio, calculated by reference to the most recent Annual Financial
                                            Statements or Quarterly Financial Statements delivered to the Facility Agent in accordance
                                            with Clause 19.1 (Financial Statements) and the relevant Compliance Certificate, after
                                            giving pro forma effect to the incurrence of such Financial Indebtedness in full and
                                            adjusted for the incurrence of other indebtedness since the last Quarter Date and including
                                            any other relevant adjustments to take into account the activities of the Group since the
                                            last Quarter Date, comply with the covenanted ratios for the immediately following Quarter
                                            Date set out in Clause 20.2 (Financial Condition).

 

“Permitted
Guarantee” means:

 

		(a)	the endorsement
                                            of negotiable instruments in the ordinary course of trading or business activities of the
                                            Company;

 

    	 	23 	 

     

    

 

		(b)	any guarantee,
                                            performance or similar bond guaranteeing performance by the Company under any contract entered
                                            into in the ordinary course of trading or business activities of the Group;

 

		(c)	any guarantee
                                            given by a member of the Group in relation to or comprising of Permitted Financial Indebtedness
                                            (other than under paragraph (d) or paragraph (h) of the definition of Permitted
                                            Financial Indebtedness);

 

		(d)	any guarantee
                                            given by a member of the Group (other than by any member of the Nigeria Group) in relation
                                            to any Financial Indebtedness incurred under paragraph (h) of the definition of Permitted
                                            Financial Indebtedness;

 

		(e)	any guarantee
                                            given by the Company in favour of a creditor in respect of any Financial Indebtedness of
                                            a Subsidiary of the Company, where the aggregate Financial Indebtedness of that Subsidiary
                                            does not exceed 1.5 times its equity value (being the sum of that Subsidiary’s paid
                                            up capital and the amount of any shareholder loans made available to it, calculated by reference
                                            to the pro forma financial statements of that Subsidiary);

 

		(f)	any guarantee
                                            listed in Schedule 12 (Existing Guarantees), together with any guarantees replacing
                                            any the same where the aggregate liability under the replacement guarantee is not greater
                                            than the aggregate liability under the guarantee being replaced (or to the extent greater,
                                            would be permitted under another paragraph of this definition);

 

		(g)	any guarantee
                                            or indemnity given by the Company in connection with an acquisition or disposal transaction
                                            which is a Permitted Acquisition or Permitted Disposal which guarantee or indemnity is in
                                            customary form and subject to customary limitations;

 

		(h)	any indemnity
                                            given in the ordinary course of the documentation of an acquisition or disposal transaction
                                            which is a Permitted Acquisition or Permitted Disposal which indemnity is in a customary
                                            form and subject to customary limitations; and

 

		(i)	guarantees
                                            not otherwise permitted where the aggregate liability of the Company under all such guarantees
                                            does not exceed USD10,000,000 (or its equivalent in other currencies) in total at any time.

 

“Permitted
Joint Venture” means any investments in any Joint Venture, but only if:

 

		(a)	no:

 

		(i)	Default is
                                            continuing; or

 

		(ii)	mandatory
                                            prepayment event under Clause 7.4 (Mandatory Prepayment – Sanctions Etc.)
                                            has occurred and either the 15 Business Day period or 20 day notice period referred
                                            to in paragraph (c) of Clause 7.4 (Mandatory Prepayment – Sanctions
                                            Etc.) has not expired in relation to any Lender,

 

in each
case, on the date the Company (or, as applicable, member of the Group) enters into a legal commitment to make an investment in the Joint
Venture, or is reasonably likely to occur as a result of the Company’s (or, as applicable, member of the Group’s) investment
into that Joint Venture;

 

		(b)	no co-investor,
                                            partner or other investor in such Joint Venture is a Restricted Party;

 

		(c)	none of
                                            the assets owned by, or the subject of, the Joint Venture are located in a Sanctioned Country;
                                            and

 

    	 	24 	 

     

    

 

		(d)	none of
                                            the Joint Venture’s business operations is or will be carried out in any Sanctioned
                                            Country and the Joint Venture is not incorporated or established in a Sanctioned Country.

 

“Permitted
Loan” means:

 

		(a)	any trade
                                            credit extended by the Company, an Obligor or a Material Subsidiary to its customers on normal
                                            commercial terms and in the ordinary course of trading or business activities;

 

		(b)	any loan
                                            made by the Company, an Obligor or a Material Subsidiary to any other member of the Group,
                                            provided that the aggregate amount of all loans made by any member of the Nigeria
                                            Group to Subsidiaries of IHS Holding (other than to a member of the Nigeria Group) does not
                                            exceed USD50,000,000 (or its equivalent in other currencies) at any time;

 

		(c)	a loan made
                                            by the Company, an Obligor or a Material Subsidiary to an employee or director of the Group,
                                            provided that the amount of that loan when aggregated with the amount of all loans
                                            to employees and directors by the Company, an Obligor or a Material Subsidiary does not exceed
                                            USD6,000,000 (or its equivalent in other currencies) at any time;

 

		(d)	a loan made
                                            by the Company to any party that is a co-investor with the Company or any of its Subsidiaries
                                            in a Joint Venture, for the purposes of funding that co-investor’s investment in the
                                            Joint Venture, provided that such Joint Venture is consolidated for accounting purposes by
                                            the Company on or promptly after the date of such investment.

 

		(e)	a loan made
                                            by a member of the Nigeria Group to another member of the Nigeria Group; and

 

		(f)	any loans
                                            or credit not falling into any of the above paragraphs provided that the aggregate
                                            principal amount of all such loans or credit does not at any time exceed USD55,000,000 (or
                                            the equivalent in any other currency).

 

“Permitted
Re-domiciliation” means the registration by way of continuation of the Company from Mauritius to the Cayman Islands in accordance
with the Companies Law (as amended) of the Cayman Islands, provided that:

 

		(a)	no earlier
                                            than 30 Business Days but no later than 15 Business Days prior to the proposed date for registration
                                            by way of continuation of the Company taking effect, the Company notifies the Facility Agent
                                            of the proposed registration by way of continuation;

 

		(b)	no later
                                            than five Business Days prior to the registration by way of continuation of the Company taking
                                            effect, Cayman Islands legal advisers to the Facility Agent confirm that the legal opinion
                                            referred to in paragraph 3(b) of Part 1 of Schedule 2 (Conditions Precedent)
                                            remains true and correct in all material respects;

 

		(c)	there is
                                            no change to the legal identity or assets or liabilities of the Company, prejudice or effect
                                            on the identity or continuity or its properties or a Change of Control of the Company as
                                            a result of such registration by way of continuation;

 

		(d)	no Default
                                            or mandatory prepayment event under Clause 7.4 (Mandatory Prepayment - Sanctions
                                            Etc.) would occur as a result of such registration by way of continuation; and

 

    	 	25 	 

     

    

 

		(e)	the certificate
                                            of registration by way of continuation of the Company and a certificate of good standing
                                            of the Company each issued by the Registrar of Companies in the Cayman Islands, the memorandum
                                            and articles of association, register of directors and officers, register of members and
                                            register of mortgages and charges of the Company are delivered to the Facility Agent promptly
                                            following the registration by way of continuation of the Company,

 

and,
after such registration by way of continuation has occurred in accordance with this definition, the jurisdiction of incorporation of
the Company shall be deemed to be the Cayman Islands for the purposes of this Agreement.

 

“Permitted
Reorganisation” means:

 

		(a)	a reorganisation
                                            on a solvent basis involving the business or assets of, or shares of any member of the Group:

 

		(i)	where the
                                            relevant member of the Group remains the surviving entity and the jurisdiction of incorporation
                                            of such member of the Group remains the same (subject to a Permitted Re-domiciliation); and

 

		(ii)	where the
                                            Finance Parties (or the Security Agent on their behalf) will continue to have the same or
                                            substantially equivalent security over the same or substantially equivalent assets (to the
                                            extent such assets, shares or other interests are not disposed of as permitted under this
                                            Agreement) and, to the extent applicable, benefit from the same or substantially equivalent
                                            guarantees, but subject always to, the terms of this Agreement (and the Facility Agent has
                                            received a legal opinion to this effect in form and substance satisfactory to it);

 

		(b)	for the
                                            purposes of the definitions of Permitted Acquisition and Permitted Disposal only, in respect
                                            of a Guarantor, a Permitted Reorganisation (as defined in Schedule 16 (Additional Covenants))
                                            and, in respect of a Material Subsidiary which is not a Guarantor, a reorganisation involving
                                            the business or assets of, or shares of that entity where the relevant entity remains the
                                            surviving entity and the jurisdiction of incorporation of the relevant entity remains the
                                            same;

 

		(c)	a Permitted
                                            Re-domiciliation;

 

		(d)	a transfer
                                            of all of the issued share capital of the Company to a newly incorporated holding company,
                                            subject to the conditions in the definition of Change of Control;

 

		(e)	any merger
                                            or reorganisation of two or more members of the Group (other than the Company) where either:

 

		(i)	one of such
                                            members of the Group is the surviving entity; or

 

		(ii)	the issued
                                            share capital of all such entities is transferred to another existing member of the Group
                                            or a newly incorporated entity,

 

in each
case, provided that:

 

		(A)	where a
                                            member of the Group is the surviving entity, the jurisdiction of incorporation of such member
                                            of the Group remains the same;

 

		(B)	where a
                                            newly incorporated entity is the surviving entity, its jurisdiction of incorporation is the
                                            same as that of any member of the Group undergoing such merger or reorganisation; and

 

    	 	26 	 

     

    

 

		(C)	where any
                                            such member of the Group subject to such merger or reorganisation is an Obligor:

 

		(1)	the surviving
                                            entity is an Obligor; or

 

		(2)	if, as a result
                                            of the laws applicable in the jurisdiction of the entities subject to such merger or reorganisation,
                                            it is not possible for the surviving entity to effectively accede to this Agreement as a
                                            Guarantor prior to the date of such merger or reorganisation, the Company shall provide written
                                            notice to the Agent on or around the date of completion of the relevant merger or reorganisation
                                            of such merger or reorganisation occurring (the “Effective Reorganisation Date”)
                                            and procure that the surviving entity shall accede to this Agreement promptly and in any
                                            event within no more than 10 Business Days of the Effective Reorganisation Date; and

 

		(f)	any other
                                            reorganisation approved by the Majority Lenders.

 

“Permitted
Security” means:

 

		(a)	any charge
                                            or lien arising by operation of law and in the ordinary course of trading or business activities
                                            of the Company or a Material Subsidiary and not as a result of any default or omission by
                                            the Company or the Material Subsidiary;

 

		(b)	any retention
                                            of title arrangements, hire purchase or conditional sale arrangement or arrangements having
                                            similar effect arising in the ordinary course of trading or business activities of the Company
                                            or a Material Subsidiary with suppliers of goods to the Company or a Material Subsidiary
                                            on the supplier’s standard or usual terms and not arising as a result of any default
                                            or omission by the Company or the relevant Material Subsidiary and which is discharged within
                                            a period of time customary for such arrangements;

 

		(c)	any Security
                                            created:

 

		(i)	under or pursuant
                                            to any Finance Document (including the Security Documents); or

 

		(ii)	in connection
                                            with a Bridge Facility, provided that the Security granted is only over the shares
                                            (or similar ownership interests) in, or any receivables owed to or by, or any assets of:

 

		(A)	the relevant
                                            target acquired using funds made available pursuant to that Bridge Facility;

 

		(B)	the relevant
                                            bidco or bidcos incorporated for the purposes of acquiring that target or its assets; and/or

 

		(C)	the Holding
                                            Company (other than IHS Holding) of that bidco or bidcos;

 

		(d)	any Security
                                            or Quasi-Security listed in Schedule 11 (Existing Security), together with any Security
                                            or Quasi-Security replacing any of the same where the assets subject to the replacement Security
                                            or Quasi-Security are the same (or part of the same) assets subject to the Security or Quasi-Security
                                            being replaced;

 

		(e)	any netting
                                            or set-off arrangement entered into under a derivative transaction and excluding any Security
                                            or Quasi-Security under a credit support arrangement;

 

		(f)	any Security
                                            over or affecting any asset acquired by the Company or a Material Subsidiary after the date
                                            of this Agreement, if:

 

		(i)	the Security
                                            was not created in contemplation of the acquisition of that asset by the Company or the Material
                                            Subsidiary;

 

    	 	27 	 

     

    

 

		(ii)	the principal
                                            amount secured has not been increased in contemplation of or since the acquisition of that
                                            asset by the Company or the Material Subsidiary; and

 

		(iii)	such Security
                                            is released or discharged within three months of the date of acquisition of the asset (unless
                                            permitted to remain under any other paragraph of this definition);

 

		(g)	any Security
                                            arising under any Lease over the operating asset subject to the Lease provided that the
                                            Financial Indebtedness secured thereby is permitted pursuant to the Finance Documents;

 

		(h)	any Security
                                            over goods and documents of title to goods arising in the ordinary course of a documentary
                                            credit transaction entered into in the ordinary course of trading or business activities
                                            of the Company or a Material Subsidiary;

 

		(i)	any netting
                                            or set-off arrangement entered into by the Company or a Material Subsidiary arising in connection
                                            with a cash management or pooling arrangement entered into in the ordinary course of its
                                            banking arrangements for the purpose of netting debit and credit balances of the Company
                                            or a Material Subsidiary but only so long as (i) such arrangement is not established
                                            with the primary intention of preferring any lenders, and (ii) any overdraft facility
                                            connected with such arrangement is permitted under the Finance Documents;

 

		(j)	any Security
                                            over rental deposits arising in the ordinary course of trading or business activities of
                                            the Company or a Material Subsidiary in respect of any property leased or licensed by the
                                            Company in respect of amounts representing not more than 12 Months’ rent payments
                                            for that property;

 

		(k)	any Security
                                            over bank accounts granted as part of that the relevant bank’s standard terms and conditions;

 

		(l)	any Security
                                            relating to payments into court or arising under any court order or injunction or security
                                            for costs arising in connection with any litigation or court proceedings being contested
                                            by the Company or a Material Subsidiary in good faith (and which do not otherwise give rise
                                            to an Event of Default);

 

		(m)	any Security
                                            arising pursuant to an order of attachment or injunction restraining disposal of assets or
                                            similar legal process arising in connection with court proceedings which are contested by
                                            the Company or a Material Subsidiary in good faith by appropriate proceedings and which do
                                            not otherwise give rise to an Event of Default and would not otherwise be reasonably expected
                                            to have a Material Adverse Effect;

 

		(n)	any Security
                                            over cash paid into an escrow account by any third party, the Company, an Obligor or a Material
                                            Subsidiary pursuant to any customary deposit or retention of purchase price arrangements
                                            entered into pursuant to any Permitted Acquisition;

 

		(o)	any Security
                                            arising automatically by operation of law in favour of any government authority or organisation
                                            in respect of taxes, assessments or governmental charges which are being contested by the
                                            Company or a Material Subsidiary in good faith by appropriate proceedings and which would
                                            not be reasonably expected to have a Material Adverse Effect and in respect of which the
                                            Company or a Material Subsidiary has made adequate reserves;

 

		(p)	any cash
                                            collateral provided in respect of letters of credit or bank guarantees to the issuer of such
                                            letters of credit or bank guarantees to the extent the Financial Indebtedness in relation
                                            to which such letters of credit or bank guarantees relate is permitted under the Finance
                                            Documents;

 

    	 	28 	 

     

    

 

		(q)	any Security
                                            on property or assets of a member of the Group (that is not a member of the Nigeria Group)
                                            to secure indebtedness of that member of the Group or any other Subsidiary of the Company
                                            that is not a member of the Nigeria Group, to the extent such Security is securing Financial
                                            Indebtedness incurred under paragraph (h) of the definition of Permitted Financial Indebtedness;

 

		(r)	any Security
                                            or Quasi-Security to secure the performance of statutory obligations, trade contracts, insurance,
                                            surety or appeal bonds, workers compensation obligations, leases (including, without limitation,
                                            statutory and common law landlord's liens), performance bonds, surety and appeal bonds or
                                            other obligations of a like nature incurred (including to secure letters of credit issued
                                            to assure payment of such obligations) or in connection with bids, tenders, contracts or
                                            leases to secure licenses, public or statutory obligations, in each case, incurred in the
                                            ordinary course of trading or business;

 

		(s)	any Security
                                            or Quasi-Security on cash, Cash Equivalent Investments or other property arising in connection
                                            with the defeasance, discharge or redemption of Financial Indebtedness in the ordinary course
                                            of such Financial Indebtedness provided that no Event of Default is continuing at the date
                                            such Security or Quasi-Security is granted;

 

		(t)	any Security
                                            or Quasi-Security on specific items of inventory or other goods (and the proceeds thereof)
                                            of any person securing such person's obligations in respect of bankers' acceptances issued
                                            or created in the ordinary course of business for the account of such person to facilitate
                                            the purchase, shipment or storage of such inventory or other goods;

 

		(u)	any Security
                                            or Quasi-Security on property or assets under construction (and related rights) in favour
                                            of a contractor or developer or arising from progress or partial payments by a third party
                                            relating to such property or assets provided that such Security or Quasi-Security is released
                                            as soon as reasonably practicable (taking into consideration any relevant local law limitations
                                            and formalities) upon the discharge or release in full of the obligations secured by such
                                            Security or Quasi-Security;

 

		(v)	any Security
                                            or Quasi-Security created with the prior written consent of the Majority Lenders; and

 

		(w)	any Security
                                            securing indebtedness the principal amount of which (when aggregated with the principal amount
                                            of any other indebtedness which has the benefit of Security given by the Company or any member
                                            of the Group other than any permitted under the preceding paragraphs) does not at any time
                                            exceed the greater of USD75,000,000 (or its equivalent in other currencies) and 3.0% of the
                                            Total Assets at any time outstanding.

 

“Permitted
Transaction” means:

 

		(a)	any transaction
                                            (other than (i) any sale, lease, license, transfer or other disposal and (ii) the
                                            granting or creation of Security or the incurring or permitting to subsist of Financial Indebtedness)
                                            conducted in the ordinary course of trading or business activities of the relevant person
                                            on arm’s length terms;

 

    	 	29 	 

     

    

 

		(b)	the liquidation
                                            (solvent or otherwise) of:

 

		(i)	the Excluded
                                            Subsidiaries; or

 

		(ii)	any member
                                            of the Group that is not a Material Subsidiary and is not an Obligor and which, at such point
                                            in time, is not a party to any agreement or other transactions and does not trade and provided
                                            that:

 

		(A)	as a result
                                            of such liquidation, all assets (to the extent existing after the relevant liquidation or
                                            to the extent not otherwise permitted to be disposed of) of that member of the Group are
                                            transferred to another member of the Group;

 

		(B)	immediately
                                            prior to such liquidation, that member of the Group that is subject to such solvent or insolvent
                                            liquidation does not own, legally or beneficially, any assets (including, without limitation,
                                            indebtedness owed to it) which in aggregate have a value of USD25,000,000 or more (or its
                                            equivalent in other currencies); and

 

		(C)	such liquidation
                                            could not reasonably be expected to have a material and adverse impact (directly or indirectly)
                                            on the Company, any other Obligor or any Material Subsidiary (whether pursuant to any requirement
                                            to make payment under a guarantee or otherwise);

 

		(c)	the solvent
                                            liquidation or sale, lease, license, transfer or other disposal of Nigeria Tower Interco
                                            B.V.; and

 

		(d)	a Permitted
                                            Re-domiciliation.

 

“Priority
Debt Cap” means the greater of USD 1,630,000,000 and 200% of EBITDA of the Group.

 

“Pro
Rata Share” means, at any time:

 

		(a)	for the
                                            purpose of determining a Lender’s participation in a Utilisation, the proportion which
                                            its Available Commitment then bears to the Available Facility; and

 

		(b)	for any
                                            other purpose:

 

		(i)	the proportion
                                            which a Lender’s participation in the Loans then bears to all the Loans;

 

		(ii)	if there
                                            is no Loan then outstanding, the proportion which its Commitment then bears to the Total
                                            Commitments; or

 

		(iii)	if there
                                            is no Loan then outstanding and the Total Commitments have been reduced to zero, the proportion
                                            which its Commitment bore to the Total Commitments immediately before the reduction.

 

“Published
Rate” means:

 

		(a)	an
                                            RFR; or

 

		(b)	the
                                            Screen Rate for any Quoted Tenor.

 

“Published
Rate Replacement Event” means, in relation to a Published Rate:

 

		(a)	the methodology,
                                            formula or other means of determining that Published Rate has, in the opinion of the Facility
                                            Agent (acting on the instructions of the Majority Lenders) and the Company materially changed;
                                            or

 

    	 	30 	 

     

    

 

		(b)	

 

		(i)	

 

		(A)	the administrator
                                            of that Published Rate or its supervisor publicly announces that such administrator is insolvent;
                                            or

 

		(B)	information
                                            is published in any order, decree, notice, petition or filing, however described, of or filed
                                            with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory
                                            or judicial body which reasonably confirms that the administrator of that Published Rate
                                            is insolvent,

 

provided
that, in each case, at that time, there is no successor administrator to continue to provide that Published Rate; or

 

		(ii)	the administrator
                                            of that Published Rate publicly announces that it has ceased or will cease, to provide that
                                            Published Rate permanently or indefinitely and, at that time, there is no successor administrator
                                            to continue to provide that Published Rate;

 

		(iii)	the supervisor
                                            of the administrator of that Published Rate publicly announces that such Published Rate has
                                            been or will be permanently or indefinitely discontinued; or

 

		(iv)	the administrator
                                            of that Published Rate or its supervisor announces that that Published Rate may no longer
                                            be used; or

 

		(c)	the administrator
                                            of that Published Rate (or the administrator of an interest rate which is a constituent element
                                            of that Published Rate) determines that that Published Rate should be calculated in accordance
                                            with its reduced submissions or other contingency or fallback policies or arrangements and
                                            either:

 

		(i)	the circumstance(s) or
                                            event(s) leading to such determination are not (in the opinion of the Facility Agent
                                            (acting on the instructions of the Majority Lenders) and the Company) temporary; or

 

		(ii)	that Published
                                            Rate is calculated in accordance with any such policy or arrangement for a period no less
                                            than the period opposite that Published Rate in Schedule 18 (Screen Rate Contingency Periods)
                                            or the period specified as the “RFR Contingency Period” in the Compounded Rate
                                            Terms relating to that Published Rate; or

 

		(d)	in the opinion
                                            of the Facility Agent (acting on the instructions of the Majority Lenders) and the Company,
                                            that Published Rate is otherwise no longer appropriate for the purposes of calculating interest
                                            under this Agreement.

 

“Quarterly
Financial Statements” has the meaning given to it in of Clause 19.1 (Financial Statements).

 

“Quasi-Security”
has the meaning given to it in Clause 22.9 (Negative Pledge).

 

“Quotation
Day” means, in relation to any period for which an interest rate is to be determined two Business Days before the first day
of that period, unless market practice differs in the relevant market for a currency, in which case the Quotation Day for that currency
will be determined by the Facility Agent in accordance with market practice in the relevant market (and if quotations would normally
be given by leading banks in the relevant market on more than one day, the Quotation Day will be the last of those days).

 

    	 	31 	 

     

    

 

“Quoted
Tenor” means, in relation to the Screen Rate for Loans in dollars, any period for which that Screen Rate is customarily displayed
on the relevant page or screen of an information service.

 

“Rate
Switch Date” means in relation to dollars, means the earlier of:

 

		(a)	the Backstop
                                            Rate Switch Date; and

 

		(b)	any Rate
                                            Switch Trigger Event Date.

 

“Rate
Switch Trigger Event” means, in relation to the Screen Rate for Loans in dollars:

 

		(a)	

 

		(i)	the administrator
                                            of that Screen Rate or its supervisor publicly announces that such administrator is insolvent;
                                            or

 

		(ii)	information
                                            is published in any order, decree, notice, petition or filing, however described, of or filed
                                            with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory
                                            or judicial body which reasonably confirms that the administrator of that Screen Rate is
                                            insolvent,

 

provided
that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;

 

		(b)	the administrator
                                            of that Screen Rate publicly announces that it has ceased or will cease, to provide that
                                            Screen Rate for any Quoted Tenor permanently or indefinitely and, at that time, there is
                                            no successor administrator to continue to provide that Screen Rate for that Quoted Tenor;

 

		(c)	the supervisor
                                            of the administrator of that Screen Rate publicly announces that such Screen Rate has been
                                            or will be permanently or indefinitely discontinued for any Quoted Tenor;

 

		(d)	the administrator
                                            of that Screen Rate or its supervisor publicly announces that that Screen Rate for any Quoted
                                            Tenor may no longer be used; or

 

		(e)	in relation
                                            to the Screen Rate for the LIBOR applicable to Loans in dollars, the supervisor of the administrator
                                            of that Screen Rate makes a public announcement or publishes information:

 

		(i)	stating that
                                            that Screen Rate for any Quoted Tenor is no longer, or as of a specified future date will
                                            no longer be, representative of the underlying market or the economic reality that it is
                                            intended to measure and that representativeness will not be restored (as determined by such
                                            supervisor); and

 

		(ii)	with awareness
                                            that any such announcement or publication will engage certain triggers for fallback provisions
                                            in contracts which may be activated by any such pre-cessation announcement or publication.

 

“Rate
Switch Trigger Event Date” means:

 

		(a)	in the case
                                            of an occurrence of a Rate Switch Trigger Event for dollars described in paragraph (a) of
                                            the definition of Rate Switch Trigger Event, the date on which the relevant Screen Rate ceases
                                            to be published or otherwise becomes unavailable;

 

		(b)	in the case
                                            of an occurrence of a Rate Switch Trigger Event for dollars described in paragraphs (b),
                                            (c) or (d) of the definition of Rate Switch Trigger Event, the date on which the
                                            relevant Screen Rate for the relevant Quoted Tenor ceases to be published or otherwise becomes
                                            unavailable; and

 

    	 	32 	 

     

    

 

		(c)	in the case
                                            of an occurrence of a Rate Switch Trigger Event for dollars described in paragraph (e) of
                                            the definition of "Rate Switch Trigger Event", the date on which the relevant Screen
                                            Rate for the relevant Quoted Tenor ceases to be representative of the underlying market and
                                            the economic reality that it is intended to measure (as determined by the supervisor of the
                                            administrator of such Screen Rate).

 

“Receiver”
means a receiver, a receiver and manager, or an administrative receiver of the whole or any part of the Security Assets.

 

“Refinancing
Facility” means any facility which refinances (a) any Existing Material Subsidiary Debt Facility provided to a Material
Subsidiary at the date of this Agreement or (b) another Refinancing Facility.

 

“Related
Fund” in relation to a fund (the “first fund”) means:

 

		(d)	a fund which
                                            is managed or advised by the same investment manager or investment adviser as the first fund;
                                            or

 

		(e)	if it is
                                            managed by a different investment manager or investment adviser, a fund whose investment
                                            manager or investment adviser is an Affiliate of the investment manager or investment adviser
                                            of the first fund.

 

“Relevant
Jurisdiction” means in relation to an Obligor or, where applicable, a Material Subsidiary:

 

		(a)	its jurisdiction
                                            of incorporation; and

 

		(b)	any jurisdiction
                                            where any asset subject to any Security created or expressed to be created by it under a
                                            Security Document is situated.

 

“Relevant
Lenders” has the meaning given to it in Clause 4.1 (Initial Conditions Precedent).

 

“Relevant
Market” means:

 

		(a)	subject
                                            to paragraph (b) below, in relation to dollars or any other currency, the London interbank
                                            market; and

 

		(b)	following
                                            the occurrence of a Rate Switch Date in relation to dollars, the market specified as such
                                            in the applicable Compounded Rate Terms.

 

“Relevant
Nominating Body” means any applicable central bank, regulator or other supervisory authority or a group of them, or any working
group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

 

“Relevant
Period” has the meaning given to it in Clause 20.1 (Financial Definitions).

 

“Repeating
Representations” means:

 

		(c)	in relation
                                            to the Company, each of the representations and warranties set out in paragraphs (a) and
                                            (b) of Clause 18.2 (Status), Clauses 18.3 (Binding Obligations)
                                            to 18.7 (Governing Law and Enforcement) (inclusive), and paragraph (a) of
                                            Clause 18.10 (No Default), Clause 18.15 (Good Title) and paragraph (a)(i) of
                                            Clause 18.21 (Sanctions); and

 

		(d)	in relation
                                            to a Guarantor, each of the representations and warranties set out in paragraph (b) of
                                            Clause 18.2 (Status), Clause 18.3 (Binding Obligations), Clause 18.4
                                            (Non-Conflict with other Obligations), Clause 18.5 (Power and Authority),
                                            Clause 18.6 (Validity and Admissibility in Evidence), Clause 18.7 (Governing
                                            Law and Enforcement), paragraph (a) of Clause 18.10 (No Default)
                                            and paragraph (a)(i) of Clause 18.21 (Sanctions).

 

    	 	33 	 

     

    

 

“Replacement
Reference Rate” means a reference rate which is:

 

		(a)	formally
                                            designated, nominated or recommended as the replacement for a Published Rate by:

 

		(i)	the administrator
                                            of that Published Rate (provided that the market or economic reality that such benchmark
                                            rate measures is the same as that measured by the Published Rate); or

 

		(ii)	any Relevant
                                            Nominating Body,

 

and if
replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the Replacement Reference
Rate will be the replacement under paragraph (ii) above;

 

		(b)	in the opinion
                                            of the Agent (acting on the instruction of the Majority Lenders) and the Company, generally
                                            accepted in the international or any relevant domestic syndicated loan markets as the appropriate
                                            successor to the Published Rate; or

 

		(c)	in the opinion
                                            of the Agent (acting on the instruction of the Majority Lenders) and the Company, an appropriate
                                            successor to the Published Rate.

 

“Reporting
Day” means the day specified as such in the applicable Compounded Rate Terms.

 

“Reporting
Time” means the relevant time (if any) specified as such in the applicable Compounded Rate Terms.

 

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

 

“Resignation
Letter” means a letter substantially in the form set out in Schedule 9 (Form of Resignation Letter), with any amendments
the Facility Agent and the Company may agree.

 

“Resolution
Authority” means anybody which has authority to exercise any Write-down and Conversion Powers.

 

“Restricted
Party” means a person that is:

 

		(a)	listed on,
                                            or owned or controlled by a person listed on, or acting on behalf or at the direction of
                                            a person listed on, any Sanctions List;

 

		(b)	located
                                            in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or
                                            acting on behalf or at the direction of, a person located in or organised under the laws
                                            of a country or territory which is a Sanctioned Country; or

 

		(c)	otherwise
                                            a target of Sanctions (“target of Sanctions” meaning a person with whom
                                            a US person or other legal or natural person subject to the jurisdiction or authority of
                                            a Sanctions Authority would be prohibited or restricted by law from engaging in trade, business
                                            or other activities without all appropriate licenses or exemptions issued by all applicable
                                            Sanctions Authorities).

 

“RFR”
means the rate specified as such in the applicable Compounded Rate Terms.

 

“RFR
Banking Day” means any day specified as such in the applicable Compounded Rate Terms.

 

    	 	34 	 

     

    

 

“Rollover
Loan” means one or more Loans:

 

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

 

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

 

		(c)	made or
                                            to be made for the purpose of refinancing the maturing Loan.

 

“Sanctioned
Country” means a country or territory which is, or whose government is, the subject or target of comprehensive country-wide
or territory-wide Sanctions (being, at the date of this Agreement, Crimea, Cuba, Iran, North Korea, Sudan and Syria).

 

“Sanctions”
means the trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced
by:

 

		(a)	the United
                                            States of America;

 

		(b)	the United
                                            Nations;

 

		(c)	the European
                                            Union;

 

		(d)	the United
                                            Kingdom;

 

		(e)	France;

 

		(f)	the jurisdiction
                                            of incorporation of the Company (or, after a Permitted Re-domiciliation, the Cayman Islands
                                            government, including pursuant to any sanctions legislation extended to the Cayman Islands
                                            by order of the Her Majesty in Council);); and/or

 

		(g)	the respective
                                            governmental institutions and agencies of any of the foregoing, including, without limitation,
                                            the Office of Foreign Assets Control of the US Department of Treasury, the United States
                                            Department of State and Her Majesty’s Treasury,

 

(together,
the “Sanctions Authorities”).

 

“Sanctions
List” means the “Specially Designated Nationals and Blocked Persons”, the “Sectoral Sanctions Identifications
List” and the “List of Foreign Sanctions Evaders” maintained by the Office of Foreign Assets Control, the “Consolidated
List of Financial Sanctions Targets” and the “List of Persons Subject to Restrictive Measures in View of Russia’s Actions
Destabilising the Situation in Ukraine” maintained by Her Majesty’s Treasury, or any similar list maintained by, or public
announcement of Sanctions designation made by, any of the Sanctions Authorities.

 

“Screen
Rate” means, 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 dollars and for the period displayed (before any correction, recalculation
or republication by the administrator) on page LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters
page which displays that rate), or 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 Facility Agent may specify another
page or service displaying the relevant rate after consultation with the Company.

 

“Secured
Party” means a Finance Party, Receiver or Delegate.

 

“Security”
means a mortgage, charge, pledge, lien, assignment by way of security, hypothecation or other security interest securing any obligation
of any person or any other agreement or arrangement having a similar effect.

 

    	 	35 	 

     

    

 

“Security
Agent” means any person which accedes to this Agreement in such a capacity in accordance with Clause 28.12 (Appointment
and Resignation of an Agent).

 

“Security
Asset” means each asset of the Company which from time to time is, or is intended to be, subject to a Security Document.

 

“Security
Document” means any document evidencing or creating (or expressed to evidence or create) security over any asset to secure
any obligation of the Company under the Finance Documents.

 

“Senior
Notes” means the senior notes issued by IHS Netherlands Holdco B.V. pursuant to the terms of the Senior Notes Indenture, together
with any additional notes issued from time to time under the Senior Notes Indenture.

 

“Senior
Notes Indenture” means the senior notes indenture dated 18 September 2019 in connection with the Senior Notes between,
among others, IHS Netherlands Holdco B.V. and Citibank, N.A., London Branch as trustee, as amended and supplemented from time to
time.

 

“Senior
Notes Offering Memorandum” means the offering memorandum dated 10 September 2019 in relation to the Senior Notes.

 

“Specified
Event of Default” means:

 

		(a)	a Default
                                            arising under Clause 23.2 (Non-Payment), Clause 23.3 (Financial Covenants)
                                            or Clause 23.7 (Insolvency) to Clause 23.10 (Cessation of Business) (inclusive);
                                            or

 

		(b)	any Event
                                            of Default.

 

“Specified
Time” means a day or time determined in accordance with Schedule 13 (Timetables).

 

“Sponsor
Affiliate” means an Affiliate of the Company provided that any direct or indirect shareholder of the Company shall not
constitute a Sponsor Affiliate (save for a shareholder which owns, legally and beneficially, more than 50% of the shares in the Company).

 

“Subsequent
Bond Obligor” means a member of the Group (other than the Company or any Original Bond Obligor) which is a guarantor in respect
of the Senior Notes.

 

“Subsidiary”
means, with respect to any specified person:

 

		(a)	any corporation,
                                            association or other business entity of which more than 50% of the total voting power of
                                            shares of capital stock entitled (without regard to the occurrence of any contingency and
                                            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 of the corporation,
                                            association or other business entity is at the time owned or controlled, directly or indirectly,
                                            by that person or one or more of the other Subsidiaries of that person (or a combination
                                            thereof);

 

		(b)	any partnership
                                            or limited liability company of which (a) more than 50% of the capital accounts, distribution
                                            rights, total equity and voting interests or general and limited partnership interests, as
                                            applicable, are owned or controlled, directly or indirectly, by such person or one or more
                                            of the other Subsidiaries of that person or a combination thereof, whether in the form of
                                            membership, general, special or limited partnership interests or otherwise, and (b) such
                                            person or any Subsidiary of such person is a controlling general partner or otherwise controls
                                            such entity; or

 

    	 	36 	 

     

    

 

		(c)	any corporation,
                                            company, association, partnership, limited liability company or other business entity which
                                            is or is eligible to be consolidated in the financial statements of such person in accordance
                                            with IFRS.

 

“Tax”
means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection
with any failure to pay or any delay in paying any of them) imposed or demanded by a governmental or other related authority.

 

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

 

“Tax
Payment” means either an increase in a payment made by the Company to a Finance Party under Clause 12.2 (Tax Gross-Up)
or a payment under Clause 12.3 (Tax Indemnity).

 

“Term
Rate Loan” means any Loan or, if applicable, Unpaid Sum which is not a Compounded Rate Loan.

 

“Termination
Date” means the Original Termination Date or the Extended Termination Date.

 

“Third
Parties Act” means the Contracts (Rights of Third Parties) Act 1999.

 

“Total
Commitments” means, subject to Clause 2.3 (Facility Increase), the aggregate of the Commitments, being USD 225,000,000
at the date of this Agreement.

 

“Trade
Instruments” means any performance bonds, advance payment bonds or documentary letters of credit issued in respect of the obligations
of any member of the Group arising in the ordinary course of trading or business of that member of the Group which, in each case, is
not (or will not be) outstanding for a period longer than nine months from the date such instrument is issued.

 

“Transfer
Certificate” means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate),
with any amendments the Facility Agent may approve or reasonably require, or any other form agreed between the Facility Agent and the
Company.

 

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

 

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

 

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

 

“UK”
means the United Kingdom of Great Britain and Northern Ireland.

 

“UK
Bail-In Legislation” means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable
in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their
affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

“Unpaid
Sum” means any sum due and payable but unpaid by the Company under the Finance Documents.

 

“US”
means the United States of America.

 

“Utilisation”
means a utilisation of the Facility.

 

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

 

    	 	37 	 

     

    

 

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

 

“VAT”
means:

 

		(a)	any value
                                            added tax imposed by the Value Added Tax Act 1994;

 

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

 

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

 

“White
List” means the agreed list of entities provided by the Company to the Facility Agent, pursuant to Clause 4.1 (Initial
Conditions Precedent).

 

“Write-Down
And Conversion Powers” means:

 

		(a)	in relation
                                            to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to
                                            time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In
                                            Legislation Schedule;

 

		(b)	in relation
                                            to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer
                                            or dilute shares issued by a person that is a bank or investment firm or other financial
                                            institution or affiliate of a bank, investment firm or other financial institution, to cancel,
                                            reduce, modify or change the form of a liability of such a person or any contract or instrument
                                            under which that liability arises, to convert all or part of that liability into shares,
                                            securities or obligations of that person or any other person, to provide that any such contract
                                            or instrument is to have effect as if a right had been exercised under it or to suspend any
                                            obligation in respect of that liability or any of the powers under that UK Bail-In Legislation
                                            that are related to or ancillary to any of those powers; and

 

		(c)	in relation
                                            to any other applicable Bail-In Legislation:

 

		(i)	any powers
                                            under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that
                                            is a bank or investment firm or other financial institution or affiliate of a bank, investment
                                            firm or other financial institution, to cancel, reduce, modify or change the form of a liability
                                            of such a person or any contract or instrument under which that liability arises, to convert
                                            all or part of that liability into shares, securities or obligations of that person or any
                                            other person, to provide that any such contract or instrument is to have effect as if a right
                                            had been exercised under it or to suspend any obligation in respect of that liability or
                                            any of the powers under that Bail-In Legislation that are related to or ancillary to any
                                            of those powers; and

 

		(ii)	any similar
                                            or analogous powers under that Bail-In Legislation.

 

		1.2	Construction

 

		(a)	Unless this
                                            Agreement expressly provides to the contrary, any reference in this Agreement to:

 

		(i)	a Party or
                                            any other person includes its successors in title, permitted assigns and permitted transferees
                                            to, or of, all or any combination of its rights and obligations under the Finance Documents;

 

    	 	38 	 

     

    

 

		(ii)	an amendment
                                            includes a supplement, novation, extension (whether of maturity or otherwise), restatement,
                                            re-enactment or replacement (however fundamental and whether or not more onerous) and amended
                                            will be construed accordingly;

 

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

 

		(iv)	a Lender's
                                            “cost of funds” in relation to its participation in a Loan is a reference
                                            to the average cost (determined either on an actual or a notional basis) which that Lender
                                            would incur if it were to fund, from whatever source(s) it may reasonably select, an
                                            amount equal to the amount of that participation in that Loan for a period equal in length
                                            to the Interest Period of that Loan;

 

		(v)	disposal
                                            includes a sale, transfer, assignment, grant, lease, licence, declaration of trust or
                                            other disposal, whether voluntary or involuntary, and dispose will be construed accordingly;

 

		(vi)	guarantee
                                            means (other than in Clause 16 (Guarantee and Indemnity)) any guarantee,
                                            letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct
                                            or indirect, actual or contingent, to purchase or assume any indebtedness of any person or
                                            to make an investment in or loan to any person or to purchase assets of any person where,
                                            in each case, such obligation is assumed in order to maintain or assist the ability of such
                                            person to meet its indebtedness;

 

		(vii)	a Finance
                                            Document or any other agreement or instrument includes (without prejudice to any restriction
                                            on amendments) any amendment to that Finance Document or other agreement or instrument, including
                                            any change in the purpose of, any extension of or any increase in the amount of a facility
                                            or any additional facility;

 

		(viii)	a group
                                            of Lenders includes all the Lenders and a group of Finance Parties includes all
                                            the Finance Parties;

 

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

 

		(x)	know your
                                            customer checks is to the identification checks that a Finance Party requests to meet
                                            its obligations under any applicable law or regulation to identify a person who is (or is
                                            to become) its customer;

 

		(xi)	a person
                                            includes any individual, firm, company, exempted company, corporation, government, state
                                            or agency of a state or any association or body (including a partnership, trust, fund, joint
                                            venture or consortium), or any other entity (whether or not having separate legal personality);

 

		(xii)	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 a
                                            person to which it applies is generally accustomed to comply) of any governmental, inter-
                                            governmental or supranational body, agency or department, or of any regulatory, self-regulatory
                                            or other authority or organisation;

 

		(xiii)	a currency
                                            is a reference to the lawful currency for the time being of the relevant country;

 

    	 	39 	 

     

    

 

		(xiv)	a provision
                                            of law is a reference to that provision as amended and includes any subordinate legislation;
                                            and

 

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

 

		(b)	The determination
                                            of the extent to which a rate is for a period equal in length to an Interest Period
                                            will disregard any inconsistency arising from the last day of that Interest Period being
                                            determined pursuant to the terms of this Agreement.

 

		(c)	A Clause
                                            or a Schedule is a reference to a clause of or a schedule to this Agreement.

 

		(d)	The headings
                                            in this Agreement are for ease of reference only and do not affect its interpretation.

 

		(e)	EUR denotes
                                            the lawful currency of the Participating Member States.

 

		(f)	NGN denotes
                                            the lawful currency of Nigeria.

 

		(g)	$,
                                            USD, US dollars and dollars denote the lawful currency of the United
                                            States of America.

 

		(h)	Unless this
                                            Agreement expressly provides to the contrary:

 

		(i)	a term used
                                            in any other Finance Document or in any notice given under or in connection with any Finance
                                            Document has the same meaning in that Finance Document or notice as in this Agreement;

 

		(i)	a Specified
                                            Event of Default or a Default (including an Event of Default) is continuing if it
                                            has not been remedied or waived and an Event of Default is also continuing if the Facility
                                            Agent has accelerated in full all amounts outstanding under the Finance Documents at a time
                                            when an Event of Default was otherwise continuing; and

 

		(ii)	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 any Obligor is outstanding or any Commitment is
                                            in force under the Finance Documents.

 

		(iii)	Any reference
                                            within a Clause to this Clause means the entirety of that Clause.

 

		(j)	A reference
                                            in this Agreement to a page or screen of an information service displaying a rate shall
                                            include:

 

		(i)	any replacement
                                            page of that information service which displays that rate; and

 

		(ii)	the appropriate
                                            page of such other information service which displays that rate from time to time in
                                            place of that information service,

 

and, if
such page or service ceases to be available, shall include any other page or service displaying that rate specified by the
Facility Agent after consultation with the Company.

 

		(k)	A reference
                                            in this Agreement to a Central Bank Rate shall include any successor rate to, or replacement
                                            rate for, that rate.

 

		(l)	Any Compounded
                                            Rate Supplement relating to a currency overrides anything relating to that currency in:

 

		(i)	Schedule 19
                                            (Compounded Rate Terms); or

 

		(ii)	any earlier
                                            Compounded Rate Supplement.

 

    	 	40 	 

     

    

 

		(m)	A Compounding
                                            Methodology Supplement relating to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative
                                            Compounded RFR Rate overrides anything relating to that rate in:

 

		(i)	Schedule 20
                                            (Daily Non-Cumulative Compounded Rate) or Schedule 21 (Cumulative Compounded RFR
                                            Rate), as the case may be; or

 

		(ii)	any earlier
                                            Compounding Methodology Supplement.

 

		1.3	Third
                                            Party Rights

 

		(a)	Unless expressly
                                            provided to the contrary in a Finance Document, a person who is not a Party has no right
                                            under the Third Parties Act to enforce or to enjoy the benefit of any term of this Agreement.

 

		(b)	Subject
                                            to paragraph (b) of Clause 38.3 (Other Exceptions) but otherwise notwithstanding
                                            any term of any Finance Document, the consent of any person who is not a Party is not required
                                            to rescind or vary this Agreement at any time.

 

		1.4	Dutch
                                            Terms

 

In this
Agreement, where it relates to a Dutch person or the context so requires, a reference to:

 

		(a)	The Netherlands
                                            means the European part of the Kingdom of the Netherlands and Dutch means in or
                                            of The Netherlands;

 

		(b)	works
                                            council means each works council (ondernemingsraad) or central or groups works
                                            council (central of groeps ondernemingsraad) having jurisdiction over that person;

 

		(c)	a necessary
                                            action to authorise includes any action required to comply with the Works Councils Act
                                            of The Netherlands (Wet op de ondernemingsraden), followed by a positive advice (advies)
                                            from the works council of that person;

 

		(d)	financial
                                            assistance includes any act contemplated by Section 2:98c of the Dutch Civil Code;

 

		(e)	constitutional
                                            documents means the articles of association (statuten) and deed of incorporation
                                            (akte van oprichting) and an up-to-date extract of registration of the Trade Register
                                            of the Dutch Chamber of Commerce;

 

		(f)	a security
                                            interest or security includes any mortgage (hypotheek), pledge (pandrecht),
                                            retention of title arrangement (eigendomsvoorbehoud), right of retention (recht
                                            van retentie), right to reclaim goods (recht van reclame) and any right in
                                            rem (beperkt recht) created for the purpose of granting security (goederenrechtelijke
                                            zekerheid);

 

		(g)	a winding-up,
                                            administration or dissolution includes declared bankrupt (failliet verklaard)
                                            or dissolved (ontbonden);

 

		(h)	a moratorium
                                            includes surseance van betaling and a moratorium is declared includes surseance
                                            verleend;

 

		(i)	any procedure
                                            or step taken in connection with insolvency proceedings includes that person having filed
                                            a notice under Section 36 of the Tax Collection Act of The Netherlands (Invorderingswet
                                            1990);

 

		(j)	a liquidator
                                            includes a curator;

 

    	 	41 	 

     

    

 

		(k)	an administrator
                                            includes a bewindvoerder, a herstructureringsdeskundige or an observator;

 

		(l)	a receiver
                                            or an administrative receiver does not include a curator or bewindvoerder;
                                            and

 

		(m)	an attachment
                                            includes a beslag.

 

		1.5	Existing
                                            RCF Agreement

 

Notwithstanding
any other provision to the contrary in this Agreement or any other Finance Document, prior to the date on which notice is given under
Clause 4.1 (Initial Conditions Precedent) no breach of representation, warranty, undertaking or other term of (or default
or event of default under) the revolving facility agreement dated 12 October 2016 (as amended from time to time) between, among
others, the Company and Citibank Europe Plc, UK Branch as facility agent arising as a direct result of (and only as a direct result of)
the entry or performance of obligations under the Finance Documents shall constitute a breach of (or Default or Event of Default under)
any Finance Document for a period of 15 Business days from the date of this Agreement.

