Document:

EX-10.1

 Exhibit 10.1 

 
 REVEL AC, INC. 

SEVENTH AMENDMENT TO CREDIT AGREEMENT 
 This SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”) is dated as of March 19, 2013, and entered into among Revel AC, Inc., a Delaware corporation (the
“Borrower”), the Guarantors, the Lenders party hereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). Reference is made to the Credit Agreement dated as
of May 3, 2012 (as amended pursuant to that certain First Amendment to Credit Agreement, dated as of August 22, 2012, that certain Incremental Facility Amendment, dated as of August 22, 2012, that certain Incremental Facility
Amendment, dated as of August 27, 2012, that certain Second Amendment to Credit Agreement, dated as of December 20, 2012; that certain Third Amendment to Credit Agreement, dated as of January 30, 2013; that certain Fourth Amendment to
Credit Agreement, dated as of February 5, 2013; that certain Fifth Amendment to Credit Agreement, dated as of February 12, 2013; and that certain Omnibus Amendment (Sixth Amendment to 2012 Credit Agreement and First Amendment to
Disbursement Agreement), dated as of February 28, 2013, as so amended, the “Credit Agreement”), among the Borrower, the Guarantors, the Lenders party thereto, the Administrative Agent, JPMorgan Chase Bank, N.A., as collateral
agent and issuing bank, and the other parties thereto. Capitalized terms used herein without definition shall have the same meanings as set forth in the Credit Agreement (as amended by this Amendment). 

W I T N E S S E T H : 

WHEREAS, Borrower has requested certain amendments to the Credit Agreement in the manner set forth in this Amendment; and 

WHEREAS, the Lenders that have signed this Amendment (constituting the Required Lenders) and the Administrative Agent have consented and
agreed to the modifications to the Credit Agreement set forth in this Amendment, subject to the terms and conditions of this Amendment. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 1.        Amendment to the Credit
Agreement.  Section 6.10(e) of the Credit Agreement is hereby amended by deleting such section in its entirety and inserting the following in replacement therefor: 

“(e) Minimum Liquidity Requirement.  Permit, at any time during the periods set forth below, the sum of
(x) the unused amount of the Revolving Commitments plus (y) the lesser of (1) $5,000,000 and (2) the amount of Cash and Cash Equivalents of the Borrower (excluding Cage Cash and amounts held in accounts subject to the
Disbursement Agreement) (the sum of (x) and (y), together, the “Minimum Liquidity Requirement”) to be less than the sum of (a) the Second Amendment Amenities CapEx Budget Reserve as of the date of determination,
(b) the Second Amendment Day Club Revolving Loan Basket as of the date of determination and (c) the amounts set below for such periods: 
  

			
	 TIME PERIOD

 
	  	
MINIMUM LIQUIDITY

REQUIREMENT

 

	 12/20/12 through 1/29/13
	  	$75,000,000
	 1/30/13 through 2/8/13
	  	$66,000,000
	 2/9/13 through 2/12/13
	  	$59,000,000
	 2/13/13 through 2/19/13
	  	$55,000,000
	 2/20/13 through 2/26/13
	  	$50,000,000
	 2/27/13 through 3/15/13
	  	$35,000,000
	 3/16/13 through 4/15/13
	  	$35,000,000
	 4/16/13 through 5/15/13
	  	$45,000,000
	 5/16/13 through 7/1/13
	  	$20,000,000

  

  

 ; provided that the Minimum Liquidity Requirement shall be decreased for the period from, and
including, the Business Day immediately preceding a holiday or a weekend to, and including, the Business Day immediately succeeding such holiday or weekend, by the amount, not to exceed $3,000,000 in the aggregate, of any Borrowing of Revolving
Loans the proceeds of which are used by the Borrower to fund Cage Cash during such period, solely to the extent that each such Borrowing is repaid on the last day of such period. 
 The amount of the Minimum Liquidity Requirement is subject to adjustment upwards from time to time in respect of certain amounts received by the Borrower relating to cost efficiencies or other savings in
accordance with the provisions of Schedule 3.12 to the Second Amendment (as modified pursuant to Schedule 3.12 to the Fifth Amendment and Schedule 3.12 to the Sixth Amendment).” 

