Document:

Exhibit
4.6

 

DATED 14th February, 2003

 

 

MDP ACQUISITIONS PLC

as Lender

 

and

 

MDCP ACQUISITIONS I

as Borrower

 

 

 

INTERCOMPANY LOAN AGREEMENT

 

 

 

KIRKLAND
& ELLIS

INTERNATIONAL

Tower 42

25 Old Broad Street

London EC2N 1HQ

Telephone: +44 (0)20 7816 8700

www.kirkland.com

 

 

THIS AGREEMENT is
made on 14th February, 2003 BETWEEN:

 

(1)                                  MDP ACQUISITIONS PLC, a company registered
in Ireland (registered number 357958) (the “Lender”);
and

 

(2)                                  MDCP ACQUISITIONS I, a company registered
in Ireland (registered number 358039) (the “Borrower”).

 

IT IS AGREED as
follows:

 

1.                                      Definitions

 

1.1.                              In
this Agreement:

 

“Additional Notes” has the meaning given to
it in the Additional Notes Priority Deed.

 

“Advance” means the principal amount of the
advance (as from time to time reduced by repayment or prepayment or increased
by the capitalisation of interest) made or to be made by the Lender to the
Borrower pursuant to Clause 3 hereof.

 

“Payment Date” means the earlier of (A) the
date on which the Additional Notes are to be repaid in full or in part, at
final maturity in accordance with the terms of the Additional Notes, and (B)
the date on which the Additional Notes fall due for payment upon acceleration
or under any mandatory prepayment or repurchase provision in any case in accordance
with the terms of the Additional Notes provided that either (i) the amounts due
under the Senior Facility Agreement have then fallen due or have been declared
to be due and payable on acceleration or (ii) 179 days have elapsed from the
date on which the Lender or the Bond Trustee (as defined in the Additional
Notes Priority Deed) gave notice to the Senior Agent (as defined in the
Priority Deed) of the occurrence of the event of default entitling the
Additional Notes to be so accelerated or (iii) an order for the winding-up
administration, examination or dissolution of the Borrower has been made or any
liquidator, trustee in bankruptcy, judicial custodian, compulsory manager,
receiver, administrative receiver, examiner, administrator or similar officer
has been appointed in respect of the Borrower.

 

“Repayment” includes redemption and vice
versa and the words repay, redeem, repayable, redeemable, repaid and redeemed
shall be construed accordingly.

 

“Senior Facility Agreement” means the
agreement dated 12th September, 2002 between the Borrower, Deutsche
Bank AG London and Merrill Lynch International as arrangers, the parties
thereto as lenders and the other parties thereto in respect of €2,525,000,000
senior facilities, as amended by amendment letters dated 23rd
September, 2002, 11th October, 2002, 5th November, 2002
and 14th February, 2003.

 

2

 

1.2.                              Terms
defined in or whose interpretation is provided for in the Senior Facility
Agreement shall have the same meaning when used in this Agreement unless
separately defined or interpreted in this Agreement.

 

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

 

(a)                                  a
Clause is a reference to a clause of this Agreement;

 

(b)                                 words
imparting the singular include the plural and vice versa; and

 

(c)                                  a
Transaction Document or another document is a reference to that Transaction
Document or other document as amended.

 

1.4.                              Headings
and the index are for convenience of reference only and shall be ignored in the
interpretation of this Agreement.

 

2.                                      Purpose

 

Each Advance may only be
used for the purposes described in clause 11.7(e)(ii) or (iii) of the Senior
Facility Agreement, or any other purpose which the Majority Lenders agree.

 

3.                                      Advance

 

The Lender agrees that it
will, promptly on the same Business Day as the proceeds of the Additional Notes
are received by the Lender, make an advance to the Borrower in an aggregate amount
equal to the aggregate principal amount of such Additional Notes issued by the
Lender.

 

4.                                      Premium

 

The Lender agrees that it
will, promptly on the same Business Day as the proceeds of the Additional Notes
are received by the Lender, pay to the Borrower a non-refundable premium in
respect of the Advance in an amount equal to the amount of any premium received
by the Lender for the issue of the Additional Notes.  For the avoidance of doubt, such premium
shall not constitute indebtedness of the Borrower.

 

5.                                      Interest
and Other Amounts

 

5.1.                              Interest
will accrue on the outstanding principal amount of the Advance (or any portion
thereof) at a rate equal to the coupon payable on the Additional Notes in
accordance with the terms of the Additional Notes.

 

5.2.                              Interest
will be payable 5 Business Days prior to the date the corresponding interest on
the applicable Additional Notes (or the securities into which they convert) is
due under the terms of the Additional Notes (or the applicable instrument
pursuant to which the securities into which they convert is issued), together
with, in the case of the first payment of interest, accrued interest from 30th
September, 2002.

 

3

 

5.3.                              Interest
on any overdue amount of principal, interest or other sum will be payable (both
before and after judgement) on demand from time to time at the applicable rate
of interest hereunder for the Advance plus 1%.

 

5.4.                              The
Lender may at its discretion sanction a deferral of interest and/or waive
defaults by the Borrower in respect of the Advance.  In the case of such deferral, the payment
shall be deferred until such date as the Lender requires payment of any
deferred interest.

 

5.5.                              In
addition, the Borrower shall pay to the Lender (A) amounts equal to any
additional amounts payable under applicable gross-up provisions of the
Additional Notes; (B) amounts equal to default interest or liquidated damages
payments under the Additional Notes; (C) an amount equal to the amount of the
US registration costs and legal fees incurred in connection with the issue of
the Additional Notes and an amount equal to the amount of payments due under
any registration right agreement relating to the Additional Notes and (D) an
amount equal to any other payments but not exceeding (when aggregated with the
amounts paid under clause 4.5(D) of the Newco 1 Loan Agreement during such
period) €500,000 in any twelve month period.

 

6.                                      Repayment

 

The Advance (together
with all interest accrued thereon, an amount equal to any premium due on the
Additional Notes and other amounts due or owing to the Lender in connection
with the Advance) shall be repayable by the Borrower on the date falling 5
Business Days before the Payment Date, in freely available, immediately
transferable funds.

 

7.                                      Voluntary
Prepayment

 

The Borrower may, if
permitted by the Additional Notes Priority Deed, prepay the whole or any part
of the Advance borrowed by it (together with interest accrued thereon, an
amount equal to any premium due on the Additional Notes and any other amounts
due or owing to the Lender at such time) at any time provided an equivalent
amount is prepaid in respect of the Additional Notes, within five Business Days
of such prepayment.

 

8.                                      Payments

 

8.1.                              Unless
required by law and unless the Borrower and the Lender agree otherwise, all
payments made by the Borrower hereunder shall be made free and clear of and
without any deduction for or on account of any tax, set-off or counterclaim,
and, to the extent any tax deduction is required by law, the amount of the
payment due from the Borrower shall be increased to an amount which leaves the
Lender with an amount equal to the payment which would have been due if no such
deduction had been required.