 

		1.6	Exchange
                                            Rate Fluctuations and Baskets

 

When
applying any baskets, monetary limits, thresholds and other exceptions to the representations and warranties, undertakings, Events of
Default and Material Subsidiary Events of Default under the Finance Documents, the equivalent to an amount in dollars as on the date
of the relevant member of the Group incurring or making the relevant disposal, acquisition, investment, lease, loan, debt or guarantee
or other relevant action shall be applicable. No Event of Default, Material Subsidiary Event of Default or breach of any representation
and warranty or undertaking under the Finance Documents shall arise merely as a result of a subsequent change in the dollar equivalent.

 

		1.7	Electronic
                                            Signatures

 

The Parties
acknowledge and agree that they may execute the Finance Documents and any variation or amendment to the same, by electronic instrument.
The Parties agree that the electronic signatures appearing on the document shall have the same effect as handwritten signatures and the
use of an electronic signature on any Finance Document shall have the same validity and legal effect as the use of a signature affixed
by hand and is made with the intention of authenticating such Finance Document, and evidencing the parties’ intention to be bound
by the terms and conditions contained herein. For the purposes of using an electronic signature, the Parties authorise each other to
the lawful processing of personal data of the signers for contract performance and their legitimate interests including contract management.

 

		2.	The Facility

 

		2.1	The
                                            Facility

 

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

 

		(b)	The terms
                                            of this Agreement shall only come into force on 1 April 2020.

 

    	 	42 	 

     

    

 

		2.2	Increase

 

		(a)	The Company
                                            may by giving prior notice to the Facility Agent by no later than the date falling 30 Business
                                            Days after the effective date of a cancellation of:

 

		(i)	the Available
                                            Commitments of a Defaulting Lender in accordance with Clause 7.9 (Right of Cancellation
                                            in Relation to a Defaulting Lender);

 

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

 

		(A)	Clause 7.1
                                            (Mandatory Prepayment – Illegality); or

 

		(B)	Paragraph (a) of
                                            Clause 7.8 (Right of Replacement or Repayment and Cancellation in Relation to a Single
                                            Lender);

 

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

 

		(C)	the increased
                                            Commitments will be assumed by one or more Lenders or other banks or financial institutions
                                            (each an “Increase Lender”) selected by the Company and each of which
                                            confirms its willingness to assume and does assume all the obligations of a Lender corresponding
                                            to that part of the increased Commitments which it is to assume, as if it had been an Original
                                            Lender (for the avoidance of doubt, no Party shall be obliged to assume the obligations of
                                            a Lender pursuant to this Clause 2.2 without the prior consent of that Party);

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	43 	 

     

    

 

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

 

		(d)	The Company
                                            shall promptly on demand pay the Facility Agent and the Security Agent the amount of all
                                            costs and expenses (including legal fees) reasonably incurred by either of them and, in the
                                            case of the Security Agent, by any Receiver or Delegate in connection with any increase in
                                            Commitments under this Clause 2.2.

 

		(e)	The Company
                                            may pay (or procure the payment) to the Increase Lender a fee in the amount and at the times
                                            agreed between the Company and the Increase Lender in a Fee Letter.

 

		(f)	Each Party
                                            shall co-operate to ensure that, on and following the date on which any increase in Commitments
                                            is effective, the proportion of the aggregate amount of all Loans under the affected Facility
                                            which each Lender holds is the same as the proportion which the Commitment of each Lender
                                            at such time bears to the Total Commitments.

 

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

 

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

 

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

 

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

 

		2.3	Facility
                                            Increase

 

		(a)	At any time
                                            after the date of this Agreement, the Company may, on one or more (but no more than five)
                                            occasions by giving ten Business Days’ prior notice to the Agent, request that the
                                            Total Commitments be increased (and the Total Commitments shall be so increased) as follows
                                            (provided that the aggregate amount of the Total Commitments (including any increase
                                            already made pursuant to this Clause 2.3) does not at any time exceed USD300,000,000):

 

		(i)	the increased
                                            Commitments will be assumed by one or more Lenders or other banks or financial institutions
                                            (each a “Facility Increase Lender”) selected by the Company and each of
                                            which confirms its willingness to assume and does assume all the obligations of a Lender
                                            corresponding to that part of the increased Commitments which it is to assume, as if it had
                                            been an Original Lender (for the avoidance of doubt, no Party shall be obliged to assume
                                            the obligations of a Lender pursuant to this Clause 2.3 without the prior consent of
                                            that Party);

 

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

 

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

 

    	 	44 	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

		(d)	The Company
                                            shall promptly on demand pay the Facility Agent and the Security Agent the amount of all
                                            costs and expenses (including legal fees) reasonably incurred by either of them and, in the
                                            case of the Security Agent, by any Receiver or Delegate in connection with any increase in
                                            Commitments under this Clause 2.3.

 

		(e)	The Company
                                            may pay (or procure the payment) to the Facility Increase Lender a fee in the amount and
                                            at the times agreed between the Company and the Facility Increase Lender in a Fee Letter.

 

		(f)	Clause 25.4
                                            (Limitation of Responsibility of Existing Lenders) shall apply mutatis mutandis
                                            in this Clause 2.2 in relation to a Facility Increase Lender as if references in
                                            that Clause to:

 

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

 

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

 

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

 

		2.4	Finance
                                            Parties’ Rights and Obligations

 

		(a)	The obligations
                                            of each Finance Party under the Finance Documents are several.

 

		(b)	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.

 

		(c)	No Finance
                                            Party is responsible for the obligations of any other Finance Party under the Finance Documents.

 

    	 	45 	 

     

    

 

		(d)	The rights
                                            of each Finance Party under or in connection with the Finance Documents are separate and
                                            independent rights and they include the right to repayment of any debt owing to that Finance
                                            Party under the Finance Documents.

 

		(e)	Any debt
                                            arising under the Finance Documents to a Finance Party is a separate and independent debt.
                                            Any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party’s
                                            participation in the Facility or its role under a Finance Document is a debt owing to that
                                            Finance Party by that Obligor (including if it is payable to an Agent on that Finance Party’s
                                            behalf).

 

		(f)	A Finance
                                            Party may, except as specifically provided in the Finance Documents, separately enforce its
                                            rights under or in connection with the Finance Documents.

 

		2.5	Obligors’
                                            Agent

 

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

 

		(i)	the Company
                                            on its behalf to supply all information concerning itself contemplated by this Agreement
                                            to the Finance Parties and to give all notices and instructions, to make such agreements
                                            and to effect the relevant amendments, supplements and variations capable of being given,
                                            made or effected by any Obligor notwithstanding that they may affect the Obligor, without
                                            further reference to or the consent of that Obligor; and

 

		(ii)	each Finance
                                            Party to give any notice, demand or other communication to that Obligor pursuant to the Finance
                                            Documents to the Company,

 

and in
each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions or executed or made the agreements
or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.

 

		(b)	Every act,
                                            omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice
                                            or other communication given or made by the Obligors’ Agent or given to the Obligors’
                                            Agent under any Finance Document on behalf of another Obligor or in connection with any Finance
                                            Document (whether or not known to any other Obligor and whether occurring before or after
                                            such other Obligor became an Obligor under any Finance Document) shall be binding for all
                                            purposes on that Obligor as if that Obligor had expressly made, given or concurred with it.
                                            In the event of any conflict between any notices or other communications of the Obligors’
                                            Agent and any other Obligor, those of the Obligors’ Agent shall prevail.

 

		3.	Purpose

 

		3.1	Purpose

 

The Company
must apply all amounts borrowed by it under the Facility towards its general corporate purposes including, but not limited to, the financing
of (a) the built to suit program of the Group and (b) the repayment of the indebtedness (and interest and fees on that indebtedness)
of the Group.

 

		3.2	Monitoring

 

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

 

    	 	46 	 

     

    

 

		4.	Conditions of Utilisation

 

		4.1	Initial
                                            Conditions Precedent

 

No Utilisation
Request may be given unless the Facility Agent has received all of the documents and other evidence listed in Part 1 of Schedule
2 (Conditions Precedent) in form and substance satisfactory to the Majority Lenders and each Original Lender and/or each Affiliate
of an Original Lender that has become a Lender after the date of this Agreement but prior to the date of delivery of that first Utilisation
Request (the “Relevant Lenders”) (or the receipt of such documents and evidence has been waived by the Relevant Lenders).
The Facility Agent must notify the Company promptly upon the Relevant Lenders being so satisfied.

 

		4.2	Further
                                            Conditions Precedent

 

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

 

		(a)	in the case
                                            of:

 

		(i)	a Rollover
                                            Loan, no step has been taken under Clause 23.18 (Acceleration); and

 

		(ii)	any other
                                            Loan, no Default is continuing or would result from the proposed Loan;

 

		(b)	the Repeating
                                            Representations are correct in all material (except where that representation and warranty
                                            is already qualified by materiality under Clause 18 (Representations)) respects;
                                            and

 

		(c)	(other than
                                            in the case of participations in a Rollover Loan, but only if, as at the Utilisation Date
                                            for that Rollover Loan, the relevant Lender in respect of the relevant participations in
                                            that Rollover Loan has not given a notice to the Facility Agent under paragraph (b) of
                                            Clause 7.3 (Mandatory Prepayment – Material Subsidiary Event of Default)),
                                            no Material Subsidiary Event of Default is continuing.

 

		4.3	Maximum
                                            Number

 

No Utilisation
Request may be given if, as a result of the proposed Utilisation more than ten Loans would be outstanding.

 

		5.	Utilisation

 

		5.1	Delivery
                                            of a Utilisation Request

 

The Company
may borrow a Loan by delivery to the Facility Agent of a duly completed Utilisation Request not later than the Specified Time.

 

		5.2	Completion
                                            of a Utilisation Request

 

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

 

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

 

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

 

		(iii)	the proposed
                                            Interest Period of the Loan complies with Clause 9 (Interest Periods).

 

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

 

    	 	47 	 

     

    

 

		5.3	Currency
                                            and Amount

 

		(a)	The currency
                                            specified in a Utilisation Request must be USD.

 

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

 

		(i)	a minimum
                                            of USD10,000,000 and an integral multiple of USD5,000,000 or, if less, the Available Facility;
                                            or

 

		(ii)	such other
                                            amount as the Facility Agent may agree,

 

and, in
any event, such that it is less than or equal to the Available Facility.

 

		5.4	Lenders’
                                            Participation

 

		(a)	If the conditions
                                            set out in this Agreement have been met, and subject to Clause 6.1 (Repayment of
                                            Loans), each Lender must make its participation in a requested Loan available by the
                                            Utilisation Date through its Facility Office to the Facility Agent.

 

		(b)	The amount
                                            of each Lender’s participation in a Loan will be its Pro Rata Share immediately before
                                            making the Loan.

 

		(c)	No Lender
                                            is obliged to participate in a Loan if, as a result:

 

		(i)	its participation
                                            in the Loans would exceed its Commitment; or

 

		(ii)	the Loans
                                            would exceed the Total Commitments.

 

		(d)	The Facility
                                            Agent must notify each Lender of the details of each Loan and the amount of its participation
                                            in that Loan and, if different, the amount of that participation to be made available in
                                            accordance with Clause 32.1 (Payments to the Facility Agent) by the Specified
                                            Time.

 

		6.	Repayment

 

		6.1	Repayment
                                            of Loans

 

		(a)	The Company
                                            must repay each Loan in full on the last day of its Interest Period.

 

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

 

		(i)	on the same
                                            day that any maturing Loans are due to be repaid by the Company; and

 

		(ii)	in whole
                                            or in part for the purpose of refinancing the maturing Loans,

 

the new
Loans will be treated as if applied in or towards repayment of the maturing Loans so that:

 

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

 

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

 

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

 

    	 	48 	 

     

    

 

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

 

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

 

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

 

		6.2	Extension
                                            of Termination Date

 

		(a)	Subject
                                            to paragraph (b) below, the Company (in its sole discretion) may, no later than:

 

		(i)	the date falling
                                            three (3) months prior to the Original Termination Date, deliver to the Facility Agent
                                            a written notice (an “Extension Request”) requesting that the Termination
                                            Date be extended to the date falling 12 months after the Original Termination Date (the
                                            “First Extended Termination Date”); and

 

		(ii)	the date
                                            falling three (3) months prior to the First Extended Termination Date, deliver to the
                                            Facility Agent an Extension Request requesting that the Termination Date be extended to the
                                            date falling 12 months after the First Extended Termination Date (the “Second
                                            Extended Termination Date”).

 

		(b)	An Extension
                                            Request shall not be effective if delivered at any time when a Default is continuing.

 

		(c)	The Facility
                                            Agent shall promptly notify each Lender upon receipt of an Extension Request, and each Lender
                                            shall promptly (and in any event prior to the date which is twenty (20) Business Days prior
                                            to the Original Termination Date or First Extended Termination Date (as applicable)) confirm
                                            to the Facility Agent whether (in its sole discretion) it agrees to extend the Termination
                                            Date in relation to its Commitments (each a “Lender Decision”). A Lender
                                            will be deemed to have rejected the Extension Request in relation to its Commitments (which
                                            shall be deemed to be its Lender Decision) unless consent is expressly given by that Lender
                                            in writing to the Facility Agent prior to the date which is twenty (20) Business Days prior
                                            to the Original Termination Date or First Extended Termination Date (as applicable).

 

		(d)	Subject
                                            to (except to the extent any Consenting Lender waives such requirement as a condition to
                                            its own consent to the Extension Request, in which case such requirement shall not be a condition
                                            to the Commitment of that Consenting Lender being extended to the First Extended Termination
                                            Date or Second Extended Termination Date (as applicable)):

 

		(i)	receipt of
                                            or deemed receipt of the final Lender Decision;

 

		(ii)	no Default
                                            continuing on the Original Termination Date or the First Extended Termination Date (as applicable)
                                            and the Company delivering a certificate to the Agent signed by a director or senior officer
                                            of the Company confirming that no Default is continuing on the Original Termination Date
                                            or the First Extended Termination Date (as applicable); and

 

    	 	49 	 

     

    

 

		(iii)	payment
                                            of the Extension Fee (as defined in paragraph (e) below) in full by the Facility
                                            Agent on or prior to the Original Termination Date or the First Extended Termination Date
                                            (as applicable),

 

the Commitment
of each Lender which consented to the Extension Request (a “Consenting Lender”) shall (without the requirement of
any further action or consent from any Finance Party), be extended to the First Extended Termination Date or the Second Extended Termination
Date (as applicable).

 

		(e)	The Company
                                            shall pay to the Facility Agent (for the account of each Consenting Lender) an extension
                                            fee in an amount equal to 0.30% of the Commitment of that Consenting Lender immediately prior
                                            to the Original Termination Date or First Extended Termination Date (as applicable) (the
                                            “Extension Fee”).

 

		7.	Prepayment and Cancellation

 

		7.1	Mandatory
                                            Prepayment – Illegality

 

		(a)	If, in any
                                            applicable jurisdiction, it becomes unlawful for a Lender or any of its Affiliates for that
                                            Lender to perform any of its obligations as contemplated by any Finance Document or to fund,
                                            issue or maintain its participation in any Loan, that Lender must notify the Facility Agent
                                            promptly on becoming aware of that event.

 

		(b)	After a
                                            Lender notifies the Facility Agent under paragraph (a) above:

 

		(i)	that Lender
                                            will not be obliged to fund a Loan;

 

		(ii)	the Facility
                                            Agent must notify the Company promptly;

 

		(iii)	with immediate
                                            effect, that Lender will not be obliged to fund any Loan; and

 

		(iv)	unless that
                                            Lender’s participation and Commitment have been transferred pursuant to paragraph (d) of
                                            Clause 7.8 (Right of Replacement or Repayment and Cancellation in Relation to a Single
                                            Lender), on the date specified in paragraph (c) below:

 

		(A)	the Company
                                            must repay or prepay that Lender’s participation in each Loan; and

 

		(B)	that Lender’s
                                            Commitment will be cancelled.

 

		(c)	The date
                                            for:

 

		(i)	repayment
                                            or prepayment of a Lender’s participation in a Loan and cancellation of its corresponding
                                            Commitment will be:

 

		(A)	the last
                                            day of the Interest Period of that Loan; or

 

		(B)	if earlier,
                                            the date specified in that Lender’s notice to the Facility Agent under paragraph (a) above
                                            (which must be no earlier than the last day of any applicable grace period permitted by law);
                                            and

 

		(ii)	cancellation
                                            of that Lender’s other Commitment will be the date specified in the Lender’s
                                            notice to the Facility Agent under paragraph (a) above (which must be no earlier
                                            than the last day of any applicable grace period permitted by law),

 

provided
that such a date must fall within 20 days after the Facility Agent has notified the Company under paragraph (b)(ii) above.

 

    	 	50 	 

     

    

 

 

		7.2	Mandatory Prepayment – Change of Control

 

		(a)	For the purposes of this Clause 7.2:

 

a “Change of Control”
occurs if any person or group of persons acting in concert (other than any Permitted Transferee) gains direct or indirect control over
the Company, provided that a Change of Control will not occur:

 

		(i)	solely as a result of all of the issued share capital of the Company (excluding any part of that issued
share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital) being transferred
to a newly-incorporated holding company (“TopCo”) if:

 

		(A)	as a result of such transfer no person or persons acting in concert other than TopCo acquires direct or
indirect control (as defined below) of the Company;

 

		(B)	TopCo is not a Restricted Party;

 

		(C)	prior to such transfer each Lender has received such documentation and evidence in respect of TopCo as
necessary to pass all know your customer and similar checks; and

 

		(D)	at all times no person or persons acting in concert (other than any Permitted Transferee) shall acquire:

 

		(1)	the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(I)	cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a
general meeting of TopCo;

 

		(II)	appoint or remove all, or the majority, of the directors or other equivalent officers of TopCo; or

 

		(III)	give directions with respect to the operating and financial policies of TopCo with which the directors
or other equivalent officers of TopCo are obliged to comply; or

 

		(2)	legally or beneficially more than 50% of the issued share capital of TopCo (excluding any part of that
issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital;

 

		(ii)	for the avoidance of doubt, as a result of the admission of any part of the share capital of the Company
(or TopCo) to trading on any recognised stock or investment exchange or any other sale or issue of share capital of the Company (or TopCo)
by way of flotation or public offering provided that, at all times, all of the conditions set out in paragraph (i) above
are complied with; or

 

		(iii)	as a result of any re-domiciliation of TopCo for internal structuring purposes provided that, at
all times, all of the conditions set out in paragraph (i) above are complied with.

 

    	 	51 	 

     

    

 

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

 

“control” means:

 

		(i)	the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a
general meeting of the Company;

 

		(B)	appoint or remove all, or the majority, of the directors or other equivalent officers of the Company;
or

 

		(C)	give directions with respect to the operating and financial policies of the Company with which the directors
or other equivalent officers of the Company are obliged to comply; or

 

		(ii)	acquiring or holding beneficially more than 50% of the issued share capital of the Company (excluding
any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits
or capital); and

 

“Permitted Transferee”
means:

 

		(i)	any of African Tower Investment Limited, Africa Telecom Towers S.C.S., AIIF2 Towers Mauritius, ECP IHS
(Mauritius) Limited, ECPIV-IHS Limited, ELQ Investors VIII Ltd, IFC Global Infrastructure Fund, LP, International Finance Corporation, Investec
Africa Frontier Private Equity Associate Fund, L.P., Investec Africa Frontier Private Equity Fund L.P., Investec Africa Private
Equity Fund 2 LP, Investec Fund Managers SA (RF) Limited in respect of the portfolio Investec Africa Fund, Korea Investment Corporation,
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Oranje-Nassau Developpement S.A, SICAR, UBC Services Inc. and Warrington
Investment PTE Ltd; and

 

		(ii)	any wholly-owned Subsidiary of any of the persons or entities listed in paragraph (i) above,

 

and in each case, which is not a Restricted
Party.

 

		(b)	The Company must notify the Facility Agent promptly on becoming aware of any Change of Control. The Facility
Agent must then promptly notify the Lenders of that event occurring.

 

		(c)	After the occurrence of a Change of Control, no Lender will be obliged to fund a Loan (other than a Rollover
Loan, but only if, as at the Utilisation Date for that Rollover Loan, the relevant Lender has not given a notice to the Facility Agent
under this paragraph (c)) and if a Lender so requires and notifies the Facility Agent within 20 Business Days of the Company
notifying the Facility Agent of the Change of Control, the Facility Agent must, by not less than 30 days’ notice to the Company:

 

		(i)	cancel the Commitment of that Lender; and

 

		(ii)	declare the participation of that Lender in all outstanding Loans, together with accrued interest and
all other amounts accrued or outstanding to that Lender under the Finance Documents, to be immediately due and payable.

 

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

 

    	 	52 	 

     

    

 

		7.3	Mandatory Prepayment – Material Subsidiary Event of Default

 

		(a)	The Company must notify the Facility Agent promptly upon becoming aware of a Material Subsidiary Event
of Default. The Facility Agent must notify the Lenders of the occurrence of a Material Subsidiary Event of Default promptly upon becoming
aware of it (whether by way of a notification from the Company or otherwise).

 

		(b)	While a Material Subsidiary Event of Default is continuing, if a Lender so requires and notifies the Facility
Agent no later than 15 Business Days of the Company notifying the Facility Agent of such Material Subsidiary Event of Default:

 

		(i)	that Lender will not be obliged to fund a Loan (other than a Rollover Loan but only if, as at the Utilisation
Date for that Rollover Loan, the relevant Lender has not given a notice to the Facility Agent under this paragraph (b));

 

		(ii)	the Company must repay or prepay that Lender’s participation in each Loan on the date specified
in paragraph (c) below; and

 

		(iii)	that Lender’s Commitment will be immediately cancelled,

 

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

 

		(c)	The date for repayment or prepayment of a Lender’s participation in a Loan will be the date falling
three Business Days after the date of the notification to the Company under paragraph (b) above.

 

		(d)	For the purpose of paragraph (b) above, a Material Subsidiary Event of Default is continuing
until the later of the date on which (i) the Material Subsidiary Event of Default is no longer continuing in accordance with
this Agreement or the relevant document evidencing the relevant Financial Indebtedness, as the case may be, and (ii) the Company
notifies the Facility Agent in writing that such Material Subsidiary Event of Default is not continuing in accordance with this Agreement
or the relevant document evidencing the relevant Financial Indebtedness.

 

		7.4	Mandatory Prepayment – Sanctions Etc.

 

If any representation, warranty or statement
made by an Obligor under or in connection with Clause 18.21 (Sanctions) or 18.22 (Anti-Bribery and Corruption Laws)
is or proves to have been incorrect or misleading in any respect, or an Obligor breaches any of its obligations under Clause 22.4
(Sanctions) or Clause 22.5 (Anti-Bribery and Corruption and Anti-Money Laundering):

 

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

 

		(b)	a Lender shall not be obliged to fund a Loan; and

 

		(c)	if a Lender so requires and notifies the Facility Agent no later than 15 Business Days of the Company
notifying the Facility Agent of that event, the Facility Agent must, by not less than 20 days’ notice to the Company:

 

		(i)	declare the participation of that Lender in all outstanding Loans, together with accrued interest and
all other amounts accrued or outstanding to that Lender under the Finance Documents, to be immediately due and payable; and/or

 

		(ii)	immediately cancel that Lender’s Commitment.

 

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

 

    	 	53 	 

     

    

 

		7.5	Voluntary Cancellation

 

		(a)	The Company may, if it gives the Facility Agent not less than three Business Days’ (or such shorter
period as the Majority Lenders may agree) notice, cancel the whole or any part of the Available Facility.

 

		(b)	Partial cancellation of the Available Facility under this Clause 7.5 must be in a minimum amount
of USD10,000,000.

 

		(c)	Any cancellation in part under this Clause 7.5 will reduce the Commitment of each Lender pro rata.

 

		7.6	Voluntary Prepayment

 

		(a)	The Company may, if it gives the Facility Agent not less than three Business Days’ (or, in relation
to any Compounded Rate Loan, five RFR Banking Days, or in any case any such shorter period as the Majority Lenders may agree) prior notice,
prepay the whole or any part of a Loan at any time.

 

		(b)	A prepayment of part of a Loan under this Clause 7.6 must be in a minimum amount of USD5,000,000.

 

		(c)	Where the Company has made three prepayments of Compounded Rate Loans under this Clause 7.6 in any
twelve month period, the Company shall pay to the Facility Agent (for its own account) a prepayment fee of USD3,000 for any additional
prepayment made by it under this Clause 7.6 during that twelve month period, on the date of any such subsequent prepayment.

 

		7.7	Automatic Cancellation

 

		(a)	Subject to paragraph (b) below, the unutilised Commitment of each Lender will be automatically
cancelled at close of business on the last day of the Availability Period.

 

		(b)	If a Material Subsidiary Event of Default is continuing for a continuous period of more than 180 days
following notification to the Facility Agent of such Material Subsidiary Event of Default under Clause 7.3 (Mandatory Prepayment
 – Material Subsidiary Event of Default) above, the Total Commitments will be automatically cancelled in full.

 

		7.8	Right of Replacement or Repayment and Cancellation in Relation to a Single Lender

 

		(a)	If:

 

		(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of
Clause 12.2 (Tax Gross-Up);

 

		(ii)	any Lender claims any amount from the Company under Clause 12.3 (Tax Indemnity) or Clause 13
(Increased Costs);

 

		(iii)	any Lender invokes a Market Disruption under Clause 10.3 (Market Disruption); or

 

		(iv)	any Lender becomes a Non-Consenting Lender,

 

the Company may, while the circumstances
giving rise to the requirement for that increase or payment of that amount continue, give notice to the Facility Agent of its intention
to cancel the Commitment of that Lender and repay or prepay that Lender’s participation in all outstanding Loans, or of its intention
to replace that Lender in accordance with paragraph (d) below.

 

    	 	54 	 

     

    

 

		(b)	On receipt of a notice of prepayment and cancellation under paragraph (a) above in relation
to a Lender:

 

		(i)	the Commitment of that Lender will immediately be reduced to zero; and

 

		(ii)	the Company must repay or prepay that Lender’s participation in each Loan on the date specified
in paragraph (c) below.

 

		(c)	The date for repayment or prepayment of a Lender’s participation in a Loan will be:

 

		(i)	the last day of the Interest Period for that Loan which is current on the date of the notice under paragraph (a) above;
or

 

		(ii)	if earlier, the date specified in the Company’s notice to the Facility Agent under paragraph (a) above.

 

		(d)	If:

 

		(i)	any of the circumstances set out in paragraph (a) above apply to a Lender; or

 

		(ii)	the Company becomes obliged to pay an amount in accordance with Clause 7.1 (Mandatory Prepayment
 – Illegality) to a Lender,

 

the Company may, on not less than five
Business Days’ notice to the Facility Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent
permitted by law, that Lender must) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of its
rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity which is regularly
engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (a “Replacement
Lender”) selected by the Company, which confirms its willingness to assume and does assume all the obligations of the transferring
Lender in accordance with this Agreement for a purchase price in cash payable at the time of the transfer in an amount equal to the outstanding
principal amount of such Lender’s participation in the outstanding Loans and all accrued interest (to the extent that the Facility
Agent has not given a notification under Clause 25.9 (Pro Rata Interest Settlement)), Break Costs and other amounts payable
in relation to it under the Finance Documents.

 

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

 

		(i)	in the event of a replacement of a Non-Consenting Lender, such replacement or prepayment must occur during
a period of 60 days commencing on the date on which the relevant consent is requested;

 

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

 

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

 

		(iv)	the Lender to be replaced will not be required to pay or surrender to such Replacement Lender any of the
fees received by that Lender pursuant to the Finance Documents; and

 

		(v)	the Lender to be replaced will only be obliged to transfer its rights and obligations in accordance with
paragraph (d) above once it is satisfied that it has complied with any “know your customer” checks or other similar
checks required under any applicable law or regulation in relation to that transfer.

 

    	 	55 	 

     

    

 

		(f)	A Lender to be replaced must perform the checks described in paragraph (e)(v) above as soon as reasonably
practicable after delivery of a notice under paragraph (d) above and must notify the Facility Agent and the Company promptly
when it is satisfied that it has complied with those checks.

 

		7.9	Right of Cancellation in Relation to a Defaulting Lender

 

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

 

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

 

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

 

		7.10	Prepayment of Loans

 

No Loan (or participation in a Loan)
that is prepaid may be re-borrowed except (in the case of Clause 7.3 (Mandatory Prepayment – Material Subsidiary Event of
Default) or Clause 7.4 (Mandatory Prepayment – Sanctions Etc.)) in accordance with the terms of Clause 7.12
(Reinstatement of Commitment) or in the case of Clause 7.6 (Voluntary Prepayment).

 

		7.11	Miscellaneous

 

		(a)	Any notice of cancellation or prepayment under this Clause:

 

		(i)	is irrevocable; and

 

		(ii)	unless a contrary indication appears in this Agreement, must specify:

 

		(A)	the date on which the relevant cancellation or prepayment is to be made; and

 

		(B)	the amount of that cancellation or prepayment.

 

		(b)	Any prepayment under this Agreement must be made together with accrued interest on the amount prepaid
and, subject to any Break Costs and paragraph (c) of Clause 7.6 (Voluntary Prepayment), without premium or penalty.

 

		(c)	No prepayment or cancellation is allowed except at the times and in the manner expressly provided for
in this Agreement.

 

		(d)	Subject to Clause 2.2 (Increase) and Clause 7.12 (Reinstatement of Commitment),
no amount of the Commitments cancelled under this Agreement may be subsequently reinstated.

 

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

 

		(f)	If all or part of a Lender’s participation in a Loan is repaid or prepaid and is not available for
re- borrowing, an equivalent amount of that Lender’s Commitment will be deemed to be cancelled on the date of repayment or prepayment
(and for these purposes this includes any amount which may be reinstated under Clause 7.12 (Reinstatement of Commitment)).

 

    	 	56 	 

     

    

 

		7.12	Reinstatement of Commitment

 

		(a)	If all or any part of a Lender’s Commitment has been cancelled pursuant to paragraph (b) of
Clause 7.3 (Mandatory Prepayment – Material Subsidiary Event of Default) or paragraph (c) of Clause 7.4
(Mandatory Prepayment – Sanctions Etc.), the Company may, by notice to the Facility Agent, request that Lender to reinstate
its Commitment, and the cancelled Commitment of that Lender shall be so reinstated if that Lender confirms its willingness to reinstate
its cancelled Commitment in writing to the Company and the Agent.

 

		(b)	The reinstatement of a Lender’s Commitment under paragraph (a) above shall take effect
on the date the Facility Agent receives (or is deemed to have received, pursuant to Clause 34.3 (Delivery)) that Lender’s
written confirmation of its willingness to reinstate its cancelled Commitment.

 

		7.13	Application of Prepayments

 

Any prepayment of a Loan pursuant to
Clause 7.6 (Voluntary Prepayment) will be applied pro rata to each Lender’s participation in that Loan.

 

		8A.	Rate
                                            Switch

 

		8A.1	Switch to Compounded Reference Rate

 

Subject to Clause 8A.2 (Delayed switch
for existing Term Rate Loans), on and from the Rate Switch Date for dollars:

 

		(a)	use of the Compounded Reference Rate will replace the use of LIBOR for the calculation of interest for
Loans in dollars; and

 

		(b)	any Loan or Unpaid Sum in dollars shall be a “Compounded Rate Loan” and Clause 8.2 (Calculation
of Interest – Compounded Rate Loans) shall apply to each such Loan or Unpaid Sum.

 

		8A.2	Delayed switch for existing Term Rate Loans

 

If the Rate Switch Date for dollars
falls before the last day of an Interest Period for a Term Rate Loan in dollars:

 

		(a)	that Loan shall continue to be a Term Rate Loan for that Interest Period and Clause 8.1 (Calculation
of Interest – Term Rate Loans) shall continue to apply to that Loan for that Interest Period;

 

		(b)	any provision of this Agreement which is expressed to relate to a Compounded Rate Loan shall not apply
in relation to that Loan for that Interest Period; and

 

		(c)	on and from the first day of the next Interest Period (if any) for that Loan:

 

		(i)	that Loan shall be a "Compounded Rate Loan"; and

 

		(ii)	Clause 8.2 (Calculation of Interest – Compounded Rate Loans) shall apply to that Loan.

 

		8A.3	Early termination of Interest Periods for existing Term Rate
Loans

 

		If:	

 

		(d)	an Interest Period for a Term Rate Loan would otherwise end on a day which falls after the Rate Switch
Date for dollars; and

 

    	 	57 	 

     

    

 

		(e)	prior to the date of selection of that Interest Period:

 

		(i)	the Backstop Rate Switch Date for dollars was scheduled to occur during that Interest Period; or

 

		(ii)	notice of a Rate Switch Trigger Event Date for dollars falling during that Interest Period had been given
pursuant to paragraph (a)(ii) of Clause 8A.4 (Notifications by Agent),

 

that Interest Period will instead end
on the Rate Switch Date for dollars.

 

		8A.4	Notifications by Facility Agent

 

		(a)	Following the occurrence of a Rate Switch Trigger Event for dollars, the Facility Agent shall:

 

		(i)	promptly upon becoming aware of the occurrence of that Rate Switch Trigger Event, notify the Company and
the Lenders of that occurrence; and

 

		(ii)	promptly upon becoming aware of the date of the Rate Switch Trigger Event Date applicable to that Rate
Switch Trigger Event, notify the Company and the Lenders of that date.

 

		(b)	The Facility Agent shall, promptly upon becoming aware of the occurrence of the Rate Switch Date for dollars,
notify the Company and the Lenders of that occurrence.

 

		(c)	The Parties agree that the FCA Cessation Announcement constitutes a Rate Switch Trigger Event for dollars,
that the Rate Switch Trigger Event Date applicable to such Rate Switch Trigger Event will be 1 January 2022 and that the Facility
Agent is not under any obligation under paragraph (a) above to notify any Party of such Rate Switch Trigger Event or Rate Switch
Trigger Event Date resulting from the FCA Cessation Announcement.

 

		(d)	For the purposes of paragraph (c) above, the “FCA Cessation Announcement” means
the announcement on 5 March 2021 by the UK's Financial Conduct Authority that all LIBOR settings will, as of certain specified future
dates, either cease to be provided by any administrator or no longer be representative of the market and economic reality that they are
intended to measure and that such representativeness will not be restored.

 

		8.	Interest

 

		8.1	Calculation of Interest – Term Rate Loans

 

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

 

		(a)	Margin; and

 

		(b)	LIBOR.

 

		8.2	Calculation of Interest – Compounded Rate Loans

 

		(a)	The rate of interest on each Compounded Rate Loan for any day during an Interest Period is the percentage
rate per annum which is the aggregate of the applicable:

 

		(i)	Margin; and

 

		(ii)	Compounded Reference Rate for that day.

 

    	 	58 	 

     

    

 

		(b)	If any day during an Interest Period for a Compounded Rate Loan is not an RFR Banking Day, the rate of
interest on that Compounded Rate Loan for that day will be the rate applicable to the immediately preceding RFR Banking Day.

 

		8.3	Payment of Interest

 

Except where this Agreement expressly
provides to the contrary, the Company must pay accrued interest on each Loan on the last day of each Interest Period (and, if the Interest
Period is longer than six Months, on the dates falling at six-Monthly intervals after the first day of the Interest Period).

 

		8.4	Default Interest

 

		(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest
will accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which,
subject to paragraph (c) below, is 2% per annum higher than the rate which would have been payable if the overdue amount had,
during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each with
a duration and Quotation Day selected by the Facility Agent (acting reasonably).

 

		(b)	Any interest accruing under this Clause 8.4 will be immediately payable by the Obligor on demand
by the Facility Agent.

 

		(c)	If any overdue amount consists of all or part of a Term Rate Loan which became due on a day which was
not the last day of its Interest Period:

 

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

 

		(ii)	the rate of interest applying to the overdue amount during that first Interest Period will be 2% per annum
higher than the rate which would have applied if the overdue amount had not become due.

 

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

 

		8.5	Notification of Rates of Interest

 

		(a)	The Facility Agent must notify each relevant Party promptly of the determination of a rate of interest
relating to a Term Rate Loan under this Agreement.

 

		(b)	The Facility Agent shall promptly upon a Compounded Rate Interest Payment being determinable notify:

 

		(i)	the Company of that Compounded Rate Interest Payment;

 

		(ii)	each relevant Lender of the proportion of that Compounded Rate Interest Payment which relates to that
Lender's participation in the relevant Compounded Rate Loan; and

 

		(iii)	the relevant Lenders and the Company of each applicable rate of interest relating to the determination
of that Compounded Rate Interest Payment.

 

This paragraph (b) shall not apply
to any Compounded Rate Interest Payment determined pursuant to Clause 10.4 (Cost of funds).

 

    	 	59 	 

     

    

 

		(c)	The Facility Agent must notify the Company promptly of each Funding Rate relating to a Loan.

 

		(d)	The Facility Agent shall promptly notify the relevant Lenders and the Company of the determination of
a rate of interest relating to a Compounded Rate Loan to which Clause 10.4 (Cost of funds) applies.

 

		(e)	This Clause 8.5 shall not require the Facility Agent to make any notification to any Party on a day which
is not a Business Day.

 

		9.	Interest Periods

 

		9.1	Selection of Interest Periods

 

		(a)	Each Loan has one Interest Period only.

 

		(b)	The Company must select the Interest Period for a Loan in the applicable Utilisation Request.

 

		(c)	Subject to the other provisions of this Clause, the Interest Period for a Loan must be one, two, three
or six Months or any other period agreed by the Company and the Facility Agent (acting on the instructions of all the Lenders).

 

		(d)	If the Company and the Facility Agent fail to agree an Interest Period in accordance with paragraph (c) above,
the relevant Interest Period will be three Months.

 

		(e)	The Interest Period for a Loan will start on its Utilisation Date.

 

		(f)	No Interest Period for a Term Rate Loan shall extend beyond 30 June 2023.

 

		(g)	Notwithstanding paragraph (c) above, at any time after the Rate Switch Date for dollars, an Interest
Period of less than one Month may not be agreed for any Loan other than with the prior written consent of the Company, the Facility Agent
(acting on the instructions of all Lenders) and the Facility Agent (in its own discretion).

 

		9.2	Non-Business Days

 

		(a)	Other than where paragraph (b) below applies, if an Interest Period would otherwise end on a day
which is not a Business Day, it will instead end on the next Business Day in the same calendar month (if there is one) or the preceding
Business Day (if there is not).

 

		(b)	If a Loan or Unpaid Sum is a Compounded Rate Loan and there are rules specified as ‘Business
Day Conventions’ in the applicable Compounded Rate Terms, those rules shall apply to each Interest Period for that Loan or
Unpaid Sum.

 

		9.3	No Overrunning the Termination Date

 

If an Interest Period would otherwise
end after the Termination Date, it will be shortened so that it ends on the Termination Date.

 

		9.4	Notification

 

The Facility Agent must notify each
relevant Party of the duration of each Interest Period promptly after ascertaining it.

 

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		10.	Changes to the Calculation of Interest

 

		10.1	Changes to the Calculation of Interest prior to Rate Switch Date

 

		(a)	Interpolated Screen Rate

 

If no Screen Rate is available for the
LIBOR for the Interest Period of a Term Rate Loan, the applicable LIBOR will be the Interpolated Screen Rate for a period equal in length
to the Interest Period of that Term Rate Loan.

 

		(b)	Cost of Funds

 

If no Screen Rate is available for the
LIBOR for:

 

		(i)	dollars; or

 

		(ii)	the Interest Period of a Term Rate Loan and it is not possible to calculate the Interpolated Screen Rate,

 

there will be no LIBOR for the Term Rate
Loan and Clause 10.4 (Cost of Funds) will apply to the Term Rate Loan for that Interest Period.

 

		10.2	Interest calculation if no RFR or Central Bank Rate

 

		(a)	If:

 

		(i)	there is no applicable RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative
Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate Loan; and

 

		(ii)	“Cost of funds will apply as a fallback” is specified in respect of that Loan in the Compounded
Rate Terms for that Loan,

 

then, Clause 10.4 (Cost of Funds)
shall apply to that Loan for that Interest Period.

 

		10.3	Market Disruption

 

		(a)	In the case of a Term Rate Loan, if before close of business in London on the Quotation Day for the relevant
Interest Period, the Facility Agent receives notification from a Lender or Lenders under a Term Rate Loan (whose participations in that
Loan exceed 35% of that Loan) that the cost to it of funding its participation in that Loan from the wholesale market for the relevant
currency would be in excess of the LIBOR, then Clause 10.4 (Cost of Funds) will apply to that Loan for the relevant Interest
Period.

 

		(b)	In the case of a Compounded Rate Loan, if:

 

		(i)	a definition of Market Disruption Amount is specified in the Compounded Rate Terms for such Loan; and

 

		(ii)	before close of business in London on the Reporting Time for the relevant Interest Period in respect of
a Compounded Rate Loan, the Agent receives notifications from a Lender or Lenders (whose participations in that Loan exceed 35 per cent.
of that Loan) that the cost to it of funding its participation in that Loan for the Interest Period of that Loan would be in excess of
the Market Disruption Amount,

 

then Clause 10.4 (Cost of Funds)
shall apply to that Compounded Rate Loan for the relevant Interest Period.

 

    	 	61 	 

     

    

 

		10.4	Cost of Funds

 

		(a)	If this Clause 10.4 (Cost of Funds) applies to a Loan for an Interest Period, neither Clause
8.1 (Calculation of Interest – Term Rate Loans) nor Clause 8.2 (Calculation of Interest – Compounded Rate Loans)
shall apply to that Loan for that Interest Period and the rate of interest on the relevant Loan for the relevant Interest Period will
be the percentage rate per annum which is the sum of:

 

		(i)	the Margin; and

 

		(ii)	the weighted average of the rates notified to the Agent by each Lender as soon as practicable but in any
event:

 

		(A)	in relation to a Term Rate Loan, within five Business Days before the date on which interest is due to
be paid in respect of that Interest Period; and

 

		(B)	in relation to a Compounded Rate Loan, by the Reporting Time for that Loan,

 

to be that which expresses as a percentage
rate per annum its cost of funds relating to its participation in that Loan.

 

		(b)	If this Clause 10.4 applies pursuant to Clause 10.3 (Market Disruption) and the Facility Agent
or the Company so requires, the Facility Agent and the Company must enter into negotiations (for a period of not more than 30 days)
with a view to agreeing a substitute basis for determining the rate of interest.

 

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

 

		(d)	If this Clause 10.4 applies to a Loan but any Lender does not notify the Facility Agent of a rate
by the time specified in paragraph (a)(ii) above, the rate of interest on the relevant Loan for the Interest Period will be calculated
on the basis of the rates notified by the other Lenders.

 

		10.5	Break Costs

 

		(a)	Subject to paragraph (b) below, the Company must pay to a Finance Party its Break Costs if all or
any part of a Loan or Unpaid Sum is paid on a day other than the last day of an applicable Interest Period.

 

		(b)	Paragraph (a) above shall apply in respect of a Compounded Rate Loan if an amount is specified as
Break Costs in the applicable Compounded Rate Terms.

 

		(c)	Each Lender must, as soon as reasonably practicable after a request by the Facility Agent or the Company,
provide a certificate confirming the amount of any Break Costs it claims.

 

		11.	Fees

 

		11.1	Commitment Fee

 

		(a)	The Company must pay to the Facility Agent (for the account of each Lender) a commitment fee computed
at the rate of 35% of the Margin on that Lender’s Available Commitment.

 

		(b)	The commitment fee shall accrue on a daily basis for each day on which the Available Facility is greater
than zero, from and including the date of this Agreement.

 

    	 	62 	 

     

    

 

		(c)	The accrued commitment fee is payable on the last day of each successive period of three Months commencing
on or after the date of this Agreement and ending during the Availability Period, on the last day of the Availability Period, and, if
cancelled in full, on the cancelled amount of a Lender’s Commitment at the time the cancellation is effective.

 

		11.2	Upfront Fee

 

The Company must pay to each Arranger
(for its own account) an upfront fee in the amount and manner agreed in a Fee Letter.

 

		11.3	Facility Agent’s Fee

 

The Company must pay to the Facility
Agent (for its own account) an agency fee in the amount and manner agreed in a Fee Letter.

 

		11.4	Security Agent’s Fee

 

The Company must pay to the Security
Agent (for its own account) a security agency fee in the amount and manner agreed in a Fee Letter.

 

		11.5	Utilisation Fee

 

		(a)	The Company must pay to the Facility Agent (for the account of each Lender participating in the relevant
Loan) a utilisation fee (“Utilisation Fee”) computed at the rate of:

 

		(i)	0.15% per annum on the aggregate amount of the Utilisations outstanding for each day on which the aggregate
amount of Utilisations outstanding exceeds zero, but is less than 34%, of the Total Commitments;

 

		(ii)	0.30% per annum on the aggregate amount of Utilisations outstanding for each day on which the aggregate
amount of Utilisations outstanding is equal to or exceeds 34%, but is less than 67%, of the Total Commitments; and

 

		(iii)	0.50% per annum on the aggregate amount of Utilisations outstanding for each day on which the aggregate
amount of Utilisations outstanding is equal to or exceeds 67% of the Total Commitments.

 

		(b)	The Utilisation Fee is payable on the amount of each Lender’s participation in the Loans.

 

		(c)	The accrued Utilisation Fee is payable on the last day of each successive period of three Months commencing
on or after the date of this Agreement and ending on the date on which no amounts are outstanding under the Finance Documents and no Commitment
is in force, on the Termination Date and, if cancelled in full, at the time the cancellation of a Lender’s Commitment is effective.

 

		12.	Tax Gross Up and Indemnities

 

		12.1	Definitions

 

		(a)	In this Clause:

 

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

 

    	 	63 	 

     

    

 

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

 

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

 

		12.2	Tax Gross-Up

 

		(a)	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.

 

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

 

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

 

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

 

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

 

		(f)	A Lender and an Obligor which makes a payment to which that Lender is entitled shall, subject to the Obligor
reimbursing the Lender for any third-party expenses reasonably incurred in doing so, co- operate in completing any available and reasonable
procedural formalities necessary for that Obligor to obtain authorisation to make that payment without a Tax Deduction or subject to a
reduced amount of a Tax Deduction (including but not limited to taking reasonable steps to make a claim for relief under any relevant
double tax treaty).

 

		12.3	Tax Indemnity

 

		(a)	Except as provided in paragraph (b) below, the Company shall, within three Business Days of
demand by the Facility Agent, pay to a Protected Party an amount equal to the cost, loss or liability which that Protected Party determines
will be or has been (directly or indirectly) incurred for or on account of Tax by that Protected Party in respect of a payment received
or receivable (or any payment deemed to be received or receivable) or otherwise under a Finance Document.

 

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

 

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

 

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

 

    	 	64 	 

     

    

 

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

 

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

 

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

 

		(A)	is compensated for by an increased payment under Clause 12.2 (Tax Gross-Up); or

 

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

 

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

 

		(d)	A Protected Party must, on receiving a payment from an Obligor under this Clause 12.3 (Tax Indemnity),
notify the Facility Agent promptly.

 

		12.4	Tax Credit

 

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

 

		(a)	a Tax Credit is attributable to, and identifiable by the relevant Finance Party as:

 

		(i)	an increased payment of which that Tax Payment forms part;

 

		(ii)	that Tax Payment; or

 

		(iii)	a Tax Deduction in consequence of which that Tax Payment was required; and

 

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

 

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

 

		12.5	Stamp Taxes

 

The Company shall pay and, within three
Business Days of demand, indemnify each Secured Party against any cost, loss or liability that Secured Party incurs in relation to all
stamp duty, registration and other similar Taxes payable in respect of any Finance Document, other than a cost, loss or liability in relation
to such stamp duty, registration or similar Tax, incurred by a Finance Party in respect of a transfer or assignment of its rights and/or
obligations under a Finance Document.

 

		12.6	Value Added Taxes

 

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

 

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

 

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

 

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

 

		(c)	Where VAT is or becomes chargeable in Nigeria on any supply made by the Supplier to the Recipient under
a Finance Document, and the Recipient is required by law to withhold, remit and make returns on the VAT to the relevant tax authority,
the Recipient shall do so on or before the due date for the remittance or making the returns, and shall promptly provide the Supplier
evidence of the Recipient’s compliance.

