Document:

Exhibit

Exhibit 10.21

LETTER OF CREDIT REIMBURSEMENT AGREEMENT
dated as of December 24, 2018
among
FLIR SYSTEMS, INC.,
as the Company,
BANK OF AMERICA, N.A.,
as L/C Issuer,

Exhibit 10.21

TABLE OF CONTENTS

PAGE
	
					
	ARTICLE I ARTICLE IDEFINITIONS AND ACCOUNTING TERMS
	1
	

	 
	1.01
	Defined Terms
	1
	

	 
	1.02
	Other Interpretive Provisions
	7
	

	 
	1.03
	Exchange Rates; Currency Equivalents
	7
	

	 
	1.04
	Change of Currency
	8
	

	 
	1.05
	Times of Day
	8
	

	 
	1.06
	Letter of Credit Amounts
	8
	

	ARTICLE II THE LETTER OF CREDIT
	8
	

	 
	2.01
	The Letter of Credit
	8
	

	 
	2.02
	Interest
	12
	

	 
	2.03
	Computation of Fees; Retroactive Adjustments of Applicable Rate
	12
	

	 
	2.04
	Evidence of Debt
	13
	

	 
	2.05
	Payments Generally
	13
	

	 
	2.06
	Termination
	13
	

	ARTICLE III TAXES, YIELD PROTECTION AND ILLEGALITY
	14
	

	 
	3.01
	Taxes
	14
	

	 
	3.02
	Increased Cost and Reduced Return; Capital Adequacy
	14
	

	 
	3.03
	Matters Applicable to all Requests for Compensation
	15
	

	 
	3.04
	Survival
	15
	

	ARTICLE IV CONDITIONS PRECEDENT
	15
	

	 
	4.01
	Conditions of Effectiveness
	15
	

	 
	4.02
	Conditions to all Credit Extensions
	16
	

	ARTICLE V II REPRESENTATIONS AND WARRANTIES
	16
	

	 
	5.01
	Incorporated Representations and Warranties
	17
	

	 
	5.02
	Beneficial Ownership Certification
	17
	

	 
	5.03
	No Plan Assets
	18
	

	ARTICLE VI AFFIRMATIVE COVENANTS
	18
	

	 
	6.01
	Incorporated Affirmative Covenants
	18
	

	 
	6.02
	Use of Proceeds
	18
	

	ARTICLE VII NEGATIVE COVENANTS
	19
	

	 
	7.01
	Incorporated Negative Covenants
	19
	

	 
	7.02
	Use of Proceeds
	20
	

	ARTICLE VIII EVENTS OF DEFAULT AND REMEDIES
	20
	

	 
	8.01
	Events of Default
	20
	

	 
	8.02
	Remedies Upon Event of Default
	22
	

	 
	8.03
	Application of Funds
	22
	

	ARTICLE IX MISCELLANEOUS
	22
	

	 
	9.01
	Amendments, Etc
	22
	

	 
	9.02
	Notices; Effectiveness; Electronic Communications
	22
	

Exhibit 10.21

	
					
	 
	9.03
	No Waiver; Cumulative Remedies
	23
	

	 
	9.04
	Expenses; Indemnity; and Damage Waiver
	23
	

	 
	9.05
	Payments Set Aside
	25
	

	 
	9.06
	Successors and Assigns
	25
	

	 
	9.07
	Treatment of Certain Information; Confidentiality
	25
	

	 
	9.08
	Set-off
	26
	

	 
	9.09
	Interest Rate Limitation
	26
	

	 
	9.10
	Counterparts; Integration; Effectiveness
	27
	

	 
	9.11
	Survival of Representations and Warranties
	27
	

	 
	9.12
	Severability
	27
	

	 
	9.13
	[Reserved]
	27
	

	 
	9.14
	Governing Law; Jurisdiction; Etc
	27
	

	 
	9.15
	Waiver of Right to Trial by Jury
	28
	

	 
	9.16
	No Advisory or Fiduciary Responsibility
	28
	

	 
	9.17
	USA PATRIOT Act Notice; Beneficial Ownership Regulation
	29
	

	 
	9.18
	Judgment Currency
	29
	

	 
	9.19
	Electronic Execution
	29
	

SCHEDULE
9.02    Certain Addresses for Notices

ii

Exhibit 10.21

LETTER OF CREDIT REIMBURSEMENT AGREEMENT
This LETTER OF AGREEMENT is entered into as of December 24, 2018 between FLIR SYSTEMS, INC. an Oregon corporation (the “Company”) and BANK OF AMERICA, N.A., as L/C Issuer.
The Company has requested that the L/C Issuer issue a standby letter of credit for the purposes set forth herein, and the L/C Issuer is willing to do so on the terms and conditions set forth herein.
In consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

ARTICLE I
 
ARTICLE IDEFINITIONS AND ACCOUNTING TERMS

1.01    Defined Terms.
Capitalized terms not defined herein shall have the meanings assigned to them in the Syndicated Credit Agreement (defined herein) and the following terms shall have the meanings set forth below:
“Additional Incorporated Covenant” means a covenant or agreement that is added to Article VII or Article VIII of the Syndicated Credit Agreement after the date hereof (together with any additional definitions), as such covenant or agreement is in effect on the date so added, without giving effect to any subsequent amendment or other modification thereof.
“Additional Incorporated Representation” means a representation that is added to Article VI of the Syndicated Credit Agreement after the date hereof (together with any additional definitions), as such representation is in effect on the date so added, without giving effect to any subsequent amendment or other modification thereof.
“Affiliate” means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.
“Agreement” means this Letter of Credit Reimbursement Agreement.
“Alternative Currency” means Kronor.
“Alternative Currency Equivalent” means, at any time, with respect to any amount denominated in Dollars, the equivalent amount thereof in the applicable Alternative Currency as determined by the L/C Issuer at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Alternative Currency with Dollars.
“Applicable Rate” means the following percentages per annum, based upon the Consolidated Total Leverage Ratio as set forth in the most recent Compliance Certificate received by the L/C Issuer pursuant to Section 6.01:
	
			
	Pricing Tier
	Consolidated
Total Leverage Ratio
	Letter of Credit Fee

Exhibit 10.21

	
			
	1
	> 2.25 to 1.0
	1.825%

	2
	> 1.75 to 1.0 but < 2.25 to 1.0
	1.45%

	3
	> 1.25 to 1.0 but < 1.75 to 1.0
	1.20%

	4
	< 1.25 to 1.0
	1.10%

Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Total Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.01; provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Tier 1 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall continue to apply until the first Business Day immediately following the date a Compliance Certificate is delivered in accordance with Section 6.01, whereupon the Applicable Rate shall be adjusted based upon the calculation of the Consolidated Total Leverage Ratio contained in such Compliance Certificate.  The Applicable Rate in effect from the Closing Date through the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 6.01 for the fiscal quarter ending December 31, 2018 shall be determined based upon Pricing Tier 3.
“Applicable Time” means, with respect to any payments in any Alternative Currency, the local time in the place of settlement for such Alternative Currency as may be determined by the L/C Issuer to be necessary for timely settlement on the relevant date in accordance with normal banking procedures in the place of payment.
“Bank of America” means Bank of America, N.A. and its successors.
“Base Rate” means for any day a fluctuating rate per annum equal to the higher of (a) the Federal Funds Rate plus 0.50%, and (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its “prime rate”.  The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate.  Any change in the “prime rate” announced by Bank of America shall take effect at the opening of business on the day specified in the public announcement of such change.  If the Base Rate is less than zero, it shall be deemed to be zero for purposes of this Agreement.
“Beneficial Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.
“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in and subject to Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such “employee benefit plan” or “plan”.
“Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, New York, New York or the state where the L/C Issuer’s Lending Office with respect to Obligations denominated in Dollars is located.

2

Exhibit 10.21

“Cash Collateralize” has the meaning specified in Section 2.01(f).
“Change in Law” means the occurrence, after the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or directive (whether or not having the force of law) by any Governmental Authority; provided, however, for purposes of this Agreement, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, guidelines or directives in connection therewith and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III shall in each case be deemed to have gone into effect and adopted after the Closing Date.
“Change of Control” means an event or series of events by which:
(a)    any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, directly or indirectly, of  fifty percent (50%) or more of the capital stock of the Company entitled to vote for members of the board of directors or equivalent governing body of the Company on a fully diluted basis; or
(b)    during any period of 24 consecutive months, a majority of the members of the board of directors or other equivalent governing body of the Company cease to be composed of individuals (i) who were members of that board or equivalent governing body on the first day of such period, (ii) whose election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and (ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing body.
“Closing Date” means December 24, 2018.
“Company” has the meaning specified in the introductory paragraph hereto.
“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Credit Extension” means an L/C Credit Extension.
“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.
“Default” means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

3

Exhibit 10.21

“Default Rate” means (a) when used with respect to Obligations other than Letter of Credit Fees, an interest rate equal to (i) the Base Rate plus (ii) the Applicable Rate plus (iii) 2% per annum; and (b) when used with respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum.
“Dollar” and “$” mean lawful money of the United States.
“Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in Dollars, such amount, and (b) with respect to any amount denominated in any Alternative Currency, the equivalent amount thereof in Dollars as determined by the L/C Issuer at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with such Alternative Currency.
“Event of Default” has the meaning specified in Section 8.01.
“Excluded Taxes” means, with respect to the L/C Issuer or any other recipient of any payment to be made by or on account of any obligation of the Company hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), franchise taxes imposed on it (in lieu of net income taxes), and branch profits imposed on it, by the jurisdiction (or any political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of the L/C Issuer, in which its applicable Lending Office is located, or as a result of a present or former connection between such recipient and the jurisdiction of the Governmental Authority imposing such tax or any political subdivision or taxing authority thereof or therein (other than such connection arising from the L/C Issuer having executed, delivered or performed its obligations or received a payment under, or enforced, any Loan Document), (b) any backup withholding tax that is required by the Internal Revenue Code to be withheld from amounts payable to the L/C Issuer or other recipient and (c) any Taxes imposed as a result of the L/C Issuer’s failure or inability to comply with Section 3.01(e).
“FRB” means the Board of Governors of the Federal Reserve System of the United States.
“Governmental Authority” means the government of the United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).
“Honor Date” has the meaning set forth in Section 2.01(c).
“Indemnified Taxes” means Taxes other than Excluded Taxes imposed on or with respect to any payment made by or on account of any obligations of the Company hereunder.
“Indemnitee” has the meaning set forth in Section 9.04(b).
“Information” has the meaning set forth in Section 9.07.
“ISP” means the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).
“Issuer Documents” means with respect to the Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the L/C Issuer and the Company (or any Subsidiary) or in favor the L/C Issuer and relating to the Letter of Credit.

4

Exhibit 10.21

“Kronor” means the lawful currency of Sweden.
“Laws” means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.
“L/C Credit Extension” means, with respect to the Letter of Credit, the issuance thereof or extension of the expiry date thereof, or the increase of the amount thereof.
“L/C Issuer” means Bank of America, through itself or through one of its designated Affiliates or branch offices.
“L/C Obligations” means, as at any date of determination, the aggregate amount available to be drawn under the Letter of Credit plus the aggregate of all Unreimbursed Amounts.  For purposes of computing the amount available to be drawn under the Letter of Credit, the amount of the Letter of Credit shall be determined in accordance with Section 1.06.  For all purposes of this Agreement, if on any date of determination, a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, the Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.
“Lending Office” means the office or offices of the L/C Issuer described on Schedule 9.02, or such other office or offices as the L/C Issuer may from time to time notify the Company, which office may include any Affiliate of the L/C Issuer or any domestic or foreign branch of the L/C Issuer or such Affiliate.  Unless the context otherwise requires, each reference to the L/C Issuer shall include its applicable Lending Office.
“Letter of Credit” means the standby letter of credit no. 3139324 issued pursuant to Section 2.01 in favor of Nordea Bank Abp, filial i Sverige in the face amount not to exceed 2,220,000,000 Kronor.  The Letter of Credit may be denominated in Dollars or in an Alternative Currency.
“Letter of Credit Application” means an application and agreement for the issuance or amendment of a letter of credit in the form from time to time in use by the L/C Issuer.
“Letter of Credit Expiration Date” means the day that is five days prior to the expiry date of the Letter of Credit (or, if such day is not a Business Day, the next preceding Business Day).
“Letter of Credit Fee” has the meaning specified in Section 2.01(h).
“Loan Documents” means this Agreement and each Issuer Document.
“Material Adverse Effect” means (a) a material adverse change in, or a material adverse effect upon, the operations, business, properties, liabilities (actual or contingent) or financial condition of the Company and its Subsidiaries taken as a whole; (b) a material impairment of the ability of the Company to perform its payment or other material obligations under any Loan Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against the Company of any Loan Document to which it is a party.  Failure of the Company to achieve the results forecasted pursuant to Section 7.02(b) of the Syndicated Credit Agreement as incorporated in this Agreement shall not, in and of itself, constitute a Material Adverse Effect.

5

Exhibit 10.21

“Obligations” means all advances to, and debts, liabilities, obligations, covenants and duties of, the Company arising (x) under any Loan Document or (y) otherwise with respect to the Letter of Credit, in each case, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the Company or any Affiliate thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.
“Other Taxes” means all present or future stamp or documentary taxes, value added taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document other than Excluded Taxes.
“Outstanding Amount” means, with respect to any L/C Obligations on any date, the Dollar Equivalent Amount of the amount of such L/C Obligations on such date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Company of Unreimbursed Amounts.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.
“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
“Responsible Officer” means the chief executive officer, president, chief financial officer, treasurer, assistant treasurer or controller of the Company and, solely for purposes of delivery of the incumbency certificates the secretary or any assistant secretary of the Company and, solely for purposes of notices given pursuant to Article II,  any other officer or employee of the Company so designated by any of the foregoing officers in a notice to the L/C Issuer or any other officer or employee of the Company designated in or pursuant to an agreement between the Company and the L/C Issuer.  Any document delivered hereunder that is signed by a Responsible Officer of the Company shall be conclusively presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of the Company and such Responsible Officer shall be conclusively presumed to have acted on behalf of the Company.  To the extent requested by the L/C Issuer, the Company will provide an incumbency certificate and appropriate authorization documentation, in form and substance reasonably satisfactory to the L/C Issuer.
“Revaluation Date” means each of the following:  (i) the date of issuance of the Letter of Credit, (ii) each date of an amendment of the Letter of Credit having the effect of increasing the amount thereof (solely with respect to the increased amount), (iii) each date of any payment by the L/C Issuer under the Letter of Credit and (iv) such additional dates as the L/C Issuer shall determine.
“Same Day Funds” means (a) with respect to disbursements and payments in Dollars, immediately available funds, and (b) with respect to disbursements and payments in an Alternative Currency, same day or other funds as may be determined by the L/C Issuer, as the case may be, to be customary in the place of disbursement or payment for the settlement of international banking transactions in the relevant Alternative Currency.
“Significant Subsidiary” means as of any date of determination, any Subsidiary of the Company (i) that, together with its Subsidiaries, has assets as of such date that exceed 10% of total assets of the Company 

6

Exhibit 10.21

and its Subsidiaries, on a consolidated basis, as of such date or (ii) whose, together with its Subsidiaries’, contribution to revenues for the four quarter period ending immediately prior to such date, exceed 10% of consolidated revenues of the Company and its Subsidiaries for such period.
“Spot Rate” for a currency means the rate determined by the L/C Issuer to be the spot rate for the purchase by the L/C Issuer of such currency with another currency through its principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided that the L/C Issuer may obtain such spot rate from another financial institution designated by the L/C Issuer if it does not have as of the date of determination a spot buying rate for any such currency; and provided further that the L/C Issuer may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case that the Letter of Credit is denominated in an Alternative Currency.
“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of Voting Stock is at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person.  Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Company.
“Syndicated Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of May 31, 2016, among the Company and certain of its Subsidiaries, as borrowers, certain Subsidiaries of the Company as guarantors, the lenders party thereto and Bank of America, without giving effect to any amendment, supplement or other modification thereto or thereof (other than for purposes of Article IX hereof) after the date hereof that has not been consented to by the L/C Issuer in its capacity as a lender thereunder.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Threshold Amount” means $25,000,000.
“Total Outstandings” means the aggregate Outstanding Amount of all L/C Obligations.
“United States” and “U.S.” mean the United States of America.
“Unreimbursed Amount” means any drawing under the Letter of Credit that has not been reimbursed by the Company.

1.02    Other Interpretive Provisions.
Section 1.02 of the Syndicated Credit Agreement is incorporated herein by reference mutatis mutandis.

1.03    Exchange Rates; Currency Equivalents.
(a)    The L/C Issuer shall determine the Spot Rates as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Credit Extensions and Outstanding Amounts denominated in Alternative Currencies.  Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur.  Except for purposes of financial statements delivered by the Company hereunder 

7

Exhibit 10.21

or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the L/C Issuer.
(b)    Wherever in this Agreement in connection with the issuance, amendment or extension of a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but the Letter of Credit is denominated in an Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent of such Dollar amount (rounded to the nearest unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as determined by the L/C Issuer.

1.04    Change of Currency.
Section 1.07 of the Syndicated Credit Agreement is incorporated herein by reference mutatis mutandis.

1.05    Times of Day.
Unless otherwise specified, all references herein to times of day shall be references to Pacific time (daylight or standard, as applicable).

1.06    Letter of Credit Amounts.
Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of the Letter of Credit in effect at such time; provided, however, that if the Letter of Credit, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of the Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum stated amount of the Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time.

ARTICLE II

THE LETTER OF CREDIT

2.01    The Letter of Credit.
(a)    Generally.
Subject to the terms and conditions set forth herein, the L/C Issuer (1) may, in its sole discretion from time to time on any Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, issue the Letter of Credit for the account of the Company, or amend or extend the Letter of Credit, in accordance with subsection (b) below, and (2) shall honor drawings under the Letter of Credit; provided that the Total Outstandings shall not exceed 2,220,000,000 Kronor.  Each request by the Company for the issuance or amendment of the Letter of Credit shall be deemed to be a representation by the Company that the L/C Credit Extension so requested complies with the condition set forth in the proviso to the preceding sentence.
(b)    Procedures for Issuance and Amendment of Letter of Credit; Auto-Extension.
(i)    The Letter of Credit shall (at the sole discretion of the L/C Issuer) be issued or amended, as the case may be, upon the request of the Company delivered to the L/C Issuer in the 

8

Exhibit 10.21

form of a Letter of Credit Application, appropriately completed and signed by a Responsible Officer of the Company.  Such Letter of Credit Application must be received by the L/C Issuer not later than 10:00 a.m. at least two Business Days (or such later date and time as the L/C Issuer may agree in a particular instance in its sole discretion) prior to the proposed issuance date or date of amendment, as the case may be.  In the case of a request for an initial issuance of the Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof; (C) the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of any certificate to be presented by such beneficiary in case of any drawing thereunder; (G) the purpose and nature of the Letter of Credit; and (H) such other matters as the L/C Issuer may reasonably require.  In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the L/C Issuer may reasonably require.  Additionally, the Company shall furnish to the L/C Issuer such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer may reasonably require.
(ii)    The L/C Issuer shall (in its sole discretion), on the requested date, issue the Letter of Credit for the account of the Company or enter into the applicable amendment, as the case may be, in each case in accordance with the L/C Issuer’s usual and customary business practices.
(iii)    If the Company so requests in any applicable Letter of Credit Application, the L/C Issuer may, in its sole and absolute discretion, agree to issue the Letter of Credit with automatic extension provisions (an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of the Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day in each such twelve-month period to be agreed upon at the time the Letter of Credit is issued.  Unless otherwise directed by the L/C Issuer, the Company shall not be required to make a specific request to the L/C Issuer for any such extension.
(iv)    Promptly after its delivery of the Letter of Credit or any amendment to the Letter of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C Issuer will also deliver to the Company a true and complete copy of the Letter of Credit or amendment.
(c)    Drawings and Reimbursements.
(i)    Upon receipt from the beneficiary of the Letter of Credit of any notice of drawing under the Letter of Credit, the L/C Issuer shall notify the Company thereof.  If the Letter of Credit is denominated in an Alternative Currency, the Company shall reimburse the L/C Issuer in such Alternative Currency, unless (A) the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, the Company shall have notified the L/C Issuer promptly following receipt of the notice of drawing that the Company will reimburse the L/C Issuer in Dollars.  In the case of any such reimbursement in Dollars, the L/C Issuer shall notify the Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof.  Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under the Letter of Credit to be reimbursed in 

9

Exhibit 10.21

Dollars, or the Applicable Time on the date of any payment by the L/C Issuer under the Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Company shall reimburse the L/C Issuer in an amount equal to the amount of such drawing and in the applicable currency.
(ii)    Each Unreimbursed Amount shall be due and payable on demand and shall bear interest at the Default Rate.
(d)    Obligations Absolute.  The obligation of the Company to reimburse the L/C Issuer for each drawing under the Letter of Credit that has been honored by the L/C Issuer shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:
(i)    any lack of validity or enforceability of the Letter of Credit, this Agreement or any other Loan Document;
(ii)    the existence of any claim, counterclaim, setoff, defense or other right that the Company or any Subsidiary may have at any time against any beneficiary or any transferee of the Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the L/C Issuer or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by the Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction;
(iii)    any draft, demand, certificate or other document presented under the Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under the Letter of Credit;
(iv)    waiver by the L/C Issuer of any requirement that exists for the L/C Issuer’s protection and not the protection of the Company or any waiver by the L/C Issuer which does not in fact materially prejudice the Company;
(v)    honor of a demand for payment presented electronically even if the Letter of Credit requires that demand be in the form of a draft;
(vi)    any payment made by the L/C Issuer in respect of an otherwise complying item presented after the date specified as the expiration date of, or the date by which documents must be received under the Letter of Credit if presentation after such date is authorized by the UCC or the ISP, as applicable;
(vii)    any payment by the L/C Issuer under the Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of the Letter of Credit; or any payment made by the L/C Issuer under the Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of the Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law;
(viii)    any adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to the Company or any Subsidiary or in the relevant currency markets generally; or

10

Exhibit 10.21

(ix)    any other circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, the Company or any Subsidiary;
provided, that nothing in this Section 2.03(d) shall be deemed a waiver of the second and third sentences in Section 2.03(e).
The Company shall promptly examine a copy of the Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Company’s instructions or other irregularity, the Company will immediately notify the L/C Issuer.  The Company shall be conclusively deemed to have waived any such claim against the L/C Issuer and its correspondents unless such notice is given as aforesaid.
(e)    Role of L/C Issuer.  The Company agree that, in paying any drawing under the Letter of Credit, the L/C Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document.  The Company hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of the Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude the Company’s pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement.  None of the L/C Issuer, any of its Related Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in clauses (i) through (ix) of Section 2.01(d); provided, however, that anything in such clauses to the contrary notwithstanding, the Company may have a claim against the L/C Issuer, and the L/C Issuer may be liable to the Company, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Company which the Company proves were caused by the L/C Issuer’s willful misconduct or gross negligence or the L/C Issuer’s willful failure to pay under the Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of the Letter of Credit.  In furtherance and not in limitation of the foregoing, the L/C Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign the Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.  The L/C Issuer may send the Letter of Credit or conduct any communication to or from the beneficiary via the Society for Worldwide Interbank Financial Telecommunication (“SWIFT”) message or overnight courier, or any other commercially reasonable means of communicating with a beneficiary.
(f)    Cash Collateral.  (i) Upon the request of the L/C Issuer, (A) if the L/C Issuer has honored any full or partial drawing request under the Letter of Credit and such drawing has resulted in Unreimbursed Amounts, or (B) if, as of the Letter of Credit Expiration Date, any L/C Obligation for any reason remains outstanding, the Company shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Obligations in an amount equal to 105% of the Outstanding Amount thereof.
(i)    The L/C Issuer may, at any time and from time to time after the initial deposit of Cash Collateral, request that additional Cash Collateral be provided in order to protect against the results of exchange rate fluctuations such that the amount of Cash Collateral is equal to 105% of the Outstanding Amount of the Letter of Credit.

11

Exhibit 10.21

(ii)    Section 8.02 sets forth certain additional requirements to deliver Cash Collateral hereunder.  For purposes of this Section 2.01 and Section 8.02, “Cash Collateralize” means to pledge and deposit with or deliver to the L/C Issuer, as collateral for the L/C Obligations, cash or deposit account balances pursuant to documentation in form and substance satisfactory to the L/C Issuer.  Derivatives of such term have corresponding meanings.  The Company hereby grants to the L/C Issuer, a security interest in all such cash, deposit accounts and all balances therein and all proceeds of the foregoing.  Cash Collateral shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America.
(g)    Applicability of ISP.  Unless otherwise expressly agreed by the L/C Issuer and the Company when a Letter of Credit is issued, the rules of the ISP shall apply to each standby Letter of Credit.  Notwithstanding the foregoing, the L/C Issuer shall not be responsible to the Company for, and the L/C Issuer’s rights and remedies against the Company shall not be impaired by, any action or inaction of the L/C Issuer required or permitted under any Law, order, or practice that is required or permitted to be applied to the Letter of Credit or this Agreement, including the Law or any order of a jurisdiction where the L/C Issuer or the beneficiary is located, the practice stated in the ISP, or in the decisions, opinions, practice statements, or official commentary of the ICC Banking Commission, the Bankers Association for Finance and Trade - International Financial Services Association (BAFT-IFSA), or the Institute of International Banking Law & Practice, whether or not the Letter of Credit chooses such Law or practice.
(h)    Letter of Credit Fees.  The Company shall pay to the L/C Issuer, in Dollars, a Letter of Credit fee (the “Letter of Credit Fee”) for the Letter of Credit equal to the Applicable Rate times the Dollar Equivalent of the daily amount available to be drawn under the Letter of Credit.  For purposes of computing the daily amount available to be drawn under the Letter of Credit, the amount of the Letter of Credit shall be determined in accordance with Section 1.06.  Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of the Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears.  If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under the Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.  Notwithstanding anything to the contrary contained herein, upon the request of the L/C Issuer, while any Event of Default exists, all Letter of Credit Fees shall accrue at the Default Rate.
(i)    Documentary and Processing Charges Payable to L/C Issuer. The Company shall pay to the L/C Issuer for its own account, in Dollars, the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time to time in effect.  Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.
(j)    Conflict with Issuer Documents.  In the event of any conflict between the terms hereof and the terms of any Issuer Document, the terms hereof shall control.

2.02    [Reserved].

12

Exhibit 10.21

2.03    Computation of Fees; Retroactive Adjustments of Applicable Rate.
(a)    All computations of fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365-day year).  Each determination by the L/C Issuer of a fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
(b)    If, as a result of any restatement of or other adjustment to the financial statements of the Company or for any other reason, the Company or the L/C Issuer determines that (i) the Consolidated Total Leverage Ratio as calculated by the Company as of any applicable date was inaccurate and (ii) a proper calculation of the Consolidated Total Leverage Ratio would have resulted in higher pricing for such period, the Company shall immediately and retroactively be obligated to pay to the L/C Issuer, promptly on demand (or, after the occurrence of an actual or deemed entry of an order for relief with respect to the Company under the Bankruptcy Code of the United States, automatically and without further action by the L/C Issuer), an amount equal to the excess of the amount of interest and fees that should have been paid for such period over the amount of interest and fees actually paid for such period.  This paragraph shall not limit the rights of the L/C Issuer under this Agreement.  The Company’s obligations under this paragraph shall survive the termination of this Agreement and the repayment of all other Obligations hereunder.

2.04    Evidence of Credit Extensions.
The Credit Extensions made by the L/C Issuer shall be evidenced by one or more accounts or records maintained by the L/C Issuer in the ordinary course of business.  The accounts or records maintained by the L/C Issuer shall be conclusive absent manifest error of the amount of the Credit Extensions made by the L/C Issuer to the Company and the interest and payments thereon.  Any failure to so record or any error in doing so shall not, however, limit or otherwise affect the obligation of the Company hereunder to pay any amount owing with respect to the Obligations.

2.05    Payments Generally.
All payments to be made by the Company shall be made free and clear of and without condition or deduction for any counterclaim, defense, recoupment or setoff.  Except as otherwise expressly provided herein and except with respect to Obligations denominated in an Alternative Currency, all payments by the Company hereunder shall be made to the L/C Issuer, at the L/C Issuer’s applicable Lending Office in Dollars and in Same Day Funds not later than 1:00 p.m. on the date specified herein.  Except as otherwise expressly provided herein, all payments by the Company hereunder with respect to Obligations denominated in an Alternative Currency shall be made to the L/C Issuer at the applicable Lending Office in such Alternative Currency and in Same Day Funds not later than the Applicable Time specified by the L/C Issuer on the dates specified herein. Without limiting the generality of the foregoing, the L/C Issuer may require that any payments due under this Agreement be made in the United States.  If, for any reason, the Company is prohibited by any Law from making any required payment hereunder in an Alternative Currency, the Company shall make such payment in Dollars in the Dollar Equivalent of the Alternative Currency payment amount.  All payments received by the L/C Issuer (i) after 2:00 p.m., in the case of payments in Dollars, or (ii) after the Applicable Time specified by the L/C Issuer in the case of payments in an Alternative Currency, shall in each case be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.  If any payment to be made by the Company shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

13

Exhibit 10.21

2.06    Termination.
The Company may, upon written notice to the L/C Issuer, terminate this Agreement; provided, that (i) any such notice shall be received by the L/C Issuer not later than 12:00 noon five (5) Business Days prior to the date of termination and (ii) the Letter of Credit shall have been cancelled or the Company shall have otherwise provided Cash Collateral or other credit support in respect of the Letter of Credit reasonably acceptable to the L/C Issuer.

ARTICLE III

TAXES, YIELD PROTECTION AND ILLEGALITY

3.01    Taxes.
(a)    Any and all payments by or on account of any obligation of the Company hereunder or under any other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and without reduction or withholding for any Taxes, provided that if the Company shall be required by applicable Law to deduct any Taxes (including any Indemnified Taxes and Other Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions of Indemnified Taxes and Other Taxes (including deductions applicable to additional sums payable under this Section) the L/C Issuer receives an amount equal to the sum it would have received had no such deductions of Indemnified Taxes and Other Taxes been made, (ii) the Company shall make such deductions and (iii) the Company shall timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable Law.
(b)    Without limiting the provisions of subsection (a) above, the Company shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.
(c)    The Company agrees to indemnify the L/C Issuer for the full amount of Indemnified Taxes and Other Taxes (including any Indemnified Taxes or Other Taxes imposed or asserted by any jurisdiction on or attributable to amounts payable under this Section) withheld or deducted by the Company or paid by the L/C Issuer, as the case may be, and any expenses arising therefrom or with respect thereto, in each case whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority except for any penalties, interest or expenses resulting from the gross negligence or willful misconduct of the L/C Issuer.  Payment under this subsection (c) shall be made within 30 days after the date the L/C Issuer makes a written demand therefor.
(d)    Upon written request by the L/C Issuer, after any payment of Taxes by the Company to a Governmental Authority as provided in this Section 3.01, the Company shall deliver to the L/C Issuer the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of any return required by Law to report such payment or other evidence of such payment reasonably satisfactory to the L/C Issuer.
(e)    Upon request of the Company, the L/C Issuer (including any assignee or transferee of its rights hereunder) shall deliver to the Company on or prior to the date on which such Person becomes the L/C Issuer under this Agreement (and from time to time thereafter upon any assignment or transfer of L/C Issuer’s rights hereunder, designation of a different Lending Office, or the reasonable request of the Company), executed copies of IRS Form W-9 certifying that such entity is exempt from U.S. federal backup withholding tax.

14

Exhibit 10.21

3.02    Increased Cost and Reduced Return; Capital Adequacy.
(a)    If the L/C Issuer reasonably determines that as a result of any Change in Law, there shall be any increase in the cost to the L/C Issuer of issuing the Letter of Credit, or a reduction in the amount received or receivable by the L/C Issuer in connection with any of the foregoing (excluding for purposes of this subsection any such increased costs or reduction in amount resulting from (i) Excluded Taxes, Indemnified Taxes or Other Taxes (as to which Section 3.01 shall govern) or (ii) changes in the rate of taxation of overall net income or overall gross income by the United States or any foreign jurisdiction or any political subdivision of either thereof under the Laws of which the L/C Issuer is organized or has its Lending Office) then from time to time upon demand of the L/C Issuer, the Company shall pay to the L/C Issuer such additional amounts as will compensate the L/C Issuer for such increased cost or reduction.
(b)    If the L/C Issuer determines that any Change in Law regarding capital adequacy affecting the L/C Issuer (or its Lending Office or holding company) has the effect of reducing the rate of return on the capital of the L/C Issuer or its holding company as a consequence of the L/C Issuer’s obligations hereunder (taking into consideration its (and its holding company’s) policies with respect to capital adequacy and the L/C Issuer’s or its holding company’s desired return on capital), then from time to time upon demand of the L/C Issuer, the Company shall pay to the L/C Issuer such additional amounts as will compensate the L/C Issuer or such holding company for such reduction.

3.03    Matters Applicable to all Requests for Compensation.
(a)    The L/C Issuer may make any Credit Extension through any Lending Office, provided that the exercise of this option shall not affect the obligation the Company to repay the Credit Extension in accordance with the terms of this Agreement.  A certificate of the L/C Issuer claiming compensation under this Article III and setting forth the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error and shall set forth in reasonable detail the basis for requesting such amount (but shall not require the L/C Issuer to disclose confidential or proprietary information).  In determining such amount, the L/C Issuer may use any reasonable averaging and attribution methods if applied consistently to all similarly situated borrowers.
(b)    If the Company is required to pay any amount to the L/C Issuer pursuant to this Article III, then the L/C Issuer shall, at the expense of the Company, use reasonable efforts (consistent with legal and regulatory restrictions) to change the jurisdiction of its Lending Office so as to eliminate or reduce any such additional payment which may thereafter accrue, if such change in the reasonable judgment of the L/C Issuer is not otherwise disadvantageous to the L/C Issuer.
(c)    Failure or delay on the part of the L/C Issuer to demand compensation pursuant to Section 3.02 shall not constitute a waiver of the L/C Issuer’s right to demand such compensation, provided that the Company shall not be required to compensate the L/C Issuer pursuant to (i) Section 3.02 for any increased costs incurred or reductions suffered more than six months prior to the date that the L/C Issuer notifies the Company of the Change in Law giving rise to such increased costs or reductions and of the L/C Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof) or (ii) Section 3.02 for any loss, cost or expense incurred more than six months prior to the date that the L/C Issuer notifies the Company thereof.

3.04    Survival.

15

Exhibit 10.21

All of the Company’s obligations under this Article III shall survive the repayment of all other Obligations.

ARTICLE IV 

CONDITIONS PRECEDENT

4.01    Conditions of Effectiveness.
This Agreement shall become effective upon satisfaction of the following conditions precedent:
(a)    Loan Documents.  Receipt by the L/C Issuer of executed counterparts of this Agreement, properly executed by a Responsible Officer of the Company.
(b)    No Material Adverse Change.  There shall not have occurred a material adverse change since December 31, 2017 in the business, assets, liabilities (actual or contingent), operations or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole.
(c)    Organization Documents, Resolutions, Etc.  Receipt by the L/C Issuer of, in form and substance satisfactory to the L/C Issuer, such corporate organization, existence and authorization documents, related certificates and other documentation as the L/C Issuer shall request in connection with this Agreement.
(d)    Opinions of Counsel.  Receipt by the L/C Issuer of opinions of legal counsel to the Company, addressed to the L/C Issuer, dated as of the date hereof, and in form and substance reasonably satisfactory to the L/C Issuer.
(e)    Fees.  Receipt by the L/C Issuer of any fees required to be paid on or before the Closing Date.
(f)    Attorney Costs.  Unless waived by the L/C Issuer, the Company shall have paid all fees, charges and disbursements of counsel to the L/C Issuer (directly to such counsel if requested by the L/C Issuer) to the extent invoiced two Business Days prior to the Closing Date.

4.02    Conditions to all Credit Extensions.
Each Letter of Credit Application is subject to the following conditions precedent:
(a)    The representations and warranties of the Company contained in Article V shall be true and correct in all material respects on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date.
(b)    No Default shall exist, or would result from such proposed Credit Extension.
(c)    The L/C Issuer shall have received a Letter of Credit Application in accordance with the requirements hereof.
(d)    In the case of a Credit Extension to be denominated in an Alternative Currency, there shall not have occurred any change in national or international financial, political or economic conditions or 

16

Exhibit 10.21

currency exchange rates or exchange controls which in the reasonable opinion of the L/C Issuer would make it impracticable for such Credit Extension to be denominated in the relevant Alternative Currency.
Each Letter of Credit Application submitted by the Company shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and 4.02(b) have been satisfied on and as of the date of the applicable Credit Extension.