 

8.2.                              The
Borrower shall pay or reimburse any stamp duty, stamp duty reserve tax or other
duties or taxes payable in connection with the execution, constitution and original
issue, completion and initial delivery of this Agreement.

 

4

 

9.                                      Priority
Deed

 

9.1.                              Until
the Senior Discharge Date (as defined in the Priority Deed), all payments
hereunder shall be subject to the provisions of the Priority Deed and the
Additional Notes Priority Deed.

 

9.2.                              Notwithstanding
any other term of this Agreement no payment shall be made by the Borrower and
the Lender shall take no action to recover any payment otherwise due under this
agreement while such payment or action is not permitted by the Priority Deed
and the Additional Notes Priority Deed.

 

9.3.                              The
Senior Creditors (as defined in the Priority Deed) may rely on this Clause 9.

 

10.                               General

 

10.1.                        This
agreement may be executed in any number of counterparts, all of which taken
together shall constitute one and the same agreement and any party may enter
this agreement by executing a counterpart.

 

10.2.                        This
Agreement shall be governed by and construed in accordance with English law.

 

10.3.                        Any
dispute arising under or in connection with this Agreement shall be settled by
the courts of England.

 

10.4.                        Except as
provided for in the Additional Notes, the rights, title, interest, benefit and
obligations of the Lender under this Agreement are not capable of assignment,
sale or other disposal (whether in whole or in part, by way of security or
otherwise), nor are they capable of being the subject of any Security Interest
or encumbrance (and any attempt by the Lender to do so shall be of no effect).  The foregoing sentence does not, for the
avoidance of doubt, apply to the Lender’s rights, title, interest and benefit
in and to any proceeds arising hereunder. 
The Borrower may not assign or transfer rights or any of its obligations
hereunder.

 

10.5.                        The Lender
and the Borrower may not, without the prior written consent of the Bond Trustee
(as defined in the Additional Notes Priority Deed) and the holders of the
Additional Notes, amend or agree to amend this Agreement.

 

10.6.                        The
Borrower hereby waives and agrees not to assert any claim that it may now or
hereafter have that the rates of interest specified herein are usurious or in
breach of any similar applicable law.

 

10.7.                        Each of
the Bond Trustee (as defined in the Additional Notes Priority Deed) and the
holders of the Additional Notes shall have the benefit of and shall be entitled
to enforce the provisions contained in Clauses 7, 10.4, 10.5 and 10.6 of this
Agreement.

 

5

 

AS WITNESS the hands of the duly authorised
representatives of the parties hereto the day and year first before written.

 

6

 

	
  Lender

  	
   

  
	
   

  	
   

  
	
  MDP
  ACQUISITIONS PLC

  
	
   

  	
   

  
	
  By:

  	
   

  
	
   

  	
   

  
	
  /s/ GARY W. MCGANN

  	
   

  
	
   

  	
   

  
	
  /s/ IAN J. CURLEY

  	
   

  	
   

  
	
   

  	
   

  
	
  Borrower

  	
   

  
	
   

  	
   

  
	
  MDCP
  ACQUISITIONS I

  
	
   

  	
   

  
	
  By:

  	
   

  
	
   

  	
   

  
	
  /s/ GARY W. MCGANN

  	
   

  
	
   

  	
   

  
	
  /s/ IAN J. CURLEY

  	
   

  
			

 

7Exhibit 4.7

 

CONFORMED COPY

 

PRIORITY AGREEMENT

 

Dated 14th February 2003

 

BETWEEN

 

MDCP ACQUISITIONS LIMITED

as the Parent

 

 

CERTAIN SUBSIDIARIES OF THE PARENT

AS OBLIGORS

 

 

THE SENIOR CREDITORS, HEDGING BANKS, SPANISH BOND
CREDITORS,

BOND TRUSTEE, JUNIOR CREDITORS AND INVESTORS

 

 

and

 

 

DEUTSCHE BANK AG LONDON

as Senior Agent and Security Agent

 

 

 

relating, inter alia, to a Senior Facility Agreement 

dated 12th September, 2002 (as subsequently amended)

 

 

 

ALLEN & OVERY

London

BK:1033233.6

 

 

 

CONTENTS

 

	
  Clause

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Definitions and
  Interpretation

  	
  1

  
	
  2.

  	
  Ranking

  	
  4

  
	
  3.

  	
  Undertakings

  	
  4

  
	
  4.

  	
  Amendments

  	
  5

  
	
  5.

  	
  Accession
  of Spanish Bond Creditors and Hedging Banks

  	
  5

  
	
  6.

  	
  Warranties
  of Junior Creditor and Investors

  	
  6

  
	
  7.

  	
  Permitted
  Intercompany Debt Payments

  	
  6

  
	
  8.

  	
  Turnover

  	
  8

  
	
  9.

  	
  Subordination on
  Insolvency

  	
  9

  
	
  10.

  	
  Enforcement

  	
  12

  
	
  11.

  	
  Manner of Enforcement

  	
  13

  
	
  12.

  	
  Release of
  Senior Subordinated Guarantee

  	
  13

  
	
  13.

  	
  Consents and Limits

  	
  14

  
	
  14.

  	
  Subrogation

  	
  14

  
	
  15.

  	
  Protection of
  Subordination

  	
  14

  
	
  16.

  	
  Preservation of Debt

  	
  16

  
	
  17.

  	
  Power of Attorney

  	
  16

  
	
  18.

  	
  Expenses

  	
  16

  
	
  19.

  	
  Changes to the Parties

  	
  16

  
	
  20.

  	
  Status of Obligors

  	
  18

  
	
  21.

  	
  Notices

  	
  18

  
	
  22.

  	
  Waivers, Remedies
  Cumulative

  	
  19

  
	
  23.

  	
  The Senior Agent

  	
  19

  
	
  24.

  	
  Termination

  	
  19

  
	
  25.

  	
  Miscellaneous

  	
  19

  
	
  26.

  	
  Governing Law

  	
  19

  
	
  27.

  	
  Jurisdiction

  	
  20

  
	
  28.

  	
  Counterparts

  	
  21

  
	
   

  	
   

  	
   

  
	
  Schedules

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  The Obligors

  	
  22

  
	
  2.

  	
  Investors

  	
  25

  
	
  3.

  	
  Form of Deed of Accession

  	
  26

  
	
  4.