 

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

 

		(e)	Any reference in this Clause 12.6 (Value Added Taxes) to any Party will, at any time when
that 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 that group at that time (the term representative member to have the same meaning as in
the Value Added Tax Act 1994).

 

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

 

		12.7	FATCA Information

 

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

 

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

 

		(A)	a FATCA Exempt Party; or

 

    	 	66 	 

     

    

 

		(B)	not a FATCA Exempt Party;

 

		(ii)	supply to that other Party such forms, documentation and other information relating to its status under
FATCA as that other Party requests to enable that other Party to comply with FATCA; and

 

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

 

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

 

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

 

		(i)	any law or regulation;

 

		(ii)	any fiduciary duty; or

 

		(iii)	any duty of confidentiality.

 

		(d)	If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation
or other information relating to its status under FATCA requested in accordance with paragraph (a) above (including where paragraph (c) above
applies), then that Party may be treated for the purposes of the Finance Documents (and payments made under them) as if it is not a FATCA
Exempt Party until it provides the requested confirmation, forms, documentation or other information.

 

		12.8	FATCA Deduction

 

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

 

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

 

		12.9	Other Information

 

		(a)	Subject to paragraph (b) below, each Party must, within ten Business Days of a reasonable request
by another Party, supply to that other Party such forms, documentation and other information relating to its status as that other Party
requests to enable that other Party to comply with any applicable law or regulation implementing international arrangements for the exchange
of Tax or financial information between jurisdictions.

 

    	 	67 	 

     

    

 

		(b)	No Party is obliged to do anything under paragraph (a) above which would or might in its reasonable
opinion constitute a breach of any applicable:

 

		(i)	law or regulation;

 

		(ii)	fiduciary duty; or

 

		(iii)	duty of confidentiality.

 

		13.	Increased Costs

 

		13.1	Definitions

 

In this Agreement:

 

“Basel III” means:

 

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

 

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

 

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

 

“Change in Law” means
the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender),
of any of the following:

 

		(a)	the adoption or introduction of any law, rule, regulation or treaty;

 

		(b)	any change in any law, rule, regulation or treaty or in the administration, interpretation or application
thereof;

 

		(c)	the making or issuance of any binding guideline or binding directive by any governmental authority; provided
that, for purposes of this Agreement, the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines
or directives in connection therewith are deemed to have gone into effect and adopted after the date of this Agreement;

 

		(d)	any change in Basel III or CRD IV; or

 

		(e)	compliance with any law or regulation made after the date of this Agreement.

 

“CRD IV” means:

 

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

 

		(b)	Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access
to the activity of credit institutions and the prudential supervision of credit institutions and investment firms.

 

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“Increased Costs”
means:

 

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

 

		(b)	an additional or increased cost; or

 

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

 

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

 

		13.2	Increased Costs

 

Subject to Clause 13.4 (Exceptions)
below, the Company shall, within three Business Days of a demand by the Facility Agent, pay for the account of a Finance Party the amount
of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of any Change in Law.

 

		13.3	Increased Costs Claims

 

		(a)	A Finance Party intending to make a claim pursuant to Clause 13.2 (Increased Costs) must notify
the Facility Agent of the circumstances giving rise to and the amount of the claim, following which the Facility Agent must promptly notify
the Company.

 

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

 

		13.4	Exceptions

 

Clause 13.2 (Increased Costs)
does not apply to the extent any Increased Cost is:

 

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

 

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

 

		(c)	compensated for by Clause 12.3 (Tax Indemnity) (or would have been compensated for under Clause 12.3
(Tax Indemnity) but was not compensated for solely because any of the exclusions in paragraph (b) of Clause 12.3
(Tax Indemnity) applied);

 

		(d)	attributable to the implementation or application of or compliance with the “International Convergence
of Capital Measurement and Capital Standards, a Revised Framework” published by the Basel Committee on Banking Supervision in June 2004
in the form existing on the date of this Agreement (or, if later, the date the relevant Finance Party becomes a Party to this Agreement)
(“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);

 

		(e)	attributable to implementation, application or compliance with Basel III or CRD IV other than to the extent
that the Basel III or CRD IV have been amended and such amendments are not contemplated as at the date of this Agreement; or

 

		(f)	attributable to the wilful breach by any Finance Party or its Affiliates of any law or regulation or the
terms of any Finance Document.

 

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		14.	Other Indemnities

 

		14.1	Currency Indemnity

 

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

 

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

 

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

 

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

 

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

 

		14.2	Other Indemnities

 

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

 

		(i)	the occurrence of any Event of Default;

 

		(ii)	a failure by the Company to pay any amount due under a Finance Document on its due date, including without
limitation, any cost, loss or liability resulting from any distribution or redistribution of any amount among the Lenders under this Agreement;

 

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

 

		(iv)	a Loan (or part of a Loan) not being prepaid in accordance with the Finance Documents.

 

		(b)	The Company’s liability in each case includes any cost, loss or liability incurred on account of
funds borrowed, contracted for or utilised to fund any Loan or any other amount payable under any Finance Document.

 

		14.3	Indemnity to the Facility Agent

 

The Company shall indemnify the Facility
Agent within three Business Days of demand against:

 

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

 

		(i)	investigating any event which the Facility Agent reasonably believes is a Default;

 

    	 	70 	 

     

    

 

		(ii)	acting or relying on any notice, request or instruction which the Facility Agent reasonably believes to
be genuine, correct and appropriately authorised; or

 

		(iii)	instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement; and

 

		(b)	any cost, loss or liability (including, without limitation, for negligence or any other category of liability
whatsoever) incurred by the Facility Agent otherwise than by reason of the Agent’s gross negligence or wilful misconduct (or, in
the case of any cost, loss or liability arising pursuant to Clause 32.10 (Disruption to Payment Systems), notwithstanding
the Facility Agent’s negligence, gross negligence or any other category of liability whatsoever, other than any claim based on the
fraud of the Facility Agent in acting as Facility Agent under the Finance Documents).

 

		14.4	Indemnity to the Security Agent

 

		(a)	The Company must indemnify the Security Agent and each Receiver and Delegate within three Business Days
of demand against any cost, loss or liability incurred by any of them as a result of:

 

		(i)	any failure by the Company to comply with its obligations under Clause 17 (Costs and Expenses);

 

		(ii)	acting or relying on any notice, request or instruction which the Security Agent, Receiver or Delegate
reasonably believes to be genuine, correct and appropriately authorised;

 

		(iii)	the taking, holding, protection or enforcement of the Security under the Security Documents;

 

		(iv)	the exercise of any of the rights, powers, discretions and remedies vested in the Security Agent, Receiver
or Delegate by the Finance Documents or by law;

 

		(v)	any default by any Obligor in the performance of any of the obligations expressed to be assumed by it
in the Finance Documents;

 

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

 

		(vii)	acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates
to any of the Charged Property (otherwise, in each case, than by reason of the relevant Security Agent’s, Receiver’s or Delegate’s
gross negligence or wilful misconduct).

 

		(b)	The Security Agent and each Receiver and Delegate may, in priority to any payment to the Secured Parties,
indemnify itself out of the Security Assets in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this
Clause 14.4 (Indemnity to the Security Agent) and Clause 17.3 (Enforcement Costs) and will have a lien on the
Security under the Security Documents and the proceeds of enforcement of those Security for all moneys payable to it.

 

		(c)	The rights conferred by this Clause 14.4 shall survive the termination of this Agreement and shall
continue notwithstanding any disposal of any asset subject to the Finance Documents and are without prejudice to any right to indemnity
by law given to trustees generally and to any provision of the Finance Documents entitling the Security Agent or any other person to an
indemnity in respect of, and/or reimbursement of, any liabilities, costs or expenses incurred or suffered by it in connection with any
of the Finance Documents or the performance of any duties under any of the Finance Documents.

 

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		15.	Mitigation by the Lenders

 

		15.1	Mitigation

 

		(a)	Each Finance Party must, in consultation with the Company, take all reasonable steps to mitigate any circumstances
which arise and which would result in the Facility ceasing to be available or any amount becoming payable under or pursuant to, or being
cancelled pursuant to, any of Clause 7.1 (Mandatory Prepayment – Illegality), Clause 12 (Tax Gross Up and Indemnities),
Clause 13 (Increased Costs) including without limitation transferring its rights and obligations under the Finance Documents
to another Affiliate or Facility Office.

 

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

 

		15.2	Limitation of Liability

 

		(a)	The Company must indemnify each Finance Party promptly for any cost, loss or liability reasonably incurred
by that Finance Party as a result of steps taken by it under this Clause.

 

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

 

		16.	Guarantee and Indemnity

 

		16.1	Guarantee and Indemnity

 

Each Guarantor irrevocably and unconditionally
jointly and severally:

 

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

 

		(b)	undertakes with each Finance Party that whenever the Company does not pay any amount when due under or
in connection with any Finance Document, that Guarantor must immediately on demand pay that amount as if it were the principal obligor
in respect of that amount; and

 

		(c)	agrees with each Finance Party that if any obligation guaranteed by that Guarantor 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 that Finance Party incurs as a result of the Company not paying any amount which would, but for such unenforceability,
invalidity or illegality, have been payable by the Company under any Finance Document on the date when it would have been due. The amount
payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause if the amount claimed
had been recoverable on the basis of a guarantee.

 

		16.2	Continuing Guarantee

 

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

 

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		16.3	Reinstatement

 

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

 

		16.4	Guarantor Intent

 

Without prejudice to the generality
of Clause 16.5 (Waiver of Defences), each Guarantor expressly confirms that it intends that this guarantee shall extend from
time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any
facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: business
acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing
existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension
of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated
with any of the foregoing.

 

		16.5	Waiver of Defences

 

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

 

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

 

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

 

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

 

		(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 an Obligor or any other person;

 

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

 

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

 

		(h)	any insolvency, resolution or similar proceedings.

 

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		16.6	Immediate Recourse

 

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

 

		(b)	This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

 

		16.7	Appropriations

 

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

 

		(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance
Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce them in such manner and order as it sees
fit (whether against those amounts or otherwise) and no Guarantor will be entitled to the benefit of such moneys, security or rights;
and

 

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

 

		16.8	Deferral of Guarantors’ Rights

 

		(a)	Until all amounts which may be or become payable by the Obligors under or in connection with the Finance
Documents have been irrevocably paid in full or unless the Facility Agent otherwise directs, no Guarantor will exercise any rights which
it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or
liability arising under this Clause:

 

		(i)	to be indemnified by an Obligor;

 

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

 

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

 

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

 

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

 

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

 

		(b)	If a Guarantor receives any benefit, payment or distribution in relation to such rights it must hold that
benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by
the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Finance Parties and must promptly
pay or transfer them to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 32 (Payment
Mechanics).

 

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		16.9	Release of Guarantors’ Right of Contribution

 

If any Guarantor (a “Retiring
Guarantor”) ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other
disposal of that Retiring Guarantor then on the date such Retiring Guarantor ceases to be a Guarantor:

 

		(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present
or future and whether actual or contingent) to make a contribution to any other Guarantor arising by reason of the performance by any
other Guarantor of its obligations under the Finance Documents; and

 

		(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under
the Finance Documents to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance
Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such
rights or security are granted by or in relation to the assets of the Retiring Guarantor.

 

		16.10	Additional Security

 

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

 

		16.11	Limitations

 

		(a)	This guarantee does not apply to any liability to the extent that it would result in this guarantee constituting
unlawful financial assistance within the meaning of any applicable provisions under the laws of the jurisdiction of incorporation of the
relevant Guarantor.

 

		(b)	The obligations of any Guarantor are subject to any limitations set out in the Accession Letter executed
by that Guarantor.

 

		(c)	Without prejudice to the generality of paragraphs (a) and (b) above:

 

		(i)	no Obligor incorporated in Nigeria shall be required to give any guarantee or indemnity under this Clause 16
if to do so would contravene section 159 of the Companies and Allied Matters Act, 1990; and

 

		(ii)	any guarantee and/or indemnity under this Clause given by a Guarantor incorporated in The Netherlands
does not apply to any liability to the extent that it would result in such guarantee and/or indemnity constituting unlawful financial
assistance within the meaning of any applicable provisions under Dutch law.

 

		17.	Costs and Expenses

 

		17.1	Transaction Expenses

 

The Company shall within ten Business
Days of demand pay the Facility Agent, the Arrangers and the Security Agent (and, in the case of the Security Agent, any Receiver or Delegate)
the amount of all costs and expenses including, but not limited to, legal fees (subject to caps (if any)) properly incurred by any of
them in relation to the arrangement, negotiation, preparation, printing, execution, syndication and perfection of:

 

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

 

    	 	75 	 

     

    

 

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

 

		17.2	Amendment Costs

 

If an Obligor requests an amendment,
waiver or consent or any amendment or waiver is contemplated or agreed pursuant to Clause 38.4 (Changes to Reference Rates),
the Company shall, within ten Business Days of demand, reimburse each of the Facility Agent and the Security Agent for the amount of all
agreed third-party costs and expenses (including, but not limited to, legal fees) properly incurred by the Facility Agent and the Security
Agent (and, in the case of the Security Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with
that request or requirement.

 

		17.3	Enforcement Costs

 

The Company shall, within ten Business
Days of demand, pay to each Secured Party the amount of all costs and expenses (including, but not limited to, legal fees) incurred by
it in connection with the enforcement of or the preservation of any rights under any Finance Document and the Security created under the
Security Documents and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Security
created under the Security Documents or enforcing these rights.

 

		18.	Representations

 

		18.1	Representations

 

		(a)	The representations and warranties set out in this Clause (other than the representation and warranty
set out in paragraph (b) of Clause 18.26 (Insolvency)) are made by the Company to each Finance Party on the dates
set out in Clause 18.27 (Times for Making Representations).

 

		(b)	Each Guarantor makes the representations and warranties set out in paragraphs (a) and (b) of
Clause 18.2 (Status), Clause 18.3 (Binding Obligations), Clause 18.4 (Non-Conflict with other Obligations),
Clause 18.5 (Power and Authority), Clause 18.6 (Validity and Admissibility in Evidence), Clause 18.7 (Governing
Law and Enforcement), Clause 18.8 (Deduction of Tax), Clause 18.9 (No Filing or Stamp Taxes), paragraphs (a) and
(c) of Clause 18.10 (No Default),

 

Paragraph (a) of Clause 18.14
(Pari Passu Ranking), Clause 18.15 (Good Title), Clause 18.17 (Security and Financial Indebtedness), Clause 18.19
(No Proceedings Pending or Threatened), Clause 18.20 (No Breach of Laws), Clause 18.21 (Sanctions), Clause 18.22
(Anti-Bribery and Corruption Laws), Clause 18.24 (No Immunity), Clause 18.25 (No Adverse Consequences)
and paragraph (b) of Clause 18.26 (Insolvency) on the date set out in paragraph (b) of Clause 18.27
(Times for Making Representations).

 

		18.2	Status

 

		(a)	It is a limited liability company, duly incorporated and validly existing under the law of its jurisdiction
of incorporation (or, in the case of the Company after a Permitted Re-domiciliation, it is an exempted company registered by way of continuation
with limited liability, validly existing and in good standing under the laws of the Cayman Islands).

 

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

 

		(c)	Each Material Subsidiary is a limited liability company, limited liability partnership or corporation,
duly incorporated and validly existing under the laws of its jurisdiction of incorporation, and each Material Subsidiary has the power
to own its assets and carry on its business as it is being conducted.

 

    	 	76 	 

     

    

 

		18.3	Binding Obligations

 

Subject to the Legal Reservations and,
in the case of the Security Documents, the Perfection Requirements:

 

		(a)	its obligations under the Finance Documents to which it is a party are legal, valid, binding and enforceable
obligations; and

 

		(b)	(without limiting the generality of paragraph (a) above), each of the Security Documents to
which it is party creates the security interests which that Security Document purports to create and those security interests are valid
and effective.

 

		18.4	Non-Conflict with other Obligations

 

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

 

		(a)	any law or regulation applicable to it;

 

		(b)	its constitutional documents; or

 

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

 

		18.5	Power and Authority

 

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

 

		18.6	Validity and Admissibility in Evidence

 

All Authorisations required:

 

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

 

		(b)	to make the Finance Documents to which it is a party, subject to the Legal Reservations and, in the case
of the Security Documents, the Perfection Requirements, admissible in evidence in its Relevant Jurisdictions,

 

have been obtained or effected and are,
subject to the Legal Reservations and, in the case of the Security Documents, Perfection Requirements, in full force and effect other
than in respect of stamping and registration of the Security Documents.

 

		18.7	Governing Law and Enforcement

 

		(a)	Subject to the Legal Reservations, any:

 

		(i)	submission under a Finance Document to the jurisdiction of particular courts or to arbitration (as applicable);
and

 

		(ii)	agreement as to the governing law of a Finance Document,

 

is legal, valid and binding under the
laws of its Relevant Jurisdictions.

 

		(b)	Subject to the Legal Reservations, any arbitral award or judgment obtained in the courts to whose jurisdiction
it submitted, in each case, in relation to a Finance Document will be recognised and enforced by the courts of its Relevant Jurisdictions.

 

    	 	77 	 

     

    

 

		18.8	Deduction of Tax

 

It is not required to make any Tax Deduction
from any payment it may make under any Finance Document to a Lender, except to the extent required by law.

 

		18.9	No Filing or Stamp Taxes

 

Under the laws of its Relevant Jurisdictions
it is not necessary that the Finance Documents be registered, filed, recorded, notarised or enrolled with any court or other authority
in that jurisdiction or that any stamp, registration, notarial or similar Taxes or fees be paid on or in relation to them or the transactions
contemplated by them except for:

 

		(a)	any stamping, filing, recording or enrolling or any tax or fee payable in connection with the Security
created under the Security Documents;

 

		(b)	any stamping, filing, recording or enrolling or any tax or fee payable in connection with the Finance
Documents (other than the Security Documents) in Nigeria, to the extent any person incorporated or established in Nigeria is a party to
that Finance Document; and

 

		(c)	after a Permitted Re-domiciliation, any stamping, filing, recording or enrolling or any tax or fee payable
in connection with any Finance Documents or Security Document that is executed in or brought to the Cayman Islands or produced before
a court in the Cayman Islands.

 

		18.10	No Default

 

		(a)	No Event of Default has occurred (or, when this representation is made on the date of this Agreement,
no Default) and is continuing or would reasonably be expected to result from any Loan or the entry into or the performance of, or any
transaction contemplated by, any Finance Document.

 

		(b)	No other event has occurred and is continuing which constitutes a default (howsoever described or defined)
under any agreement to which it is party and which would be reasonably expected to have a Material Adverse Effect.

 

		(c)	In the case of a Guarantor only, no Default would (when this representation is made by a Guarantor on
the date of this Agreement or (as applicable) the Guarantor Accession Date applicable to it) reasonably be expected to result from the
entry by that Guarantor into, or the performance by that Guarantor of, or any transaction of that Guarantor contemplated by, any Finance
Document.

 

		18.11	No Material Subsidiary Event of Default

 

No Material Subsidiary Event of Default
is continuing.

 

		18.12	No Misleading Information

 

		(a)	The Financial Plan has been prepared in accordance with IFRS, and the financial projections contained
in the Financial Plan are fair and based on reasonable assumptions and have been approved by the board of directors of the Company.

 

		(b)	Any financial projection or forecast contained in the Financial Plan has been prepared on the basis of
reasonable assumptions and was fair (as at the date of the relevant report or document containing the projection or forecast) and arrived
at after careful consideration.

 

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		18.13	Financial Statements

 

		(a)	Its audited financial statements most recently delivered to the Facility Agent (which, at the date of
this Agreement, are its Original Financial Statements) were prepared in accordance with IFRS, consistently applied.

 

		(b)	There has been no material adverse change in its business or financial condition (consolidated if applicable)
since the date to which its Original Financial Statements were drawn up.

 

		18.14	Pari Passu Ranking

 

		(a)	Its payment obligations under the Finance Documents rank at least pari passu in right and priority
of payment with all its other present and future unsecured and unsubordinated indebtedness (actual or contingent) except indebtedness
preferred by laws of general application.

 

		(b)	Subject to Legal Reservations and Perfection Requirements, any Security has or will have the ranking in
priority which it is expressed to have in the Security Documents.

 

		18.15	Good Title

 

It has good, valid and marketable title
to, or valid leases or licences of, or is otherwise entitled to use, all assets necessary for the conduct of the business as it is presently
being conducted, where failure to do so would be reasonably expected to have a Material Adverse Effect.

 

		18.16	Reserved

 

[Reserved.]

 

		18.17	Security and Financial Indebtedness

 

		(a)	No Security or Quasi-Security exists over all or any of the present or future assets of the Company other
than as permitted or not prohibited by the Finance Documents.

 

		(b)	No Security or Quasi-Security exists over all or any of the present or future assets of any Material Subsidiary
other than:

 

		(i)	Permitted Security;

 

		(ii)	as permitted or not prohibited by the terms of the relevant Existing Material Subsidiary Debt Facility;
or

 

		(iii)	in the case of any Guarantor, as permitted under Clause 4 (Negative Pledge) of Schedule 16
(Additional Covenants).

 

		(c)	Neither the Company nor any Material Subsidiary has any Financial Indebtedness outstanding other than
as permitted or not prohibited by the Finance Documents.

 

		18.18	Group Structure and Subsidiaries

 

The Group Structure Chart accurately
records in all respects (other than any nominal shareholdings required by law) the structure of the Company and its operating Subsidiaries
as at the date of this Agreement.

 

		18.19	No Proceedings Pending or Threatened

 

No litigation, arbitration or administrative
proceedings or investigation of or before any court, arbitral body or agency which, if adversely determined, would be reasonably likely
to have a Material Adverse Effect has been started or, to the best of its knowledge, is threatened, has been started or is pending against
it or any of its Material Subsidiaries.

 

    	 	79 	 

     

    

 

		18.20	No Breach of Laws

 

Neither it nor any Material Subsidiary
has breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.

 

		18.21	Sanctions

 

		(a)	Neither the Company, its Subsidiaries nor its joint venture entities, nor any of their respective directors,
officers or employees nor, to the knowledge of the Company, any persons acting on any of their behalf:

 

		(i)	is a Restricted Party;

 

		(ii)	has received notice of any claim, action, suit, proceeding or investigation against it with respect to
Sanctions by any Sanctions Authority;

 

		(iii)	has been engaged in any transaction that evades or avoids, or has the purpose of evading or avoiding,
or breaches or attempts to breach, directly or indirectly, any Sanctions; or

 

		(iv)	has been engaged, directly or indirectly, in any trade, business or other activities with or for the benefit
of any Restricted Party or which is in breach of any Sanctions.

 

		(b)	Subject to paragraph (c) below, any representation made or deemed to be made pursuant to paragraph (a) above
shall not apply for the benefit of a Finance Party to the extent that giving, complying with or receiving the benefit of (as applicable)
such representation results in a breach of any applicable Blocking Law.

 

		(c)	In relation to each Finance Party that notifies the Facility Agent and the Company to this effect, any
provision of or representation made or deemed to be made pursuant to paragraph (a) that results in that Finance Party breaching
any applicable Blocking Law will continue to apply for the benefit of that Finance Party notwithstanding such breach, and accordingly
paragraph (b) will not apply to that Finance Party to this degree.

 

		18.22	Anti-Bribery and Corruption Laws

 

		(a)	The Company and each of its Subsidiaries has implemented policies and procedures designed to promote and
achieve compliance by it and its respective directors, officers and employees with Anti- Corruption Laws.

 

		(b)	To the best of its knowledge, the Company and each of its Subsidiaries has conducted its businesses in
compliance with Anti-Corruption Laws.

 

		18.23	Environmental Compliance

 

		(a)	It is in compliance with Clause 22.6 (Environmental Compliance) and to the best of its knowledge
and belief (having made due and careful enquiry) no circumstances have occurred which would prevent such compliance in a manner or to
an extent which would be reasonably likely to have a Material Adverse Effect.

 

		(b)	No Environmental Claim has been commenced or (to the best of the Company’s knowledge and belief
(having made due and careful enquiry)) is threatened against the Company where that claim would be reasonably likely, if adversely determined,
to have a Material Adverse Effect or a material adverse impact on the implementation or operation of the business of the Company in accordance
with the Performance Standards.

 

    	 	80 	 

     

    

 

 

		18.24	No
                                            Immunity

 

In any
proceedings taken in its jurisdiction of incorporation in relation to the Finance Documents to which it is a party, it will not be entitled
to claim for itself or any of its assets immunity from suit, execution, attachment or other legal process.

 

		18.25	No
                                            Adverse Consequences

 

		(a)	It
                                            is not necessary under the laws of its jurisdiction of incorporation:

 

		(i)	in
                                            order to enable any Finance Party that is a Party as at the date of this Agreement to enforce
                                            its rights under any Finance Document; or

 

		(ii)	by
                                            reason of the entry into of any Finance Document in force as at the date of this Agreement
                                            or the performance by it of its obligations under any Finance Document,

 

that any
Finance Party that is a Party as at the date of this Agreement should be licensed, qualified or otherwise entitled to carry on business
in that jurisdiction.

 

		(b)	No
                                            Finance Party that is a Party as at the date of this Agreement is or will be deemed to be
                                            resident, domiciled or carrying on business in that jurisdiction by reason only of the entry
                                            into, performance and/or enforcement of any Finance Document in force as at the date of this
                                            Agreement.

 

		18.26	Insolvency

 

		(a)	No:

 

		(i)	corporate
                                            action, legal proceeding or other procedure or step described in paragraph (a) of
                                            Clause 23.8 (Insolvency Proceedings); or

 

		(ii)	creditors’
                                            process described in Clause 23.9 (Creditors’ Process or Expropriation),

 

has been
taken or, to its knowledge having made due and careful enquiry, is threatened in relation to it or any Material Subsidiary (other than
any Guarantor) and none of the circumstances described in Clause 23.7 (Insolvency) applies to it or any Material Subsidiary
(other than any Guarantor).

 

		(b)	No:

 

		(i)	corporate
                                            action, legal proceeding or other procedure or step described in paragraph (d) of
                                            Schedule 17 (Additional Events of Default) applicable to it; or

 

		(ii)	creditors’
                                            process described in Clause 23.9 (Creditors’ Process or Expropriation),

 

has been
taken in respect of it nor, to its knowledge having made due and careful enquiry, is threatened in relation to it and none of the circumstances
described in paragraph (d) of Schedule 17 (Additional Events of Default) applicable to it applies to it.

 

		18.27	Times
                                            for Making Representations

 

		(a)	The
                                            representations and warranties set out in this Clause are made by the Company on the date
                                            of this Agreement.

 

    	 	81 	 

     

    

 

		(b)	Each
                                            Guarantor shall make the representations and warranties listed in paragraph (b) of
                                            Clause 18.1 (Representations):

  

		(i)	in
                                            the case of a Guarantor listed in Part 2 of Schedule 1 (The Parties), on the
                                            date of this Agreement; or

 

		(ii)	in
                                            the case of any other Guarantor, on the Guarantor Accession Date applicable to that Guarantor.

 

		(c)	Each
                                            Obligor shall be deemed to repeat the Repeating Representations applicable to it on the date
                                            of each Utilisation Request, on each Utilisation Date and on the first day of each Interest
                                            Period.

 

		(d)	The
                                            representation and warranty set out in paragraph (b) of Clause 18.14 (Pari
                                            Passu Ranking) is deemed to be made at the time a Security Document is entered into.

 

		(e)	The
                                            representations and warranties set out in paragraph (a) of Clause 18.13 (Financial
                                            Statements) in respect of each set of audited financial statements delivered pursuant
                                            to Clause 19.1 (Financial Statements) shall only be made once in respect of each
                                            set of audited financial statements on the date such Financial Statements are delivered.

 

		(f)	Each
                                            representation or warranty deemed to be made after the date of this Agreement shall be deemed
                                            to be made by reference to the facts and circumstances existing at the date the representation
                                            or warranty is deemed to be made.

 

		19.	Information
                                            Undertakings

 

		19.1	Financial
                                            Statements

 

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

 

		(a)	as
                                            soon as the same become available, but in any event within 120 days after the end of
                                            each of its Financial Years, its audited consolidated financial statements for that Financial
                                            Year (the “Annual Financial Statements”); and

 

		(b)	as
                                            soon as the same become available, but in any event within 60 days after the end of
                                            each of the first three Financial Quarters of the Financial Year, its consolidated financial
                                            statements for the relevant Financial Quarter (the “Quarterly Financial Statements”).

 

		19.2	Compliance
                                            Certificate

 

		(a)	The
                                            Company must supply to the Facility Agent a duly completed Compliance Certificate with each
                                            set of its financial statements delivered to the Facility Agent under paragraphs (a) or
                                            (b) of Clause 19.1 (Financial Statements).

 

		(b)	A
                                            Compliance Certificate must be signed by an officer or a director of the Company.

 

		(c)	Each
                                            Compliance Certificate must specify that no Default or Material Subsidiary Event of Default
                                            is continuing, and if this statement cannot be made the certificate should identify any Default
                                            that is continuing and the steps, if any, being taken to remedy it.

 

		19.3	Requirements
                                            as to Financial Statements

 

		(a)	Each
                                            set of financial statements delivered pursuant to Clause 19.1 (Financial Statements):

 

    	 	82 	 

     

    

 

		(i)	gives
                                            (if audited) a true and fair view of, or (if unaudited) fairly represents, the financial
                                            condition (consolidated or otherwise) of the Company as at the date to which those financial
                                            statements were drawn up; and

 

		(ii)	shall
                                            be prepared using IFRS, accounting practices and financial reference periods consistent with
                                            those applied in the preparation of the Financial Plan, unless, in relation to any set of
                                            financial statements, the Company notifies the Facility Agent that there has been a change
                                            in IFRS or the accounting practices and the Company delivers to the Facility Agent:

 

		(A)	a
                                            description of any change necessary for those financial statements to reflect the IFRS or
                                            accounting practices upon which the Financial Plan was prepared; and

 

		(B)	sufficient
                                            information, in form and substance as may be reasonably required by the Agent, to enable
                                            the Lenders to determine whether Clause 20 (Financial Covenants) has been complied
                                            with and to make an accurate comparison between the financial position indicated in those
                                            financial statements and the Financial Plan.

 

		(b)	Any
                                            reference in this Agreement to any financial statements shall be construed as a reference
                                            to those financial statements as adjusted to reflect the basis upon which the Financial Plan
                                            was prepared.

 

		19.4	Information
                                            – Miscellaneous

 

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

 

		(a)	at
                                            the same time as they are dispatched, copies of all documents required by law to be dispatched
                                            by the Company to its creditors generally;

 

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

 

		(c)	promptly
                                            but subject in any event to any applicable duty of confidentiality owed by a member of the
                                            Group to any person other than a member of the Group, the details of:

 

		(i)	any
                                            amendment made or waiver granted in respect of the principal amount or tenor of, or financial
                                            covenants applicable under, any Existing Material Subsidiary Debt Facility or any Refinancing
                                            Facility;

 

		(ii)	any
                                            Refinancing Facility;

 

		(iii)	any
                                            Bridge Facility; and

 

		(iv)	any
                                            debt financing envisaged pursuant to Clause 22.24(b) (Distributions); and

 

		(d)	upon
                                            request, such other information relating to the assets (which are as stated in the Company’s
                                            balance sheet from time to time), financial condition, business or operation of the Company,
                                            as the Facility Agent or any other Lender through the Facility Agent may from time to time
                                            reasonably request to monitor the compliance of the obligations of the Company.

 

		19.5	Information
                                            – Senior Notes

 

While
the Senior Notes remain outstanding, the Company shall procure that the issuer of the Senior Notes sends to the Facility Agent copies
of the financial statements sent to the holders of the Senior Notes (or the trustee on their behalf) pursuant to section 4.03(a) of
the Senior Notes Indenture.

 

    	 	83 	 

     

    

 

		19.6	Notification
                                            of Default

 

		(a)	The
                                            Company must notify the Facility Agent of any Default (and the steps, if any, being taken
                                            to remedy it) or any Material Subsidiary Event of Default promptly on becoming aware of its
                                            occurrence.

 

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

 

		(c)	If
                                            any Lender (acting reasonably) suspects that a Material Subsidiary Event of Default has occurred,
                                            that Lender may notify the Facility Agent in writing to, and the Facility Agent shall, request
                                            the Company to confirm whether or not a Material Subsidiary Event of Default has occurred
                                            and is continuing. The Company must, promptly following receipt of any such request, supply
                                            to the Facility Agent a certificate, signed by a director or senior officer on its behalf,
                                            confirming that no Material Subsidiary Event of Default is continuing (or, if a Material
                                            Subsidiary Event of Default is continuing, specifying the relevant default and the steps,
                                            if any, being taken to remedy it).

 

		19.7	Use
                                            of Websites

 

		(a)	The
                                            Company may satisfy its obligation under this Agreement to deliver any information in relation
                                            to those Lenders (the “Website Lenders”) who accept this method of communication
                                            by posting this information onto an electronic website designated by the Company and the
                                            Facility Agent (the “Designated Website”) if:

 

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

 

		(ii)	both
                                            the Company and the Facility Agent are aware of the address of and any relevant password
                                            specifications for the Designated Website; and

 

		(iii)	the
                                            information is in a format previously agreed between the Company and the Facility Agent.

 

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

 

		(b)	The
                                            Facility Agent must supply each Website Lender with the address of and any relevant password
                                            specifications for the Designated Website following designation of that website by the Company
                                            and the Facility Agent.

 

		(c)	The
                                            Company must promptly on becoming aware of its occurrence notify the Facility Agent if:

 

		(i)	the
                                            Designated Website cannot be accessed due to technical failure;

 

		(ii)	the
                                            password specifications for the Designated Website change;

 

    	 	84 	 

     

    

 

		(iii)	any
                                            new information which is required to be provided under this Agreement is posted onto the
                                            Designated Website;

 

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

 

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

 

		(d)	If
                                            the Company notifies the Facility Agent under paragraph (c)(i) or paragraph (c)(v) above,
                                            all information to be provided by the Company under this Agreement after the date of that
                                            notice must be supplied in paper form unless and until the Facility Agent and each Website
                                            Lender is satisfied that the circumstances giving rise to the notification are no longer
                                            continuing.

 

		(e)	Any
                                            Website Lender may request, through the Facility Agent, one paper copy of any information
                                            required to be provided under this Agreement which is posted onto the Designated Website.
                                            The Company must comply with any such request within ten Business Days.

 

		19.8	“Know
                                            Your Customer” Checks

 

		(a)	Subject
                                            to paragraph (b) below, the Company must, promptly on request by any Finance Party,
                                            supply any documentation or other evidence requested by that Finance Party (whether for itself,
                                            or on behalf of any other Finance Party or any prospective new Lender) to enable a Finance
                                            Party or prospective new Lender to carry out and be satisfied with the results of any “know
                                            your customer” checks or other similar checks required under any applicable law or
                                            regulation in connection with the transactions contemplated by the Finance Documents.

 

		(b)	The
                                            Company is only required to supply any information under paragraph (a) above, if
                                            the information is not already available to the relevant Finance Party and the requirement
                                            arises as a result of:

 

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

 

		(ii)	any
                                            change in the status of the Company after the date of this Agreement or any Permitted Re-
                                            domiciliation; or

 

		(iii)	a
                                            proposed assignment or transfer by a Lender of any of its rights and/or obligations under
                                            any Finance Document to a person that is not a Lender before that assignment or transfer.

 

		(c)	Each
                                            Lender must, promptly on request by the Facility Agent supply, or procure the supply of,
                                            any documentation or other evidence reasonably requested by the Facility Agent (for itself)
                                            to enable the Facility Agent to carry out and be satisfied with the results of any “know
                                            your customer” checks or other similar checks required under any applicable law or
                                            regulation in connection with the transactions contemplated by the Finance Documents.

 

    	 	85 	 

     

    

 

		20.	Financial
                                            Covenants

 

		20.1	Financial
                                            Definitions

 

“Bond
Transaction Costs” means all fees, commissions, costs and expenses, stamp, registration and other Taxes incurred by the Company
or any of its Affiliates (including any member of the Group) in connection with the Senior Notes.

 

“Cash
Bond Coupon” means the total cash Finance Costs of the Group arising under the Senior Notes (excluding Bond Transaction Costs).

 

“EBITDA”
means, in respect of any period for any person, the Net Income for such period, excluding:

 

		(a)	total
                                            Finance Costs;

 

		(b)	total
                                            Finance Income;

 

		(c)	total
                                            income tax (expense)/benefit as stated in the statement of profit or loss for the period;

 

		(d)	all
                                            depreciation and amortisation expense of that person for such period;

 

		(e)	any
                                            gains or losses from sales of assets other than inventory sold in the ordinary course of
                                            the business;

 

		(f)	any
                                            impairment of property, plant and equipment and prepaid land rent, or WHT receivable;

 

		(g)	any
                                            Exceptional Items;

 

		(h)	share-based
                                            payment transactions;

 

		(i)	any
                                            net gain or loss from the receipt of any insurance proceeds;

 

		(j)	and
                                            other non-operating income and expenses; and

 

		(k)	minority
                                            interest income and expenses,

 

in each
case, to the extent added, deducted or taken into account, as the case may be, for the purposes of determining the Net Income.

 

“Exceptional
Items” means items of income and expense of that are that are sufficiently large and unusual due to the significance of their
nature, size or incidence of occurrence as to distort comparisons from one period to the next (including, without limitation, any Transaction
Costs that are sufficiently large and unusual due to the significance of their nature, size or incidence of occurrence as to distort
comparisons from one period to the next).

 

“Finance
Costs” means finance costs as presented in the Financial Statements of the Group as determined in accordance with IFRS.

 

“Finance
Income” means finance income as presented in the Financial Statements of the Group as determined in accordance with IFRS.

 

“Interest
Cover Ratio” means, in respect of any Relevant Period, the ratio of EBITDA of the Group in respect of that Relevant Period
to Net Cash Finance Interest Adjusted For Leases in respect of that Relevant Period.

 

“Leverage
Ratio” means, in respect of any Relevant Period, the ratio of Net Financial Indebtedness on the last day of that Relevant Period
to EBITDA of the Group in respect of that Relevant Period.

 

    	 	86 	 

     

    

 

“Net
Cash Finance Interest Adjusted For Leases” means, for any period:

  

		(a)	the
                                            total cash interest or finance costs paid on Financial Indebtedness of the Group (excluding
                                            the Transaction Costs), as presented in the cash flow statements from the most recent Financial
                                            Statements of the Group, as determined in accordance with IFRS; plus

 

		(b)	without
                                            duplication the interest expense on the Lease obligations of the Group for such period; less

 

		(c)	the
                                            total cash finance income received by the Group as presented in the cash flow statements
                                            from the most recent Financial Statements of the Group resulting from investments and bank
                                            deposits in that period.

 

“Net
Financial Indebtedness” means, in respect of any Relevant Period, the Financial Indebtedness of the Group on the last day of
that Relevant Period (other than Financial Indebtedness in respect of hedging agreements or other treasury transactions, in each case
to the extent permitted by the terms of this Agreement, except for any crystallised exposures under such hedging agreements or treasury
transactions or Financial Indebtedness arising in respect of any terminated hedging agreements or other treasury transactions) less the
aggregate amount of Cash (including, for the avoidance of doubt, any cash provided as margin in connection with any terminated hedging
agreement or other treasury transaction which has not been applied in paying any relevant termination payment) and Cash Equivalent Investments
held by the Group during that Relevant Period.

 

“Net
Income” means, in respect of any Relevant Period, stated as the ‘Profit/(loss)’ for the period in the statement
of profit or loss in the Financial Statements of the Group as determined in accordance with IFRS.

 

“Quarter
Date” means each of 31 March, 30 June, 30 September and 31 December.

 

“Relevant
Period” means each period of 12 Months ending on or about the last day of each Financial Quarter.

 

“Transaction
Costs” means all arm’s length, fair market and bona fide fees, commissions, costs and expenses, and stamp, registration
and other Taxes incurred by any member of the Group (including any member of the Nigeria Group) in connection with:

 

		(a)	the
                                            Facility, the Finance Documents, any Permitted Financial Indebtedness or any Permitted Acquisition;
                                            or

 

		(b)	the
                                            Nigeria Group Credit Facility and any indebtedness or acquisition contemplated or permitted
                                            thereunder.

 

“Total
Assets” means the total assets of the Group, calculated on a consolidated basis in accordance with IFRS, excluding all intra-group
items and investments in any member of the Group.

 

		20.2	Financial
                                            Condition

 

The Company
shall ensure that:

 

		(a)	Interest
                                            Cover Ratio

 

On each
Quarter Date, the Interest Cover Ratio in respect of any Relevant Period shall not be less than 2.75:1.

 

    	 	87 	 

     

    

 

		(b)	Leverage
                                            Ratio

 

On each
Quarter Date, the Leverage Ratio in respect of any Relevant Period shall not be greater than 4.0:1.

  

		20.3	Financial
                                            Testing

 

		(a)	The
                                            financial covenants set out in Clause 20.2 (Financial Condition) shall be calculated
                                            in accordance with IFRS and tested by reference to appropriate set of Annual Financial Statements
                                            and Quarterly Financial Statements and/or each Compliance Certificate delivered pursuant
                                            to Clause 19.2 (Compliance Certificate).

 

		(b)	For
                                            the purpose of calculating the financial covenants set out in Clause 20.2 (Financial
                                            Condition) for each of the Relevant Periods ending on a date which is less than 12 months
                                            after the date of completion of any Permitted Acquisition in relation to a person that becomes
                                            a member of the Group, EBITDA and Net Cash Finance Interest Adjusted for Leases in relation
                                            to that person acquired pursuant to such Permitted Acquisition shall be included for each
                                            full Relevant Period, annualised on a straight line basis.

 

		(c)	No
                                            item shall be taken into account more than once in any calculation.

 

		20.4	Equity
                                            Cure

 

		(a)	If,
                                            in the event of a breach (or in anticipation of a breach) of paragraph (a) (Interest
                                            Cover Ratio) and/or paragraph (b) (Leverage Ratio) of Clause 20.2 (Financial
                                            Condition), the Company receives the proceeds of New Shareholder Injections or New Shareholder
                                            Loans (such proceeds an “Additional Investment”) at any time prior to
                                            the date falling 20 Business Days after the final date for delivery of the Compliance Certificate
                                            in relation to such Relevant Period in respect of which such breach has occurred (or is believed
                                            will occur), Interest Cover Ratio and Leverage Ratio shall be recalculated as follows:

 

		(i)	for
                                            the calculation of Interest Coverage Ratio, the total amount of Financial Indebtedness on
                                            which “Net Cash Finance Interest Adjusted For Leases” is calculated in
                                            respect of the Relevant Period shall be deemed to have been reduced by the entire amount
                                            of the Additional Investment; and/or

 

		(ii)	for
                                            the calculation of Leverage Ratio, “Net Financial Indebtedness” as at
                                            the last day of such Relevant Period shall be deemed to have been reduced by the entire amount
                                            of the Additional Investment.

 

		(b)	If,
                                            after giving effect to the adjustments referred to in paragraph (a) above, the
                                            requirements of paragraphs (a) (Interest Cover Ratio) and/or (b) (Leverage
                                            Ratio) of Clause 20.2 (Financial Condition) are met, the requirements of
                                            paragraphs (a) (Interest Cover Ratio) and/or (b) (Leverage Ratio)
                                            of Clause 20.2 (Financial Condition) shall be deemed to have been satisfied as
                                            at the relevant original date of determination for the purposes of the Finance Documents.

 

		(c)	The
                                            relevant Additional Investment shall be applied solely for the purpose of ascertaining compliance
                                            with paragraphs (a) (Interest Cover Ratio) and/or (b) (Leverage
                                            Ratio) of Clause 20.2 (Financial Condition) and for no other reason.

 

		(d)	The
                                            rights of the Company under paragraph (a) above cannot be exercised more than four
                                            times during the life of the Facilities and, where the Company exercises its rights under
                                            paragraph (a) above (a “Cure”), it shall not be permitted to exercise
                                            its rights under paragraph (a) above again during the six Months or in respect of the
                                            next two Quarter Dates following the date of exercise of a Cure.

 

    	 	88 	 

     

    

 

		(e)	If
                                            the amount of the Additional Investment is greater than the amount required to cure the relevant
                                            breach (such excess being the “Over-cure Amount”), the Company may elect
                                            to apply all or part of such Over-cure Amount towards curing any subsequent breach of paragraphs (a) (Interest
                                            Cover Ratio) and/or (b) (Leverage Ratio) of Clause 20.2 (Financial
                                            Condition) (as applicable), and such application shall (together with the rest of the
                                            Additional Investment) be deemed to be one exercise of the Company’s rights under paragraph (a) above,
                                            provided that such Over-cure Amount has not already been applied for any other purpose
                                            and remains unspent and held with an Acceptable Bank and not committed to be spent in any
                                            manner. For the avoidance of doubt, Over-Cure Amounts are subject to the restriction in paragraph (d) above.

 

		(f)	For
                                            the six-Month period commencing on the later of the date on which the proceeds of an Additional
                                            Investment are received by the Company and the date any Over-cure Amount is applied in accordance
                                            with this Clause 20.4, the Company shall not pay any dividend or other distribution
                                            to its shareholders and/or the person that provided the relevant Additional Investment.

 

		21.	Stamping

 

Upon
a Default that is continuing, the Company shall within five Business Days following the request of the Facility Agent (acting on the
instructions of the Majority Lenders) provide evidence that those Finance Documents to which a Nigerian member of the Group is a party
have been stamped in Nigeria.

 

		22.	General
                                            Undertakings

 

		22.1	General

 

		(a)	The
                                            Company agrees to be bound by the undertakings set out in this Clause 22 relating to
                                            it and, except where expressly agreed otherwise where an undertaking is expressed to apply
                                            to a Material Subsidiary, the Company must ensure that each Material Subsidiary which is
                                            not a Guarantor perform that undertaking.

 

		(b)	Subject
                                            to the other provisions of this Clause 22, each Guarantor agrees to be bound by the
                                            undertakings set out in this Clause 22 expressed to be binding on an Obligor and in
                                            addition to such undertakings, each Guarantor shall comply with each of the covenants set
                                            out in Schedule 16 (Additional Covenants) to the extent applicable to it.

 

		(c)	Without
                                            prejudice to the obligations of the Guarantors under this Agreement, the Company’s
                                            procurement obligations in respect of each Material Subsidiary contained in paragraph (b) of
                                            Clause 22.2 (Authorisations and Consents), Clause 22.3 (Compliance with
                                            Laws), Clause 22.6 (Environmental Compliance), Clause 22.8 (Preservation
                                            of Assets), Clause 22.11 (Acquisitions), Clause 22.12 (Joint Ventures)
                                            and Clause 22.15 (Change of Business):

 

		(i)	shall
                                            only apply to the extent the relevant action or inaction to be procured by the Company is
                                            not inconsistent with the obligations of that Material Subsidiary under any Existing Material
                                            Subsidiary Debt Facility and, if the relevant Existing Material Subsidiary Debt Facility
                                            does not contain any analogous obligation or undertaking of the relevant Material Subsidiary
                                            to the Company’s procurement obligation in respect of any of the clauses listed above,
                                            then that procurement obligation shall not apply in relation to that Material Subsidiary
                                            for so long as the relevant Existing Material Subsidiary Debt Facility continues in full
                                            force and effect; and

 

    	 	89 	 

     

    

 

		(ii)	will
                                            not cause a breach of an undertaking under this Clause 22 to occur in relation to that
                                            Material Subsidiary, if any fact, event or circumstance (that would otherwise give rise to
                                            a breach of such undertaking) would not constitute or give rise to a breach of an undertaking
                                            applicable to the relevant Material Subsidiary under any Existing Material Subsidiary Debt
                                            Facility (and no Default shall arise or be deemed to arise in respect thereof).

 

		(d)	For
                                            the avoidance of doubt, except where expressly agreed otherwise, where an undertaking is
                                            expressed to apply to a member of the Group it shall include the Guarantors.