2.        Conditions to Effectiveness.  This Amendment shall not become
effective unless and until the conditions precedent set forth below have been satisfied or the satisfaction thereof has been waived in writing by the Required Lenders (the date of such effectiveness, the “Seventh Amendment Effective
Date”): 
 (A)      Amendment.  Receipt by the Administrative Agent of
counterparts of this Amendment, duly executed and delivered by the Administrative Agent, the Borrower and the Required Lenders (and by executing and delivering a counterpart hereto, each such Person confirms it consents to the amendments to the
Credit Agreement and the other provisions set forth herein). 

(B)      Consents.  All necessary consents to the effectiveness of this Amendment,
including any approval of any Gaming Authority required in accordance with any Gaming Law, shall have been obtained and shall be in full force and effect. 
 3.        Reference to and Effect on the Credit Agreement.  On and after the Seventh Amendment Effective Date, each reference in the Credit
Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement and each reference in the other Loan Documents to the “Credit Agreement”,
“thereunder”, “thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby. The Credit Agreement and each other Loan Document, as specifically amended
by this Amendment, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed. Without limiting the generality of the foregoing, the Security Documents and all of the Collateral described therein do
and shall continue to secure the payment of all Obligations of the Loan 

  
 -2-

 
Parties under the Loan Documents. The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as an amendment or waiver of any right, power
or remedy of any Lender or Agent under any of the Loan Documents, nor constitute an amendment or waiver of any provision of any of the Loan Documents. 
 4.        Representations and Warranties.  The Borrower hereby represents and warrants as of the Seventh Amendment Effective Date that,
(a) immediately before and after giving effect to this Amendment, no Event of Default or Default has occurred and is continuing, except as a direct result of the Borrower’s failure to pay the regularly scheduled interest payment under the
Term Loan Credit Agreement on February 19, 2013 (the “Interest Default”) and (b) immediately before and after giving effect to this Amendment, each of the representations and warranties made by the Loan Parties in or pursuant
to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date, except (i) for representations and warranties expressly stated to relate to a specific earlier date, in which
case such representations and warranties shall be true and correct in all material respects only as of such earlier date or (ii) to the extent such representation or warranties is untrue or incorrect solely as a direct result of the Interest
Default. 
 5.        Costs and Expenses.  The Borrower agrees to
reimburse the Administrative Agent, each other Agent and each Lender for their respective accrued, unpaid and ongoing expenses incurred by them in connection with the Credit Agreement and protection of their rights thereunder and this Amendment,
including the fees, charges and disbursements of (a) counsel to such parties limited to (i) one primary counsel for the Agents (presently Cadwalader, Wickersham & Taft LLP), (ii) one primary counsel for the Lenders (presently
Paul, Weiss, Rifkind, Wharton & Garrison LLP), (iii) gaming counsel for the Agents (presently Michael & Carroll), (iv) gaming counsel for the Lenders (presently Fox Rothschild LLP) and (v) to the extent reasonably
necessary or advisable, local counsel in New Jersey and (b) any financial advisors, investment bankers and other specialty consultants retained by the Administrative Agent or counsel for the Agents and the Lenders. 

6.        Headings. Section headings used herein are for convenience of reference only,
are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment. 
 7.        GOVERNING LAW. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS
OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 

8.        Counterparts.  This Amendment may be executed in counterparts (and by
different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by
telecopier or other electronic transmission (i.e. a “pdf” or “tif” document) shall be effective as delivery of a manually executed counterpart of this Amendment. 

[Signatures on Next Page] 

  
 -3-

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their proper and duly authorized officers as of the date first above written. 
  