  	
  Spanish Bond Creditors

  	
  27

  
	
  Signatories

  	
  28

  

 

 

 

THIS PRIORITY AGREEMENT is dated 14th February, 2003
and is made BETWEEN:

 

(1)           MDCP
ACQUISITIONS LIMITED a company incorporated under
the laws of Ireland (No. 357957) with its registered office at Arthur Cox
Building, Earlsfort Terrace, Dublin 2 (the Parent);

 

(2)           THE COMPANIES named in Schedule 1 as Obligors;

 

(3)           THE BANKS AND
FINANCIAL INSTITUTIONS who are the Senior Creditors
at the date of this Agreement, represented by the Senior Agent;

 

(4)           DEUTSCHE BANK
TRUST COMPANY AMERICAS as Bond Trustee;

 

(5)           MADISON
DEARBORN PARTNERS (NETHERLANDS) B.V. as Junior
Creditor;

 

(6)           THE BANKS AND
FINANCIAL INSTITUTIONS who are the Hedging Banks at
the date of this Agreement, represented by Deutsche Bank AG London;

 

(7)           THE BANKS AND
FINANCIAL INSTITUTIONS (if any) named in Schedule 4
as Spanish Bond Creditors;

 

(8)           THE FINANCIAL
INSTITUTIONS AND FUNDS named in Schedule 2 as
Investors; and

 

(9)           DEUTSCHE BANK
AG LONDON as Senior Agent and Security Agent.

 

WHEREAS:

 

(A)          The Parties are parties to the First
Priority Deed. 

 

(B)           Newco 1 is proposing to issue the
Additional Notes and to (i) lend an amount equal to the gross principal amount
thereof to the Company and (ii) pay to the Company any premium received by
Newco 1 for the issue of the Additional Notes (in each case) under the Second
Newco 1 Loan Agreement.

 

(C)           The Parties intend that (i) the Bond
Trustee should have the same rights and obligations in respect of the
Additional Notes as it has in respect of the Original Securities (other than
the PIK Securities) and (ii) Newco 1 should have the same rights and
obligations in respect of the Financial Indebtedness under the Second Newco 1
Loan Agreement as it has in respect of the Financial Indebtedness under the
Newco 1 Loan Agreement. 

 

(D)          The other Parties have requested the
Senior Agent to enter into, and are entering into this Agreement in
consideration of the Senior Agent entering into, an amendment letter to the
Senior Facility Agreement to permit, inter alia, the issue of the Additional
Notes.

 

IT IS AGREED AS FOLLOWS:

 

1.             DEFINITIONS AND INTERPRETATION

 

1.1          Definitions

 

In this Agreement:

 

 

2

 

Additional Notes means (a) the current pay senior
unsecured debt securities (to be denominated in € and/or US$) in a maximum
aggregate principal amount of €195,000,000 (or its equivalent at the date of
issue) with a maximum coupon or equivalent yield of 12 per cent. to be issued
by Newco 1 as provided for in the draft offering memorandum delivered to the
Facility Agent on 10th February, 2003 and (b) any SEC registered debt
securities issued by Newco 1 for which any of the debt securities referred to
in (a) above are exchanged.

 

Debt means any or all of the Senior Debt, the Hedging Debt, the Spanish
Bond Debt, the Newco 1 Debt, the Junior Debt, the Senior Subordinated Guarantee
Debt, the Investor Debt and the Intercompany Debt, as the context requires.

 

Deed of Accession means a deed of accession substantially in the form of Schedule 3.

 

Finance Documents means each or any of the Senior Finance Documents, the Hedging
Documents, the Spanish Bond Debt Documents, the Senior Subordinated Guarantee,
the Junior Finance Documents, the Intercompany Documents and the Investor
Documents.

 

First Priority Deed means the priority agreement dated 16 September 2002 (and amended on 27 September 2002) between,
among others, the parties to this Agreement and the Bridge Lenders.

 

Intercompany Creditor means any Obligor to whom any Intercompany Debt may from time to
time be payable or owing (whether or not matured).

 

Intercompany Debt means all present and future Financial Indebtedness owed by the
Company under or in connection with the Second Newco 1 Loan Agreement.

 

Investor Debt means all present and future liabilities (actual or contingent)
payable or owing by the Parent or any other Obligor to any of the Investors (a)
by way of closing fee or initial investment fee, (b) under or in connection
with the Investor Documents (including, without limitation, any dividends), (c)
in respect of any advisory, monitoring or management fee, or (d) in respect of
any claim for misrepresentation or breach of undertaking under or in connection
with the Investor Documents (but excluding for the avoidance of doubt any
present and future liabilities (actual or contingent) payable or owing under
the PIK Securities), in each case whether or not matured and whether or not
liquidated, and together with any Additional Debt.

 

Investor Documents means:

 

(a)           the Shareholders Agreement;

 

(b)           the articles of association of the Parent;

 

(c)           the First Priority Deed;  and

 

(d)           this Agreement.

 

Investors means the persons named in Schedule 2 in their capacity as
creditors from time to time in respect of any Investor Debt and any successor,
transferee, replacement or assignee of any such person.

 

 

3

 

Newco 1 Debt Non-Payment Event means the non-payment of any amount when due under the Newco 1 Debt
(but in the case of any amount not constituting principal, interest or fees,
being an amount in excess of €500,000).

 

Newco 1 Debt means all present and future liabilities (actual or contingent)
payable or owing by any Obligor under or in connection with the Additional
Notes, in each case whether or not liquidated and together with any Additional
Debt.

 

Party means an Obligor, a Senior Creditor, a Spanish Bond Creditor, the
Security Agent, the Senior Agent, the Junior Creditor, a Hedging Bank, the Bond
Trustee or an Investor, as the context requires.

 

Securities Creditors means the holders or owners of the Additional Notes.

 

Senior Facility Agreement means the senior facility agreement dated 12 September, 2002
between the Parent, certain of the other Obligors, the Senior Creditors, the
Security Agent and the Senior Agent providing for €2,100,000,000 term loan facilities and a €425,000,000 revolving loan facility (and includes the amendments
thereto made by amendment letters dated 23 September 2002, 11 October 2002,
5 November 2002 and on or about
the date of this Agreement).

 

Senior Finance Document has the meaning given to it in the Senior Facility Agreement, but
excluding the Hedging Documents.

 

Senior Subordinated Guarantee has the meaning given to it in the Senior Facility Agreement,
insofar as it relates to the Additional Notes.

 

Senior Subordinated Guarantee
Debt means all present and future
liabilities (actual or contingent) payable or owing by the Company under or in
connection with the Senior Subordinated Guarantee whether or not matured and
whether or not liquidated, together with any Additional Debt.

 

Turnover Receipt has the meaning given to it in Clause 8 (Turnover).

 

1.2          Interpretation

 

(a)           Clauses 1.2(a), (b), (d)
and (f) of the First Priority Deed shall apply to this Agreement, mutatis
mutandis.