 

		22.2	Authorisations
                                            and Consents

 

Each
Obligor shall (and the Company shall ensure that each Material Subsidiary will) promptly apply for, obtain and promptly renew from time
to time and maintain in full force and effect all Authorisations, and comply with the terms of all such Authorisations, and promptly
make and renew from time to time all such filings, as may be required under any applicable law or regulation of a Relevant Jurisdiction
to:

 

		(a)	carry
                                            out the transactions contemplated by the Finance Documents to which it is a party and to
                                            ensure that, subject to the Legal Reservations and Perfection Requirements, its obligations
                                            under the Finance Documents to which it is party are valid, legally binding and enforceable;
                                            and

 

		(b)	carry
                                            on its business save to the extent failure to do so would not reasonably be expected to have
                                            a Material Adverse Effect.

 

		22.3	Compliance
                                            with Laws

 

Each
Obligor shall (and the Company shall procure that each Material Subsidiary will) comply with all laws and regulations binding upon it,
where failure to comply would be reasonably likely to have a Material Adverse Effect.

 

		22.4	Sanctions

 

		(a)	No
                                            Obligor shall (and the Company shall procure that no Subsidiary, nor any other person acting
                                            on its or their behalf, will):

 

		(i)	directly
                                            or indirectly, use, lend, make payments of, contribute or otherwise make available, all or
                                            any part of the proceeds of any Loan or other transaction(s) contemplated by this Agreement
                                            to finance any trade, business or other activities:

 

		(A)	involving,
                                            or for the benefit of, any Restricted Party; or

 

		(B)	in
                                            any other manner that would reasonably be expected to result in any Obligor, Material Subsidiary
                                            or any Finance Party being in breach of any Sanctions (if and to the extent applicable to
                                            either of them) or becoming a Restricted Party;

 

		(ii)	engage
                                            in any transaction that evades or avoids, or has the purpose of evading or avoiding, or breaches
                                            or attempts to breach, directly or indirectly, any Sanctions; or

 

		(iii)	fund
                                            all or part of any payment in connection with a Finance Document out of proceeds derived
                                            from any action which is in breach of any Sanctions.

 

    	 	90 	 

     

    

 

		(b)	The
                                            Company shall ensure that appropriate controls and safeguards are put in place designed to
                                            prevent any action being taken that would be contrary to paragraph (a) above.

  

		(c)	Subject
                                            to paragraph (d) below, this Clause 22.4 shall not apply for the benefit of
                                            any Finance Party if and to the extent that giving, complying with or receiving the benefit
                                            of (as applicable) such undertaking results in any breach by that Finance Party of any applicable
                                            Blocking Law.

 

		(d)	In
                                            relation to each Finance Party that notifies the Agent and the Company to this effect, any
                                            provision of or action required by paragraph (a) or (b) above that results
                                            in that Finance Party breaching any applicable Blocking Law will continue to apply for the
                                            benefit of that Finance Party notwithstanding such breach and accordingly paragraph (c) will
                                            not apply to that Finance Party to this degree.

 

		22.5	Anti-Bribery
                                            and Corruption and Anti-Money Laundering

 

		(a)	Each
                                            Obligor shall (and the Company shall procure it and that of its Subsidiaries will) conduct
                                            its business in compliance with Anti-Corruption Laws and Money Laundering Laws.

 

		(b)	No
                                            Obligor shall (and the Company shall procure that each member of the Group and each of its
                                            respective directors, officers and employees will) not directly, or indirectly, use all or
                                            any of the proceeds of any Facility for any purpose which would breach Anti-Corruption Laws
                                            or Money Laundering Laws.

 

		22.6	Environmental
                                            Compliance

 

Each
Obligor shall (and the Company shall procure that each Material Subsidiary will) comply with all applicable requirements of the Performance
Standards where failure to do so would be reasonably likely to have a Material Adverse Effect.

 

		22.7	Pari
                                            Passu Ranking

 

Each
Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents
rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose
claims are mandatorily preferred by laws of general application to companies.

 

		22.8	Preservation
                                            of Assets

 

The Company
shall (and shall procure that each Material Subsidiary will) maintain in good working order and condition (ordinary wear and tear excepted)
all of its assets in the conduct of its business where failure to do so would be reasonably likely to have a Material Adverse Effect.

 

		22.9	Negative
                                            Pledge

 

		(a)	In
                                            this Clause 22.9 (Negative Pledge), “Quasi-Security” means
                                            an arrangement or transaction described in paragraph (d) below.

 

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

 

		(c)	The
                                            Company shall procure that no Material Subsidiary create or permit to subsist any Security
                                            or Quasi-Security over any of its assets.

 

		(d)	The
                                            Company shall not and shall procure that no Material Subsidiary:

 

		(i)	sell,
                                            transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased
                                            to or re-acquired by the Company;

 

    	 	91 	 

     

    

 

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

  

		(iii)	enter
                                            into any arrangement under which money or the benefit of a bank or other account may be applied,
                                            set-off or made subject to a combination of accounts; or

 

		(iv)	enter
                                            into any other preferential arrangement having a similar effect,

 

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

 

		(e)	Paragraphs (b),
                                            (c) and (d) above do not apply to any Security or (as the case may be) Quasi-Security,
                                            which is Permitted Security.

 

		22.10	Disposals

 

		(a)	Except
                                            as provided under paragraph (b) below, the Company shall not (and shall procure
                                            that each Material Subsidiary other than a Guarantor will not), either in a single transaction
                                            or in a series of transactions (whether related or not), dispose of all or any part of any
                                            asset.

 

		(b)	Paragraph (a) above
                                            does not apply to any disposal which is a Permitted Disposal.

 

		22.11	Acquisitions

 

		(a)	Except
                                            as provided under paragraph (b) below, the Company shall not (and shall procure
                                            that no member of the Group will) acquire any business, shares or other ownership interests
                                            in any other person.

 

		(b)	Paragraph (a) above
                                            does not apply to a Permitted Acquisition.

 

		22.12	Joint
                                            Ventures

 

		(a)	Subject
                                            to paragraph (b) below, the Company shall not (and shall procure that no member
                                            of the Group will) enter into, invest in or acquire any Joint Venture.

 

		(b)	Paragraph (a) above
                                            does not apply to, or in relation to, a Permitted Acquisition, a Permitted Transaction, a
                                            Permitted Loan, a Permitted Disposal or a Permitted Joint Venture.

 

		22.13	Mergers

 

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

 

		(b)	Paragraph (a) above
                                            does not apply to any Permitted Reorganisation.

 

		22.14	Financial
                                            Indebtedness

 

		(a)	The
                                            Company shall not (and shall ensure that no Material Subsidiary or Guarantor will) incur
                                            or allow to remain outstanding any Financial Indebtedness.

 

		(b)	Paragraph (a) above
                                            does not apply to Permitted Financial Indebtedness.

 

		22.15	Change
                                            of Business

 

The Company
must ensure that no substantial change is made to the general nature of the business of any Obligor or any Material Subsidiary from that
carried on at the date of this Agreement.

 

    	 	92 	 

     

    

 

		22.16	Loans
                                            or Credit

  

		(a)	Except
                                            as permitted under paragraph (b) below, the Company, an Obligor or a Material Subsidiary
                                            shall not be a creditor in respect of any Financial Indebtedness.

 

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

 

		(i)	a
                                            Permitted Loan; or

 

		(ii)	a
                                            Permitted Transaction.

 

		22.17	Funding
                                            by the Company of Material Subsidiaries

 

		(a)	If
                                            an Event of Default is continuing and has arisen solely as a result of an act or omission
                                            of the Company (and not, for the avoidance of doubt, for breach of a procurement obligation
                                            or as a result of a misrepresentation in respect of another party), the Company shall not
                                            provide any funding to any member of the Group for so long as that Event of Default is continuing,
                                            other than the proceeds of any New Shareholder Injection or New Shareholder Loan which are
                                            to be used to on lend to that member of the Group to cure any default (however described
                                            and whether through repayment, prepayment or otherwise) under any financing arrangement of
                                            that member of the Group.

 

		(b)	If
                                            a Material Subsidiary Event of Default is continuing, the Company shall not provide any funding
                                            to the Material Subsidiary which has given rise to that Material Subsidiary Event of Default,
                                            other than any amount which is used to on-lend to that Material Subsidiary to cure that Material
                                            Subsidiary Event of Default or to cure any default (howsoever described) in relation to any
                                            financial covenant of that Material Subsidiary or any of its Subsidiaries.

 

		22.18	Dividends
                                            and Share Redemption

 

The Company
shall not:

 

		(a)	declare,
                                            make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
                                            charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share
                                            capital (or any class of its share capital);

 

		(b)	pay
                                            or repay or allow any member of the Group to pay or repay any amounts in connection with
                                            any Financial Indebtedness owing by any member of the Group to any of the Company’s
                                            direct or indirect shareholders, other than any Financial Indebtedness in relation to which
                                            such a shareholder is a debt provider alongside, and on the same terms as, persons who are
                                            not direct or indirect shareholders of the Company.

 

		(c)	pay
                                            or allow any member of the Group to pay any management, advisory or other fee to or to the
                                            order of any of the Company’s direct or indirect shareholders; or

 

		(d)	redeem,
                                            repurchase, defease, retire or repay any of its share capital or resolve to do so,

 

if, in
each case, a Default is continuing or would result from any action contemplated under paragraphs (a) to (d) above (inclusive).

 

		22.19	Taxes

 

		(a)	Each
                                            Obligor shall pay and discharge all Taxes imposed upon it or its assets within the time period
                                            allowed without incurring penalties unless and only to the extent that:

 

		(i)	such
                                            payment is being contested in good faith;

 

		(ii)	adequate
                                            reserves are being maintained for those Taxes; and

 

    	 	93 	 

     

    

 

		(iii)	such
                                            payment can be lawfully withheld and failure to pay those Taxes would not be reasonably likely
                                            to have a Material Adverse Effect.

  

		(b)	The
                                            Company will remain resident for Tax purposes only in the jurisdiction of its incorporation
                                            or, following a Permitted Re-domiciliation, the UK or the Cayman Islands.

 

		22.20	Auditors

 

The Company
shall have as its auditors an internationally recognised independent public accounting firm.

 

		22.21	Financial
                                            Assistance

 

		(a)	The
                                            Company shall comply in all respects with sections 81 and 82 of the Mauritius Companies
                                            Act 2001 and any equivalent legislation in other jurisdictions including in relation
                                            to the execution of the Security Documents and payment of amounts due under this Agreement.

 

		(b)	The
                                            Company shall not (and will procure that no member of the Group will) use the proceeds of
                                            any Loan in a manner which would, or would be reasonably likely to:

 

		(i)	result
                                            in the guarantee or indemnity from a Guarantor under Clause 16 (Guarantee and Indemnity)
                                            constituting unlawful financial assistance for the purposes of any law applicable to the
                                            relevant Guarantor; or

 

		(ii)	otherwise
                                            cause the guarantee or indemnity of a Guarantor under Clause 16 (Guarantee and Indemnity)
                                            to be void, avoidable, invalidated or otherwise ineffective.

 

		22.22	Further
                                            Assurance

 

		(a)	The
                                            Company shall promptly do all such acts or execute all such documents (including assignments,
                                            transfers, mortgages, charges, notices and instructions) as the Security Agent may reasonably
                                            specify (and in such form as the Security Agent may reasonably require in favour of the Security
                                            Agent or its nominee(s)):

 

		(i)	to
                                            perfect the Security created or intended to be created under or evidenced by the Security
                                            Documents (which may include the execution of a mortgage, charge, assignment or other Security
                                            over all or any of the assets which are, or are intended to be, the subject of the Security)
                                            or for the exercise of any rights, powers and remedies of the Secured Parties provided by
                                            or pursuant to the Finance Documents or by law;

 

		(ii)	to
                                            confer on the Security Agent or confer on the Secured Parties, Security over any property
                                            and assets of the Company located in any jurisdiction equivalent or similar to the Security
                                            intended to be conferred by or pursuant to the Security Documents; and/or

 

		(iii)	to
                                            facilitate the realisation of the assets which are, or are intended to be, the subject of
                                            the Security.

 

		(b)	The
                                            Company shall take all such action as is available to it (including making all filings and
                                            registrations) as may be necessary for the purpose of the creation, perfection, protection
                                            or maintenance of any Security conferred or intended to be conferred on the Security Agent
                                            or the Secured Parties by or pursuant to the Finance Documents.

 

    	 	94 	 

     

    

 

		22.23	Amendments
                                            to Existing Material Subsidiary Debt Facility

  

		(a)	The
                                            Company shall ensure that no Material Subsidiary (including a Material Subsidiary which is
                                            also a Guarantor) will enter into:

 

		(i)	any
                                            amendment or waiver of any Existing Material Subsidiary Debt Facility provided to it as at
                                            the date of this Agreement; or

 

		(ii)	any
                                            Refinancing Facility or any amendment or waiver of any Refinancing Facility,

 

on terms
which would have the effect of shortening the tenor, reducing the maturity or reducing the weighted average life of the relevant Existing
Material Subsidiary Debt Facility or (where applicable) the relevant Refinancing Facility to less than the tenor, maturity and/or weighted
average life (as applicable) of the relevant Existing Material Subsidiary Debt Facility as at the date of this Agreement or (or where
applicable) the relevant Refinancing Facility as at its signing date.

 

		(b)	For
                                            the avoidance of doubt, nothing in this Clause 22.23 shall:

 

		(i)	prevent
                                            or restrict the incurrence of any Permitted Financial Indebtedness;

 

		(ii)	prevent
                                            or restrict the issuance of the Senior Notes;

 

		(iii)	prevent
                                            or restrict IHS (Nigeria) Limited, ITNG or INT Towers Limited from entering into or
                                            permitting to subsist the Nigeria Group Credit Facility in order to refinance amounts outstanding
                                            under certain of their existing facilities, fund capital expenditure, for general corporate
                                            and working capital purposes and to pay fees, costs and expenses relating to such facilities,
                                            provided that, the proceeds of the first utilisation of the Nigeria Group Credit Facility
                                            shall be applied in accordance with the terms of the Nigeria Group Credit Facility; or

 

		(iv)	restrict
                                            the ability of any Material Subsidiary to make voluntary prepayments in respect of indebtedness
                                            outstanding under any Existing Material Subsidiary Debt Facility or any Refinancing Facility.

 

		22.24	Distributions

 

After
the date of this Agreement, the Company shall ensure that no Material Subsidiary (including a Material Subsidiary which is also a Guarantor)
enters into any debt financing (or amends or otherwise modifies any Existing Material Subsidiary Debt Facility or Refinancing Facility
or other debt financing) in such a way which materially restricts (or further materially restricts) the ability of a Material Subsidiary
to directly or indirectly, pay dividends or other distributions to the Company, except for restrictions:

 

		(a)	arising
                                            under the Finance Documents, the Nigeria Group Credit Facility or the Senior Notes Indenture;

 

		(b)	arising
                                            under any debt financing of a Material Subsidiary acquired, or a Subsidiary which becomes
                                            a Material Subsidiary, after the date of this Agreement, provided such debt financing is
                                            incurred (and is on terms, insofar as relevant to the ability of a Material Subsidiary to
                                            directly or indirectly pay dividends or other distributions to the Company, existing):

 

		(i)	immediately
                                            prior to the closing date of such acquisition, in the case of any such acquired Material
                                            Subsidiary; or

 

		(ii)	in
                                            relation to any Subsidiary that becomes a Material Subsidiary, at any time prior to the date
                                            on which such Subsidiary becomes a Material Subsidiary;

 

    	 	95 	 

     

    

 

		(c)	arising
                                            under any refinancing of any debt financing or Financial Indebtedness referred to in paragraph
                                            (a) or paragraph (b) above, provided that the restrictions are not
                                            materially worse, taken as a whole, than those restrictions in the debt facility being refinanced;

 

		(d)	arising
                                            by operation of law or regulation;

 

		(e)	(in
                                            the case of amendments to any Existing Material Subsidiary Debt Facility or Refinancing Facility
                                            in relation to that Existing Material Subsidiary Debt Facility) not materially worse, taken
                                            as a whole, than the restrictions applicable on that Material Subsidiary under the relevant
                                            Existing Material Subsidiary Debt Facility in force at the date of this Agreement;

 

		(f)	(in
                                            the case of any Refinancing Facility) not materially worse, taken as a whole, than the restrictions
                                            applicable on that Material Subsidiary under the relevant Existing Material Subsidiary Debt
                                            Facility in force as at the date of this Agreement under the Existing Material Subsidiary
                                            Debt Facility that has been refinanced; and/or

 

		(g)	(in
                                            the case of amendments to any Existing Material Subsidiary Debt Facility made after the Effective
                                            Date or any Refinancing Facility in relation to that Existing Material Subsidiary Debt Facility
                                            entered into after the Effective Date) not materially worse, taken as a whole, than the restrictions
                                            applicable on that Material Subsidiary under the relevant Existing Material Subsidiary Debt
                                            Facility in force at the Effective Date;

 

		(h)	arising
                                            under the terms of any debt financing of a Material Subsidiary where the relevant Material
                                            Subsidiary has no obligation to repay principal thereunder for a certain period (a “Principal
                                            Repayment Exception Period”), provided that:

 

		(i)	such
                                            Principal Repayment Exception Period does not extend for more than three years after the
                                            first utilisation date of the relevant financing;

 

		(ii)	such
                                            restrictions only apply for as long as the duration of the Principal Repayment Exception
                                            Period; and

 

		(iii)	(A) in
                                            the case of a Subsidiary which is a Material Subsidiary at the date of this Agreement (and
                                            for so long as it is a Material Subsidiary), to the extent that the relevant Material Subsidiary
                                            receives funds (directly or indirectly) from a Utilisation, that Material Subsidiary (and
                                            its Holding Companies that are Subsidiaries of the Company) are able to make distributions
                                            (directly or indirectly) to the Company in cash in an amount at least equal to the amount
                                            of that Utilisation (B) in the case of any other Material Subsidiary, to the extent
                                            that the relevant Material Subsidiary receives funds (directly or indirectly) from a Utilisation,
                                            that Material Subsidiary or other members of the Group are able to make distributions (directly
                                            or indirectly) to the Company in cash in an amount at least equal to the amount of that Utilisation,

 

and,
for the purposes of this Clause, the phrase “taken as a whole” shall be applied to the amended or new terms on a continuing
and time to time basis by reference to the terms of the relevant Existing Material Subsidiary Debt Facility or debt facility referred
to in paragraph (b) above.

 

		22.25	Excluded
                                            Subsidiaries

 

The Company
shall ensure that, the Excluded Subsidiaries do not acquire or own, legally or beneficially, any assets in excess of USD25,000,000 (or
its equivalent in any other currency or currencies) in aggregate, incur any Financial Indebtedness or other liabilities and otherwise
are not parties to any transactions and do not trade at any time.

 

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		22.26	Conditions
                                            Subsequent

 

		(a)	The
                                            Company shall procure that each Subsequent Bond Obligor becomes a Guarantor in accordance
                                            with Clause 27.2 (Guarantors) on the date that Subsequent Bond Obligor becomes
                                            a guarantor in respect of the Senior Notes, subject to paragraph (b) below, provided
                                            that no Bond Obligor shall be required to become a Guarantor to the extent it would be
                                            unlawful or illegal to do so.

 

		(b)	To
                                            the extent it is or would be unlawful or illegal for a Bond Obligor to become or remain a
                                            Guarantor, the Company and the relevant Bond Obligor shall use all reasonable endeavours
                                            to overcome and/or avoid any such illegality or unlawfulness, including, without limitation:

 

		(i)	carrying
                                            out any financial assistance “whitewash” or other similar procedure; and/or

 

		(ii)	obtaining
                                            (or procuring) all relevant corporate authorisations to enable that Bond Obligor lawfully
                                            to enter into, exercise its rights and comply with its obligations as a Guarantor under this
                                            Agreement).

 

		(c)	The
                                            Company shall ensure that all necessary steps to comply with the Perfection Requirements
                                            in relation to the Security Documents are carried out within the maximum applicable time
                                            period for compliance therewith provided for under applicable law and/or regulation.

 

		23.	Events
                                            of Default

 

		23.1	Events
                                            of Default

 

Each
of the events or circumstances set out in this Clause (other than Clause 23.18 (Acceleration) and Clause 23.19 (Clean-up
Period)), and in Schedule 17 (Additional Events of Default) to the extent applicable to the Guarantors that are members of
the Nigeria Group (as that term is defined in Schedule 16 (Additional Covenants)), is an Event of Default.

 

		23.2	Non-Payment

 

The Company
does not pay on the due date any amount payable pursuant to a Finance Document, or a Guarantor does not pay on the due date any amount
payable by it pursuant to a Finance Document, in each case in the manner and at the place and in the currency in which it is expressed
to be payable, unless:

 

		(a)	its
                                            failure to pay is caused by:

 

		(i)	administrative
                                            or technical error; or

 

		(ii)	a
                                            Disruption Event; and

 

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

 

		23.3	Financial
                                            Covenants

 

Any requirement
of Clause 20 (Financial Covenants) is not satisfied.

 

		23.4	Other
                                            Obligations

 

		(a)	Subject
                                            to paragraph (d) of Clause 22.1 (General), an Obligor does not comply
                                            with any provision of the Finance Documents applicable to it (other than those referred to
                                            in Clause 23.2 (Non-Payment), Clause 23.3 (Financial Covenants),
                                            paragraph (c) of Clause 18.2 (Status), Clause 22.4 (Sanctions)
                                            and Clause 22.5 (Anti-Bribery and Corruption and Anti-Money Laundering)).

 

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		(b)	No
                                            Event of Default under paragraph (a) above will occur if the failure to comply
                                            is capable of remedy and is remedied within 20 Business Days of the earlier of the Facility
                                            Agent giving notice to the Company of the failure to comply and the Company or relevant Obligor
                                            becoming aware of the failure to comply (provided that this paragraph (b) shall
                                            not apply in relation to any failure to comply constituting a Clean-up Default in respect
                                            of which none of the exceptions in paragraph (b) of Clause 23.19 (Clean-up
                                            Period) apply)).

 

		23.5	Misrepresentation

 

Any representation,
warranty or statement made or deemed to be made by an Obligor in the Finance Documents or in any other document delivered by or on behalf
of an Obligor under or in connection with any Finance Document (other than under or in connection with paragraph (c) of Clause 18.2
(Status) or Clause 22.4 (Sanctions)) is or proves to have been incorrect or misleading in any material respect when
made or deemed to be made, unless (except to the extent such misrepresentation, breach of warranty or misstatement constitutes a Clean-up
Default in respect of which none of the exceptions in paragraph (b) of Clause 23.19 (Clean-up Period) apply)) the
circumstances giving rise to the misrepresentation, breach of warranty or misstatement:

 

		(a)	are
                                            capable of remedy; and

 

		(b)	are
                                            remedied within 20 Business Days of the earlier of the Facility Agent giving notice of the
                                            misrepresentation, breach of warranty or misstatement to the Company and the Company or relevant
                                            Obligor becoming aware of the misrepresentation, breach of warranty or misstatement.

 

		23.6	Cross-Default

 

Any of
the following occurs in respect of the Company:

 

		(a)	any
                                            of its Financial Indebtedness is not paid when due (after the expiry of any originally applicable
                                            grace period);

 

		(b)	any
                                            of its Financial Indebtedness (excluding any Financial Indebtedness falling within paragraph (j) of
                                            that definition when the underlying obligation is in respect of a member of the Group) is
                                            declared to be or otherwise becomes due and payable before its specified maturity as a result
                                            of an event of default (however described); or

 

		(c)	any
                                            of its creditors becomes entitled to declare any of its Financial Indebtedness (excluding
                                            any Financial Indebtedness falling within paragraph (j) of that definition when
                                            the underlying obligation is in respect of a member of the Group) due and payable before
                                            its specified maturity as a result of any event of default (however described),

 

unless
the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within all or any of paragraphs (a) to
(c) above is less than USD75,000,000 (or its equivalent in any other currency or currencies).

 

		23.7	Insolvency

 

		(a)	The
                                            Company:

 

		(i)	is
                                            unable or admits inability to pay its debts as they fall due;

 

		(ii)	suspends
                                            making payments on any of its debts; or

 

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		(iii)	by
                                            reason of actual or anticipated financial difficulties, commences negotiations with one or
                                            more of its creditors (excluding any Finance Party in its capacity as such) with a view to
                                            rescheduling any of its indebtedness.

  

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

 

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

 

		23.8	Insolvency
                                            Proceedings

 

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

 

		(i)	the
                                            suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
                                            or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of
                                            the Company other than a solvent liquidation or reorganisation (including, for the avoidance
                                            of doubt, a Permitted Re-domiciliation);

 

		(ii)	a
                                            composition, compromise, assignment or arrangement with any creditor of the Company;

 

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

 

		(iv)	enforcement
                                            of any Security over any assets of the Company; or

 

		(v)	any
                                            analogous procedure or step is taken in any jurisdiction.

 

		(b)	This
                                            Clause 23.8 shall not apply to (i) any winding-up petition which is frivolous or
                                            vexatious or which is being contested in good faith, and, in each case, is discharged, stayed
                                            or dismissed within 40 Business Days of commencement or (ii) any step or procedure which
                                            is a Permitted Reorganisation.

 

		23.9	Creditors’
                                            Process or Expropriation

 

Any expropriation,
seizure, nationalisation, compulsory acquisition, attachment, sequestration, distress, execution or any analogous event having an aggregate
value of at least USD100,000,000 (or its equivalent in any other currency) affects any asset or assets of the Group and is not discharged
within 40 Business Days.

 

		23.10	Cessation
                                            of Business

 

An Obligor
ceases, or threatens to cease, to carry on all or a material part of its business except as a result of any disposal not prohibited under
this Agreement.

 

		23.11	Invalidity
                                            and Unlawfulness

 

		(a)	Subject
                                            to the Legal Reservations and the Perfection Requirements at any time it is or becomes unlawful
                                            for any Obligor to perform any of its material obligations under any of the Finance Documents
                                            or any Security created or expressed to be created by the Security Documents ceases to be
                                            effective.

 

		(b)	Any
                                            obligation or obligations of any Obligor under any Finance Document is or are not or cease
                                            or ceases to be (subject to the Legal Reservations and the Perfection Requirements) legal,
                                            valid, binding or enforceable and the cessation individually or cumulatively materially adversely
                                            affects the interests of the Finance Parties under the Finance Documents.

 

    	 	99 	 

     

    

 

		(c)	Subject
                                            to the Legal Reservations and Perfection Requirements, any Finance Document ceases to be
                                            in full force and effect or any Security ceases to be legal, valid, binding, enforceable
                                            or effective or is alleged by a party to it (other than a Finance Party) to be ineffective.

  

		23.12	Repudiation
                                            and Rescission of Agreements

 

Any Obligor
rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document to which it is a party.

 

		23.13	Material
                                            Adverse Change

 

At any
time after the date of this Agreement, any event or series of events occurs which has or would be reasonably likely to have a Material
Adverse Effect.

 

		23.14	Failure
                                            to Comply with Court Judgment

 

An Obligor
fails to comply with or pay by the required time any sum due from it under any final judgment or any final order made or given by a court,
in each case of competent jurisdiction, having a value of at least USD50,000,000 (or its equivalent in any other currency).

 

		23.15	Litigation

 

Any litigation,
arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes is commenced or threatened against
an Obligor or its assets which is reasonably likely to be adversely determined and, if adversely determined, would be reasonably likely
to have a Material Adverse Effect.

 

		23.16	Auditor’s
                                            Qualification

 

The Auditors
qualify their report on the audited financial statements of the Company (a) on the grounds that the Auditors are unable to prepare
those financial statements on a going concern basis (other than where such qualification arises solely because of a potential breach
of the financial covenants in Clause 20.2 (Financial Condition), (b) where that qualification is otherwise in terms
or as to issues which could otherwise reasonably be expected to be (individually or cumulatively) materially adverse to the interests
of the Finance Parties under the Finance Documents or (c) by reason of failure to disclose material information or materially inaccurate
disclosure.

 

		23.17	Revocation
                                            of Material Authorisation

 

A material
licence or Authorisation of an Obligor or a Material Subsidiary has been revoked or ceases to be in full force as a result of a final
definitive judgement.

 

		23.18	Acceleration

 

If an
Event of Default is continuing, the Facility Agent may, and must if so instructed by the Majority Lenders, by notice to the Company:

 

		(a)	cancel
                                            all or part of the Total Commitments;

 

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

 

		(c)	declare
                                            that all or part of the Loans, together with accrued interest, and all other amounts accrued
                                            or outstanding under the Finance Documents be payable on demand by the Facility Agent acting
                                            on the instructions of the Majority Lenders; and/or

 

    	 	100 	 

     

    

 

		(d)	exercise
                                            or direct the Security Agent to exercise any or all of its rights, powers, authorities, discretions
                                            or remedies under the Finance Documents.

 

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

 

		23.19	Clean-up
                                            Period

 

		(a)	Notwithstanding
                                            any other provision of any Finance Document, in respect of any Permitted Acquisition made
                                            after the date of this Agreement, during the period from the date of closing (however defined)
                                            of that Permitted Acquisition to the date falling 90 days thereafter (the “Clean-up
                                            Period”), if any matter or circumstance that exists exclusively in respect of any
                                            entity which is the direct or indirect subject of the relevant Permitted Acquisition (and
                                            which matter or circumstance exists prior to or on (but not after) the date of the closing
                                            (howsoever defined) of the relevant Permitted Acquisition) would constitute a breach of representation
                                            or warranty, a breach of covenant or a Default (in each case, a “Clean-up Default”)
                                            then:

 

		(i)	promptly
                                            upon becoming aware of its occurrence, the Company shall notify the Facility Agent of that
                                            Clean-up Default and the related event or circumstance (and the steps, if any, being taken
                                            to remedy it); and

 

		(ii)	subject
                                            to paragraph (b) below, during the Clean-up Period that Clean-up Default shall
                                            not constitute a Default.

 

		(b)	Paragraph (a) above
                                            shall not apply with respect to any Clean-up Default that:

 

		(i)	is
                                            not capable of remedy;

 

		(ii)	is
                                            capable of remedy but reasonable steps are not being taken to remedy it;

 

		(iii)	has
                                            been procured by or approved by the Company; or

 

		(iv)	could
                                            reasonably be expected to have a Material Adverse Effect.

 

		(c)	If
                                            the relevant circumstances are continuing on or after the end of the Clean-up Period, there
                                            shall be a breach of representation or warranty, breach of covenant or Default, as the case
                                            may be notwithstanding the above (and without prejudice to the rights and remedies of the
                                            Finance Parties).

 

		(d)	If
                                            a Clean-up Default is continuing in relation to a Material Subsidiary, during the period
                                            until the earlier of the end of the relevant Clean-up Period and the relevant Clean-up Default
                                            ceasing to continue, any Subsidiary which ceased or would cease to be a Material Subsidiary
                                            as a result of the relevant Permitted Acquisition, by operation of the definition of Material
                                            Subsidiary, shall continue to be a Material Subsidiary.

 

		24.	Security

 

		24.1	Security
                                            Agent as Holder of Security

 

		(a)	In
                                            this Clause 24.1 (Security Agent as Holder of Security):

 

“Secured
Party Claim” means any amount which an Obligor owes to a Secured Party under or in connection with the Finance Documents.

 

“Security
Agent Claim” has the meaning given to it in paragraph (c) below.

 

		(b)	Unless
                                            expressly provided to the contrary in any Finance Document, the Security Agent declares that
                                            it holds any security created by a Security Document and the proceeds of that security on
                                            trust for the Secured Parties on the terms contained in this Agreement.

 

    	 	101 	 

     

    

 

		(c)	Each
                                            Obligor must pay the Security Agent, as an independent and separate creditor, an amount equal
                                            to each Secured Party Claim on its due date (each a “Security Agent Claim”).

  

		(d)	Unless
                                            expressly provided to the contrary in any Finance Document, the Security Agent holds:

 

		(i)	any
                                            security created by a Security Document;

 

		(ii)	the
                                            benefit of any Security Agent Claims; and

 

		(iii)	any
                                            proceeds of the security,

 

for the
benefit, and as the property, of the Secured Parties and so that they are not available to the personal creditors of the Security Agent.

 

		(e)	Each
                                            Security Agent Claim is created on the understanding that the Security Agent must:

 

		(i)	share
                                            the proceeds of each Security Agent Claim with the other Secured Parties; and

 

		(ii)	pay
                                            those proceeds to the Secured Parties,

 

in accordance
with Clause 29 (Application of Proceeds).

 

		(f)	The
                                            Security Agent may enforce performance of any Security Agent Claim in its own name as an
                                            independent and separate right. This includes any suit, execution, enforcement of security,
                                            recovery of guarantees and applications for and voting in respect of any kind of insolvency
                                            proceeding.

 

		(g)	Each
                                            Secured Party must, at the request of the Security Agent, perform any act required in connection
                                            with the enforcement of any Security Agent Claim. This includes joining in any proceedings
                                            as co- claimant with the Security Agent.

 

		(h)	Unless
                                            the Security Agent fails to enforce a Security Agent Claim within a reasonable time after
                                            its due date, a Secured Party may not take any action to enforce the corresponding Secured
                                            Party Claim unless it is requested to do so by the Security Agent.

 

		(i)	Each
                                            Obligor irrevocably and unconditionally waives any right it may have to require a Secured
                                            Party to join in any proceedings as co-claimant with the Security Agent in respect of any
                                            Security Agent Claim.

 

		(j)	

 

		(i)	Discharge
                                            by an Obligor of a Secured Party Claim will discharge the corresponding Security Agent Claim
                                            in the same amount.

 

		(ii)	Discharge
                                            by an Obligor of a Security Agent Claim will discharge the corresponding Secured Party Claim
                                            in the same amount.

 

		(k)	The
                                            aggregate amount of the Security Agent Claims will never exceed the aggregate amount of Secured
                                            Party Claims.

 

		(l)	

 

		(i)	A
                                            defect affecting a Security Agent Claim against an Obligor will not affect any Secured Party
                                            Claim.

 

    	 	102 	 

     

    

 

		(ii)	A
                                            defect affecting a Secured Party Claim against an Obligor will not affect any Security Agent
                                            Claim.

  

		(m)	If
                                            the Security Agent returns to any Obligor, whether in any kind of insolvency proceedings
                                            or otherwise, any recovery in respect of which it has made a payment to a Secured Party,
                                            that Secured Party must repay an amount equal to that recovery to the Security Agent.

 

		24.2	No
                                            Responsibility to Perfect Security

 

The Security
Agent will not be liable to any Party or any other person for any failure to perfect or protect any Security created under any Security
Document including any failure to:

 

		(a)	require
                                            the deposit with it of any deed or document certifying, representing or constituting the
                                            title of any Obligor to any Security Asset (and the Security Agent may allow any bank providing
                                            safe custody services or any professional adviser to the Security Agent to retain any such
                                            deed or document in its possession);

 

		(b)	obtain
                                            any licence, consent or other authority for the execution, delivery, legality, validity,
                                            enforceability or admissibility in evidence of any Security Document or any Security created
                                            under any Security Document;

 

		(c)	register,
                                            file or record or otherwise protect its rights under any Security Document (or the priority
                                            of any Security created under any Security Document) under any law or regulation or to give
                                            notice to any person of the execution of any Security Document or the existence of any such
                                            Security;

 

		(d)	take,
                                            or to require any Obligor to take, any step to perfect its title to any Security Asset or
                                            to render any Security created under any Security Document effective or to secure the creation
                                            of any ancillary Security under any law or regulation; or

 

		(e)	require
                                            any further assurance in relation to any Security Document.

 

		24.3	Insurance
                                            by Security Agent

 

		(a)	The
                                            Security Agent will not be obliged:

 

		(i)	to
                                            insure any of the Security Assets;

 

		(ii)	to
                                            require any other person to maintain any insurance; or

 

		(iii)	to
                                            verify any obligation to arrange or maintain insurance contained in any Finance Document,

 

and the
Security Agent will not be liable for any cost, loss or liability whatsoever any person incurs or any diminution in value arising as
a result of the lack of, or inadequacy of, any such insurance.

 

		(b)	Where
                                            the Security Agent is named on any insurance policy as an insured party, it will not be liable
                                            for any cost, loss or liability whatsoever any person incurs or any diminution in value arising
                                            as a result of the Security Agent’s failure to notify the insurers of any material
                                            fact relating to the risk assumed by the insurers or any other information of any kind, unless
                                            the Majority Lenders request it to do so in writing and the Security Agent fails to do so
                                            within 14 days after receipt of that request.

 

		24.4	Acceptance
                                            of Title

 

The Security
Agent may accept without enquiry, and will not be obliged to investigate, any right or title any Obligor may have to any Security Asset
and will not be liable for, or bound to require any Obligor to remedy, any defect in its right or title.

 

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		24.5	Release
                                            of Security

 

		(a)	If
                                            a Guarantor:

 

		(i)	ceases
                                            to be a member of the Group; or

 

		(ii)	is
                                            released from its obligations under the Finance Documents,

 

in a manner
permitted or not prohibited under the Finance Documents, any Security Interest created by that Guarantor over its assets under the Security
Documents will be released.

 

		(b)	If
                                            a disposal of any asset subject to a Security created by a Security Document is made in the
                                            following circumstances:

 

		(i)	the
                                            disposal is allowed by the terms of the Finance Documents and will not result in, or could
                                            not reasonably be expected to result in, any Default;

 

		(ii)	all
                                            Lenders agree to the disposal;

 

		(iii)	the
                                            disposal is being made at the request of the Security Agent in circumstances where any Security
                                            created by the Security Documents has become enforceable; or

 

		(iv)	the
                                            disposal is being effected by enforcement of a Security Document,

 

the asset
being disposed of (and, in the case of a disposal of shares in a Guarantor which results in it ceasing to be a member of the Group, all
of the assets of that Guarantor) will be released from any Security over it created by a Security Document. However, the proceeds of
any disposal (or an amount corresponding to them) must be applied in accordance with the requirements of the Finance Documents (if any).

 

		(c)	Any
                                            release under this Clause 24.5 (Release of Security) will not become effective
                                            until the date of the relevant disposal or otherwise in accordance with the consent of the
                                            Majority Lenders.

 

		(d)	If
                                            a disposal is not made, then any release relating to that disposal will have no effect, and
                                            the obligations of the Obligors under the Finance Documents will continue in full force and
                                            effect.

 

		(e)	If
                                            the Security Agent is instructed by the Facility Agent that a release is allowed under this
                                            Clause 24.5 (Release of Security), (at the request and expense of the relevant
                                            Obligor) each Finance Party must enter into any document and do all such other things which
                                            are reasonably required to achieve that release. Each other Finance Party irrevocably authorises
                                            the Security Agent to enter into any such document.

 

		24.6	Certificate
                                            of Non-Crystallisation

 

The Security
Agent may, at the cost and request of the Company, issue certificates of non-crystallisation.

 

		24.7	Enforcement
                                            Through Security Agent Only

 

The Finance
Parties have no independent power to enforce, and no recourse to, any of the Security Documents or to exercise any right, power, authority
or discretion arising under the Security Documents except through the Security Agent.

 

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		24.8	Information
                                            for Security Agent

 

Each
Finance Party and each Obligor must supply the Security Agent with any information that the Security Agent may reasonably specify as
being necessary or desirable to enable it to perform its functions as Security Agent.

 

		25.	Changes
                                            to the Lenders

 

		25.1	Assignments
                                            and Transfers by the Lenders

 

Subject
to the other provisions of this Clause and Clause 26 (Restriction on Debt Purchase Transactions), a Lender (the “Existing
Lender”) may:

 

		(a)	assign
                                            any of its rights; or

 

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

 

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

 

		25.2	Conditions
                                            of Assignment or Transfer

 

		(a)	The
                                            consent of the Company is required for an assignment or transfer unless the assignment or
                                            transfer is:

 

		(i)	to
                                            another Lender or an Affiliate of a Lender;

 

		(ii)	if
                                            the Existing Lender is a fund, to a fund which is a Related Fund of the Existing Lender;

 

		(iii)	to
                                            an entity included on the White List; or

 

		(iv)	effected
                                            at a time when an Event of Default is continuing.

 

		(b)	The
                                            Facility Agent has no obligation to verify that the conditions set out in paragraph (a) above
                                            have been satisfied.

 

		(c)	Notwithstanding
                                            the above or any other provisions of this Agreement, an Existing Lender must obtain the prior
                                            written consent of the Company (to be granted in its absolute discretion) before entering
                                            into any assignment, transfer, sub-participation or derivative transaction (which transfers
                                            any discretion with regard to the exercise of voting rights) with or in favour of any person
                                            that is a Trade Competitor at the time of such assignment, transfer, sub-participation or
                                            derivative transaction.

 

For this
purpose “Trade Competitor” means a person, or an Affiliate of such person, where such person’s primary business,
or a material portion of such person’s business, is substantially the same as the business of the Company, including the business
of passive telecommunication infrastructure.

 

		(d)	Except
                                            in the case of paragraph (c) above, the consent of the Company to an assignment
                                            or transfer (if required) must not be unreasonably withheld or delayed. The Company will
                                            be deemed to have given its consent ten Business Days after the Company is given notice of
                                            the request unless consent is expressly refused by the Company within that time.

 

		(e)	Unless
                                            the Company and the Facility Agent otherwise agree, a transfer of part of a Commitment or
                                            of part of its rights and obligations under this Agreement by an Existing Lender must be
                                            in a minimum amount of USD1,000,000 or, if the Commitment of an Existing Lender is less than
                                            USD1,000,000, the whole amount of that Existing Lender’s Commitment.

 

    	 	105 	 

     

    

 

		(f)	An
                                            assignment will only be effective on:

 

		(i)	receipt
                                            by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation
                                            from the New Lender (in form and substance satisfactory to the Facility Agent) that the New
                                            Lender will, in relation to the assigned rights, assume obligations to the other Parties
                                            equivalent to those it would have been under if it had been an Original Lender; and

 

		(ii)	performance
                                            by the Facility Agent of any “know your customer” checks or other similar checks
                                            required under any applicable law or regulation in relation to such assignment to a New Lender,
                                            the completion of which the Facility Agent must notify to the Existing Lender and the New
                                            Lender promptly.

 

		(g)	A
                                            transfer will only be effective if the procedure set out in Clause 25.5 (Procedure
                                            for Transfer) is complied with.

 

		(h)	If:

 

		(i)	a
                                            Lender assigns or transfers any of its rights or obligations under the Finance Documents
                                            or changes its Facility Office; and

 

		(ii)	as
                                            a result of circumstances existing at the date the assignment, transfer or change occurs,
                                            an Obligor would be obliged to make a Tax Payment or a payment relating to Increased Costs,

 

then the
relevant Obligor is only obliged to make that Tax Payment or payment relating to Increased Costs to the same extent that it would have
been obliged to pay if the assignment, transfer or change had not occurred.

 

		(i)	Each
                                            New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms
                                            that:

 

		(i)	the
                                            Facility Agent has authority to execute on its behalf any amendment or waiver that has been
                                            approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement
                                            on or before the date on which the transfer or assignment becomes effective in accordance
                                            with this Agreement; and

 

		(ii)	it
                                            is bound by that decision to the same extent as the Existing Lender would have been had it
                                            remained a Lender.

 

		25.3	Assignment
                                            or Transfer Fee

 

Unless
the Facility Agent otherwise agrees, a New Lender must, on or before the date on which an assignment or transfer takes effect, pay to
the Facility Agent (for its own account) a fee of USD3,000.

 

		25.4	Limitation
                                            of Responsibility of Existing Lenders

 

		(a)	Unless
                                            expressly agreed to the contrary, an Existing Lender makes no representation or warranty
                                            and assumes no responsibility to a New Lender for:

 

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

 

		(ii)	the
                                            financial condition of any Obligor;

 

    	 	106 	 

     

    

 

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

 

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

 

and any
representations or warranties implied by law are excluded.

 

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

 

		(i)	has
                                            made (and must continue to make) its own independent investigation and assessment of the
                                            financial condition and affairs of each Obligor and its related entities (including the nature
                                            and extent of any recourse against any Party or its assets) in connection with its participation
                                            in this Agreement and has not relied exclusively on any information provided to it by the
                                            Existing Lender in connection with any Finance Document; and

 

		(ii)	will
                                            continue to make its own independent appraisal of the creditworthiness of each Obligor and
                                            its related entities whilst any amount is or may be outstanding under the Finance Documents
                                            or any Commitment is in force.

 

		(c)	Nothing
                                            in any Finance Document obliges an Existing Lender to:

 

		(i)	accept
                                            a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned
                                            or transferred under this Clause; or

 

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

 

		25.5	Procedure
                                            for Transfer

 

		(a)	Subject
                                            to the conditions set out in Clause 25.2 (Conditions of Assignment or Transfer),
                                            a transfer is effected in accordance with paragraph (c) below when the Facility
                                            Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing
                                            Lender and the New Lender. The Facility Agent must, subject to paragraph (b) below,
                                            as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate
                                            appearing on its face to comply with the terms of this Agreement, execute that Transfer Certificate.

 

		(b)	The
                                            Facility Agent is only obliged to execute a Transfer Certificate delivered to it by the Existing
                                            Lender and the New Lender once it is satisfied with the results of any “know your customer”
                                            checks or other similar checks required under any applicable law or regulation in relation
                                            to the transfer to such New Lender.

 

		(c)	Subject
                                            to Clause 25.9 (Pro Rata Interest Settlement), on the Transfer Date:

 

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

 

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

 

    	 	107 	 

     

    

 

		(iii)	each
                                            Administrative Party, the New Lender and other Lenders will acquire the same rights and assume
                                            the same obligations between themselves as they would have acquired and assumed had the New
                                            Lender been an Original Lender with the rights and/or obligations acquired or assumed by
                                            it as a result of the transfer and to that extent each Administrative Party and the Existing
                                            Lender will each be released from further obligations to each other under the Finance Documents;
                                            and

 

		(iv)	the
                                            New Lender will become a Party as a “Lender”.

 

		(d)	Each
                                            Party (other than the Existing Lender and the New Lender) irrevocably authorises the Facility
                                            Agent to enter into and deliver any duly completed Transfer Certificate on its behalf.

 

		25.6	Procedure
                                            for Assignment

 

		(a)	Subject
                                            to the conditions set out in Clause 25.2 (Conditions of Assignment or Transfer),
                                            an assignment may be effected in accordance with paragraph (c) below when the Facility
                                            Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing
                                            Lender and the New Lender. The Facility Agent must, subject to paragraph (b) below,
                                            as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement
                                            appearing on its face to comply with the terms of this Agreement and delivered in accordance
                                            with the terms of this Agreement, execute that Assignment Agreement.

 

		(b)	The
                                            Facility Agent is only obliged to execute an Assignment Agreement delivered to it by the
                                            Existing Lender and the New Lender once it is satisfied with the results of any “know
                                            your customer” checks or other similar checks required under any applicable law or
                                            regulation in relation to the assignment to such New Lender.

 

		(c)	Subject
                                            to Clause 25.9 (Pro Rata Interest Settlement), on the Transfer Date:

 

		(i)	the
                                            Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents
                                            expressed to be the subject of the assignment in the Assignment Agreement;

 

		(ii)	the
                                            Existing Lender will be released by each Obligor and the other Finance Parties from the obligations
                                            owed by it (the “Relevant Obligations”) and expressed to be the subject
                                            of the release in the Assignment Agreement;

 

		(iii)	the
                                            New Lender will become a Party as a “Lender” and will be bound by obligations
                                            equivalent to the Relevant Obligations;

 

		(iv)	if
                                            the assignment relates only to part of the Existing Lender’s participation in the outstanding
                                            Loans that part will be separated from the Existing Lender’s participation in the outstanding
                                            Loans, made an independent debt and assigned to the New Lender as a whole debt; and

 

		(v)	the
                                            Facility Agent’s execution of the Assignment Agreement as agent for the Company will
                                            constitute notice to the Company of the assignment.

 

		(d)	Each
                                            Party (other than the Existing Lender and the New Lender) irrevocably authorises the Facility
                                            Agent to enter into and deliver any duly completed Assignment Agreement on its behalf.

 

    	 	108 	 

     

    

 

		(e)	Lenders
                                            may utilise procedures other than those set out in this Clause 25.6 (Procedure for
                                            Assignment) to assign their rights under the Finance Documents (but not, without the
                                            consent of the relevant Obligor or unless in accordance with Clause 25.5 (Procedure
                                            for Transfer), to obtain a release by that Obligor from the obligations owed to that
                                            Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) provided
                                            that they comply with the conditions set out in Clause 25.2 (Conditions of Assignment
                                            or Transfer).