					
	 REVEL AC, INC.,
 as
Borrower

		
	By:    	 	 /s/ Dennis Stogsdill

		 	Name: 	 	Dennis Stogsdill
		 	Title:	 	Chief Restructuring Officer
	
	 REVEL AC, LLC,
 as
Guarantor

		
	By:	 	 /s/ Dennis Stogsdill

		 	Name:	 	Dennis Stogsdill
		 	Title:	 	Chief Restructuring Officer
	
	 REVEL ATLANTIC CITY, LLC,
 as Guarantor

		
	By:	 	 /s/ Dennis Stogsdill

		 	Name:	 	Dennis Stogsdill
		 	Title:	 	Chief Restructuring Officer
	
	 REVEL ENTERTAINMENT GROUP, LLC,
 as Guarantor

		
	By:	 	 /s/ Dennis Stogsdill

		 	Name:	 	Dennis Stogsdill
		 	Title:	 	Chief Restructuring Officer
	
	 NB ACQUISITION, LLC,

as Guarantor

		
	By:	 	 /s/ Dennis Stogsdill

		 	Name:	 	Dennis Stogsdill
		 	Title:	 	Chief Restructuring Officer

  
 [Signature
Page to Seventh Amendment to Credit Agreement] 

 
					
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent, Collateral Agent,
 Swingline Lender, Issuing Bank and a
Lender

		
	By:    	 	 /S/ SUSAN E. ATKINS

		 	Name: 	 	Susan E. Atkins
		 	Title:	 	Managing Director

  
 [Signature
Page to Seventh Amendment to Credit Agreement] 

 
							
	AAI Canyon Fund plc, solely in respect of Canyon Reflection Fund
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory
	
	Canyon Capital Arbitrage Master Fund, Ltd.
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory
	
	Canyon Balanced Master Fund, Ltd.
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory
	
	Canyon Distressed Opportunity Master Fund, L.P.
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory
	
	The Canyon Value Realization Master Fund, L.P.
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory
	
	Canyon-GRF Master Fund, L.P.
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory

  
 [Signature
Page to Seventh Amendment to Credit Agreement] 

 
							
	Canyon-GRF Master Fund II, L.P.
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory
	
	Canyon-TCDRS Fund, LLC
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory
	
	Canyon Value Realization Fund, L.P.
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory
	
	Permal Canyon Fund Ltd.
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory
	
	Canyon Value Realization MAC 18 Ltd.
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory
	
	Citi Canyon Ltd.
	By: Canyon Capital Advisors LLC, its Investment Advisor
			
	By:	 	 /s/ Jonathan M. Kaplan
	 	
	Name: Jonathan M. Kaplan
	Title: Authorized Signatory

  
 [Signature
Page to Seventh Amendment to Credit Agreement] 

 
			
	WELLS FARGO PRINCIPAL LENDING, LLC,
	as a Lender
		
	By:    	 	 /S/ MIKE
BOHANNON

 
			
		
	Name:	 	 Mike Bohannon
	Title:	 	 Senior Vice President

  
 [Signature
Page to Seventh Amendment to Credit Agreement] 

 
					
	 JPMORGAN WHITEFRIARS INC.,
 as a Lender

		
	By:    	 	 /S/ VIRGINIA R. CONWAY

		 	Name:	 	 Virginia R. Conway
		 	Title:	 	 Attorney – in – Fact

  
 [Signature
Page to Seventh Amendment to Credit Agreement] 

 
					
	 CHATHAM EUREKA FUND, L.P.,
 as a Lender

	
	By: Chatham Asset Management, LLC,
	Investment Advisor
		
	By:    	 	 /S/ JAMES RUGGERIO,
JR.

		 	Name: 	 	James Ruggerio, Jr.
		 	Title:	 	Chief Financial Officer

  
 [Signature
Page to Seventh Amendment to Credit Agreement] 

 
					
	 CHATHAM ASSET HIGH YIELD MASTER FUND, LTD.,
 as a Lender

	
	By: Chatham Asset Management, LLC,
	Investment Advisor
		
	By:    	 	 /S/ JAMES RUGGERIO,
JR.