ARTICLE V
 
II 
REPRESENTATIONS AND WARRANTIES
The Loan Parties represent and warrant to the Administrative Agent and the Lenders that:

5.01    Incorporated Representations and Warranties.
The representations and warranties contained in Article VI of the Syndicated Credit Agreement (including for purposes of this Section 5.01 each Additional Incorporated Representation but excluding Sections 6.19 and 6.20 of the Syndicated Credit Agreement), together with all exhibits, schedules and defined terms referred to therein are hereby incorporated herein by reference as if set forth in full herein with appropriate substitutions, including the following:
(a)    all references to “Administrative Agent”, “Lender” and “Lenders” shall be deemed to be references to the L/C Issuer as defined herein;
(b)    all references to “this Agreement” shall be deemed to be references to this Agreement as defined herein;
(c)    all references to the “Audited Financial Statements” shall be deemed to be references to the audited consolidated balance sheet of the Company and its Subsidiaries for the fiscal year ended December 31, 2017 and the related consolidated statements of income or operations, shareholders’ equity and cash flows of the Company and its Subsidiaries for such fiscal year, including the notes thereto;
(d)    all references to the “Closing Date” shall be deemed to be references to the Closing Date as defined herein;
(e)    all references to “Borrower”, “Loan Party” or “Loan Parties” shall be deemed to be references to the Company as defined herein;
(f)    all references to “Default” and “Event of Default” shall be deemed to be references to a Default as defined herein and an Event of Default as defined herein, respectively;
(g)    all references to “Loan Documents” shall be deemed to be references to the Loan Documents as defined herein;
(h)    all references to “Borrowing” “Loan”, “Loans”, “Letter of Credit” or “Credit Extensions” shall be deemed to be references to Credit Extensions (as defined herein);

17

Exhibit 10.21

(i)    all references to “Material Adverse Effect” shall be deemed to be references to a Material Adverse Effect as defined herein; and
(j)    all references to “Obligations” shall be deemed to be references to the Obligations as defined herein.
All such representations and warranties so incorporated herein by reference shall survive any termination, cancellation, discharge or replacement of the Syndicated Credit Agreement.

5.02    Beneficial Ownership Certification.
As of the date of this Agreement, the information included in the Beneficial Ownership Certification, if applicable, is true and correct in all respects.

5.03    No Plan Assets.
The Company represents and warrants as of the Closing Date that the Company is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with Letter of Credit.

ARTICLE VI
 
AFFIRMATIVE COVENANTS

6.01    Incorporated Affirmative Covenants.
The Company shall (and shall, except with respect to Sections 7.01, 7.02 and 7.03 of the Syndicated Credit Agreement, cause its Subsidiaries to) comply with all of the covenants applicable to them in Article VII (other than Sections 7.05(d), 7.11, 7.12 and 7.13) of the Syndicated Credit Agreement (including for purposes of this Section 6.01 each Additional Incorporated Covenant in Article VII of the Syndicated Credit Agreement).  The covenants and agreements referred to in the preceding sentence, together with all exhibits, schedules and defined terms referred to therein, are hereby incorporated herein by reference as if set forth in full herein with appropriate substitutions, including the following:
(a)    all references to the “Administrative Agent”, the “L/C Issuer”, the “Lenders” and the “Required Lenders” shall be deemed to be references to the L/C Issuer as defined herein;
(b)    all references to “this Agreement” shall be deemed to be references to this Agreement as defined herein;
(c)    all references to any “Borrower” or “Loan Party” shall be deemed to be references to the Company as defined herein;
(d)    all references to “Credit Extensions” shall be deemed to be references to Credit Extensions as defined herein;
(e)    all references to “Default” and “Event of Default” shall be deemed to be references to a Default as defined herein and an Event of Default as defined herein, respectively;
(f)    all references to “Loan Document” or “Loan Documents” shall be deemed to be references to Loan Document or Loan Documents as defined herein; and

18

Exhibit 10.21

(g)    all references to “Material Adverse Effect” shall be deemed to be references to a Material Adverse Effect as defined herein.
Notwithstanding the foregoing, the Company will not be required to deliver copies of the financial statements or notices required pursuant to Section 7.01, 7.02 or 7.03 of the Syndicated Credit Agreement to the extent that the L/C Issuer has already received copies of such financial statements in its capacity as the administrative agent or a lender under the Syndicated Credit Agreement.
All such covenants and agreements so incorporated herein by reference shall survive any termination, cancellation, discharge or replacement of the Syndicated Credit Agreement.

6.02    Use of Proceeds.
So long as any Obligation hereunder shall remain unpaid or unsatisfied, or the Letter of Credit shall remain outstanding, the Company shall use the proceeds of the Credit Extensions for lawful corporate purposes, provided that in no event shall the proceeds of the Credit Extensions be used in contravention of any Law or of any Loan Document.

ARTICLE VII
 
NEGATIVE COVENANTS

7.01    Incorporated Negative Covenants.
The Company shall comply (and shall cause its Subsidiaries to comply) with all of the covenants applicable to them in Article VIII (other than clauses (b) and (c) of the first paragraph of Section 8.03, the second paragraph of Section 8.03 and Section 8.07) of the Syndicated Credit Agreement (including for purposes of this Section 7.01 each Additional Incorporated Covenant in Article VIII of the Syndicated Credit Agreement).  The covenants and agreements referred to in the preceding sentence, together with all exhibits, schedules and defined terms referred to therein, are hereby incorporated herein by reference as if set forth in full herein with appropriate substitutions, including the following:
(a)    all references to the “Administrative Agent”, the “L/C Issuer”, “Swing Line Lender”, the “Lenders” and the “Required Lenders” shall be deemed to be references to the L/C Issuer as defined herein;
(b)    all references to “this Agreement” shall be deemed to be references to this Agreement as defined herein;
(c)    all references to any “Borrower” or “Loan Party” shall be deemed to be references to the Company as defined herein;
(d)    all references to “Closing Date” shall be deemed to be references to Closing Date as defined herein;
(e)    all references to “Credit Extension” shall be deemed to be references to Credit Extension as defined herein;
(f)    all references to “Default” and “Event of Default” shall be deemed to be references to a Default as defined herein and an Event of Default as defined herein, respectively;

19

Exhibit 10.21

(g)    all references to “Loan Document” or “Loan Documents” shall be deemed to be references to Loan Document or Loan Documents as defined herein; provided that the reference to “Loan Documents” in Section 8.01(a) of the Syndicated Credit Agreement shall also be deemed to include the Syndicated Credit Agreement;
(h)    all references to “Material Adverse Effect” shall be deemed to be references to a Material Adverse Effect as defined herein; and
(i)    the reference to “Obligations” in Section 8.06 shall be deemed to be references to Obligations as defined herein.
All such covenants and agreements so incorporated herein by reference shall survive any termination, cancellation, discharge or replacement of the Syndicated Credit Agreement.

7.02    Use of Proceeds.
So long as any Obligation hereunder shall remain unpaid or unsatisfied, or the Letter of Credit shall remain outstanding, the Company shall not, and shall not permit any Subsidiary to, directly or indirectly, use the proceeds of any Credit Extension, whether directly or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness originally incurred for such purpose.

ARTICLE VIII 

EVENTS OF DEFAULT AND REMEDIES

8.01    Events of Default.
Any of the following shall constitute an Event of Default:
(a)    Non-Payment.  The Company fails to pay (i) when and as required to be paid herein, and in the currency required hereunder, any amount of principal of any L/C Obligation, or (ii) within three (3) Business Days after the same becomes due, any interest on any L/C Obligation, or any fee due hereunder, or (iii) within five (5) Business Days after the same becomes due, any other amount payable hereunder or under any other Loan Document; or
(b)    Specific Covenants.  The Company fails to perform or observe any term, covenant or agreement contained in Section 6.01 (solely to the extent relating to (i) Section 7.01 or 7.02 of the Syndicated Credit Agreement, and such failure continues for 5 Business Days or (ii) Section 7.03, 7.05 (with respect to the Company) or 7.14 of the Syndicated Credit Agreement), Section 6.02 or Article VII; or  
(c)    Other Defaults.  The Company fails to perform or observe any other covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan Document on its part to be performed or observed and such failure continues for thirty days after the earlier of (i) the date on which a Responsible Officer of the Company has knowledge of such failure and (ii) the delivery date of written notice thereof to the Company from the L/C Issuer; or
(d)    Representations and Warranties.  Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Company herein, in any other Loan Document, or in any 

20

Exhibit 10.21

document delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made; or
(e)    Cross-Default.  (i) The Company or any Subsidiary (A) fails to make any payment when due (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including undrawn committed or available amounts and including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount (“Specified Indebtedness”), after giving effect to any applicable grace period, if any, specified in the agreement or instrument relating to such Indebtedness or Guarantee, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee described in clause (i)(A) or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Specified Indebtedness or the beneficiary or beneficiaries of any Specified Indebtedness constituting a Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Specified Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an involuntary offer to repurchase, prepay, defease or redeem such Specified Indebtedness to be made, prior to its stated maturity, or such Specified Indebtedness consisting of a Guarantee to become payable or cash collateral in respect thereof to be demanded; or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap Contract) resulting from any event of default under such Swap Contract as to which the Company or any Subsidiary is the Defaulting Party (as defined in such Swap Contract) and, the Swap Termination Value owed by the Company or such Subsidiary as a result thereof is greater than the Threshold Amount; or
(f)    Insolvency Proceedings, Etc.  The Company or any of its Significant Subsidiaries institutes or consents to the institution of any proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer for it or for all or any material part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer is appointed without the application or consent of such Person and the appointment continues undischarged or unstayed for sixty calendar days; or any proceeding under any Debtor Relief Law relating to any such Person or to all or any material part of its property is instituted without the consent of such Person and continues undismissed or unstayed for sixty calendar days, or an order for relief is entered in any such proceeding; or
(g)    Inability to Pay Debts; Attachment.  (i) The Company or any Significant Subsidiary becomes unable or admits in writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or warrant of attachment or execution or similar process is issued or levied against all or any material part of the property of any such Person and is not released, vacated or fully bonded within thirty days after its issue or levy; or
(h)    Judgments.  There is entered against the Company or any Subsidiary (i) one or more final judgments or orders for the payment of money in an aggregate amount (as to all such judgments or orders) exceeding the Threshold Amount (to the extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment or order and has not denied coverage), or (ii) any one or more non-monetary final judgments that have, or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect and, in either case, (A) enforcement proceedings are commenced by any creditor upon such judgment or order and such judgment or order continues unsatisfied for ten (10) days after the commencement of such proceedings, or (B) there is a period of thirty (30) consecutive days during 

21

Exhibit 10.21

which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or
(i)    ERISA.  (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be expected to result in liability of the Company under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) the Company or any ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or
(j)    Invalidity of Loan Documents.  Any Loan Document, at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect in any material respect; or the Company contests in any manner the validity or enforceability of any Loan Document; or the Company denies that it has any or further liability or obligation under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or
(k)    Change of Control.  There occurs any Change of Control.

8.02    Remedies Upon Event of Default.
If any Event of Default occurs and is continuing, the L/C Issuer may take any or all of the following actions:
(a)    declare all amounts owing or payable hereunder or under any other Loan Document to be immediately due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by the Company;
(b)    require that the Company Cash Collateralize the L/C Obligations (in an amount equal to 105% of the then Outstanding Amount thereof); and
(c)    exercise all rights and remedies available to it under the Loan Documents or applicable Law;
provided, however, that upon the occurrence of an actual or deemed entry of an order for relief with respect to the Company under the Bankruptcy Code of the United States (or other applicable Debtor Relief Law), all amounts as aforesaid shall automatically become due and payable, and the obligation of the Company to Cash Collateralize the L/C Obligations as aforesaid shall automatically become effective, in each case without further act of the L/C Issuer.

8.03    Application of Funds.
After the exercise of remedies provided for in Section 8.02 (or after the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02),    any amounts received on account of the Obligations shall be applied by the L/C Issuer to the payment of the Obligations in such manner as the L/C Issuer may determine in its sole discretion.  The balance, if any, after all of the Obligations have been indefeasibly paid in full, shall be paid to the Company or as otherwise required by Law.

ARTICLE IX 

MISCELLANEOUS

9.01    Amendments, Etc.

22

Exhibit 10.21

No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent to any departure by the Company therefrom, shall be effective unless in writing signed by the L/C Issuer and the Company, and each such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

9.02    Notices; Effectiveness; Electronic Communications.
(a)    Notices Generally.  Except in the case of notices and other communications expressly permitted to be given by telephone (and except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the address, facsimile number, electronic mail address or telephone number specified for such Person on Schedule 9.02 (or as otherwise notified in writing from time to time to the other party hereto).  Notices sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient).  Notices delivered through electronic communications to the extent provided in subsection (b) below, shall be effective as provided in such subsection (b).
(b)    Electronic Communications.  Notices and other communications to the L/C Issuer hereunder may be delivered or furnished by electronic communication (including e‐mail and Internet or intranet websites) pursuant to procedures approved by the L/C Issuer, provided that approval of such procedures may be limited to particular notices or communications.
Unless the L/C Issuer otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement) and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor, provided that, for both clauses (i) and (ii), if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice, email or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient.
(c)    Reliance by L/C Issuer.  The L/C Issuer shall be entitled to rely and act upon any notices (including telephonic notices) purportedly given by or on behalf of Company even if (i) such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof.  The Company shall indemnify the L/C Issuer and its Related Parties from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of Company, other than such losses, costs, expenses and liabilities resulting from such Person’s gross negligence or willful misconduct.  All telephonic notices to and other telephonic communications with the L/C Issuer may be recorded by the L/C Issuer, and each of the parties hereto hereby consents to such recording.

9.03    No Waiver; Cumulative Remedies.

23

Exhibit 10.21

No failure by the L/C Issuer to exercise, and no delay by the L/C Issuer in exercising, any right, remedy, power or privilege hereunder or under any other Loan Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or under any other Loan Document preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided, and provided under each other Loan Document are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.

9.04    Expenses; Indemnity; and Damage Waiver.
(a)    Costs and Expenses.  The Company shall pay (i) all reasonable out‐of‐pocket expenses incurred by the L/C Issuer and its Affiliates (but limited, in the case of legal fees and expenses, to the reasonable and invoiced fees, charges and disbursements of one outside counsel for the L/C Issuer and, if necessary, one regulatory counsel to the L/C Issuer and one local counsel to the L/C Issuer in any relevant jurisdiction), in connection with the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable and invoiced out‐of‐pocket expenses incurred by the L/C Issuer in connection with the issuance, amendment, renewal or extension of the Letter of Credit or any demand for payment thereunder and (iii) all reasonable and invoiced out‐of‐pocket expenses incurred by the L/C Issuer (including the fees, charges and disbursements of any counsel for the L/C Issuer), in connection with the enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Letter of Credit, including all such out‐of‐pocket expenses incurred during any workout, restructuring or negotiations in respect of the Letter of Credit; provided that pursuant to this clause (iii), the Company shall not be required to reimburse such fees, charges and disbursements of more than one counsel to the L/C Issuer (and one regulatory counsel to the L/C Issuer and one local counsel to the L/C Issuer in any relevant jurisdiction).
(b)    Indemnification.  The Company shall indemnify the L/C Issuer and each Related Party of the L/C Issuer (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Company arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, or the administration of this Agreement and the other Loan Documents, (ii) the Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by the L/C Issuer to honor a demand for payment under the Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of the Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Company or any of its Subsidiaries, or any Environmental Liability related in any way to the Company or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by the Company, and regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (x) are determined to have resulted from the gross negligence or willful misconduct of such Indemnitee, as determined in a final and nonappealable judgment by a court of competent jurisdiction or 

24

Exhibit 10.21

(y) result from a claim brought by the Company against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Company has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction.  Without limiting the provisions of Section 3.01(c), this Section 9.04(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim
(c)    Waiver of Consequential Damages, Etc.  To the fullest extent permitted by applicable law, no party hereto shall assert, and each party hereto hereby waives, and acknowledges that no other Person shall have, any claim against any Indemnitee or the Company, as applicable, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, the Letter of Credit or the use of the proceeds thereof (other than in respect of any such damages incurred or paid by an Indemnitee to a third party).  No Indemnitee referred to in subsection (b) above shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications, electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or willful misconduct of such Indemnitee or such Indemnitee’s breach in bad faith of its obligations hereunder.
(d)    Payments.  All amounts due under this Section shall be payable not later than thirty (30) days after receipt of written request therefor.
(e)    Survival.  The agreements in this Section shall survive the termination of this Agreement and the repayment, satisfaction or discharge of the Obligations.

9.05    Payments Set Aside.
To the extent that any payment by or on behalf of the Company is made to the L/C Issuer or the L/C Issuer exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the L/C Issuer in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall, to the fullest extent possible under the provisions of applicable Law, be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred.

9.06    Successors and Assigns.
(a)    Successors and Assigns Generally.  The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto and thereto and their respective successors and assigns permitted hereby, the Company may not assign or otherwise transfer any of its rights or obligations hereunder or thereunder without the prior written consent of the L/C Issuer.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, the Related Parties of each of the L/C Issuer) any legal or equitable right, remedy or claim under or by reason of this Agreement.

25

Exhibit 10.21

(b)    Assignments.  The L/C Issuer may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement and the other Loan Documents; provided that any such assignment shall be subject to the consent of the Company (such consent not to be unreasonably withheld or delayed) unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to an Affiliate of the L/C Issuer.

9.07    Treatment of Certain Information; Confidentiality.
The L/C Issuer agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) on an as needed basis, to its Affiliates and to its and its Affiliates’ Related Parties (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent required or requested by any regulatory authority purporting to have jurisdiction over such Person or its Related Parties (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; provided, that it shall, to the extent permitted by Law and reasonably practicable, notify the Company prior to such disclosure so that the Company may seek, at the Company’s expense, a protective order or other appropriate remedy, (d) to any other party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of, or any prospective assignee of, any of its rights or obligations under this Agreement or (ii) any actual or prospective party (or its Related Parties) to any swap, derivative or other transaction under which payments are to be made by reference to the Company and its obligations, this Agreement or payments hereunder, (g) with the consent of the Company or (h) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section or (y) becomes available to the L/C Issuer or any of its Affiliates on a nonconfidential basis from a source other than the Company.
For purposes of this Section, “Information” means all information received from the Company or any Subsidiary relating to the Company or any Subsidiary or any of their respective businesses, other than any such information that is available to the L/C Issuer on a nonconfidential basis prior to disclosure by the Company or any Subsidiary.  Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.  In addition, the L/C Issuer may disclose the existence of this Agreement and information about this Agreement to market data collectors, similar service providers to the lending industry and service providers to the L/C Issuer in connection with the administration of this Agreement and the other Loan Documents.
The L/C Issuer acknowledges that (a) the Information may include material non-public information concerning the Company or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public information and (c) it will handle such material non-public information in accordance with applicable Law, including Federal and state securities Laws.

9.08    Set-off.
If an Event of Default shall have occurred and be continuing, the L/C Issuer and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever 

26

Exhibit 10.21

currency) at any time held and other obligations (in whatever currency) at any time owing by the L/C Issuer or any such Affiliate to or for the credit or the account of the Company against any and all of the obligations of the Company now or hereafter existing under this Agreement or any other Loan Document to the L/C Issuer, irrespective of whether or not the L/C Issuer or its Affiliates shall have made any demand under this Agreement or any other Loan Document and although such obligations of the Company may be contingent or unmatured or are owed to a branch or office or Affiliate of the L/C Issuer different from the branch or office holding such deposit or obligated on such indebtedness.  The rights of the L/C Issuer and its Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff) that the L/C Issuer or its Affiliates may have.  The L/C Issuer agrees to notify the Company promptly after any such setoff and application, provided that the failure to give such notice shall not affect the validity of such setoff and application.

9.09    Interest Rate Limitation.
Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”).  If the L/C Issuer shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Obligations or, if it exceeds such unpaid principal, refunded to the Company.  In determining whether the interest contracted for, charged, or received by the L/C Issuer exceeds the Maximum Rate, the L/C Issuer may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder.

9.10    Counterparts; Integration; Effectiveness.
This Agreement 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.  This Agreement and the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  This Agreement shall become effective when it shall have been executed by the L/C Issuer and when the L/C Issuer shall have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto.  Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement.

9.11    Survival of Representations and Warranties.
All representations and warranties made hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof.  Such representations and warranties have been or will be relied upon by the L/C Issuer, regardless of any investigation made by the L/C Issuer or on its behalf and notwithstanding that the L/C Issuer may have had notice or knowledge of any Default at the time of any Credit Extension, and shall continue in full force and effect as long as any Obligation hereunder shall remain unpaid or unsatisfied or the Letter of Credit shall remain outstanding.

9.12    Severability.

27

Exhibit 10.21

If any provision of this Agreement or the other Loan Documents is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

9.13     [Reserved].

9.14    Governing Law; Jurisdiction; Etc.
(a)    GOVERNING LAW.  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
(b)    SUBMISSION TO JURISDICTION.  THE COMPANY IRREVOCABLY AND UNCONDITIONALLY AGREES THAT IT WILL NOT COMMENCE ANY ACTION, LITIGATION OR PROCEEDING OF ANY KIND OR DESCRIPTION, WHETHER IN LAW OR EQUITY, WHETHER IN CONTRACT OR IN TORT OR OTHERWISE, AGAINST THE L/C ISSUER OR ANY OF ITS RELATED PARTIES IN ANY WAY RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS RELATING HERETO OR THERETO, IN ANY FORUM OTHER THAN THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS  AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION, LITIGATION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE COMPANY OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
(c)    WAIVER OF VENUE.  THE COMPANY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.
(d)    SERVICE OF PROCESS.  EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 9.02.  NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

28

Exhibit 10.21

9.15    Waiver of Right to Trial by Jury.
EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).  EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

9.16    No Advisory or Fiduciary Responsibility.
In connection with all aspects of each transaction contemplated hereby, the Company acknowledges and agrees that: (i) the credit facilities provided for hereunder and any related arranging or other services in connection therewith (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document) are an arm’s-length commercial transaction between the Company and its Affiliates, on the one hand, and the L/C Issuer, on the other hand, and the Company is capable of evaluating and understanding and understands and accepts the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents (including any amendment, waiver or other modification hereof or thereof); (ii) in connection with the process leading to such transaction, the L/C Issuer is and has been acting solely as a principal and is not the financial advisor, agent or fiduciary, for the Company or any of its Affiliates, stockholders, creditors or employees or any other Person; (iii) the L/C Issuer has not assumed or will assume an advisory, agency or fiduciary responsibility in favor of the Company with respect to any of the transactions contemplated hereby or the process leading thereto, including with respect to any amendment, waiver or other modification hereof or of any other Loan Document (irrespective of whether the L/C Issuer has advised or is currently advising the Company or any of its Affiliates on other matters) and the L/C Issuer has no obligation to the Company or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; (iv) the L/C Issuer and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Company and its Affiliates, and the L/C Issuer has no obligation to disclose any of such interests by virtue of any advisory, agency or fiduciary relationship; and (v) the L/C Issuer has not provided and will not provide any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby (including any amendment, waiver or other modification hereof or of any other Loan Document) and the Company has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate.  The Company hereby waives and releases, to the fullest extent permitted by law, any claims that it may have against the L/C Issuer with respect to any breach or alleged breach of agency or fiduciary duty.

9.17    USA PATRIOT Act Notice; Beneficial Ownership Regulation.
The L/C Issuer hereby notifies the Company that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that identifies the Company, which information includes the name and address of the Company and other information that will allow the L/C Issuer to identify the Company in accordance with the Act.  The Company shall, promptly following a request by the L/C Issuer, provide all documentation 

29

Exhibit 10.21

and other information available to the Company that the L/C Issuer reasonably requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Act, and the Beneficial Ownership Regulation.

9.18    Judgment Currency.
If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due hereunder or any other Loan Document in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the L/C Issuer could purchase the first currency with such other currency on the Business Day preceding that on which final judgment is given.  The obligation of the Company in respect of any such sum due from it to the L/C Issuer hereunder or under the other Loan Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the L/C Issuer of any sum adjudged to be so due in the Judgment Currency, the L/C Issuer may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency.  If the amount of the Agreement Currency so purchased is less than the sum originally due to the L/C Issuer from the Company in the Agreement Currency, the Company agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the L/C Issuer or the Person to whom such obligation was owing against such loss.  If the amount of the Agreement Currency so purchased is greater than the sum originally due to the L/C Issuer in such currency, the L/C Issuer agrees to return the amount of any excess to the Company (or to any other Person who may be entitled thereto under applicable law).

9.19    Electronic Execution.
The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Agreement, any other document executed in connection herewith and the transactions contemplated hereby (including without limitation amendments or other modifications, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic platforms approved by the L/C Issuer, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state Laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary the L/C Issuer is under no obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by the L/C Issuer pursuant to procedures approved by it; provided further without limiting the foregoing, upon the request of any party, any electronic signature shall be promptly followed by such manually executed counterpart.
[SIGNATURE PAGES FOLLOW]

30

Exhibit 10.21

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first above written.
COMPANY:    FLIR SYSTEMS, INC.
an Oregon corporation
By: /s/ Carol P. Lowe
Name: Carol P. Lowe
Title: Senior Vice President and Chief Financial Officer
L/C ISSUER:    BANK OF AMERICA, N.A.,
By: /s/ Daryl K. Hogge
Name: Daryl K. Hogge
Title: Senior Vice President

Exhibit 10.21

Schedule 9.02
CERTAIN ADDRESSES FOR NOTICES
Bank of America, N.A., as LC Issuer:
Bank of America, N.A.
Trade Operations
1 Fleet Way
Scranton, PA  18507 

Attention:    Michael Grizzanti, Vice President
Telephone:    (570) 496-9621
Facsimile:    1.800.755.8743
Electronic Mail:      michael.a.grizzanti@baml.com
With a copy to:
Bank of America, N.A.
Oregon Financial Center
Mail Code: OR1-129-17-15
121 SW Morrison, Suite 1700
Portland, Oregon 97204-3117
Attention:    Daryl K. Hogge, Senior Vice President
Telephone:    503-279-2530
Facsimile:    503-275-1274
Electronic Mail:      daryl.k.hogge@bankofamerica.com
Company:
FLIR Systems, Inc.
27700A SW Parkway Avenue
Wilsonville, Oregon 97070
Attention:    Chief Financial Officer
With a copy to:    General Counsel
Telephone:    503.498.3318
Facsimile:    503.498.3999ex47