 

		25.7	Copy
                                            of Transfer Certificate or Assignment Agreement to Company

 

The Facility
Agent must, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Company
a copy of that Transfer Certificate or Assignment Agreement.

 

		25.8	Security
                                            Over Lenders’ Rights

 

In addition
to the other rights provided to Lenders under this Clause, each Lender may without consulting with or obtaining consent from any Obligor,
at any time charge, assign or otherwise create a Security in or over (whether by way of collateral or otherwise) all or any of its rights
under any Finance Document to secure obligations of that Lender including, without limitation:

 

		(a)	any
                                            charge, assignment or other Security to secure obligations to a federal reserve or central
                                            bank; and

 

		(b)	in
                                            the case of any Lender which is a fund, any charge, assignment or other Security granted
                                            to any holders (or trustee or representatives of holders) of obligations owed, or securities
                                            issued, by that Lender as security for those obligations or securities,

 

except
that no such charge, assignment or Security will:

 

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

 

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

 

		25.9	Pro
                                            Rata Interest Settlement

 

		(a)	In
                                            respect of any transfer pursuant to Clause 25.5 (Procedure for Transfer) or any
                                            assignment pursuant to Clause 25.6 (Procedure for Assignment) the Transfer Date
                                            of which, in each case, is after the date of that notification and is not on the last day
                                            of an Interest Period):

 

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

 

		(ii)	the
                                            rights assigned or transferred by the Existing Lender will not include the right to the Accrued
                                            Amounts, so that:

 

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

 

    	 	109 	 

     

    

 

 

		(B)	the
                                            amount payable to the New Lender on that date will be the amount which would, but for the
                                            application of this Clause 25.9 (Pro Rata Interest Settlement), have been payable
                                            to it on that date, but after deduction of the Accrued Amounts.

 

		(b)	In
                                            this Clause 25.9 (Pro Rata Interest Settlement), references to “Interest
                                            Periods” will be construed to include a reference to any other period for accrual
                                            of fees.

 

		26.	Restriction
                                            on Debt Purchase Transactions

 

		26.1	Prohibition
                                            on Debt Purchase Transactions by the Company

 

The Company
shall not enter into any Debt Purchase Transaction, be a Lender or a party to a Debt Purchase Transaction of the type referred to in
paragraphs (b) or (c) of the definition of Debt Purchase Transaction.

 

		26.2	Disenfranchisement
                                            on Debt Purchase Transactions Entered into by Affiliates

 

		(a)	For
                                            so long as a Sponsor Affiliate:

 

		(i)	beneficially
                                            owns a Commitment; or

 

		(ii)	has
entered into a sub-participation agreement relating to a Commitment or other agreement or arrangement having a substantially similar
economic effect and such agreement or arrangement has not been terminated,

 

	 	in ascertaining:

 

		(A)	the
                                            Majority Lenders; or

 

		(B)	whether:

 

		(1)	any
                                            given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments;
                                            or

 

		(2)	the
                                            agreement of any specified group of Lenders,

 

	 	has been obtained to approve any request for
                                            a consent, waiver, amendment or other vote under the Finance Documents such Commitment shall
                                            be deemed to be zero and such Sponsor Affiliate or the person with whom it has entered into
                                            such sub-participation, other agreement or arrangement shall be deemed not to be a Lender
                                            for the purposes of paragraphs (A) and (B) above (unless in the case of a
                                            person not being a Sponsor Affiliate it is a Lender by virtue otherwise than by beneficially
                                            owning the relevant Commitment).

 

		(b)	Each
                                            Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly
                                            notify the Agent in writing if it knowingly enters into a Debt Purchase Transaction with
                                            a Sponsor Affiliate (a “Notifiable Debt Purchase Transaction”), such notification
                                            to be substantially in the form set out in Part 1 of Schedule 10 (Forms of Notifiable
                                            Debt Purchase Transaction Notice).

 

		(c)	A
                                            Lender shall promptly notify the Facility Agent if a Notifiable Debt Purchase Transaction
                                            to which it is a party:

 

		(i)	is
                                            terminated; or

 

		(ii)	ceases
to be with a Sponsor Affiliate,

 

	 	such notification to be substantially in the form set out
                                            in Part 2 of Schedule 10 (Forms of Notifiable Debt Purchase Transaction Notice).

 

    	 	110 	 

     

    

 

		(d)	Each
                                            Sponsor Affiliate that is a Lender agrees that:

 

		(i)	in
                                            relation to any meeting or conference call to which all the Lenders are invited to attend
                                            or participate, it shall not attend or participate in the same if so requested by the Facility
                                            Agent or, be entitled to receive the agenda or any minutes of the same; and

 

		(ii)	in
                                            its capacity as Lender, it shall not be entitled to receive any report or other document
                                            prepared at the behest of, or on the instructions of, the Facility Agent or one or more of
                                            the Lenders.

 

		26.3	Sponsor
                                            Affiliates’ Notification to Other Lenders of Debt Purchase Transactions

 

Any Sponsor
Affiliate which is or becomes a Lender and which enters into a Debt Purchase Transaction as a purchaser or a participant shall, by 5pm
on the Business Day following the day on which it entered into that Debt Purchase Transaction, notify the Facility Agent of the extent
of the Commitment(s) or amount outstanding to which that Debt Purchase Transaction relates. The Facility Agent shall promptly disclose
such information to the Lenders.

 

		27.	Changes
                                            to the Obligors

 

		27.1	Assignment
                                            and Transfers by Obligors

 

No Obligors
may assign any of its rights or transfer any of its rights and obligations under the Finance Documents without the prior consent of all
the Lenders.

 

		27.2	Guarantors

 

		(a)	Subject
                                            to compliance with paragraph (c) below, if a Subsidiary is to become a Guarantor
                                            (other than the Guarantors as at the date of this Agreement), the Company must notify the
                                            Facility Agent (and the Facility Agent must notify the Lenders promptly of its receipt of
                                            that notice). That Subsidiary will, subject to paragraph (b) below, become a Guarantor
                                            if:

 

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

 

		(ii)	the
                                            Facility Agent has received all of the documents and other evidence listed in Part 2
                                            of Schedule 2 (Conditions Precedent) in relation to that Subsidiary becoming a Guarantor,
                                            each in form and substance satisfactory to the Relevant Lenders (or the receipt of such documents
                                            and evidence has been waived by the Relevant Lenders).

 

		(b)	The
                                            relevant Subsidiary will become a Guarantor when the Facility Agent notifies the other Finance
                                            Parties and the Company that it has received the document referred to in paragraphs (a)(i) above
                                            and notifies the Company that the Lenders are satisfied in accordance with paragraph (a)(ii) above.
                                            The Facility Agent must give this notification as soon as reasonably practicable.

 

		(c)	If
                                            the accession of a Guarantor requires any Finance Party or prospective new Lender to carry
                                            out “know your customer” checks or other similar checks under any applicable
                                            law or regulation in circumstances where the necessary information is not already available
                                            to it, the Company must, promptly on request by any Finance Party, supply, or procure the
                                            supply of, any documentation or other evidence reasonably requested by that Finance Party
                                            (whether for itself, or on behalf of any other Finance Party or any prospective new Lender)
                                            to enable a Finance Party or prospective new Lender to carry out and be satisfied with the
                                            results of those checks.

 

    	 	111 	 

     

    

 

		27.3	Repetition
                                            of Representations

 

Delivery
of an Accession Letter to the Facility Agent constitutes confirmation by the relevant Subsidiary that the Repeating Representations are
correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.

 

		27.4	Resignation
                                            of a Guarantor

 

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

 

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

 

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

 

		(ii)	no
                                            amount owing by that Guarantor under any Finance Document is outstanding; and

 

		(iii)	all
                                            the Lenders have consented to the Company’s request.

 

		(c)	The
                                            Guarantor will cease to be a Guarantor when the Facility Agent gives the notification to
                                            the Company referred to in paragraph (b) above.

 

		28.	Role
                                            of the Administrative Parties

 

		28.1	The
                                            Facility Agent and the Security Agent

 

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

 

		(b)	Each
                                            other Finance Party authorises each Agent to:

 

		(i)	perform
                                            the duties, obligations and responsibilities and to exercise the rights, powers, authorities
                                            and discretions specifically given to that Agent under or in connection with the Finance
                                            Documents together with any other incidental rights, powers, authorities and discretions;
                                            and

 

		(ii)	enter
                                            into and deliver each Finance Document expressed to be entered into by that Agent.

 

		(c)	Without
                                            prejudice to the generality of paragraph (b) above, each Finance Party:

 

		(i)	confirms
                                            its approval of each Security Document; and

 

		(ii)	authorises
                                            and directs the Security Agent (by itself or by such person(s) as it may nominate) to
                                            enter into and enforce the Security Documents as trustee (or agent) or as otherwise provided
                                            (and whether or not expressly in the names of the Finance Parties) on its behalf.

 

    	 	112 	 

     

    

 

		28.2	Instructions

 

		(a)	Each
                                            Agent:

 

		(i)	must
                                            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:

 

		(A)	all
                                            Lenders if a Finance Document stipulates the matter is an all Lender decision;

 

		(B)	the
                                            relevant Finance Party or group of Finance Parties if a Finance Document stipulates the matter
                                            is a decision for that Finance Party or group of Finance Parties; and

 

		(C)	in
                                            all other cases, the Majority Lenders; and

 

		(ii)	will
                                            not be liable for any act (or omission) if it acts (or refrains from taking any action) in
                                            accordance with paragraph (i) above.

 

		(b)	Each
                                            Agent may request instructions, or clarification of any instruction, from the Majority Lenders
                                            (or, if the relevant Finance Document stipulates that the matter is a decision for any other
                                            Finance Party or group of Finance Parties, from that Finance Party or group of Finance Parties)
                                            as to whether, and in what manner, it should exercise or refrain from exercising any right,
                                            power, authority or discretion and it may refrain from acting unless and until it receives
                                            any instructions or clarification that it has requested.

 

		(c)	Except
                                            in the case of decisions stipulated to be a matter for any other Finance Party or group of
                                            Finance Parties under the relevant Finance Document and unless a contrary indication appears
                                            in a Finance Document, any instructions given to an Agent by the Majority Lenders will override
                                            any conflicting instructions given by any other Party or Parties and will be binding on all
                                            Finance Parties.

 

		(d)	Paragraph (a) above
                                            does not apply:

 

		(i)	where
                                            a contrary indication appears in a Finance Document;

 

		(ii)	where
                                            a Finance Document requires the relevant Agent to act in a specified manner or to take a
                                            specified action;

 

		(iii)	in
                                            respect of any provision which protects the relevant Agent’s own position in its personal
                                            capacity as opposed to its role of Agent including, without limitation, Clause 24.2
                                            (No Responsibility to Perfect Security) to Clause 24.6 (Certificate of Non-Crystallisation),
                                            Clause 28.5 (No Fiduciary Duties) to Clause 28.10 (Exclusion of Liability),
                                            Clause 28.13 (Confidentiality) to Clause 28.19 (Custodians and Nominees)
                                            and Clause 28.22 (Winding Up of Security Arrangements) to Clause 28.24 (Disapplication
                                            of Trustee Acts); or

 

		(iv)	in
                                            respect of the exercise of the Security Agent’s discretion to exercise a right, power
                                            or authority under any of:

 

		(A)	Clause 29.1
                                            (Order of Application);

 

		(B)	Clause 29.2
                                            (Prospective Liabilities); and

 

		(C)	Clause 29.5
                                            (Permitted Deductions).

 

		(e)	If
                                            giving effect to instructions given by the Majority Lenders would (in the relevant Agent’s
                                            opinion) have an effect equivalent to an amendment or waiver referred to in Clause 38
                                            (Amendments and Waivers), the relevant Agent will not act in accordance with those
                                            instructions unless it obtains consent to do so from each Party whose consent would have
                                            been required in respect of that amendment or waiver.

 

    	 	113 	 

     

    

 

		(f)	In
                                            exercising any discretion to exercise a right, power or authority under the Finance Documents
                                            where either:

 

		(i)	it
                                            has not received any instructions as to the exercise of that discretion; or

 

		(ii)	the
                                            exercise of that discretion is subject to paragraph (d)(iv) above,

 

	 	the Security
                                            Agent must do so having regard to the interests of all the Secured Parties.

 

		(g)	An
                                            Agent may refrain from acting in accordance with the instructions of any Finance Party or
                                            group of Finance Parties until it has received any indemnification and/or security and/or
                                            prefunding 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.

 

		(h)	Without
                                            prejudice to the remainder of this Clause 28.2 (Instructions), in the absence
                                            of instructions an Agent may act (or refrain from taking any action) as it considers to be
                                            in the best interests of all the Finance Parties (in the case of the Facility Agent) and
                                            as it considers to be appropriate (in the case of the Security Agent).

 

		(i)	No
                                            Agent is authorised to act on behalf of a Finance Party (without first obtaining that Finance
                                            Party’s consent) in any legal or arbitration proceedings relating to any Finance Document
                                            unless the proceedings relate to:

 

		(i)	the
                                            perfection, preservation or protection of rights under the Security Documents; or

 

		(ii)	the
                                            enforcement of any Security Document.

 

		(j)	The
                                            Security Agent shall be entitled to rely on any instruction delivered to it by the Facility
                                            Agent on behalf of the Majority Lenders or any other group of Finance Parties entitled to
                                            or required to instruct it in accordance with this Agreement and shall be entitled to assume
                                            that any instruction so delivered has been appropriately authorised.

 

		28.3	Duties
                                            of the Agents

 

		(a)	The
                                            duties, obligations and responsibilities of each Agent under the Finance Documents are solely
                                            mechanical and administrative in nature.

 

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

 

		(c)	Without
                                            prejudice to Clause 25.7 (Copy of Transfer Certificate or Assignment Agreement to
                                            Company), paragraph (b) above does not apply to any Transfer Certificate or
                                            Assignment Agreement.

 

		(d)	Except
                                            where a Finance Document specifically provides otherwise, no Agent is obliged to review or
                                            check the adequacy, accuracy or completeness of any document it forwards to another Party.

 

		(e)	If
                                            an Agent receives notice from a Party referring to any Finance Document, describing a Default
                                            and stating that the circumstance described is a Default, it must promptly notify the other
                                            Finance Parties.

 

    	 	114 	 

     

    

 

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

 

		(g)	The
                                            Facility Agent must keep a record of all Parties and supply the Company with a copy of the
                                            record on request (provided that the Company shall not request a copy of the record
                                            more frequently than once per calendar quarter). The record will include each Lender’s
                                            Facility Office(s) and contact details for the purposes of this Agreement.

 

		(h)	Each
                                            Agent has only those duties, obligations and responsibilities expressly specified in the
                                            Finance Documents to which it is a party (and no others will be implied).

 

		28.4	Role
                                            of the Arrangers

 

Except
where a Finance Document specifically provides otherwise no Arranger has any obligations of any kind to any other Party under or in connection
with any Finance Document.

 

		28.5	No
                                            Fiduciary Duties

 

		(a)	Nothing
                                            in any Finance Document makes:

 

		(i)	an
                                            Administrative Party (other than the Security Agent) a trustee or fiduciary of any other
                                            person; or

 

		(ii)	the
                                            Security Agent an agent, trustee or fiduciary of any Obligor.

 

		(b)	No
                                            Administrative Party will be bound to account to any other Finance Party or (in the case
                                            of the Security Agent) any Secured Party for any sum or the profit element of any sum received
                                            by it for its own account.

 

		28.6	Business
                                            with the Group

 

		(a)	Each
                                            Administrative Party may accept deposits from, lend money to and generally engage in any
                                            kind of banking or other business with any member of the Group or its related entities.

 

		(b)	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.

 

		(c)	Each
                                            Administrative Party may carry on any business with any member of the Group or its related
                                            entities (including acting as an agent or a trustee in connection with any other financing).

 

		28.7	Rights
                                            and Discretions

 

		(a)	Each
                                            Agent may:

 

		(i)	rely
                                            on any representation, communication, notice or document (including, without limitation,
                                            any notice given by a Lender pursuant to paragraphs (b) or (c) of Clause 26.2
                                            (Disenfranchisement on Debt Purchase Transactions Entered into by Affiliates) believed
                                            by it to be genuine, correct and appropriately authorised;

 

		(ii)	assume
                                            that:

 

		(A)	any
                                            instructions it receives from the Majority Lenders, any Finance Party or any group of Finance
                                            Parties are duly given in accordance with the terms of the Finance Documents; and

 

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		(B)	unless
                                            it has received notice of revocation, that those instructions have not been revoked; and

 

		(iii)	without
                                            prejudice to the generality of paragraph (ii) above, 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 the 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.

 

		(b)	Each
                                            Agent may assume (unless it has received notice to the contrary in its capacity as Agent)
                                            that:

 

		(i)	no
                                            Default has occurred (unless, in the case of the Facility Agent, it has actual knowledge
                                            of a Default arising under Clause 23.2 (Non-Payment));

 

		(ii)	any
                                            right, power, authority or discretion vested in any Party or any group of Finance Parties
                                            has not been exercised;

 

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

 

		(iv)	no
                                            Notifiable Debt Purchase Transaction:

 

		(A)	has
                                            been entered into;

 

		(B)	has
                                            been terminated; or

 

		(C)	has
                                            ceased to be with a Sponsor Affiliate.

 

		(c)	Each
                                            Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers,
                                            surveyors or other professional advisers or experts selected by it (including those representing
                                            a Party other than that Agent).

 

		(d)	Without
                                            prejudice to the generality of paragraph (c) above or paragraph (e) below,
                                            each Agent may at any time engage and pay for the services of any lawyers to act as independent
                                            counsel to that Agent (and so separate from any lawyers instructed by the Lenders) if that
                                            Agent, in its reasonable opinion, deems this to be necessary.

 

		(e)	Each
                                            Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors
                                            or other professional advisers or experts (whether obtained by that Agent or by any other
                                            Party and whether or not containing a limit on liability by reference to monetary cap or
                                            otherwise) and will not be liable for any cost, loss or liability whatsoever any person incurs
                                            or any diminution in value arising as a result of that Agent so relying.

 

		(f)	Each
                                            Administrative Party may act in relation to the Finance Documents through its officers, employees
                                            and agents and no Administrative Party shall be:

 

		(i)	liable
                                            for any error of judgment made by any person; or

 

		(ii)	bound
                                            to supervise, or in any way responsible for any loss incurred by reason of misconduct, omission
                                            or default on the part of any such person,

 

	 	unless such error or such loss was directly caused
                                            by that Administrative Party’s gross negligence or wilful misconduct.

 

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		(g)	Except
                                            where a Finance Document specifically provides otherwise, each Agent may disclose to any
                                            other Party any information it reasonably believes it has received as Agent under the Finance
                                            Documents.

 

		(h)	Notwithstanding
                                            any other provision of any Finance Document to the contrary:

 

		(i)	no
                                            Administrative Party is obliged to do or omit to do anything (including disclosing any information)
                                            if it would, or might in its opinion, constitute or might constitute a breach of any law
                                            of any state or jurisdiction (including, but not limited to, to the US or any jurisdiction
                                            forming part of it, or England & Wales) or any directive or regulation of any agency
                                            of any state or jurisdiction or a breach of a fiduciary duty or duty of confidentiality or
                                            otherwise be actionable by any person; and

 

		(ii)	an
                                            Administrative Party may do anything which, in its opinion, is necessary or desirable to
                                            comply with any such law, directive or regulation.

 

		(i)	Notwithstanding
                                            any other provision of any Finance Document to the contrary, no Administrative Party is 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 those funds or adequate indemnity
                                            against, or security for, that risk or liability is not reasonably assured to it.

 

		28.8	Responsibility
                                            for Documentation

 

		(a)	No
                                            Administrative Party is responsible or liable for:

 

		(i)	the
                                            adequacy, accuracy or completeness of any statement or information (whether oral or written)
                                            made, given or supplied by any person in or in connection with any Finance Document or 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;

 

		(ii)	the
                                            legality, validity, effectiveness, adequacy, completeness or enforceability of 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 (including, without limitation,
                                            obtaining any license, consent or other authority in connection therewith); or

 

		(iii)	any
                                            determination as to whether any information provided or to be provided to any Secured Party
                                            is non-public information the use of which may be regulated or prohibited by applicable law
                                            or regulation relating to insider dealing or otherwise.

 

		(b)	Except
                                            as provided above, no Agent has any duty:

 

		(i)	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

 

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		(ii)	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.

 

		28.9	No
                                            Duty to Monitor

 

No Agent
is obliged to monitor or enquire as to:

 

		(a)	whether
                                            a Default has occurred;

 

		(b)	the
                                            performance, default or any breach by any Party of its obligations under any Finance Document;
                                            or

 

		(c)	whether
                                            any other event specified in any Finance Document has occurred.

 

		28.10	Exclusion
                                            of Liability

 

		(a)	Without
                                            limiting paragraph (b) below (and without prejudice to any other provision of any
                                            Finance Document excluding or limiting the liability of any Administrative Party or any Receiver
                                            or Delegate), no Administrative Party, Receiver or Delegate will be liable (whether in contract,
                                            tort or otherwise) for:

 

		(i)	any
                                            cost, loss or liability whatsoever any person incurs or any diminution in value arising as
                                            a result of the Administrative Party, Receiver or Delegate taking or not taking any action
                                            under or in connection with any Finance Document, unless directly caused by its gross negligence,
                                            wilful misconduct or fraud;

 

		(ii)	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 or
                                            made under or in connection with, made or executed in anticipation of, any Finance Document,
                                            other than by reason of its gross negligence, wilful misconduct or fraud;

 

		(iii)	any
                                            shortfall which arises on the enforcement of the Security Documents; or

 

		(iv)	without
                                            prejudice to the generality of paragraphs (i), (ii) and (iii) above, any cost,
                                            loss or liability whatsoever any person incurs or any diminution in value (whether caused
                                            by the Administrative Party’s, Receiver’s or Delegate’s negligence, gross
                                            negligence or any other category of liability whatsoever, but not including any claim based
                                            on fraud of the Administrative Party, Receiver or Delegate) arising as a result of:

 

		(A)	any
                                            act, event or circumstance not reasonably within its control; or

 

		(B)	the
                                            general risks of investment in, or the holding of assets in, any jurisdiction,

 

	 	including (in
                                            each case and without limitation) any such cost, loss, liability or diminution in value arising
                                            as a result of:

 

		(1)	nationalisation,
                                            expropriation or other governmental action;

 

		(2)	any
                                            regulation, currency restriction, devaluation or fluctuation;

 

		(3)	market
                                            conditions affecting the execution or settlement of transactions or the value of assets (including
                                            any Disruption Event);

 

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		(4)	breakdown,
                                            failure or malfunction of any third party transport, telecommunications, computer services
                                            or other systems;

 

		(5)	any
                                            natural disaster or act of God;

 

		(6)	war,
                                            terrorism, insurrection or revolution; or

 

		(7)	any
                                            strike or industrial action.

 

		(b)	No
                                            Party (other than the relevant Administrative Party, Receiver or Delegate) may take any proceedings
                                            against any officer, employee or agent of an Administrative Party, a Receiver or a Delegate
                                            in respect of any claim it might have against that Administrative Party, Receiver or Delegate
                                            or in respect of any act or omission of any kind by that officer, employee or agent in relation
                                            to any Finance Document.

 

		(c)	Any
                                            Receiver or Delegate or any officer, employee or agent of an Administrative Party, a Receiver
                                            or a Delegate may enforce and enjoy the benefit of any Clause which expressly confers rights
                                            on it, subject to paragraph (b) of Clause 1.3 (Third Party Rights)
                                            and the provisions of the Third Parties Act.

 

		(d)	No
                                            Agent, Receiver or Delegate will 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 that
                                            Agent, Receiver or Delegate if it 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 it for that purpose.

 

		(e)	

 

		(i)	Nothing
                                            in this Agreement obliges any Administrative Party to:

 

		(A)	perform
                                            any “know your customer” checks or other similar checks in relation to the identity
                                            of any person; or

 

		(B)	check
                                            on the extent to which any transaction contemplated by this Agreement might be unlawful for
                                            any Finance Party,

 

on behalf
of any Finance Party.

 

		(ii)	Each
                                            Finance Party confirms to each Administrative Party that it is solely responsible for any
                                            “know your customer” checks or other similar checks it is required to carry out
                                            and that it may not rely on any statement in relation to those checks made by any Administrative
                                            Party.

 

		(f)	Without
                                            prejudice to any other provision of any Finance Document excluding or limiting the liability
                                            of any Administrative Party, Receiver or Delegate, any liability of an Administrative Party,
                                            a Receiver or a Delegate arising under or in connection with any Finance Document is limited
                                            to the amount of actual loss suffered (as determined by reference to the date of that Administrative
                                            Party’s, Receiver’s or Delegate’s default or, if later, the date on which
                                            the loss arises as a result of the default) but without reference to any special conditions
                                            or circumstances known to that Administrative Party, Receiver or Delegate at any time which
                                            increase the amount of that loss. In no event will an Administrative Party, a Receiver or
                                            a Delegate 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 that Administrative Party, Receiver or Delegate was advised of the possibility of
                                            such loss or damages.

 

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		28.11	Lenders’
                                            Indemnity to the Agents

 

Without
limiting the liability of any Obligor under the Finance Documents, each Lender must (in proportion to its share of the Total Commitments
or, if the Total Commitments are then zero, to its share of the Total Commitments immediately before their reduction to zero) indemnify
each Agent, Receiver and Delegate against any cost, loss or liability (including, without limitation, for negligence or any other category
of liability whatsoever) incurred by that Agent, Receiver or Delegate (other than by reason of that Agent’s, Receiver’s or
Delegate’s gross negligence, wilful misconduct or fraud) (or, in the case of any cost, loss or liability pursuant to Clause 32.10
(Disruption to Payment Systems), notwithstanding the Facility Agent’s negligence, gross negligence or any other category
of liability whatsoever, but not including any claim based on the fraud of the Facility Agent) in acting as Agent, Receiver or Delegate
under the Finance Documents (unless the Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document).

 

		28.12	Appointment
                                            and Resignation of an Agent

 

		(a)	A
                                            Security Agent may be appointed with the consent of the Company and the Majority Lenders
                                            by the approved person entering into such relevant documentation to confirm (in form and
                                            substance satisfactory to the Company and the Majority Lenders) that it is bound by the terms
                                            of this Agreement as if it were the Security Agent as at the date of this Agreement. Any
                                            person so appointed will have the rights, powers, authorities and discretions (not exceeding
                                            those contemplated to be given to a security agent under or in connection with the Finance
                                            Documents contemplated in, and as at the date of, this Agreement) and the duties, obligations
                                            and responsibilities that are given or imposed by the instrument of appointment.

 

		(b)	An
                                            Agent may resign and appoint one of its Affiliates (acting through an office in Europe) as
                                            its successor by giving notice to the other Finance Parties and the Company.

 

		(c)	Alternatively,
                                            an Agent may, without giving reasons and without being responsible for the cost thereof,
                                            resign by giving 30 days’ notice to the other Finance Parties and the Company,
                                            in which case the Majority Lenders (after consultation with the other Finance Parties and
                                            the Company) may appoint a successor Agent.

 

		(d)	If
                                            the Majority Lenders have not appointed a successor Agent in accordance with paragraph (c) above
                                            within 20 days after notice of resignation was given, the retiring Agent (after consultation
                                            with the other Finance Parties and the Company) may appoint a successor Agent (acting through
                                            an office in Europe).

 

		(e)	If
                                            an Agent wishes to resign because (acting reasonably) it has concluded that it is no longer
                                            appropriate for it to remain as agent or trustee and that Agent is entitled to appoint a
                                            successor Agent under paragraph (d) above, the Agent may (if it concludes (acting
                                            reasonably) that it is necessary to do so in order to persuade the proposed successor Agent
                                            to become a party to this Agreement or any other Finance Document as Agent) agree with the
                                            proposed successor Agent amendments to this Clause and any other term of this Agreement or
                                            any other Finance Document dealing with the rights or obligations of the Agent consistent
                                            with then current market practice for the appointment and protection of corporate trustees
                                            together with any reasonable amendments to the facility or security agency fee payable under
                                            this Agreement which are consistent with the successor Agent’s normal fee rates and
                                            those amendments will bind the Parties.

 

		(f)	The
                                            retiring Agent must:

 

		(i)	at
                                            its own cost, make available to the successor Agent any documents and records and provide
                                            any assistance the successor Agent may reasonably request for the purposes of performing
                                            its functions as Agent under the Finance Documents; and

 

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		(ii)	enter
                                            into and deliver to the successor Agent those documents and effect any registrations as may
                                            be reasonably required for the transfer or assignment of all of its rights and benefits under
                                            the Finance Documents to the successor Agent.

 

		(g)	The
                                            Facility Agent’s resignation will only take effect on the appointment of a successor.

 

		(h)	The
                                            Security Agent’s resignation will only take effect on:

 

		(i)	the
                                            appointment of a successor; and

 

		(ii)	the
                                            transfer to that successor of the Security granted to the Security Agent,

 

	 	so long as no other
                                            Finance Party has notified the Facility Agent that it is not satisfied with the creditworthiness
                                            of the proposed successor Security Agent within seven days of the Security Agent’s
                                            notification under paragraph (a) above.

 

		(i)	When
                                            its resignation takes effect:

 

		(i)	the
                                            retiring Agent will be discharged from any further obligation in respect of the Finance Documents
                                            (other than its obligations under paragraph (f) above and, in the case of the Security
                                            Agent, under Clause 28.22 (Winding Up of Security Arrangements)) but will remain
                                            entitled to the benefit of Clause 14.3 (Indemnity to the Facility Agent), Clause 14.4
                                            (Indemnity to the Security Agent), Clause 24.2 (No Responsibility to Perfect
                                            Security), Clause 24.3 (Insurance by Security Agent), Clause 24.4 (Acceptance
                                            of Title) and this Clause 28;

 

		(ii)	the
                                            Company must immediately pay to the retiring Agent any facility or security agency fees that
                                            have accrued for the account of the retiring Agent and no further agency fees will accrue
                                            for the account of the retiring Agent; and

 

		(iii)	any
                                            successor and each of the other Parties will have the same rights and obligations amongst
                                            themselves as they would have had if such successor had been an original Party.

 

		(j)	After
                                            consultation with the Company, the Majority Lenders may, by giving notice to an Agent, require
                                            it to resign under paragraph (c) above. In this event, that Agent must resign in
                                            accordance with paragraph (c) above.

 

		(k)	The
                                            Company or, after consultation with the Company, the Majority Lenders may, by giving notice
                                            to the Facility Agent and the other Parties, replace the Facility Agent with effect on and
                                            from the date specified in the notice by appointing a successor Facility Agent (acting through
                                            an office in the UK) if either:

 

		(i)	the
                                            Facility Agent fails to respond to a request under Clause 12.7 (FATCA Information)
                                            and the Company or a Lender reasonably believes that the Facility Agent will not be (or will
                                            have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

 

		(ii)	the
                                            information supplied by the Facility Agent pursuant to Clause 12.7 (FATCA Information)
                                            indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt
                                            Party on or after that FATCA Application Date; or

 

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		(iii)	the
                                            Facility Agent notifies the Company and the Lenders that the Facility 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 Facility Agent were a FATCA Exempt
                                            Party, and the Company or that Lender, by notice to the Facility Agent, requires it to resign.

 

		28.13	Confidentiality

 

		(a)	In
                                            acting as agent or trustee for the Finance Parties, an Agent will be regarded as acting through
                                            its agency division which will be treated as a separate entity from any other of its divisions
                                            or departments.

 

		(b)	If
                                            information is (in the opinion of an Agent) received by another division or department of
                                            that Agent, it may be treated as confidential to that division or department and that Agent
                                            will not be deemed to have notice of it.

 

		(c)	No
                                            Agent is 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.

 

		28.14	Relationship
                                            with the Lenders

 

		(a)	Subject
                                            to Clause 25.9 (Pro Rata Interest Settlement), the Facility Agent may treat the
                                            person shown in its records as Lender at the opening of business (in the place of the Facility
                                            Agent’s principal office as notified to the Finance Parties from time to time) as the
                                            Lender acting through its Facility Office:

 

		(i)	entitled
                                            to or liable for any payment due under any Finance Document on that day; and

 

		(ii)	entitled
                                            to receive and act on any notice, request, document or communication or make any decision
                                            or determination under any Finance Document made or delivered on that day,

 

unless
it has received not less than five Business Days’ notice from that Lender to the contrary in accordance with the terms of this
Agreement.

 

		(b)	The
                                            Facility Agent may at any time, and must if requested to do so by the Majority Lenders, convene
                                            a meeting of the Lenders.

 

		(c)	

 

		(i)	Any
                                            Lender may by notice to the Facility Agent appoint a person to receive on its behalf all
                                            notices, communications, information and documents to be made or despatched to that Lender
                                            under the Finance Documents.

 

		(ii)	Any
                                            such notice:

 

		(A)	must
                                            contain the address, fax number and (where communication by electronic mail or other electronic
                                            means is permitted under this Agreement) electronic mail address and/or any other information
                                            required to enable the transmission of information by that means (and, in each case, the
                                            department or officer, if any, for whose attention communication is to be made); and

 

    	 	122 	 

     

    

 

		(B)	will
                                            be treated as a notification of a substitute address, fax number, electronic mail address
                                            (or such other information), and department or officer, by that Lender for the purposes of
                                            the Finance Documents.

 

		(d)	The
                                            Facility Agent is entitled to treat such person as the person entitled to receive all such
                                            notices, communications, information and documents as though that person were that Lender.

 

		28.15	Credit
                                            Appraisal by the Lenders

 

Without
affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document,
each Lender confirms to the Administrative Parties 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 without limitation:

 

		(a)	the
                                            financial condition, status and nature of each member of the Group;

 

		(b)	the
                                            legality, validity, effectiveness, adequacy or enforceability of any Finance Document and
                                            any other agreement, arrangement or document entered into, made or executed in anticipation
                                            of, under or in connection with any Finance Document;

 

		(c)	whether
                                            that Lender has recourse, and the nature and extent of that recourse, against any Party or
                                            any of its respective assets under or in connection with any Finance Document, the transactions
                                            contemplated by the Finance Documents or any other agreement, arrangement or document entered
                                            into, made or executed in anticipation of, under or in connection with any Finance Document;

 

		(d)	the
                                            adequacy, accuracy or completeness of any information provided by an Agent, any other 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;
                                            and

 

		(e)	the
                                            right or title of any person in or to, or the value or sufficiency of any part of, the Security
                                            Assets, the priority of any Security created under the Security Documents or the existence
                                            of any other Security affecting the Security Assets.

 

		28.16	Deduction
                                            From Amounts Payable by the Facility Agent

 

If any
Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct
an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under
the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents
that Party will be regarded as having received the amount so deducted.

 

		28.17	Notice
                                            Period

 

Unless
expressly provided to the contrary, where this Agreement specifies a minimum period of notice to be given to an Agent, that Agent may,
at its discretion, accept a shorter notice period.

 

		28.18	Conflict
                                            with Security Documents

 

If there
is any conflict between this Agreement and any Security Document with regard to instructions to, or other matters affecting, the Security
Agent, this Agreement will prevail.

 

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		28.19	Custodians
                                            and Nominees

 

The Security
Agent may appoint and pay any person to act as a custodian, agent or nominee on any terms (including for the receipt of moneys) in relation
to any document or asset it holds on the terms of this Agreement as the Security Agent may determine, including for the purpose of depositing
with a custodian this Agreement or any other document and the Security Agent will not be bound to supervise or be in any way responsible
or liable for any cost, loss or liability whatsoever any person incurs or any diminution in value arising as a result of the misconduct,
omission or default of any such custodian or nominee.

 

		28.20	Delegation
                                            by the Security Agent

 

		(a)	Each
                                            of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power
                                            of attorney or otherwise to any person for any period, all or any rights, powers, authorities
                                            or discretions vested in it in its capacity as such.

 

		(b)	That
                                            delegation may be made on any terms and conditions (including the power to sub-delegate)
                                            and subject to any restrictions that the Security Agent, Receiver or Delegate (as the case
                                            may be) may, in its discretion, think fit in the interests of the Secured Parties.

 

		(c)	No
                                            Security Agent, Receiver or Delegate will be bound to supervise, or be in any way responsible
                                            or liable for any cost, loss or liability whatsoever any person incurs or any diminution
                                            in value arising as a result of any misconduct, omission or default of any such delegate.

 

		28.21	Additional
                                            Security Agents

 

		(a)	The
                                            Security Agent may appoint any person to act as a separate security agent or a co-security
                                            agent jointly with it:

 

		(i)	if
                                            it considers that appointment to be in the interests of the Secured Parties;

 

		(ii)	for
                                            the purpose of complying with any law, regulation or other condition in any jurisdiction;
                                            or

 

		(iii)	for
                                            the purpose of enforcing any Finance Document, or obtaining or enforcing any judgment in
                                            any jurisdiction.

 

		(b)	The
                                            Security Agent must notify the Company and the Finance Parties before making any appointment.

 

		(c)	Any
                                            appointment will only be effective if the person appointed confirms to the Security Agent
                                            and the Company in form and substance satisfactory to the Security Agent that it is bound
                                            by the terms of this Agreement as if it were the Security Agent.

 

		(d)	Any
                                            person appointed will have the rights, powers, authorities and discretions (not exceeding
                                            those given to the Security Agent under or in connection with the Finance Documents) and
                                            the duties, obligations and responsibilities that are given or imposed by the instrument
                                            of appointment.

 

		(e)	The
                                            Security Agent may remove any person appointed and may appoint a new separate security agent
                                            or co-security agent in its place.

 

		(f)	The
                                            remuneration that the Security Agent may pay to any person appointed, and any costs and expenses
                                            incurred by that person in performing its functions pursuant to that appointment will, for
                                            the purposes of this Agreement, be treated as costs and expenses incurred by the Security
                                            Agent.

 

    	 	124 	 

     

    

 

		28.22	Winding
                                            Up of Security Arrangements

 

If the
Security Agent, with the approval of the Facility Agent, determines that:

 

		(a)	all
                                            obligations and liabilities secured by the Security Documents have been fully and finally
                                            discharged; and

 

		(b)	no
                                            Secured Party is under any commitment, obligation or liability (actual or contingent) to
                                            make advances or provide other financial accommodation to any Obligor pursuant to the Finance
                                            Documents,

 

	 	then:

 

		(i)	the
                                            trusts set out in this Agreement will be wound up and the Security Agent will release, without
                                            recourse or warranty, all of the Security created under the Security Documents and the rights
                                            of the Security Agent under each of the Security Documents; and

 

		(ii)	any
                                            Security Agent which has resigned pursuant to Clause 28.12 (Appointment and Resignation
                                            of an Agent) will release, without recourse or warranty, all of its rights under each
                                            Security Document.

 

		28.23	Powers
                                            Supplemental to Trustee Acts

 

The rights,
powers, authorities and discretions given to the Security Agent under or in connection with the Finance Documents are supplemental to
the Trustee Act 1925 and the Trustee Act 2000 and in addition to any rights, powers, authorities and discretions which may be vested
in the Security Agent by law or otherwise.

 

		28.24	Disapplication
                                            of Trustee Acts

 

Section 1
of the Trustee Act 2000 does not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement.
Where there are any inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of the Finance
Documents, the provisions of the Finance Documents will, to the extent permitted by law, prevail and, in the case of any inconsistency
with the Trustee Act 2000, the provisions of the Finance Documents constitute a restriction or exclusion for the purposes of that
Act.

 

		28.25	Security
                                            Agent – Miscellaneous

 

		(a)	Without
                                            prejudice to the generality of any other provision of this Agreement or any other Security
                                            Document, the entry into possession of the Security Assets shall not render the Security
                                            Agent or any Receiver liable to account as mortgagee in possession thereunder (or its equivalent
                                            in any other applicable jurisdiction) or take any action which would expose it to any liability
                                            in respect of any Environmental Claims in respect of which it has not been indemnified and/or
                                            secured and/or pre- funded to its satisfaction or to be liable for any loss on realisation
                                            or for any default or omission on realisation or for any default or omission for which a
                                            mortgagee in possession might be liable unless such loss, default or omission is caused by
                                            its own gross negligence or wilful default.

 

		(b)	The
                                            Security Agent, a Receiver or any Delegate shall not be bound to take any steps to ascertain
                                            whether any event, condition or act, the happening of which would cause a right or remedy
                                            to become exercisable by the Security Agent, a Receiver or any Delegate under the Finance
                                            Documents has happened or to monitor or supervise the observance and performance by the Obligors,
                                            any agent or any of the other parties thereto of their respective obligations thereunder
                                            and, until it shall have actual knowledge or express notice to the contrary, the Security
                                            Agent, a Receiver or any Delegate shall be entitled to assume that no such event, condition
                                            or act has happened and that the Obligors, the agents and the other parties thereto are observing
                                            and performing all their respective obligations thereunder.

 

    	 	125 	 

     

    

 

		(c)	The
                                            Security Agent shall have no responsibility whatsoever to the Facility Agent or any Secured
                                            Party as regards any deficiency which might arise because the Security Agent is subject to
                                            any Tax in respect of all or any of the Security Assets, the income therefrom or the proceeds
                                            thereof and it shall have no obligation to make any payment, deduction or withholding in
                                            respect of tax as a result of holding or enforcing any Security.

 

		29.	Application
                                            of Proceeds

 

		29.1	Order
                                            of Application

 

Subject
to Clause 29.2 (Prospective Liabilities), all amounts from time to time received or recovered by the Security Agent or any
Receiver or Delegate pursuant to the terms of any Finance Document or in connection with the realisation or enforcement of all or any
part of any security created by the Security Documents (for the purposes of this Clause, the “Recoveries”) will be
held by the Security Agent in accordance with Clause 24.1 (Security Agent as Holder of Security) to apply them at any time
as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the provisions of this
Clause), in the following order:

 

		(a)	in
                                            or towards payment of any sums owing to the Security Agent, any Receiver or any Delegate;

 

		(b)	in
                                            or towards payment of all costs and expenses incurred by any Secured Party (other than to
                                            the extent recovered under paragraph (a) above) in connection with any realisation
                                            or enforcement of the Security Documents in accordance with the terms of the Finance Documents;
                                            and

 

		(c)	in
                                            payment to the Facility Agent for application in accordance with this Agreement.

 

		29.2	Prospective
                                            Liabilities

 

After
enforcement of any security created by the Security Documents, the Security Agent may, in its discretion, hold any amount of the Recoveries
in one or more interest bearing suspense or impersonal accounts in the name of the Security Agent with any financial institution (including
itself or any other Finance Party) and for so long as the Security Agent thinks fit (the interest being credited to the relevant account)
for later application under Clause 29.1 (Order of Application) in respect of:

 

		(a)	any
                                            sum payable to the Security Agent, any Receiver or any Delegate; and

 

		(b)	any
                                            part of the obligations and liabilities secured by the Security Documents,

 

that
the Security Agent reasonably considers, in each case, might become due or owing at any time in the future.

 

		29.3	Investment
                                            of Proceeds

 

Except
as otherwise provided in any Security Document, the Security Agent may:

 

		(a)	invest
                                            any Recoveries in the name of, or under the control of, the Security Agent in any investment
                                            for the time being authorised by English law for the investment by trustees of trust money
                                            or in any other investments which may be selected by the Security Agent with the consent
                                            of the Majority Lenders; or

 

    	 	126 	 

     

    

 

		(b)	place
                                            any Recoveries on deposit in the name of, or under the control of, the Security Agent at
                                            any bank or institution (including itself or any other Finance Party) and on such terms as
                                            the Security Agent may agree and if it places it on deposit with itself, it shall only be
                                            liable for standard amount of interest that would have been payable by it to an independent
                                            customer on a deposit of similar tenor and amount.

 

		29.4	Currency
                                            Conversion

 

		(a)	For
                                            the purpose of, or pending the discharge of, any of the obligations and liabilities secured
                                            by the Security Documents, the Security Agent may convert any moneys it receives or recovers
                                            from one currency to another, at a market rate of exchange.

 

		(b)	The
                                            obligations of any Obligor to pay in the due currency may only be satisfied to the extent
                                            of the amount of the due currency purchased after deducting the costs of conversion.

 

		29.5	Permitted
                                            Deductions

 

The Security
Agent may, in its discretion:

 

		(a)	set
                                            aside by way of reserve amounts required to meet, and make and pay, any deductions and withholdings
                                            (on account of Taxes or otherwise) which it is or may be required by any applicable law to
                                            make from any distribution or payment made by it under this Agreement; and

 

		(b)	pay
                                            all Taxes which may be assessed against it in respect of any of the assets subject to a Security
                                            under the Security Documents, or as a consequence of performing its duties, or by virtue
                                            of its capacity as Security Agent, under any of the Finance Documents or otherwise (other
                                            than in connection with its remuneration for performing its duties under this Agreement).

 

		29.6	Good
                                            Discharge

 

		(a)	Any
                                            payment to be made in respect of the obligations and liabilities secured by the Security
                                            Documents by the Security Agent may be made to the Facility Agent on behalf of the Finance
                                            Parties and any payment made in that way will be a good discharge, to the extent of that
                                            payment, by the Security Agent.

 

		(b)	The
                                            Security Agent is under no obligation to make the payments to the Facility Agent under paragraph (a) above
                                            in the same currency as that in which the obligations and liabilities owing to the relevant
                                            Finance Party are denominated.

 

		30.	Conduct
                                            of Business by the Finance Parties

 

No provision
of any Finance Document will:

 

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

 

		(b)	oblige
                                            any Finance Party to investigate or claim any credit, relief, remission or repayment available
                                            to it or the extent, order and manner of any claim; or

 

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

 

    	 	127 	 

     

    

 

		31.	Sharing
                                            among the Finance Parties

 

		31.1	Payments
                                            to Finance Parties

 

If a
Finance Party (a “Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance
with Clause 32 (Payment Mechanics) and applies that amount to a payment due under a Finance Document then:

 

		(a)	the
                                            Recovering Finance Party must, within three Business Days, notify details of the receipt
                                            or recovery to the Facility Agent;

 

		(b)	the
                                            Facility Agent must determine whether the receipt or recovery is in excess of the amount
                                            the Recovering Finance Party would have received had the receipt or recovery been received
                                            or made by the Facility Agent and distributed in accordance with Clause 32 (Payment
                                            Mechanics), without taking account of any Tax which would be imposed on the Facility
                                            Agent in relation to the receipt, recovery or distribution; and

 

		(c)	the
                                            Recovering Finance Party must pay to the Facility Agent an amount (the “Sharing
                                            Payment”) equal to that receipt or recovery less any amount which the Facility
                                            Agent determines may be retained by the Recovering Finance Party as its share of any payment
                                            to be made, in accordance with Clause 32.5 (Partial Payments).

 

		31.2	Redistribution
                                            of Payments

 

The Facility
Agent must treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other
than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 32.5 (Partial
Payments) towards the obligations of that Obligor to the Sharing Finance Parties.

 

		31.3	Recovering
                                            Finance Party’s Rights

 

		(a)	On
                                            a distribution by the Facility Agent under Clause 31.2 (Redistribution of Payments)
                                            the Recovering Finance Party will be subrogated to the rights of the Finance Parties which
                                            have shared in that redistribution.

 

		(b)	If
                                            and to the extent that the Recovering Finance Party is not able to rely on its rights under
                                            paragraph (a) above, the relevant Obligor will owe the Recovering Finance Party
                                            a debt equal to the Sharing Payment which is immediately due and payable.

 

		31.4	Reversal
                                            of Redistribution

 

If any
part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance
Party, then:

 

		(a)	each
                                            Sharing Finance Party must, on request of the Facility Agent, pay to the Facility Agent for
                                            the account of that Recovering Finance Party an amount equal to the appropriate part of its
                                            share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering
                                            Finance Party for its proportion of any interest on the Sharing Payment which that Recovering
                                            Finance Party is required to pay) (the “Redistributed Amount”);

 

		(b)	at
                                            the time of the request by the Facility Agent under paragraph (a) above, the Sharing
                                            Finance Party will be subrogated to the rights of the Recovering Finance Party in respect
                                            of the relevant Redistributed Amount; and

 

		(c)	if
                                            and to the extent that the Sharing Finance Party is not able to rely on its rights under
                                            paragraph (b) above as between the relevant Obligor and each relevant Sharing Finance
                                            Party, an amount equal to the relevant Redistributed Amount will be treated as not having
                                            been paid by that Obligor.