		 	Name: 	 	James Ruggerio, Jr.
		 	Title:	 	Chief Financial Officer

  
 [Signature
Page to Seventh Amendment to Credit Agreement]EX-4.1

 Exhibit 4.1 
 GUARANTEE 
 THIS INSTRUMENT by way of deed poll is executed on 10 May 2012 by
SANTANDER UK plc (registered in England No. 2294747) whose registered office is at 2 Triton Square, Regent’s Place, London NW1 3AN (the “Guarantor”) 
 WHEREAS: 
 Abbey National Treasury Services plc, a company incorporated in England (number
2338548) whose registered office is at 2 Triton Square, Regent’s Place, London NW1 3AN (“ANTS”), has requested the Guarantor and the Guarantor has agreed to guarantee payment of all Obligations (as hereinafter defined) in
accordance with, and as limited by, the terms and conditions of this Deed (this “Guarantee”). 
 NOW THEREOF the Guarantor hereby
covenants and agrees as follows: 
  

	1.	In this Guarantee, unless the context otherwise requires: 

  

					
	“Creditor”	 	means any person (other than the Guarantor or any subsidiary of ANTS (as defined in section 1159 of the Companies Act 2006 (the “Act”)) or any individual
who is a connected person of ANTS (within the meaning of section 254 of the Act)) to whom an Obligation is from time to time owed.
		
	“Obligation”	 	means any obligation or liability (whether actual or contingent or for the payment of any amount or delivery of any property) incurred by ANTS (whether as principal or
surety) to any person on or before 30 June 2015 (whether before or after the execution of this Guarantee) under or in respect of any dealing, transaction or engagement whatsoever, including without prejudice to the generality of the foregoing,
for:
			
		 	(i)	 	any moneys lent, advanced or otherwise made available to ANTS (including, without limitation to the generality of the foregoing, the liability of ANTS for drawing or issuing bills of
exchange, promissory notes, bonds, debentures, certificates of deposit, commercial paper or other negotiable instruments or securities);
			
		 	(ii)	 	any moneys lent, advanced or otherwise made available to any person, the repayment or payments in respect of which have been guaranteed by ANTS or in respect of which ANTS has given an
indemnity (including, without limitation to the generality of the foregoing, guarantees and letters of credit issued by ANTS and bills of exchange or other negotiable instruments accepted or endorsed by
ANTS);

					
		 	(iii)	 	any moneys which any person shall pay or become liable to pay, for or on account of ANTS, by reason of entering into or being party to any bond, indemnity, bill of exchange, guarantee,
letter of credit or other engagement for the benefit or at the request of ANTS;
			
		 	(iv)	 	deposits made with ANTS (including, without limitation of the generality of the foregoing, certificates of deposit issued by ANTS);
			
		 	(v)	 	any rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option,
interest rate option, foreign exchange transaction, cap transaction, collar transaction, floor transaction, currency swap transaction, cross-currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default
swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell back transaction, securities lending transaction or forward purchase or sale of a security, commodity or
other financial instrument or interest (including any option with respect to any such transactions) or any other derivative transaction on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or
other debt instruments, indices, or measures of economic risk or value, in each case, to which ANTS is party (including, for the avoidance of doubt, any obligation or liability under any master agreement that governs any such
transactions);
			
		 	(vi)	 	any such obligation or liability assumed under or incurred pursuant to any novation, transfer, assignment or other similar agreement between ANTS and any other person;
and;
			
		 	(vii)	 	any obligation or liability under any transaction entered into by ANTS after 30 June 2015 as a result of the exercise of any right or option granted by or to ANTS on or prior to
30 June 2015;
			
		 	(viii)	 	any payments of interest due from ANTS with respect to any of the foregoing transactions (whether or not the liability to pay such interest arises on or before 30 June 2015)
together with all reasonable costs, commissions and other expenses incurred by any person in connection with the enforcement of this Guarantee,

  
 2 

					
		 	but excluding:
			
		 	(a)	 	any such obligations or liabilities of ANTS (including under any guarantee or indemnity given by ANTS) which by their terms are expressed (in whatever manner) to be conditional upon
the solvency of ANTS or subordinated to, or payable only after full satisfaction of, all or any obligations of ANTS to all or any of its unsubordinated creditors; and
			
		 	(b)	 	any such obligations or liabilities of ANTS transferred to, or assumed by, any other person whether pursuant to any novation or transfer or other similar agreement, any statutory
transfer (pursuant to Part VII of The Financial Services and Markets Act 2000 or otherwise), any scheme of arrangement or otherwise.
		