                                                                                                                     Exhibit 4.7                                                                                                           EXECUTION VERSION                                                        DATED 20 February 2019                                                           US$ 1,650,000,000                                                        FACILITY AGREEMENT                                                                 FOR                                              MILLICOM INTERNATIONAL CELLULAR S.A.                                                            ARRANGED BY                                          MORGAN STANLEY BANK INTERNATIONAL LIMITED                                                     GOLDMAN SACHS BANK USA                                                     J.P. MORGAN SECURITIES PLC                                                                 WITH                                                    J.P. MORGAN EUROPE LIMITED                                                      ACTING AS AGENT                                                                                                                                                                                                                                              BRIDGE TERM FACILITY AGREEMENT                                                                                                                                                                                                     tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                                                       CONTENTS       Clause                                                                                                              Page                                                                                                                               1.    Definitions and Interpretation                                                                                    1                                                                                                                               2.    The Facility                                                                                                     33                                                                                                                               3.    Purpose                                                                                                          35                                                                                                                               4.    Conditions of Utilisation                                                                                        36                                                                                                                               5.    Utilisation - Loans                                                                                              38                                                                                                                               6.    Repayment                                                                                                        40                                                                                                                               7.    Prepayment and Cancellation                                                                                      41                                                                                                                               8.    Interest                                                                                                         48                                                                                                                               9.    Interest Periods                                                                                                 49                                                                                                                               10.   Changes to the Calculation of Interest                                                                           50                                                                                                                               11.   Fees                                                                                                             51                                                                                                                               12.   Tax Gross Up and Indemnities                                                                                     52                                                                                                                               13.   Increased Costs                                                                                                  57                                                                                                                               14.   Other Indemnities                                                                                                59                                                                                                                               15.   Mitigation by the Lenders                                                                                        61                                                                                                                               16.   Costs and Expenses                                                                                               61                                                                                                                               17.   Guarantee and Indemnity                                                                                          63                                                                                                                               18.   Representations                                                                                                  66                                                                                                                               19.   Information Undertakings                                                                                         71                                                                                                                               20.   Financial Covenants                                                                                              76                                                                                                                               21.   General Undertakings                                                                                             83                                                                                                                               22.   Events of Default                                                                                                89                                                                                                                               23.   Changes to the Lenders                                                                                           94                                                                                                                               24.   Changes to the Obligors                                                                                          99                                                                                                                               25.   Role of the Agent and the Arranger                                                                              101                                                                                                                               26.   Conduct of Business by the Finance Parties                                                                      109                                                                                                                               27.   Sharing among the Finance Parties                                                                               109   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                                                                              28.   Payment Mechanics                                                                                               112                                                                                                                               29.   Set-off                                                                                                         116                                                                                                                               30.   Notices                                                                                                         116                                                                                                                               31.   Calculations and Certificates                                                                                   118                                                                                                                               32.   Partial Invalidity                                                                                              118                                                                                                                               33.   Remedies and Waivers                                                                                            119                                                                                                                               34.   Amendments and Waivers                                                                                          119            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           35.   Confidentiality                                                                                                 125                                                                                                                               36.   Confidentiality of Reference Bank Rates                                                                         129                                                                                                                               37.   Counterparts                                                                                                    130                                                                                                                               38.   Governing Law                                                                                                   131                                                                                                                               39.   Enforcement                                                                                                     131       Schedule 1 The Original Parties                                                                                       132                                                                                                                               Part I The Original Obligors                                                                                          132                                                                                                                               Part II The Original Lenders                                                                                          133                                                                                                                               Schedule 2 Conditions Precedent                                                                                       134                                                                                                                               Part I Conditions Precedent to Initial Utilisation                                                                    134                                                                                                                               Part II Conditions Precedent required to be delivered by an Additional Borrower                                       136                                                                                                                               Schedule 3 Requests                                                                                                   137                                                                                                                               Part I Utilisation Request                                                                                            137                                                                                                                               Part II Selection Notice                                                                                              138                                                                                                                               Schedule 4 Form of Transfer Certificate                                                                               139                                                                                                                               Schedule 5 Form of Assignment Agreement                                                                               141                                                                                                                               Schedule 6 Form of Accession Letter                                                                                   144                                                                                                                               Schedule 7 Form of Resignation Letter                                                                                 145                                                                                                                               Schedule 8 Form of Compliance Certificate                                                                             146                                                                                                                               Schedule 9 LMA Form of Confidentiality Undertaking                                                                    147                                                                                                                               Schedule 10 Timetables                                                                                                153                                                                                                                               Schedule 11 Form of Increase Confirmation                                                                             154                                                                                                                               Schedule 12 Form of Substitute Affiliate Lender Designation Notice                                                    156            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           THIS AGREEMENT is dated 20 February 2019 and made       BETWEEN:       (1)    MILLICOM INTERNATIONAL CELLULAR S.A., a company (société anonyme) incorporated under the laws of Luxembourg, having          its registered office at 2, rue du Fort Bourbon, L-1249 Luxembourg and registered with the Luxembourg Register of Commerce and          Companies under number B. 40.630 (the “Company”);       (2)    THE COMPANY listed in Part I of Schedule 1 (The Original Parties) as original borrower (the “Original Borrower”);       (3)    THE COMPANY listed in Part I of Schedule 1 (The Original Parties) as guarantor (the “Guarantor”);       (4)    GOLDMAN SACHS BANK USA, J.P. MORGAN SECURITIES PLC AND MORGAN STANLEY BANK INTERNATIONAL          LIMITED as coordinators and bookrunning mandated lead arrangers (whether acting individually or together the “Arranger”);       (5)    THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Parties) as lenders (the “Original Lenders”); and       (6)    J.P. MORGAN EUROPE LIMITED as agent of the other Finance Parties (the “Agent”).       IT IS AGREED as follows:                                                              SECTION 1                                                      INTERPRETATION       1.     DEFINITIONS AND INTERPRETATION       1.1    Definitions              In this Agreement:              ”Acceptable Bank” means a bank or financial institution which has a rating for its long-term unsecured and non credit-enhanced debt          obligations of A- or higher by Standard & Poor’s Rating Services or Fitch Ratings Ltd or A3 or higher by Moody’s Investor Services          Limited or a comparable rating from an internationally recognised credit rating agency.              “Accession Letter” means a document substantially in the form set out in Schedule 5 (Form of Accession Letter).              “Acquired Debt” has the meaning given to the term in Clause 20.1 (Financial Definitions).              “Acquisition” means the acquisition by the Purchaser of the Target Shares of each Target Company on the terms of the Acquisition          Documents.                                                                   - 1 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                         “Acquisition Agreement” means (i) in relation to Target 1, the Share Purchase Agreement, dated as of 20 February 2019, by and between          Telefónica Centroamérica Inversiones, S.L., Telefónica S.A. and the Company, (ii) in relation to Target 2, the Share Purchase Agreement,          dated as of 20 February 2019, by and between Telefónica S.A. and the Company, and (iii) in relation to Target 3, the Share Purchase          Agreement, dated as of 20 February 2019, by and between Telefónica Centroamérica Inversiones, S.L., Telefónica S.A. and the Company,          in each case relating to the sale and purchase of the Target Shares of the applicable Target Company.              “Acquisition Costs” means all fees, costs and expenses, stamp, registration and other Taxes incurred by the Company or any other          member of the Group in connection with the Acquisition or the Acquisition Documents.              “Acquisition Closing Date” means, in relation to Target 1, Target 2 or Target 3, as applicable, the date on which the initial cash          consideration is due to the shareholders of that Target Company pursuant to the applicable Acquisition Agreement.              “Acquisition Documents” means the Acquisition Agreements and any other document designated as an “Acquisition Document” by the          Agent and the Company.              “Additional Borrower” means a company which becomes an Additional Borrower in accordance with Clause 24 (Changes to the          Obligors).              “Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of          that Holding Company.              “Annual Report” means the Millicom Annual Report 2017.              “Assignment Agreement” means an agreement substantially in the form set out in Schedule 5 (Form of Assignment Agreement) or any          other form agreed between the relevant assignor and assignee.              “Authorisation” means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.              “Availability Period” means the period from and including the date of this Agreement to and including the earlier of (i) 1 March 2020 and          (ii) the Termination Date.              “Available Commitment” means, in relation to the Facility, a Lender’s Commitment minus (subject as set out below):              (a)     the amount of its participation in any outstanding Loans under the Facility; and              (b)     in relation to any proposed Utilisation, the amount of its participation in any other Loans that are due to be made under the                  Facility on or before the proposed Utilisation Date.              “Available Facility” means, in relation to the Facility, the aggregate for the time being of each Lender’s Available Commitment.              “Borrower” means an Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with Clause 24          (Changes to the Obligors).                                                                   - 2 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “Break Costs” means the amount (if any) by which:              (a)     the interest which a Lender should have received for the period from the date of receipt of all or any part of its participation in a                  Loan or Unpaid Sum to the last day of the current Interest Period in respect of that Loan or Unpaid Sum, had the principal amount                  or Unpaid Sum received been paid on the last day of that Interest Period;              exceeds:              (b)     the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum                  received by it on deposit with a leading bank in the Relevant Interbank Market for a period starting on the Business Day                  following receipt or recovery and ending on the last day of the current Interest Period.              “Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London, New York,          Stockholm and Luxembourg.              “Cable Onda” means Cable Onda, S.A., a company (sociedad anonima) incorporated under the laws of Panama and registered with the          Public Registry of Panama under Record (Folio) Number 238626(S).              “Cable Onda Bridge Facility” means the $1,000,000,000 facility agreement dated 7 October 2018 between, amongst others, the          Company as the company, original borrower and guarantor, The Bank of Nova Scotia, BNP Paribas Fortis SA/NV, J.P. Morgan Securities          Plc and Goldman Sachs Bank USA as arrangers, and The Bank of Nova Scotia as agent, as amended, supplemented, varied or novated          from time to time.              “Cable Onda Shares” means the issued and outstanding shares of Cable Onda owned (directly or indirectly) by the Company.              “Capital Lease Obligation” means the obligation to pay rent or other payment amounts under a lease of real or personal property of such          person which is required to be classified and accounted for as a capital lease on the face of a statement of financial position of such person          in accordance with IFRS. The stated maturity of such obligation shall be the date of the last payment of rent or any other amount due under          such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. The principal          amount of Debt represented by such obligation shall be the capitalised amount thereof that would appear on the face of a statement of          financial position of such person in accordance with IFRS.              “Capital Stock” of any person means any and all shares, interests, participation or other equivalents (however designated) of corporate          stock or other equity participation, including partnership interests, whether general or limited, of such person.              “Cash Equivalents” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Certain Funds Period” means the period from and including the date of this Agreement (inclusive) to and including the earlier of (i) the          date falling 45 days after the Final Acquisition Closing Date and (ii) the last day of the Availability Period.                                                                   - 3 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “Certain Funds Utilisation” means a Loan made or to be made during the Certain Funds Period.              “Change of Control” means:              (a)     any person or group of persons acting in concert (other than Kinnevik AB or its Related Parties) gains direct or indirect control of                  the Company. For the purposes of this definition:                      (i)    “control” of the Company means the power (whether by way of ownership of shares, proxy, contract, agency or                         otherwise) to cast, or control the casting of, more than 50 per cent. of the maximum number of votes that might be cast                         at a general meeting of the Company; and                      (ii)   “acting in concert” means, a group of persons who, pursuant to an agreement or understanding (whether formal or                         informal), actively cooperate, through the acquisition directly or indirectly of shares in the Company by any of them,                         either directly or indirectly, to obtain or consolidate control of the Company.              (b)     the direct or indirect sale, leasing, transfer, conveyance or other disposition (other than by way of a Merger) of all or substantially                  all of the properties or assets of the Group, whether in a single transaction or a series of related transactions; or              (c)     the adoption of a plan relating to the liquidation, winding-up or dissolution of the Company.              “Clean-Up Default” means an Event of Default in respect of any member of the Target Group.              “Clean-Up Undertaking” means any of the undertakings of any member of the Target Group under Clause 21 (General Undertakings)          (other than Clauses 21.13 (Anti-corruption law or 21.14 (Sanctions)).              “Code” means the US Internal Revenue Code of 1986.              “Commitment” means:              (a)     in relation to an Original Lender, the amount set opposite its name under the heading “Commitment” in Part II of Schedule 1 (The                  Original Parties) and the amount of any other Commitment transferred to it under this Agreement or assumed by it in accordance                  with Clause 2.2 (Increase); and              (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),              to the extent not cancelled, reduced or transferred by it under this Agreement.              “Compliance Certificate” means a certificate substantially in the form set out in Schedule 8 (Form of Compliance Certificate).                                                                   - 4 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “Confidential Information” means all information relating to the Company, any Obligor, the Group, any Target Company, the Target          Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a          Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance          Documents or the Facility from either:              (a)     any member of the Group or any of its advisers; or              (b)     another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group                  or any of its advisers,              in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording          information which contains or is derived or copied from such information but excludes information that:                      (i)    is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause                         35 (Confidentiality); or                      (ii)   is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or                      (iii)  is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b)                         above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is                         aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been                         obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; or                      (iv)   is a Reference Bank Quotation.              “Confidentiality Undertaking” means a confidentiality undertaking substantially in a recommended form of the LMA as set out in          Schedule 9 (LMA Form of Confidentiality Undertaking) or in any other form agreed between the Company and the Agent.              “Consolidated EBITDA” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Consolidated Interest Expense” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Consolidated Net Debt” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Cross Acceleration” means any Debt of the Company or any of its Subsidiaries is cancelled, or declared to be or otherwise becomes due          and payable prior to its specified maturity as a result of an event of default (however described).              “Cross Payment Default” means any event of default (howsoever described) arising from a failure by the Company or any of its          Subsidiaries to pay any Debt when due or within any originally applicable grace period.                                                                   - 5 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “CTA” means the Corporation Tax Act 2009.              “Debt” means (without duplication), with respect to any person, whether recourse is to all or a portion of the assets of such person and          whether or not contingent:              (a)     the principal of and premium, if any, in respect of every obligation of such person for money borrowed;              (b)     the principal of and premium, if any, in respect of every obligation of such person evidenced by bonds, debentures, notes or other                  similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses;              (c)     every reimbursement obligation of such person with respect to letters of credit, bankers’ acceptances or similar facilities issued                  for the account of such person (but only to the extent such obligations are not reimbursed within 30 days following receipt by                  such person of a demand for reimbursement);              (d)     every obligation of such person issued or assumed as the deferred purchase price of property or services (including securities                  repurchase agreements but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business and                  excluding purchase price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other                  unperformed obligations of the applicable seller and, in connection with the purchase by any member of the Group of any                  business, any post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined                  by a final closing statement of financial position or such payment depends on the performance of such business after the closing)                  where the deferred payment is arranged primarily as a means of raising finance, which purchase price is due more than one year                  after the date of placing such property in service or taking final delivery and title thereto;              (e)     every Capital Lease Obligation of such person;              (f)     all Redeemable Stock issued by such person;              (g)     the net obligation of such person under Interest Rate, Currency or Commodity Price Agreements of such person; and              (h)     every obligation of the type referred to in paragraphs (a) through (g) of another person and all dividends of another person the                  payment of which, in either case, such person has guaranteed or is responsible or liable for, directly or indirectly, as obligor,                  guarantor or otherwise.              The “amount” or “principal amount” of Debt at any time of determination as used herein represented by (A) any Debt issued at a price          that is less than the principal amount at maturity thereof, shall be the amount of the liability in respect thereof determined in accordance          with IFRS, (B) any Redeemable Stock, shall be the maximum fixed redemption or repurchase price in respect thereof and (C) any Debt          that has been cash-collateralised, to the extent so cash collateralised, shall be excluded from any calculation of Debt. Notwithstanding          anything else to the contrary, for all purposes                                                                   - 6 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  under this Agreement, the amount of Debt incurred, repaid, redeemed, repurchased or otherwise acquired by a member of the Group shall          equal the liability in respect thereof determined in accordance with IFRS and reflected on the Company’s consolidated statement of          financial position.              The term “Debt” shall not include:                      (i)    obligations described in paragraphs (a), (b) or (h) of the first paragraph of this definition of Debt that are incurred by a                         member of the Group (the “Proceeds Recipient”) and owed to a bank or other lending institution (the “On-Lend                         Bank”) to facilitate the substantially concurrent on-lending of proceeds (the “Proceeds On-Loan”) from Debt incurred                         by the Company or any member of the Group (other than the Proceeds Recipient) as permitted by paragraph (a) (Net                         Leverage Ratio) of Clause 20.2 (Financial condition) (the “Initial Debt”) to the extent (A) the principal obligations in                         respect of the Proceeds On-Loan are secured by security over cash granted in favour of the On-Lend Bank or any of its                         Affiliates in an amount not less than the principal amount of the Proceeds On-Loan, (B) the Proceeds On-Loan is put in                         place substantially concurrently with a loan by any member of the Group (other than the Proceeds Recipient) to the On-                         Lend Bank (the “On-Lend Bank Borrowing”) pursuant to which the Proceeds Recipient is entitled to reduce the                         principal amount of the Proceeds On-Loan by an amount equal to the principal amount of the On-Lend Bank                         Borrowing if a default or acceleration occurs with respect to such On-Lend Bank Borrowing, or (C) the substantial risks                         and rewards of the Proceeds On- Loan are transferred, using a synthetic instrument or any other arrangement or                         agreement, from the On-Lend Bank to any member of the Group (other than the Proceeds Recipient) in exchange for an                         amount not less than (x) the amount of cash granted in favour of the On-Lend Bank or any of its Affiliates, or (y) the                         outstanding amount of the On- Lend Bank Borrowing, as applicable, in each case as at the effective date of such                         transfer;                      (ii)   any liability of the Company or any member of the Group (other than the Proceeds Recipient) attributable to a synthetic                         instrument or any other arrangement or agreement described in paragraph (i)(C) above to the extent such obligation                         under the relevant instrument, arrangement or agreement has not come due but is classified as a financial liability in                         accordance with IFRS and recorded as a current liability on the Company’s consolidated statement of financial position;                      (iii)  any Restricted MFS Cash;                      (iv)   any liability of the Company attributable to a put option or similar instrument, arrangement or agreement entered into                         after the date of this Agreement granted by the Company relating to an interest in any other entity, in each case to the                         extent such option has not been exercised or such obligation under the relevant instrument, arrangement or agreement                         has not come due but is classified as a financial liability in accordance with IFRS, and recorded as a current liability on                         the Company’s consolidated statement of financial position;                                                                   - 7 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (v)    any standby letter of credit, performance bond or surety bond provided by a member of the Group that is customary in                         the Permitted Business to the extent such letters of credit or bonds are not drawn upon or, if and to the extent drawn                         upon, are honored in accordance with their terms; and                      (vi)   any intercompany debt or other liability from the Company to Subsidiaries or from Subsidiaries to the Company.              “Default” means an Event of Default or any event or circumstance specified in Clause 22 (Events of Default) which would (with the          expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of          the foregoing) be an Event of Default.              “Defaulting Lender” means any Lender:              (a)     which has failed to make its participation in a Loan available (or has notified the Agent or the Company (which has notified the                  Agent) that it will not make its participation in a Loan available) by the Utilisation Date of that Loan in accordance with Clause                  5.4 (Lenders’ participation);              (b)     which has otherwise rescinded or repudiated a Finance Document;              (c)     with respect to which an Insolvency Event has occurred and is continuing; or              (d)     an Affiliate of which is a Defaulting Lender,              unless, in the case of paragraph (a) above:                      (i)    its failure to pay is caused by:                             (A)     administrative or technical error; or                             (B)     a Disruption Event, and                             payment is made within 5 Business Days of its due date; or                      (ii)   the Lender is disputing in good faith whether it is contractually obliged to make the payment in question.              “Disclosed Investigation” means any investigation by the International Commission against Impunity in Guatemala (“CICIG”), or by any          governmental, regulatory or law enforcement entities, of certain payments that were or may have been made by or on behalf of the          Company’s joint venture in Guatemala and the investigation into alleged illegal campaign financing announced by CICIG on July 14,          2017, and any facts and circumstances relating thereto.                                                                   - 8 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “Disruption Event” means either or both of:              (a)     a material disruption to those payment or communications systems or to those financial markets which are, in each case, required                  to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions                  contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of                  the Parties; or              (b)     the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or                  payments operations of a Party preventing that, or any other Party:                      (i)    from performing its payment obligations under the Finance Documents; or                      (ii)   from communicating with other Parties in accordance with the terms of the Finance Documents,                      and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.              “Engagement Letter” means the letter dated on or about the date of this Agreement between the Arranger (or their Affiliates), the          Company and others.              “Environmental Claim” means any claim, proceeding or investigation by any person in respect of any Environmental Law.              “Environmental Law” means any applicable law in any jurisdiction in which any member of the Group conducts business which relates          to the pollution or protection of the environment or harm to or the protection of human health or the health of animals or plants.              “Environmental Permits” means any permit, licence, consent, approval and other authorisation and the filing of any notification, report          or assessment required under any Environmental Law for the operation of the business of any member of the Group conducted on or from          the properties owned or used by the relevant member of the Group.              “Event of Default” means any event or circumstance specified as such in Clause 22 (Events of Default).              “Extension Fee” has the meaning given to that term in Clause 11.6 (Extension fee).              “Facility” means the term loan facility made available under this Agreement as described in Clause 2 (The Facility).              “Facility Office” means the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or,          following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its          obligations under this Agreement.                                                                   - 9 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                      “Fair Market Value” means, with respect to any asset or property, the sale value that would be obtained in an arm’s length free market          transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to          buy, as determined in good faith by the Company’s Chief Executive Officer, Chief Financial Officer or responsible accounting or financial          officer.              “FATCA” means:              (a)     sections 1471 to 1474 of the Code or any associated regulations or other official guidance;              (b)     any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental                  agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph (a)                  above; or              (c)     any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US                  government or any governmental or taxation authority in any other jurisdiction.              “FATCA Application Date” means:              (a)     in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and                  certain other payments from sources within the US), 1 July 2014;              (b)     in relation to a “withholdable payment” described in section 1473(1)(A)(ii) of the Code (which relates to “gross proceeds” from                  the disposition of property of a type that can produce interest from sources within the US), 1 January 2019; or              (c)     in relation to a “passthru payment” described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, 1                  January 2019,              or, in each case, such other date from which such payment may become subject to a deduction or withholding required by FATCA as a          result of any change in FATCA after the date of this Agreement.              “FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA.              “FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction.              “Fee Letter” means any letter or letters dated on or about the date of this Agreement between the Arrangers and the Company (or the          Agent and the Company) setting out any of the fees referred to in Clause 11 (Fees).              “Final Acquisition Closing Date” means the latest to occur of the Acquisition Closing Dates in relation to Target 1, Target 2 and Target          3.                                                                  - 10 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “Finance Document” means this Agreement, any Fee Letter, any Accession Letter, any Resignation Letter and any other document          designated as a “Finance Document” by the Agent and the Company.                     “Finance Party” means the Agent, the Arrangers or a Lender.                     “Financial Quarter” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Financial Year” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Government Securities” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Group” means the Company and its Subsidiaries (including, from the relevant Acquisition Closing Date, Target 1, Target 2 or Target 3,          as applicable, and, in each case, each of its Subsidiaries) for the time being.              “Holding Company” means, in relation to a person, any other person in respect of which it is a Subsidiary.              “IFRS” means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the          relevant financial statements.              “Impaired Agent” means the Agent at any time when:              (a)     it has failed to make (or has notified a Party that it will not make) a payment required to be made by it under the Finance                  Documents by the due date for payment;              (b)     the Agent otherwise rescinds or repudiates a Finance Document;              (c)     (if the Agent is also a Lender) it is a Defaulting Lender under paragraph (a) or (b) of the definition of “Defaulting Lender”; or              (d)     an Insolvency Event has occurred and is continuing with respect to the Agent;              unless, in the case of paragraph (a) above:                      (i)    its failure to pay is caused by:                             (A)     administrative or technical error; or                             (B)     a Disruption Event; and                             payment is made within five Business Days of its due date; or                      (ii)   the Agent is disputing in good faith whether it is contractually obliged to make the payment in question.              “Increase Confirmation” means a confirmation substantially in the form set out in Schedule 11 (Form of Increase Confirmation).                                                                  - 11 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “Increase Lender” has the meaning given to that term in Clause 2.2 (Increase).              “Insolvency Event” in relation to a Finance Party means that the Finance Party:              (a)     is dissolved (other than pursuant to a consolidation, amalgamation or merger);              (b)     becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become                  due;              (c)     makes a general assignment, arrangement or composition with or for the benefit of its creditors;              (d)     institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or                  regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office,                  a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other                  similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation by it or such regulator,                  supervisor or similar official;              (e)     has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or                  insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in                  the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented                  by a person or entity not described in paragraph (d) above and:                      (i)    results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its                         winding-up or liquidation; or                      (ii)   is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;              (f)     has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation,                  amalgamation or merger);              (g)     seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian                  or other similar official for it or for all or substantially all its assets;              (h)     has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or                  other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains                  possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;              (i)     causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to                  any of the events specified in paragraphs (a) to (h) above; or              (j)     takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.                                                                  - 12 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “Intellectual Property” means:              (a)     any patents, trade marks, service marks, designs, business names, copyrights, database rights, design rights, domain names, moral                  rights, inventions, confidential information, knowhow and other intellectual property rights and interests (which may on or after                  the date of this Agreement subsist), whether registered or unregistered; and              (b)     the benefit of all applications and rights to use such assets of each member of the Group (which may on or after the date of this                  Agreement subsist).              “Interest Cover” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Interest Period” means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods) and, in relation to          an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest).              “Interest Rate, Currency or Commodity Price Agreement” of any person means any forward contract, futures contract, swap, option or          other financial agreement or arrangement (including, without limitation, caps, floors, collars and similar agreements) relating to, or the          value of which is dependent upon, interest rates, currency exchange rates or commodity prices or indices (excluding contracts for the          purchase or sale of goods in the ordinary course of business).              “Interpolated Screen Rate” means, in relation to LIBOR for any Loan, the rate (rounded to the same number of decimal places as the two          relevant Screen Rates) which results from interpolating on a linear basis between:              (a)     the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the Interest Period of                  that Loan; and              (b)     the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of                  that Loan,              each as of the Specified Time on the Quotation Day for the currency of that Loan.              “Investment” has the meaning given to that term in Clause 20.1 (Financial definitions).              “ITA” means the Income Tax Act 2007.              “Joint Venture” means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or          partnership or any other entity.              “Joint Venture Consolidated EBITDA” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Lender” means:              (a)     any Original Lender; and                                                                  - 13 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with Clause 2.2.                  (Increase) or Clause 23 (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;              (b)     (if no Screen Rate is available for the Interest Period of that Loan) the Interpolated Screen Rate for that Loan; or              (c)     if:                      (i)    no Screen Rate is available for the currency of that Loan; or                      (ii)   no Screen Rate is available for the Interest Period of that Loan and it is not possible to calculate an Interpolated Screen                         Rate for that Loan,                      the Reference Bank Rate,              as of, in the case of paragraphs (a) and (c) above, the Specified Time on the Quotation Day for the currency of that Loan and for a period          equal in length to the Interest Period of that Loan and, if any such rate is below zero, LIBOR will be deemed to be zero.              “Lien” means, with respect to any property or assets, any mortgage, pledge, security interest, lien, charge, encumbrance, priority or other          security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets (including,          without limitation, any conditional sale or other title retention agreement having substantially the same economic effect as any of the          foregoing).              “LMA” means the Loan Market Association.              “Loan” means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan.              “Major Default” means, with respect to the Company and any Obligor only, any circumstances constituting:              (a)     an Event of Default under Clause 22.1 (Non-Payment), insofar as it relates to non-payment of principal and interest or fees due                  and payable pursuant to Clause 11 (Fees) provided that for the purposes of this definition and Clause 4.3 (Certain Funds                  Period), such payments shall be irrevocably deemed made when received by the Agent;              (b)     a Default under paragraph (a) of Clause 22.3 (Other obligations) in so far as it relates to a breach of:                      (i) Clause 21.3 (Negative pledge);                                                                  - 14 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (ii)   Clause 21.4 (Disposals);                      (iii)  Clause 21.6 (Pari passu ranking); or                      (iv)   Clause 21.20 (Dividends);              (c)     a Default under paragraph (b) of Clause 22.3 (Other obligations) in so far as it relates to a breach of:                      (i)    Clause 21.7 (Change of business);                      (ii)   Clause 21.13 (Anti-corruption law); or                      (iii)  Clause 21.14 (Sanctions);              (d)     a Default under Clause 22.4 (Misrepresentation) insofar as it relates to a breach of any Major Representation (unless the breach                  of the Major Representation is capable of remedy and is remedied within 21 days of the earlier of: (A) the Agent giving notice to                  the Company; and (B) the Company becoming aware of the failure to comply);              (e)     an Event of Default under Clause 22.6 (Insolvency);              (f)     an Event of Default under Clause 22.7 (Insolvency Proceedings);              (g)     an Event of Default under Clause 22.11 (Unlawfulness); and              (h)     an Event of Default under Clause 22.12 (Repudiation),              provided that any reference to the Group made (directly or by cross reference to other Clauses) in the paragraphs above will exclude in          any event members of the Target Group.              “Major Representation” means, with respect to the Company and any Obligor only (excluding, for the avoidance of doubt the Target and          any member of the Target Group), a representation or warranty under any of the following Clauses (exclusively):              (a)     Clause 18.1 (Status);              (b)     Clause 18.2 (Binding Obligations);              (c)     Paragraphs (b) and (c) of Clause 18.3 (Non-Conflict with Other Obligations);              (d)     Clause 18.4 (Power and Authority);              (e)     Clause 18.5 (Validity and Admissibility in Evidence);              (f)     Clause 18.6 (Governing law and enforcement);              (g)     Clause 18.7 (Insolvency);              (h)     Clause 18.13 (Pari passu ranking);                                                                  - 15 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (i)     Clause 18.17 (Anti-corruption, anti-bribery and anti-money laundering laws and regulations);              (j)     Clause 18.18 (Sanctions); and              (k)     Clause 18.20 (Acquisition arrangements).              “Major Target Default” means, with respect to a Target Company only, any circumstances constituting:              (a)     an Event of Default under Clause 22.6 (Insolvency); and              (b)     an Event of Default under Clause 22.7 (Insolvency Proceedings).              “Majority Lenders” means a Lender or Lenders whose Commitments aggregate more than 662/3% of the Total Commitments (or, if the          Total Commitments have been reduced to zero, aggregated more than 662/3% of the Total Commitments immediately prior to the          reduction).              “Mandatory Prepayment Event” means any event of default, howsoever described, (other than a Cross Payment Default), taking into          account any originally applicable grace periods, which occurs under any agreement relating to any Debt of the Company or any of its          Subsidiaries.              “Margin” means:              Period from the date of this                                                                          Margin              Agreement                                                                                             % p.a.                                                                                                                                         0 to 3 Months                                                                                              1.50                                                                                                                                       4 to 6 Months                                                                                              2.00                                                                                                                                       7 to 9 Months                                                                                              2.50                                                                                                                                       10 to 12 Months                                                                                            3.00                                                                                                                                       13 to 15 Months                                                                                            3.50                                                                                                                                       16 to 18 Months                                                                                            4.00               “Material Adverse Effect” means a material adverse effect on:              (a)     the business, operations, assets, or financial condition of the Group taken as a whole;              (b)     the ability of the Obligors (taken as a whole) to perform their obligations under the Finance Documents in any material respect; or                                                                  - 16 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                      (c)     the validity or enforceability of the Finance Documents or the rights or remedies of any Finance Party under the Finance                  Documents.              “Material Company” means:              (a)     an Obligor;              (b)     a Significant Subsidiary; or              (c)     any other Subsidiaries which are not Significant Subsidiaries but where taken together, account for more than 10 per cent. of the                  Consolidated EBITDA of the Group or consolidated revenues of the Group, or whose assets, taken together, represent more than                  10 per cent. of the assets of the Group.              “Merger” means:              (a)     an amalgamation, merger, consolidation of the Company with another person; or              (b)     the direct or indirect conveyance, transfer, sale, leasing or otherwise disposal by the Company of all or substantially all of its                  assets to any other person,              other than pursuant to a Permitted Reorganisation.              “Minority Shareholder Loan” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar          month, except that:              (a)     (subject to paragraph (c) below) if the numerically corresponding day is not a Business Day, that period shall end on the next                  Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding                  Business Day;              (b)     if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last                  Business Day in that calendar month; and              (c)     if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day                  in the calendar month in which that Interest Period is to end.              The above rules will only apply to the last Month of any period.              “Net Leverage Ratio” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Net Proceeds” means cash proceeds actually received by a member of the Group, net of all related fees, costs commissions, expenses and          Taxes in each case incurred by a member of the Group with respect to the transaction giving rise to the relevant Net Proceeds.                                                                  - 17 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                      “New Lender” has the meaning given to that term in Clause 23 (Changes to the Lenders).              “Obligor” means a Borrower or the Guarantor.              “Original Financial Statements” means in relation to the Company, the audited consolidated financial statements of the Group for the          Financial Year ended 31 December 2017.              “Original Obligor” means an Original Borrower or the Guarantor.              “Panama Withholding Tax” means the applicable withholding tax in force under the laws of the Republic of Panama on any payments          made by or on account of any obligation of Cable Onda under any Finance Document, in each case levied or assessed by any taxing          authority in the Republic of Panama, and required to be paid by Cable Onda on account of the Lenders as a result of the obligations          assumed under the Finance Documents.              “Party” means a party to this Agreement.              “Permitted Business” means:              (a)     any business, services or activities engaged in by the Company or any member of the Group on the date of this Agreement; and              (b)     any business, services and activities that are related, complementary, incidental, ancillary or similar to any of the foregoing, or are                  extensions or developments thereof, including, without limitation, broadband internet, network-related services, cable television,                  broadcast content, network neutral services, electronic transactional, financial and commercial services related to provision of                  telephony or internet services.              “Permitted Discontinuance of Property Maintenance” means the discontinuance of the operation or maintenance of the properties of          any member of the Group if such discontinuance is, in the Company’s judgment, desirable in the conduct of its business or the business of          such member of the Group, and will not have a Material Adverse Effect.              “Permitted Disposal” means:              (a)     any sale, lease, licence, transfer or other disposal:                      (i)    of any asset for which an agreement to effect such sale, lease, licence, transfer or other disposal was entered into prior to                         the date of this Agreement and disclosed in writing to the Agent prior to the date of this Agreement;                      (ii)   of damaged, worn-out, obsolete or redundant assets for fair value;                      (iii)  of any asset by any member of the Group in the ordinary course of trading;                                                                  - 18 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (iv)   of any asset by a member of the Group to another member of the Group;                      (v)    of any asset in exchange for other assets comparable or superior as to type, value and quality;                      (vi)   of Cash Equivalents for cash or in exchange for other Cash Equivalents;                      (vii)  of any asset constituted by a licence of intellectual property rights permitted by Clause 21.18 (Intellectual Property);                      (viii) of any asset to a Joint Venture, to the extent permitted by Clause 21.9 (Joint Ventures); or                      (ix)   arising as a result of any Permitted Lien;                      (x)    of assets which are seized, expropriated or acquired by compulsory purchase by or by the order of any central or local                         government authority;              (b)     any Specified Subsidiary Sale;              (c)     the disposal of Capital Stock of the Company held by the Company or any Subsidiary of the Company;              (d)     the disposal of any asset at Fair Market Value, provided that the proceeds of such disposal are:                      (i)    reinvested in assets to be used for the business of the Group as soon as reasonably practicable, but in any event within                         six months of receipt; and                      (ii)   certified by the Chief Financial Officer of the Company as having been so reinvested in the next Compliance Certificate                         delivered to the Agent following the expiry of the relevant six month period.              (e)     any sale, lease, licence, transfer or other disposal of assets for cash where the higher of the book value and net consideration                  receivable (when aggregated with the higher of the book value and net consideration receivable for any other sale, lease, licence,                  transfer or other disposal) does not exceed US$ 150,000,000 (or its equivalent in any other currency or currencies) in total during                  the term of this Agreement and does not exceed US$ 75,000,000 (or its equivalent in any other currency or currencies) in any                  Financial Year of the Company; and              (f)     the disposal of up to 25 per cent. of the outstanding ordinary shares or other Capital Stock of any of the Subsidiaries of the                  Company organised or operating in Tanzania in a public offering and listing on the Dar es Salaam Stock Exchange or any other                  exchange approved by the Company;              (g)     any disposal made with the prior written consent of the Agent acting on the instructions of the Majority Lenders.                                                                  - 19 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “Permitted Interest Rate, Currency or Commodity Price Agreement” means any Interest Rate, Currency or Commodity Price          Agreement entered into with one or more financial institutions in the ordinary course of business that is designed to protect against          fluctuations in interest rates or currency exchange rates and which shall have a notional amount no greater than the payments due with          respect to the Debt being hedged thereby, or in the case of currency or commodity protection agreements against currency exchange or          commodity price fluctuations in the ordinary course of business relating to then existing financial obligations and not for purposes of          speculation.              “Permitted Joint Venture” means any Joint Venture where:              (a)     the Joint Venture is incorporated, or established, and carries on its principle business in a jurisdiction and territory that is not a                  Sanctioned Country;              (b)     the Joint Venture is engaged in a business substantially the same as that carried on by the Group; and              (c)     in any Financial Year of the Company, the aggregate of:                      (i)    the contingent liabilities of any member of the Group under any guarantee given in respect of the liabilities of any Joint                         Venture; and                      (ii)   the net book value of any assets transferred by any member of the Group to any Joint Venture,                      does not exceed US$ 100,000,000 (or its equivalent in any other currency or currencies).              “Permitted Lien” means:              (a)     Liens for taxes, assessments or governmental charges, or levies on the property of any member of the Group if the same shall not                  at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and by appropriate                  proceeds promptly instituted and diligently concluded, provided that any reserve or other appropriate provision that shall be                  required in conformity with IFRS shall have been made therefor;              (b)     Liens imposed by law, such as statutory Liens of landlords’, carriers’, materialmen’s, repairmen’s, construction, warehousemen’s                  and mechanics’ Liens and other similar Liens, on the property of any member of the Group arising in the ordinary course of                  trading or Liens arising solely by virtue of any statutory or common law business relating to attorneys’ liens or bankers’ liens,                  rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depositary                  institution;              (c)     Liens on the property of any member of the Group incurred in the ordinary course of business to secure performance of                  obligations with respect to statutory or regulatory requirements, performance bids, trade contracts, letters of credit, performance                  or return-of-money bonds, surety bonds or other obligations of a like nature and incurred in a manner consistent with industry                  practice, in each case which are not incurred in connection with the borrowing of money, the obtaining of advances or credit or                  the payment of the deferred purchase price of property and which do not in the aggregate impair in any material respect the use of                  property in the operation of the business of the Group taken as a whole;                                                                  - 20 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (d)     Liens on property at the time a member of the Group acquired such property and Liens incurred in anticipation of or in                  connection with the transaction pursuant to which such property was acquired by a member of the Group, including any                  acquisition by means of a merger or consolidation; provided, however, that any such Lien may not extend to any other property                  of the relevant member of the Group;              (e)     Liens on the property or the Capital Stock of a person at the time such person becomes a member of the Group; provided,                  however, that any such Lien may not extend to any other property or Capital Stock of any member of the Group that is not a                  direct, or, prior to such time, indirect Subsidiary of such person; provided further, however, that any such Lien was not                  incurred in anticipation of or in connection with the transaction or series of transactions pursuant to which such person became a                  member of the Group;              (f)     pledges or deposits by any member of the Group under workmen’s compensation laws, unemployment insurance laws or similar                  legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or leases to                  which any member of the Group is party, or deposits to secure public or statutory obligations of a member of the Group or                  deposits for the payment of rent, in each case incurred in the ordinary course of business;              (g)     utility easements, building restrictions and such other encumbrances or charges against real property as are of a nature generally                  existing with respect to properties of a similar character;              (h)     any provision for the retention of title to any property by the vendor or transferor of such property which property is acquired by a                  member of the Group in a transaction entered into in the ordinary course of business of the relevant member of the Group and for                  which kind of transaction it is customary market practice for such retention of title provision to be included;              (i)     Liens arising by means of any judgment, decree or order of any court, to the extent not otherwise resulting in a Default, so long as                  any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree or order have not                  been fully terminated or the period within which such proceedings may be initiated has not expired and any Liens that are                  required to protect or enforce rights in any administrative, arbitration or other court proceeding in the ordinary course of business;              (j)     any Lien securing Debt incurred under any Permitted Interest Rate, Currency or Commodity Price Agreement;              (k)     any Lien securing Acquired Debt;              (l)     mortgages, liens, security interests, restrictions, encumbrances or any other matters of record that have been placed by any                  developer, landlord or other third party on property over which a member of the Group has easement rights or on any real                  property leased by any member of the Group or similar agreements relating thereto, and any condemnation or eminent domain                  proceedings or compulsory purchase order affecting real property;                                                                  - 21 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (m)     Liens existing on the date of this Agreement and disclosed in writing to the Agent prior to the date of this Agreement;              (n)     Liens in favour of the Company;              (o)     Liens on insurance policies and the proceeds thereof, or other deposits, to secure insurance premium financings in respect of the                  Group;              (p)     Liens arising from financing statement filings (or other similar filings in any applicable jurisdiction) regarding operating leases                  entered into by any member of the Group in the ordinary course of business;              (q)     Liens on goods (and the proceeds thereof) and documents of title and the property covered thereby securing Debt in respect of                  commercial letters of credit issued to facilitate the purchase, shipment or storage of such inventory or other goods;              (r)     Liens on the property of a member of the Group to replace in whole or in part, any Lien described in the foregoing paragraphs (a)                  through (q); provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions,                  proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which the                  original Lien arose, could secure) the Debt being refinanced or in respect of property that is the security for a Permitted Lien                  hereunder;              (s)     Liens on any escrow account used in connection with pre-funding a refinancing of Debt otherwise permitted under this                  Agreement;              (t)     Liens on any member of the Group’s deposits in favor of financial institutions arising from any netting or set-off arrangement                  substantially consistent with its current practice for the purpose of netting debt and credit balances substantially consistent with                  the Group’s existing cash pooling arrangements;              (u)     Liens incurred in the ordinary course of business of any member of the Group with respect to obligations that do not exceed the                  greater of US$ 150,000,000 or 3% of the consolidated net assets of the Company (being the total assets shown on the                  consolidated financial statements of the Company most recently delivered to the Lenders pursuant to this Agreement, less all                  goodwill, patents, trade names, trademarks, copyrights, franchises, experimental expenses, organization expenses and any other                  amounts classified as intangible assets in accordance with IFRS) at any one time outstanding and that do not in the aggregate                  materially detract from the value of the property of the Company, or materially impair the use thereof in the operation of business                  by the Group;              (v)     Liens over cash or other assets that secure collateralised obligations described in paragraph (a) of the third paragraph of the                  definition of Debt; provided that the amount of cash collateral does not exceed the principal amount of the Proceeds On-Loan;                                                                  - 22 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                      (w)     any Lien securing debt incurred by one or more Subsidiaries of the Company organised or incorporated in Tanzania or Zanzibar                  in a principal amount of up to $300,000,000 to finance the operations of any member of the Group in Tanzania, provided that                  such debt is not guaranteed or secured by a member of the Group other than (i) a member of the Group organised or incorporated                  in Tanzania or Zanzibar; or (ii) in respect of share security only, the immediate Holding Company of the relevant member of the                  Group organised or incorporated in Tanzania or Zanzibar;              (x)     Liens over cash or other assets that secure letters of credit, bankers’ acceptances or similar facilities; and              (y)     Liens on Restricted MFS Cash in favour of the customers or dealers of, or third parties in relation to, one or more member of the                  Group engaged in the provision of mobile financial services, in each case who provided such Restricted MFS Cash to the relevant                  member of the Group.              “Permitted Loan” means:              (a)     any loan made by any member of the Group with the prior written consent of the Agent acting on the instructions of the Majority                  Lenders;              (b)     any loan or credit existing on the date of this Agreement and disclosed in writing to the Agent prior to the date of this Agreement,                  or any replacement loan or credit between the same parties and on substantially the same terms and for an amount not exceeding                  the original loan or credit;              (c)     any loan made by an Obligor to a member of the Group to distribute the proceeds of Debt incurred pursuant to this Agreement;              (d)     any loan made by an Obligor to another Obligor or made by a member of the Group which is not an Obligor to another member                  of the Group;              (e)     any loan made by an Obligor to a member of the Group which is not an Obligor so long as the aggregate amount of the Debt                  under any such loans does not exceed US$ 200,000,000 (or its equivalent in any other currency or currencies) at any time;              (f)     any loan made to another member of the Group pursuant to any cash pooling arrangement;              (g)     any loan or credit constituted by a member of the Group deferring purchase consideration due to it on the disposal of an asset,                  provided that the relevant disposal is a Permitted Disposal;              (h)     any loan, credit or trade credit extended by any member of the Group to its customers on normal commercial terms and in the                  ordinary course of its trading activities;              (i)     any advance payment made in relation to capital expenditure in the ordinary course of day to day business;                                                                  - 23 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (j)     any loan made for the purposes of enabling an Obligor to meet its payment obligations under the Finance Documents, provided                  the relevant Obligor does not (or does not reasonably expect to) otherwise have sufficient cash available to meet such payment                  obligations;              (k)     any loan made by a member of the Group to an employee or director of any member of the Group if the amount of that loan,                  when aggregated with the amount of all loans to employees and directors by members of the Group, does not exceed US$                  25,000,000 (or its equivalent in any other currency or currencies) at any time;              (l)     any loan to a Permitted Joint Venture which is not otherwise prohibited by the terms of this Agreement if the principal amount of                  that loan, when aggregated with the principal amount of all other such loans to Permitted Joint Ventures, does not exceed US$                  100,000,000 (or its equivalent in any other currency or currencies) at any time;              (m)     any credit balance held in the ordinary course of day to day business with a bank or financial institution;              (n)     any loan made by the Company to Cable Onda and any of its Subsidiaries (the “Cable Onda Group”) for the purposes of                  refinancing Debt of any member of the Cable Onda Group provided the aggregate principal amount of Debt under all such loans                  to the Cable Onda Group does not exceed US$ 300,000,000 (or its equivalent in any other currency or currencies) at any time;              (o)     any loan or extension of credit described in the third paragraph of the definition of Debt; and              (p)     any other loan or extension of credit not permitted under paragraphs (a) to (o) above provided the aggregate principal amount of                  Debt under all such loans does not exceed US$ 25,000,000 (or its equivalent in any other currency or currencies) at any time.              “Permitted Reorganisation” means an amalgamation, merger, consolidation, corporate reconstruction, or reorganisation involving the          Company where the entity formed by or surviving such amalgamation, merger, consolidation, corporate reconstruction, or reorganisation is          the Company.              “Permitted Tax Non-Payment” means a non-payment or non-discharge in respect of any tax, assessment or charge which, on the date of          determination, is not delinquent or thereafter can be paid without penalty or whose amount, applicability or validity is being contested in          good faith by appropriate proceedings and for which adequate reserves (if required in accordance with IFRS) have been established.              “Proceeds On-Loan” has the meaning given to that term in the definition of “Debt”.              “Quarter Date” has the meaning given to that term in Clause 20.1 (Financial definitions).                                                                  - 24 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “Quarterly Report” means a report containing the following information:              (a)     the unaudited condensed consolidated statement of financial position of the Company as at the end of the most recent Financial                  Quarter and unaudited condensed consolidated income statements and statements of cash flow of the Company for the most                  recent Financial Quarter and year to date periods ending on the unaudited condensed consolidated statement of financial position                  date and the comparable prior period (as determined by the IFRS standard on preparation of interim condensed consolidated                  financial statements); and              (b)     a copy of the related operating and financial review included in the quarterly earnings release of the Company for the applicable                  Financial Quarter.              “Quotation Day” means, in relation to any period for which an interest rate is to be determined two Business Days before the first day of          that period, unless market practice differs in the Relevant Interbank Market for a currency, in which case the Quotation Day for that          currency will be determined by the Agent in accordance with market practice in the Relevant Interbank Market (and if quotations would          normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those          days).              “Redeemable Stock” of any person means any Capital Stock of such person that by its terms (or by the terms of any security into which it          is convertible or for which it is exchangeable) or otherwise (including upon the occurrence of an event) matures or is required to be          redeemed (pursuant to any sinking fund obligation or otherwise) or is convertible into or exchangeable for Debt or is redeemable at the          option of the holder thereof, in whole or in part, at any time prior to the Termination Date or the Extended Termination Date (as          applicable).              “Reference Bank Quotation” means any quotation supplied to the Agent by a Reference Bank.              “Reference Bank Rate” means the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its          request by the Reference Banks as the rate at which the relevant Reference Bank could borrow funds in the London interbank market in          dollars and for the relevant period, were it to do so by asking for and then accepting interbank offers for deposits in reasonable market size          in dollars and for that period.              “Reference Banks” means such banks as may be appointed by the Agent in consultation with the Company (provided that any such bank          has consented to be a Reference Bank for the purposes of this Agreement).              “Regulation” means the Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency          proceedings (recast).              “Related Fund” in relation to a fund (the “first fund”), means a fund which is managed or advised by the same investment manager or          investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment          manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.                                                                         - 25 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                         “Related Parties” means:              (a)     any controlling stockholder, partner or member of Kinnevik AB;              (b)     any Subsidiary of Kinnevik AB; and              (c)     any trust, corporation, partnership or other entity in respect of which Kinnevik AB and/or the persons described in paragraphs (a)                  and (b) above are the beneficiaries, stockholders, partners, owners or persons beneficially owning a majority or a controlling                  interest.              “Relevant Interbank Market” means the London interbank market.              “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 that term in Clause 20.1 (Financial definitions).              “Repeating Representations” means each of the representations set out in Clauses 18.1 (Status) to 18.7 (Insolvency), Clause 18.10 (No          default), paragraph (c) of Clause 18.12 (Financial statements), 18.17 (Anti-corruption law), 18.18 (Sanctions) and 18.20 (Acquisition          arrangements).              “Replacement Benchmark” means a benchmark rate which is:              (a)     formally designated, nominated or recommended as the replacement for a Screen Rate by:                      (i)    the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is                         the same as that measured by that Screen 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 Benchmark” will be the replacement under paragraph (ii) above;              (b)     in the opinion of the Majority Lenders and the Company, generally accepted in the international or any relevant domestic                  syndicated loan markets as the appropriate successor to a Screen Rate; or              (c)     in the opinion of the Majority Lenders and the Company, an appropriate successor to a Screen Rate.              “Representative” means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.                                                                  - 26 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  “Resignation Letter” means a letter substantially in the form set out in Schedule 7 (Form of Resignation Letter).              “Restricted Cash” has the meaning given to that term in Clause 20.1 (Financial definitions).              “Restricted MFS Cash” means, as of any date of determination, an amount equal to any cash paid in or deposited by or held on behalf of          any customer or dealer of, or any other third party in relation to, one or more member of the Group engaged in the provision of mobile          financial services and designated as “restricted cash” on the consolidated statement of financial position of the Company, together with any          interest thereon.              “Revolving Credit Facility” means the $600,000,000 facility agreement dated 27 January 2017 between, amongst others, the Company as          the company, original borrower and guarantor, The Bank of Nova Scotia, BNP Paribas, Citigroup Global Markets Limited, DNB Markets,          a part of DNB Bank ASA, Sweden Branch, Goldman Sachs Bank USA, J.P. Morgan Limited, Nordea Bank AB (Publ) and Standard          Chartered Bank as arrangers, and DNB Bank ASA, Sweden Branch as agent, as amended, supplemented, varied or novated from time to          time.              “Sanctioned Country” means a country or territory which is subject to general, country wide trade, economic or financial sanctions or          embargoes imposed, administered or enforced by:              (a)     the United States of America (including the Office of Foreign Assets Control of the U.S. Department of the Treasury, and the                  U.S. Department of State);              (b)     the United Nations;              (c)     the European Union;              (d)     Her Majesty’s Treasury, and the Foreign and Commonwealth Office of the United Kingdom;              (e)     the Canadian Ministry for Foreign Affairs; or              (f)     any other relevant authority having jurisdiction over a Finance Party or a member of the Group.              “Sanctions” means any economic or financial sanctions, trade embargoes, laws, regulations or restrictive measures imposed, administered          or enforced from time to time by:              (a)     the United States of America (including the Office of Foreign Assets Control of the U.S. Department of the Treasury, and the                  U.S. Department of State);              (b)     the United Nations;              (c)     the European Union;                                                                  - 27 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (d)     Her Majesty’s Treasury, and the Foreign and Commonwealth Office of the United Kingdom;              (e)     the Canadian Ministry for Foreign Affairs; or              (f)     any other relevant authority.              "Sanctions List" means any of the lists of specific designated nations, sectoral sanctions or designated persons or entities (or equivalent)          held by:              (a)     the United States of America (including the Office of Foreign Assets Control of the U.S. Department of the Treasury, and the                  U.S. Department of State);              (b)     the United Nations;              (c)     the European Union;              (d)     Her Majesty’s Treasury, and the Foreign and Commonwealth Office of the United Kingdom;              (e)     the Canadian Ministry for Foreign Affairs; or              (f)     any other relevant authority having jurisdiction over a Finance Party or a member of the Group;              each as amended, supplemented or substituted from time to time.              "Screen Rate" means the dollar London interbank offered rate administered by ICE Benchmark Administration Limited (or any other          person which takes over the administration of that rate) for the relevant period displayed on page LIBOR01 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 Agent may specify          another page or service displaying the relevant rate after consultation with the Company.              "Screen Rate Replacement Event" means, in relation to a Screen Rate:              (a)     the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority Lenders and the                  Company, materially changed;                                                                   (b)                                                                                       (i)                             (A)     the administrator of that Screen 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 Screen Rate is insolvent;                                                                  - 28 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                 provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;                      (ii)   the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that Screen Rate                         permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Screen Rate;                      (iii)  the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or will be                         permanently or indefinitely discontinued; or                      (iv)   the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used;              (c)     the administrator of that Screen Rate determines that that Screen 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 Majority Lenders and the                         Company) temporary; or                      (ii)   that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than 1 Month; or              (d)     in the opinion of the Majority Lenders and the Company, that Screen Rate is otherwise no longer appropriate for the purposes of                  calculating interest under this Agreement.              "Securities Act" means the United States Securities Act of 1933, as amended from time to time and the rules and regulations promulgated          pursuant thereto.              "Security" means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any other agreement          or arrangement having a similar effect.              "Selection Notice" means a notice substantially in the form set out in Part II of Schedule 3 (Requests) given in accordance with Clause 9          (Interest Periods).              "Significant Subsidiary" means a Subsidiary of the Company:              (a)     which accounts for more than 10 per cent. of the Consolidated EBITDA of the Group or consolidated revenues of the Group; or              (b)     whose assets represent more than 10 per cent. of the assets of the Group.              "Specified Subsidiary Sale" means the sale, transfer or other disposition of all of the Capital Stock, or all of the assets or properties of, (a)          any entity, the primary purpose of which is to own Tower Equipment located in any market in which any member of the Group operates;          (b) any person which operates any member of the Group’s mobile financial services business; (c) Latin America Internet Holding GmbH;          or (d) Africa Internet Holding GmbH.                                                                  - 29 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  "Specified Time" means a time determined in accordance with Schedule 10 (Timetables).              "Subsidiary" means in respect of any person:              (a)     any corporation in which it or one or more of its Subsidiaries directly or indirectly owns more than 50 per cent. of the combined                  voting power of the outstanding voting stock; or              (b)     any other entity in which it or one or more of its Subsidiaries:                      (i)    directly or indirectly has majority ownership, but only to the extent such majority ownership results in an entitlement to                         the majority of the profits generated by that entity; or                      (ii)   has the power to direct the policies, management and affairs thereof.              "Target 1" means Telefónica Móviles Panamá S.A.              "Target 2" means Telefónica de Costa Rica TC, S.A.              "Target 3" means Telefonía Celular de Nicaragua S.A.              "Target Company" means each of Target 1, Target 2 and Target 3, as applicable.              "Target Group" means the Target Companies and their respective Subsidiaries from time to time.              "Target Shares" means, in relation to each Target Company, the shares of such Target Company (constituting 100% of the issued and          outstanding shares of such Target Company) to be acquired pursuant to the applicable Acquisition Agreement.              "Tax" means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in          connection with any failure to pay or any delay in paying any of the same).              "Tax Deduction" has the meaning given to that term in Clause 12.1 (Definitions).              "Termination Date" means, subject to Clause 6.2 (Extension Option), the date falling 12 months from the date of this Agreement.              "Total Commitments" means the aggregate of the Commitments, being US$ 1,650,000,000 at the date of this Agreement.              "Tower Equipment" means passive infrastructure related to telecommunications services, excluding telecommunications equipment, but          including, without limitation, towers (including tower lights and lightning rods), power breakers, deep cycle batteries, generators, voltage          regulators, main AC power, rooftop masts, cable ladders, grounding, walls and fences, access roads, shelters, air conditioners and BTS          batteries owned by any member of the Group.                                                                  - 30 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  "Transfer Certificate" means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate) or any other form          agreed between the Agent and the Company.              "Transfer Date" means, in relation to an assignment or a transfer, the later of:              (a)     the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and              (b)     the date on which the Agent executes the relevant Assignment Agreement or Transfer Certificate.              "Unpaid Sum" means any sum due and payable but unpaid by an Obligor under the Finance Documents.              "US Tax Obligor" means:              (a)     a Borrower which is resident for tax purposes in the United States of America; or              (b)     an Obligor some or all of whose payments under the Finance Documents are from sources within the United States for US federal                  income tax purposes.              "Utilisation" means a utilisation of the Facility.              "Utilisation Date" means the date of a Utilisation, being the date on which the relevant Loan is to be made.              "Utilisation Request" means a notice substantially in the form set out in Part I Schedule 3 (Requests).              "VAT" means:              (a)     any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC                  Directive 2006/112); and              (b)     any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in                  addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.       1.2    Construction              (a)     Unless a contrary indication appears any reference in this Agreement to:                     (i)    the "Agent", the "Arranger", any "Finance Party", any "Lender", any "Obligor" or any "Party" shall be construed so                        as to include its successors in title, permitted assigns and permitted transferees;                                                                  - 31 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                         (ii)   "assets" includes present and future properties, revenues and rights of every description;                     (iii)  a "Finance Document" or any other agreement or instrument is a reference to that Finance Document or other agreement                        or instrument as amended, novated, supplemented, extended, replaced or restated;                     (iv)   "indebtedness" includes any obligation (whether incurred as principal or as surety) for the payment or repayment of                        money, whether present or future, actual or contingent;                     (v)    a "person" includes any individual, firm, company, corporation, government, state or agency of a state or any association,                        trust, joint venture, consortium or partnership (whether or not having separate legal personality);                     (vi)   a "regulation" includes any regulation, rule, official directive, request or guideline (whether or not having the force of                        law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-                        regulatory or other authority or organisation;                     (vii)  a provision of law is a reference to that provision as amended or re-enacted; and                     (viii) a time of day is a reference to London time.              (b)     The determination of the extent to which a rate is "for a period equal in length" to an Interest Period shall disregard any                  inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.              (c)     Section, Clause and Schedule headings are for ease of reference only.              (d)     Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection                  with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.              (e)     A Default (other than an Event of Default) is "continuing" if it has not been remedied or waived and an Event of Default is                  "continuing" if it has not been remedied or waived.       1.3    Currency Symbols and Definitions              (a)     "$" and "dollars" denote the lawful currency of the United States of America.       1.4    Third party rights              (a)     A person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to                  enforce or to enjoy the benefit of any term of this Agreement.               (b)     Subject to paragraph (b) of Clause 34.2 (Exceptions) but otherwise notwithstanding any term of any Finance Document, the                  consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.                                                                  - 32 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                                                        SECTION 2                                                        THE FACILITY       2.     THE FACILITY       2.1    The Facility              Subject to the terms of this Agreement, the Lenders make available to the Borrowers a dollar term loan facility in an aggregate amount          equal to the Total Commitments.       2.2    Increase              (a)     The Company may by giving prior notice to the Agent by no later than the date falling five Business Days after the effective date                  of a cancellation of:                      (i)    the Available Commitments of a Defaulting Lender in accordance with Clause 7.11 (Right of cancellation in relation to                         a Defaulting Lender); or                      (ii)   the Commitments of a Lender in accordance with:                             (A)     Clause 7.1 (Illegality); or                             (B)     paragraph (a) of Clause 7.10 (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:                      (iii)  the increased Commitments will be assumed by one or more Lenders or other banks, financial institutions, trusts, funds                         or other entities (each an "Increase Lender") selected by the Company (each of which shall not be a member of the                         Group) and each of which confirms in writing (whether in the relevant Increase Confirmation or otherwise) its                         willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased                         Commitments which it is to assume, as if it had been an Original Lender;                      (iv)   each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against                         one another as the Obligors and the Increase Lender would have assumed and/or acquired had the Increase Lender been                         an Original Lender;                      (v)    each Increase Lender shall become a Party as a "Lender" and any Increase Lender and each of the other Finance Parties                         shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those                         Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender;                                                                  - 33 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (vi)   the Commitments of the other Lenders shall continue in full force and effect; and                      (vii)  any increase in the Commitments relating to the Facility shall take effect on the date specified by the Company in the                         notice referred to above or any later date on which the conditions set out in paragraph (b) below are satisfied.              (b)     An increase in the Commitments relating to the Facility will only be effective on:                      (i)    the execution by the Agent of an Increase Confirmation from the relevant Increase Lender; and                      (ii)   in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase the Agent being                         satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws                         and regulations in relation to the assumption of the increased Commitments by that Increase Lender. The Agent shall                         promptly notify the Company and the Increase Lender upon being so satisfied.              (c)     Each Increase Lender, by executing the Increase Confirmation, confirms (for the avoidance of doubt) that the Agent has authority                  to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in                  accordance with this Agreement on or prior to the date on which the increase becomes effective.              (d)     The Company shall, promptly on demand, pay the Agent the amount of all costs and expenses (including legal fees) reasonably                  incurred by it in connection with any increase in Commitments under this Clause 2.2, in each case up to the limit of an amount                  agreed by the Company and the Agent (provided that the Agent shall not be obliged to take any action pursuant to this Clause                  2.2 in the absence of any such agreement).              (e)     The Increase Lender shall, on the date upon which the increase takes effect, pay to the Agent (for its own account) a fee in an                  amount equal to the fee which would be payable under Clause 23.3 (Assignment or transfer fee) if the increase was a transfer                  pursuant to Clause 23.5 (Procedure for transfer) and if the Increase Lender was a New Lender.              (f)     The Company may pay to the Increase Lender a fee in the amount and at the times agreed between the Company and the Increase                  Lender in a letter between the Company and the Increase Lender setting out that fee. A reference in this Agreement to a Fee                  Letter shall include any letter referred to in this paragraph.                                                                  - 34 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (g)     Clause 23.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause 2.2 in relation to an                  Increase Lender as if references in that Clause to:                      (i)    an "Existing Lender" were references to all the Lenders immediately prior to the relevant increase;                      (ii)   the "New Lender" were references to that "Increase Lender"; and                      (iii)  a "re-transfer" and "re-assignment" were references to respectively a "transfer" and "assignment".       2.3    Finance Parties’ rights and obligations              (a)     The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its                  obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No                  Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.              (b)     The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any                  debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect of                  which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance                  Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a                  Loan or other amount owed by an Obligor which relates to a Finance Party’s participation in the Facility or its role under a                  Finance Document (including any such amount payable to the Agent on its behalf) is a debt owing to that Finance Party by the                  relevant Obligor.              (c)     A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance                  Documents.       3.     PURPOSE       3.1    Purpose              Each Borrower shall apply all amounts borrowed by it under the Facility towards:              (a)     financing the purchase price payable for the Target Shares of each Target Company under the Acquisition Documents;              (b)     refinancing Debt of any member of the Target Group;              (c)     financing Acquisition Costs and amounts payable in respect of interest, fees, costs and expenses in relation to the Facility or the                  Acquisition.                                                                  - 35 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           3.2    Monitoring              No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.       4.     CONDITIONS OF UTILISATION       4.1    Initial conditions precedent              (a)     No Borrower may deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in                  Schedule 2 (Conditions precedent) in form and substance satisfactory to the Agent. The Agent shall notify the Company and the                  Lenders promptly upon being so satisfied.              (b)     Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the                  notification described in paragraph (a) above, the Lenders authorise (but do not require) the Agent to give that notification. The                  Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.       4.2    Further conditions precedent              The Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on the date of the Utilisation Request and on the          proposed Utilisation Date (in relation to a Utilisation other than one to which Clause 4.3 (Certain Funds Period) applies):              (a)     there is no breach of Clause 21.16 (Financial indebtedness);              (b)     no Default is continuing or would result from the proposed Loan; and              (c)     the Repeating Representations to be made by each Obligor are true in all material respects.       4.3    Certain Funds Period              (a)     Except as set out in paragraph (b) below, but notwithstanding any other provision of the Finance Documents, during the Certain                  Funds Period, none of the Finance Parties shall be entitled to:                      (i)    refuse to participate in or make available its participation in any Certain Funds Utilisation;                      (ii)   cancel any of its Commitments to the extent to do so would prevent or limit the making of a Certain Funds Utilisation;                      (iii)  rescind, terminate or cancel this Agreement or the Facility or exercise any similar right or remedy or make or enforce                         any claim under the Finance Documents it may have to the extent to do so would prevent or limit the making of a                         Certain Funds Utilisation;                                                                  - 36 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (iv)   exercise any right of set-off or counterclaim in respect of a Utilisation to the extent to do so would prevent or limit the                         making a Certain Funds Utilisation; or                      (v)    cancel, accelerate or cause repayment or prepayment of any amounts owing under this Agreement or under any other                         Finance Document to the extent to do so would prevent or limit the making of a Certain Funds Utilisation,                      provided that immediately upon the expiry of the Certain Funds Period all such rights, remedies and entitlements shall be                  available to the Finance Parties notwithstanding that they may not have been used or been available for use during the Certain                  Funds Period.              (b)     Paragraph (a) above does not apply in respect of a Finance Party if, and to the extent that, the entitlement of that Finance Party                  arises because:                      (i)    in the case of sub-paragraph (a)(i) above, Clause 4.1 (Initial conditions precedent) has not been complied with;                      (ii)   a Major Default is continuing or, in the case of sub-paragraph (a)(i) above, a Major Default would result from the                         proposed Utilisation;                      (iii)  in the case of a Certain Funds Utilisation following the Final Acquisition Closing Date only, a Major Target Default is                         continuing or, in the case of sub-paragraph (a)(i) above, a Major Target Default would result from the proposed                         Utilisation;                      (iv)   in the case of sub-paragraph (a)(i) above, a Major Default under paragraph (d) of the definition thereof is continuing or                         would result from the proposed Utilisation (and, for the purposes of this sub-paragraph only, disregarding any applicable                         grace period);                      (v)    a Major Representation is not true in all material respects;                      (vi)   Clause 7.1 (Illegality) applies in respect of that Finance Party; or                      (vii)  Clause 7.2 (Merger), Clause 7.3 (Change of control) or Clause 7.6 (Mandatory Prepayment Event) applies.       4.4    Maximum number of Loans              (a)     A Borrower may not deliver a Utilisation Request if as a result of the proposed Utilisation the aggregate number of Loans                  outstanding under the Facility would exceed 4.              (b)     A Borrower may not request that a Loan be divided if, as a result of the proposed division, 4 or more Loans would be                  outstanding.                                                                  - 37 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                                                        SECTION 3                                                        UTILISATION       5.     UTILISATION - LOANS       5.1    Delivery of a Utilisation Request              A Borrower may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time.       5.2    Completion of a Utilisation Request              (a)     Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:                      (i)    the proposed Utilisation Date is a Business Day within the Availability Period;                      (ii)   the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and                      (iii)  the proposed Interest Period complies with Clause 9 (Interest Periods).              (b)     Only one Loan may be requested in each Utilisation Request.       5.3    Currency and amount              (a)     The currency specified in a Utilisation Request must be dollars.              (b)     The amount of the proposed Loan must be a minimum of US$ 10,000,000 or, if less, the Available Facility.       5.4    Lenders’ participation              (a)     If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available by the                  Utilisation Date through its Facility Office.              (b)     The amount of each Lender’s participation in each Loan will be equal to the proportion borne by its Available Commitment to the                  Available Facility immediately prior to making the Loan.       5.5    Lender Affiliates and Facility Office              (a)     In respect of a Loan or Loans to a particular Borrower ("Designated Loans") a Lender (a "Designating Lender") may at any                  time and from time to time designate (by written notice to the Agent and the Company):                      (i)    a substitute Facility Office from which it will make Designated Loans (a "Substitute Facility Office"); or                      (ii)   nominate an Affiliate to act as the Lender of Designated Loans (a "Substitute Affiliate Lender").                                                                  - 38 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     A notice to nominate a Substitute Affiliate Lender must be in the form set out in Schedule 12 (Form of Substitute Affiliate Lender                  Designation Notice) and be countersigned by the relevant Substitute Affiliate Lender confirming it will be bound as a Lender                  under this Agreement in respect of the Designated Loans in respect of which it acts as Lender.              (c)     The Designating Lender will act as the representative of any Substitute Affiliate Lender it nominates for all administrative                  purposes under this Agreement. The Obligors, the Agent and the other Finance Parties will be entitled to deal only with the                  Designating Lender, except that payments will be made in respect of Designated Loans to the Facility Office of the Substitute                  Affiliate Lender. In particular the Commitments of the Designating Lender will not be treated as reduced by the introduction of                  the Substitute Affiliate Lender for voting purposes under this Agreement or the other Finance Documents.              (d)     Save as mentioned in paragraph (c) above, a Substitute Affiliate Lender will be treated as a Lender for all purposes under the                  Finance Documents and having a Commitment equal to the principal amount of all Designated Loans in which it is participating                  if and for so long as it continues to be a Substitute Affiliate Lender under this Agreement.              (e)     A Designating Lender may revoke its designation of an Affiliate as a Substitute Affiliate Lender by notice in writing to the Agent                  and the Company provided that such notice may only take effect when there are no Designated Loans outstanding to the                  Substitute Affiliate Lender. Upon such Substitute Affiliate Lender ceasing to be a Substitute Affiliate Lender the Designating                  Lender will automatically assume (and be deemed to assume without further action by any Party) all rights and obligations                  previously vested in the Substitute Affiliate Lender.              (f)     If, as a result of the designation of a Substitute Facility Office or a Substitute Affiliate Lender, an Obligor would be obliged to                  make a payment to the Designating Lender acting through its Substitute Facility Office or the Substitute Affiliate Lender under                  Clause 12 (Tax gross-up and indemnities) or Clause 13 (Increased costs), then the Designating Lender acting through its                  Substitute Facility Office or the Substitute Affiliate Lender (as applicable) is only entitled to receive payment under those Clauses                  to the same extent as the Designating Lender would have been if such designation had not occurred.       5.6    Cancellation of Commitment              The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.                                                                  - 39 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                  SECTION 4                                      REPAYMENT, PREPAYMENT AND CANCELLATION       6.     REPAYMENT       6.1    Repayment of Loans              (a)     Each Borrower which has drawn a Loan shall repay that Loan on the Termination Date.              (b)     The Borrowers may not reborrow any part of the Facility which is repaid.       6.2    Extension Option              (a)     Following the expiry of the Certain Funds Period, the Company may in it is sole discretion at any time not more than ninety (90)                  days and not less than ten (10) Business Days prior to the original Termination Date request by written notice to the Agent that                  the Termination Date be extended once, in relation to all or any part of any Loan which is outstanding, by up to six (6) Months                  from the original Termination Date.              (b)     The request pursuant to paragraph (a) above (the "Extension Option Notice") shall be irrevocable and shall specify:                      (i)    the amount of each Loan to which the extension relates, provided that if a Loan is to be extended in part, the amount of                         the Loan extended shall be apportioned to the Lenders at that time pro rata to their Commitments in that Loan; and                      (ii)   the date to which the Termination Date of each Loan shall be extended (which shall, subject to paragraph (c) below, not                         fall more than six (6) Months after the original Termination Date) (the "Extended Termination Date").              (c)     The Extended Termination Date specified in the Extension Option Notice must fall on a date that is either one (1), two (2), three                  (3), four (4), five (5) or six (6) Months following the original Termination Date.              (d)     The Agent shall forward a copy of the Extension Option Notice to each Lender as soon as practicable after receipt of it.              (e)     The Company may not deliver more than one (1) Extension Option Notice.              (f)     If on the Termination Date:                      (i)    the extension option has been exercised in accordance with this Clause 6.2;                      (ii)   there is no Event of Default continuing; and                      (iii)  the Extension Fee has been paid in accordance with Clause 11.6 (Extension fee),                                                                  - 40 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                         the Termination Date shall be extended in accordance with this Clause 6.2 in relation to the amount of the Loan specified in the Extension          Option Notice until the Extended Termination Date.       7.     PREPAYMENT AND CANCELLATION       7.1    Illegality              If, in any applicable jurisdiction, it becomes unlawful for any Lender to perform any of its obligations as contemplated by this Agreement          or to fund or maintain its participation in any Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:              (a)     that Lender shall promptly notify the Agent upon becoming aware of that event;              (b)     upon the Agent notifying the Company, the Commitment of that Lender will be immediately cancelled; and              (c)     each Borrower shall repay that Lender’s participation in the Loans made to that Borrower on the last day of the Interest Period for                  each Loan occurring after the Agent has notified the Company or, if earlier, the date specified by the Lender in the notice                  delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender’s                  corresponding Commitment shall be cancelled in the amount of the participations repaid.       7.2    Merger              (a)     Prior to any Merger, the Company shall promptly, and in any event no later than 30 days prior to the completion of that Merger,                  notify the Agent of the proposed Merger.              (b)     If a Lender so requires and notifies the Agent within 20 days of the Company notifying the Agent of the Merger in accordance                  with paragraph (a) above, the Agent shall, by not less than 3 days’ notice to the Company, cancel the Commitment of that Lender                  and declare the participation of that Lender in all outstanding Loans of that Lender or Affiliate of that Lender, together with                  accrued interest and all other amounts accrued under the Finance Documents, due and payable within 5 Business Days or, if                  earlier, the Business Day preceding the date on which the Merger is completed, at which time the Commitment of that Lender                  will be cancelled and all such outstanding amounts will become due and payable prior to the completion of the Merger.       7.3    Change of Control              Upon the occurrence of a Change of Control:              (a)     the Company shall promptly notify the Agent upon becoming aware of that event;              (b)     a Lender shall not be obliged to fund a Utilisation; and                                                                  - 41 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (c)     the Commitment of each Lender shall be immediately cancelled, and if a Lender so requires and notifies the Agent within 20 days                  of the Company notifying the Agent of the event, the Agent shall declare the participation of that Lender in all outstanding Loans                  of that Lender or Affiliate of that Lender, together with accrued interest and all other amounts accrued under the Finance                  Documents, to be due and payable not less than 20 days following the delivery of such notice by the Lender.       7.4    Refinancings              (a)     At any time until the Total Commitments have been reduced to zero and all Loans have been prepaid in full, the Company shall                  procure that an amount equal to the Net Proceeds of:                      (i)    any debt securities or bonds (convertible or otherwise); or                      (ii)   any loans, other than:                             (A)     any intra-Group loan of the proceeds of debt securities or bonds (convertible or otherwise) referred to in                                 paragraph (a)(i) above; and                             (B)     any loan borrowed under the Revolving Credit Facility,                     in each case issued, incurred or borrowed by an Obligor, Cable Onda and, following the relevant Acquisition Closing Date, by (or                 in respect of) the applicable Target Company or any Subsidiary of that Target Company after the date of this Agreement and on or                 prior to the Termination Date or the Extended Termination Date (as applicable) (each a "Financing"), are applied in the                 prepayment of Loans or the cancellation of Available Commitments at the times and in the order of application contemplated by                 Clause 7.6 (Application of mandatory prepayments and cancellations), provided that the Net Proceeds received from any                 Financing up to an amount equal to the amount borrowed under the Revolving Credit Facility and applied to repay any outstanding                 Debt under the Cable Onda Bridge Facility, together with accrued interest on such amount, shall, provided such Net Proceeds are                 actually applied to repay such outstanding Debt under the Revolving Credit Facility, be disregarded for the purposes of this Clause                 7.4.              (b)     The Company shall notify the Agent immediately on receipt of any Net Proceeds related to a Financing received by an Obligor, a                  Target Company or any member of the Target Group.       7.5    Group disposals              (a)     The Company must procure that an amount equal to the Net Proceeds of any disposal of all or a material part of the Target Shares                  of a Target Company or the Cable Onda Shares, or any disposal of all or a material part of the assets of a Target Company and its                  Subsidiaries or of Cable Onda and its Subsidiaries (the "Disposal Proceeds"), other than disposals:                      (i)    made in the ordinary course of trading of the disposing entity;                                                                  - 42 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (ii)   of assets in exchange for other assets (other than cash, Cash Equivalents or shares) comparable or superior as to type,                         value and quality;                      (iii)  of cash for purposes not otherwise prohibited by the Finance Documents;                      (iv)   comprising any dividend or distribution not otherwise prohibited by the Finance Documents;                      (v)    which constitutes Security or Quasi-Security and is not prohibited under Clause 21.3 (Negative pledge);                      (vi)   of obsolete or redundant assets or waste, on arm’s length terms;                      (vii)  in respect of any Target Shares or Cable Onda Shares, to any member of the Group;                      (viii) effected pursuant to paragraph (c) of the definition of "Permitted Disposal";                      (ix)   in respect of any assets other than any Target Shares or Cable Onda Shares, to any member of the Group;                      (x)    made with the prior written consent of Majority Lenders;                      (xi)   where the Disposal Proceeds are applied or committed to be applied towards any capital expenditure not prohibited by                         the terms of this Agreement provided that the Disposal Proceeds are so applied within 6 Months of receipt; or                      (xii)  made pursuant to one or more sale and leaseback transactions and provided further that such disposal is not reasonably                         expected to have a Material Adverse Effect,                      are applied in full (after deduction of the portion of such Net Proceeds required to be applied to the repayment of other Debt of                  the Company or a Borrower pursuant to the Revolving Credit Facility, the Cable Onda Bridge Facility or any other such Debt                  existing as at the date of this Agreement) in the prepayment of Loans or the cancellation of Available Commitments at the times                  and in the order of application contemplated by Clause 7.6 (Application of mandatory prepayments and cancellations).              (b)     The Company shall notify the Agent immediately on receipt of any Disposal Proceeds received by any member of the Group.       7.6    Application of mandatory prepayments and cancellations              (a)     A prepayment of Loans or cancellation of Available Commitments under Clause 7.4 (Refinancings) or Clause 7.5 (Group                  disposals) above shall be applied in the order of application contemplated by the following order:                      (i)    first in prepayment of any outstanding Loans (with such amount being applied against such Loans as may be selected by                         the Company (or in the absence of such selection, pro rata against the outstanding Loans)); and                                                                  - 43 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (ii)   secondly, in cancellation of the Available Commitments (and the Available Commitments of the Lenders under the                         Facility will be cancelled rateably).                      Any excess Net Proceeds related to a Financing or any excess Disposal Proceeds thereafter may be retained by the relevant                  member of the Group.              (b)     The Company shall apply (or shall procure that the Borrowers shall apply) an amount equal to such Net Proceeds from each                  Financing in prepayment and/or cancellation of the Loans and/or Available Facilities immediately upon receipt of such Net                  Proceeds by any member of the Group.              (c)     The Company shall apply (or shall procure that the Borrowers shall apply) an amount equal to the Disposal Proceeds in                  prepayment and/or cancellation of the Loans and/or Available Facility on the earlier of: (i) the last day of the first Interest Period                  to end after receipt by any member of the Group of the Disposal Proceeds of such disposal; and (ii) the date falling one month                  after receipt of such Disposal Proceeds and, in the case of any cancellation, immediately on the day of notification of the receipt                  of such Disposal Proceeds.       7.7    Mandatory Prepayment Event              (a)     Subject to paragraph (b) below, upon the occurrence of a Mandatory Prepayment Event, the Facility will immediately be                  cancelled and all outstanding Utilisations, together with accrued interest, and all other amounts accrued under the Finance                  Documents, shall become immediately due and payable, and each Borrower shall prepay all outstanding amounts borrowed or                  otherwise payable by it within three Business Days of that date.              (b)     No cancellation shall occur and no prepayment shall be required to be made under paragraph (a) above, if:                      (i)    the aggregate amount of the Debt that is the subject of a Mandatory Prepayment Event, when aggregated with Debt that                         is the subject of a Cross Payment Default and/or Cross Acceleration (without double counting), is less than US$                         100,000,000 (or its equivalent in any other currency or currencies); or                      (ii)   the Mandatory Prepayment Event is waived by the Majority Lenders.       7.8    Voluntary cancellation              The Company may, if it gives the Agent not less than ten Business Days’ (or such shorter period as the Majority Lenders may agree) prior          notice, cancel the whole or any part (being a minimum amount of US$ 10,000,000) of an Available Facility. Any cancellation under this          Clause 7.8 shall reduce the Commitments of the Lenders rateably under the Facility.                                                                  - 44 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           7.9    Voluntary prepayment of Loans              The Borrower to which a Loan has been made may, if it gives the Agent not less than ten Business Days’ (or such shorter period as the          Majority Lenders may agree) prior notice, prepay the whole or any part of a Loan (but if in part, being an amount that reduces the amount          of the Loan by a minimum amount of US$ 10,000,000).       7.10   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) (except to the extent attributable to Panama Withholding Tax); or                      (ii)   any Lender claims indemnification from the Company under Clause 12.3 (Tax indemnity) (except to the extent                         attributable to Panama Withholding Tax) or Clause 13.1 (Increased costs);                     the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the                 Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender’s                 participation in the Loans or give the Agent notice of its intention to replace that Lender in accordance with paragraph (d) below.              (b)     On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitment of that Lender shall immediately be                  reduced to zero.              (c)     On the last day of each Interest Period which ends after the Company has given notice of cancellation under paragraph (a) above                  (or, if earlier, the date specified by the Company in that notice), each Borrower to which a Loan is outstanding shall repay that                  Lender’s participation in that Loan.              (d)     The Company may, in the circumstances set out in paragraph (a) above, on 15 Business Days’ prior notice to the Agent and that                  Lender, replace that Lender by requiring that Lender to (and to the extent permitted by law, that Lender shall) transfer pursuant to                  Clause 23 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other                  bank, financial institution, trust, fund or other entity selected by the Company which confirms its willingness to assume and does                  assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes to the Lenders) for a purchase price                  in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Lender’s                  participation in the outstanding Loans and all accrued interest (to the extent that the Agent has not given a notification under                  Clause 23.9 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance                  Documents.                                                                  - 45 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