 

    	 	128 	 

     

    

 

		31.5	Exceptions

 

		(a)	This
                                            Clause will not apply to the extent that the Recovering Finance Party would not, after making
                                            any payment pursuant to this Clause, have a valid and enforceable claim against the relevant
                                            Obligor.

 

		(b)	A
                                            Recovering Finance Party is not obliged to share with any other Finance Party any amount
                                            which the Recovering Finance Party has received or recovered as a result of taking legal
                                            or arbitration proceedings, if:

 

		(i)	it
                                            notified that other Finance Party of the legal or arbitration proceedings; and

 

		(ii)	that
                                            other Finance Party had an opportunity to participate in those legal or arbitration proceedings
                                            but did not do so as soon as reasonably practicable having received notice and did not take
                                            separate legal or arbitration proceedings.

 

		32.	Payment
                                            Mechanics

 

		32.1	Payments
                                            to the Facility Agent

 

		(a)	On
                                            each date on which a Party is required to make a payment to the Facility Agent under a Finance
                                            Document, that Party must make the payment available to the Facility Agent (unless a contrary
                                            indication appears in a Finance Document) for value on the due date at the time and in such
                                            funds specified by the Facility Agent to the Party concerned as being customary at the time
                                            for settlement of transactions in the relevant currency in the place of payment.

 

		(b)	Unless
                                            a Finance Document specifies that payments under it are to be made in another manner, each
                                            payment must be made to such account in New York and with such bank as the Facility Agent
                                            specifies.

 

		32.2	Distributions
                                            by the Facility Agent

 

Each
payment received by the Facility Agent under the Finance Documents for another Party must, except as provided in this Clause, be paid
by the Facility Agent to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account
of its Facility Office) as soon as reasonably practicable after receipt, to such account in New York and with such bank as that Party
may notify to the Facility Agent by not less than five Business Days’ notice.

 

		32.3	Distributions
                                            to an Obligor

 

The Facility
Agent may (with the consent of an Obligor or in accordance with Clause 33 (Set-Off)) apply any amount received by it for that Obligor
in or towards payment (as soon as reasonably practicable after receipt) of any amount due from that Obligor under the Finance Documents.
For this purpose the Facility Agent may apply the received sum in or towards the purchase of any amount of any currency to be paid.

 

		32.4	Clawback
                                            and Pre-Funding

 

		(a)	Where
                                            a sum is to be paid to the Facility Agent under the Finance Documents for another Party,
                                            the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or
                                            perform any related exchange contract) until it has been able to establish to its satisfaction
                                            that it has actually received that sum.

 

    	 	129 	 

     

    

 

		(b)	If
                                            the Facility Agent or its Affiliate or Representative on its behalf or direction (the Facility
                                            Agent and its applicable Affiliate or Representative, a “Facility Agent Entity”)
                                            pays an amount to another Party (unless paragraph (c) below applies) or, at the direction
                                            of such Party, that Party’s Affiliate, Related Fund or Representative (such Party and
                                            its applicable Affiliate, Related Fund or Representative, an “Other Party Entity”)
                                            and it proves to be the case (in the sole determination of the Facility Agent) that (i) neither
                                            the Facility Agent nor the applicable Facility Agent Entity actually received that amount
                                            or (ii) such amount was otherwise paid in error (whether such error was known or ought
                                            to have been known to such other Party or applicable Other Party Entity), then the Party
                                            to whom that amount (or the proceeds of any related exchange contract) was paid (or on whose
                                            direction its applicable Other Party Entity was paid) by the applicable Facility Agent Entity
                                            shall hold such amount on trust or, to the extent not possible as a matter of law, for the
                                            account (or will procure that its applicable Other Party Entity holds on trust or for the
                                            account) of the Facility Agent Entity and on demand (or will procure that its applicable
                                            Other Party Entity shall) refund the same to the Facility Agent Entity together with interest
                                            on that amount from the date of payment to the date of receipt by the Facility Agent Entity,
                                            calculated by the Facility Agent to reflect its cost of funds.

 

		(c)	If
                                            the Facility Agent is willing to make available amounts for the account of the Company before
                                            receiving funds from the Lenders, then if and to the extent that the Facility Agent does
                                            so but it proves (in the sole determination of the Facility Agent) to be the case that it
                                            does not then receive funds from a Lender in respect of a sum which it paid to the Company:

 

		(i)	the
                                            Facility Agent must notify the Company promptly of that Lender’s identity and the Company
                                            must hold such amount on trust or, to the extent not possible as a matter of law, for the
                                            account, of the Facility Agent and on demand refund it to the Facility Agent; and

 

		(ii)	the
                                            Lender by whom those funds should have been made available or, if that Lender fails to do
                                            so, the Company must on demand pay to the Facility Agent the amount (as certified by the
                                            Facility Agent) which will indemnify the Facility Agent against any funding cost incurred
                                            by it as a result of paying out that sum before receiving those funds from that Lender.

 

		32.5	Partial
                                            Payments

 

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

 

		(i)	first,
                                            in or towards payment pro rata of any unpaid amount owing to the Administrative Parties,
                                            any Receiver or any Delegate under the Finance Documents;

 

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

 

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

 

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

 

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

 

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

 

    	 	130 	 

     

    

 

		32.6	No
                                            Set-Off by Obligors

 

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

 

		32.7	Business
                                            Days

 

		(a)	Any
                                            payment under the Finance Documents which is due to be made on a day that is not a Business
                                            Day will be made on the next Business Day in the same calendar month (if there is one) or
                                            the preceding Business Day (if there is not).

 

		(b)	During
                                            any extension of the due date for payment of any principal or Unpaid Sum under this Agreement
                                            interest is payable on the principal or Unpaid Sum at the rate payable on the original due
                                            date.

 

		32.8	Currency
                                            of Account

 

		(a)	Unless
                                            a Finance Document specifies otherwise, USD is the currency of account and payment for any
                                            sum due from an Obligor under any Finance Document.

 

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

 

		(c)	Any
                                            amount expressed to be payable in a currency other than USD will be paid in that other currency.

 

		32.9	Change
                                            of Currency

 

		(a)	Unless
                                            otherwise prohibited by law, if more than one currency or currency unit are at the same time
                                            recognised by the central bank of any country as the lawful currency of that country, then:

 

		(i)	any
                                            reference in the Finance Documents to, and any obligations arising under the Finance Documents
                                            in, the currency of that country will be translated into, or paid in, the currency or currency
                                            unit of that country designated by the Facility Agent (after consultation with the Company);
                                            and

 

		(ii)	any
                                            translation from one currency or currency unit to another will be at the official rate of
                                            exchange recognised by the central bank for the conversion of that currency or currency unit
                                            into the other, rounded up or down by the Facility Agent (acting reasonably).

 

		(b)	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, to the extent the Facility Agent (acting reasonably and after consultation
                                            with the Company) specifies to be necessary, be amended to comply with any generally accepted
                                            conventions and market practice in the Relevant Market and otherwise reflect the change in
                                            currency.

 

		32.10	Disruption
                                            to Payment Systems

 

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

 

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

 

    	 	131 	 

     

    

 

		(ii)	the
                                            Facility Agent is not obliged to consult with the Company in relation to any changes if,
                                            in its opinion, it is not practicable to do so in the circumstances and, in any event, is
                                            not obliged to agree to any changes; and

 

		(iii)	the
                                            Facility Agent may consult with the Finance Parties in relation to any changes but is not
                                            obliged to do so if, in its opinion, it is not practicable to do so in the circumstances.

 

		(b)	Any
                                            agreement between the Facility Agent and the Company will (whether or not it is finally determined
                                            that a Disruption Event has occurred) be binding on the Parties as an amendment to (or, as
                                            the case may be, a waiver of) the terms of the Finance Documents notwithstanding the provisions
                                            of Clause 38 (Amendments and Waivers).

 

		(c)	Notwithstanding
                                            any other provision of this Agreement, the Facility Agent will not be liable (whether in
                                            contract, tort or otherwise and whether caused by the Facility Agent’s negligence,
                                            gross negligence or any other category of liability whatsoever, but not including any claim
                                            based on the fraud of the Facility Agent) for any cost, loss or liability whatsoever any
                                            person incurs or any diminution in value arising as a result of the Facility Agent taking
                                            or not taking any action under or in connection with this Clause 32.10 (Disruption
                                            to Payment Systems).

 

		(d)	The
                                            Facility Agent must notify the Finance Parties promptly of all changes agreed pursuant to
                                            paragraph (b) above.

 

		32.11	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 person to whom the payment is to be made (or, if that person is a Finance Party, the Facility Agent).

 

		33.	Set-Off

 

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

 

		34.	Notices

 

		34.1	Communications
                                            in Writing

 

Any communication
to be made under or in connection with the Finance Documents must be made in writing and, unless otherwise stated, may be made by fax
or letter.

 

		34.2	Addresses

 

		(a)	Except
                                            as provided below, the contact details of each Party for any communication to be made or
                                            delivered under or in connection with the Finance Documents are those notified by that Party
                                            for this purpose to the Facility Agent on or before the date it becomes a Party.

 

    	 	132 	 

     

    

 

		(b)	The
                                            contact details of the Company for this purpose are:

 

		Address:	1
                                            Cathedral Piazza

                                            123 Victoria Street London

                                            SW1E 5BP

                                            United Kingdom

 

		Email:	###
 ###

grouptreasury.debt@ihstowers.com

grouplegal@ihstowers.com

 

		Attention:	Patrick
                                            Fegaly, Talin Shah

 

		(c)	The
                                            contact details of the Facility Agent for this purpose are:

 

		Address:	Citigroup
                                            Centre

                                            5th Floor

                                            25 Canada Square

                                            London

                                            E14 5LB
	 	 	 
	 	Fax number:	+44
                                            207 492 3980

 

		Attention:	The
                                            Manager – EMEA Loans Agency

 

		(d)	Any
                                            Party may change its contact details by giving five Business Days’ notice to the Facility
                                            Agent or (in the case of the Facility Agent) to the other Parties.

 

		34.3	Delivery

 

		(a)	Except
                                            as provided below, any communication made or delivered by one Party to another under or in
                                            connection with the Finance Documents will only be effective:

 

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

 

		(ii)	if
                                            by way of registered mail or courier, when it has been delivered at the relevant address,

 

and, if
a particular department or officer is specified as part of its address details provided under Clause 34.2 (Addresses), if
addressed to that department or officer.

 

		(b)	Any
                                            communication to be made or delivered to an Agent will be effective only when actually received
                                            by that Agent, in accordance with paragraph (a) above.

 

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

 

		(d)	All
                                            communications from or to an Obligor (other than the Company) must be sent through the Company.

 

		(e)	Each
                                            Obligor (other than the Company) irrevocably appoints the Company to act as its agent:

 

		(i)	to
                                            give and receive all communications under or in connection with the Finance Documents;

 

		(ii)	to
                                            exercise any rights or discretions on its behalf under the Finance Documents;

 

		(iii)	to
                                            supply all information concerning itself to any Finance Party; and

 

		(iv)	to
                                            sign all documents on its behalf under or in connection with the Finance Documents.

 

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

 

    	 	133 	 

     

    

 

		(g)	Each
                                            Finance Party may assume that any communication made by the Company (or by the Company on
                                            behalf of an Obligor) is made with the consent of each other Obligor.

 

		(h)	Any
                                            communication which would otherwise become effective on a non-working day or after 5 pm
                                            (London time) in the place of receipt will be deemed only to become effective on the next
                                            working day in that place.

 

		34.4	Notification
                                            of Address and Fax Number

 

Promptly
on receipt of notification of a Party’s (a “Relevant Party”) contact details or a change of a Relevant Party’s
contact details, the Facility Agent must notify:

 

		(a)	the
                                            Company; and

 

		(b)	(if
                                            the Relevant Party is the Company or an Agent) each Party other than the Relevant Party.

 

		34.5	Electronic
                                            Communication

 

		(a)	Any
                                            communication to be made between any of the Parties under or in connection with the Finance
                                            Documents may be made by electronic mail or other electronic means (including, without limitation,
                                            by way of posting to a secure website), if the relevant Parties:

 

		(i)	notify
                                            each other in writing of their electronic mail address and/or any other information required
                                            to enable the transmission of information by that means; and

 

		(ii)	notify
                                            each other of any change to their electronic mail address or any other such information supplied
                                            by them.

 

		(b)	Any
                                            electronic communication as specified in paragraph (a) above to be made between
                                            an Obligor and a Finance Party may only be made in that way to the extent that those two
                                            parties agree that, unless and until notified to the contrary, this is an accepted form of
                                            communication.

 

		(c)	For
                                            the purposes of the Finance Documents, an electronic communication will be treated as being
                                            in writing.

 

		(d)	Any
                                            electronic communication as specified in paragraph (a) above made between the Parties
                                            will be effective only when actually received (or made available) in readable form and in
                                            the case of any electronic communication made by a Party to an Agent only if it is addressed
                                            in such a manner as that Agent may specify for this purpose.

 

		(e)	Any
                                            electronic communication which would otherwise become effective on a non-working day or after
                                            business hours in the place in which the Party to whom the relevant communication is sent
                                            or made available has its address for the purposes of this Agreement will be deemed only
                                            to become effective on the next working day in that place.

 

		(f)	Any
                                            reference in a Finance Document to a communication being sent or received will be construed
                                            to include that communication being made available in accordance with this Clause 34.5
                                            (Electronic Communication).

 

		34.6	English
                                            Language

 

		(a)	Any
                                            communication made under or in connection with any Finance Document must be in English.

 

    	 	134 	 

     

    

 

		(b)	All
                                            other documents provided under or in connection with any Finance Document must be:

 

		(i)	in
                                            English; or

 

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

 

		35.	Calculations
                                            and Certificates

 

		35.1	Accounts

 

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

 

		35.2	Certificates
                                            and Determinations

 

Any certification
or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence
of the matters to which it relates.

 

		35.3	Day
                                            Count Convention and Interest Calculation

 

		(a)	Any
                                            interest, commission or fee accruing under a Finance Document will accrue from day to day
                                            and the amount of any such interest, commission or fee is calculated:

 

		(i)	on
                                            the basis of the actual number of days elapsed and a year of 360 days (or, in any case
                                            where the practice in the Relevant Market differs, in accordance with that market practice);
                                            and

 

		(ii)	subject
                                            to paragraph (b) below, without rounding.

 

		(b)	The
                                            aggregate amount of any accrued interest, commission or fee which is or becomes payable by
                                            an Obligor under a Finance Document shall be rounded to 2 decimal places.

 

		36.	Partial
                                            Invalidity

 

If, at
any time, any term of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction,
that will not affect:

 

		(a)	the
                                            legality, validity or enforceability in that jurisdiction of any other term of any Finance
                                            Document; or

 

		(b)	the
                                            legality, validity or enforceability in other jurisdictions of that or any other term of
                                            any Finance Document.

 

		37.	Remedies
                                            and Waivers

 

No failure
to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document will operate
as a waiver, nor will 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 each Finance Document are cumulative and not exclusive of any rights or
remedies provided by law and may be waived only in writing and specifically.

 

    	 	135 	 

     

    

 

		38.	Amendments
                                            and Waivers

 

		38.1	Required
                                            Consents

 

		(a)	Except
                                            as provided in this Clause, any term of or any right or remedy under a Finance Document may
                                            be amended or waived only with the consent of the Company and the Majority Lenders and any
                                            such amendment or waiver will be binding on all the Parties.

 

		(b)	The
                                            Facility Agent or, where applicable, the Security Agent may effect, on behalf of any Finance
                                            Party, any amendment or waiver permitted by this Clause. The relevant Agent must notify the
                                            other Parties promptly of any amendment or waiver effected by it under this paragraph.

 

		(c)	Each
                                            Obligor agrees to any amendment or waiver permitted by this Clause which is agreed to by
                                            the Company.

 

		38.2	All
                                            Lender Matters

 

Subject
to Clause 38.4 (Changes to Reference Rates), an amendment or waiver of any term of or any right or remedy under a Finance
Document that has the effect of changing or which relates to:

 

		(a)	the
                                            definition of “Majority Lenders”;

 

		(b)	an
                                            extension of the date of payment of any scheduled amount to or for the account of a Lender
                                            under the Finance Documents, except as agreed by an individual Lender in respect of its Commitment
                                            or participation in any Loan;

 

		(c)	a
                                            release of any Security created pursuant to a Security Document other than in accordance
                                            with the terms of the Finance Documents;

 

		(d)	a
                                            redenomination of a Commitment into another currency;

 

		(e)	a
                                            reduction in the Margin or a reduction in the amount or change in currency of any payment
                                            of principal, interest, fee or other amount payable to or for the account of a Lender under
                                            the Finance Documents, except as agreed by an individual Lender in respect of its Commitment
                                            or participation in any Loan;

 

		(f)	an
                                            increase in any Commitment or the Total Commitments or an extension of the Availability Period
                                            or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders
                                            rateably under the Facility;

 

		(g)	changes
                                            to the Obligors otherwise than as permitted under this Agreement;

 

		(h)	the
                                            definition of Anti-Corruption Laws, Clause 18.22 (Anti-Bribery and Corruption Laws)
                                            or Clause 22.5 (Anti-Bribery and Corruption and Anti-Money Laundering);

 

		(i)	the
                                            definition of Restricted Party, Sanctioned Country, Sanctions or Sanctions List, Clause 7.4
                                            (Mandatory Prepayment – Sanctions Etc.), Clause 18.21 (Sanctions)
                                            or Clause 22.4 (Sanctions);

 

		(i)	(other
                                            than as expressly permitted by the provisions of any Finance Document):

 

		(ii)	the
                                            nature or scope of the guarantee and indemnity granted under Clause 16 (Guarantee
                                            and Indemnity);

 

		(iii)	the
                                            manner in which the proceeds of enforcement of any Security created pursuant to the Security
                                            Documents are distributed; and

 

    	 	136 	 

     

    

 

		(iv)	the
                                            release of any guarantee and indemnity granted under Clause 16 (Guarantee and Indemnity);

 

		(j)	any
                                            provision of a Finance Document which expressly requires the consent of all the Lenders;
                                            or

 

		(k)	Clause 2.3
                                            (Facility Increase), Clause 7.1 (Mandatory Prepayment – Illegality),
                                            the definition of Permitted Transferee set out in Clause 7.2 (Mandatory Prepayment
                                            – Change of Control), Clause 25 (Changes to the Lenders), Clause 31
                                            (Sharing Among the Finance Parties), Clause 42 (Governing Law), Clause 43.2
                                            (Jurisdiction of English Courts) or this Clause,

 

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

 

		38.3	Other
                                            Exceptions

 

		(a)	The
                                            Security Documents may be amended, varied, waived or modified with the agreement of the relevant
                                            security provider and the Security Agent.

 

		(b)	An
                                            amendment or waiver which relates to the rights or obligations of the Facility Agent, the
                                            Arranger or the Security Agent (each in their capacity as such) may not be effected without
                                            the consent of the Facility Agent, the Arranger or the Security Agent (as applicable).

 

		(c)	If
                                            any Lender does not accept or reject a request for a consent, waiver or 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 15 Business Days (unless the Company and the Facility 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.

 

		(d)	Notwithstanding
                                            Clause 38.2 (All Lender Matters), a Fee Letter may be amended or waived with
                                            the agreement of each Administrative Party that is a party to that Fee Letter and the Company.

 

		(e)	The
                                            Facility Agent may agree with the Company at any time any amendment to or modification of
                                            a name or other details of an Original Lender as set out in Part 1 of Schedule 1 (The
                                            Parties) which is technical in nature or which is necessary to correct a manifest error.

 

		38.4	Changes
                                            to Reference Rates

 

Subject
to paragraph (b) of Clause 38.3 (Other Exceptions), if a Published Rate Replacement Event has occurred in relation
to any Published Rate for dollars, any amendment or waiver which relates to:

 

		(a)	providing
                                            for the use of a Replacement Reference Rate in relation to dollars in place of that Published
                                            Rate; and

 

		(b)	

 

		(i)	aligning
                                            any provision of any Finance Document to the use of that Replacement Reference Rate;

 

		(ii)	enabling
                                            that Replacement Reference Rate to be used for the calculation of interest under this Agreement
                                            (including, without limitation, any consequential changes required to enable that Replacement
                                            Reference Rat to be used for the purposes of this Agreement);

 

    	 	137 	 

     

    

 

		(iii)	implementing
                                            market conventions applicable to that Replacement Reference Rate;

 

		(iv)	providing
                                            for appropriate fallback (and market disruption) provisions for that Replacement Reference
                                            Rate; or

 

		(v)	adjusting
                                            the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of
                                            economic value from one Party to another as a result of the application of that Replacement
                                            Reference Rate (and if any adjustment or method for calculating any adjustment has been formally
                                            designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall
                                            be determined on the basis of that designation, nomination or recommendation),

 

may be
made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and the Company.

 

		(c)	An
                                            amendment or waiver that relates to, or has the effect of, aligning the means of calculation
                                            of interest on a Compounded Rate Loan under this Agreement to any recommendation of a Relevant
                                            Nominating Body which:

 

		(i)	relates
                                            to the use of the RFR for dollars on a compounded basis in the international or any relevant
                                            domestic syndicated loan markets; and

 

		(ii)	is
                                            issued on or after the date of this Agreement,

 

may be
made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and the Company.

 

		38.5	Disenfranchisement
                                            of Defaulting Lenders

 

		(a)	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, a Defaulting Lender’s
                                            Commitments and participations will be deemed to be zero.

 

		(b)	For
                                            the purposes of this Clause 38.5, the Facility Agent may assume that the following Lenders
                                            are Defaulting Lenders:

 

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

 

		(ii)	any
                                            Lender in relation to which it is aware that any of the events or circumstances referred
                                            to in paragraph (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 Facility
Agent) or the Facility Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

 

		38.6	Replacement
                                            of a Defaulting Lender

 

		(a)	The
                                            Company may, at any time a Lender has become and continues to be a Defaulting Lender, by
                                            giving five Business Days’ prior written notice to the Facility Agent and such Lender,
                                            replace such Lender by requiring such Lender to (and to the extent permitted by law, such
                                            Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and
                                            not part only) of its rights and obligations under this Agreement to a Lender or other bank,
                                            financial institution or other entity (a “Replacement Lender”) selected
                                            by the Company, which (unless the replacement Lender is already a Lender or the Facility
                                            Agent is an Impaired Agent) has satisfied all the Facility Agent’s “know your
                                            client” and other similar checks, which confirms its willingness to assume and does
                                            assume all the obligations or all the relevant obligations of the transferring Lender (including
                                            the assumption of the transferring Lender’s participations or unfunded participations
                                            (as the case may be) on the same basis as the transferring Lender) for a purchase price in
                                            cash payable at the time of transfer equal to the outstanding principal amount of such Lender’s
                                            participation in the outstanding Loans and all accrued interest, Break Costs and other amounts
                                            payable in relation thereto under the Finance Documents.

 

    	 	138 	 

     

    

 

		(b)	Any
                                            transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 38.6
                                            shall be subject to the following conditions:

 

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

 

		(ii)	the
                                            transfer must take place no later than 60 days after the notice referred to in paragraph (a) above;

 

		(iii)	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

 

		(iv)	the
                                            Lender shall only be obliged to transfer its rights and obligations pursuant to this paragraph (b) once
                                            it has complied with (acting reasonably) all necessary “know your customer” or
                                            other similar checks under all applicable laws and regulations in relation to that transfer.

 

		39.	Confidential
                                            Information

 

		39.1	Confidentiality

 

		(a)	Each
                                            Finance Party must keep all Confidential Information confidential and not disclose it to
                                            any person, save to the extent permitted by Clause 39.2 (Disclosure of Confidential
                                            Information) and Clause 39.3 (Disclosure to Numbering Service Providers).

 

		(b)	Each
                                            Finance Party must ensure that all Confidential Information is protected with security measures
                                            and a degree of care that would apply to its own confidential information.

 

		39.2	Disclosure
                                            of Confidential Information

 

Any Finance
Party may disclose:

 

		(a)	to
                                            any of its Affiliates and Related Funds and any of its or their officers, directors, employees,
                                            professional advisers, insurers, insurance brokers, auditors, partners, service providers,
                                            Representatives and professional advisers of such Representatives such Confidential Information
                                            as that Finance Party considers appropriate if any person to whom the Confidential Information
                                            is to be given pursuant to this paragraph (a) is informed in writing of its confidential
                                            nature and that some or all of such Confidential Information may be price- sensitive information
                                            except that there is 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;

 

    	 	139 	 

     

    

 

 

		(b)	to any person:

 

		(i)	to (or through)
                                            whom it assigns, transfers or novates (or may potentially assign, transfer or novate) all
                                            or any of its rights and/or obligations under one or more Finance Documents or which succeeds
                                            (or which may potentially succeed) it as an Administrative Party and, in each case, to any
                                            of that person’s Affiliates, Related Funds, Representatives, professional advisers
                                            and agents;

 

		(ii)	with (or
                                            through) whom it enters into (or may potentially enter into), whether directly or indirectly,
                                            any sub-participation in relation to, or any other transaction under which payments are to
                                            be made or may be made by reference to, one or more Finance Documents and/or one or more
                                            Obligors and to any of that person’s Affiliates, Related Funds, Representatives, professional
                                            advisers and agents;

 

		(iii)	appointed
                                            by any Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above
                                            applies to receive communications, notices, information or documents delivered pursuant to
                                            the Finance Documents on its behalf (including, without limitation, any person appointed
                                            under paragraph (c) of Clause 28.14 (Relationship with the Lenders));

 

		(iv)	who invests
                                            in or otherwise finances (or may potentially invest in or otherwise finance), directly or
                                            indirectly, any transaction referred to in paragraphs (b)(i) or (b)(ii) above;

 

		(v)	to whom information
                                            is required or requested to be disclosed by any court of competent jurisdiction or any governmental,
                                            banking, taxation or other regulatory authority or similar body, the rules of any relevant
                                            stock exchange, listing authority or similar body, or pursuant to any applicable law or regulation;

 

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

 

		(vii)	to whom
                                            or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or
                                            may do so) pursuant to Clause 25.8 (Security Over Lenders’ Rights);

 

		(viii)	who is
                                            a Party or a member of the Group;

 

		(ix)	who is a
                                            direct or indirect provider of credit protection to any Lender; or

 

		(x)	with the consent
                                            of the Company,

 

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

 

		(A)	in relation
                                            to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential
                                            Information is to be given has entered into a Confidentiality Undertaking except that there
                                            is 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;

 

    	 	140 	 

     

    

 

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

 

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

 

		(c)	to any person
                                            appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above
                                            applies to provide administration or settlement services in respect of one or more of the
                                            Finance Documents including, without limitation, in relation to the trading of participations
                                            in respect of the Finance Documents, such Confidential Information as may be required to
                                            be disclosed to enable such service provider to provide any of the services referred to in
                                            this paragraph (c) if the service provider to whom the Confidential Information
                                            is to be given has entered into a confidentiality agreement substantially in the form of
                                            the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service
                                            Providers or such other form of confidentiality undertaking agreed between the Company and
                                            the relevant Finance Party; and

 

		(d)	to any rating
                                            agency (including its professional advisers) such Confidential Information as may be required
                                            to be disclosed to enable such rating agency to carry out its normal rating activities in
                                            relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential
                                            Information is to be given is informed of its confidential nature and that some or all of
                                            such Confidential Information may be price-sensitive information.

 

		39.3	Disclosure
                                            to Numbering Service Providers

 

		(a)	Any Finance
                                            Party may disclose to any national or international numbering service provider appointed
                                            by that Finance Party to provide identification numbering services in respect of this Agreement,
                                            the Facility and/or the Company the following information:

 

		(i)	the names
                                            of the Obligors;

 

		(ii)	the country
                                            of domicile of the Obligors;

 

		(iii)	the place
                                            of incorporation of the Obligors;

 

		(iv)	the date
                                            of this Agreement;

 

		(v)	the governing
                                            law of this Agreement;

 

		(vi)	the names
                                            of the Facility Agent and the Arrangers;

 

		(vii)	the date
                                            of each amendment and restatement of this Agreement;

 

		(viii)	the amount
                                            and name of the Facility (and any tranches);

 

		(ix)	the amount
                                            of the Total Commitments;

 

		(x)	the currency
                                            of the Facility;

 

		(xi)	the type
                                            of the Facility;

 

    	 	141 	 

     

    

 

		(xii)	the ranking
                                            of the Facility;

 

		(xiii)	the Termination
                                            Date for the Facility;

 

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

 

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

 

to enable
such numbering service provider to provide its usual syndicated loan numbering identification services.

 

		(b)	The Parties
                                            acknowledge and agree that each identification number assigned to this Agreement, the Facility
                                            and/or one or more Obligors by a numbering service provider and the information associated
                                            with each such number may be disclosed to users of its services in accordance with the standard
                                            terms and conditions of that numbering service provider.

 

		(c)	The Company
                                            represents that none of the information set out in paragraphs (i) to (xv) of
                                            paragraph (a) above is unpublished price-sensitive information.

 

		39.4	Entire
                                            Agreement

 

This
Clause:

 

		(a)	constitutes
                                            the entire agreement between the Parties in relation to the obligations of the Finance Parties
                                            under the Finance Documents regarding Confidential Information; and

 

		(b)	supersedes
                                            any previous agreement, whether express or implied, regarding Confidential Information.

 

		39.5	Inside
                                            Information

 

Each
Finance Party 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.

 

		39.6	Notification
                                            of Disclosure

 

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

 

		(a)	of the circumstances
                                            of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of
                                            Clause 39.2 (Disclosure of Confidential Information) except where such disclosure
                                            is made to any of the persons referred to in that paragraph during the ordinary course
                                            of its supervisory or regulatory function; and

 

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

 

    	 	142 	 

     

    

 

		39.7	Continuing
                                            Obligations

 

The obligations
in this Clause are continuing and, in particular, will survive and remain binding on each Finance Party for a period of 12 months
from the earlier of:

 

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

 

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

 

		40.	Confidentiality of Funding Rates

 

		40.1	Confidentiality
                                            and Disclosure

 

		(a)	The Facility
                                            Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it
                                            to any person, save to the extent permitted by paragraphs (b) and (c) below.

 

		(b)	The Facility
                                            Agent may disclose:

 

		(i)	any Funding
                                            Rate to each Obligor pursuant to Clause 8.5 (Notification of Rates of Interest);
                                            and

 

		(ii)	any Funding
                                            Rate 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 Facility Agent and the relevant Lender.

 

		(c)	The Facility
                                            Agent may disclose any Funding Rate, and the Company may disclose any Funding Rate, to:

 

		(i)	any of its
                                            Affiliates and any of its or their officers, directors, employees, professional advisers,
                                            auditors, partners and Representatives if any person to whom that Funding Rate is to be given
                                            pursuant to this paragraph (i) is informed in writing of its confidential nature
                                            and that it may be price-sensitive information except that there is no requirement to so
                                            inform the recipient if the recipient is subject to professional obligations to maintain
                                            the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality
                                            in relation to it;

 

		(ii)	any person
                                            to whom information is required or requested to be disclosed by any court of competent jurisdiction
                                            or any governmental, banking, taxation or other regulatory authority or similar body, the
                                            rules of any relevant stock exchange or pursuant to any applicable law or regulation
                                            if the person to whom that Funding Rate is to be given is informed in writing of its confidential
                                            nature and that it may be price-sensitive information except that there is no requirement
                                            to so inform the recipient if, in the opinion of the Facility Agent or the relevant Obligor,
                                            as the case may be, it is not practicable to do so in the circumstances;

 

		(iii)	any person
                                            to whom information is required to be disclosed in connection with, and for the purposes
                                            of, any litigation, arbitration, administrative or other investigations, proceedings or disputes
                                            if the person to whom that Funding Rate is to be given is informed in writing of its confidential
                                            nature and that it may be price-sensitive information except that there is no requirement
                                            to so inform the recipient if, in the opinion of the Facility Agent or the relevant Obligor,
                                            as the case may be, it is not practicable to do so in the circumstances; and

 

    	 	143 	 

     

    

 

		(iv)	any person
                                            with the consent of the relevant Lender, as the case may be.

 

		40.2	Related
                                            Obligations

 

		(a)	The Facility
                                            Agent and each Obligor acknowledge that each Funding Rate 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 Facility Agent and each Obligor
                                            undertake not to use any Funding Rate for any unlawful purpose.

 

		(b)	The Facility
                                            Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the
                                            relevant Lender:

 

		(i)	of the circumstances
                                            of any disclosure made pursuant to paragraph (c)(ii) of Clause 40.1 (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

 

		(ii)	on becoming
                                            aware that any information has been disclosed in breach of this Clause.

 

		40.3	No
                                            Event of Default

 

No Event
of Default will occur under Clause 23.4 (Other Obligations) by reason only of an Obligor’s failure to comply with this
Clause.

 

		41.	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.

 

		42.	Governing Law

 

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

 

		43.	Enforcement

 

		43.1	Arbitration

 

		(a)	Subject
                                            to paragraph (d) below, any dispute arising out of or in connection with this Agreement
                                            (including a dispute relating to the existence, validity or termination of this Agreement
                                            or any non- contractual obligation arising out of in connection with this Agreement) (a “Dispute”)
                                            shall be referred to and finally resolved by arbitration under the Arbitration Rules of
                                            the London Court of International Arbitration (LCIA) (the “Rules”).

 

		(b)	In respect
                                            of the formation of arbitral tribunal, seat and language of arbitration:

 

		(i)	the arbitral
                                            tribunal shall consist of three arbitrators. The Facility Agent (on behalf of the Majority
                                            Lenders) shall nominate one arbitrator; the Company shall nominate the second arbitrator,
                                            and a third arbitrator (who shall act as Chairman) shall be appointed by the arbitrators
                                            nominated by the Facility Agent (on behalf of the Majority Lenders) and the Company or, in
                                            the absence of agreement on the third arbitrator within ten Business Days of the appointment
                                            of the second arbitrator, by the LCIA Court (as defined in the Rules);

 

    	 	144 	 

     

    

 

		(ii)	the seat
                                            of arbitration shall be London, England;

 

		(iii)	the language
                                            of the arbitration shall be English; and

 

		(iv)	the governing
                                            law of the arbitration agreement shall be English law.

 

		(c)	For the
                                            purposes of arbitration pursuant to this Clause 43.1, the Parties waive any right of
                                            application to the English courts to determine a preliminary point of law or appeal on a
                                            point of law under Sections 45 and 69 of the Arbitration Act 1996.

 

		(d)	Before the
                                            Finance Parties have filed, as the case may be, a Request for Arbitration or Response (in
                                            each case, as defined in the Rules) the Facility Agent may (and shall, if so instructed by
                                            the Majority Lenders) by notice in writing to all other Parties require that all Disputes
                                            or a specific Dispute be heard by a court of law. If the Facility Agent gives such notice,
                                            the Dispute to which such notice refers shall be determined in accordance with Clause 43.2
                                            (Jurisdiction of English Courts).

 

		43.2	Jurisdiction
                                            of English Courts

 

		(a)	If the Facility
                                            Agent issues a notice pursuant to paragraph (d) of Clause 43.1 (Arbitration),
                                            the provisions of this Clause 43.2 shall apply.

 

		(b)	The courts
                                            of England have exclusive jurisdiction to settle any Dispute.

 

		(c)	The Parties
                                            agree that the English courts are the most appropriate and convenient courts to settle Disputes
                                            and accordingly no Party will argue to the contrary.

 

		(d)	This Clause 43.2
                                            is for the benefit of the Finance Parties only. As a result, to the extent permitted by law:

 

		(i)	no Finance
                                            Party will be prevented from taking proceedings relating to a Dispute in any other courts
                                            with jurisdiction; and

 

		(ii)	the Finance
                                            Parties may take concurrent proceedings in any number of jurisdictions.

 

		43.3	Service
                                            of Process

 

		(a)	Without
                                            prejudice to any other mode of service allowed under any relevant law, the Company and each
                                            Original Guarantor:

 

		(i)	irrevocably
                                            appoints IHS Africa (UK) Limited, 1 Cathedral Piazza, 123 Victoria Street, London, SW1E 5BP
                                            as its agent under the Finance Documents for service of process in relation to any proceedings
                                            before the English courts in connection with any Finance Document; and

 

		(ii)	agrees that
                                            failure by a process agent to notify the Company or an Original Guarantor of the process
                                            will not invalidate the proceedings concerned.

 

		(b)	If any person
                                            appointed as process agent under this Clause 43.3 (Service of Process) is unable
                                            for any reason so to act, the Company and each Original Guarantor must immediately (and in
                                            any event within ten days of the event taking place) appoint another agent on terms acceptable
                                            to the Facility Agent. Failing this, the Facility Agent may appoint another process agent
                                            for this purpose.

 

    	 	145 	 

     

    

 

		44.	Acknowledgement Regarding any
                                            Supported QFCS

 

		(a)	To the extent
                                            that the Finance Documents provide support, through a guarantee or otherwise, for any agreement
                                            or instrument that is a QFC (such support, “QFC Credit Support” and each
                                            such QFC a “Supported QFC”), the parties acknowledge and agree as follows
                                            with respect to the resolution power of the Federal Deposit Insurance Corporation under the
                                            Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
                                            Protection Act (together with the regulations promulgated thereunder, the U.S. Special Resolution
                                            Regimes) in respect of such Supported QFC and QFC Credit Support (with the provisions below
                                            applicable notwithstanding that the Finance Documents and any Supported QFC may in fact be
                                            stated to be governed by the laws of the State of New York and/or of the United States or
                                            any other state of the United States):

 

		(b)	in the event
                                            a Covered Entity that is party to a Supported QFC (each, a “Covered Party”)
                                            becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such
                                            Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation
                                            in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
                                            such Supported QFC or such QFC Credit Support) from such Covered Party will be effective
                                            to the same extent as the transfer would be effective under the U.S. Special Resolution Regime
                                            if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights
                                            in property) were governed by the laws of the United States or a state of the United States.
                                            In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to
                                            a proceeding under a U.S. Special Resolution Regime, Default Rights under the Finance Documents
                                            that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised
                                            against such Covered Party are permitted to be exercised to no greater extent than such Default
                                            Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and
                                            the Finance Documents were governed by the laws of the United States or a state of the United
                                            States. Without limitation of the foregoing, it is understood and agreed that rights and
                                            remedies of the parties with respect to a Defaulting Lender shall in no event affect the
                                            rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

		(c)	As used
                                            in this Clause 44, the following terms have the following meanings:

 

“BHC
Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with,
12 U.S.C. 1841(k)) of such party.

 

“Covered
Entity” means any of the following:

 

		(i)	a “covered
                                            entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
                                            252.82(b);

 

		(ii)	a “covered
                                            bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
                                            47.3(b); or

 

		(iii)	a “covered
                                            FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. §
                                            382.2(b).

 

“Default
Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81,
47.2 or 382.1, as applicable.

 

    	 	146 	 

     

    

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

		45.	Contractual Recognition of Bail-In

 

		(a)	Subject
                                            to paragraph (b) below and notwithstanding any other term of any Finance Document
                                            or any other agreement, arrangement or understanding between the Parties, each Party acknowledges
                                            and accepts that any liability of any Party to any other Party under or in connection with
                                            the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority
                                            and acknowledges and accepts to be bound by the effect of:

 

		(i)	any Bail-In
                                            Action in relation to any such liability, including (without limitation):

 

		(A)	a reduction,
                                            in full or in part, in the principal amount, or outstanding amount due (including any accrued
                                            but unpaid interest) in respect of any such liability;

 

		(B)	a conversion
                                            of all, or part of, any such liability into shares or other instruments of ownership that
                                            may be issued to, or conferred on, it; and

 

		(C)	a cancellation
                                            of any such liability; and

 

		(ii)	a variation
                                            of any term of any Finance Document to the extent necessary to give effect to any Bail-In
                                            Action in relation to any such liability.

 

		(b)	The provisions
                                            of this Clause 45 (Contractual Recognition of Bail-In) shall not apply to Standard
                                            Chartered Bank, Dubai International Financial Centre Branch, regulated by the Dubai Financial
                                            Services Authority as Original Lender.

 

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

 

    	 	147 	 

     

    

 

Schedule 1

 

The Parties

 

Part 1

The Original Lenders

 

	Original
    Lender	 	 	Commitment
	 
	ABSA Bank Limited (acting through its Corporate and
    Investment Banking division)	 	 USD	25,000,000	 
	 	 	 	 	 
	Citibank, N.A., London Branch	 	 USD	50,000,000	 
	 	 	 	 	 
	Goldman Sachs Lending Partners LLC	 	 USD	50,000,000	 
	 	 	 	 	 
	JPMorgan Chase Bank, N.A., London Branch	 	 USD	50,000,000	 
	 	 	 	 	 
	Standard Chartered Bank, Dubai
    International Financial Centre Branch, regulated by the Dubai Financial Services Authority	 	 USD	50,000,000	 
	 	 	 USD	225,000,000
	 

 

    	 	148 	 

     

    

 

Part 2

The Guarantors as at the Date of
this Agreement

 

	Name
	Jurisdiction
    of incorporation and registration 

    number (if any)

	IHS Netherlands Holdco
    B.V.	The Netherlands (66017912)
	 	 
	IHS Netherlands NG1 B.V.	The Netherlands (66030390)
	 	 
	IHS Netherlands NG2 B.V.	The Netherlands (66030501)
	 	 
	Nigeria Tower Interco
    B.V.	The Netherlands (61341088)
	 	 
	IHS Towers NG Limited	Nigeria (448308)
	 	 
	IHS (Nigeria) Limited	Nigeria (407609)
	 	 
	INT Towers Limited	Nigeria (1222736)

 

    	 	149 	 

     

    

 

Schedule 2

 

Conditions Precedent

 

 

Part 1

Conditions Precedent to Initial Utilisation

 

		1.	Corporate
                                            Documentation

 

		(a)	A copy of
                                            the constitutional documents of the Company and each other Original Obligor, and in relation
                                            to the Company, a copy of the global business licence issued by the Financial Services Commission
                                            of Mauritius together with a copy of the receipt for payment of the licence fee for the period
                                            July 2019 to June 2020 and a certificate of current standing issued by the Registrar
                                            of Companies in Mauritius.

 

		(b)	A copy of
                                            a resolution of the board of directors of the Company and each other Original Obligor:

 

		(i)	approving
                                            the terms of, and the transactions contemplated by, the Finance Documents to which it is
                                            a party and resolving that it execute the Finance Documents to which it is a party;

 

		(ii)	authorising
                                            a specified person or persons to execute the Finance Documents to which it is a party on
                                            its behalf; and

 

		(iii)	authorising
                                            a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
                                            (including any Utilisation Request) to be signed and/or despatched by it under or in connection
                                            with the Finance Documents to which it is a party.

 

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

 

		(d)	A certificate
                                            of the Company (on behalf of each other Original Obligor in relation to sub-paragraph (i) below)
                                            (signed by a director) confirming (as at the date of the certificate) that:

 

		(i)	borrowing
                                            or guaranteeing or securing, as appropriate, the Total Commitments would not cause any borrowing,
                                            guarantee, security or similar limit binding on the Company or that other Original Obligor
                                            to be exceeded;

 

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

 

		(iii)	no Material
                                            Adverse Change has occurred; and

 

		(iv)	the Repeating
                                            Representations are true in all material respects (except where that representation and warranty
                                            is already qualified by materiality under Clause 18 (Representations)).

 

		(e)	A certificate
                                            of the Company and each other Original Obligor (dated no earlier than the date of this Agreement)
                                            certifying that each copy document relating it and specified in this Part 1 of Schedule
                                            2 (Conditions Precedent) is correct, complete and in full force and effect and has
                                            not been amended or superseded.

 

		2.	Finance Documents

 

		(a)	A duly executed
                                            copy of this Agreement.

 

    	 	150 	 

     

    

 

		(b)	A duly executed
                                            copy of each Fee Letter.

 

		3.	Legal Opinions

 

		(a)	The following
                                            legal opinions:

 

		(i)	a legal opinion
                                            of Norton Rose Fulbright LLP, legal advisers to the Arrangers and the Facility Agent in England;

 

		(ii)	a legal opinion
                                            of BLC, legal advisers to the Arrangers and the Facility Agent in Mauritius;

 

		(iii)	a legal
                                            opinion of Norton Rose Fulbright LLP, legal advisers to the Arrangers and the Facility Agent
                                            in the Netherlands; and

 

		(iv)	a legal opinion
                                            of Udo Udoma & Belo-Osagie, legal advisers to the Arrangers and the Facility Agent
                                            in Nigeria,

 

each substantially
in the form distributed to the Original Lenders, and addressed to the Finance Parties at the date of that opinion.

 

		(b)	A legal
                                            opinion of Walkers, legal advisers to the Arrangers and the Facility Agent in the Cayman
                                            Islands providing, subject to customary assumptions and qualifications, customary legal opinions
                                            with regards to choice of English law and enforcement of English judgments, substantially
                                            in the form distributed to the Original Lenders, and addressed to the Finance Parties at
                                            the date of that opinion.

 

		4.	Other Documents
                                            and Evidence

 

		(a)	Evidence
                                            that the agent for service of process in England and Wales referred to in Clause 43.3
                                            (Service of Process) has accepted its appointment.

 

		(b)	Copies of
                                            any and all licences required by the Company or any Material Subsidiary to conduct its business.

 

		(c)	A certified
                                            copy of the Group Structure Chart.

 

		(d)	A copy of
                                            the Original Financial Statements.

 

		(e)	The White
                                            List.

 

		(f)	Evidence
                                            that the facilities provided under the revolving facility agreement dated 25 August 2016
                                            (as amended) between, among others, the Company and Citibank Europe PLC as facility agent
                                            has been cancelled in full.

 

		(g)	Evidence
                                            that all fees, costs and expenses then due and payable from the Company under this Agreement
                                            have been or will be paid on the earlier of (i) the date falling five Business Days
                                            after the date of this Agreement and (ii) the first Utilisation Date.

 

		(h)	Copies of
                                            each Existing Material Subsidiary Debt Facility, in the form in force as at the date of this
                                            Agreement.

 

		(i)	The Financial
                                            Plan.

 

    	 	151 	 

     

    

 

Part 2

Conditions Precedent Required to
be Delivered by a Guarantor

 

		1.	Corporate
                                            Documentation

 

		(a)	An Accession
                                            Letter, duly executed by each Guarantor and the Company.

 

		(b)	A copy of
                                            the constitutional documents of each Guarantor.

 

		(c)	A copy of
                                            a resolution of the board of directors of each Guarantor:

 

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

 

		(ii)	in the case
                                            of each of the Guarantors incorporated in Nigeria, confirming that guaranteeing the obligations
                                            under the Agreement is in the best interest, and for the corporate benefit, of the Guarantor;

 

		(iii)	authorising
                                            a specified person or persons to execute the Accession Letter on its behalf; and

 

		(iv)	authorising
                                            a specified person or persons, on its behalf, to sign and/or despatch all other documents
                                            and notices to be signed and/or despatched by it under or in connection with the Finance
                                            Documents.

 

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

 

		(e)	To the extent
                                            required, a written resolution of all the shareholders of each Guarantor approving the terms
                                            of, and the transactions contemplated by, the Accession Letter and the Finance Documents,
                                            and in addition, in the case of each of the Guarantors incorporated in Nigeria, confirming
                                            that guaranteeing the obligations under the Agreement is in the best interest, and for the
                                            corporate benefit, of the Guarantor.

 

		(f)	A certificate
                                            of an authorised signatory of each Guarantor certifying that:

 

		(i)	each copy
                                            document specified in Part 2 of this Schedule is correct, complete and in full force
                                            and effect as at a date no earlier than the date of the Accession Letter;

 

		(ii)	guaranteeing
                                            the Total Commitments will not cause any guaranteeing or similar limit binding on it to be
                                            exceeded;

 

		(iii)	in the case
                                            of each of the Guarantors incorporated in Nigeria, guaranteeing the obligations under the
                                            Agreement is in the best interest, and in the corporate benefit, of the Guarantor; and

 

		(iv)	the Company
                                            is authorised to act as its agent in connection with the Finance Documents.