	“person”	 	means any person, firm, trust estate, corporation, association, cooperative, government or government agency or other entity.

									
			
	2.	 	(a)	 	The Guarantor hereby unconditionally and irrevocably guarantees, for the benefit of each Creditor, in accordance with the terms and conditions of this Guarantee, the full
payment or performance by ANTS when due (whether at stated maturity, upon acceleration or otherwise) of each and every Obligation and in the event that ANTS shall default in the due and punctual payment or performance of any Obligation, undertakes
to pay, or procure the payment of, such Obligation in the currency in which the particular Obligation is denominated in the case of a payment or perform, or procure the performance of such Obligation, upon written demand being made under this
Guarantee by the relevant Creditor.
			
		 	(b)	 	The Guarantor waives any right it may have of first requiring any Creditor to make demand, proceed or enforce any rights or security against ANTS or any other person before
making a claim against the Guarantor under this Guarantee.
		
	3.	 	A Creditor shall only be entitled to take or obtain the benefit of this Guarantee upon the condition that, after receipt by the Guarantor of a written demand from the
Creditor, the Guarantor shall be entitled to deal with the Creditor, and the Creditor shall be obliged to deal with the Guarantor with respect to the Obligation due to the Creditor and this Guarantee without the necessity or duty to rely on, act
through or otherwise involve or deal with ANTS to the intent that the Guarantor and the Creditor shall deal with one another as principals in relation to the same provided that the rights, powers, privileges and remedies of the Creditor under this
Guarantee shall not thereby be in any way limited or otherwise affected.

  
 3 

	4.	No delay or omission on the part of the Creditor in exercising any right, power, privilege or remedy (hereinafter together called “Rights”) in respect of
this Guarantee shall impair any such Rights or be construed as a waiver of any thereof nor shall any single or partial exercise of any such Rights preclude any further exercise of any other Rights. The Rights herein provided are cumulative and not
exclusive of any rights, powers, privileges or remedies provided by law. Nothing in this Guarantee shall be construed as voiding, negating or restricting any right of set-off or any other right whatsoever existing in favour of a Creditor or arising
at common law, by statute or otherwise howsoever. 

  

	5.	This Guarantee is a continuing guarantee and shall not be satisfied, discharged or affected by any intermediate payment or settlement of account. 

 

	6.	The Guarantor will not exercise any rights of subrogation or any other rights or remedy (including, without limiting the generality of the foregoing, the benefit of any
security or right of set-off) which it may acquire due to its payment or performance of any Obligation pursuant to the terms of this Guarantee and will not prove in the liquidation of ANTS in competition with any Creditor unless and until all
Obligations in respect of the relevant Creditor hereby guaranteed have been satisfied in full by the Guarantor or ANTS. In the event that the Guarantor shall receive any payment on account of such rights while any Obligation remains outstanding, the
Guarantor shall pay all amounts so received to the relevant Creditor. 

  

	7.	Payments hereunder shall be made free and clear of any deduction or withholding other than those required by law and in that event the Guarantor shall pay such additional
amount to the relevant Creditor as may be necessary in order that the actual amount received after all such deductions and withholdings shall equal the amount that would have been received if no such deduction or withholding were required provided
that the Guarantor shall not be obliged to pay any such additional amount which would not have been payable if the payment which is the subject of the withholding or deduction had been made by ANTS. If the Guarantor makes a payment of an additional
amount in compliance with its obligations under this paragraph and the Creditor determines that it has received or been granted a credit against or relief or payment of any tax paid or payable by it in respect thereof the Creditor shall to the
extent that it can do so without prejudice to the retention of the amount of such credit, relief or repayment pay to the Guarantor such amount as shall be attributable to such deduction provided that nothing contained in this paragraph shall
interfere with the right of any Creditor to arrange its tax affairs in whatsoever manner it thinks fit and, in particular, no Creditor shall be under any obligation to claim relief in respect of any such deduction in priority to any other claims for
relief available to it. 