 

(b)           References to the Senior
Facility Agreement, a Senior Finance Document, a Junior Finance Document, a
Hedging Document, a Spanish Bond Debt Document, the Senior Subordinated
Guarantee, the Additional Notes, an Investor Document, the Second Newco 1 Loan
Agreement or any other document or agreement is to that document or agreement
as novated, supplemented, amended, varied or restated from time to time.

 

(c)           Terms defined in or whose
interpretation is provided for in the Senior Facility Agreement or the First
Priority Deed shall have the same meaning when used in this Agreement (whether
before or after the Senior Discharge Date) unless separately defined or
interpreted in this Agreement.  If a term
is defined in both the Senior Facility Agreement and the First Priority Deed
the definition in the First Priority Deed shall apply in this Agreement.

 

 

4

 

(d)           This Agreement shall take
effect as a deed in respect of those Parties which execute it as such and as an
agreement under hand in respect of the other Parties.

 

2.             RANKING

 

Unless expressly provided to the contrary
in this Agreement, the Debt shall rank in right and priority of payment in the
following order:

 

First                       the Senior
Debt, the Hedging Debt and the Spanish Bond Debt (as provided for in the First
Priority Deed);

 

Second                   the Intercompany
Debt;

 

Third                      the Junior Debt; and

 

Fourth                    the Investor Debt.

 

For the avoidance of doubt, any claims
against the Company under the Senior Subordinated Guarantee rank prior to the
claims (if any) against the Company in respect of Junior Debt or Investor Debt.

 

3.             UNDERTAKINGS

 

3.1          General Undertakings

 

Except as an Instructing Group has
previously agreed in writing, or to the extent permitted by Clauses 7
(Permitted Payments) or 9.2 (Procedure) or 10 (Enforcement):

 

(a)           no Obligor will (and each
Obligor will procure that none of its Subsidiaries will) pay, or make any
distribution in respect of or on account of, or purchase, defease, redeem or
acquire, any of the Intercompany Debt in cash or in kind;

 

(b)           no Intercompany Creditor
will demand or receive payment of, or any distribution in respect of or on
account of any Intercompany Debt in cash or kind or apply any money or property
in or towards the discharge of any Intercompany Debt;

 

(c)           no Intercompany Creditor or
Obligor will discharge any Intercompany Debt by set-off, any right of
combination of accounts or otherwise (save to the extent such set-off occurs
automatically by operation of law and not as a result of any action or election
by such Intercompany Creditor or Obligor and any amount so set-off is subject
to Clause 8 (Turnover));

 

(d)           no Obligor will (and each
Obligor will procure that none of its Subsidiaries will) create or permit to
subsist any Security Interest over any of its assets for any of the
Intercompany Debt, and no Intercompany Creditor will allow to exist or receive
any Security Interest, for any of the Intercompany Debt;

 

(e)           no Obligor will (and each
Obligor will procure that none of its Subsidiaries will) give any financial
support to any person for, in respect of or in connection with the Intercompany
Debt;

 

 

5

 

(f)            no Obligor or Intercompany
Creditor will allow any of the Intercompany Debt to be evidenced by a
negotiable instrument or subordinate any of the Intercompany Debt to any other
indebtedness save as provided for in this Agreement; 

 

(g)           no Obligor will initiate or
support or take any steps with a view to any insolvency, liquidation,
reorganisation, administration, examination or dissolution proceedings
involving an Obligor (whether by petition, convening a meeting, voting for a
resolution or otherwise) otherwise than as part of a Permitted Reorganisation;
and

 

(h)           no Obligor or Intercompany
Creditor will take or omit to take any action whereby the ranking and/or
subordination of the Intercompany Debt provided for in this Agreement may be
impaired.

 

3.2          Limitation on sale of the Second Newco 1 Loan Agreement 

 

Newco 1 will not sell or otherwise dispose
of or encumber the Second Newco 1 Loan Agreement or enter into any agreement
that would have the same effect.

 

4.             AMENDMENTS

 

4.1          Amendments to Securities Permitted Payments definition

 

The Obligors and the Lenders agree not to
amend the definition of “Securities Permitted Payments” in the Senior Facility
Agreement (save to correct ambiguity or manifest error) without the written
consent of Newco 1 and the Bond Trustee if any amount is outstanding under the
Additional Notes.

 

4.2          Changes to Second Newco 1 Loan Agreement

 

(a)           The written consent of the Bond Trustee, to the extent that any
amount is outstanding under the Additional Notes, is required if the Company or
the relevant Intercompany Creditor wish to Amend the Second Newco 1 Loan
Agreement, except to cure ambiguity or manifest error.

 

(b)           In addition to the requirements in paragraph (a) above, unless an
Instructing Group has agreed to the Amendment in writing, no Obligor will Amend
the terms of the Second Newco 1 Loan Agreement (except for Amendments which do
not or could not reasonably be expected to adversely affect the interests of
the Senior Creditors, Hedging Banks or Spanish Bond Creditors in any material
respect).

 

5.             ACCESSION OF SPANISH BOND CREDITORS AND HEDGING
BANKS

 

5.1          Spanish Bond Creditors

 

No person providing or issuing any bond (of a type
referred to in section (a) of the definition of Spanish Bond Debt
Documents) will be entitled to benefit from the undertakings of the Parties to
this Agreement unless and until:

 

(a)           such person is specified in
Schedule 4 (and a copy of the Spanish Bond Debt Documents (in form and
substance reasonably satisfactory to the Senior Agent) has been provided to the
Senior Agent);  or

 

 

6

 

(b)           the Senior Agent has agreed
in writing to the identity of such person (such agreement not to be
unreasonably withheld where such person is a Senior Creditor (or its
Affiliate)) and to the Spanish Bond Debt Documents being provided by such
person and such person has agreed to become a Spanish Bond Creditor by
executing and delivering to the Security Agent a duly completed Deed of
Accession.  Upon delivery of such a Deed
of Accession to the Security Agent such person will acquire all its rights and
assume all its obligations as a Spanish Bond Creditor under this Agreement in
relation to such Spanish Bond Debt Documents.

 

5.2          Hedging
Banks

 

No person providing interest or currency
swap or hedging facilities to any Obligor will be entitled to benefit from the
undertakings of the Parties to this Agreement unless and until:

 

(a)           such person is a Hedging
Bank at the date of this Agreement; or

 

(b)           the Senior Agent has agreed
in writing to the identity of such person (such agreement not to be
unreasonably withheld where such person is a Senior Creditor (or its
Affiliate)) and to the swap or hedging facilities being provided by such person
and such person has agreed to become a Hedging Bank by executing and delivering
to the Security Agent a duly completed Deed of Accession.  Upon delivery of such a Deed of Accession to
the Security Agent such person will acquire all its rights and assume all its
obligations as a Hedging Bank under this Agreement in relation to such swap or
hedging facilities. 