              (e)     The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions:                      (i)    the Company shall have no right to replace the Agent in its capacity as agent of the Finance Parties;                      (ii)   neither the Agent nor any Lender shall have any obligation to find a replacement Lender;                      (iii)  in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of the fees received                         by such Lender pursuant to the Finance Documents; and                      (iv)   the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (d) above once it is satisfied                         that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and                         regulations in relation to that transfer.              (f)     A Lender shall perform the checks described in paragraph (e)(iv) above as soon as reasonably practicable following delivery of a                  notice referred to in paragraph (d) above and shall notify the Agent and the Company when it is satisfied that it has complied with                  those checks.       7.11   Right of cancellation in relation to a Defaulting Lender              (a)     If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting                  Lender, give the Agent at least 10 Business Days’ notice of cancellation of the Available Commitment of that Lender.              (b)     On the notice referred to in paragraph (a) above becoming effective, the Available Commitment of the Defaulting Lender shall                  immediately be reduced to zero.              (c)     The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders.       7.12   Restrictions              (a)     Any notice of cancellation or prepayment given by any Party under this Clause 7 shall be irrevocable and, unless a contrary                  indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be                  made and the amount of that cancellation or prepayment.              (b)     Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any                  Break Costs, without premium or penalty provided that no Break Costs shall payable in respect of any amounts prepaid pursuant                  to Clause 7.4 (Refinancings) or Clause 7.5 (Group disposals).              (c)     No Borrower may reborrow any part of the Facility which is prepaid.                                                                  - 46 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (d)     The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or any part of the Commitments except at the                  times and in the manner expressly provided for in this Agreement.              (e)     Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under this Agreement may be subsequently                  reinstated.              (f)     If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of that notice to either the Company or the                  affected Lender, as appropriate.              (g)     If all or part of any Lender’s participation in a Loan is repaid or prepaid an amount of that Lender’s Commitment (equal to the                  amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment.                                                                  - 47 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                                                        SECTION 5                                                   COSTS OF UTILISATION       8.     INTEREST       8.1    Calculation of interest              The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable:              (a)     Margin; and              (b)     LIBOR.       8.2    Payment of interest              The Borrower to which a Loan has been made shall pay accrued interest on that Loan on the last day of each Interest Period (and, if the          Interest Period is longer than six Months, on the dates falling at six Monthly intervals after the first day of the Interest Period).       8.3    Default interest              (a)     If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue                  amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph                  (b) below, is one per cent 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 of a                  duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by                  the Obligor on demand by the Agent.              (b)     If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest                  Period relating to that Loan:                      (i)    the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current                         Interest Period relating to that Loan; and                      (ii)   the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. per annum                         higher than the rate which would have applied if the overdue amount had not become due.              (c)     Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest                  Period applicable to that overdue amount but will remain immediately due and payable.       8.4    Notification of rates of interest              The Agent shall promptly notify the Lenders and the relevant Borrower of the determination of a rate of interest under this Agreement.                                                                  - 48 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           9.     INTEREST PERIODS       9.1    Selection of Interest Periods              (a)     A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that                  Loan or (if the Loan has already been borrowed) in a Selection Notice.              (b)     Each Selection Notice for a Loan is irrevocable and must be delivered to the Agent by the Borrower (or the Company on behalf                  of a Borrower) to which that Loan was made not later than the Specified Time.              (c)     If a Borrower (or the Company) fails to deliver a Selection Notice to the Agent in accordance with paragraph (b) above, the                  relevant Interest Period will be one Month.              (d)     Subject to this Clause 9, a Borrower (or the Company on behalf of a Borrower) may select an Interest Period of one, three or six                  Months or any other period agreed between the Company and the Agent (acting on the instructions of all the Lenders in relation                  to the relevant Loan).              (e)     An Interest Period for a Loan shall not extend beyond the Termination Date.              (f)     Each Interest Period for a Loan shall start on the Utilisation Date or (if already made) on the last day of its preceding Interest                  Period.       9.2    Non-Business Days              If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business          Day in that calendar month (if there is one) or the preceding Business Day (if there is not).       9.3    Consolidation and division of Loans              (a)     Subject to paragraph (b) below, if two or more Interest Periods:                      (i)    relate to Loans made to the same Borrower; and                      (ii)   end on the same date,                      those Loans will, unless that Borrower (or the Company on its behalf) specifies to the contrary in the Selection Notice for the next                  Interest Period, be consolidated into, and treated as, a single Loan on the last day of the Interest Period.              (b)     Subject to Clause 4.4 (Maximum number of Loans) and Clause 5.3 (Currency and amount), if a Borrower (or the Company on its                  behalf) requests in a Selection Notice that a Loan be divided into two or more Loans, that Loan will, on the last day of its Interest                  Period, be so divided into the amounts specified in that Selection Notice, being an aggregate amount equal to the amount of the                  Loan immediately before its division.                                                                  - 49 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           10.    CHANGES TO THE CALCULATION OF INTEREST       10.1   Absence of quotations              Subject to Clause 10.2 (Market disruption), if LIBOR is to be determined by reference to the Reference Banks but a Reference Bank does          not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR shall be determined on the basis of the          quotations of the remaining Reference Banks.       10.2   Market disruption              (a)     If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender’s share                  of that Loan for the Interest Period shall be the percentage rate per annum which is the sum of:                      (i)    the Margin; and                      (ii)   the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in                         respect of that Interest Period, to be that which expresses as a percentage rate per annum the cost to that Lender of                         funding its participation in that Loan from whatever source it may reasonably select.              (b)     In this Agreement "Market Disruption Event" means:                      (i)    at or about noon on the Quotation Day for the relevant Interest Period LIBOR is to be determined by reference to the                         Reference Banks and none or only one of the Reference Banks supplies a rate to the Agent to determine LIBOR for the                         relevant currency and the relevant Interest Period; or                      (ii)   before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives                         notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost to                         it of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR.       10.3   Alternative basis of interest or funding              (a)     If a Market Disruption Event occurs and the Agent or the Company so requires, the Agent and the Company shall enter into                  negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of                  interest.              (b)     Any alternative basis agreed pursuant to paragraph (a) above shall, with the prior consent of all the Lenders and the Company, be                  binding on all Parties.       10.4   Break Costs              (a)     Each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs                  attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest                  Period for that Loan or Unpaid Sum.                                                                  - 50 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of                  its Break Costs for any Interest Period in which they accrue.       11.    FEES       11.1   Upfront Fees              The Company shall pay (and, if required under the applicable Fee Letter, shall cause each Additional Borrower to pay), to the Agent (for          the account of each Lender) an upfront fee in the amounts and at the times agreed in a Fee Letter.       11.2   Ticking fee              The Company shall pay (and, if required under the applicable Fee Letter, shall cause each Additional Borrower to pay) to the Agent (for          the account of each Lender) a ticking fee in the amounts and at the times agreed in a Fee Letter.       11.3   Duration fee              The Company shall pay (and, if required under the applicable Fee Letter, shall cause each Additional Borrower to pay) to the Agent (for          the account of each Lender) a duration fee in the amounts and at the times agreed in a Fee Letter.       11.4   Funding fee              The Company shall pay (and, if required under the applicable Fee Letter, shall cause each Additional Borrower to pay) to the Agent (for          the account of each Lender) a funding fee in the amounts and at the times agreed in a Fee Letter.       11.5   Agency fee              The Company shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.       11.6   Extension fee              (a)     If the Company has delivered an Extension Option Notice under and in accordance with Clause 6.2 (Extension option), the                  Company shall, on or prior to the Original Termination Date, pay to the Agent (for the account of each Lender), an extension fee                  in an amount equal to 0.50 per cent. of the Total Commitments as at the original Termination Date (the "Extension Fee").              (b)     The Agent shall submit an invoice to the Company no less than five Business Days prior to the Original Termination Date for                  payment of the Extension Fee.                                                                  - 51 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                                                        SECTION 6                                            ADDITIONAL PAYMENT OBLIGATIONS       12.    TAX GROSS UP AND INDEMNITIES       12.1   Definitions              (a)     In this Agreement:                     "Protected Party" means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on                 account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or                 receivable) under a Finance Document.                     "Tax Credit" means a credit against, relief or remission for, or repayment of any Tax.                     "Tax Deduction" means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other                 than a FATCA Deduction.                     "Tax Payment" means either the increase in a payment made by an Obligor to a Finance Party under Clause 12.2 (Tax gross-up)                 or a payment under Clause 12.3 (Tax indemnity).              (b)    Unless a contrary indication appears, in this Clause 12 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 shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.              (b)     The Company shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in                  the rate or the basis of a Tax Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on becoming so                  aware in respect of a payment payable to that Lender. If the Agent receives such notification from a Lender it shall notify the                  Company and that Obligor.              (c)     If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be                  increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been                  due if no Tax Deduction had been required              (d)     If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in                  connection with that Tax Deduction within the time allowed and in the minimum amount required by law.              (e)     Within thirty days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor                  making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment a statement under section 975                  of the ITA or other evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as                  applicable) any appropriate payment paid to the relevant taxing authority.                                                                  - 52 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           12.3   Tax indemnity              (a)     The Company shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss,                  liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax                  by that Protected Party in respect of a Finance Document.              (b)     Paragraph (a) above shall not apply:                      (i)    with respect to any Tax assessed on a Finance Party:                             (A)     under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or                                 jurisdictions) in which that Finance Party is treated as resident for tax purposes; or                             (B)     under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts                                 received or receivable in that jurisdiction,                             if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to                         be received or receivable) by that Finance Party; or                      (ii)   to the extent a loss, liability or cost:                             (A)     is compensated for by an increased payment under Clause 12.2 (Tax gross-up);                             (B)     relates to a FATCA Deduction required to be made by a Party.              (c)     A Protected Party making, or intending to make a claim under paragraph (a) above shall promptly notify the Agent of the event                  which will give, or has given, rise to the claim, following which the Agent shall notify the Company.              (d)     A Protected Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Agent.       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 an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax                  Deduction in consequence of which that Tax Payment was required; and              (b)     that Finance Party has obtained and utilised that Tax Credit,                                                                  - 53 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                         the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same          after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.       12.5   Stamp taxes              The Company shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that          Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.       12.6   VAT              (a)     All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part)                  constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that                  supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance                  Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the                  VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such                  supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice                  to that Party) or, where applicable, directly account for such VAT at the appropriate rate under the reverse charge procedure                  provided for by the Council Directive 2006/112/EC on the common system of value added tax, as amended, and any relevant                  VAT provision of the jurisdiction in which the Party receives such supply.              (b)     If VAT is or becomes chargeable on any supply made by any Finance Party (the "Supplier") to any other Finance Party (the                  "Recipient") under a Finance Document, and any Party other than the Recipient (the "Relevant Party") is required by the terms                  of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required                  to reimburse or indemnify the Recipient in respect of that consideration):                      (i)    (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must                         also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT.                         The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit                         or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to                         the VAT chargeable on that supply; and                      (ii)   (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must                         promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that                         supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from                         the relevant tax authority in respect of that VAT.                                                                  - 54 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (c)     Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall                  reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part                  thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or                  repayment in respect of such VAT from the relevant tax authority.              (d)     Any reference in this Clause 12.6 to any Party shall, at any time when such Party is treated as a member of a group for VAT                  purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such                  group at such time (the term "representative member" to have the same meaning as in the Value Added Tax Act 1994).              (e)     In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such                  Finance Party, that Party must promptly provide such Finance Party with details of that Party’s VAT registration and such other                  information as is reasonably requested in connection with such Finance Party’s VAT reporting requirements in relation to such                  supply.       12.7   FATCA Information              (a)     Subject to paragraph (c) below, each Party shall, within ten Business Days of a reasonable request by another Party:                      (i)    confirm to that other Party whether it is:                             (A)    a FATCA Exempt Party; or                             (B)    not a FATCA Exempt Party; and                      (ii)   supply to that other Party such forms, documentation and other information relating to its status under FATCA                         (including its applicable "passthru payment percentage" or other information required under the US Treasury                         Regulations or other official guidance including intergovernmental agreements) as that other Party reasonably requests                         for the purposes of that other Party’s compliance with FATCA.              (b)     If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently                  becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably                  promptly.              (c)     Paragraph (a) above shall not oblige any Finance Party to do anything which would or might in its reasonable opinion constitute a                  breach of:                      (i)    any law or regulation;                      (ii)   any fiduciary duty; or                      (iii)  any duty of confidentiality.                                                                  - 55 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (d)     If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with                  paragraph (a) above (including, for the avoidance of doubt, where paragraph (c) above applies), then:                      (i)    if that Party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such Party shall be treated for                         the purposes of the Finance Documents as if it is not a FATCA Exempt Party; and                      (ii)   if that Party failed to confirm its applicable "passthru payment percentage" then such Party shall be treated for the                         purposes of the Finance Documents (and payments made thereunder) as if its applicable "passthru payment percentage"                         is 100%,                      until (in each case) such time as the Party in question provides the requested confirmation, forms, documentation or other                  information.              (e)     If a Borrower is a US Tax Obligor, or where the Agent reasonably believes that its obligations under FATCA require it, each                  Lender shall, within ten Business Days of:                      (i)    where a Borrower is a US Tax Obligor and the relevant Lender is an Original Lender, the date of this Agreement;                      (ii)   where a Borrower is a US Tax Obligor and the relevant Lender is a New Lender, the relevant Transfer Date;                      (iii)  the date a new US Tax Obligor accedes as a Borrower; or                      (iv)   where the Borrower is not a US Tax Obligor, the date of a request from the Agent,                      supply to the Agent:                      (v)    a withholding certificate on Form W-8 or Form W-9 (or any successor form) (as applicable); or                      (vi)   any withholding statement and other documentation, authorisations and waivers as the Agent may require to certify or                         establish the status of such Lender under FATCA.                      The Agent shall provide any withholding certificate, withholding statement, documentation, authorisations and waivers it receives                  from a Lender pursuant to this paragraph (e) to the Borrower and shall be entitled to rely on any such withholding certificate,                  withholding statement, documentation, authorisations and waivers provided without further verification. The Agent shall not be                  liable for any action taken by it under or in connection with this paragraph (e).              (f)     Each Lender agrees that if any withholding certificate, withholding statement, documentation, authorisations and waivers                  provided to the Agent pursuant to paragraph (e) above is or becomes materially inaccurate or incomplete, it shall promptly update                  such withholding certificate, withholding statement, documentation, authorisations and waivers or promptly notify the Agent in                  writing of its legal inability to do so. The Agent shall provide any such updated withholding certificate, withholding statement,                  documentation, authorisations and waivers to the Borrower. The Agent shall not be liable for any action taken by it under or in                  connection with this paragraph (f).                                                                  - 56 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           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, the Agent and the other Finance Parties.       13.    INCREASED COSTS       13.1   Increased costs              (a)     Subject to Clause 13.3 (Exceptions) the Company shall, within three Business Days of a demand by the Agent, pay for the                  account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:                      (i)    the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation after                         the date of this Agreement;                      (ii)   compliance with any law or regulation made after the date of this Agreement; or                      (iii)  the implementation or application of, or compliance with, Basel III or CRD IV or any law or regulation that implements                         or applies Basel III or CRD IV, to the extent such Increased Costs were not capable of being calculated with sufficient                         accuracy prior to the date of this Agreement.              (b)     In this Agreement:                      (i)    "Increased Costs" means:                             (A)     a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s) overall capital;                             (B)     an additional or increased cost; or                             (C)     a reduction of any amount due and payable under any Finance Document,                                                                  - 57 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                     which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance                        Party having entered into its Commitment or funding or performing its obligations under any Finance Document; and                      (ii)   "Basel III" means:                             (A)     the agreements on capital requirements, a leverage ratio and liquidity standards contained in "Basel III: A                                 global regulatory framework for more resilient banks and banking systems", "Basel III: International                                 framework for liquidity risk measurement, standards and monitoring" and "Guidance for national authorities                                 operating the countercyclical capital buffer" published by the Basel Committee on Banking Supervision in                                 December 2010, each as amended, supplemented or restated;                             (B)     the rules for global systemically important banks contained in "Global systemically important banks:                                 assessment methodology and the additional loss absorbency requirement – Rules text" published by the Basel                                 Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and                             (C)     any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel                                 III"; and                      (iii)  "CRD IV" means:                             (A)     Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential                                 requirements for credit institutions and investment firms; and                             (B)     Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity                                 of credit institutions and the prudential supervision of credit institutions and investment firms, amending                                 Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC.       13.2   Increased cost claims              (a)     A Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall notify the Agent of the event giving                  rise to the claim, following which the Agent shall promptly notify the Company.              (b)     Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its                  Increased Costs.                                                                  - 58 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           13.3   Exceptions              (a)     Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is:                      (i)    attributable to a Tax Deduction required by law to be made by an Obligor;                      (ii)   attributable to a FATCA Deduction required to be made by a Party;                      (iii)  compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3 (Tax                         indemnity) but was not so compensated solely because any of the exclusions in paragraph (b) of Clause 12.3 (Tax                         indemnity) applied); or                      (iv)   attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.              (b)     In this Clause 13.3, a reference to a "Tax Deduction" has the same meaning given to the term in Clause 12.1 (Definitions).       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,                      that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Finance Party to whom                  that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between                  (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of                  exchange available to that person at the time of its receipt of that Sum.              (b)     Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or                  currency unit other than that in which it is expressed to be payable.                                                                  - 59 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