 

		2.	Legal Opinions

 

The following
legal opinions:

 

		(a)	a legal
                                            opinion of the legal advisers to the Arrangers and the Facility Agent in England; and

 

		(b)	a legal
                                            opinion of the legal advisers to the Arrangers and the Facility Agent in the jurisdiction
                                            of incorporation of each Guarantor,

 

    	 	152 	 

     

    

 

each
substantially in the form distributed to the Original Lenders before signing the Accession Letter, and addressed to the Finance Parties
at the date of that opinion.

 

		3.	Other Documents
                                            and Evidence

 

		(a)	In the case
                                            of each Guarantor not incorporated in England and Wales, evidence that it has appointed IHS
                                            Africa (UK) Limited as its agent for service of process, and that IHS Africa (UK) Limited
                                            has accepted its appointment in relation to that Guarantor.

 

		(b)	To the extent
                                            required, documents required to evidence that any financial assistance “whitewash”
                                            or other analogous procedure has been carried out in accordance with applicable law and regulation
                                            in the jurisdiction of incorporation of each Guarantor.

 

		(c)	Any additional
                                            documentation or other evidence necessary to ensure that the obligations any Guarantor shall
                                            be expressed to assume under the Finance Documents shall constitute fully effective and perfected
                                            legal, valid, binding and enforceable obligations (which, for the avoidance of doubt, shall
                                            not include any requirement for any Accession Letter or this Agreement to be stamped by the
                                            relevant tax authorities in Nigeria).

 

		(d)	Evidence
                                            that all necessary registration and stamping formalities (including, without limitation the
                                            payment of any fees or Tax (but which, for the avoidance of doubt, shall not include any
                                            requirement for any Accession Letter or this Agreement to be stamped by the relevant tax
                                            authorities in Nigeria)) required to be complied with by law or regulation in relation to
                                            the Accession Letter have been, or will be, complied with within the applicable time limit
                                            for completion of such formalities imposed by the relevant law or regulation.

 

    	 	153 	 

     

    

 

Schedule 3

 

Form of
Utilisation Request

 

		To:	[Citibank
                                            Europe plc, UK Branch] as Facility Agent

 

		From:	[●]

 

		Date:	[●]

 

IHS Holding Limited
 – USD[●],000,000 Credit Agreement

dated [●] (the “Agreement”)

 

		1.	We refer to the
                                            Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning
                                            in this Utilisation Request unless given a different meaning in this Utilisation Request.

 

		2.	We wish to borrow
                                            a Loan on the following terms:

 

		(a)	Proposed
                                            Utilisation Date: [●] (or, if that is not a Business Day, the next Business Day);

 

		(b)	Currency
                                            of Loan: USD;

 

		(c)	Amount:
                                            USD[●] or, if less, the Available Facility; and

 

		(d)	Interest
                                            Period: [●].

 

		3.	We confirm that
                                            each condition precedent under the Agreement which is required to be satisfied on the date
                                            of this Utilisation Request is satisfied.

 

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

 

		5.	This Utilisation
                                            Request is irrevocable.

 

IHS Holding Limited

 

	 	 
	By:	

 

“WARNING:
Please seek Dutch legal advice (i) until the interpretation of the term “public” (as referred to in Article 4.1(1) of
the Capital Requirements Regulation (EU/575/2013)) has been published by the competent authority, if the share of a Lender in any Utilisation
requested by a Dutch Borrower is less than EUR100,000 (or the foreign currency equivalent thereof) and (ii) as soon as the interpretation
of the term “public” has been published by the competent authority, if the Lender is considered to be part of the public
on the basis of such interpretation.”

 

    	 	154 	 

     

    

 

Schedule 4

 

Form of
Transfer Certificate

 

		To:	[Citibank
                                            Europe plc, UK Branch] as Facility Agent

 

		From:	[EXISTING
                                            LENDER] (the “Existing Lender”) and [NEW LENDER] (the “New Lender”)

 

		Date:	[●]

 

IHS Holding Limited
 – USD[●],000,000 Credit Agreement

dated [●] (the “Agreement”)

 

We refer to the
Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given
a different meaning in this Transfer Certificate.

 

		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 New Lender
                                            expressly acknowledges the limitations on the Existing Lender’s obligations in respect
                                            of this Transfer Certificate contained in the Agreement.

 

		4.	The administrative
                                            details of the New Lender for the purposes of the Agreement are set out in the Schedule.

 

		5.	This Transfer
                                            Certificate may be executed in any number of counterparts and this has the same effect as
                                            if the signatures on the counterparts were on a single copy of this Transfer Certificate.

 

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

 

“WARNING:
Please seek Dutch legal advice (i) until the interpretation of the term “public” (as referred to in Article 4.1(1) of
the Capital Requirements Regulation (EU/575/2013)) has been published by the competent authority, if any amount lent to a Dutch borrower
is to be transferred which is less than EUR100,000 (or the foreign currency equivalent thereof) and (ii) as soon as the interpretation
of the term “public” has been published by the competent authority, if a New Lender is or would be considered to be part
of the public on the basis of such interpretation”.

 

    	 	155 	 

     

    

 

The Schedule

 

Rights and obligations
to be transferred by novation

 

[insert relevant
details, including applicable Commitment (or part)]

 

Administrative
details of the New Lender

 

[insert details
of Facility Office, address for notices and payment details etc.]

 

[Existing Lender]

 

	 	 
	By:	

 

[New Lender]

 

	 	 
	By:	

 

The Transfer Date
is confirmed by the Facility Agent as [●].

 

[Citibank Europe plc, UK Branch]

as Facility Agent for and on behalf of

each of the parties to the Agreement

(other than the Existing Lender and

the New Lender)

 

	 	 
	By:	

 

Note: The execution
of this Transfer Certificate may not transfer a proportionate share of the Existing Lender’s interest in the security in all jurisdictions.
It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer
of such a share in the Existing Lender’s security in any jurisdiction and, if so, to arrange for execution of those documents and
completion of those formalities.

 

    	 	156 	 

     

    

 

Schedule 5

 

Form of
Assignment Agreement

 

		To:	[Citibank
                                            Europe plc, UK Branch] as Facility Agent and the Company

 

		From:	[EXISTING
                                            LENDER] (the “Existing Lender”) and [NEW LENDER] (the “New Lender”)

 

		Date:	[●]

 

IHS Holding Limited
 – USD[●],000,000 Credit Agreement

dated [●] (the “Agreement”)

 

We refer to the
Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same meaning in this Assignment Agreement unless
given a different meaning in this Assignment Agreement.

 

		1.	In accordance
                                            with the terms of the Agreement:

 

		(a)	the Existing
                                            Lender assigns absolutely to the New Lender all the rights of the Existing Lender specified
                                            in the Schedule;

 

		(b)	to the extent
                                            the obligations referred to in paragraph (c) below are effectively assumed by the
                                            New Lender, the Existing Lender is released from its obligations under the Agreement specified
                                            in the Schedule;

 

		(c)	the New
                                            Lender assumes obligations equivalent to those obligations of the Existing Lender under the
                                            Agreement specified in the Schedule; and

 

		(d)	the New
                                            Lender becomes a Lender under the Agreement and is bound by the terms of the Agreement as
                                            a Lender.

 

		2.	The proposed
                                            Transfer Date is [●].

 

		3.	The New Lender
                                            expressly acknowledges the limitations on the Existing Lender’s obligations in respect
                                            of this Assignment Agreement contained in the Agreement.

 

		4.	The administrative
                                            details of the New Lender for the purposes of the Agreement are set out in the Schedule.

 

		5.	This Assignment
                                            Agreement acts as notice to the Facility Agent (on behalf of the Company and each Finance
                                            Party) of the assignment referred to in this Assignment Agreement.

 

		6.	This Assignment
                                            Agreement may be executed in any number of counterparts and this has the same effect as if
                                            the signatures on the counterparts were on a single copy of the Assignment Agreement.

 

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

 

“WARNING:
Please seek Dutch legal advice (i) until the interpretation of the term “public” (as referred to in Article 4.1(1) of
the Capital Requirements Regulation (EU/575/2013)) has been published by the competent authority, if any amount lent to a Dutch borrower
is to be assigned which is less than EUR100,000 (or the foreign currency equivalent thereof) and (ii) as soon as the interpretation
of the term “public” has been published by the competent authority, if a New Lender is or would be considered to be part
of the public on the basis of such interpretation”.

 

    	 	157 	 

     

    

 

The Schedule

 

Rights and obligations
to be transferred by assignment, assumption and release

 

[insert relevant
details, including applicable Commitment (or part)]

 

Administrative
details of the New Lender

 

[insert details
of Facility Office, address for notices and payment details etc.]

 

[Existing Lender]

 

[Existing Lender]

 

	 	 
	By:	

 

[New Lender]

 

	 	 
	By:	

 

The Transfer Date
is confirmed by the Facility Agent as [●].

 

[Citibank Europe plc, UK Branch]

as Facility Agent for and on behalf of

each of the parties to the Agreement

(other than the Existing Lender and

the New Lender)

 

	 	 
	By:	

 

Note: The execution
of this Assignment Agreement may not transfer a proportionate share of the Existing Lender’s interest in the security in all jurisdictions.
It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer
of such a share in the Existing Lender’s security in any jurisdiction and, if so, to arrange for execution of those documents and
completion of those formalities. An assignment may give rise to stamp duty or transfer tax issues. There will be no liability to stamp
duty or SDRT in the UK if the loan capital exemption is available.

 

    	 	158 	 

     

    

 

Schedule 6

 

Form of
Compliance Certificate

 

		To:	[Citibank
                                            Europe plc, UK Branch] as Facility Agent

 

		From:	IHS
                                            Holding Limited

 

		Date:	[●]

 

IHS Holding Limited
 – USD[●],000,000 Credit Agreement

dated [●] (the “Agreement”)

 

		1.	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.

 

		2.	We confirm that:

 

		(a)	On the last
                                            day of the Relevant Period ending on [●] Net Financial Indebtedness was [●] and
                                            EBITDA for such Relevant Period was [●]. Therefore the Leverage Ratio at such time
                                            [did/did not] exceed [●] times for such Relevant Period and the covenant contained
                                            in paragraph (b) of Clause 20.2 (Financial Condition) [has/has not]
                                            been complied with.

 

		(b)	On the last
                                            day of the Relevant Period ending on [●] EBITDA was [●] and Net Cash Finance
                                            Interest Adjusted For Leases for such Relevant Period was [●]. Therefore the Interest
                                            Cover Ratio at such time [did/did not] exceed [●] times for such Relevant Period and
                                            the covenant contained in paragraph (a) of Clause 20.2 (Financial Condition)
                                            [has/has not] been complied with.

 

		(c)	[We have
                                            received an Additional Investment in an amount of USD[●] which has been applied in
                                            accordance with Clause 20.4 (Equity Cure).]

 

		(d)	[We confirm
                                            no Default or Material Subsidiary Event of Default is continuing.]

 

		(e)	[As at the
                                            last day of the Relevant Period ending on [●], the following entities are Material
                                            Subsidiaries of the Company:

 

[●].]

 

IHS Holding Limited

 

	 	 
	By: [Officer]	

 

    	 	159 	 

     

    

 

Schedule 7

 

Form of
Increase Confirmation

 

		To:	[Citibank Europe
                                            plc, UK Branch] as Facility Agent and IHS Holding Limited as the Company

 

		From:	[[the Increase
                                            Lender] (the “Increase Lender”)] / [the Facility Increase Lender] (the
                                            “Facility Increase Lender”)]

 

		Date:	[●]

 

IHS Holding Limited
 – USD[●],000,000 Credit Agreement

dated [●] (the “Agreement”)

 

		1.	We refer to the
                                            Agreement. This agreement (the “Increase Agreement”) shall take effect
                                            as an Increase Confirmation for the purpose of the Agreement. Terms defined in the Agreement
                                            have the same meaning in this Increase Agreement unless given a different meaning in this
                                            Increase Agreement.

 

		2.	We refer to [Clause 2.2
                                            (Increase)] / [Clause 2.3 (Facility Increase)] of the Agreement.

 

		3.	The [Increase
                                            Lender] / [Facility Increase Lender]agrees to assume and will assume all of the obligations
                                            corresponding to the Commitment specified in the Schedule (the “Relevant Commitment”)
                                            as if it was an Original Lender under the Agreement.

 

		4.	The proposed
                                            date on which the increase in relation to the Increase Lender and the Relevant Commitment
                                            is to take effect (the “Increase Date”) is [●].

 

		5.	On the Increase
                                            Date, the [Increase Lender] / [Facility Increase Lender] becomes party to the relevant Finance
                                            Documents as a Lender.

 

		6.	The Facilities
                                            Office and address, fax number and attention details for notices to the [Increase Lender]
                                            / [Facility Increase Lender] for the purposes of Clause 34.2 (Addresses), are
                                            set out in the Schedule.

 

		7.	The [Increase
                                            Lender] / [Facility Increase Lender] expressly acknowledges the limitations on the Lenders’
                                            obligations referred to in paragraph [(f) of Clause 2.2 (Increase)]
                                            / [(f) of Clause 2.3 (Facility Increase)].

 

		8.	This Increase
                                            Agreement may be executed in any number of counterparts (each of which shall constitute an
                                            original) and this has the same effect as if the signatures on the counterparts were on a
                                            single copy of this Increase Agreement. Delivery of a counterpart of this Increase Agreement
                                            by email attachment or telecopy shall be an effective mode of delivery.

 

		9.	This Increase
                                            Agreement and any non-contractual obligations arising out of or in connection with it are
                                            governed by, and shall be construed in accordance with, English law.

 

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

 

    	 	160 	 

     

    

 

The Schedule

 

Relevant Commitment/Rights
and Obligations

to be Assumed by the [Increase Lender] / [Facility Increase Lender]

 

[insert relevant
details]

 

[Facility office
address, fax number and attention details for

notices and account details for payments]

 

[Increase Lender] / [Facility
Increase Lender]

 

	 	 
	By:	

 

This Increase Agreement
is accepted as an Increase Confirmation for the purposes of the Agreement by the Facility Agent and the Increase Date is confirmed as
[●].

 

Facility Agent

 

	 	 
	By:	

 

    	 	161 	 

     

    

 

Schedule 8

 

Form of
Accession Letter

 

		To:	[Citibank
                                            Europe plc, UK Branch] as Facility Agent

 

		From:	IHS
                                            Holding Limited as the Company and [PROPOSED GUARANTOR]

 

		Date:	[●]

 

IHS Holding Limited
 – USD[●],000,000 Credit Agreement

dated [●] (the “Agreement”)

 

		1.	We refer to the
                                            Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning
                                            in this Accession Letter unless given a different meaning in this Accession Letter.

 

		2.	[Name of company]
                                            agrees to become a Guarantor and to be bound by the terms of the Agreement as a Guarantor.
                                            [Name of company] is a company duly incorporated under the laws of [name of relevant jurisdiction].

 

		3.	[Name of company]’s
                                            administrative details are as follows: [●].

 

		4.	This Accession
                                            Letter is intended to take effect as a deed.

 

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

 

IHS Holding Limited

Executed as a deed by

[Proposed Guarantor]

in the presence of

 

	 	 
	Director	

 

    	 	162 	 

     

    

 

Schedule 9

 

Form of
Resignation Letter

 

		To:	[Citibank
                                            Europe plc, UK Branch] as Facility Agent

 

		From:	IHS
                                            Holding Limited as the Company and [EXITING GUARANTOR]

 

		Date:	[●]

 

IHS Holding Limited
 – USD[●],000,000 Credit Agreement

dated [●] (the “Agreement”)

 

		1.	We refer to the
                                            Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning
                                            in this Resignation Letter unless given a different meaning in this Resignation Letter.

 

		2.	We request that
                                            [Exiting Guarantor] be released from its obligations as a Guarantor under the Agreement.

 

		3.	We confirm that:

 

		(a)	no Default
                                            is continuing or would result from the acceptance of this request;

 

		(b)	as at the
                                            date of this Resignation Letter [no amount owing by [Exiting Guarantor] under any Finance
                                            Document as a Guarantor is outstanding]; and

 

		(c)	[●].

 

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

 

IHS Holding Limited

 

	 	 
	By:	

 

[Exiting Guarantor]

 

	 	 
	By:	

 

The Facility Agent confirms that this
resignation takes effect on [●].

 

[Citibank Europe plc, UK Branch]

as Facility Agent

 

	 	 
	By:	

 

    	 	163 	 

     

    

 

Schedule 10

 

Forms of Notifiable
Debt Purchase Transaction Notice

 

Part 1     

Form of Notice on Entering into Notifiable Debt Purchase Transaction

 

		To:	[Citibank
                                            Europe plc, UK Branch] as Facility Agent

 

		From:	[LENDER]

 

		Date:	[●]

 

IHS Holding Limited
 – USD[●],000,000 Credit Agreement

dated [●] (the “Agreement”)

 

		1.	We refer to paragraph (b) of
                                            Clause 26.2 (Disenfranchisement on Debt Purchase Transactions Entered into by Affiliates)
                                            of the Agreement. Terms defined in the Agreement have the same meaning in this notice unless
                                            given a different meaning in this notice.

 

		2.	We have entered
                                            into a Notifiable Debt Purchase Transaction.

 

		3.	The Notifiable
                                            Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of
                                            our Commitment as set out below.

 

		Commitment	Amount
                                            of our Commitment to which Notifiable Debt Purchase Transaction relates

 

		[Commitment]	[insert
                                            amount (of that Commitment) to which the relevant Debt Purchase Transaction applies]

 

[Lender]

 

	 	 
	By:	

 

    	 	164 	 

     

    

 

Part 2     

Form of Notice on Termination of Notifiable Debt Purchase Transaction/Notifiable Debt Purchase Transaction Ceasing to be with Sponsor
Affiliate

 

		To:	[Citibank
                                            Europe plc, UK Branch] as Facility Agent

 

		From:	[LENDER]

 

		Date:	[●]

 

IHS Holding Limited
 – USD[●],000,000 Credit Agreement

dated [●] (the “Agreement”)

 

		1.	We refer to paragraph (c) of
                                            Clause 26.2 (Disenfranchisement on Debt Purchase Transactions Entered into by Affiliates)
                                            of the Agreement. Terms defined in the Agreement have the same meaning in this notice unless
                                            given a different meaning in this notice.

 

		2.	A Notifiable
                                            Debt Purchase Transaction which we entered into and which we notified you of in a notice
                                            dated [●] has [terminated]/[ceased to be with a Sponsor Affiliate].

 

		3.	The Notifiable
                                            Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of
                                            our Commitment as set out below.

 

		Commitment	Amount
                                            of our Commitment to which Notifiable Debt Purchase Transaction relates

 

		[Commitment]	[insert
                                            amount (of that Commitment) to which the relevant Debt Purchase Transaction applies]

 

[Lender]

 

	 	 
	By:	

 

    	 	165 	 

     

    

 

Schedule 11

 

Existing Security

 

	Member
    of the Group	 	Details
    of Security
	IHS Côte
    d’Ivoire S.A.	 	1.	Share pledge
    dated 30 June 2015 relating to the shares of IHS Mauritius Cote d’Ivoire Limited entered into between IHS Holding
    Limited and EBI SA
	 	 	 	 
	 	 	2.	Contrat De Nantissement
    D’Actions relating to the shares of IHS Cote d’Ivoire Limited dated 30 June 2015 entered into between IHS Mauritius
    Cote d’Ivoire Limited and EBI SA
	 	 	 	 
	 	 	3.	Contrat De Nantissement
    D’Actions De Second Rang relating to the shares of IHS Cote d’Ivoire Limited dated 11 August 2017 entered into
    between IHS Mauritius Cote d’Ivoire Limited and EBI SA
	 	 	 	 
	 	 	4.	Declaration de Nantissement
    de Compte De Titres Financiers dated 30 June 2015 entered into between IHS Mauritius Cote d’Ivoire Limited and EBI
    SA
	 	 	 	 
	 	 	5.	Contrat de Gage De Biens
    Meubles Sans Depossesion dated 30 June 2015 entered into between IHS Mauritius Cote d’Ivoire Limited and EBI SA
	 	 	 	 
	 	 	6.	Contrat de Gage De Biens
    Meubles Sans Depossesion dated 11 August 2017 entered into between IHS Mauritius Cote d’Ivore Limited and EBI SA
	 	 	 	 
	 	 	7.	Contrat De Nantissement
    De Creances dated 30 June 2015 entered into between IHS Cote d’Ivoire SA and EBI SA
	 	 	 	 
	 	 	8.	Contrat De Nantissement
    De Creances De Second Rang dated 11 August 2017 entered into between IHS Cote d’Ivoire SA and EBI SA
	 	 	 	 
	 	 	9.	Contrat De Nantissement
    De Creances (Prets d’Actionnaires) dated 30 June 2015 entered into between IHS Mauritius Cote d’Ivoire SA and
    EBI SA
	 	 	 	 
	 	 	10.	Contrat De Nantissement
    De Creances De Second Rang (Prets d’Actionnaires) dated 11 August 2017 entered into between IHS Mauritius Cote d’Ivoire
    SA and EBI SA
	 	 	 	 
	 	 	11.	Contrat De Nantissement
    De Comptes Bancaires dated 30 June 2015 entered into between IHS Cote d’Ivoire SA and EBI SA
	 	 	 	 
	 	 	12.	Contrat De Nantissement
    De Comptes Bancaires De Second Rang dated 11 August 2017 entered into between IHS Cote d’Ivoire SA and EBI SA
	 	 	 	 
	IHS Zambia Limited	 	1.	Fixed and floating charge
    dated 13 February 2021 entered into between IHS Zambia Limited, as Chargor and Standard Chartered Bank, as Collateral Agent;

 

    	 	166 	 

     

    

 

	 	 	2.	Security Assignment Agreement
    of IHS Zambia Limited’s rights in respect of assigned agreements dated 13 February 2021 entered into between IHS Zambia
    Limited, as Assignor and Standard Chartered Bank, as Collateral Agent;
	 	 	 	 
	 	 	3.	Charge over all onshore
    accounts of IHS Zambia Limited dated 13 February 2021 entered into between IHS Zambia Limited, as Chargor and Standard Chartered
    Bank, as Collateral Agent;
	 	 	 	 
	 	 	4.	Share Pledge Agreement
    in relation to IHS Holding Limited’s shares in IHS Mauritius Zambia Limited dated 13 February 2021 entered into between
    IHS Holding Limited, IHS Mauritius Zambia Limited and Standard Chartered Bank, as Collateral Agent;
	 	 	 	 
	 	 	5.	Share Pledge Agreement
    in relation to IHS Mauritius Zambia Limited’s shares in IHS Zambia Limited dated 13 February 2021 entered into between
    IHS Mauritius Zambia Limited, IHS Zambia Limited and Standard Chartered Bank, as Collateral Agent;
	 	 	 	 
	 	 	6.	Charge over all offshore
    accounts of IHS Zambia Limited dated 13 February 2021 entered into between IHS Zambia Limited, as Chargor and Standard Chartered
    Bank, as Collateral Agent; and
	 	 	 	 
	 	 	7.	Subordination Agreement
    and Assignment of Contractual Rights under Shareholder Loans dated 13 February 2021 entered into between International Finance
    Corporation, Standard Chartered Bank as Facility Agent and Collateral Agent, IHS Holding Limited as Guarantor, IHS Finco
    Management Limited, IHS Mauritius Zambia Limited, and IHS Zambia Limited as Borrower.
	 	 	 	 
	IHS Rwanda Limited	 	1.	Share Pledge Agreement
    relating to the shares of IHS Rwanda Limited dated 4 June 2014 created by IHS Mauritius Rwanda Limited, the Shareholder
    of IHS Rwanda Limited, as the Pledgor, and Ecobank Rwanda Limited as the Collateral Agent
	 	 	 	 
	 	 	2.	Share Pledge Agreement
    relating to the shares of IHS Mauritius Rwanda Limited dated 4 June 2014 created by IHS Holding Limited as the Pledgor,
    and Ecobank Rwanda Limited as the Collateral Agent and Pledgee
	 	 	 	 
	 	 	3.	All Assets Debenture dated
    4 June 2014 entered into by IHS Rwanda Limited and Ecobank Rwanda Limited as the Collateral Agent
	 	 	 	 
	 	 	4.	All Assets Debenture dated
    5 February 2015 given by Rwanda Towers Limited to Ecobank Rwanda Limited as Collateral Agent
	 	 	 	 
	 	 	5.	Share pledge agreement
    dated 5 February 2015 created by IHS Rwanda Limited, the shareholder of Rwanda Towers Limited, in favour of Ecobank Rwanda
    Limited as Collateral Agent

 

    	 	167 	 

     

    

 

	IHS Brasil – Cessão
    de Infraestruturas S.A	 	1.	Contrato de Cessão
    Fiduciária dated 21 May 2021 of the entire credit rights of IHS Brasil Participações Ltda. and IHS Brasil
    – Cessão de Infraestruturas S.A. to Itaú Unibanco S/A as Collateral Agent
	 	 	 	 
	 	 	2.	Contrato de Alienação
    Fiduciária de Ações issued by IHS Brasil – Cessão de Infraestruturas S.A. dated 21 May 2021
    entered into with Itaú Unibanco S/A
	 	 	 	 
	IHS Brasil Participações
    Ltda.	 	1.	Contrato de Alienação
    Fiduciária de Quotas issued by IHS Brasil Participações Ltda., dated 21 May 2021 entered into with Itaú
    Unibanco S/A
	 	 	 	 
	 	 	2.	Contrato de Cessão
    Fiduciária dated 21 May 2021 of the entire credit rights of IHS Brasil Participações Ltda. and IHS Brasil
    – Cessão de Infraestruturas S.A. to Itaú Unibanco S/A as Collateral Agent
	 	 	 	 
	IHS Kuwait Limited	 	1.	Business Pledge Agreement
    dated 7 July 2020 between, amongst others, IHS Kuwait Limited and Ahli Bank of Kuwait K.S.C.P
	 	 	 	 
	 	 	2.	English law security assignment
    agreement dated 6 July 2020 between IHS Kuwait Limited and Al Ahli Bank of Kuwait K.S.C.P as Security Agent
	 	 	 	 
	 	 	3.	Deed of subordination and
    assignment agreement dated 27 April 2020 between, amongst others, IHS Kuwait Limited as Debtor and Al Ahli Bank of Kuwait
    K.S.C.P as Security Agent

 

    	 	168 	 

     

    

 

Schedule 12

 

Existing Guarantees

 

	Guaranteed
    party
	 	Details
    of Guarantee

	IHS Côte d’Ivoire
    S.A.	 	Deed of guarantee dated
    30 June 2015 relating to a EUR29,000,000 and XOF 41,326,366,000 credit facility for IHS Cote d’Ivoire S.A. as borrower,
    entered into between, among others, IHS Holding Limited as guarantor and Citibank, N.A., London Branch, EBI SA, Societe Generale,
    Standard Bank of South Africa Limited, Isle of Man Branch and Standard Chartered Bank as the arrangers and EBI SA as facility
    agent.
	 	 	 
	IHS Zambia Limited	 	Deed of Guarantee relating
    to a credit facility of up to USD 95,000,000 dated 13 February 2021 entered into between IHS Holding Limited as guarantor, International
    Finance Corporation and Standard Chartered Bank.
	 	 	 
	IHS Rwanda Limited	 	Deed of guarantee dated
    4 June 2014 by IHS Holding Limited as the guarantor relating to USD45,000,000 and RWF 13,800,000,000 credit facility for
    IHS Rwanda Ltd entered into between, among others, IHS Holding Limited as the guarantor and Ecobank Development Corporation
    as mandated lead arranger, Ecobank Rwanda Limited as the local facility agent and Ecobank Rwanda Limited as the collateral agent.

 

    	 	169 	 

     

    

 

 

Schedule 13

 

Timetables

 

	 	 	
    Loans

	Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)).	 	10:00 a.m. three Business Days before the Quotation Day.
	 	 	 
	Facility Agent notifies the Lenders of the Loan (Clause 5.4 (Lenders’ Participation)).	 	Promptly upon receipt of the Utilisation Request and in any event by 10am one Business Day prior to the proposed Utilisation Date.
	 	 	 
	LIBOR is fixed	 	Quotation Day as of 11am

 

    	 	170 	 

     

    

 

Schedule 14

 

Existing Material Subsidiary Debt Facilities

 

		1.	Facilities agreement dated 3 September 2019 between IHS Netherlands Holdco B.V. as holdco, IHS
(Nigeria) Limited, IHS Towers NG Limited and INT Towers Limited as borrowers, Absa Bank Limited (acting through its Corporate and
Investment Banking division), Citibank, N.A., London Branch, FirstRand Bank Limited (London Branch), acting through its Rand Merchant
Bank division, Goldman Sachs Bank USA, J.P. Morgan Securities plc and Standard Chartered Bank as mandated lead arrangers and bookrunners
Ecobank Nigeria Limited as agent

 

		2.	Facility agreement dated 30 June 2015 as amended by an amendment and restatement agreement dated
11 August 2017 for facilities of 52,000,000 Euros and 44,606,151,000 CFA Francs for IHS Cote d’Ivoire S.A. as borrower,
arranged by Citibank, N.A., London Branch, EBI SA, Societe Generale, The Standard Bank of South Africa Limited, Isle of Man Branch
and Standard Chartered Bank with EBI S.A. acting as facility agent and security agent.

 

		3.	Facility agreement dated 21 May 2021 for facilities of Brazilian Real 300,000,000 for IHS Brasil
Participações Ltda. as borrower and IHS Brasil – Cessão de Infraestruturas S.A. as guarantor and Itaú
Unibanco S.A. as lender.

 

    	 	171 	 

     

    

 

Schedule 15

 

Acceptable Banks

 

	Banco do Brasil S.A.	Brazil
	Banco BOCOM BBM S.A.	Brazil
	Banco Bradesco S.A.	Brazil
	Caixa Economical Federal	Brazil
	Citibank Brazil	Brazil
	Itau Unibanco S.A.	Brazil
	Banco Safra S.A.	Brazil
	Banco Santander S.A.	Brazil
	JP Morgan	Brazil
	Citibank Cameroon	Cameroon
	Ecobank Cameroon	Cameroon
	Societe Generale Cameroon	Cameroon
	Standard Chartered Bank Cameroon	Cameroon
	UBA Cameroon	Cameroon
	Citibank Cote D’Ivoire	CIV
	Ecobank Cote D’Ivoire	CIV
	Stanbic Cote D’Ivoire	CIV
	Standard Chartered Bank CIV	CIV
	Societe Generale Cote D’Ivoire	CIV
	UBA Cote D’Ivoire	CIV
	Grupo Bancolumbia	Colombia
	Awash International bank	Ethiopia
	Ecobank France	France
	Al Ahli Bank of Kuwait K.S.C.P.	Kuwait
	Mashreq Bank	Kuwait
	Afrasia Bank Limited	Mauritius
	Standard Bank Mauritius	Mauritius
	ABSA Bank Mauritius Limited	Mauritius
	Citibank Europe plc - Netherlands	Netherlands
	Access Bank plc	Nigeria
	Citibank Nigeria	Nigeria
	Ecobank Nigeria	Nigeria
	Rand Merchant Bank Ltd	Nigeria
	Stanbic Nigeria	Nigeria

 

    	 	172 	 

     

    

 

	Standard Chartered Bank Nigeria	Nigeria
	UBA Nigeria	Nigeria
	Banco de Credito del Peru	Peru
	Ecobank Rwanda	Rwanda
	Access Bank	Rwanda
	Standard Chartered Bank - Dubai, UAE	UAE
	Mashreq Bank	UAE
	Citibank UK	United Kingdom
	Standard Chartered Bank UK	United Kingdom
	Access Bank	United Kingdom
	UBA Bank	United Kingdom
	Citibank, N.A., London Branch	United Kingdom
	J.P. Morgan	United Kingdom
	Goldman Sachs	United Kingdom
	Citibank	United States of America
	J.P. Morgan	United States of America
	Goldman Sachs	United States of America
	Citibank Zambia	Zambia
	Standard Chartered Bank Zambia	Zambia
	Ecobank	Zambia
	Access Bank	Zambia

 

    	 	173 	 

     

    

 

Schedule 16

 

Additional Covenants

 

Terms used in this Schedule and Schedule 17 (Additional
Events of Default) shall, if not otherwise defined in this Schedule, have the meaning given to them in Clause 1 (Definitions
and Interpretation) of this Agreement. Unless otherwise specified, a reference in this Schedule to a “Clause” shall be
a reference to a clause of this Schedule.

 

		1.	Merger

 

No Nigeria Obligor shall (and shall
ensure that no other member of the Nigeria Group will) enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction
other than a Permitted Reorganisation.

 

		2.	Acquisitions

 

		(a)	Except as permitted under paragraph (b) below, no Nigeria Obligor shall (and shall ensure that
no other member of the Nigeria Group will):

 

		(i)	acquire a company or any shares or securities or a business or undertaking (or, in each case, any interest
in any of them); or

 

		(ii)	incorporate a company.

 

		(b)	Paragraph (a) above does not apply to an acquisition of a company, of shares, securities or
a business or undertaking (or, in each case, any interest in any of them) or the incorporation of a company which is:

 

		(i)	a Permitted Acquisition; or

 

		(ii)	a Permitted Transaction.

 

		3.	Joint Ventures

 

		(a)	Except as permitted under paragraph (b) below, no Nigeria Obligor shall (and shall ensure that
no other member of the Nigeria Group will):

 

		(i)	enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest
in any Joint Venture; or

 

		(ii)	transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations
of a Joint Venture or maintain the solvency of or provide working capital to any Joint Venture (or agree to do any of the foregoing).

 

		(b)	Paragraph (a) above does not apply to any acquisition of (or agreement to acquire) any Joint
Venture or transfer of assets (or agreement to transfer assets) to a Permitted Joint Venture or loan made to or guarantee given in respect
of the obligations of a Permitted Joint Venture if such transaction is a Permitted Acquisition, a Permitted Disposal, a Permitted Loan
or a Permitted Joint Venture.

 

		4.	Negative Pledge

 

In this Clause 4, “Quasi-Security”
means an arrangement or transaction described in paragraph (b) below.

 

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

 

    	 	174 	 

     

    

 

		(b)	No Nigeria Obligor shall (and shall ensure that no other member of the Nigeria Group will):

 

		(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by a Nigeria Obligor;

 

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

 

		(iii)	enter into any arrangement under which money or the benefit of a bank or other account may be applied,
set-off or made subject to a combination of accounts; or

 

		(iv)	enter into any other preferential arrangement having a similar effect,

 

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

 

		(c)	Paragraphs (a) and (b) above do not apply to any Security or (as the case may be) Quasi-Security,
which is:

 

		(i)	Permitted Security; or

 

		(ii)	a Permitted Transaction.

 

		5.	Disposals

 

		(a)	Except as permitted under paragraph (b) below, no Nigeria Obligor shall (and shall ensure that
no other member of the Nigeria Group will) enter into a single transaction or a series of transactions (whether related or not) and whether
voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset.

 

		(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal which is:

 

		(i)	a Permitted Disposal; or

 

		(ii)	a Permitted Transaction.

 

		6.	Arm’s Length Basis

 

		(a)	Except as permitted by paragraph (b) below, no Nigeria Obligor shall (and shall ensure that
no other member of the Nigeria Group will) enter into any transaction with any non-Nigeria Obligor except on arm’s length terms.

 

		(b)	The following transactions shall not be a breach of this Clause 6:

 

		(i)	any Permitted Payments;

 

		(ii)	any Nigeria Transaction Costs;

 

		(iii)	any Permitted Loan made to an employee or director of any Nigeria Group member or under paragraph (e) of
the definition of Permitted Loan; and

 

		(iv)	any transaction which is no less favourable to the relevant Nigeria Group member than a transaction on
arm’s length terms.

 

		7.	Loans or Credit

 

		(a)	Except as permitted under paragraph (b) below, no Nigeria Obligor shall (and shall ensure that
no other member of the Nigeria Group will) be a creditor in respect of any Financial Indebtedness.

 

    	 	175 	 

     

    

 

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

 

		(i)	a Permitted Loan; or

 

		(ii)	a Permitted Transaction.

 

		8.	No Guarantees or Indemnities

 

		(a)	Except as permitted under paragraph (b) below, no Nigeria Obligor shall (and shall ensure that
no other member of the Nigeria Group will) incur or allow to remain outstanding any guarantee in respect of any obligation of any person.

 

		(b)	Paragraph (a) above does not apply to a guarantee which is:

 

		(i)	a Permitted Guarantee; or

 

		(ii)	a Permitted Transaction.

 

		9.	Dividends and Share Redemption

 

		(a)	Except as permitted under paragraph (b) below, Holdco shall not (and shall ensure that no Nigeria
Group member will):

 

		(i)	declare, make or pay any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
charge, fee or other distribution) (whether in cash or in kind) on or in respect of its share capital (or any class of its share capital),
other than to Holdco or another Nigeria Obligor;

 

		(ii)	repay or distribute any dividend or share premium reserve other than to Holdco or another Nigeria Obligor;

 

		(iii)	pay or allow any member of the Nigeria Group to pay any management, advisory or other fee to or to the
order of any direct or indirect shareholder of Holdco or its Affiliate (other than a Nigeria Obligor);

 

		(iv)	make a loan or make any payment of interest or principal under any loan or make any other payment to any
direct or indirect shareholder of Holdco or such shareholder’s Affiliate (other than a Nigeria Obligor); or

 

		(v)	redeem, repurchase, defease, retire or repay any of its share capital or resolve to do so.

 

		(b)	Paragraph (a) above does not apply to a Permitted Payment.

 

		10.	Financial Indebtedness

 

		(a)	Except as permitted under paragraph (b) below, no Nigeria Obligor shall (and shall ensure that
no other member of the Nigeria Group will) incur or allow to remain outstanding any Financial Indebtedness.

 

		(b)	Paragraph (a) above does not apply to Financial Indebtedness which is:

 

		(i)	Permitted Financial Indebtedness; or

 

		(ii)	a Permitted Transaction.

 

    	 	176 	 

     

    

 

		11.	Certain Definitions

 

“Acceptable Bank”
means:

 

		(a)	a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced
debt obligations of A- or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or A3 or higher by Moody’s
Investors Service Limited or, in each case, a comparable rating from an internationally recognised credit rating agency;

 

		(b)	the Lenders; or

 

		(c)	any other bank or financial institution approved by the Agent.

 

“Accounting Principles”
means IFRS.

 

“Additional Investment”
has the meaning given to it in Clause 22.4 (Equity Cure) of the Nigeria Group Credit Facility.

 

“Additional Nigeria Guarantor”
has the meaning given to Additional Guarantor in the Nigeria Group Credit Facility.

 

“Agent” has the meaning
given to it in the Nigeria Group Credit Facility.

 

“Annual Financial Statements”
has the meaning given to it in the Nigeria Group Credit Facility.

 

“Business Day” has
the meaning given to it in the Nigeria Group Credit Facility.

 

“Cash” means, at
any time, cash in hand or at bank and (in the latter case) credited to an account in the name of a member of the Nigeria Group with an
Acceptable Bank and to which a member of the Nigeria Group is alone (or together with other members of the Nigeria Group) beneficially
entitled and for so long as:

 

		(a)	that cash is available to be freely withdrawn within 90 days after the relevant date of calculation;

 

		(b)	there is no Security over that cash except for Permitted Security;

 

		(c)	that cash is denominated and payable in dollars, NGN or any other freely transferable and freely convertible
currency; and

 

		(d)	that cash is freely and (except as mentioned in paragraph (a) above), immediately available to be
applied in repayment or prepayment of the Facilities

 

and, for the avoidance of doubt, not
including any cash affected by any process referred to in Clause 24.8 (Creditors’ Process) of the Nigeria Group Credit Facility.

 

“Cash Equivalent Investments”
means at any time:

 

		(a)	certificates of deposit maturing within one year after the relevant date of calculation and issued by
an Acceptable Bank;

 

		(b)	any investment in marketable debt obligations issued or guaranteed by the government of the United Kingdom,
the United States of America, any member state of the European Economic Area or any Participating Member State or by any government of
any other country which has a rating for its short-term unsecured and non credit-enhanced debt obligations of A-1 or higher by Standard &
Poor’s Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody’s Investors Service Limited or by an
instrumentality or agency of any such government having an equivalent credit rating, maturing within one year after the relevant date
of calculation and not convertible or exchangeable to any other security;

 

    	 	177 	 

     

    

 

		(c)	commercial paper not convertible or exchangeable to any other security:

 

		(i)	for which a recognised trading market exists;

 

		(ii)	issued by an issuer incorporated in the United States of America, the United Kingdom, any member state
of the European Economic Area or any Participating Member State or a country the government of which has a rating for its short-term unsecured
and non credit-enhanced debt obligations of A-1 or higher by Standard & Poor’s Rating Services or P-1 or higher by Moody’s
Investors Service Limited or by an instrumentality or agency of any such government having an equivalent credit rating;

 

		(iii)	which matures within one year after the relevant date of calculation; and

 

		(iv)	which has a credit rating of either A-1 or higher by Standard & Poor’s Rating Services
or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody’s Investors Service Limited, or, if no rating is available in respect
of the commercial paper, the issuer of which has, in respect of its short term unsecured and non-credit enhanced debt obligations, an
equivalent rating;

 

		(d)	bills of exchange issued in Nigeria, the United States of America, the United Kingdom, any member state
of the European Economic Area or any Participating Member State eligible for rediscount at the relevant central bank and accepted by an
Acceptable Bank (or their dematerialised equivalent);

 

		(e)	any investment in money market funds which:

 

		(i)	have a credit rating of either A-1 or higher by Standard & Poor’s Rating Services or F1
or higher by Fitch Ratings Ltd or P-1 or higher by Moody’s Investors Service Limited;

 

		(ii)	invest substantially all their assets in securities of the types described in paragraphs (a) to (d) above;
and

 

		(iii)	can be turned into cash on not more than 90 days’ notice; or

 

		(f)	any other debt security approved by the Majority Lenders,

 

in each case denominated in USD, NGN
and any other freely available and freely convertible currencies, and to which members of the Nigeria Group are beneficially entitled
at that time and which is not issued or guaranteed by any member of the Nigeria Group or subject to any Security other than:

 

		(i)	charges arising solely by operation of law in the ordinary course of the day-to-day business activities
of Holdco; or

 

		(ii)	Security in respect of Financial Indebtedness to the extent such Financial Indebtedness is included for
the purposes of calculating Net Financial Indebtedness under the Nigeria Group Credit Facility.

 

“Change of Control”
means:

 

		(a)	in respect of any Original Nigeria Obligor other than Holdco, Nigeria Tower Interco B.V. or INT Towers,
if Holdco ceases directly or indirectly to:

 

		(i)	have the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, 75% of the maximum number of votes that might be cast at a general meeting
of that Nigeria Obligor;

 

    	 	178 	 

     

    

 

		(B)	appoint or remove the majority, of the directors or other equivalent officers of that Nigeria Obligor;
or

 

		(C)	give directions with respect to the operating and financial policies of that Nigeria Obligor with which
the directors or other equivalent officers of the Nigeria Obligor are obliged to comply; or

 

		(ii)	own legally and beneficially 75% of the issued share capital of that Nigeria Obligor (excluding any part
of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital);

 

		(b)	after the first Utilisation Date, in respect of any of Nigeria Tower Interco B.V. and INT Towers, if Holdco
ceases directly or indirectly to:

 

		(i)	have the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, 75% of the maximum number of votes that might be cast at a general meeting
of that Nigeria Obligor;

 

		(B)	appoint or remove the majority, of the directors or other equivalent officers of that Nigeria Obligor;
or

 

		(C)	give directions with respect to the operating and financial policies of that Nigeria Obligor with which
the directors or other equivalent officers of the Nigeria Obligor are obliged to comply; or

 

		(ii)	own legally and beneficially 75% of the issued share capital of that Nigeria Obligor (excluding any part
of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital);

 

		(c)	in respect of any Additional Nigeria Guarantor, if Holdco ceases directly or indirectly to:

 

		(i)	have the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, 75% of the maximum number of votes that might be cast at a general meeting
of that Additional Nigeria Guarantor;

 

		(B)	appoint or remove the majority, of the directors or other equivalent officers of that Additional Nigeria
Guarantor; or

 

		(C)	give directions with respect to the operating and financial policies of that Additional Nigeria Guarantor
with which the directors or other equivalent officers of the Additional Nigeria Guarantor are obliged to comply; or

 

		(ii)	own legally and beneficially 75% of the issued share capital of that Additional Nigeria Guarantor (excluding
any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits
or capital);

 

    	 	179 	 

     

    

 

		(d)	in respect of Holdco, if the Company ceases directly or indirectly to:

 

		(i)	have the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a
general meeting of Holdco;

 

		(B)	appoint or remove the majority, of the directors or other equivalent officers of Holdco; or

 

		(C)	give directions with respect to the operating and financial policies of Holdco with which the directors
or other equivalent officers of Holdco are obliged to comply; or

 

		(ii)	own legally and beneficially more than 50% of the issued share capital of Holdco (excluding any part of
that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital);
or

 

		(e)	in respect of the Company, if any person or persons acting in concert (other than any Permitted Transferee),
after the date of this Agreement acquires “control” of the Company, being:

 

		(i)	the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(A)	cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a
general meeting of the Company;

 

		(B)	appoint or remove all, or the majority, of the directors or other equivalent officers of the Company;
or

 

		(C)	give directions with respect to the operating and financial policies of the Company with which the directors
or other equivalent officers of the Company are obliged to comply; or

 

		(ii)	legal or beneficial ownership of more than 50% of the issued share capital of the Company (excluding any
part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or
capital),

 

provided that, in each case, a
Change of Control shall not occur:

 

		(f)	solely as a result of all of the issued share capital of the Company (excluding any part of that issued
share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital) being transferred
to a newly-incorporated holding company (TopCo) provided that:

 

		(i)	as a result of such transfer no person other than Topco acquires control (as defined above) of the Company;

 

		(ii)	Topco is not a Restricted Party;

 

		(iii)	prior to such transfer each Lender has received such documentation and evidence in respect of Topco as
necessary to pass all know your customer and similar checks; and

 

    	 	180 	 

     

    

 

		(iv)	at all times no person or persons acting in concert (other than any Permitted Transferee) shall acquire:

 

 

		(A)	the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:

 

		(1)	cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a
general meeting of TopCo;

 

		(2)	appoint or remove all, or the majority, of the directors or other equivalent officers of TopCo; or

 

		(3)	give directions with respect to the operating and financial policies of TopCo with which the directors
or other equivalent officers of TopCo are obliged to comply; or

 

		(B)	legally or beneficially more than 50% of the issued share capital of TopCo (excluding any part of that
issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital; or

 

		(g)	for the avoidance of doubt, as a result of the admission of any part of the share capital of the Company
(or TopCo) to trading on any recognised stock or investment exchange or any other sale or issue of share capital of the Company (or TopCo)
by way of flotation or public offering provided that, at all times there are no circumstances described in paragraphs (a) to
(e) above and all conditions set out in paragraph (f) above are complied with.

 

“Closing Date” has
the meaning given to it in the Nigeria Group Credit Facility.

 

“Compliance Certificate”
has the meaning given to it in the Nigeria Group Credit Facility.

 

“Default” and has
the meaning given to it in the Nigeria Group Credit Facility.

 

“EBITDA” means, in
respect of any period for any person, the Net Income for such period, excluding:

 

		(a)	total Finance Costs;

 

		(b)	total Finance Income;

 

		(c)	total income tax (expense)/benefit as stated in the statement of profit or loss for the period;

 

		(d)	all depreciation and amortisation expense of that person for such period;

 

		(e)	any gains or losses from sales of assets other than inventory sold in the ordinary course of the business;

 

		(f)	any impairment of property, plant and equipment and prepaid land rent, or WHT receivable;

 

		(g)	any Exceptional Items;

 

		(h)	share-based payment transactions;

 

		(i)	insurance claims;

 

		(j)	and other non-operating income and expenses; and

 

    	 	181 	 

     

    

 

		(k)	minority interest income and expenses,

 

in each case, to the extent added, deducted
or taken into account, as the case may be, for the purposes of determining the Net Income.