 

6.             WARRANTIES OF JUNIOR CREDITOR AND INVESTORS

 

6.1          The Junior Creditor and each Investor warrants to each Secured
Creditor that:

 

(a)           it is duly incorporated (if
a corporate person) or duly established (in any other case) and validly
existing under the laws of the place of its incorporation or formation;

 

(b)           this Agreement is within its powers and has been duly authorised and
executed by it;  and

 

(c)           subject to the Reservations, this Agreement constitutes its legal,
valid and binding obligations, enforceable against it in accordance with its
terms and does not conflict with any law or regulation binding on it or with
its constitutional documents.

 

6.2          The
Company warrants to each Secured Creditor that it is duly authorised to execute
this Agreement on behalf of each of the other Obligors (other than the Parent
and Newco 1) and such execution will bind such other Obligors.

 

7.             PERMITTED INTERCOMPANY DEBT PAYMENTS

 

Subject to Clause 8 (Turnover), the
Company shall be entitled to pay in cash or by payment in kind any Intercompany
Debt owed by it to the relevant Intercompany Creditors (including interest
under the Second Newco 1 Loan Agreement by capitalising an amount of interest
or issuing further debt instruments under and in the manner and at the times
provided for in the Second Newco 1 Loan Agreement) PROVIDED THAT no payment of
principal, interest, fees or other amounts constituting Intercompany Debt shall
be made, except for the payment

 

 

7

 

of (A) interest (whether in cash or kind);
(B) amounts equal to any additional amounts payable under applicable gross-up
provisions of the Additional Notes; (C) amounts equal to default interest or
liquidated damages payments under the Additional Notes; (D) an amount equal to
the amount of the US registration costs and legal fees incurred in connection
with the issue of the Additional Notes and an amount equal to the amount of
payments due under any registration right agreement relating to the Additional
Notes; or (E) an amount equal to any other payments but not exceeding (when
aggregated with the amounts paid in such period under clause 7.2(ii)(E) of the
First Priority Deed) €500,000 in any
twelve month period, in each case referred to in (A), (B), (C), (D) or (E)
above under and to the extent provided for in the Second Newco 1 Loan Agreement
to the extent necessary to enable Newco 1 to make Securities Permitted Payments
in respect of the Additional Notes; and (F) repayment of principal of the
Additional Notes on the Payment Date under (and as defined in) the Second Newco
1 Loan Agreement PROVIDED THAT, except with the prior consent in writing of the
Senior Agent (acting on the instructions of an Instructing Group), the Company
may not on any date make any such payments under (A), (B), (C), (D) or (E)
above or any such repayment of principal under (F) above if:

 

(A)          any of the Senior Debt (or
in the case of non-payment of any amounts not constituting principal, interest
or fees, Senior Debt in excess of €50,000 (when aggregated with all other
amounts unpaid)) due on or prior to such date are unpaid on such date; or

 

(B)           following the occurrence of
an Event of Default (other than of the type specified in paragraph (A) above),
the Senior Agent (acting on the instructions of the Instructing Group) serves a
written notice (a Block Notice) under and in accordance with clause 7.2(ii)(B) of
the First Priority Deed specifying such Event of Default, until the
earliest date on which: 

 

(I)            paragraph (A) does not
apply; and

 

(II)           one of the following
applies:

 

(w)          179 days have elapsed since
the service of such Block Notice, or if earlier, where a Standstill Period (as
defined in Clause 10 (Enforcement)) is in effect at any time during that 179
day period, the date on which that Standstill Period expires; or

 

(x)            the Senior Agent (acting
on the instructions of an Instructing Group) has confirmed in writing in accordance with clause 7.2(ii)(B)(II)(x) of
the First Priority Deed that the relevant Event of Default has been
cured or waived by the Instructing Group in writing or has ceased to exist; or

 

(y)           the Senior Agent (acting on
the instructions of the Instructing Group) by notice in writing in accordance with clause 7.2(ii)(B)(II)(y) of
the First Priority Deed cancels the Block Notice; or

 

(z)            the Senior Discharge Date
occurs.

 

 

8

 

Unless otherwise agreed by the Bond Trustee a Block
Notice may not be issued under the First Priority Deed less than 360 days after
the service of a prior Block Notice and then only to the extent that all
scheduled payments with respect to the Newco 1 Loan that have come due have
been paid in full in accordance with the terms of the Newco 1 Loan Agreement
and the Second Newco 1 Loan Agreement.

 

It is agreed that payments of Intercompany Debt which
are permitted to be made by this Agreement are not prohibited by the First
Priority Deed (and that accordingly clauses 3 and 7 of the First Priority Deed
are amended by this Clause 7 to the extent they are inconsistent with it).

 

8.             TURNOVER

 

(a)           If any Intercompany
Creditor receives or recovers a payment or distribution in cash or in kind
(including by way of set-off or combination of accounts): 

 

(i)            of, or on account of, any
of the Intercompany Debt which is not permitted by Clause 7 (Permitted
Payments); or

 

(ii)           from (or on behalf of) any
Obligor or any other member of the Group on account of the purchase,
defeasance, redemption or acquisition of any Intercompany Debt otherwise than
to the extent permitted by Clause 7 (Permitted Payments), 

 

(each such payment or distribution being a Turnover Receipt) the receiving or recovering Intercompany
Creditor will promptly notify the Security Agent, will pending payment to the
Security Agent hold such Turnover Receipt on trust for the Security Agent and
the Secured Creditors and will on demand pay to the Security Agent for
application as provided in Clause 11 (Proceeds of Enforcement) of the First
Priority Deed an amount determined by the Security Agent to be equal to the
lesser of:

 

(A)          the outstanding balance of
the Senior Debt, Hedging Debt and Spanish Bond Debt; and 

 

(B)           the amount of such Turnover
Receipt,

 

less the third party costs and expenses (if
any) reasonably incurred by the Intercompany Creditor concerned in receiving or
recovering such Turnover Receipt. For the avoidance of doubt, an amount may not
be demanded under this Clause 8(a) if such amount has already been paid to the
Security Agent under clause 8(a) of the First Priority Deed (and vice versa).

 

(b)           Each Obligor shall
indemnify each Intercompany Creditor upon demand (to the extent of its
liability for the Intercompany Debt) for the amount of any Turnover Receipt
paid by it to the Security Agent and such third party costs and expenses
incurred by it, and the Intercompany Debt will not be deemed to have been
reduced or discharged in any way or to any extent by the receipt or recovery of
the relevant Turnover Receipt.  Any claim
or right of indemnity under this paragraph shall constitute Intercompany Debt.