       14.2   Other indemnities              The Company shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify each Finance Party against          any cost, loss or liability incurred by that Finance Party as a result of:              (a)     the occurrence of any Event of Default;              (b)     a failure by an Obligor to pay any amount due and payable by such Obligor under a Finance Document on its due date, including                  without limitation, any cost, loss or liability arising as a result of Clause 27 (Sharing among the Finance Parties);              (c)     funding, or making arrangements to fund, its participation in a Loan requested by a Borrower in a Utilisation Request but not                  made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or                  negligence by that Finance Party alone); or              (d)     a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Company.              If Cable Onda becomes an Additional Borrower, the other Obligors and the Finance Parties acknowledge and agree that Cable Onda shall          not be responsible for the obligations of any other Borrower or the Guarantor under the Finance Documents.       14.3   Indemnity to the Agent              The Company shall promptly indemnify the Agent against:              (a)     any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:                      (i)    investigating any event which it reasonably believes is a Default, provided that the Agent shall provide the Company                         with prior written notice thereof; or                      (ii)   acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and                         appropriately authorised.       14.4   Acquisition indemnity              The Company shall within three Business Days of demand indemnify each Finance Party, each Affiliate of a Finance Party and each          officer or employee of a Finance Party or its Affiliate, against any cost, loss or liability incurred by that Finance Party or its Affiliate (or          officer or employee of that Finance Party or Affiliate) solely in its capacity as a Finance Party, an Affiliate of that Finance Party or any of          their respective employees or officers in connection with or arising out of the Acquisition or the funding of the Acquisition (including but          not limited to those incurred in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry concerning          the Acquisition), unless such loss or liability is caused by the gross negligence or wilful misconduct of that Finance Party or its Affiliate          (or employee or officer of that Finance Party or Affiliate), provided that the foregoing indemnity shall not apply to any cost, loss or          liability incurred by a Finance Party, an Affiliate of a Finance Party or any of their respective employees or officers arising from or relating          to the involvement of that Finance Party, any of its Affiliates or their respective employees or officers in the Acquisition or the funding of          the Acquisition in any other capacity, including without limitation as a financial or other advisor to any party to the Acquisition and any of          their respective Affiliates. Any Affiliate or any officer or employee of a Finance Party or its Affiliate may rely on this Clause 14.4 subject          to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act.                                                                  - 60 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           15.    MITIGATION BY THE LENDERS       15.1   Mitigation              (a)     Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise                  and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1                  (Illegality), Clause 12 (Tax gross-up and indemnities) (except to the extent attributable to Panama Withholding Tax), or Clause                  13 (Increased costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another                  Affiliate or Facility Office.              (b)     Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.       15.2   Limitation of liability              (a)     The Company shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party                  as a result of steps taken by it under Clause 15.1 (Mitigation).              (b)     A Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the opinion of that Finance Party (acting                  reasonably), to do so might be prejudicial to it.       16.    COSTS AND EXPENSES       16.1   Transaction expenses              (a)     Subject to paragraph (b) below, the Company shall promptly, and in any event within 30 Business Days of, written demand pay                  the Agent and the Arranger the amount of all documented costs and expenses (including legal fees, up to the limit of an agreed                  amount) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution and syndication                  of:                      (i)    this Agreement and any other documents referred to in this Agreement; and                      (ii)   any other Finance Documents executed after the date of this Agreement.                                                                  - 61 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     Cost and expenses other than legal fees, incurred by the Agent and the Arranger, in an amount in excess of:                      (i)    US$ 15,000, individually; or                      (ii)   US$ 30,000 in the aggregate (or its equivalent in any currency or currencies),                      shall be reimbursed by the Company in accordance with paragraph (a) above, only if such costs and expenses were incurred with                  the prior consent of the Company.       16.2   Amendment costs              If (a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 28.10 (Change of          currency), the Company shall, within three Business Days of demand, reimburse the Agent for the amount of all documented costs and          expenses (including legal fees), in each case up to the limit of an agreed amount (provided that the Agent shall not be obliged to take any          action pursuant to this Clause 16.2 in the absence of any such agreement), reasonably incurred by the Agent in responding to, evaluating,          negotiating or complying with that request or requirement.       16.3   Enforcement costs              The Company shall, within three Business Days of demand, pay to each Finance Party the amount of all documented costs and expenses          (including legal fees) incurred by it in connection with the enforcement of, or the preservation of any rights under, any Finance Document.                                                                  - 62 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                                                        SECTION 7                                                         GUARANTEE       17.    GUARANTEE AND INDEMNITY       17.1   Guarantee and indemnity              The Guarantor irrevocably and unconditionally:              (a)     guarantees to each Finance Party punctual performance by each Borrower of all that Borrower’s obligations under the Finance                  Documents;              (b)     undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under or in connection with                  any Finance Document, the Guarantor shall immediately on demand pay that amount as if it was the principal obligor; and              (c)     agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal it will, as an                  independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it                  incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have                  been payable by it under any Finance Document on the date when it would have been due. The amount payable by the Guarantor                  under this indemnity will not exceed the amount it would have had to pay under this Clause 17 if the amount claimed had been                  recoverable on the basis of a guarantee.       17.2   Continuing guarantee              This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Borrower under the Finance          Documents, regardless of any intermediate payment or discharge in whole or in part.       17.3   Reinstatement              If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or          otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or          must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantor under this          Clause 17 will continue or be reinstated as if the discharge, release or arrangement had not occurred.       17.4   Waiver of defences              The obligations of the Guarantor under this Clause 17 will not be affected by any act, omission, matter or thing which, but for this Clause,          would reduce, release or prejudice any of its obligations under this Clause 17 (without limitation and whether or not known to it or any          Finance Party) including:              (a)     any time, waiver or consent granted to, or composition with, any Obligor or other person;                                                                  - 63 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any                  member of the Group;              (c)     the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights                  against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or                  other requirement in respect of any instrument or any failure to realise the full value of any security;              (d)     any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor                  or any other person;              (e)     any amendment, novation, supplement, extension or restatement (however fundamental and whether or not more onerous) or                  replacement of a Finance Document or any other document or security including without limitation any change in the purpose of,                  any extension of, or any increase in, any facility or the addition of any new facility under any Finance Document or other                  document;              (f)     any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document                  or security; or              (g)     any insolvency or similar proceedings.       17.5   Immediate recourse              The Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or          enforce any other rights or security or claim payment from any person before claiming from the Guarantor under this Clause 17. This          waiver applies irrespective of any law or any provision of a Finance Document to the contrary.       17.6   Appropriations              Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been          irrevocably paid in full, each Finance Party (or any trustee or agent on its behalf) may:              (a)     refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or                  agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether                  against those amounts or otherwise) and the Guarantor shall not be entitled to the benefit of the same; and              (b)     hold in an interest-bearing suspense account any moneys received from the Guarantor or on account of the Guarantor’s liability                  under this Clause 17.       17.7   Deferral of Guarantor’s rights              Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been          irrevocably paid in full and unless the Agent otherwise directs, the Guarantor will not exercise any rights which it may have by reason of          performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this          Clause 17:                                                                  - 64 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (a)     to be indemnified by an Obligor;              (b)     to claim any contribution from any other guarantor of any Obligor’s obligations under the Finance Documents;              (c)     to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under                  the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by                  any Finance Party;              (d)     to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect                  of which the Guarantor has given a guarantee, undertaking or indemnity under Clause 17.1 (Guarantee and Indemnity);              (e)     to exercise any right of set-off against any Obligor; and/or              (f)     to claim or prove as a creditor of any Obligor in competition with any Finance Party.              If the Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to          the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection          with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or          as the Agent may direct for application in accordance with Clause 28 (Payment mechanics).       17.8   Additional security              This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any          Finance Party.                                                                  - 65 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                                                        SECTION 8                               REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT       18.    REPRESENTATIONS              Each Obligor makes the representations and warranties set out in this Clause 18 to each Finance Party on the date of this Agreement.       18.1   Status              (a)     It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation.              (b)     It and each of its Subsidiaries has the power to own its assets and carry on its business as it is being conducted.       18.2   Binding obligations              The obligations expressed to be assumed by it in each Finance Document are, subject to any general principles of law limiting its          obligations which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of Utilisation) or Clause 24          (Changes to the Obligors), (the "Legal Reservations"), legal, valid, binding and enforceable obligations.       18.3   Non-conflict with other obligations              The entry into and performance by it of, and the transactions contemplated by, the Finance Documents do not and will not conflict with:              (a)     any law or regulation applicable to it;              (b)     its or any of its Subsidiaries’ constitutional documents; or              (c)     any agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its Subsidiaries’ assets which has or                  could reasonably be expected to have a Material Adverse Effect.       18.4   Power and authority              It has the power to enter into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery          of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents.       18.5   Validity and admissibility in evidence              All Authorisations required or desirable:              (a)     to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance Documents to which it is a                  party; and              (b)     to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of incorporation,                                                                  - 66 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  have been obtained or effected and are in full force and effect.       18.6   Governing law and enforcement              (a)     Subject to the Legal Reservations, the choice of English law as the governing law of the Finance Documents will be recognised                  and enforced in its jurisdiction of incorporation.              (b)     Subject to the Legal Reservations, any judgment obtained in England in relation to a Finance Document will be recognised and                  enforced in its jurisdiction of incorporation.       18.7   Insolvency              No:              (a)     corporate action, legal proceeding or other procedure or step described in paragraph (a) of Clause 22.7(Insolvency proceedings);                  or              (b)     creditors’ process described in Clause 22.8 (Creditors’ process),              has been taken or, to the knowledge of the Company, threatened in relation to a Material Company, and none of the circumstances          described in Clause 22.6 (Insolvency) applies to a Material Company.       18.8   Deduction of Tax              Other than any payments that are subject to Panama Withholding Tax (in the event that Cable Onda becomes an Additional Borrower), it is          not required to make any deduction for or on account of Tax from any payment it may make under any Finance Document.       18.9   No filing or stamp taxes              Other than the payment of stamp taxes on the proceeds of the Loan used for the acquisition of Target 1, under the law of its jurisdiction of          incorporation it is not necessary that the Finance Documents be filed, recorded or enrolled with any court or other authority in that          jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions          contemplated by the Finance Documents.       18.10  No default              (a)     No Event of Default is continuing or might reasonably be expected to result from the making of any Utilisation.              (b)     No other event or circumstance is outstanding which constitutes a default under any other agreement or instrument which is                  binding on it or on any Significant Subsidiary, or to which its (or any Significant Subsidiary’s) assets are subject which might                  have a Material Adverse Effect.                                                                  - 67 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           18.11  No misleading information              (a)     All material information provided to the Arrangers in writing by the Company relating to the Acquisition (excluding the                  confidential information memorandum prepared by the Sellers for the purposes of the Acquisition and any information provided                  to an Arranger in any capacity other than as an Arranger or a Lender in relation to the Facility, including without limitation as a                  financial or other advisor to the Company, any other member of the Group or any member of the Target Group) is accurate in all                  material respects and not misleading in any material respect.              (b)     Any factual information contained in the Annual Report was true and accurate in all material respects as at the date it was                  provided or as at the date (if any) at which it is stated.              (c)     Nothing has occurred or been omitted from the Annual Report and no information has been given or withheld that results in the                  information contained in the Annual Report being untrue or misleading in any material respect, in each case as at the date it was                  provided or as at the date (if any) at which it is stated.       18.12  Financial statements              (a)     Its Original Financial Statements were prepared in accordance with IFRS consistently applied.              (b)     Its Original Financial Statements fairly represent its financial condition and operations (consolidated in the case of the Company)                  during the relevant Financial Year.              (c)     There has been no material adverse change in its business or financial condition (or the business or consolidated financial                  condition of the Group, in the case of the Company) since the date of the most recent financial statements delivered pursuant to                  Clause 19.1 (Financial statements).       18.13  Pari passu ranking              Its payment obligations under the Finance Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated          creditors, except for obligations mandatorily preferred by law applying to companies generally.       18.14  No proceedings              Save as disclosed in the Original Financial Statements or relating to a Disclosed Investigation, no litigation, arbitration or administrative          proceedings of or before any court, arbitral body or agency which, if adversely determined, are reasonably likely to have a Material          Adverse Effect have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries.                                                                  - 68 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           18.15  Environmental compliance              Each Obligor and Significant Subsidiary has performed and observed in all material respects all Environmental Law, Environmental          Permits and all other material covenants, conditions, restrictions or agreements directly or indirectly concerned with any contamination,          pollution or waste or the release or discharge of any toxic or hazardous substance in connection with any real property which is or was at          any time owned, leased or occupied by any Obligor or Significant Subsidiary or on which any Obligor or Significant Subsidiary has          conducted any activity where failure to do so might reasonably be expected to have a Material Adverse Effect.       18.16  Taxation              (a)     Except for any Permitted Tax Non-Payments, it has duly and punctually paid and discharged all Taxes imposed upon it or its                  assets within the time period allowed.              (b)     It is not materially overdue in the filing of any Tax returns.              (c)     No claims are being or are reasonably likely to be asserted against it with respect to Taxes that could reasonably be expected to                  have a Material Adverse Effect.       18.17  Anti-corruption, anti-bribery and anti-money laundering laws and regulations              Save for any Disclosed Investigation, no Obligor, and no Subsidiary, director or officer of any Obligor and, to the best of its knowledge          and belief, no Affiliate, has engaged in any activity or conducted its businesses in any way which would violate any applicable anti-          corruption, anti-bribery or anti-money laundering laws or regulations and each Obligor has instituted and maintains policies and          procedures designed to promote and achieve compliance with such laws and regulations.       18.18  Sanctions              Each Obligor represents in respect of itself and in respect of its Subsidiaries, directors and officers that:              (a)     it is not the subject of any Sanctions; and              (b)     it is not violating any Sanctions,              in either case applicable to it, provided that, this representation and warranty shall not be deemed to be made to or for the benefit of any          Finance Party or any director, officer or employee thereof to the extent that this provision would expose that Finance Party or any director,          officer or employee thereof to any liability under any applicable anti-boycott law, regulation or statute.       18.19  Intellectual Property              It and each of its Subsidiaries:              (a)     is the sole legal and beneficial owner of or has licensed to it on normal commercial terms all the Intellectual Property which is                  material in the context of its business and which is required by it in order to carry on its business as it is being conducted;                                                                  - 69 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     does not (nor does any of its Subsidiaries), in carrying on its businesses, infringe any Intellectual Property of any third party; and              (c)     has taken all formal or procedural actions (including payment of fees) required to maintain any material Intellectual Property                  owned by it,              save, in each case, where failure to be so or to do so or to have done or does not and is not reasonably likely to have a Material Adverse          Effect.       18.20  Acquisition arrangements              Each Obligor represents in respect of itself and the Purchaser that:              (a)     it has complied in all material respects with applicable laws and regulations in relation to the Acquisition.              (b)     the performance by it of, and the transactions contemplated by, the Acquisition Documents do not and will not conflict with:                      (i)    any law or regulation applicable to it;                      (ii)   its constitutional documents; or                      (iii)  any agreement or instrument binding upon it or any of its assets.              (c)     the obligations expressed to be assumed by the Purchaser in each Acquisition Document are legal, valid, binding and enforceable                  obligations.              (d)     the Purchaser has the power to perform, and has taken all necessary action to authorise its performance of, the Acquisition                  Documents to which it is a party and the transactions contemplated by those Acquisition Documents.              (e)     the Acquisition Documents contain all the terms of the Acquisition.       18.21  Centre of main interests and establishments              For the purposes of the Regulation, its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in          Luxembourg, Sweden, the United Kingdom or the United States of America and it has no "establishment" (as that term is used in Article          2(10) of the Regulation) in any other jurisdiction.       18.22  Repetition              (a)     The Repeating Representations are deemed to be made by each Obligor (by reference to the facts and circumstances then                  existing) on:                      (i)    the date of each Utilisation Request and the first day of each Interest Period; and                      (ii)   in the case of an Additional Borrower, the day on which it becomes (or it is proposed that it becomes) an Additional                         Borrower.                                                                  - 70 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     Clause 18.20 (Acquisition arrangements) is deemed to be made on the date of each Utilisation Request and on the date of each                  Utilisation.       19.    INFORMATION UNDERTAKINGS              The undertakings in this Clause 19 remain in force from the date of this Agreement for so long as any amount is outstanding under the          Finance Documents or any Commitment is in force.       19.1   Financial statements              The Company shall supply to the Agent:              (a)     as soon as the same become available, but in any event within 120 days after the end of each of its Financial Years:                      (i)    its audited consolidated financial statements for that Financial Year; and                      (ii)   its audited unconsolidated financial statements for that Financial Year;              (b)     as soon as it is available, but in any event within 60 days after the end of each Financial Quarter of each of its Financial Years                  (other than the Financial Quarter ending at the end of a Financial Year), its Quarterly Report for that Financial Quarter;              (c)     as soon as the same become available, but in any event within 90 days after the end of each Financial Quarter of each of its                  Financial Years (other than the Financial Quarter ending at the end of a Financial Year), if required to be prepared under IFRS, an                  unaudited pro forma interim condensed consolidated income statement and a statement of financial position of the Company,                  together with explanatory footnotes, for any acquisitions, dispositions or recapitalisations that have occurred since the beginning                  of the most recently completed Financial Year as to which such quarterly report relates; provided that such pro forma financial                  information will be provided only to the extent available without unreasonable expense, in which case the Company will provide,                  in the case of a material acquisition, the financial statements of the acquired company to the extent available without                  unreasonable expense; and              (d)     as soon as the same become available, but in any event within 90 days after the end of each Financial Quarter of each of its                  Financial Years:                      (i)    the details of sums being upstreamed by way of dividend or loan on a Subsidiary by Subsidiary basis; and                      (ii)   the unaudited unconsolidated quarterly, semi-annual and annual financial statements in respect of:                             (A)     each Significant Subsidiary incorporated in Guatemala and Paraguay for so long as such unconsolidated                                 financial statements are prepared in respect of such Significant Subsidiaries; and                                                                  - 71 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                 (B)     any other Significant Subsidiary to the extent such unconsolidated financial statements are prepared in respect                                 of those Significant Subsidiaries.       19.2   Compliance Certificate              (a)     The Company shall supply to the Agent, with each set of financial statements delivered pursuant to paragraphs (a)(i) and (b) of                  Clause 19.1 (Financial statements), a Compliance Certificate setting out (in reasonable detail) computations as to compliance                  with Clause 20 (Financial covenants) as at the date at which those financial statements were drawn up.              (b)     Each Compliance Certificate shall be signed by the Chief Executive Officer or the Chief Financial Officer of the Company in the                  form agreed by the Company and the Majority Lenders.       19.3   Requirements as to financial statements              (a)     Each set of financial statements delivered by the Company pursuant to Clause 19.1 (Financial statements) shall be certified by a                  director of the relevant company as fairly representing its financial condition as at the date at which those financial statements                  were drawn up.                                                                   (b)                      (i)    The Company shall procure that each set of financial statements of the Company or any of its Subsidiaries delivered                         pursuant to Clause 19.1 (Financial statements) is prepared using IFRS. If there is a change to IFRS that might result in                         any material alteration in the commercial effect of any of the terms of this Agreement (a "Material IFRS Change"), the                         Company shall notify the Agent and, if the Agent so requests, deliver to the Agent sufficient information, in form and                         substance as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 22 (Financial                         covenants) has been complied with notwithstanding such Material IFRS Change.                      (ii)   If the Company notifies the Agent of a Material IFRS Change in accordance with paragraph (i) above, then the                         Company and Agent shall enter into negotiations in good faith with a view to agreeing any amendments to this                         Agreement which may be necessary to ensure that the Material IFRS Change does not result in any material alteration in                         the commercial effect of the terms of this Agreement, and if any amendments are agreed they shall take effect and be                         binding on each of the Parties in accordance with their terms.       19.4   Information: miscellaneous              (a)     The Company shall keep the Agent reasonably updated as to the status and progress of (or otherwise in respect of) the                  Acquisition (subject to the requirements of applicable law).                                                                  - 72 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     The Company shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):                      (i)    all documents despatched by the Company to the shareholders of its publicly listed shares (or any class of them) or its                         creditors generally (or any class of them) at the same time as they are dispatched;                      (ii)   promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are                         current, threatened or pending against any member of the Group and which might, if adversely determined, have a                         Material Adverse Effect, provided that this requirement and the notification requirement under Clause 21.12                         (Environmental Claims) shall be deemed satisfied where such details are contained in the Quarterly Report or the annual                         financial statements of the Company;                      (iii)  promptly after the occurrence of any material acquisition, disposition or restructuring of the Group, or any changes to                         the Chief Executive Officer or Chief Financial Officer at the Company, or any other material event that the Company                         announces publicly, a press release or report containing a description of such event; and                      (iv)   promptly, such further information (which is not of a confidential nature) regarding the financial condition, assets and                         operations of any member of the Group as any Finance Party (through the Agent) may reasonably request.       19.5   Notification of default              (a)     Each Obligor shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming                  aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).              (b)     Promptly upon a request by the Agent, the Company shall supply to the Agent a certificate signed by two of its directors or senior                  officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if                  any, being taken to remedy it).       19.6   Use of websites              (a)     The Company may satisfy its obligation under this Agreement to deliver any information in relation to:                      (i)    the Original Lenders; and                      (ii)   those Lenders who accept this method of communication,                      (together with the Original Lenders, the "Website Lenders"), by posting this information onto an electronic website designated                  by the Company and the Agent (the "Designated Website") if:                                                                  - 73 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                 (A)     the Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of                                 the information by this method;                             (B)     both the Company and the Agent are aware of the address of and any relevant password specifications for the                                 Designated Website; and                             (C)     the information is in a format previously agreed between the Company and the Agent.              If any Lender (a "Paper Form Lender") does not agree to the delivery of information electronically then the Agent shall notify the          Company accordingly and the Company shall supply the information to the Agent (in sufficient copies for each Paper Form Lender) in          paper form. In any event the Company shall supply the Agent with at least one copy in paper form of any information required to be          provided by it.              (b)     The Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated                  Website following designation of that website by the Company and the Agent.              (c)     The Company shall promptly upon becoming aware of its occurrence notify the Agent if:                      (i)    the Designated Website cannot be accessed due to technical failure;                      (ii)   the password specifications for the Designated Website change;                      (iii)  any new information which is required to be provided under this Agreement is posted onto the Designated Website;                      (iv)   any existing information which has been provided under this Agreement and posted onto the Designated Website is                         amended; or                      (v)    the Company becomes aware that the Designated Website or any information posted onto the Designated Website is or                         has been infected by any electronic virus or similar software.                      If the Company notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the                  Company under this Agreement after the date of that notice shall be supplied in paper form unless and until the Agent and each                  Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.              (d)     Any Website Lender may request, through the Agent, one paper copy of any information required to be provided under this                  Agreement which is posted onto the Designated Website. The Company shall comply with any such request within ten Business                  Days.                                                                  - 74 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           19.7   "Know your customer" checks              (a)     If:                      (i)    the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation                         made after the date of this Agreement;                      (ii)   any change in:                             (A)     the status of an Obligor; or                             (B)     the composition of the shareholders of an Obligor (other than the Company),                             after the date of this Agreement; or                      (iii)  a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is                         not a Lender prior to such assignment or transfer,                      obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with "know                  your customer" or similar identification procedures in circumstances where the necessary information is not already available to                  it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such documentation                  and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in                  the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for the Agent, such                  Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it                  has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant                  to the transactions contemplated in the Finance Documents.              (b)     Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other                  evidence as is reasonably requested by the Agent (for itself) in order for the Agent to carry out and be satisfied it has complied                  with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the                  transactions contemplated in the Finance Documents.              (c)     The Company shall, by not less than ten Business Days’ prior written notice to the Agent, notify the Agent (which shall promptly                  notify the Lenders) of its intention to request that one of its Subsidiaries becomes an Additional Borrower pursuant to Clause 24                  (Changes to the Obligors).                                                                  - 75 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (d)     Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Borrower obliges the                  Agent or any Lender to comply with "know your customer" or similar identification procedures in circumstances where the                  necessary information is not already available to it, the Company shall promptly upon the request of the Agent or any Lender                  supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on                  behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender                  or any prospective new Lender to carry out and be satisfied it has complied with all necessary "know your customer" or other                  similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as an                  Additional Borrower.       20.    FINANCIAL COVENANTS       20.1   Financial definitions              In this Clause 20:              "Acquired Debt" means Debt of any person (i) incurred and outstanding at the time it becomes a member of the Group or is merged,          consolidated, amalgamated or otherwise combined with or into a member of the Group including pursuant to any acquisition of assets and          assumption of related liabilities or (ii) incurred to provide all or part of the funds utilised to consummate the transaction or series of related          transactions pursuant to which such person became a member of the Group or was otherwise acquired by a member of the Group; provided          that, after giving pro forma effect to the transaction or transactions by which such person becomes a member of the Group or is merged,          consolidated, amalgamated or otherwise combined with or into a member of the Group, either (i) the Company is in compliance with the          requirements of paragraph (a) of Clause 20.2 (Financial Condition) or (ii) the Net Leverage Ratio would not be more than such ratio          before giving effect to such transaction or transactions.              "Cash Equivalents" means, with respect to any person:              (a)     Government Securities;              (b)     deposit accounts, certificates of deposit and Eurodollar time deposits and money market deposits, bankers’ acceptances and                  overnight bank deposits, in each case issued by or with (i) any of the Original Lenders; (ii) a bank or trust company which is                  organized under the laws of the United States of America, any state thereof, the United Kingdom, Switzerland, Canada, Australia                  or any member state of the European Union, and which bank or trust company has capital, surplus and undivided profits                  aggregating in excess of US$ 100,000,000 (or its equivalent in any other currency or currencies) and has outstanding debt which                  is rated "A" (or such similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as                  defined in Rule 436 under the Securities Act), or (iii) any money market fund sponsored by a U.S. registered broker dealer or                  mutual fund distributor;              (c)     repurchase obligations with a term of not more than seven days for underlying securities of the types described in paragraph (b)(i)                  and paragraph (b)(ii) entered into with any financial institution meeting the qualifications specified in paragraph (b)(ii) above;                                                                  - 76 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (d)     commercial paper having one of the two highest ratings obtainable from Fitch Ratings Ltd or Moody’s Investor Services Limited                  and in each case maturing within 365 days after the date of acquisition;              (e)     money market funds mutual funds at least 95% of the assets of which constitute Cash Equivalents of the types described in                  paragraphs (a) through (d) of this definition; and              (f)     with respect to any person organised under the laws of, or having its principal business operations in, a jurisdiction outside the                  United States, those investments that are of the same type as investments in paragraphs (a), (c) and (d) of this definition except                  that the obligor thereon is organised under the laws of the country (or any political subdivision thereof) in which such person is                  organised or conducting business.              "Consolidated EBITDA" means, for any period, operating profit, as such amount is determined in the Company’s consolidated income          statement in accordance with IFRS, plus the sum of the following amounts, in each case, without double counting. Losses shall be added          (as a positive number) and gains shall be deducted, in each case, to the extent such amounts were included in calculating operating profit:              (a)     depreciation and amortization expenses, as indicated in the Company’s consolidated statement of cash flows;              (b)     the net loss or gain on the disposal and impairment of assets, as indicated in the Company’s consolidated statement of cash flows;              (c)     share-based compensation expenses, as indicated in the Company’s consolidated statement of cash flows;              (d)     in accordance with IFRS accounting practice other non-cash charges reducing operating profit (provided that if any such non-cash                  charge represents an accrual of or reserve for potential cash charges in any future period, the cash payment in respect thereof in                  such future period shall reduce operating profit to such extent, and excluding amortization of a prepaid cash item that was paid in                  a prior period) less other non-cash items of income increasing operating income (excluding any such non-cash item of income to                  the extent it represents (x) a receipt of cash payments in any future period, (y) the reversal of an accrual or reserve for a potential                  cash item that reduced operating income in any prior period and (z) any non-cash gains with respect to cash actually received in a                  prior period so long as such cash did not increase operating income in such prior period);              (e)     any material extraordinary, one-off, non-recurring, exceptional or unusual gain, loss, expense or charge, including any charges or                  reserves in respect of any restructuring, redundancy, relocation, refinancing, integration or severance or other post-employment                  arrangements, signing, retention or completion bonuses, transaction costs, acquisition costs, disposition costs, business                  optimization, information technology implementation or development costs, costs related to governmental investigations and                  curtailments or modifications to pension or postretirement benefits schemes, litigation or any asset impairment charges or the                  financial impacts of natural disasters (including fire, flood and storm and related events);                                                                  - 77 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (f)     the effects of adjustments in its consolidated financial statements pursuant to IFRS (including inventory, property, equipment,                  software, goodwill, intangible assets, in process research and development, deferred revenue and debt line items) attributable to                  the application of recapitalization accounting or acquisition accounting, as the case may be, in relation to any consummated                  acquisition or joint venture investment or the amortization or write-off or writedown of amounts thereof, net of taxes;              (g)     any reasonable expenses, charges or other costs related to any sale of Capital Stock (other than Redeemable Stock) of the                  Company or a Holding Company of the Company, Investment, acquisition, disposition, recapitalization or the incurrence of any                  Debt, in each case, as determined in good faith by a responsible financial or accounting officer of the Company;              (h)     any gains or losses on associates;              (i)     any unrealized gains or losses due to changes in the fair value of equity Investments;              (j)     any unrealized gains or losses due to changes in the fair value of Permitted Interest Rate, Currency or Commodity Price                  Agreements;              (k)     any unrealized gains or losses due to changes in the carrying value of put options in respect of Capital Stock of, or voting rights                  with respect to, any Subsidiary, joint venture or associate;              (l)     any unrealized gains or losses due to changes in the carrying value of call options in respect of Capital Stock of, or voting rights                  with respect to, any Subsidiary, joint venture or associate;              (m)     any net foreign exchange gains or losses;              (n)     in accordance with IFRS accounting practice, any adjustments to reduce the impact of the cumulative effect of a change in                  accounting principles and changes as a result of the adoption or modification of accounting policies;              (o)     accruals and reserves that are established or adjusted within twelve months after the closing date of any acquisition that are so                  required to be established or adjusted in accordance with IFRS;              (p)     any expenses, charges or losses to the extent covered by insurance or indemnity and actually reimbursed, or, so long as the                  Company or a Subsidiary has received confirmation that such amount will be reimbursed by the insurer or indemnifying party                  and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable event                  (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period);                                                                  - 78 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (q)     the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are                  covered by indemnification or other reimbursement provisions in connection with any acquisition, Investment or any sale,                  conveyance, transfer or other disposition of assets; and              (r)     any net gain (or loss) realized upon any sale/leaseback transaction that is not sold or otherwise disposed of in the ordinary course                  of business, determined in good faith by a responsible financial or accounting officer of the Company.                      For the purposes of calculating Consolidated EBITDA for any period, as of such date of determination:                      (i)    if, since the beginning of such period the Company or any Subsidiary has made any disposal of assets not in the ordinary                         course of business or disposed of any company, any business, or any group of assets constituting an operating unit of a                         business (any such disposition, a "Sale"), including any Sale occurring in connection with a transaction causing a                         calculation to be made hereunder, then Consolidated EBITDA for such period will be reduced by an amount equal to the                         Consolidated EBITDA (if positive) attributable to the assets which are the subject of such Sale for such period or                         increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such period;                      (ii)   if, since the beginning of such period the Company or any Subsidiary (by merger or otherwise) will have made an                         Investment in any Person that thereby becomes a Subsidiary, or otherwise acquires any company, any business, or any                         group of assets constituting an operating unit of a business (any such Investment or acquisition, a "Purchase"),                         including any such Purchase occurring in connection with a transaction causing a calculation to be made hereunder, then                         Consolidated EBITDA for such period will be calculated after giving pro forma effect thereto as if such Purchase                         occurred on the first day of such period;                      (iii)  if, since the beginning of such period any Person (that became a Subsidiary or was merged with or into the Company or                         any Subsidiary since the beginning of such period) will have made any Sale or any Purchase that would have required an                         adjustment pursuant to clauses (i) or (ii) above if made by the Company or a Subsidiary since the beginning of such                         period, Consolidated EBITDA for such period will be calculated after giving pro forma effect thereto as if such Sale or                         Purchase occurred on the first day of such period, including anticipated synergies and cost savings as if such Sale or                         Purchase occurred on the first day of such period; and                                                                  - 79 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (iv)   whenever pro forma effect is applied, the pro forma calculations will be as determined in good faith by a responsible                         financial or accounting officer of the Company (including in respect of anticipated synergies and cost savings) as though                         the full effect of such synergies and cost savings were realized on the first day of the relevant period and shall also                         include the reasonably anticipated full run rate cost savings effect (as calculated in good faith by a responsible financial                         or chief accounting officer of the Company) of cost savings programs that have been initiated by the Company or its                         Subsidiaries as though such cost savings programs had been fully implemented on the first day of the relevant period,                         provided that if the aggregate amount of such anticipated synergies and cost savings exceeds 5% of Consolidated                         EBITDA (calculated without reference to the applicable Purchase or Sale), such amounts are confirmed by a reputable,                         independent third party advisor.              For the purpose of calculating the Consolidated EBITDA of the Company, any Joint Venture Consolidated EBITDA shall be added to the          amount determined in accordance with the foregoing.              "Consolidated Interest Expense" means for any Relevant Period, the consolidated interest expense included in the consolidated income          statement (without deduction of interest income) of the Company and its Subsidiaries for such Relevant Period prepared in accordance          with IFRS, excluding the interest component of any Capital Lease Obligation, and calculated without double counting any obligations          described in paragraphs (a), (b) or (h) of the first paragraph of the definition of Debt that are incurred by any member of the Group and any          obligations described in paragraph (a) of the definition of Debt.              "Consolidated Net Debt" means, with respect to the Company as of any date of determination, the sum without duplication of:              (a)     the total amount of Debt of the Company and its Subsidiaries on a consolidated basis that would be stated on the statement of                  financial position of the Company as of such date in accordance with IFRS, minus              (b)     the sum without duplication of:                                                                                       (i)                             (A)     all Debt outstanding under Minority Shareholder Loans, plus                             (B)     any Debt which is a contingent obligation of the Company or its Subsidiaries on the date of the most recent                                 financial statements, plus                             (C)     the amount of cash and Cash Equivalents (other than cash or Cash Equivalents received from the incurrence of                                 Debt by any member of the Group to the extent such cash or Cash Equivalents has not been subsequently                                 applied or used for any purpose not prohibited by this Agreement) of the Company and its Subsidiaries on a                                 consolidated basis that would be stated on the statement of financial position of the Company as of such date in                                 accordance with IFRS, plus                             (D)     deposits pledged to secure Debt, as such amount is recorded under the line item "pledged deposits" under non-                                 current assets on the Company’s statement of financial position, plus                                                                  - 80 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                 (E)     Debt of the Company and its Subsidiaries under any Capital Lease Obligation or operating lease,                             less                      (ii)   Restricted Cash.              "Financial Quarter" means the period commencing on the day after one Quarter Date and ending on the next Quarter Date.              "Financial Year" means the annual accounting period of the Company ending on or about 31 December in each year.              "Government Securities" means direct obligations of, or obligations guaranteed by, the United States of America for the payment of          which obligations or guarantee the full faith and credit of the United States of America is pledged and which have a remaining weighted          average life to maturity of not more than one year from the date of Investment therein.              "Interest Cover" means the ratio of Consolidated EBITDA to Consolidated Interest Expense in respect of any Relevant Period.              "Investment" by any person means any direct or indirect loan, advance or other extension of credit or capital contribution (by means of          transfers of cash or other property to others or payments for property or services for the account or use of others, or otherwise) to, or          purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other person,          including any payment on a guarantee of any obligation of such other person, together with all items that are or would be classified as          Investments on a statement of financial position (excluding the footnotes thereto) prepared in accordance with IFRS, but shall not include:              (a)     trade accounts receivable in the ordinary course of business on credit terms made generally available to the customers of such                  person; or              (b)     commission, travel, payroll, entertainment, relocation and similar advances to officers and employees and profit sharing and other                  employee benefit plan contributions made in the ordinary course of business.              Except as otherwise provided in this Agreement, the amount of an Investment will be determined at the time the Investment is made and          without giving effect to a subsequent change in value and, to the extent applicable, shall be determined based on the equity value of such          Investment.              "Joint Venture Consolidated EBITDA" means an amount equal to the product of (i) the Consolidated EBITDA of any joint venture          (determined in good faith by a responsible financial or accounting officer of the Company on the same basis as provided for in the          definition of "Consolidated EBITDA" (with the exception of clause (i) and the last sentence thereof) as if each reference to the "Company"          in such definition was to such joint venture) whose financial results are not consolidated with those of the Company in accordance with          IFRS and (ii) a percentage equal to the direct equity ownership percentage of the Company and/or its Subsidiaries in the Capital Stock of          such joint venture and its Subsidiaries.                                                                  - 81 -   tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                         "Minority Shareholder Loan" means Debt of a Subsidiary of the Company that is issued to and held by an equity owner of such          Subsidiary, other than the Company or a subsidiary of the Company.              "Net Leverage Ratio" means, with respect to the Company, the ratio of (a) the Consolidated Net Debt (excluding Debt consisting of          Permitted Interest Rate, Currency or Commodity Price Agreements) to (b) the Consolidated EBITDA of the Company for the four most          recent Financial Quarters ending immediately prior to such date for which consolidated financial statements are available, determined on a          pro forma basis as if any such Debt had been incurred, or such other Debt had been repaid, redeemed or repurchased, as applicable, at the          beginning of such four Financial Quarter period. For the avoidance of doubt, in determining Net Leverage Ratio, no cash or Cash          Equivalents shall be included that are the proceeds of Debt in respect of which the pro forma calculation is to be made.              "Quarter Date" means each of 31 March, 30 June, 30 September and 31 December.              "Relevant Period" means each period of twelve months ending on or about the last day of the Financial Year and each period of twelve          months ending on or about the last day of each Financial Quarter.              "Restricted Cash" means the sum of (a) Restricted MFS Cash, and (b) without duplication, the amount of cash that would be stated as          "restricted cash" on the consolidated statement of financial position of the Company as of such date in accordance with IFRS.       20.2   Financial condition              The Company shall ensure that:              (a)     Net Leverage Ratio: Net Leverage Ratio in respect of any Relevant Period shall be less than 3.00:1 at all times.              (b)     Interest Cover: Interest Cover in respect of any Relevant Period shall not be less than 4.00:1 at any time.       20.3   Financial testing              The financial covenants set out in Clause 20.2 (Financial condition) shall be tested quarterly by reference to each of the financial          statements delivered pursuant to paragraphs (a)(i) and (b) of Clause 19.1 (Financial Statements) and/or each Compliance Certificate          delivered pursuant to Clause 19.2 (Compliance Certificate).       21.    GENERAL UNDERTAKINGS              The undertakings in this Clause 21 remain in force from the date of this Agreement for so long as any amount is outstanding under the          Finance Documents or any Commitment is in force.                                                                         - 83 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           21.1   Authorisations              Each Obligor shall promptly:              (a)     obtain, comply with and do all that is necessary to maintain in full force and effect; and              (b)     supply certified copies to the Agent of,              any Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the          Finance Documents and/or the Acquisition Documents and to ensure, subject to the Legal Reservations, the legality, validity,          enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document and/or any Acquisition Document.       21.2   Compliance with laws              Each Obligor shall comply in all respects with all laws to which it may be subject, if failure so to comply would materially impair its          ability to perform its obligations under either the Finance Documents or the Acquisition Documents.       21.3   Negative pledge              In this Clause 21.3, "Quasi-Security" means an arrangement or transaction described in paragraph (b) below.              (a)     No Obligor shall (and the Company shall ensure that no other member of the Group will) create or permit to subsist any Lien over                  any of its assets.              (b)     No Obligor shall (and the Company shall ensure that no other member of the Group will):                      (i)    sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an                         Obligor or any other member of the Group;                      (ii)   sell, transfer or otherwise dispose of any of its receivables on recourse terms;                      (iii)  enter into any arrangement under which money or the benefit of a bank or other account may be applied, set-off or made                         subject to a combination of accounts; or                      (iv)   enter into any other preferential arrangement having a similar effect,                      in circumstances where the arrangement or transaction is entered into primarily as a method of raising Debt or of financing the                  acquisition of an asset.              (c)     Paragraphs (a) and (b) above do not apply to any Lien or (as the case may be) Quasi-Security which is a Permitted Lien.                                                                         - 84 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           21.4   Disposals              (a)     No Obligor shall (and the Company shall ensure that no other member of the Group will), enter into a single transaction or a                  series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of                  any asset.              (b)     Paragraph (a) above does not apply to any sale, lease, transfer or other disposal which is a Permitted Disposal.       21.5   Arm’s length basis              (a)     Except as permitted by paragraph (b) below, no Obligor shall (and the Company shall ensure that no other member of the Group                  will) enter into any transaction with any person except on arm’s length terms and for full market value.              (b)     The following transactions shall not be a breach of this Clause 21.5:                      (i)    intra-Group loans permitted under Clause 21.16 (Loans or credit); and                      (ii)   any Permitted Reorganisation to the extent that it only involves members of the Group; or                      (iii)  fees, costs and expenses payable under the Finance Documents in the amounts set out in the Finance Documents                         delivered to the Agent under Clause 4.1 (Initial conditions precedent) or agreed by the Agent.       21.6   Pari passu ranking              Each Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance          Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose          claims are mandatorily preferred by laws of general application to companies.       21.7   Change of business              (a)     Except as permitted under paragraph (b) below, the Company shall ensure that no substantial change is made to the general nature                  of the business of the Company or the Group from that carried on at the date of this Agreement (provided that, for the avoidance                  of doubt, the Acquisition shall not constitute such a substantial change).              (b)     Paragraph (a) shall not prevent the Company from engaging in any Permitted Business.       21.8   Preservation of properties              Subject to Permitted Discontinuance of Property Maintenance, each Obligor shall (and the Company shall ensure that each other member          of the Group will) maintain in good repair, working order and condition (ordinary wear and tear excepted) all of its material properties          necessary or desirable in the conduct of its business, all in accordance with the judgment of the Company (acting reasonably).                                                                         - 85 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           21.9   Joint Ventures              (a)     Except as permitted under paragraph (b) below, no Obligor shall (and the Company shall ensure that no other member of the                  Group will):                      (i)    enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture;                         or                      (ii)   transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations of a Joint Venture                         or maintain the solvency of or provide working capital to any Joint Venture (or agree to do any of the foregoing).                      (b)    Paragraph (a) above does not apply to any acquisition of (or agreement to acquire) any interest in a Joint Venture or                         transfer of assets (or agreement to transfer assets) to a Joint Venture or loan made to or guarantee given in respect of the                         obligations of a Joint Venture if such transaction is a Permitted Joint Venture.       21.10  Insurance              Each Obligor shall (and the Company shall ensure that each member of the Group will) maintain insurances on and in relation to its          properties with reputable underwriters or insurance companies against those risks and to the extent as is usual for companies carrying on          the same or substantially similar business.       21.11  Environmental Compliance              Each Obligor shall (and the Company shall ensure that each member of the Group will) comply in all material respects with all          Environmental Law and obtain and maintain any Environmental Permits where failure to do so has or is reasonably expected to have a          Material Adverse Effect.       21.12  Environmental Claims              Subject to paragraph 19.4(b)(ii) of Clause 19.4 (Information: miscellaneous), the Company shall inform the Agent in writing as soon as          reasonably practicable upon becoming aware of:              (a)     any Environmental Claim that has been commenced or (to the best of its knowledge and belief) is threatened against any member                  of the Group; or              (b)     any facts or circumstances which will or are reasonably likely to result in any Environmental Claim being commenced or                  threatened against any member of the Group,              where the claim would be reasonably likely, if determined against that member of the Group, to have a Material Adverse Effect.                                                                         - 86 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           21.13  Anti-corruption law              (a)     No Obligor shall (and the Company shall ensure that no other member of the Group will) directly or indirectly use the proceeds                  of the Facility for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of                  1977 or other similar legislation in other jurisdictions to which the relevant member of the Group or any Finance Party is subject.              (b)     Each Obligor shall (and the Company shall ensure that each other member of the Group will):                      (i)    conduct its businesses in compliance with applicable anti-corruption laws; and                      (ii)   maintain policies and procedures designed to promote and achieve compliance with such laws.       21.14  Sanctions              (a)     No Obligor shall (and the Company shall ensure that no other member of the Group will) contribute or otherwise use the proceeds                  or make available the proceeds of the Facility, directly or indirectly, to any person or entity listed on any Sanctions List or located                  in a Sanctioned Country, to the extent such contribution or provision of proceeds would be prohibited by Sanctions or would                  otherwise cause any Finance Party to be in breach of applicable Sanctions (at the time the proceeds were made available or                  contributed).              (b)     No Obligor shall (and the Company shall ensure that no other member of the Group will) fund all or part of any payment under                  the Facility out of proceeds derived from transactions which are prohibited by Sanctions or would otherwise cause any Finance                  Party to be in breach of applicable Sanctions (at the time the proceeds were made available or contributed).              (c)     This covenant shall not be deemed to be made to or for the benefit of any Finance Party or any director, officer or employee                  thereof to the extent that this provision would expose that Finance Party or any director, officer or employee thereof to any                  liability under any applicable anti-boycott law, regulation or statute.       21.15  Taxation              (a)     Except as permitted under paragraph (b) below, each Obligor shall (and the Company shall ensure that each member of the Group                  will) duly and punctually pay and discharge all material Taxes imposed upon it or its assets within the time period allowed                  without incurring penalties.              (b)     Paragraph (a) above, shall not apply to any payment which is a Permitted Tax Non-Payments.                                                                         - 87 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           21.16  Financial indebtedness              The Company shall ensure that none of its Subsidiaries will incur or allow to remain outstanding any Debt, if and to the extent that such          Debt would cause or result in a Net Leverage Ratio of 2.75:1 or more, excluding in this calculation all Debt that only has recourse against          the Company and any Consolidated EBITDA generated by the Company.       21.17  Loans and credit              No Obligor shall (and the Company shall ensure that no other member of the Group will) make any loans or grant any credit to or for the          benefit of any person, other than a Permitted Loan.       21.18  Intellectual Property              Each Obligor shall (and the Company shall procure that each other member of the Group will):              (a)     preserve and maintain the subsistence and validity of the Intellectual Property necessary for the business of the relevant Group                  member ("Material Intellectual Property");              (b)     use reasonable endeavours to prevent any infringement in any material respect of the Material Intellectual Property;              (c)     make registrations and pay all registration fees and taxes necessary to maintain the Material Intellectual Property in full force and                  effect and record its interest in that Material Intellectual Property;              (d)     not use or permit the Material Intellectual Property to be used in a way or take any step or omit to take any step in respect of that                  Material Intellectual Property which may materially and adversely affect the existence or value of the Material Intellectual                  Property or imperil the right of any member of the Group to use such property; and              (e)     not discontinue the use of the Material Intellectual Property,              where failure to do so, in the case of paragraphs (a) and (b) above, or, in the case of paragraphs (d) and (e) above, such use, permission to          use, omission or discontinuation, is reasonably likely to have a Material Adverse Effect.       21.19  Treasury transactions              No Obligor shall (and the Company will procure that no other member of the Group will) enter into any Interest Rate, Currency or          Commodity Price Agreement, other than a Permitted Interest Rate, Currency or Commodity Price Agreement.                                                                         - 88 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           21.20  Dividends              The Company shall not pay, make or declare any dividend or other distribution to all or any of its shareholders whilst and for so long as (i)          an Event of Default has occurred and is continuing, and (ii) any Utilisation is outstanding under the Facility.       21.21  Centre of main interests and establishment              For the purposes of the Regulation, the Company shall ensure that its centre of main interest (as that term is used in Article 3(1) of the          Regulation) is situated in either Luxembourg, Sweden, the United Kingdom or the United States of America and that it shall have no          "establishment" (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction.       21.22  Acquisition undertakings              (a)     In respect of any payment of a dividend or distribution of share premium reserve following the occurrence of the Acquisition                  Closing Date in relation to a Target Company by such Target Company or any of its Subsidiaries that is not a wholly-owned                  Subsidiary of its Holding Company, the Company shall procure that the payment made by the Target Company or is Subsidiary,                  as applicable, to its minority shareholders shall be no greater than proportionate to their shareholding.              (b)     The Company will procure that the Purchaser (or other relevant member of the Group) will promptly pay all amounts payable to                  the Sellers under the Acquisition Documents as and when they become due (except to the extent that any such amounts are being                  contested in good faith by a member of the Group and where adequate reserves are set aside for any such payment).              (c)     The Company will procure that the Purchaser (or other relevant member of the Group) shall take all reasonable and practicable                  steps to preserve and enforce its rights (or the rights of any other member of the Group) and pursue any claims and remedies                  arising under any Acquisition Documents to the extent it would be commercially reasonable to do so in its reasonable opinion.       22.    EVENTS OF DEFAULT              Each of the events or circumstances set out in this Clause 22 is an Event of Default, save for Clause 22.16 (Acceleration).       22.1   Non-payment              An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which          it is expressed to be payable unless:              (a)     its failure to pay is caused by:                      (i)    administrative or technical error; or                      (ii)   a Disruption Event; and                                                                                - 89 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     payment is made within five Business Days of its due date.       22.2   Financial covenants              Any requirement of Clause 20 (Financial covenants) is not satisfied.       22.3   Other obligations              (a)                      (i)    An Obligor does not comply with the provision of Clauses 21.3 (Negative Pledge), 21.4 (Disposals), 21.6 (Pari passu                         ranking), 21.9 (Joint Ventures), 21.13 (Anti-corruption law), 21.14 (Sanctions), 21.17 (Loans and credit), 21.20                         (Dividends) or 21.21 (Centre of main interests and establishment).                      (ii)   No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied                         within 20 days of the earlier of (A) the Agent giving notice to the Company, and (B) a member of the executive                         committee or the treasury department of the Company becoming aware of the failure to comply.              (b)                      (i)    An Obligor does not comply with any provision of the Finance Documents, other than those referred to in Clauses 22.1                         (Non-payment), 20 (Financial covenants), paragraph (a) of 22.3 (Other obligations) and 21.16 (Financial Indebtedness).                      (ii)   No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied                         within 30 days of the earlier of (A) the Agent giving notice to the Company and (B) a member of the executive                         committee or the treasury department of the Company becoming aware of the failure to comply.       22.4   Misrepresentation              Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by          or on behalf of any Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading in any          material respect when made or deemed to be made, and, the circumstance or event giving rise to such misrepresentation, if capable of          remedy, is not remedied within 21 days of the earlier of the Agent giving notice to the Company and the Company becoming aware of the          relevant misrepresentation.       22.5   Cross Payment Default and Cross Acceleration              (a)     The occurrence of a Cross Payment Default.              (b)     The occurrence of a Cross Acceleration.                                                                         - 90 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (c)     No Event of Default will occur under this Clause 22.5 if the aggregate amount of Debt which is the subject of the events referred                  to in paragraphs (a) and (b) above is less than US$ 50,000,000 (or its equivalent in any other currency or currencies) without                  double counting.       22.6   Insolvency              (a)     A Material Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts                  or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors with a view                  to rescheduling any of its indebtedness.              (b)     The value of the assets of any Material Company is less than its liabilities (taking into account contingent and prospective                  liabilities).              (c)     A moratorium is declared in respect of any indebtedness of any Material Company.       22.7   Insolvency proceedings              Any corporate action, legal proceedings or other procedure or step is taken in relation to:              (a)     the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way                  of voluntary arrangement, scheme of arrangement or otherwise) of any Material Company;              (b)     a composition, compromise, assignment or arrangement with any creditor of any Material Company;              (c)     the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor),                  receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect of any Material Company                  or any of its assets; or              (d)     enforcement of any Lien over any assets of any Material Company,              or any analogous procedure or step is taken in any jurisdiction.              This Clause 22.7 shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 30          days of commencement.       22.8   Creditors’ process              Any attachment, sequestration, distress or execution affects any asset or assets of a Material Company having an aggregate value of          US$50,000,000 and is not discharged within 30 days or, where the Company reasonably believes such action is frivolous, vexatious or          without merit, and is challenging such action in good faith, it is not discharged within 180 days.                                                                         - 91 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           22.9   Ownership of the Obligors              An Obligor (other than the Company) is not or ceases to be a Subsidiary of the Company.       22.10  Cessation of business              Any member of the Group suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business,          except as a result of a Permitted Reorganisation or a Permitted Disposal.       22.11  Unlawfulness              It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents.       22.12  Repudiation              An Obligor repudiates a Finance Document or evidences an intention to repudiate either a Finance Document.       22.13  Expropriation              The authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure,          expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or          other person in relation to any member of the Group or any of its assets, where such action has or is reasonably likely to have a Material          Adverse Effect.       22.14  Litigation              Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or          threatened, against any member of the Group or its assets which, in the reasonable opinion of the Majority Lenders (having taken into          account appropriate local legal advice):              (a)     is likely to be adversely determined; and              (b)     if adversely determined, would have a Material Adverse Effect.       22.15  Material adverse change              Any event or circumstance occurs which in the opinion of the Majority Lenders (acting reasonably) has or is reasonably likely to have a          Material Adverse Effect.       22.16  Acceleration              On and at any time after the occurrence of an Event of Default which is continuing, the Agent may, and shall if so directed by the Majority          Lenders, by notice to the Company:              (a)     cancel the Total Commitments, at which time they shall immediately be cancelled;                                                                         - 92 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the                  Finance Documents be immediately due and payable, at which time they shall become immediately due and payable; and/or              (c)     declare that all or part of the Loans be payable on demand, at which time they shall immediately become payable on demand by                  the Agent on the instructions of the Majority Lenders       22.17  Clean-Up Period              Notwithstanding any other provision of any Finance Document:              (a)     any breach of a Clean-Up Undertaking; or              (b)     any Event of Default constituting a Clean-Up Default,              will be deemed not to be a breach of covenant or an Event of Default (as the case may be) if:                      (i)    it is notified by the Company or a Borrower to the Agent as soon as reasonably practicable;                      (ii)   it is capable of remedy and reasonable steps are being taken to remedy it;                      (iii)  it is not reasonably likely to have a Material Adverse Effect; and                      (iv)   it was not procured or approved by the Company or a Borrower or, following the Acquisition Closing Date in relation to                         a Target Company, such Target Company or any of its Subsidiaries.              If the relevant circumstances are continuing after the date falling 90 days after the applicable Acquisition Closing Date, there shall be a          breach of breach of covenant or Event of Default, as the case may be notwithstanding the above (and without prejudice to the rights and          remedies of the Finance Parties).                                                                         - 93 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                  SECTION 9                                                    CHANGES TO PARTIES       23.    CHANGES TO THE LENDERS       23.1   Assignments and transfers by the Lenders              Subject to this Clause 23, a Lender (the "Existing Lender") may:              (a)     assign any of its rights; or              (b)     transfer by novation any of its rights and obligations,              to (i) another bank or financial institution or (ii) a trust, fund or other entity which is regularly engaged in or established for the purpose of          making, purchasing or investing in loans, securities or other financial assets (a "Fund") (the "New Lender").       23.2   Conditions of assignment or transfer              (a)     The consent of the Company is required for an assignment or transfer by an Existing Lender unless the assignment or transfer is:                      (i)    to another Lender or an Affiliate of a Lender (provided such Lender or its Affiliate is not a Fund); or                      (ii)   made at a time when an Event of Default is continuing; and              (b)     The consent of the Company to an assignment or transfer must not be unreasonably withheld or delayed (provided that a refusal                  to consent if the proposed assignee or transferee is a Fund, shall not be deemed unreasonable). The Company will be deemed to                  have given its consent 10 Business Days after the Existing Lender has requested it (provided that the request for consent is                  transmitted to two individuals at the Company whose details have been provided to the Agent in connection with Clause 30                  (Notices)) unless consent is expressly refused by the Company within that time.              (c)     An assignment will only be effective on:                      (i)    receipt by the Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender                         (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other                         Finance Parties as it would have been under if it was an Original Lender; and                      (ii)   performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and                         regulations in relation to such assignment to a New Lender, the completion of which the Agent shall promptly notify to                         the Existing Lender and the New Lender.              (d)     An assignment or transfer shall be in a minimum amount of US$ 1,000,000 (when aggregate with, for this purpose, the                  participations of Affiliates being transferred in a series of related transfers).                                                                         - 94 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (e)     A transfer will only be effective if the procedure set out in Clause 23.5 (Procedure for transfer) is complied with.              (f)     If:                      (i)    a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office;                         and                      (ii)   as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged                         to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 12 (Tax gross-up                         and indemnities) or Clause 13 (Increased costs),                     then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to                 the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment,                 transfer or change had not occurred. This paragraph (f) shall not apply in respect of an assignment or transfer made in the ordinary                 course of the primary syndication of the Facility.              (g)     Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt,                  that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the                  requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment                  becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing                  Lender would have been had it remained a Lender.       23.3   Assignment or transfer fee              The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of US$          3,500.       23.4   Limitation of responsibility of Existing Lenders              (a)     Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to                  a New Lender for:                      (i)    the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents;                      (ii)   the financial condition of any Obligor;                      (iii)  the performance and observance by any Obligor of its obligations under the Finance Documents or any other                         documents; or                      (iv)   the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any                         other document,                      and any representations or warranties implied by law are excluded.                                                                                 - 95 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     Each New Lender confirms to the Existing Lender and the other Finance Parties that it:                      (i)    has made (and shall continue to make) its own independent investigation and assessment of the financial condition and                         affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied                         exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and                      (ii)   will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities                         whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.              (c)     Nothing in any Finance Document obliges an Existing Lender to:                      (i)    accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred                         under this Clause 23; 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.       23.5   Procedure for transfer              (a)     Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) a transfer is effected in accordance with                  paragraph (c) below when the Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing                  Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it                  of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in                  accordance with the terms of this Agreement, execute that Transfer Certificate.              (b)     The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once                  it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and                  regulations in relation to the transfer to such New Lender.              (c)     Subject to Clause 23.9 (Pro rata interest settlement), on the Transfer Date:                      (i)    to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations                         under the Finance Documents each of the Obligors and the Existing Lender shall be released from further obligations                         towards one another under the Finance Documents and their respective rights against one another under the Finance                         Documents shall be cancelled (being the "Discharged Rights and Obligations");                      (ii)   each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one                         another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have                         assumed and/or acquired the same in place of that Obligor and the Existing Lender;                                                                                - 96 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (iii)  the Agent, the Arranger, the New Lender and the other Lenders shall acquire the same rights and assume the same                         obligations between themselves as they would have acquired and assumed had the New Lender been an Original Lender                         with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the                         Arranger and the Existing Lender shall each be released from further obligations to each other under the Finance                         Documents; and                      (iv)   the New Lender shall become a Party as a "Lender".       23.6   Procedure for assignment              (a)     Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer) an assignment may be effected in                  accordance with paragraph (c) below when the Agent executes an otherwise duly completed Assignment Agreement delivered to                  it by the Existing Lender and the New Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable                  after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement                  and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.              (b)     The Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender                  once it is satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and                  regulations in relation to the assignment to such New Lender.              (c)     Subject to Clause 23.9 (Pro rata interest settlement), on the Transfer Date:                      (i)    the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents expressed to be                         the subject of the assignment in the Assignment Agreement;                      (ii)   the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (the                         "Relevant Obligations") and expressed to be the subject of the release in the Assignment Agreement; and                      (iii)  the New Lender shall become a Party as a "Lender" and will be bound by obligations equivalent to the Relevant                         Obligations.              (d)     Lenders may utilise procedures other than those set out in this Clause 23.6 to assign their rights under the Finance Documents                  (but not, without the consent of the relevant Obligor or unless in accordance with Clause 23.5 (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 23.2 (Conditions of assignment or transfer).                                                                         - 97 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           23.7   Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Company              The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or an Increase          Confirmation send to the Company a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation.       23.8   Security over Lenders’ rights              In addition to the other rights provided to Lenders under this Clause 23.8, each Lender may without consulting with or obtaining consent          from any Obligor at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any          of its rights under any Finance Document to secure obligations of that Lender including, without limitation:              (a)     any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and              (b)     in the case of any Lender which is a Fund, any charge, assignment or other Security granted to any holders (or trustee or                  representatives of holders) of obligations owed, or securities issued, by that Lender as Security for those obligations or securities,              except that no such charge, assignment or Security shall:                      (i)    release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant                         charge, assignment or Security for the Lender as a party to any of the Finance Documents; or                      (ii)   require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to                         be made or granted to the relevant Lender under the Finance Documents.       23.9   Pro rata interest settlement              If the Agent has notified the Lenders that it is able to distribute interest payments on a "pro rata basis" to Existing Lenders and New          Lenders then (in respect of any transfer pursuant to Clause 23.5 (Procedure for transfer) or any assignment pursuant to Clause 23.6          (Procedure for assignment) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an          Interest Period):              (a)     any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall                  continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date ("Accrued Amounts") and shall                  become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest                  Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the                  first day of that Interest Period); and                                                                         - 98 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the                  avoidance of doubt:                      (i)    when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and                      (ii)   the amount payable to the New Lender on that date will be the amount which would, but for the application of this                         Clause 23.8, have been payable to it on that date, but after deduction of the Accrued Amounts.              (c)     In this Clause 23.9 references to "Interest Period" shall be construed to include a reference to any other period for accrual of fees.       24.    CHANGES TO THE OBLIGORS       24.1   Assignments and transfers by Obligors              No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.       24.2   Additional Borrowers              (a)     Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 19.7 ("Know your customer" checks), the Company                  may request that Cable Onda and any of its wholly owned Subsidiaries becomes an Additional Borrower. That Subsidiary                  (including, for the avoidance of doubt, Cable Onda) shall become an Additional Borrower if:                      (i)    all the Lenders approve the addition of that Subsidiary;                      (ii)   the Company delivers to the Agent a duly completed and executed Accession Letter;                      (iii)  the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an                         Additional Borrower; and                      (iv)   the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent) in                         relation to that Additional Borrower, each in form and substance satisfactory to the Agent.              (b)     The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance                  satisfactory to it) all the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent).              (c)     Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives the                  notification described in paragraph (b) above, the Lenders authorise (but do not require) the Agent to give that notification. The                  Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.                                                                         - 99 -                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           24.3   Resignation of a Borrower              (a)     The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Agent a                  Resignation Letter.              (b)     The Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:                      (i)    no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed                         this is the case); and                      (ii)   the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents,                      at which time that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance                  Documents.       24.4   Repetition of Representations              Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary that the Repeating Representations are true and correct          in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.                                                                         - 100 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SECTION 10                                                    THE FINANCE PARTIES       25.    ROLE OF THE AGENT AND THE ARRANGER       25.1   Appointment of the Agent              (a)     Each other Finance Party appoints the Agent to act as its agent under and in connection with the Finance Documents.              (b)     Each other Finance Party authorises the Agent to exercise the rights, powers, authorities and discretions specifically given to the                  Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and                  discretions.       25.2   Duties of the Agent              (a)     Subject to paragraph (b) below, the Agent shall promptly forward to a Party the original or a copy of any document which is                  delivered to the Agent for that Party by any other Party.              (b)     Without prejudice to Clause 23.7 (Copy of Transfer Certificate or Assignment Agreement to Company), paragraph (a) above shall                  not apply to any Transfer Certificate or to any Assignment Agreement.              (c)     Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy,                  accuracy or completeness of any document it forwards to another Party.              (d)     If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance                  described is a Default, it shall promptly notify the other Finance Parties.              (e)     If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other                  than the Agent or the Arranger) under this Agreement it shall promptly notify the other Finance Parties.              (f)     The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it                  is expressed to be a party (and no others shall be implied).              (g)     The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature.       25.3   Role of the Arranger              Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in          connection with any Finance Document.                                                                         - 101 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           25.4   No fiduciary duties              (a)     Nothing in this Agreement constitutes the Agent or the Arranger as a trustee or fiduciary of any other person.              (b)     Neither the Agent nor the Arranger shall be bound to account to any Lender for any sum or the profit element of any sum                  received by it for its own account.       25.5   Business with the Group              The Agent and the Arranger may accept deposits from, lend money to and generally engage in any kind of banking or other business with          any member of the Group.       