 

“Event of Default”
and has the meaning given to it in the Nigeria Group Credit Facility.

 

“Exceptional Items”
means items of income and expense that are sufficiently large and unusual due to the significance of their nature, size or incidence of
occurrence as to distort comparisons from one period to the next.

 

“Facility” and “Facilities”
have the meaning given to them in the Nigeria Group Credit Facility.

 

“Facility A” has
the meaning given to it in the Nigeria Group Credit Facility.

 

“Finance Costs” means
finance costs as presented in the Financial Statements of the Nigeria Group as determined in accordance with the Accounting Principles.

 

“Finance Documents”
has the meaning given to it in the Nigeria Group Credit Facility.

 

“Finance Party” has
the meaning given to it in the Nigeria Group Credit Facility.

 

“Finance Income”
means finance income as presented in the Financial Statements of the Nigeria Group as determined in accordance with the Accounting Principles.

 

“Financial Indebtedness”
means, with respect to any person (without double counting):

 

		(a)	any indebtedness of such person for borrowed money;

 

		(b)	the outstanding principal amount of any bonds, debentures, notes, loan stock, commercial paper, acceptance
credits, bills or promissory notes drawn, accepted, endorsed or issued by such person (but not Trade Instruments);

 

		(c)	any indebtedness of such person for the deferred purchase price of assets or services (except trade accounts
incurred and payable in the ordinary course of day-to-day business activities to trade creditors that are treated as current payable in
the Financial Statements within 365 days of the date they are incurred);

 

		(d)	non-contingent obligations of such person to reimburse any other person for amounts paid by that person
under a letter of credit or similar instrument (excluding any letter of credit or similar instrument issued for the account of such person
with respect to trade accounts incurred and payable in the ordinary course of day-to-day business activities to trade creditors that are
treated as current payable in the Financial Statements within 365 days of the date they are incurred);

 

		(e)	the amount of any obligation of such person in respect of any Lease;

 

		(f)	amounts raised by such person under any other transaction having the financial effect of a borrowing and
which would be classified as a borrowing under the Accounting Principles;

 

		(g)	all indebtedness of the types described in the foregoing items secured by a lien on any property or assets
owned by such person, whether or not such indebtedness has been assumed by such person;

 

		(h)	any repurchase obligation or liability of such person with respect to accounts or notes receivable sold
by such person, any liability of such person under any sale and leaseback transactions that do not create a liability on the balance sheet
of such person, any obligation under a “synthetic lease” or any obligation arising with respect to any other transaction which
is the functional equivalent of or takes the place of borrowing but which does not constitute a liability on the balance sheet of such
person; and

 

    	 	182 	 

     

    

 

		(i)	the amount of any obligation in respect of any guarantee or indemnity given by such person for any of
the foregoing items incurred by any other person, including, for the avoidance of doubt, the full drawn amount guaranteed in respect of
this Agreement (notwithstanding any treatment under the Accounting Principles to the contrary),

 

and provided that Financial Indebtedness
shall not include indebtedness owed solely to other Nigeria Group members and shall not include:

 

		(i)	indebtedness arising under any Subordinated Shareholder Loan; and

 

		(ii)	indebtedness arising under loans made by a member of the Nigeria Group to another member of the Nigeria
Group under paragraph (d) of Permitted Loan.

 

“Financial Plan”
has the meaning given to it in the Nigeria Group Credit Facility.

 

“Financial Quarter”
means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.

 

“Financial Statements”
has the meaning given to it in the Nigeria Group Credit Facility.

 

“Financial Year”
has the meaning given to it in the Nigeria Group Credit Facility.

 

“Funds Flow Statement”
has the meaning given to it in the Nigeria Group Credit Facility.

 

“Guarantor” has the
meaning given to it in the Nigeria Group Credit Facility.

 

“Holdco” means IHS
Netherlands Holdco B.V.

 

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

 

“IHS Holding Distribution Amount”
means the amount described in the Funds Flow Statement as the “IHS Holding Distribution Amount”.

 

“IHS Nigeria Facility”
means the NGN facility agreement dated 24 September 2016 between, among others, IHS (Nigeria) Limited as borrower, Ecobank
Nigeria Limited as agent and the original lenders named therein, as amended from time to time.

 

“Interest Coverage Ratio”
means, in respect of any Relevant Period, the ratio of EBITDA in respect of that Relevant Period to Net Cash Finance Interest Adjusted
For Leases in respect of that Relevant Period.

 

“INT Towers Facility”
means the facilities agreement dated 5 December 2014, as amended from time to time, between, amongst others, INT Towers
as borrower, Ecobank Nigeria Limited as agent, Citibank, N.A., London Branch, Ecobank Nigeria Limited, FirstRand Bank Limited, acting
through its Rand Merchant Bank division, The Standard Bank of South Africa Limited, acting through its Corporate and Investment Banking
Division, Stanbic IBTC Bank PLC, Standard Chartered Bank and United Bank for Africa plc as mandated lead arrangers and the parties named
therein as original lenders.

 

“INT Transfer” means
the acquisition by Holdco of 100 per cent. (100%) of the issued shares in Nigeria Tower Interco B.V. from IHS Netherlands (Interco) Coöperatief
U.A., by way of share for share transfer and resulting in Nigeria Tower Interco B.V. becoming a direct wholly-owned Subsidiary of Holdco
and INT Towers becoming an indirectly wholly-owned Subsidiary of Holdco.

 

“Land Lease” means
any Lease relating to the lease of land.

 

    	 	183 	 

     

    

 

“Lease” means any
lease which would, in accordance with the Accounting Principles, be treated as lease liability.

 

“Legal Opinion” means
any legal opinion delivered to the Agent under Clause 4.1 (Initial Conditions Precedent) of the Nigeria Group Credit Facility.

 

“Legal Reservations”
means:

 

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

 

		(b)	the time barring of claims under applicable limitation laws (including the Limitation Acts) and defences
of acquiescence, set-off or counterclaim and the possibility that an undertaking to assume liability for or to indemnify a person against
non-payment of stamp duty may be void;

 

		(c)	the principle that additional interest imposed pursuant to any relevant agreement may be held to be unenforceable
on the grounds that it is a penalty and thus void;

 

		(d)	similar principles, rights and defences under the laws of any relevant jurisdiction; and

 

		(e)	any other matters which are set out as qualifications or reservations (however described) as to matters
of law in the Legal Opinions.

 

“Lender” has the
meaning given to it in the Nigeria Group Credit Facility.

 

“Leverage Ratio”
means, in respect of any Relevant Period, the ratio of Net Financial Indebtedness on the last day of that Relevant Period to EBITDA for
the Nigeria Group in respect of that Relevant Period.

 

“Limitation Acts”
means the Limitation Act 1980, the Foreign Limitation Periods Act 1984 and the Limitation Law of each State of the Federation
of Nigeria.

 

“Majority Lenders”
has the meaning given to it in the Nigeria Group Credit Facility.

 

“Market Issuance”
means any public or private bond or other international capital markets issue raised by any member of the Nigeria Group, the initial issuance
of the Senior Notes and any increase or second issuance of the Senior Notes after the date of the Nigeria Group Credit Facility, within
six Months from settlement of the Senior Notes.

 

“Material Adverse Effect”
means an event or series of events which, taking into account all of the circumstances, has a material adverse effect on:

 

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

 

		(b)	the ability of the Nigeria Obligors taken as a whole to perform their payment obligations under the Finance
Documents or the ability of Holdco to comply with its obligations under Clause 22.2 (Financial Condition) of the Nigeria Group Credit
Facility (and, for the purposes of determining the ability of Holdco to comply with its obligations under Clause 22.2 (Financial Condition)
of the Nigeria Group Credit Facility taking into account any contractual commitment of any Affiliate of Holdco (other than a member of
the Nigeria Group) to provide an Additional Investment (as under Clause 22.4 (Equity Cure) of the Nigeria Group Credit Facility); or

 

    	 	184 	 

     

    

 

		(c)	subject to the Legal Reservations, the validity or enforceability of any of the Finance Documents or the
rights or remedies of any Finance Party under any Finance Document.

 

“Month” has the meaning
given to it in the Nigeria Group Credit Facility.

 

“Net Cash Finance Interest
Adjusted For Leases” means, for any period:

 

		(a)	the interest or finance costs paid on Financial Indebtedness of the Nigeria Group (excluding the Transaction
Costs), as presented in the cash flow statements from the most recent Financial Statements of the Nigeria Group, as determined in accordance
with the Accounting Principles; plus

 

		(b)	without duplication the interest expense on the Lease obligations of the Nigeria Group for such period;
plus

 

		(c)	the total amounts paid by the Nigeria Group during that period to any person that is not a member of the
Nigeria Group in order to enable the Company to meet its interest expenses and other payments (other than principal) under this Agreement
(including any payments made pursuant to the guarantees or indemnities granted by members of the Nigeria Group in respect of this Agreement);
less

 

		(d)	the total cash finance income received by the Nigeria Group as presented in the cash flow statements from
the most recent Financial Statements of the Nigeria Group resulting from investments and bank deposits in that period.

 

“Net Income” means,
in respect of any Relevant Period, stated as the ‘Profit/(loss)’ for the period in the statement of profit or loss in the
Financial Statements of the Nigeria Group as determined in accordance with the Accounting Principles.

 

“New Shareholder Loan”
means each shareholder loan made by the Company or an Affiliate of the Company (other than Holdco or a Nigeria Group member) to a Nigeria
Obligor after the Closing Date which is subordinated pursuant to the Subordination Agreement or otherwise on comparable subordinated terms
acceptable to the Majority Lenders.

 

“Nigeria Borrower”
has the meaning given to the term Borrower in the Nigeria Group Credit Facility.

 

“Nigeria Group” means
Holdco and its Subsidiaries (other than the Excluded Subsidiaries) from time to time.

 

“Nigeria Obligor”
has the meaning given to the term “Obligor” in the Nigeria Group Credit Facility, but for the avoidance of doubt, shall at
all times include the Guarantors.

 

“Original Nigeria Obligor”
has the meaning given to the term Original Obligor in the Nigeria Group Credit Facility, but for the avoidance of doubt, shall at all
times include the Guarantors.

 

“Permitted Acquisition”
means:

 

		(a)	any acquisition pursuant to a Permitted Reorganisation or Permitted Transaction;

 

		(b)	any acquisition to which the Agent (acting on the instructions of the Majority Lenders) shall have given
prior written consent; and

 

		(c)	the acquisition or holding of a company, of shares, securities or business or undertaking (or, in each
case, any interest in any of them) or the incorporation of a company, provided that:

 

		(i)	no Default is continuing on the closing date for the acquisition or incorporation or is reasonably likely
to occur as a result of the acquisition or incorporation;

 

    	 	185 	 

     

    

 

		(ii)	the relevant company, shares, securities, business or undertaking is not subject to Sanctions at the time
of the acquisition;

 

		(iii)	subject to Clause 27.2 (Additional Guarantors) of the Nigeria Group Credit Facility, if, upon
the acquisition or incorporation of the relevant company it would become a member of the Nigeria Group, the relevant company becomes a
Guarantor as required under Clause 23.30 (Guarantors) of the Nigeria Group Credit Facility; and

 

		(iv)	Holdco has delivered to the Agent, not less than ten days (but not more than 60 days) prior to the completion
of the proposed acquisition or incorporation, an updated Financial Plan assuming completion of such acquisition or incorporation on that
date (and including any Financial Indebtedness of such company which will remain in place following completion of the acquisition and
any Financial Indebtedness incurred or to be incurred in connection with the acquisition), for the period until the Termination Date from
the date of such acquisition or incorporation and the revised Financial Plan shows that there will not be a breach or default in respect
of any of the financial covenants set out in Clause 22.2 (Financial Condition) at any time during that period.

 

“Permitted Closing Payment”
means the payment(s) up to an aggregate amount equal to the IHS Holding Distribution Amount to the Company or IHS Netherlands (Interco)
Coöperatief U.A. on, or as soon as reasonably practicable following the Closing Date (and, in any case, within six Months of the
Closing Date), in accordance with the Structuring Memorandum, provided that the aggregate amount of such payments shall leave USD50,000,000
of Cash in the Nigeria Group as at Closing Date on a pro-forma basis after taking into account the full refinancing of the IHS Nigeria
Facility and the INT Towers Facility from the proceeds of the first Utilisation, the IHS Holding Distribution Amount, full repayment of
amounts outstanding under the existing senior notes due 2021 issued by Holdco (in each case, together with any accrued interest, coupon
prepayment fees and broken funding amounts) and the payment of Transaction Costs and costs in respect of the Senior Notes.

 

“Permitted Disposal means
any sale, lease, licence, transfer or other disposal:

 

		(a)	of accounts receivable, inventory or other assets by a member of the Nigeria Group in the ordinary course
of its trading;

 

		(b)	of assets in exchange for other assets comparable or superior as to type, value or quality;

 

		(c)	the decommissioning of any towers, including but not limited to in connection with tower consolidation
purposes;

 

		(d)	of obsolete or redundant vehicles, plant and equipment;

 

		(e)	of Cash (to be extent permitted under the Finance Documents);

 

		(f)	of Cash Equivalent Investments for the equivalent amount of Cash or other Cash Equivalent Investments;

 

		(g)	arising as a result of any Permitted Security, Permitted Payment or a Permitted Transaction;

 

		(h)	of cash by way of a Permitted Loan;

 

		(i)	of assets or equity interests by a member of the Nigeria Group to a Nigeria Obligor;

 

		(j)	constituted by a licence of intellectual property rights;

 

    	 	186 	 

     

    

 

		(k)	constituted by a licence or sublicence by any member of the Nigeria Group in the ordinary course of trading;

 

		(l)	constituted by a lease or licence of real property arising in the ordinary course of trading of the disposing
entity;

 

		(m)	arising as a result of a share issue permitted (or not explicitly prohibited) by the terms of the Nigeria
Group Credit Facility;

 

		(n)	the sale of towers, provided that such towers are replaced by towers with an aggregate fair market
value that is equal to or greater than the aggregate fair market value of the towers sold;

 

		(o)	of trade receivables earned during a previous accounting period on a non-recourse basis (which may include
recourse in respect of warranties and indemnities as to title and validity that are customarily provided in such non-recourse arrangements)
and provided that such transaction does not have the commercial effect of a borrowing;

 

		(p)	the disposition of receivables in connection with the compromise, settlement or collection thereof in
the ordinary course of trading or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements;

 

		(q)	the foreclosure, condemnation or any similar action with respect to any property or other assets or a
surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind;

 

		(r)	arising as a result of a seizure, expropriation, nationalisation, intervention, restriction or other action
by or on behalf of any governmental, regulatory or other authority which in each case does not constitute an Event of Default; and

 

		(s)	of assets for cash where the fair market value (when aggregated with the fair market value for any other
sale, lease, licence, transfer or other disposal not allowed under the preceding paragraphs) does not exceed the greater of USD20,000,000
(or its equivalent in other currencies) and an amount equal to zero point eight per cent. (0.8%) of Total Assets for the most recently
ended Relevant Period for which Annual Financial Statements or Quarterly Financial Statements have been delivered to the Agent pursuant
to Clause 21.1 (Financial Statements) of the Nigeria Group Credit Facility with a Compliance Certificate delivered to the Agent pursuant
to Clause 21.2 (Provision and contents of Compliance Certificate) of the Nigeria Group Credit Facility in total in any Financial Year.

 

“Permitted Financial Indebtedness”
means Financial Indebtedness:

 

		(a)	arising under the Finance Documents;

 

		(b)	arising under:

 

		(i)	the Senior Notes as at the Closing Date; and

 

		(ii)	any further Market Issuance, up to the aggregate Gross Issuance Proceeds (as that term is defined in the
definition of Net Issuance Proceeds of the Nigeria Group Credit Facility) amount that is applied (subject to the adjustments for Taxes,
fees, costs and expenses as described in the definition of Net Issuance Proceeds of the Nigeria Group Credit Facility) in prepayment of
Facility A promptly following receipt of such proceeds;

 

		(c)	up until the first Utilisation Date, under the IHS Nigeria Facility and the INT Towers Facility;

 

    	 	187 	 

     

    

 

		(d)	under Leases (excluding Land Leases), provided that the aggregate capital value of all such items
so leased under outstanding leases by any member of the Nigeria Group does not exceed the greater of USD75,000,000 (or its equivalent
in other currencies) and an amount equal to three per cent. (3.0%) of Total Assets for the most recently ended Relevant Period for which
Annual Financial Statements or Quarterly Financial Statements have been delivered to the Agent pursuant to Clause 21.1 (Financial Statements)
of the Nigeria Group Credit Facility with a Compliance Certificate delivered to the Agent pursuant to Clause 21.2 (Provision and Contents
of Compliance Certificate) of the Nigeria Group Credit Facility at any time;

 

		(e)	under Land Leases entered into by a member of the Nigeria Group in the ordinary course of trading;

 

		(f)	arising under a foreign exchange transaction for spot or forward delivery entered into in connection with
protection against fluctuation in currency rates where that foreign exchange exposure arises in the ordinary course of trading, but not
a foreign exchange transaction for investment or speculative purposes;

 

		(g)	arising under a Permitted Loan or a Permitted Guarantee or as permitted by Clause 23.16 (Treasury
Transactions) of the Nigeria Group Credit Facility;

 

		(h)	of any person acquired by any member of the Nigeria Group after the date of the Nigeria Group Credit Facility
(which is incurred under arrangements in existence at the date of acquisition, but not incurred or increased in contemplation of, or since,
that acquisition), provided that such acquisition is a Permitted Acquisition and Holdco has delivered to the Agent a Financial
Plan referred to under paragraph (c)(iv) of the definition of Permitted Acquisition;

 

		(i)	arising under any letter of credit, banker’s acceptances, overdrafts or daylight borrowing facilities
entered into by a member of the Nigeria Group in the ordinary course of trading;

 

		(j)	under any bridge financing on customary market terms and for the sole purpose of funding a Permitted Acquisition,
with a tenor not exceeding 12 months and that is repaid or refinanced with any Permitted Financial Indebtedness under any other paragraph
of this definition, in each case within 12 months of incurrence;

 

		(k)	not otherwise permitted by the preceding paragraphs, provided that the outstanding principal amount
of which does not in aggregate exceed the greater of USD100,000,000 (or its equivalent in other currencies) and an amount equal to four
per cent. (4.0%) of Total Assets for the most recently ended Relevant Period for which Annual Financial Statements or Quarterly Financial
Statements have been delivered to the Agent pursuant to Clause 21.1 (Financial Statements) of the Nigeria Group Credit Facility
with a Compliance Certificate delivered to the Agent pursuant to Clause 21.2 (Provision and Contents of Compliance Certificate)
of the Nigeria Group Credit Facility at any time;

 

		(l)	any joint and several liability in respect of Tax as a result of a fiscal unity (fiscale eenheid)
that consists of a Guarantor which is incorporated in The Netherlands only; and

 

		(m)	not otherwise permitted by the preceding paragraphs, provided that:

 

		(i)	the Leverage Ratio and Interest Coverage Ratio, calculated by reference to the most recent Annual Financial
Statements or Quarterly Financial Statements delivered to the Agent in accordance with Clause 21.1 (Financial Statements) of the
Nigeria Group Credit Facility and the relevant Compliance Certificate, after giving pro forma effect to the incurrence of such
Financial Indebtedness in full and adjusted for the incurrence of other indebtedness since the last Quarter Date and including any other
relevant adjustments to take into account the activities of the Nigeria Group since the last Quarter Date, comply with the covenanted
ratios for the immediately following Quarter Date set out in Clause 22.2 (Financial Condition) of the Nigeria Group Credit Facility;
and

 

    	 	188 	 

     

    

 

		(ii)	the following requirements are satisfied:

 

		(A)	the relevant Financial Indebtedness is priced on market terms;

 

		(B)	the relevant Financial Indebtedness has a maturity date no earlier than the Termination Date;

 

		(C)	the relevant Financial Indebtedness has a weighted average life no shorter than the weighted average life
on the Loans; and

 

		(D)	if amortising, the amortisation profile of the relevant Financial Indebtedness is the same as (or is otherwise
not on a more accelerated or front-ended profile than) the amortisation profile of the Facilities.

 

“Permitted Guarantee”
means:

 

		(a)	the endorsement of negotiable instruments in the ordinary course of trading of any member of the Nigeria
Group;

 

		(b)	any guarantee, performance or similar bond guaranteeing performance by any member of the Nigeria Group
under any contract entered into in the ordinary course of trading of any member of the Nigeria Group;

 

		(c)	any guarantee given by a member of the Nigeria Group in respect of this Facility, provided that the aggregate
principal amount guaranteed does not exceed USD300,000,000 (or its equivalent in other currencies) in total at any time;

 

		(d)	any indemnity given in the ordinary course of the documentation of an acquisition or disposal transaction
which is a Permitted Acquisition or Permitted Disposal which indemnity is in a customary form and subject to customary limitations;

 

		(e)	any guarantee given in respect of any Permitted Financial Indebtedness;

 

		(f)	any guarantee given by a member of the Nigeria Group in respect of the Senior Notes;

 

		(g)	any liability in respect of any member of the Nigeria Group incorporated in The Netherlands arising under
a declaration of joint and several liability (hoofdelijke aansprakelijkheid) as referred to in Section 2:403 of the Dutch
Civil Code;

 

		(h)	any liability arising as a result of a fiscal unity (fiscale eenheid) solely between members of
the Nigeria Group incorporated in The Netherlands;

 

		(i)	guarantees not otherwise permitted where the aggregate amount guaranteed (when aggregated with all other
such guarantees) does not exceed USD10,000,000 (or its equivalent in other currencies) in total at any time.

 

“Permitted Joint Venture”
means:

 

		(a)	any investment in any Joint Venture to which the Agent (acting on the instructions of the Majority Lenders)
shall have given prior written consent; and

 

    	 	189 	 

     

    

 

		(b)	any investment in any Joint Venture where:

 

		(i)	neither the Joint Venture nor any other entity investing in the Joint Venture is a Restricted Party at
the time of the investment

 

		(ii)	no Default is continuing on the date of such investment or is reasonably likely to occur as a result of
the investment; and

 

		(iii)	in any Financial Year:

 

		(A)	all amounts subscribed for shares in, lent to, or invested in all such Joint Ventures by any member of
the Nigeria Group;

 

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

 

		(C)	the market value of any assets transferred by any member of the Nigeria Group to any such Joint Venture,

 

does not exceed USD20,000,000 (or its
equivalent in other currencies), in aggregate for all members of the Nigeria Group.

 

“Permitted Loan”
means:

 

		(a)	any trade credit extended by any member of the Nigeria Group to its customers on normal commercial terms
and in the ordinary course of its trading;

 

		(b)	Nigeria Group members’ Financial Indebtedness which is referred to in the definition of, or otherwise
constitutes, Permitted Financial Indebtedness (other than paragraph (g));

 

		(c)	a loan made by a member of the Nigeria Group to an employee or director of any member of the Nigeria Group,
provided that the amount of that loan when aggregated with the amount of all loans to employees and directors by members of the
Nigeria Group does not exceed USD6,000,000 (or its equivalent in other currencies) at any time;

 

		(d)	a loan made by a Nigeria Obligor to another Nigeria Obligor; and

 

		(e)	a loan made by a member of the Nigeria Group to any Affiliate of the Company, provided that:

 

		(i)	the aggregate amount of all such loans made after the date of the Nigeria Group Credit Facility does not
exceed USD50,000,000; and

 

		(ii)	such loan constitutes a Permitted Payment.

 

“Permitted Payment”
means:

 

		(a)	a payment of scheduled interest and or principal payment under loans permitted under paragraph (d) of
Permitted Loan;

 

		(b)	a payment in connection with management and related holding company fees and expenses of a member of the
Nigeria Group, the Company or any of its Affiliates in an aggregate amount of up to USD10,000,000 (or its equivalent in other currencies)
in any Financial Year, provided that:

 

		(i)	no Default has occurred and is continuing at such time or would result from the making of the payment;
and

 

    	 	190 	 

     

    

 

		(ii)	the Relevant Test set out in paragraph (g) below is satisfied in respect of such payment);

 

		(c)	the Permitted Closing Payment;

 

		(d)	repurchases of management equity in an amount of up to USD6,000,000 (or its equivalent in other currencies)
in any Financial Year, provided that:

 

		(i)	no Default has occurred and is continuing at such time or would result from the making of the payment;
and

 

		(ii)	the Relevant Test set out in paragraph (g) below is satisfied in respect of such payment);

 

		(e)	the payment of a dividend by Holdco to the Company and/or a scheduled interest payment under a Subordinated
Shareholder Loan, in order to enable the Company to meet its scheduled interest and principal expenses under this Agreement, provided
that:

 

		(i)	the payment is made when no Event of Default is continuing (and where no Event of Default would occur
immediately after the making of the payment); and

 

		(ii)	the payment is not in breach of the Subordination Agreement;

 

		(iii)	the Relevant Test set out in paragraph (g) below is satisfied in respect of such payment; and

 

		(iv)	the aggregate principal amount outstanding under this Agreement does not, prior to such payment exceed
USD300,000,000;

 

		(f)	following a Qualifying IPO, the payment by any member of the Nigeria Group of a dividend solely from the
proceeds of such Qualifying IPO, to the extent such proceeds have been received by that member of the Nigeria Group and provided that
such payment is permitted under the Senior Notes;

 

		(g)	a payment not otherwise permitted by the preceding paragraphs, by a Nigeria Group member, provided that:

 

		(i)	no Default has occurred and is continuing at such time or would result from the making of the payment;
and

 

		(ii)	the Leverage Ratio and Interest Coverage Ratio, calculated at the time such payment is to be made (on
a pro forma basis after including in the calculations of such ratio the amount of the payment to be made) and by reference to the
most recent Annual Financial Statements or Quarterly Financial Statements delivered to the Agent in accordance with Clause 21.1 (Financial
Statements) of the Nigeria Group Credit Facility with a Compliance Certificate, adjusted for the incurrence of any Financial Indebtedness
and including any other relevant adjustments to take into account the activities of the Nigeria Group since the last Quarter Date, comply
with the covenanted ratios for the immediately following Quarter Date set out in Clause 22.2 (Financial Condition) of the Nigeria
Group Credit Facility (the “Relevant Test”),

 

and, for the avoidance of doubt, the Relevant
Test will also apply to any payment referred to in paragraphs (b) and (d) above.

 

    	 	191 	 

     

    

 

“Permitted Reorganisation”
means:

 

		(a)	a reorganisation on a solvent basis involving the business or assets of, or shares of a member of the
Nigeria Group:

 

		(i)	which would not result in a Change of Control;

 

		(ii)	where that member of the Nigeria Group remains the surviving entity and the jurisdiction of incorporation
of that member of the Nigeria Group remains the same; and

 

		(iii)	if such reorganisation has the effect of disposal of any business, assets or shares, where such disposal
would be a Permitted Disposal; and

 

		(iv)	if such reorganisation has the effect of an acquisition of any business, assets or shares, where such
acquisition would be a Permitted Acquisition;

 

		(b)	any transaction contemplated under paragraphs (c) and (d) of the definition of Permitted Transaction;
and

 

		(c)	subject to Clause 37.2 (Exceptions) of the Nigeria Group Credit Facility, any other reorganisation
approved by the Majority Lenders (for the avoidance of doubt, without prejudice to Clause 8.1 (Change of Control) of the Nigeria
Group Credit Facility.

 

“Permitted Security”
means:

 

		(a)	any charge or lien (including any netting or set-off as a result of a fiscal unity (fiscale eenheid)
for Dutch tax purposes) arising by operation of law and in the ordinary course of trading of any member of the Nigeria Group and not as
a result of any default or omission by a member of the Nigeria Group;

 

		(b)	any retention of title arrangements, hire purchase or conditional sale arrangement or arrangements having
similar effect arising in the ordinary course of trading with suppliers of goods to a member of the Nigeria Group on the supplier’s
standard or usual terms and not arising as a result of any default or omission by any member of the Nigeria Group and which is discharged
within a period of time customary for such arrangements;

 

		(c)	any netting or set-off arrangement entered into under a derivative transaction and excluding any Security
or Quasi-Security under a credit support arrangement;

 

		(d)	any Security or Quasi-Security over or affecting any asset acquired by a member of the Nigeria Group after
the Closing Date, if:

 

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

 

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

 

		(iii)	the Security is removed or discharged within three Months of the date of acquisition of such asset (unless
permitted to remain outstanding pursuant to another paragraph);

 

		(e)	any Security or Quasi-Security arising under any Lease over the asset subject to the Lease provided
that the Financial Indebtedness secured thereby is permitted pursuant to the Finance Documents;

 

		(f)	any Security over goods and documents of title to goods arising in the ordinary course of a documentary
credit transaction entered into in the ordinary course of trading;

 

    	 	192 	 

     

    

 

		(g)	any netting or set-off arrangement entered into by a member of the Nigeria Group arising in connection
with a cash management or pooling arrangement entered into in the ordinary course of its banking arrangements for the purpose of netting
debit and credit balances of members of the Nigeria Group but only so long as (i) such arrangement is not established with the primary
intention of preferring any lenders, and (ii) any overdraft facility connected with such arrangement is permitted under the Finance
Documents;

 

		(h)	any Security over rental deposits arising in the ordinary course of trading of a member of the Nigeria
Group in respect of any property leased or licensed by a member of the Nigeria Group in respect of amounts representing not more than
12 Months’ rent payments for that property;

 

		(i)	any Security over bank accounts granted as part of that the relevant bank’s standard terms and conditions
(including but not limited to any Security Interest arising under Clause 24 or 25 of the general banking conditions (algemene
bankvoorwaarden) of any member of the Dutch Banking Association);

 

		(j)	any Security relating to payments into court or arising under any court order or injunction or security
for costs arising in connection with any litigation or court proceedings being contested by a member of the Nigeria Group in good faith
(and which do not otherwise give rise to an Event of Default);

 

		(k)	any Security arising pursuant to an order of attachment or injunction restraining disposal of assets or
similar legal process arising in connection with court proceedings which are contested by a member of the Nigeria Group in good faith
by appropriate proceedings and which do not otherwise give rise to an Event of Default and would not otherwise be reasonably expected
to have a Material Adverse Effect;

 

		(l)	any Security over cash paid into an escrow account by any third party or a member of the Nigeria Group
pursuant to any customary deposit or retention of purchase price arrangements entered into pursuant to any Permitted Acquisition;

 

		(m)	any Security arising automatically by operation of law in favour of any government authority or organisation
in respect of taxes, assessments or governmental charges which are being contested by a member of the Nigeria Group in good faith by appropriate
proceedings and which would not be reasonably expected to have a Material Adverse Effect and in respect of which a member of the Group
has made adequate reserves;

 

		(n)	any cash collateral provided in respect of letters of credit or bank guarantees to the issuer of such
letters of credit or bank guarantees to the extent the Financial Indebtedness in relation to which such letters of credit or bank guarantees
relate is permitted under the Finance Documents;

 

		(o)	any Security or Quasi-Security created with the prior written consent of the Majority Lenders; and

 

		(p)	any Security securing indebtedness the principal amount of which (when aggregated with the principal amount
of any other indebtedness which has the benefit of Security given by any member of the Nigeria Group other than any permitted under the
preceding paragraphs) does not at any time exceed USD75,000,000 (or its equivalent in other currencies) at any time.

 

“Permitted Transaction”
means:

 

		(a)	any Financial Indebtedness incurred, guarantee or indemnity given, payment made, or other transaction
arising, under the Finance Documents;

 

    	 	193 	 

     

    

 

		(b)	transactions (other than (i) any sale, lease, license, transfer or other disposal and (ii) the
granting or creation of Security or the incurring or permitting to subsist of Financial Indebtedness) conducted in the ordinary course
of trading of any member of the Nigeria Group on arm’s length terms;

 

		(c)	the solvent liquidation of the Excluded Subsidiaries contemplated by the Structuring Memorandum; and

 

		(d)	the INT Transfer.

 

“Permitted Transferee”
means:

 

		(a)	any of African Tower Investment Limited, Africa Telecom Towers S.C.S., AIIF2 Towers Mauritius, ECP IHS
(Mauritius) Limited, ECPIV-IHS Limited, ELQ Investors VIII Ltd, IFC Global Infrastructure Fund, LP, International Finance Corporation, Investec
Africa Frontier Private Equity Associate Fund, L.P., Investec Africa Frontier Private Equity Fund L.P., Investec Africa Private
Equity Fund 2 LP, Investec Fund Managers SA (RF) Limited in respect of the portfolio Investec Africa Fund, Korea Investment Corporation,
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V., Oranje-Nassau Developpement S.A, SICAR, UBC Services Inc. and Warrington
Investment PTE Ltd; and

 

		(b)	any wholly-owned Subsidiary of any of the persons or entities listed in paragraph (a) above,

 

and in each case, which is not a Restricted
Party.

 

“Qualifying IPO”
means an offering of the ordinary shares or common equity on a nationally recognized stock exchange in the United States or any member
of the European Union (including, for the avoidance of doubt, the United Kingdom) or Switzerland of Holdco or any Holding Company of Holdco.

 

“Quarter Date” means
each of 31 March, 30 June, 30 September and 31 December or such other dates which correspond to the quarter
end dates within the Financial Year of the Nigeria Group.

 

“Quarterly Financial Statements”
has the meaning given to it in the Nigeria Group Credit Facility.

 

“Relevant Period”
means each period of 12 Months ending on or about the last day of the Financial Year and each period of 12 Months ending on
or about the last day of each Financial Quarter.

 

“Restricted Party”
means a person that is:

 

		(a)	listed on, or owned or controlled by a person listed on, or acting on behalf or at the direction of a
person listed on, any Sanctions List;

 

		(b)	located in, incorporated under the laws of, or owned or (directly or indirectly) controlled by, or acting
on behalf or at the direction of, a person located in or organised under the laws of a country or territory which is, or whose government
is, the subject or target of comprehensive country-wide or territory-wide Sanctions (being, at the date of this Agreement, Crimea, Iran,
Cuba, North Korea, Sudan and Syria); or

 

		(c)	otherwise a target of Sanctions (“target of Sanctions” meaning a person with whom a
US person or other legal or natural person subject to the jurisdiction or authority of a Sanctions Authority would be prohibited or restricted
by law from engaging in trade, business or other activities without all appropriate licenses or exemptions issued by all applicable Sanctions
Authorities).

 

    	 	194 	 

     

    

 

“Sanctions” means
the trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by:

 

		(a)	the United States of America;

 

		(b)	the United Nations;

 

		(c)	the European Union;

 

		(d)	the United Kingdom;

 

		(e)	the jurisdiction of incorporation of a member of the Nigeria Group; and/or

 

		(f)	the respective governmental institutions and agencies of any of the foregoing, including, without limitation,
the Office of Foreign Assets Control of the US Department of Treasury, the United States Department of State and Her Majesty’s Treasury,

 

(together, the “Sanctions Authorities”).

 

“Sanctions List”
means the “Specially Designated Nationals and Blocked Persons List”, the “Sectoral Sanctions Identifications List”
and the “List of Foreign Sanctions Evaders” maintained by the Office of Foreign Assets Control, the “Consolidated List
of Financial Sanctions Targets” and the “Ukraine: list of persons subject to restrictive measures in view of Russia’s
actions destabilising the situation in Ukraine” maintained by Her Majesty’s Treasury, or any similar list maintained by, or
public announcement of Sanctions designation made by, any of the Sanctions Authorities.

 

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

 

“Structuring Memorandum”
means the memorandum detailing the completion steps for the Facilities and the Senior Notes, delivered by Holdco to the Agent in accordance
with Part 1 of Schedule 2 (Conditions Precedent) of the Nigeria Group Credit Facility.

 

“Subordinated Shareholder Loan”
means any loan made by the Company, IHS Netherlands (Interco) Coöperatief U.A. or an Affiliate of the Company (other than any
member of the Nigeria Group) to a Nigeria Borrower or Holdco which is subordinated in accordance with the terms of the Subordination Agreement
or on terms otherwise acceptable to the Majority Lenders (and includes, without limitation, any New Shareholder Loan) and which will have
a maturity date (howsoever described) falling after the Termination Date of each Facility.

 

“Subordination Agreement”
means the Subordination Agreement entered into on or around 18 September 2019 between, amongst others, Holdco, the Company, IHS
Netherlands (Interco) Coöperatief U.A. and the Agent.

 

“Subsidiary” means
a subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006 of England and Wales (and including, for the avoidance
of doubt, in the case of IHS Holding or Holdco, a person who it has the right to consolidate into its financial statements under the Accounting
Principles) and in respect of any Nigeria Obligor incorporated in Nigeria, a subsidiary undertaking within the meaning given to it in
the Companies and Allied Matters Act, Chapter C20, Laws of the Federation of Nigeria, 2004.

 

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

 

“Termination Date”
has the meaning given to it in the Nigeria Group Credit Facility.

 

    	 	195 	 

     

    

 

“Total Assets” means
the total assets of the Nigeria Group, calculated on a consolidated basis in accordance with IFRS, excluding all intra-Nigeria Group items
and investments in any Subsidiaries of Holdco.

  

“Transaction Costs”
means all fees, commissions, costs and expenses, stamp, registration and other Taxes incurred by any member of the Group (including any
member of the Nigeria Group) in connection with:

 

		(a)	the “Facilities” or the “Finance Documents” (in each case defined in the Nigeria
Group Credit Facility);

 

		(b)	the Facility or the Finance Documents or any Permitted Acquisition.

 

“Treasury Transaction”
means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.

 

“Utilisation” has
the meaning given to it in the Nigeria Group Credit Facility.

 

“Utilisation Date”
has the meaning given to it in the Nigeria Group Credit Facility.

 

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Schedule 17

 

Additional Events of Default

 

Each of the following is an “Event of
Default”:

 

		(a)	Cross-Default

 

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

 

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

 

		(iii)	Any creditor or other representative of a member of the Nigeria Group becomes entitled to declare any
Financial Indebtedness of a member of the Nigeria Group due and payable prior to its specified maturity as a result of an event of default
(however described or defined).

 

		(iv)	No Event of Default will occur under paragraphs (i) to (iii) above if the aggregate amount
of Financial Indebtedness falling within paragraphs (i) to (iii) above is less than USD50,000,000 (or its equivalent in
any other currency or currencies).

 

		(b)	Failure to Comply with Court Judgment or Arbitral Award

 

Any member of the Nigeria Group fails
to comply with or pay by the required time any sum due from it under any final judgment or any final order made or given by a court or
arbitral tribunal or other arbitral body, in each case of competent jurisdiction, having a value of at least USD50,000,000 (or its equivalent
in other currencies).

 

		(c)	Insolvency

 

		(i)	A member of the Nigeria Group:

 

		(A)	is unable or admits inability to pay its debts as they fall due;

 

		(B)	suspends or threatens to suspend making payments on any of its debts; or

 

		(C)	by reason of actual or anticipated financial difficulties, commences negotiations with one or more of
its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.

 

		(ii)	A moratorium is declared in respect of any indebtedness of a member of the Nigeria Group. If a moratorium
occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

 

		(d)	Insolvency Proceedings

 

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

 

		(A)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration
or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Nigeria Group;

 

		(B)	a composition, compromise, assignment or arrangement with any creditor of any member of the Nigeria Group;

 

    	 	197 	 

     

    

 

		(C)	the appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager
or other similar officer in respect any member of the Nigeria Group or its assets; or

 

		(D)	enforcement of any Security over any assets of any member of the Nigeria Group, or any analogous procedure
or step is taken in any jurisdiction.

 

		(ii)	This paragraph (d) shall not apply to:

 

		(A)	any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within
40 Business Days of commencement; or

 

		(B)	any step or procedure which is contemplated in paragraph (c) of the definition of Permitted
Transaction or which is a Permitted Reorganisation.

 

    	 	198 	 

     

    

 

Schedule 18

 

Screen Rate Contingency Periods

 

	
    Screen Rate
	 	
    Period

	LIBOR	 	10 Business Days

 

    	 	199 	 

     

    

 

 

Schedule 19

 

Compounded Rate
Terms

 

	CURRENCY:	 	Dollars.
	Cost of funds as a fallback	 	Cost of funds will not apply as a
    fallback.
	Definitions	 	 
	Additional Business Days:	 	An RFR Banking Day.
	Break Costs:	 	None specified.
	Business Day Conventions (definition of "Month"
    and Clause 9.2 (Non-Business Days)):	 	(a)	If any period is expressed to accrue
    by reference to a Month or any number of Months then, in respect of the last Month of that period:
	 	 	 	(i)	subject to paragraph (iii) below,
    if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month
    in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;
	 	 	 	(ii)	if there is no numerically corresponding day
    in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and
	 	 	 	(iii)	if an Interest Period begins on the last Business
    Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period
    is to end.
	 	 	(b)	If an Interest Period would otherwise
    end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if
    there is one) or the preceding Business Day (if there is not).
	Central Bank Rate:	 	(c)        
	The
                                            short-term interest rate target set by the US Federal Open Market Committee as published
                                            by the Federal Reserve Bank of New York from time to time; or

	 	 	(d)       	if that target is not a single figure, the arithmetic
    mean of:
	 	 	 	(i)       	the upper bound of the short-term interest rate target range set by the US Federal Open Market
    Committee and published by the Federal Reserve Bank of New York; and

 

    	 	200 	 

     

    

 

	 	 	 	(ii)       	the lower bound of that target range.
	Central Bank Rate Adjustment:	 	In relation to the Central Bank
    Rate prevailing at close of business on any RFR Banking Day, the 20 per cent. trimmed arithmetic mean (calculated by the Facility
    Agent, or by any other Finance Party which agrees to do so in place of the Facility Agent) of the Central Bank Rate Spreads for the
    five most immediately preceding RFR Banking Days for which the RFR is available.

     

    For this purpose, “Central
    Bank Rate Spread” means, in relation to any RFR Banking Day, the difference (expressed as a percentage rate per annum)
    calculated by the Facility Agent (or by any other Finance Party which agrees to do so in place of the Facility Agent) between:

	 	 	(a)       	the RFR for that RFR Banking Day; and
	 	 	(b)       	the Central Bank Rate prevailing at close of business
    on that RFR Banking Day.

	Credit Adjustment Spread:	Length of Interest Period	Credit
    Spread (per cent. per annum)
	 	1
    month or less	0.11448
	 	2
    months or less but greater than 1 month	0.18456
	 	3
    months or less but greater than 2 months	0.26161
	 	6
    months or less but greater than 3 months	0.42826

	Daily Rate:	 	The "Daily Rate"
    for any RFR Banking Day is:
	 	 	(a)	the RFR for that RFR Banking Day;
    or
	 	 	(b)       
	if
                                            the RFR is not available for that RFR Banking Day, the percentage rate per annum which is
                                            the aggregate of:

	 	 	 	(i)       	the Central Bank Rate for that RFR Banking Day ; and
	 	 	 	(ii)       	the applicable Central Bank Rate Adjustment; or
	 	 	(c)       
	if
                                            paragraph (b) above applies but the Central Bank Rate for that RFR Banking Day
                                            is not available, the percentage rate per annum which is the aggregate of:

	 	 	 	(i)       	the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before
    that RFR Banking Day; and

 

    	 	201 	 

     

    

 

	 	 	 	(ii)       	the applicable Central Bank Rate Adjustment,
	 	 	rounded, in either case, to four decimal places and if,
    in either case, the aggregate of that rate and the applicable Credit Adjustment Spread is less than zero, the Daily Rate shall be
    deemed to be such a rate that the aggregate of the Daily Rate and the applicable Credit Adjustment Spread is zero.
	Lookback Period:	 	Five RFR Banking Days.
	Market Disruption Amount:	 	In respect of any Interest Period
    for a Loan and a Lender, the amount of interest accrued for that Interest Period (determined in accordance with Clause 8.2 (Calculation
    of Interest – Compounded Rate Loans)) that would be due to that Lender in relation to its participation in that Loan for
    that Interest Period (excluding Margin).
	Relevant Market:	 	The market for overnight cash borrowing collateralised
    by US Government securities.
	Reporting Day:	 	The Business Day which follows the
    day which is the Lookback Period prior to the last day of the Interest Period.
	RFR:	 	The secured overnight financing rate (SOFR) administered
    by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal
    Reserve Bank of New York (or any other person which takes over the publication of that rate).
	RFR Banking Day:	 	Any day other
    than:

	 	 	(a)       	a Saturday or Sunday; and
	 	 	(b)       	a day on which the Securities Industry
    and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be
    closed for the entire day for purposes of trading in US Government securities.
	Reporting Times	 	 
	Deadline for Lenders to report market disruption
    in accordance with Clause 10.3 (Market Disruption):	 	Close of business in London on the Reporting Day for the
    relevant Loan.
	Deadline for Lenders to report their cost of funds in accordance with
    Clause 10.4 (Cost of funds)	 	Close of business on the date falling three Business Days after the Reporting Day for
    the relevant Loan (or, if earlier, on the date falling three Business Days before the date on which interest is due to be paid in
    respect of the Interest Period for that Loan).

  

    	 	202 	 

     

    

 

Schedule 20

 

Daily Non-Cumulative
Compounded RFR Rate

  

The "Daily
Non-Cumulative Compounded RFR Rate" for any RFR Banking Day "i" during an Interest Period for a Compounded
Rate Loan is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party performing the
calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:

 

where:

 

"UCCDRi"
means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day "i";

 

"UCCDRi-1"
means, in relation to that RFR Banking Day "i", the Unannualised Cumulative Compounded Daily Rate for the immediately
preceding RFR Banking Day (if any) during that Interest Period;

 

"dcc"
means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in
a year, that number;

 

"ni"
means the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following
RFR Banking Day; and

 

the "Unannualised
Cumulative Compounded Daily Rate" for any RFR Banking Day (the "Cumulated RFR Banking Day") during that Interest
Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance Party performing
the calculation, taking into account the capabilities of any software used for that purpose):

 

 

 where:

 

"ACCDR"
means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;

 

"tni"
means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day
which immediately follows the last day of the Cumulation Period;

 

"Cumulation
Period" means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated
RFR Banking Day;

 

"dcc"
has the meaning given to that term above; and

 

the "Annualised
Cumulative Compounded Daily Rate" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to four decimal
places) calculated as set out below:

 

 

 

    	 	203 	 

     

    

 

		where:	

 

"d0"
means the number of RFR Banking Days in the Cumulation Period;

 

"Cumulation
Period" has the meaning given to that term above;

 

"i"
means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the
Cumulation Period;

 

"DailyRatei-LP"
means, for any RFR Banking Day "i" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable
Lookback Period prior to that RFR Banking Day "i";

 

"ni"
means, for any RFR Banking Day "i" in the Cumulation Period, the number of calendar days from, and including, that RFR
Banking Day "i" up to, but excluding, the following RFR Banking Day;

 

"dcc"
has the meaning given to that term above; and

 

"tni"
has the meaning given to that term above.

 

    	 	204 	 

     

    

 

Schedule 21

 

Cumulative Compounded
RFR Rate

  

The "Cumulative
Compounded RFR Rate" for any Interest Period for a Compounded Rate Loan is the percentage rate per annum (rounded to the same
number of decimal places as is specified in the definition of "Annualised Cumulative Compounded Daily Rate" in Schedule
13 (Daily Non-Cumulative Compounded RFR Rate)) calculated as set out below:

 

 

where:

 

"d0"
means the number of RFR Banking Days during the Interest Period;

 

"i"
means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order
during the Interest Period;

 

"DailyRatei-LP"
means for any RFR Banking Day "i" during the Interest Period, the Daily Rate for the RFR Banking Day which is the applicable
Lookback Period prior to that RFR Banking Day "i";

 

"ni"
means, for any RFR Banking Day "i", the number of calendar days from, and including, that RFR Banking Day "i"
up to, but excluding, the following RFR Banking Day;

 

		(a)	"dcc"
                                            means 360 or, in any case where market practice in the Relevant Market is to use a different
                                            number for quoting the number of days in a year, that number; and

 

		(b)	"d"
                                            means the number of calendar days during that Interest Period.

 

    	 	205 	 

     

    

 

Signature Pages to
the Revolving Credit Facility

 

[intentionally
left blank]

 

    	 	206

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