 

(c)           If the Bond Trustee
receives or recovers a payment or distribution in cash or in kind (including by
way of set-off or combination of accounts):

 

(i)            under or on account of the Senior Subordinated Guarantee; or

 

 

9

 

(ii)           from (or on behalf of) any
Obligor or other member of the Group (other than Newco 1 or the Parent) on
account of the Senior Subordinated Guarantee Debt or the purchase, redemption
or acquisition of any Newco 1 Debt,

 

(each such payment or distribution being a Guarantee Turnover Receipt) the Bond Trustee will promptly
notify the Security Agent, will pending payment to the Security Agent hold such
Guarantee Turnover Receipt on trust for the Security Agent and the Secured
Creditors and will on demand pay to the Security Agent for application as
provided in Clause 11 (Proceeds of Enforcement) of the First Priority Deed an
amount equal to the lesser of:

 

(A)          the outstanding balances of
the Senior Debt, the Hedging Debt and the Spanish Bond Debt; and

 

(B)           the amount of the Guarantee
Turnover Receipt,

 

less the third party costs and expenses (if
any) reasonably incurred by the Bond Trustee in receiving or recovering the
Guarantee Turnover Receipt. For the avoidance of doubt, an amount may not be
demanded under this Clause 8(c) if such amount has already been paid to the
Security Agent under clause 8(c) of the First Priority Deed (and vice versa).

 

9.             SUBORDINATION ON INSOLVENCY

 

9.1          Insolvency

 

(a)           If any of the following occur in respect of an Obligor (unless it is
pursuant to a Permitted Re-organisation of such Obligor):

 

(i)            any step is taken with a
view to a composition, assignment or similar arrangement with any of its
creditors;

 

(ii)           a meeting is convened for
the purpose of considering any resolution for (or to petition for) its
winding-up, administration, examination or dissolution or any such resolution
is passed;

 

(iii)          any person presents a
petition for its winding-up, administration, examination or dissolution, unless
it is being contested in good faith and with due diligence and is discharged or
struck out within twenty Business Days;

 

(iv)          an order for its winding-up, administration, examination or
dissolution is made;

 

(v)           any liquidator, trustee in
bankruptcy, judicial custodian, compulsory manager, receiver, administrative
receiver, examiner, administrator or similar officer is appointed in respect of
it;

 

(vi)          its directors or other
officers request the appointment of a liquidator, trustee in bankruptcy,
judicial custodian, compulsory manager, examiner, receiver, administrative
receiver, administrator or similar officer; or

 

(vii)         any other analogous step or procedure is taken in any jurisdiction,

 

 

10

 

the Intercompany Debt will be subordinate
in right of payment to the Senior Debt, Hedging Debt and Spanish Bond Debt, and
the Secured Creditors shall be entitled to receive payment in full of all of
the Senior Debt, Hedging Debt and Spanish Bond Debt before the Intercompany
Creditors shall be entitled to any payment of the Intercompany Debt.

 

(b)           If any of the following
occur in respect of the Company:

 

(i)            any step is taken with a
view to a composition, assignment or similar arrangement with any of its
creditors;

 

(ii)           a meeting is convened for
the purpose of considering any resolution for (or to petition for) its
winding-up, administration, examination or dissolution or any such resolution
is passed;

 

(iii)          any person presents a
petition for its winding-up, administration, examination or dissolution, unless
it is being contested in good faith and with due diligence and is discharged or
struck out within twenty Business Days;

 

(iv)          an order for its winding-up,
administration, examination or dissolution is made;

 

(v)           any liquidator, trustee in
bankruptcy, judicial custodian, compulsory manager, receiver, administrative
receiver, examiner, administrator or similar officer is appointed in respect of
it;

 

(vi)          its directors or other
officers request the appointment of a liquidator, trustee in bankruptcy,
judicial custodian, compulsory manager, examiner, receiver, administrative
receiver, administrator or similar officer; or

 

(vii)         any other analogous step or
procedure is taken in any jurisdiction,

 

the Senior Subordinated Guarantee Debt will
be subordinate in right of payment to the Senior Debt, Hedging Debt and Spanish
Bond Debt, and the Secured Creditors shall be entitled to receive payment in
full of all of the Senior Debt, Hedging Debt and Spanish Bond Debt before the
Bond Trustee shall be entitled to any payment of the Senior Subordinated
Guarantee Debt.

 

9.2          Procedure

 

If any of the events referred to in Clause
9.1 above occurs and this Clause applies:

 

(a)           the Security Agent may, and is irrevocably authorised on behalf of
the Intercompany Creditors and the Bond Trustee (on behalf of the Securities
Creditors), as the case may be to: 

 

(i)            demand, claim, enforce and prove for the Intercompany Debt or the
Senior Subordinated Guarantee Debt; 

 

(ii)           file claims and proofs, give receipts and take any proceedings in
respect of the Intercompany Debt or the Senior Subordinated Guarantee Debt
which the Security Agent reasonably considers to be necessary or desirable to
recover any Intercompany Debt or Senior Subordinated Guarantee Debt; 

 

 

11

 

(iii)          do anything which the Security Agent reasonably considers to be
necessary or desirable to recover the Intercompany Debt or Senior Subordinated
Guarantee Debt; and 

 

(iv)          receive all distributions on the Intercompany Debt or the Senior
Subordinated Guarantee Debt for application against the Senior Debt, the
Hedging Debt and the Spanish Bond Debt as provided for in the First Priority
Deed;

 

(b)           if and to the extent that the Security Agent is not entitled to do
anything mentioned in paragraph (a) above, each Intercompany Creditor or
the Bond Trustee must do so promptly as and when requested by the Security
Agent from time to time;

 

(c)           each Intercompany Creditor or the Bond Trustee must:

 

(i)            hold all payments and distributions in cash or in kind subsequently
received or receivable by such Intercompany Creditor or the Bond Trustee in
respect of the Intercompany Debt or the Senior Subordinated Guarantee Debt from
an Obligor or from any other source on trust for the Senior Creditors, the
Hedging Banks and Spanish Bond Creditors; and 

 

(ii)           pay and transfer them to the Security Agent for application against
the Senior Debt, Hedging Debt and Spanish Bond Debt;

 

(d)           the trustee in bankruptcy, liquidator, assignee or other person
distributing the assets of an Obligor or their proceeds is directed to pay all
payments and distributions on the Intercompany Debt or Senior Subordinated
Guarantee Debt direct to the Security Agent; and

 

(e)           the Intercompany Creditors or the Bond Trustee must give any notice
and do anything which the Security Agent may reasonably require to give effect
to this Subclause.

 

9.3          Distributions

 

(a)           Each Intercompany Creditor
or the Bond Trustee will, upon demand by the Security Agent, pay an amount
equal to the amount of all payments or distributions of or in respect of any
Intercompany Debt or Senior Subordinated Guarantee Debt in cash or in kind
received by or on behalf of it from any Obligor (or any liquidator,
administrator, receiver or similar official of such Obligor or its assets) on
or after the occurrence of any of the events or circumstances referred to in
Clause 9.1 to the Security Agent for application in accordance with Clause 11
(Proceeds of Enforcement) of the First Priority Deed. Pending such application
the Security Agent will hold such payment on trust for the beneficiaries
entitled thereto (according to the ranking of entitlements set out in Clause 11
(Proceeds of Enforcement) of the First Priority Deed). For the avoidance of
doubt, an amount may not be demanded under this Clause 9.3(a) if such amount
has already been paid to the Security Agent under clause 9.3(a) of the First
Priority Deed (and vice versa).