25.6   Rights and discretions of the Agent              (a)     The Agent may rely on:                      (i)    any representation, notice or document believed by it to be genuine, correct and appropriately authorised;                      (ii)   any statement made by a director, authorised signatory or employee of any person regarding any matters which may                         reasonably be assumed to be within his knowledge or within his power to verify; and                      (iii)  a certificate from any person:                             (A)     as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that                                 person; or                             (B)     to the effect that such person approves of any particular dealing, transaction, step, action or thing,                             as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and accuracy of                         that certificate.              (b)     The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that:                      (i)    no Default has occurred (unless it has actual knowledge of a Default arising under Clause 22.1 (Non-payment));                      (ii)   any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and                      (iii)  any notice or request made by the Company (other than a Utilisation Request or Selection Notice) is made on behalf of                         and with the consent and knowledge of all the Obligors.              (c)     The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts.                                                                         - 102 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (d)     The Agent may act in relation to the Finance Documents through its personnel and agents.              (e)     The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.              (f)     Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor the Arranger is obliged to                  do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of                  a fiduciary duty or duty of confidentiality.       25.7   Majority Lenders’ instructions              (a)     Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise any right, power, authority or discretion                  vested in it as Agent in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority                  Lenders, refrain from exercising any right, power, authority or discretion vested in it as Agent) and (ii) not be liable for any act                  (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders.              (b)     The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or if the relevant                  Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of                  Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion                  and the Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested.              (c)     Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance                  Document and unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders shall                  override any conflicting instructions given by any other Parties and will be binding on all the Finance Parties.              (d)     The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders)                  until it has received any indemnification and/or such security as 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 (together                  with any associated VAT) which it may incur in complying with the instructions.              (e)     In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Agent may act (or refrain from                  taking action) as it considers to be in the best interest of the Lenders.              (f)     The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration                  proceedings relating to any Finance Document.                                                                         - 103 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           25.8   Responsibility for documentation              Neither the Agent nor the Arranger:              (a)     is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent,                  the Arranger, an Obligor or any other person given in or in connection with any Finance Document;              (b)     is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other                  agreement, arrangement or document entered into, made or executed in anticipation of or in connection with any Finance                  Document; or              (c)     is responsible for any determination as to whether any information provided or to be provided to any Finance Party is non-public                  information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or                  otherwise.       25.9   No duty to monitor              The Agent shall not be bound to enquire:              (a)     whether or not any Default has occurred;              (b)     as to 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.       25.10  Exclusion of liability              (a)     Without limiting paragraph (b) below (and without prejudice to the provisions of paragraph (e) of Clause 28.11 (Disruption to                  Payment Systems etc.)), the Agent will not be liable (including, without limitation, for negligence or any other category of                  liability whatsoever) for:                      (i)    any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of                         taking or not taking any action under or in connection with any Finance Document, unless directly caused by its gross                         negligence or wilful misconduct;                      (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, made or executed in anticipation of, under or                         in connection with, any Finance Document, unless directly caused by its gross negligence or wilful misconduct; or                      (iii)  without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any                         diminution in value or any liability whatsoever arising as a result of:                                                                                - 104 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                 (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) such damages, costs, losses, diminution in value or liability arising as a                         result of: nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation                         or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including                         any Disruption Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer                         services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial                         action.              (b)     No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any                  claim it might have against the Agent or in respect of any act or omission of any kind by that officer, employee or agent in                  relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause subject to Clause 1.4                  (Third party rights) and the provisions of the Third Parties Act.              (c)     The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under                  the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as reasonably practicable to                  comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that                  purpose.              (d)     Nothing in this Agreement shall oblige the Agent or the Arranger to carry out:                      (i)    any "know your customer" or other checks in relation to any person; or                      (ii)   any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender,                      on behalf of any Lender and each Lender confirms to the Agent and the Arranger that it is solely responsible for any such checks                  it is required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or the Arranger.              (e)     Without prejudice to any provision of any Finance Document excluding or limiting the Agent’s liability, any liability of the                  Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been                  finally judicially determined to have been suffered (as determined by reference to the date of default of the Agent or, if later, the                  date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known                  to the Agent at any time which increase the amount of that loss. In no event shall the Agent be liable for any loss of profits,                  goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages,                  whether or not the Agent has been advised of the possibility of such loss or damages.                                                                  - 105 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           25.11  Lenders’ indemnity to the Agent              Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total          Commitments immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost,          loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent          (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to          Clause 28.11 (Disruption to Payment Systems etc.) notwithstanding the Agent’s negligence, gross negligence or any other category of          liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance Documents (unless          the Agent has been reimbursed by an Obligor pursuant to a Finance Document).       25.12  Resignation of the Agent              (a)     The Agent may resign and appoint one of its Affiliates acting through an office in the United Kingdom or Germany as successor                  by giving notice to the other Finance Parties and the Company.              (b)     Alternatively the Agent may resign by giving 30 days’ notice to the other Finance Parties and the Company, in which case the                  Majority Lenders (after consultation with the Company) may appoint a successor Agent.              (c)     If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 20 days after notice                  of resignation was given, the retiring Agent (after consultation with the Company) may appoint a successor Agent (acting through                  an office in the United Kingdom).              (d)     The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such                  assistance as the successor Agent may reasonably request for the purposes of performing its functions as Agent under the Finance                  Documents.              (e)     The Agent’s resignation notice shall only take effect upon the appointment of a successor.              (f)     Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance                  Documents but shall remain entitled to the benefit of this Clause 25. Any successor and each of the other Parties shall have the                  same rights and obligations amongst themselves as they would have had if such successor had been an original Party.              (g)     After consultation with the Company, the Majority Lenders may, by notice to the Agent, require it to resign in accordance with                  paragraph (b) above. In this event, the Agent shall resign in accordance with paragraph (b) above.              (h)     The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to                  appoint a successor Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest                  FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:                                                                         - 106 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (i)    the Agent fails to respond to a request under Clause 12.7 (FATCA Information) and the Company or a Lender                         reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that                         FATCA Application Date;                      (ii)   the information supplied by the Agent pursuant to Clause 12.7 (FATCA Information) indicates that the Agent will not be                         (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or                      (iii)  the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt                         Party on or after that FATCA Application Date,                     and (in each case) the Company or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that                 would not be required if the Agent were a FATCA Exempt Party, and the Company or that Lender, by notice to the Agent, requires                 it to resign.       25.13  Confidentiality              (a)     In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated                  as a separate entity from any other of its divisions or departments.              (b)     If information is received by another division or department of the Agent, it may be treated as confidential to that division or                  department and the Agent shall not be deemed to have notice of it.       25.14  Relationship with the Lenders              (a)     Subject to Clause 23.9 (Pro rata Interest Settlement), the Agent may treat the person shown in its records as Lender at the                  opening of business (in the place of the Agent’s principal office as notified to the Finance Parties from time to time) as the Lender                  acting through its Facility Office:                      (i)    entitled to or liable for any payment due under any Finance Document on that day; and                      (ii)   entitled to receive and act upon any notice, request, document or communication or make any decision or determination                         under any Finance Document made or delivered on that day,                      unless it has received not less than five Business Days’ prior notice from that Lender to the contrary in accordance with the terms                  of this Agreement.                                                                  - 107 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and                  documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax                  number and (where communication by electronic mail or other electronic means is permitted under Clause 30.6 (Electronic                  communication)) electronic mail address and/or any other information required to enable the sending and receipt of information                  by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be                  treated as a notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the                  purposes of Clause 30.2 (Addresses) and paragraph (a)(ii) of Clause 30.6 (Electronic communication) and the Agent shall be                  entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as                  though that person were that Lender.       25.15  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 Agent and the Arranger that it has been, and will continue to be, solely responsible for making its          own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not          limited to:              (a)     the financial condition, status and nature of each member of the Group;              (b)     the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement                  or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;              (c)     whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets                  under or in connection with any Finance Document, the transactions contemplated by the Finance Documents or any other                  agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance                  Document; and              (d)     the adequacy, accuracy and/or completeness of the Annual Report and any other information provided by the Agent, any Party or                  by any other person under or in connection with any Finance Document, the transactions contemplated by the Finance Documents                  or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with                  any Finance Document.       25.16  Reference Banks              If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall          (in consultation with the Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.                                                                  - 108 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           25.17  Deduction from amounts payable by the Agent              If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount          not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the Finance          Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that          Party shall be regarded as having received any amount so deducted.       25.18  Role of Reference Banks              (a)     No Reference Bank is under any obligation to provide a quotation or any other information to the Agent.              (b)     No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document in its capacity as a                  Reference Bank, or for any Reference Bank Quotation, unless directly caused by its gross negligence or wilful misconduct.              (c)     No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any                  Reference Bank in respect of any claim it might have against that Reference Bank or in respect of any act or omission of any kind                  by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer,                  employee or agent of each Reference Bank may rely on this Clause subject to Clause 1.4 (Third party rights) and the provisions                  of the Third Parties Act.       25.19  Third party Reference Banks              Any Reference Bank may rely on Clause 25.18 (Role of Reference Banks), Clause 35 (Confidentiality) and paragraph (b) of Clause 34.2          (Exceptions) subject to Clause 1.4 (Third party rights) and the provisions of the Third Parties Act.       26.    CONDUCT OF BUSINESS BY THE FINANCE PARTIES              No provision of this Agreement will:              (a)     interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;              (b)     oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and                  manner of any claim; or              (c)     oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of                  Tax.       27.    SHARING AMONG THE FINANCE PARTIES       27.1   Payments to Finance Parties              (a)     If a Finance Party (a "Recovering Finance Party") receives or recovers any amount from an Obligor other than in accordance                  with Clause 28 (Payment mechanics) (a "Recovered Amount") and applies that amount to a payment due under the Finance                  Documents then:                                                                         - 109 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (i)    the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery to the Agent;                      (ii)   the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party                         would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance                         with Clause 28 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in                         relation to the receipt, recovery or distribution; and                      (iii)  the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount                         (the "Sharing Payment") equal to such receipt or recovery less any amount which the Agent determines may be                         retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 28.6                         (Partial payments).       27.2   Redistribution of payments              The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other          than the Recovering Finance Party) (the "Sharing Finance Parties") in accordance with Clause 28.6 (Partial payments) towards the          obligations of that Obligor to the Sharing Finance Parties.       27.3   Recovering Finance Party’s rights              On a distribution by the Agent under Clause 27.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from          an Obligor as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing          Payment will be treated as not having been paid by that Obligor.       27.4   Reversal of redistribution              If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that          Recovering Finance Party, then:              (a)     each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an                  amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse                  that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is                  required to pay) (the "Redistributed Amount"); and              (b)     as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount                  will be treated as not having been paid by that Obligor.                                                                         - 110 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           27.5   Exceptions              (a)     This Clause 27 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to                  this Clause, have a valid and enforceable claim against the relevant Obligor.              (b)     A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party                  has received or recovered as a result of taking legal or arbitration proceedings, if:                      (i)    it notified that other Finance Party of the legal or arbitration proceedings; and                      (ii)   that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as                         soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.                                                                                - 111 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SECTION 11                                                      ADMINISTRATION       28.    PAYMENT MECHANICS       28.1   Payments to the Agent              (a)     On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender                  shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due                  date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the                  relevant currency in the place of payment.              (b)     Payment shall be made to such account in the principal financial centre of the country of that currency and with such bank as the                  Agent, in each case, specifies.       28.2   Distributions by the Agent              Each payment received by the Agent under the Finance Documents for another Party shall, subject to Clause 28.3 (Distributions to an          Obligor), Clause 28.4 (Clawback and pre-funding) and Clause 25.17 (Deduction from amounts payable by the Agent) be made available by          the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a          Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days’          notice with a bank specified by that Party in the principal financial centre of the country of that currency.       28.3   Distributions to an Obligor              The Agent may (with the consent of the Obligor or in accordance with Clause 29 (Set-off)) apply any amount received by it for that          Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the          Finance Documents or in or towards purchase of any amount of any currency to be so applied.       28.4   Clawback and pre-funding              (a)     Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum                  to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction                  that it has actually received that sum.              (b)     Unless paragraph (c) below applies, if the Agent pays an amount to another Party and it proves to be the case that the Agent had                  not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was                  paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment                  to the date of receipt by the Agent, calculated by the Agent to reflect its cost of funds.              (c)     If the Agent has notified the Lenders that it is willing to make available amounts for the account of a Borrower before receiving                  funds from the Lenders then if and to the extent that the Agent does so but it proves to be the case that it does not then receive                  funds from a Lender in respect of a sum which it paid to a Borrower:                                                                         - 112 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (i)    the Agent shall notify the Company of that Lender’s identity and the Borrower to whom that sum was made available                         shall on demand refund it to the Agent; and                      (ii)   the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to                         whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which will                         indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those                         funds from that Lender.       28.5   Impaired Agent              (a)     If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the                  Finance Documents to the Agent in accordance with Clause 28.1 (Payments to the Agent) may instead either:                      (i)    pay that amount direct to the required recipient(s); or                      (ii)   if in its absolute discretion it considers that it is not reasonably practicable to pay that amount direct to the required                         recipient(s), pay that amount or the relevant part of that amount to an interest-bearing account held with an Acceptable                         Bank and in relation to which no Insolvency Event has occurred and is continuing, in the name of the relevant Borrower                         or the Lender making the payment (the "Paying Party") and designated as a trust account for the benefit of the Party or                         Parties beneficially entitled to that payment under the Finance Documents (the "Recipient Party" or "Recipient                         Parties"). In each case such payments must be made on the due date for payment under the Finance Documents.              (b)     All interest accrued on the amount standing to the credit of the trust account shall be for the benefit of the Recipient Party or the                  Recipient Parties pro rata to their respective entitlements.              (c)     A Party which has made a payment in accordance with this Clause 28.5 shall be discharged of the relevant payment obligation                  under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of the trust                  account.              (d)     A Paying Party shall, promptly upon request by a Recipient Party and to the extent that it has been provided with the necessary                  information by that Recipient Party, give all requisite instructions to the bank with whom the trust account is held to transfer the                  relevant amount (together with any accrued interest) to that Recipient Party.                                                                         - 113 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           28.6   Partial payments              (a)     If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the                  Finance Documents, the Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in                  the following order:                      (i)    first, in or towards payment pro rata of any unpaid amount owing to the Agent and the Arranger under the Finance                         Documents;                      (ii)   secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this                         Agreement;                      (iii)  thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement; and                      (iv)   fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.              (b)     The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above.              (c)     Paragraphs (a) and (b) above will override any appropriation made by an Obligor.       28.7   No set-off by Obligors              All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any          deduction for) set-off or counterclaim.       28.8   Business Days              (a)     Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same                  calendar month (if there is one) or the preceding Business Day (if there is not).              (b)     During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the                  principal or Unpaid Sum at the rate payable on the original due date.       28.9   Currency of account              (a)     Subject to paragraphs (b) and (c) below, the dollar 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 shall be made in the currency in which the costs, expenses or Taxes are                  incurred.                                                                         - 114 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (c)     Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.       28.10  Change of currency              (a)     Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central                  bank of any country as the lawful currency of that country, then:                      (i)    any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of                         that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Agent                         (after consultation with the Company); and                      (ii)   any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the                         central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Agent (acting                         reasonably).              (b)     If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after                  consultation with the Company) specifies to be necessary, be amended to comply with any generally accepted conventions and                  market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.       28.11  Disruption to Payment Systems etc.              If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Company that a          Disruption Event has occurred:              (a)     the Agent may, and shall if requested to do so by the Company, consult with the Company with a view to agreeing with the                  Company such changes to the operation or administration of the Facility as the Agent may deem necessary in the circumstances;              (b)     the Agent shall not be obliged to consult with the Company in relation to any changes mentioned in paragraph (a) if, in its                  opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;              (c)     the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) but shall not be obliged to                  do so if, in its opinion, it is not practicable to do so in the circumstances;              (d)     any such changes agreed upon by the Agent and the Company shall (whether or not it is finally determined that a Disruption                  Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance                  Documents notwithstanding the provisions of Clause 34 (Amendments and Waivers);                                                                  - 115 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                   (e)     the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever                  (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any                  claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection                  with this Clause 28.11; and                            (f)     the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.       29.    SET-OFF              (a)     A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially                  owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place                  of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may                  convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.       30.    NOTICES       30.1   Communications in writing              Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated,          may be made by fax or letter.       30.2   Addresses              The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for          any communication or document to be made or delivered under or in connection with the Finance Documents is:              (a)     in the case of the Company, that identified with its name below;              (b)     in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to the date on which it becomes a                  Party; and              (c)     in the case of the Agent, that identified with its name below,              or any substitute address or fax number or department or officer as the Party may notify to the Agent (or the Agent may notify to the other          Parties, if a change is made by the Agent) by not less than five Business Days’ notice.       30.3   Delivery              (a)     Any communication or document made or delivered by one person to another under or in connection with the Finance Documents                  will only be effective:                      (i)    if by way of fax, when received in legible form; or                      (ii)   if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post                         postage prepaid in an envelope addressed to it at that address,                                                                                - 116 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                 and, if a particular department or officer is specified as part of its address details provided under Clause 30.2                         (Addresses), if addressed to that department or officer.              (b)     Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent                  and then only if it is expressly marked for the attention of the department or officer identified with the Agent’s signature below                  (or any substitute department or officer as the Agent shall specify for this purpose).              (c)     All notices from or to an Obligor shall be sent through the Agent.              (d)     Any communication or document made or delivered to the Company in accordance with this Clause will be deemed to have been                  made or delivered to each of the Obligors.              (e)     Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above after 5.00 p.m. in the                  place of receipt shall be deemed only to become effective on the following day.       30.4   Notification of address and fax number              Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 30.2          (Addresses) or changing its own address or fax number, the Agent shall notify the other Parties.       30.5   Communication when Agent is Impaired Agent              If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each          other directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to          be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or by the          relevant Parties directly. This provision shall not operate after a replacement Agent has been appointed.       30.6   Electronic communication              (a)     Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by                  electronic mail or other electronic means to the extent that those two Parties agree that, unless and until notified to the contrary,                  this is to be an accepted form of communication and if those two Parties:                      (i)    notify each other in writing of their electronic mail address and/or any other information required to enable the sending                         and receipt of information by that means; and                      (ii)   notify each other of any change to their address or any other such information supplied by them by not less than five                         Business Days’ notice.              (b)     Any electronic communication made between those two Parties will be effective only when actually received in readable form                  and in the case of any electronic communication made by a Party to the Agent only if it is addressed in such a manner as the                  Agent shall specify for this purpose.                                                                         - 117 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (c)     Any electronic communication which becomes effective, in accordance with paragraph (b) above, after 5.00 p.m. in the place of                  receipt shall be deemed only to become effective on the following day.       30.7   English language              (a)     Any notice given under or in connection with any Finance Document must be in English.              (b)     All other documents provided under or in connection with any Finance Document must be:                      (i)    in English; or                      (ii)   if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the                         English translation will prevail unless the document is a constitutional, statutory or other official document.       31.    CALCULATIONS AND CERTIFICATES       31.1   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.       31.2   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.       31.3   Day count convention              Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the          actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in          accordance with that market practice.       32.    PARTIAL INVALIDITY              If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any          jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such          provision under the law of any other jurisdiction will in any way be affected or impaired.                                                                         - 118 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           33.    REMEDIES AND WAIVERS              No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents          shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to          affirm any of the Finance Documents on the part of any Finance Party shall be effective unless it is in writing. No single or partial exercise          of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies          provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.       34.    AMENDMENTS AND WAIVERS       34.1   Required consents              (a)     Subject to Clause 34.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the                  Majority Lenders and the Obligors and any such amendment or waiver will be binding on all Parties.              (b)     The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause.       34.2   Exceptions              (a)     An amendment or waiver that has the effect of changing or which relates to:                      (i)    the definition of "Majority Lenders" in Clause 1.1 (Definitions);                      (ii)   an extension to the date of payment of any amount under the Finance Documents other than an extension made pursuant                         to Clause 6.2 (Extension Option);                      (iii)  an increase or reduction in the Margin or an increase or reduction in the amount of any payment of principal, interest,                         fees or commission payable;                      (iv)   a change in currency of payment of any amount under the Finance Documents;                      (v)    an increase in any Commitment or the Total Commitments, an extension of any Availability Period or any requirement                         that a cancellation of Commitments reduces the Commitments of the Lenders rateably under the relevant Facility;                      (vi)   a change to the Borrowers other than in accordance with Clause 24 (Changes to the Obligors) or the Guarantor;                      (vii)  any provision which expressly requires the consent of all the Lenders;                      (viii) Clause 2.3 (Finance Parties’ rights and obligations), Clause 7 (Prepayment and cancellation), Clause 12 (Tax Gross-Up                         and Indemnities) (but only to the extent it relates to FATCA), Clause 18.18 (Sanctions), Clause 21.14 (Sanctions),                         Clause 23 (Changes to the Lenders), this Clause 34, Clause 38 (Governing law) or Clause 39.1 (Jurisdiction); or                                                                                - 119 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (ix)   the nature or scope of the guarantee and indemnity granted under Clause 17 (Guarantee and indemnity),                      shall not be made without the prior consent of all the Lenders.              (b)     An amendment or waiver which relates to the rights or obligations of the Agent, the Arranger or a Reference Bank (each in their                  capacity as such) may not be effected without the consent of the Agent, the Arranger or that Reference Bank as the case may be.       34.3   Replacement of Screen Rate              Subject to paragraph (a) of Clause 34.2 (Exceptions), any amendment or waiver which relates to:              (a)     providing for the use of a Replacement Benchmark; and              (b)                      (i)    aligning any provision of any Finance Document to the use of that Replacement Benchmark;                      (ii)   enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,                         without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the                         purposes of this Agreement);                      (iii)  implementing market conventions applicable to that Replacement Benchmark;                      (iv)   providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; 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 Benchmark (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 Agent (acting on the instructions of the Majority Lenders) and the Company.                                                                         - 120 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  If any Lender fails to respond to a request for a consent pursuant to this Clause 34.3 within 20 Business Days (unless the Company and the          Agent agree to a longer time period in relation to such request) of that request being made:              (a)     that Lender shall not be included for the purpose of calculating the Total Commitments under the Facility when ascertaining                  whether the agreement of the majority of Total Commitments has been obtained to approve that request; and              (b)     its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of the Majority Lenders has been                  obtained to approve that request.       34.4   Replacement of Lenders              (a)     If:                      (i)    any Lender becomes a Non-Consenting Lender (as defined in paragraph (d) below); or                      (ii)   an Obligor becomes obliged to repay any amount in accordance with Clause 7.1 (Illegality) or to pay additional amounts                         pursuant to Clause 13 (Increased costs) or, except to the extent attributable to Panama Withholding Tax, Clause 12.2                         (Tax gross-up) or Clause 12.3 (Tax Indemnity), to any Lender;                     then the Company may, on at least 10 Business Days’ prior written notice to the Agent and such Lender, replace such Lender by                 requiring such Lender to (and, to the extent permitted by law, such Lender shall) transfer pursuant to Clause 23 (Changes to the                 Lenders) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution,                 trust, fund or other entity (a "Replacement Lender") selected by the Company, and which confirms its willingness to assume and                 does assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes to the Lenders) for a purchase                 price in cash payable at the time of transfer in an amount equal to the outstanding principal amount of such Lender’s participation                 in the outstanding Utilisations and all accrued interest (to the extent that the Agent has not given a notification under Clause 23.9                 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance Documents.              (b)     The replacement of a Lender pursuant to this Clause 34.4 shall be subject to the following conditions:                      (i)    the Company shall have no right to replace the Agent in its capacity as agent of the Finance Parties;                      (ii)   neither the Agent nor the Lender shall have any obligation to the Company to find a Replacement Lender;                                                                                - 121 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (iii)  in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 30 Business                         Days after the date on which that Lender is deemed a Non-Consenting Lender;                      (iv)   in no event shall the Lender replaced under Clause 34.4 be required to pay or surrender to such Replacement Lender any                         of the fees received by such Lender pursuant to the Finance Documents; and                      (v)    the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (a) above once it is satisfied                         that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and                         regulations in relation to that transfer.              (c)     A Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably practicable following delivery of a                  notice referred to in paragraph (a) above and shall notify the Agent and the Company when it is satisfied that it has complied with                  those checks.              (d)     In the event that:                      (i)    the Company or the Agent (at the request of the Company) has requested the Lenders to give a consent in relation to, or                         to agree to a waiver or amendment of, any provisions of the Finance Documents;                      (ii)   the consent, waiver or amendment in question requires the approval of all the Lenders; and                      (iii)  Lenders whose Commitments aggregate in the case of a consent, waiver or amendment requiring the approval of all the                         Lenders, more than 85 per cent. of the Total Commitments (or, if the Total Commitments have been reduced to zero,                         aggregated more than 85 per cent. of the Total Commitments prior to that reduction) have consented or agreed to such                         waiver or amendment, then any Lender who does not and continues not to consent or agree to such waiver or                         amendment shall be deemed a "Non-Consenting Lender".       34.5   Disenfranchisement of Defaulting Lenders              (a)     For so long as a Defaulting Lender has any Available Commitment, in ascertaining:                      (i)    the Majority Lenders; or                      (ii)   whether:                             (A)     any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments under the                                 Facility; or                             (B)     the agreement of any specified group of Lenders,                                                                  - 122 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents,                        that Defaulting Lender’s Commitment under the relevant Facility will be reduced by the amount of its Available                        Commitment under the relevant Facility and to the extent that that reduction results in that Defaulting Lender’s Total                        Commitments being zero, that Defaulting Lender shall be deemed not to be a Lender for the purposes of paragraphs (i)                        and (ii) above.              (b)     For the purposes of this Clause 34.4, the Agent may assume that the following Lenders are Defaulting Lenders:                      (i)    any Lender which has notified the Agent that it has become a Defaulting Lender;                      (ii)   any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c)                         of the definition of "Defaulting Lender" has occurred,                     unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably                 requested by the Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.       34.6   Excluded Commitments              If any Defaulting Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any term of any Finance          Document or any other vote of Lenders under the terms of this Agreement within 10 Business Days (unless the Company and the Agent          agree to a longer time period in relation to any request) of that request being made:              (a)     its Commitment shall not be included for the purpose of calculating the Total Commitments under the relevant Facility when                  ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been                  obtained to approve that request; and              (b)     its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of                  Lenders has been obtained to approve that request.       34.7   Replacement of a Defaulting Lender              (a)     The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving at least 10 Business                  Days’ prior written notice to the Agent and such Lender:                      (i)    replace such Lender by requiring such Lender to (and to the extent permitted by law, such Lender shall) transfer                         pursuant to Clause 23 (Changes to the Lenders) all (and not part only) of its rights and obligations under this                         Agreement; or                      (ii)   require such Lender to (and to the extent permitted by law, such Lender shall) transfer pursuant to Clause 23 (Changes                         to the Lenders) all (and not part only) of the undrawn Commitment of the Lender,                                                                                - 123 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                           to a Lender or other bank, financial institution, trust, fund or other entity (a "Replacement Non-Defaulting Lender") selected by                  the Company which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the                  transferring Lender in accordance with Clause 23 (Changes to the Lenders) for a purchase price in cash payable at the time of                  transfer which is either:                             (A)     in an amount equal to the outstanding principal amount of such Lender’s participation in the outstanding                                 Utilisations and all accrued interest (to the extent that the Agent has not given a notification under Clause 23.9                                 (Pro rata interest settlement)), Break Costs and other amounts payable in relation thereto under the Finance                                 Documents; or                             (B)     in an amount agreed between that Defaulting Lender, the Replacement Non-Defaulting Lender and the                                 Company and which does not exceed the amount described in paragraph (A) above.              (b)     Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause shall be subject to the following conditions:                      (i)    the Company shall have no right to replace the Agent in its capacity as agent of the Finance Parties;                      (ii)   neither the Agent nor the Defaulting Lender shall have any obligation to the Company to find a Replacement Non-                         Defaulting Lender;                      (iii)  the transfer must take place no later than 10 Business Days after the notice referred to in paragraph (a) above unless any                         failure to effect the transfer within that period is due to the Defaulting Lender’s failure to complete the checks referred                         to in paragraph (b)(iv) below;                      (iv)   in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Non-Defaulting Lender any                         of the fees received by the Defaulting Lender pursuant to the Finance Documents; and                      (v)    the Defaulting Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (a) above once it                         is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable                         laws and regulations in relation to that transfer to the Replacement Non-Defaulting Lender.              (c)     The Defaulting Lender shall perform the checks described in paragraph (b)(v) above as soon as reasonably practicable following                  delivery of a notice referred to in paragraph (a) above and shall notify the Agent and the Company when it is satisfied that it has                  complied with those checks.                                                                  - 124 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           35.    CONFIDENTIALITY       35.1   Confidential Information              Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted          by Clause 35.2 (Disclosure of Confidential Information) and Clause 35.3 (Disclosure to numbering service providers), and to ensure that          all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.       35.2   Disclosure of Confidential Information              Any Finance Party may disclose:              (a)     to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors,                  partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to                  whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature                  and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such                  requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or                  is otherwise bound by requirements of confidentiality in relation to the Confidential Information;              (b)     to any person:                      (i)    to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or                         obligations under one or more Finance Documents and to any of that person’s Affiliates, Related Funds, Representatives                         and professional advisers;                      (ii)   with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation                         in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or                         more Finance Documents and/or one or more Obligors and to any of that person’s Affiliates, Related Funds,                         Representatives and professional advisers;                      (iii)  appointed by any Finance Party or by a person to whom sub paragraph (b)(i) or (ii) above applies to receive                         communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf                         (including, without limitation, any person appointed under paragraph (b) of Clause 25.14 (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 paragraph (b)(i) or (ii) above;                      (v)    to whom information is required or requested to be disclosed by any court of competent jurisdiction or any                         governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange                         or pursuant to any applicable law or regulation;                                                                                - 125 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (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 23.8 (Security over Lenders’ rights);                      (viii) who is a Party; or                      (ix)   with the consent of the Company;                      in each case, such Confidential Information as that Finance Party shall consider appropriate if:                             (A)     in relation to paragraphs (b)(i), (b)(ii) and (b)(iii) above, the person to whom the Confidential Information is to                                 be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a                                 Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations                                 to maintain the confidentiality of the Confidential Information;                             (B)     in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has                                 entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation                                 to the Confidential Information they receive and is informed that some or all of such Confidential Information                                 may be price-sensitive information;                             (C)     in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is                                 to be given is informed of its confidential nature and that some or all of such Confidential Information may be                                 price-sensitive information; and                             (D)     in relation to paragraphs (b)(vi) and (b)(vii) above, the Company is informed of any such disclosure;              (c)     to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide                  administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation                  to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be                  disclosed to enable such service provider to provide any of the services referred to in this paragraph (c) if the service provider to                  whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the                  LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of                  confidentiality undertaking agreed between the Company and the relevant Finance Party;                                                                  - 126 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (d)     to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to                  enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors if the                  rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of                  such Confidential Information may be price-sensitive information,              provided that in all cases the prior consent of the Company shall be required for disclosure of Confidential Information by a Finance          Party to a Fund or to any commercial competitor of any member of the Group.       35.3   Disclosure to numbering service providers              (a)     Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to                  provide identification numbering services in respect of this Agreement, the Facility and/or one or more Obligors the following                  information:                      (i)    names of Obligors;                      (ii)   country of domicile of Obligors;                      (iii)  place of incorporation of Obligors;                      (iv)   date of this Agreement;                      (v)    the names of the Agent and the Arranger;                      (vi)   date of each amendment and restatement of this Agreement;                      (vii)  amount of Total Commitments;                      (viii) currencies of the Facility;                      (ix)   type of Facility;                      (x)    ranking of Facility;                      (xi)   Termination Date and the Extended Termination Date (if applicable);                      (xii)  changes to any of the information previously supplied pursuant to paragraphs (i) to (xi) above; and                      (xiii) such other information agreed between such Finance Party and the Company,                      to enable such numbering service provider to provide its usual syndicated loan numbering identification services.                                                                                 - 127 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (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 (a)(i) to (a)(xiii) of paragraph (a) above is, nor will at                  any time be, unpublished price-sensitive information.              (d)     The Agent shall notify the Company and the other Finance Parties of:                      (i)    the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility and/or                         one or more Obligors; and                      (ii)   the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by                         such numbering service provider.       35.4   Entire agreement              This Clause 35 (Confidentiality) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties          under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied,          regarding Confidential Information.       35.5   Inside information              Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and          that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing          and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.       35.6   Notification of disclosure              Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Company:              (a)     of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 35.2 (Disclosure                  of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the                  ordinary course of its supervisory or regulatory function; and              (b)     upon becoming aware that Confidential Information has been disclosed in breach of this Clause 35 (Confidentiality).                                                                         - 128 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           35.7   Continuing obligations              The obligations in this Clause 35 (Confidentiality) are continuing and, in particular, shall survive and remain binding on each Finance          Party for a period of twelve months from the earlier of:              (a)     the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all                  Commitments have been cancelled or otherwise cease to be available; and              (b)     the date on which such Finance Party otherwise ceases to be a Finance Party.              36.    CONFIDENTIALITY OF REFERENCE BANK RATES       36.1   Confidentiality and disclosure              (a)     The Agent agrees to keep each Reference Bank Rate confidential and not to disclose it to anyone, save to the extent permitted by                  paragraphs (b), (c) and (d) below.              (b)     The Agent may disclose any Reference Bank Quotation to any person appointed by it to provide administration services in                  respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services                  if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the                  form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other                  form of confidentiality undertaking agreed between the Agent and the relevant Lender or Reference Bank, as the case may be.              (c)     The Agent may disclose any Reference Bank Quotation to:                      (i)    any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and                         Representatives if any person to whom that Reference Bank Quotation is to be given pursuant to this paragraph (i) is                         informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no                         such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that                         Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;                      (ii)   any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any                         governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange                         or pursuant to any applicable law or regulation if the person to whom that Reference Bank Quotation is to be given is                         informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no                         requirement to so inform if, in the opinion of the Agent, as the case may be, it is not practicable to do so in the                         circumstances;                                                                                - 129 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                          (iii)  any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation,                         arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Reference Bank                         Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information                         except that there shall be no requirement to so inform if, in the opinion of the Agent, as the case may be, it is not                         practicable to do so in the circumstances; and                      (iv)   any person with the consent of the relevant Reference Bank, as the case may be.              (d)     The Agent’s obligations in this Clause 36 relating to Reference Bank Quotations are without prejudice to its obligations to make                  notifications under Clause 8.4 (Notification of rates of interest) provided that (other than pursuant to paragraph (b)(i) above) the                  Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification.       36.2   Other obligations              (a)     The Agent acknowledges that each Reference Bank Quotation is or may be price-sensitive information and that its use may be                  regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the                  Agent undertakes not to use any Reference Bank Quotation for any unlawful purpose.              (b)     The Agent agrees (to the extent permitted by law and regulation) to inform the relevant Reference Bank, as the case may be:                      (i)    of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 36.1 (Confidentiality and disclosure)                         above except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary                         course of its supervisory or regulatory function; and                      (ii)   upon becoming aware that any information has been disclosed in breach of this Clause 36.       37.    COUNTERPARTS              Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the          counterparts were on a single copy of the Finance Document.                                                                         - 130 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                                                                             SECTION 12                                           GOVERNING LAW AND ENFORCEMENT       38.    GOVERNING LAW              This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.       39.    ENFORCEMENT       39.1   Jurisdiction              (a)     The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement                  (including a dispute relating to the existence, validity or termination of this Agreement or the consequences of its nullity or any                  non-contractual obligations arising out of or in connection with this Agreement) (a "Dispute").              (b)     The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no                  Party will argue to the contrary.              (c)     This Clause 39.1 (Jurisdiction) is for the benefit of the Finance Parties only. As a result, and notwithstanding paragraph (a) of                  Clause 39.1, any Finance Party may take proceedings relating to a Dispute in any other courts with jurisdiction. To the extent                  allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions.       39.2   Service of process              Each Obligor agrees that the documents which start any proceedings in relation to any Finance Document, and any other documents          required to be served in connection with those proceedings, may be served on it by being delivered to the Company at 5th Floor, 610          Chiswick High Road, London, W4 5RU, United Kingdom or to such other address in England and Wales as each such Obligor may          specify by notice in writing to the Agent. Nothing in this paragraph shall affect the right of any Finance Party to serve process in any other          manner permitted by law. This Clause applies to proceedings in England and proceedings elsewhere.       39.3   Waiver of Immunity              Each Obligor waives generally all immunity it or its assets or revenues may otherwise have in any jurisdiction, including immunity in          respect of:              (a)     the giving of any relief by way of injunction or order for specific performance or for the recovery of assets or revenues; and              (b)     the issue of any process against its assets or revenues for the enforcement of a judgment or, in an action in rem, for the arrest,                  detention or sale of any of its assets and revenues.              This Agreement has been entered into on the date stated at the beginning of this Agreement.                                                                  - 131 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SCHEDULE 1                                                                                                                   THE ORIGINAL PARTIES                                                                                                                            PART I                                                                                                                  THE ORIGINAL OBLIGORS                                                                                                Registration number (or   Name of Original Borrower                                                                  equivalent, if any)                                                                                                          Millicom International Cellular S.A.                                                                                                                                Registration number (or   Name of Guarantor                                                                          equivalent, if any)                                                                                                          Millicom International Cellular S.A.                                                                                                  - 132 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                   PART II                                                                                                                   THE ORIGINAL LENDERS                                               Name of Original Lender                          Commitment (USD)                                                                                                                                Morgan Stanley Senior Funding, Inc.                                             330,000,000                                                                                                                                Goldman Sachs Bank USA                                                          660,000,000                                                                                                                                J.P. Morgan Securities plc                                                      660,000,000                                                                                                                                TOTAL                                                                         1,650,000,000                                                                   - 133 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SCHEDULE 2                                                  CONDITIONS PRECEDENT                                                                                                                            PART I                                     CONDITIONS PRECEDENT TO INITIAL UTILISATION       1.     Original Obligors              (a)     A copy of the constitutional documents of each Original Obligor.              (b)     A copy of a resolution of the board of directors of each Original Obligor:                      (i)    approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and                         resolving that it execute the Finance Documents to which it is a party;                      (ii)   approving the transactions contemplated by the Acquisition;                      (iii)  authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and                      (iv)   authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if                         relevant, any Utilisation Request and Selection Notice) to be signed and/or despatched by it under or in connection with                         the Finance Documents to which it is a party.              (c)     A specimen of the signature of each person authorised by the resolution referred to in paragraph (b) above.              (d)     A certificate of the Company (signed by an authorised signatory) confirming that borrowing or guaranteeing, as appropriate, the                  Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on any Original Obligor to be                  exceeded.              (e)     A certificate of an authorised signatory of the relevant Original Obligor certifying that each copy document relating to it specified                  in this Part I of this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this                  Agreement.       2.     Legal opinions              (a)     A legal opinion of Clifford Chance LLP, legal advisers to the Arranger and the Agent in England, substantially in the form                  distributed to the Original Lenders prior to signing this Agreement.              (b)     A legal opinion of Hogan Lovells (Luxembourg) LLP, legal advisers to the Company in Luxembourg, substantially in the form                  distributed to the Original Lenders prior to signing this Agreement.              (c)     If an Original Obligor is incorporated in a jurisdiction other than England and Wales, or Luxembourg, a legal opinion of the legal                  advisers to the Arranger and the Agent in the relevant jurisdiction, substantially in the form distributed to the Original Lenders                  prior to signing this Agreement.                                                                         - 134 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           3.     Other documents and evidence              (a)     This Agreement, the Fee Letters and the Engagement Letter each duly executed by the Obligors party to it.              (b)     The 2017 Annual Report.              (c)     A Group structure chart which shows the Group as at the date of this Agreement.              (d)     A copy of any other Authorisation or other document, opinion or assurance which the Agent reasonably considers to be necessary                  or desirable (if it has notified the Company accordingly) in connection with the entry into and performance of the transactions                  contemplated by any Finance Document or for the validity and enforceability of any Finance Document.              (e)     The Original Financial Statements of each Original Obligor.              (f)     Evidence that the fees, costs and expenses then due from the Company pursuant to Clause 11 (Fees) and Clause 16 (Costs and                  expenses) have been paid or will be paid by the first Utilisation Date (provided that invoices in respect of any costs and expenses                  (including, without limitation, legal fees) have been received by the Company at least three Business Days prior to the first                  Utilisation Date).              (g)     Evidence satisfactory to the Agent that each Lender has carried out and is satisfied with the results of all "know your customer"                  or other similar checks required in respect of the Original Obligors.              (h)     A copy of the Acquisition Agreements for information purposes only and without a right of approval for the Agent or any of the                  other Finance Parties.              (i)     A certificate of the Company (signed by an authorised signatory) certifying that (i) no material terms and conditions of the                  Acquisition Agreements have been amended or waived without the consent of the Arrangers (who shall act reasonably in giving                  consent) except to the extent it does not materially and adversely affect the interests of the Lenders as a whole under the Finance                  Documents; and (ii) the amounts to be drawn under the Facility together with any other amounts available to the Group are                  sufficient to pay the purchase price under the Acquisition Agreements.                                                                   - 135 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                   PART II                                   CONDITIONS PRECEDENT REQUIRED TO BE DELIVERED                                               BY AN ADDITIONAL BORROWER                                                                   1.     An Accession Letter, duly executed by the Additional Borrower and the Company.       2.     A copy of the constitutional documents of the Additional Borrower.       3.     A copy of a resolution of the board of directors of the Additional Borrower:              (a)     approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that                  it execute the Accession Letter;              (b)     authorising a specified person or persons to execute the Accession Letter on its behalf; and              (c)     authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in                  relation to an Additional Borrower, any Utilisation Request or Selection Notice) to be signed and/or despatched by it under or in                  connection with the Finance Documents.       4.     A specimen of the signature of each person authorised by the resolution referred to in paragraph 3 above.       5.     A certificate of the Additional Borrower (signed by an authorised signatory) confirming that borrowing or guaranteeing, as appropriate, the          Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on it to be exceeded.       6.     A certificate of an authorised signatory of the Additional Borrower certifying that each copy document listed in this Part II of Schedule 2 is          correct, complete and in full force and effect as at a date no earlier than the date of the Accession Letter.       7.     A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable in          connection with the entry into and performance of the transactions contemplated by the Accession Letter or for the validity and          enforceability of any Finance Document.       8.     If available, the latest audited financial statements of the Additional Borrower.       9.     A legal opinion of the legal advisers to the Agent, addressed to the Finance Parties.       10.    If the Additional Borrower is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Agent          in the jurisdiction in which the Additional Borrower is incorporated (or by legal advisers to the Company if it is standard market practice          in that jurisdiction for the Company’s legal advisers to provide such opinions).       11.    If the Additional Borrower is incorporated in a jurisdiction other than England and Wales, evidence that any process agent referred to in          Clause 39.2 (Service of process) has accepted its appointment in relation to the Additional Borrower.       12.    Evidence satisfactory to the Agent that each Lender has carried out and is satisfied with the results of all "know your customer" or other          similar checks required in respect of the Additional Obligor.                                                                  - 136 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SCHEDULE 3                                                          REQUESTS                                                                PART I                                                   UTILISATION REQUEST       From:         [name of relevant Borrower]                     To:           J.P. Morgan Europe Limited as Agent                     Dated:                              Dear Sirs                         Millicom International Cellular S.A. – US$ 1,650,000,000 Facility Agreement dated [?] 2019 (the "Agreement")       1.     We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation          Request unless given a different meaning in this Utilisation Request.       2.     We wish to borrow a Loan on the following terms:              Proposed Utilisation Date:              [•] (or, if that is not a Business Day, the next                                                  Business Day)                                                             Facility to be utilised:                The Facility                                                             Currency of Loan:                       [•]                                                             Amount:                                 [•] or, if less, the Available Facility                                                             Interest Period:                        [•]                                                             Net Leverage Ratio1                             3.     We confirm that each condition specified in Clause 4.2 (Further conditions precedent) [or, to the extent applicable, Clause 4.3 (Certain          Funds Period)] of the Agreement is satisfied on the date of this Utilisation Request.       4.     The proceeds of this Loan should be credited to [account].       5.     This Utilisation Request is irrevocable.                                                             Yours faithfully                                                  _________________________________                                               authorised signatory for and on behalf of                                                    [name of relevant Borrower]             1  Based on most recently delivered financial statements/Compliance Certificate.                                                                  - 137 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                   PART II                                                     SELECTION NOTICE       From:         [name of relevant Borrower]                     To:           J.P. Morgan Europe Limited as Agent                     Dated:                              Dear Sirs                         Millicom International Cellular S.A. – US$ 1,650,000,000 Facility Agreement dated [?] 2019 (the "Agreement")       1.     We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice          unless given a different meaning in this Selection Notice.       2.     We refer to the following Loan[s] with an Interest Period ending on [                ]*.       3.     [We request that the above Loan[s] be divided into [           ] Loans with the following amounts and Interest Periods:] **              or              [We request that the next Interest Period for the above Loan[s] is [       ]].***       4.     This Selection Notice is irrevocable.                                                             Yours faithfully                                                                                                                   ________________________                                                      authorised signatory for                                                    [the Company on behalf of]                                                    [name of relevant Borrower]             *   Insert details of all Loans which have an Interest Period ending on the same date.       **  Use this option if division of Loans is requested.       *** Use this option if sub-division is not required.                                                                  - 138 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SCHEDULE 4                                             FORM OF TRANSFER CERTIFICATE       To:           J.P. Morgan Europe Limited as Agent                     From:         [The Existing Lender] (the "Existing Lender") and [The New Lender] (the "New Lender")                     Dated:                            Millicom International Cellular S.A. – US$ 1,650,000,000 Facility Agreement dated [?] 2019 (the "Agreement")       1.     We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer          Certificate unless given a different meaning in this Transfer Certificate.       2.     We refer to Clause 23.5 (Procedure for transfer):              (a)     The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation, and in                  accordance with Clause 23.5 (Procedure for transfer), all of the Existing Lender’s rights and obligations under the Agreement                  and other Finance Documents which relate to that portion of the Existing Lender’s Commitment(s) and participations in Loans                  under the Agreement as specified in the Schedule.                     (b)     The proposed Transfer Date is [•].                     (c)     The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 30.2                  (Addresses) are set out in the Schedule.              3.     The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 23.4          (Limitation of responsibility of Existing Lenders).       [5/6]. This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the          counterparts were on a single copy of this Transfer Certificate.       [6/7]. This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.       [7/8]. This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.                                                                  - 139 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                               THE SCHEDULE                                            Commitment/rights and obligations to be transferred                                                          [insert relevant details]                         [Facility Office address, fax number and attention details for notices and account details for payments,]       For and on behalf of                            For and on behalf of   [Existing Lender]                               [New Lender]                                                       By:                                             By:       This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as [•].       For and on behalf of   [?]       By:                                                                  - 140 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SCHEDULE 5                                            FORM OF ASSIGNMENT AGREEMENT       To:           J.P. Morgan Europe Limited as Agent and Millicom International Cellular S.A. as Company, for and on behalf of each Obligor                     From:         [the Existing Lender] (the "Existing Lender") and [the New Lender] (the "New Lender")                     Dated:                            Millicom International Cellular S.A. – US$ 1,650,000,000 Facility Agreement dated [?] 2019 (the "Agreement")       1.     We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same meaning in this Assignment          Agreement unless given a different meaning in this Assignment Agreement.       2.     We refer to Clause 23.6 (Procedure for assignment):              (a)     The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement and the other                  Finance Documents which relate to that portion of the Existing Lender’s Commitment(s) and participations in Loans under the                  Agreement as specified in the Schedule.                     (b)     The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing                  Lender’s Commitment(s) and participations in Loans under the Agreement specified in the Schedule.              (c)     The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is                  released under paragraph (b) above.2       3.     The proposed Transfer Date is [•].       4.     On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.       5.     The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 30.2          (Addresses) are set out in the Schedule.       6.     The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 23.4          (Limitation of responsibility of Existing Lenders).       [8/9]. This Assignment Agreement acts as notice to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause          23.7 (Copy of Transfer Certificate or Assignment Agreement to Company), to the Company (on behalf of each Obligor) of the assignment          referred to in this Assignment Agreement.             2  If the Assignment Agreement is used in place of a Transfer Certificate in order to avoid a novation of rights/obligations for reasons relevant to a      civil jurisdiction, local law advice should be sought to check the suitability of the Assignment Agreement due to the assumption of obligations      contained in paragraph 2(c).                                                                  - 141 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           [9/10]. This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the          counterparts were on a single copy of this Assignment Agreement.       [10/11]. This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.       [11/12].This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement.                                                              - 142 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                               THE SCHEDULE                                      Rights to be assigned and obligations to be released and undertaken                                                          [insert relevant details]                         [Facility office address, fax number and attention details for notices and account details for payments]       For and on behalf of                            For and on behalf of   [Existing Lender]                               [New Lender]                                                       By:                                             By:       This Assignment Agreement is accepted by the Agent and the Transfer Date is confirmed as [•].       Signature of this Assignment Agreement by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to   herein, which notice the Agent receives on behalf of each Finance Party.       For and on behalf of       [?]       By:                                                                  - 143 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SCHEDULE 6                                                FORM OF ACCESSION LETTER       To:           J.P. Morgan Europe Limited as Agent                     From:         [Subsidiary] and Millicom International Cellular S.A.                     Dated:                              Dear Sirs                         Millicom International Cellular S.A. – US$ 1,650,000,000 Facility Agreement dated [?] 2019 (the "Agreement")       1.     We refer to the Agreement. This is an Accession Letter. Terms defined in the Agreement have the same meaning in this Accession Letter          unless given a different meaning in this Accession Letter.       2.     [Subsidiary] agrees to become an Additional Borrower and to be bound by the terms of the Agreement as an Additional Borrower pursuant          to Clause 24.2 (Additional Borrowers) of the Agreement. [Subsidiary] is a company duly incorporated under the laws of [name of relevant          jurisdiction].       3.     [The Company confirms that no Default is continuing or would occur as a result of [Subsidiary] becoming an Additional Borrower.]3       4.     [Subsidiary’s] administrative details are as follows:              Address:                     Fax No:              Attention:              5.     This Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by English law.       [This Accession Letter is entered into by deed.]       For and on behalf of                                      For and on behalf of   Millicom International Cellular S.A.                      [Subsidiary]                                                                 By:                                                       By:             3   Include in the case of an Additional Borrower.                                                                  - 144 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SCHEDULE 7                                               FORM OF RESIGNATION LETTER       To:               J.P. Morgan Europe Limited as Agent                         From:             [resigning Borrower] and Millicom International Cellular S.A.                         Dated:                                      Dear Sirs                             Millicom International Cellular S.A. – US$ 1,650,000,000 Facility Agreement dated [?] 2019 (the "Agreement")       1.     We refer to the Agreement. This is a Resignation Letter. Terms defined in the Agreement have the same meaning in this Resignation Letter          unless given a different meaning in this Resignation Letter.       2.     Pursuant to Clause 24.3 (Resignation of a Borrower), we request that [resigning Borrower] be released from its obligations as a Borrower          under the Agreement.       3.     We confirm that:              (a)     no Default is continuing or would result from the acceptance of this request; and                     (b)     [•]*              4.     This Resignation Letter and any non-contractual obligations arising out of or in connection with it are governed by English law.       For and on behalf of                                      For and on behalf of   Millicom International Cellular S.A.                      [Subsidiary]                                                                 By:                                                       By:       NOTES:       *      Insert any other conditions required by the Facility Agreement.                                                                  - 145 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SCHEDULE 8                                            FORM OF COMPLIANCE CERTIFICATE       To:               J.P. Morgan Europe Limited as Agent                         From:             Millicom International Cellular S.A.                         Dated:                                      Dear Sirs                             Millicom International Cellular S.A. – US$ 1,650,000,000 Facility Agreement dated [?] 2019 (the " Agreement")       1.     We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this          Compliance Certificate unless given a different meaning in this Compliance Certificate.       2.     We confirm that:              (a)     in respect of the Relevant Period ending on [•], Consolidated Net Debt for such Relevant Period was [•] and Consolidated                  EBITDA was [•]. Therefore Net Leverage Ratio was [•] and the covenant contained in paragraph (a) of Clause 20.2 (Financial                  Condition) [has/has not] been complied with; and                     (b)     in respect of the Relevant Period ending on [•], Consolidated EBITDA for such Relevant Period was [•] and Consolidated Interest                  Expense was [•]. Therefore Interest Cover was [•] and the covenant contained in paragraph (b) of Clause 20.2 (Financial                  Condition)) [has/has not] been complied with.              3.     [We confirm that no Default is continuing.]*       Signed:                                                                                                                            Director                                    Director                of                                          of                Company                                     Company       NOTES:       *      If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy          it.                                                                  - 146 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SCHEDULE 9                                      LMA FORM OF CONFIDENTIALITY UNDERTAKING       THIS MASTER CONFIDENTIALITY UNDERTAKING is dated [•] and made between:       (1)    [•]; and       (2)    [•].       Either party (in this capacity the "Purchaser") may from time to time consider acquiring an interest from the other party (in this capacity the   "Seller") in certain Agreements which, subject to the Agreements, may be by way of novation, assignment, the entering into, whether directly or   indirectly, of a sub-participation or any other transaction under which payments are to be made or may be made by reference to one or more   relevant Finance Documents and/or one or more relevant Obligors or by way of investing in or otherwise financing, directly or indirectly, any such   novation, assignment, sub-participation or other transaction (each an "Acquisition"). In consideration of the Seller agreeing to make available to the   Purchaser certain information in relation to each Acquisition it is agreed as follows:       1.     CONFIDENTIALITY UNDERTAKING              The Purchaser undertakes in relation to each Acquisition made or which may be made by it (a) to keep all Confidential Information which          the Seller supplies to the Purchaser in relation to that Acquisition confidential and not to disclose it to anyone, save to the extent permitted          by paragraph 2 below and to ensure that all Confidential Information which the Seller supplies to the Purchaser in relation to that          Acquisition is protected with security measures and a degree of care that would apply to the Purchaser’s own confidential information and          (b) until that Acquisition is completed, to use the Confidential Information which the Seller supplies to the Purchaser in relation to that          Acquisition only for the Permitted Purpose.              2.     PERMITTED DISCLOSURE              The Purchaser may disclose in relation to each Acquisition made or which may be made by it:              2.1    to any of its Affiliates and any of its or their officers, directors, employees, professional advisers and auditors such Confidential          Information as the Purchaser shall consider appropriate if any person to whom such Confidential Information is to be given pursuant to this          paragraph 2.1 is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive          information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the          confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to such Confidential Information;       2.2    subject to the requirements of the relevant Agreement, to any person:              (a)     to (or through) whom the Purchaser assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or                  obligations which it may acquire under that Agreement such Confidential Information which the Seller supplies to the Purchaser                  in relation to that Acquisition as the Purchaser shall consider appropriate if the person to whom such Confidential Information is                  to be given pursuant to this sub-paragraph (a) of paragraph 2.2 has delivered a letter to the Purchaser in equivalent form to this                  undertaking;                                                                         - 147 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                  (b)     with (or through) whom the Purchaser enters into (or may potentially enter into) any sub-participation in relation to, or any other                  transaction under which payments are to be made or may be made by reference to that Agreement or any relevant Obligor such                  Confidential Information which the Seller supplies to the Purchaser in relation to that Acquisition as the Purchaser shall consider                  appropriate if the person to whom such Confidential Information is to be given pursuant to this sub-paragraph (b) of paragraph                  2.2 has delivered a letter to the Purchaser in equivalent form to this undertaking;                     (c)     to whom information is required or requested to be disclosed by any governmental, banking, taxation or other regulatory                  authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation such                  Confidential Information which the Seller supplies to the Purchaser in relation to that Acquisition as the Purchaser shall consider                  appropriate; and              2.3    notwithstanding paragraphs 2.1 and 2.2 above, Confidential Information to such persons to whom, and on the same terms as, a Finance          Party is permitted to disclose such Confidential Information under the Agreement to which that Acquisition relates, as if such permissions          were set out in full in this undertaking for the purposes of that Acquisition and as if references in those permissions to Finance Party were          references to the Purchaser for the purposes of that Acquisition.       3.     NOTIFICATION OF DISCLOSURE              The Purchaser agrees in relation to each Acquisition made or which may be made by it (to the extent permitted by law and regulation) to          inform the Seller:              3.1    of the circumstances of any disclosure of Confidential Information made pursuant to sub-paragraph (c) of paragraph 2.2 above except          where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory          function; and       3.2    upon becoming aware that Confidential Information relating to that Acquisition has been disclosed in breach of this undertaking.       4.     RETURN OF COPIES              If the Purchaser does not enter into an Acquisition and the Seller so requests in writing, the Purchaser shall return or destroy all          Confidential Information supplied to the Purchaser by the Seller in relation to that Acquisition and destroy or permanently erase (to the          extent technically practicable) all copies of such Confidential Information made by the Purchaser and use its reasonable endeavours to          ensure that anyone to whom the Purchaser has supplied any such Confidential Information destroys or permanently erases (to the extent          technically practicable) such Confidential Information and any copies made by them, in each case save to the extent that the Purchaser or          the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent          judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has          been disclosed under sub- paragraph (c) of paragraph 2.2 above.                                                                  - 148 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           5.     CONTINUING OBLIGATIONS              The obligations in this undertaking are continuing and, in particular, shall survive and remain binding on the Purchaser in relation to each          Acquisition made or which may be made by it until (a) if the Purchaser becomes a party to the Agreement to which that Acquisition relates          as a lender of record, the date on which the Purchaser becomes such a party to such Agreement; (b) if the Purchaser enters into that          Acquisition but it does not result in the Purchaser becoming a party to the Agreement to which that Acquisition relates as a lender of          record, the date falling twelve months after the date on which all of the Purchaser’s rights and obligations contained in the documentation          entered into to implement that Acquisition have terminated; or (c) in any other case the date falling twelve months after the date of the          Purchaser’s final receipt (in whatever manner) of any Confidential Information in relation to that Acquisition.              6.     NO REPRESENTATION; CONSEQUENCES OF BREACH, ETC.              The Purchaser acknowledges and agrees that, in relation to each Acquisition made or which may be made by it:              6.1    neither the Seller, nor any member of the relevant Group nor any of the Seller’s or the relevant Group’s respective officers, employees or          advisers (each a "Relevant Person") (i) make any representation or warranty, express or implied, as to, or assume any responsibility for,          the accuracy, reliability or completeness of any of the Confidential Information supplied by the Seller to the Purchaser in relation to that          Acquisition or any other information supplied by the Seller to the Purchaser in relation to that Acquisition or the assumptions on which it          is based or (ii) shall be under any obligation to update or correct any inaccuracy in the Confidential Information supplied by the Seller to          the Purchaser in relation to that Acquisition or any other information supplied by the Seller to the Purchaser in relation to that Acquisition          or be otherwise liable to the Purchaser or any other person in respect of the Confidential Information supplied by the Seller to the          Purchaser in relation to that Acquisition or any such information; and       6.2    the Seller or members of the relevant Group may be irreparably harmed by the breach of the terms of this undertaking and damages may          not be an adequate remedy; each Relevant Person may be granted an injunction or specific performance for any threatened or actual breach          of the provisions of this undertaking by the Purchaser.       7.     ENTIRE AGREEMENT: NO WAIVER; AMENDMENTS, ETC.       7.1    This undertaking constitutes the entire agreement between the Seller and the Purchaser in relation to the Purchaser’s obligations regarding          Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.                                                                  - 149 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