  

	8.	Any demand or notice hereunder shall be given in writing or by cable, telex or facsimile transmission addressed to the Guarantor or to the person to or upon whom the
demand is to be made or the notice served at the registered or principal office or last known place of abode of the Guarantor or of such person, as the case may be. A demand so made shall be deemed to have been duly made if left at such address on
the day it was so left or, if sent by post, two working days after the time when the same was put in the post and in proving delivery it shall be sufficient to prove that the same was properly addressed and put in the post. Any such demand sent by
cable, telex or facsimile transmission shall be deemed to have been duly made at the time of despatch. 

  
 4 

	9.	The liability of the Guarantor under this Guarantee shall not be affected by the liquidation, winding-up or other incapacity of ANTS. In the event that any payment or
delivery to a Creditor from ANTS in respect of an Obligation is avoided or reduced by virtue of any enactments for the time being in force relating to liquidation or insolvency of ANTS, the Creditor shall be entitled to recover the value or amount
thereof from the Guarantor as if such payment or delivery by ANTS had not been made. 

  

	10.	This Guarantee shall remain in full force and effect irrespective of: 

  

	 	(a)	the validity, regularity, legality or enforceability against ANTS of, or of any defence or counter-claim whatsoever available to ANTS in relation to, any Obligation;

  

	 	(b)	whether or not any action has been taken to enforce any Obligation or any judgement obtained against ANTS or any other person; 

 

	 	(c)	whether or not the terms of any Obligation has been modified, supplemented, extended or restated in any way (in each case, however fundamental and of whatsoever nature);

  

	 	(d)	whether or not any time or indulgence has been granted to ANTS or any other person by or on behalf of any Creditor; 

 

	 	(e)	whether or not there have been any dealings or transactions between ANTS or any other person and any Creditor; 

 

	 	(f)	whether or not ANTS or any other person has been dissolved, liquidated, merged, consolidated, become bankrupt or has changed its status, functions, control or ownership;

  

	 	(g)	whether or not ANTS or any other person has been prevented from making payment by foreign exchange provisions applicable at its place of registration or incorporation; and

  

	 	(h)	whether or not any circumstances have occurred which might otherwise constitute a legal or equitable discharge of or defence to a guarantor. 

 

	11.	This Guarantee shall remain in full force and effect in relation to an Obligation notwithstanding that it becomes due for payment or performance after 30 June 2015.

  

	12.	In the event that any of the terms or provisions of this Guarantee are or shall become invalid, illegal or unenforceable, the remaining terms and provisions hereof shall
survive unaffected. 

  
 5 

  

	13.	The Guarantor shall be permitted from time to time and at any time to amend or vary the terms of this Guarantee PROVIDED THAT the liability of the Guarantor to a Creditor
in respect of any Obligation incurred before, or arising out of an Obligation entered into before, the date of such variation or amendment, shall not be in any way reduced or limited by such variation or amendment. Any person shall be entitled to
rely on a certificate given by a director or other duly authorised officer of the Guarantor as to the existence and extent of this Guarantee and any such variation and/or amendment of this Guarantee on entering into any dealing, transaction or
arrangement with ANTS under or in respect of which an Obligation would or might be incurred by ANTS to that person. 

  

	14.	This Guarantee and any non-contractual obligations arising out of or in connection with this Guarantee are governed by, and shall be construed in accordance with, the laws
of England and the courts of England are to have exclusive jurisdiction to settle any disputes which may arise out of or in connection with this Guarantee (including in respect of any non-contractual obligations arising out of or in connection with
this Guarantee) and accordingly any suit, action or proceedings arising out of or in connection with this Guarantee (including in respect of any non-contractual obligations arising out of or in connection with this Guarantee) shall be brought in
such courts. 

 IN WITNESS whereof, this Guarantee has been executed as of the day and year first written above. 

 

			
	THE COMMON SEAL of	  	)    [SEAL]
	SANTANDER UK PLC	  	)
	was hereunto affixed	  	)
	in the presence of:	  	)

			
		
	  
 /s/ Shaun Coles
	  	
		
	Shaun Coles	  	
		
	Deputy Company Secretary	  	

 

  
 6

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