 

(b)           The trustee in bankruptcy,
liquidator, administrator, receiver or other person distributing the assets of
an Obligor or their proceeds shall be directed to pay distributions on the
Intercompany Debt or Senior Subordinated Guarantee Debt, direct to the Security
Agent until the Senior Debt, the Hedging Debt and Spanish Bond Debt have been
paid in full.

 

 

12

 

(c)           The Intercompany Creditors
will give all such notices and do all such things as the Security Agent may
reasonably request to give effect to this Clause 9.3.  

 

10.          ENFORCEMENT

 

(a)           Except as an Instructing
Group has previously agreed in writing, and subject to paragraph (b), the
Intercompany Creditors must not:

 

(i)            accelerate or make demand for any of the Intercompany Debt or
declare any of the Intercompany Debt prematurely payable;

 

(ii)           enforce the Intercompany Debt by attachment, set-off, execution or
otherwise (save to the extent such set-off occurs automatically by operation of
law and not as a result of any action or election by such Intercompany Creditor
or Obligor and any amount so set-off is subject to Clause 8 (Turnover));

 

(iii)          initiate or support or take any steps with a view to: 

 

(A)          any insolvency, liquidation, reorganisation, administration,
examination or dissolution proceedings; or 

 

(B)           any voluntary arrangement or assignment for the benefit of
creditors; or 

 

(C)           any similar proceedings, 

 

involving an Obligor, whether by petition,
convening a meeting, voting for a resolution or otherwise (provided that this
shall not prevent an Obligor from taking any of these actions as part of a
Permitted Re-organisation); or

 

(iv)          sue, or bring or support any legal proceedings, or otherwise
exercise any remedy for the recovery of the Intercompany Debt.

 

(b)           An Intercompany Creditor may take any of the actions (Enforcement Action) prohibited in paragraph (a) above in
relation to Intercompany Debt under the Second Newco 1 Loan Agreement:

 

(i)            if any Senior Debt has been declared to be due and payable or due
and payable on demand (and demand has been made) under Clause 24.19
(Acceleration) or Clause 24.20 (Acceleration for Acquisition Credits) of the
Senior Facility Agreement; or

 

(ii)           if any of the events
referred to in Clause 9.1(a)(iv) or (v) (or any analogous steps or procedures
in any applicable jurisdiction having valid jurisdiction over the Company)
occur in relation to the Company; or

 

(iii)          if it or the Bond Trustee
has given notice in writing (an Enforcement Notice)
to the Senior Agent specifying that a Newco 1 Debt Non-Payment Event has
occurred and 179 days has elapsed from the date the Senior Agent received such
Enforcement Notice (the Standstill Period)
and at the end of the Standstill Period the Newco 1 Debt Non-Payment Event is
continuing unremedied and unwaived (provided that Enforcement Action shall only
be permitted under this subparagraph (iii) in an amount up to the amount of
Newco 1 Debt that is the subject of such Newco 1 Debt Non-Payment Event and
only to the extent it remains unremedied or unwaived),

 

 

13

 

PROVIDED THAT in each case any amounts received as a
result of action permitted to be taken under this Clause shall be subject to
Clause 8 (Turnover).

 

(c)           Without prejudice to
paragraph (b) above, if payment of the principal amount of the Additional Notes
is accelerated, no payment of the principal amount outstanding under the Second
Newco 1 Loan Agreement may be made until 5 Business Days after an Intercompany
Creditor or the Bond Trustee has given notice to the Senior Agent.  Thereafter the Company may if otherwise
permitted by the terms of this Agreement (and subject to Clause 8 (Turnover))
make such principal payments at the times referred to in the Second Newco 1
Loan Agreement.

 

(d)           Except as an Instructing
Group has previously agreed in writing, the Bond Trustee (on behalf of itself
and any of the Securities Creditors) must not:

 

(i)            enforce the Senior
Subordinated Guarantee Debt by attachment, set-off, execution or otherwise;

 

(ii)           in respect of or in
relation to any claim or liability arising under or in connection with the
Senior Subordinated Guarantee, initiate or support or take any steps with a
view to:

 

(A)          any insolvency, liquidation,
reorganisation, administration, examination or dissolution proceedings
involving the Company; or

 

(B)           any voluntary arrangement
or assignment for the benefits of creditors involving the Company; or

 

(C)           any similar proceedings in
any jurisdiction involving the Company, whether by petition, convening a
meeting, voting for a resolution or otherwise; or

 

(iii)          sue, bring or support any
legal proceedings, or otherwise exercise any remedy against the Company for the
recovery of the Senior Subordinated Guarantee Debt,

 

unless any amount is then due and payable
under the Senior Subordinated Guarantee. 

 

11.          MANNER OF ENFORCEMENT

 

No Senior Creditor, Hedging Bank or Spanish Bond
Creditor shall be responsible to any Intercompany Creditor, Securities Creditor
or Obligor, for any failure to enforce or to maximise the proceeds of any
enforcement of the security (except to the extent arising from such persons
gross negligence or wilful default), and the Senior Creditors, Hedging Banks
and Spanish Bond Creditors may cease any such enforcement at any time.

 

12.          RELEASE OF SENIOR SUBORDINATED GUARANTEE

 

If:

 

(a)           pursuant to an enforcement
of any of the Security Documents, the Security Agent (or any receiver or
equivalent appointed on behalf of the Secured Creditors) sells or otherwise
disposes of the shares of the Company; or

 

 

14

 

(b)           the shares of the Company
are sold or disposed of at the request of the Security Agent on the
instructions or with the consent of an Instructing Group after an Event of
Default under the Senior Facility Agreement,

 

the Bond
Trustee shall, at the written request of the Security Agent, promptly without
the need for any further referral to or authority from the Securities
Creditors, unconditionally release the Senior Subordinated Guarantee (and the
Company’s obligations thereunder) and the Bond Trustee undertakes to execute
such releases or other documents as may be necessary to give effect to the
above mentioned release, provided that any such release of the obligations and
liabilities of the Company under the Senior Subordinated Guarantee will not result
in a release of the obligations and liabilities of Newco 1 to the Securities
Creditors.