            7.2    No failure to exercise, nor any delay in exercising any right or remedy under this undertaking will operate as a waiver of any such right or          remedy or constitute an election to affirm this letter. No election to affirm this letter will be effective unless it is in writing. No single or          partial exercise of any right or remedy will prevent any further or other exercise or the exercise of any other right or remedy under this          undertaking.       7.3    The terms of this undertaking and the Purchaser’s obligations under this undertaking may only be amended or modified by written          agreement between the parties.       8.     INSIDE INFORMATION              The Purchaser acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of          such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market          abuse and the Purchaser undertakes not to use any Confidential Information for any unlawful purpose.              9.     NATURE OF UNDERTAKINGS              The undertakings given by the Purchaser in this undertaking are given to the Seller and are also given for the benefit of the relevant          Company and each other member of the relevant Group.              10.    THIRD PARTY RIGHTS       10.1   Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this undertaking has no right under the Contracts          (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce or to enjoy the benefit of any term of this undertaking.       10.2   The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 10 and the          provisions of the Third Parties Act.       10.3   Notwithstanding any provisions of this undertaking, the parties to this undertaking do not require the consent of any Relevant Person to          rescind or vary this undertaking at any time.       11.    GOVERNING LAW AND JURISDICTION       11.1   This undertaking and any non-contractual obligations arising out of or in connection with it (including any non-contractual obligations          arising out of the negotiation of any Acquisition) are governed by English law.       11.2   The courts of England have non-exclusive jurisdiction to settle any dispute arising out of or in connection with this undertaking (including          a dispute relating to any non-contractual obligation arising out of or in connection with either this undertaking or the negotiation of any          Acquisition).                                                                  - 150 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           12.    DEFINITIONS              In this undertaking terms defined in the relevant Agreement (as defined below) shall, unless the context otherwise requires, have the same          meaning and:                     "Agreement" means the USD 1,650,000,000 facility agreement dated [•] 2019 between, amongst others, Millicom International Cellular          S.A. as the company, J.P. Morgan Europe Limited as agent and certain financial institutions named therein as lenders.                     "Company" means Millicom International Cellular S.A.                     "Confidential Information" means, in relation to each Acquisition, all information relating to the relevant Company, any relevant          Obligor, the relevant Group, the relevant Finance Documents, [the/a] relevant Facility and/or that Acquisition which is received by the          Purchaser in relation to the relevant Finance Documents or [the/a] relevant Facility from the Seller or any of its affiliates or advisers, in          whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording          information which contains or is derived or copied from such information but excludes information that:                     (a)     is or becomes public information other than as a direct or indirect result of any breach by the Purchaser of this undertaking; or                     (b)     is identified in writing at the time of delivery as non-confidential by the Seller or its advisers; or                     (c)     is known by the Purchaser before the date the information is disclosed to the Purchaser by the Seller or any of its affiliates or                  advisers or is lawfully obtained by the Purchaser after that date, from a source which is, as far as the Purchaser is aware,                  unconnected with the relevant Group and which, in either case, as far as the Purchaser is aware, has not been obtained in breach                  of, and is not otherwise subject to, any obligation of confidentiality.                     "Group" means, in relation to each Acquisition, the relevant Company and its subsidiaries for the time being (as such term is defined in          the Companies Act 2006).              "Permitted Purpose" means, in relation to each Acquisition, considering and evaluating whether to enter into that Acquisition.       This undertaking has been entered into on the date stated at the beginning of this undertaking                                                                  - 151 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                         SIGNATURES       [•]       By:       [•]       By:                                                                          - 152 -                                                                     tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                SCHEDULE 10                                                         TIMETABLES       Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of                U-3   a Utilisation Request))                                                                                                                                                              9.30am                                                                   Agent notifies the Lenders of the Loan in accordance with Clause 5.4                     U-3   (Lenders’ participation)                                                                                                                                                             3.00pm                                                                   LIBOR is fixed                                                                    Quotation Day as of                                                                                      11:00 a.m. London                                                                                            time       "U" = date of utilisation       "U - X" = Business Days prior to date of utilization                                                                  - 153 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                SCHEDULE 11                                            FORM OF INCREASE CONFIRMATION       To:               J.P. Morgan Europe Limited as Agent, and Millicom International Cellular S.A. as Company, for and on behalf of each                     Obligor                         From:             [the Increase Lender] (the "Increase Lender")                         Dated:                                Millicom International Cellular S.A. – US$ 1,650,000,000 Facility Agreement dated [?] 2019 (the "Agreement")       1.     We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have the same meaning in this Increase          Confirmation unless given a different meaning in this Increase Confirmation.       2.     We refer to Clause 2.2 (Increase) of the Agreement.       3.     The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Commitment specified in the Schedule          (the "Relevant Commitment") as if it was an Original Lender under the Agreement.       4.     The proposed date on which the increase in relation to the Increase Lender and the Relevant Commitment is to take effect (the "Increase          Date") is [•].       5.     On the Increase Date, the Increase Lender becomes party to the Finance Documents as a Lender.       6.     The Facility Office and address, fax number and attention details for notices to the Increase Lender for the purposes of Clause 30.2          (Addresses) are set out in the Schedule.       7.     The Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in paragraph (g) of Clause 2.2          (Increase).       [10/11.] This Increase Confirmation may be executed in any number of counterparts and this has the same effect as if the signatures on the          counterparts were on a single copy of this Increase Confirmation.       [11/12.] This Increase Confirmation and any non-contractual obligations arising out of or in connection with it are governed by English law.       [12/13]. This Increase Confirmation has been entered into on the date stated at the beginning of this Increase Confirmation.                                                                  - 154 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                               THE SCHEDULE                               Relevant Commitment/rights and obligations to be assumed by the Increase Lender                                                          [insert relevant details]                         [Facility office address, fax number and attention details for notices and account details for payments]       [Increase Lender]       By:       This Increase Confirmation is accepted as an Increase Confirmation for the purposes of the Agreement by the Agent and the Increase Date is   confirmed as [•].       Agent       By:                                                                  - 155 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                SCHEDULE 12                              FORM OF SUBSTITUTE AFFILIATE LENDER DESIGNATION NOTICE                                                                   To:               J.P. Morgan Europe Limited as Agent                         Cc:               Millicom International Cellular S.A. as the Company                         From:             [Designating Lender] (the "Designating Lender")                         Dated:            [•]                         Dear Sirs                             Millicom International Cellular S.A. – US$ 1,650,000,000 Facility Agreement dated [?] 2019 (the " Agreement")       1.     We refer to the Facility Agreement. Terms defined in the Facility Agreement have the same meaning in this Designation Notice.       2.     We hereby designate our Affiliate details of which are given below as a Substitute Affiliate Lender in respect of any Loans required to be          advanced to [specify name of borrower or refer to all borrowers in a particular jurisdiction etc] ("Designated Loans").       3.     The details of the Substitute Affiliate Lender are as follows:              Name:                     Facility Office:                     Fax Number:                     Attention:                     Jurisdiction of Incorporation:              4.     By countersigning this notice below the Substitute Affiliate Lender agrees to become a Designated Affiliate Lender in respect of          Designated Loans as indicated above and agrees to be bound by the terms of the Facility Agreement accordingly.       5.     This Designation Notice and any non-contractual obligations arising out of or in connection with it are governed by English law.                                                                  - 156 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           _________________________   For and on behalf of   [Designating Lender]       We acknowledge and agree to the terms of the above.       _________________________   For and on behalf of   [Substitute Affiliate Lender]       We acknowledge the terms of the above.       _________________________   For and on behalf of   The Agent       Dated: [•]                                                                  - 157 -                                                           tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

                                                                 SIGNATURES                                                                   THE COMPANY                                                                                                                     For and on behalf of                                            MILLICOM INTERNATIONAL CELLULAR S.A.                                By:   /s/ Justine Dimovic         Justine Dimovic                                                                                                             Group Treasurer             By:           Address: 2, rue du Fort Bourbon, L-1249, Luxembourg, Grand Duchy of Luxembourg       THE ORIGINAL BORROWERS                                                                                                                                                                                                                                For and on behalf of                                                                                                       MILLICOM INTERNATIONAL CELLULAR S.A.                                                                                           By:   /s/ Justine Dimovic         Justine Dimovic                                                                                                             Group Treasurer             By:           Address: 2, rue du Fort Bourbon, L-1249, Luxembourg, Grand Duchy of Luxembourg       THE GUARANTOR                                                                                                                                                                                                                                         For and on behalf of                                                                                                       MILLICOM INTERNATIONAL CELLULAR S.A.                                                                                           By:   /s/ Justine Dimovic         Justine Dimovic                                                                                                             Group Treasurer             By:           Address: 2, rue du Fort Bourbon, L-1249, Luxembourg, Grand Duchy of Luxembourg                                                 Company signature page to Facility Agreement            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           THE ARRANGERS                                                                                                                   For and on behalf of                                            GOLDMAN SACHS BANK USA                                                                                                          By:    /s/ Rob Cockburn                                                Rob Cockburn                                                    Authorised Signatory                                                                                                     Address:                                                                                                                        Fax:                                                                For and on behalf of                                            J.P. MORGAN SECURITIES PLC                                                                                                      By:    /s/ Zev Garell                                                  Zev Garell                                                                                                               Address:25 Bank St                                                     London UK                                                                                                                Fax:   +44 (0) 207 777 3049                                         For and on behalf of                                            MORGAN STANLEY BANK INTERNATIONAL LIMITED                                                                                       By:    /s/ [Illegible]                                                                                                          Address:25 Cabot Square                                                Canary Wharf                                                    London E14 4QA                                                  UK                                                                                                                       Fax:   +44 (0) 20 7425 8990                                                                                  Arranger signature page to Facility Agreement             tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           THE AGENT                                                                                                                       For and on behalf of                                            J.P. MORGAN EUROPE LIMITED                                                 By:    /s/ Fatma Mustafa                                    Authorised Signatory                                                               Fatma Mustafa                                                               Vice President   Address: 25 Bank Street, Canary Wharf, London E14 5JP                                                                           Fax:   +44 (0)20 7777 2360                                          Agent’s contact details for funding, repayment or interest issues:       25 Bank Street, Canary Wharf, London E14 5JP       Agent’s contact details for all other issues:       25 Bank Street, Canary Wharf, London El4 5JP                                                 Agent signature page to Facility Agreement            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM] 

 

           THE ORIGINAL LENDERS                                                                                                                                                                                                                                    For and on behalf of                                                                                                        GOLDMAN SACHS BANK USA                                                                                                          By:    /s/ Rob Cockburn                                                Rob Cockburn                                                    Authorised Signatory                                                                                                     Address:                                                                                                                        Fax:                                                                For and on behalf of                                            J.P. MORGAN SECURITIES PLC                                                                                                      By:    /s/ Richard Johansson                                           Richard Johansson                                               Executive Director                                                                                                       Address: 25 Bank street, London, E14 5JP                                                                                        Fax:   +44 207 777 4821                                             For and on behalf of                                            MORGAN STANLEY SENIOR FUNDING, INC.                                                                                                                                                             By:                                                                   Address:103-105 Waterloo Street                                        Glasgow                                                         Attn: Angela Mullaney/                                          Anne Blanco                                                                                                              Fax:                                                                                                           Lender signature page to Facility Agreement                                                                            tv514842_ex4-7.htm[27-Feb-19 4:39:56 PM]

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