 

13.          CONSENTS AND LIMITS

 

13.1        Waivers

 

If any waiver, release or consent is
granted by the Majority Lenders under the Senior Finance Documents prior to the
Senior Discharge Date, a corresponding waiver, release or consent will be
deemed to have been given by the Intercompany Creditors (on the same terms and
conditions, mutatis mutandis) under the Second Newco 1 Loan Agreement if the
transaction or circumstance to which that waiver, release or consent relates
would otherwise breach or be a default or event of default under such
agreement, PROVIDED THAT no such waiver, release or consent may extend the due
date for or reduce the amount of or change the currency of any payment due to
any Intercompany Creditor or change the terms by reference to which any payment
is to be calculated or made under the Second Newco 1 Loan Agreement.

 

13.2        Non-Objection 

 

No Intercompany Creditor shall have any
claim or remedy against any of the Senior Creditors or the Spanish Bond
Creditors by reason of any transaction entered into between any of the Senior
Creditors or the Spanish Bond Creditors and any member of the Group or any
requirement or condition imposed by or on behalf of the Senior Creditors or the
Spanish Bond Creditors on any member of the Group, which breaches or is or
causes a default or an event of default under the Second Newco 1 Loan
Agreement.

 

14.          SUBROGATION

 

The Junior Creditor, the Securities
Creditors, the Investors and the Obligors will not under any circumstances be
subrogated to or entitled to exercise any of the rights of the Senior
Creditors, Hedging Banks or Spanish Bond Creditors or exercise or enforce any
security arising under any of the Security Documents.

 

15.          PROTECTION OF SUBORDINATION

 

15.1        Continuing Subordination

 

The subordination and priority provisions
in this Agreement constitute a continuing subordination and priority and
benefit to the ultimate balance of the Senior Debt, the Hedging Debt and
Spanish Bond Debt respectively regardless of any intermediate payment or
discharge of the Senior Debt, the Hedging Debt or the Spanish Bond Debt in
whole or in part.

 

 

15

 

15.2        Waiver of Defences

 

The subordination in this Agreement and the
obligations of the Bond Trustee, each Intercompany Creditor and each Obligor
under this Agreement will not be affected by any act, omission, matter or thing
which, but for this provision, would reduce, release or prejudice the subordination
or any of those obligations in whole or in part, including without limitation:

 

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

 

(b)           the taking, variation,
compromise, exchange, renewal or release of, or refusal or neglect to perfect,
take up or enforce, any rights or remedies against, or security over assets of,
any Obligor or other person under the Senior Finance Documents, the Hedging
Documents, the Spanish Bond Debt Documents or otherwise or any non-presentment
or non-observance of any formality or other requirement in respect of any
instruments or any failure to realise the full value of any security; 

 

(c)           any variation (however
fundamental) or replacement of any Senior Finance Document, Hedging Document,
Spanish Bond Debt Document or other document;

 

(d)           any unenforceability,
illegality, invalidity or frustration of any obligation of an Obligor or
security under the Senior Finance Documents, the Hedging Documents, the Spanish
Bond Debt Documents or any other document or security or the failure by any
member of the Group to enter into or be bound by any Senior Finance Document or
Hedging Document or Spanish Bond Debt Document; or

 

(e)           any postponement,
discharge, reduction, non-provability or other similar circumstance affecting
any obligation of any Obligor under any Senior Finance Document, Hedging
Document or Spanish Bond Debt Document resulting from any insolvency,
liquidation or dissolution proceedings or from any law, regulation or order.

 

15.3        Appropriations 

 

Each Senior Creditor (or any trustee or
agent on their behalf) may (subject to any provision of this Agreement or any
applicable Senior Finance Documents to the contrary):

 

(a)           apply any cash or property
received under this Agreement or from an Obligor or any other person against
the Debt owed to it, in such order as it sees fit;

 

(b)           (if it so decides) apply
any cash or property received from an Obligor or from any other person (other
than money or property received under the Senior Finance Documents or under
this Agreement) against any liability other than the Debt owed to it; and 

 

(c)           (unless such cash or
property in the aggregate is sufficient to bring about the Senior Discharge
Date if otherwise applied in accordance with the provisions of this Agreement)
hold in a suspense account (bearing interest at a market rate usual for

 

 

16

 

accounts of that type) any cash or the net
proceeds of any distribution received from the Intercompany Creditors or the
Obligors or on account of the liability of any Intercompany Creditor or Obligor
(as appropriate) under this Agreement.

 

 

16.          PRESERVATION OF DEBT

 

In spite of any term of this Agreement
postponing, subordinating or preventing the payment of any of the Intercompany
Debt, as between the Obligors and the Intercompany Creditors, the Intercompany
Debt shall remain owing or payable (and interest or default interest shall
continue to accrue) in accordance with the terms of the Second Newco 1 Loan
Agreement.  No delay in exercising rights
and remedies under the Second Newco 1 Loan Agreement by reason of any term of
this Agreement postponing, restricting or preventing such exercise shall
operate as a permanent waiver of any of those rights and remedies.

 

17.          POWER OF ATTORNEY

 

By way of security for the obligations of
each Intercompany Creditor under this Agreement, each Intercompany Creditor
irrevocably appoints the Senior Agent as its attorney to do anything which the
Intercompany Creditor (a) has authorised the Senior Agent to do under this
Agreement and (b) is required and legally able to do by this Agreement but has
failed to do for a period of 10 Business Days after receiving notice from the
Senior Agent requiring it to do so unless such Intercompany Creditor is
disputing in good faith and by appropriate proceedings that it is required to
do the thing concerned.

 

18.          EXPENSES

 

18.1        Enforcement Costs

 

Each Obligor and each Intercompany Creditor
will within 5 Business Days of demand pay to each Senior Creditor or Hedging
Bank the amount of all costs and expenses properly incurred by it in connection
with the enforcement against that Obligor or Intercompany Creditor (as the case
may be) of such person’s rights against it under this Agreement.  

 

18.2        Legal Expenses and Taxes 

 

The costs and expenses referred to above
include, without limitation, the fees and expenses of legal advisers and any
value added tax or similar tax, and are payable in the currency in which they
are incurred.

 

19.          CHANGES TO THE PARTIES

 

19.1        Successors and Assigns

 

This Agreement is binding on the successors
and assigns of the parties hereto.

 

19.2        Obligors

 

No Obligor may assign or transfer any of
its rights (if any) or obligations under this Agreement.

 

 

17

 

19.3        New Obligors

 

If any member of the Group (a New Obligor) borrows, guarantees or otherwise becomes liable
for any Intercompany Debt or grants or incurs or otherwise becomes a creditor
in respect of any Intercompany Debt, the Parent will procure that (unless such
New Obligor has become party hereto by some other means to the satisfaction of
the Senior Agent acting reasonably) such New Obligor becomes a party to this
Agreement as an Obligor by the execution and delivery to the Security Agent of
a duly completed Deed of Accession (together with such board resolutions and other
corporate documentation as the Security Agent may reasonably require).

 

19.4        New Creditors

 

No Senior Creditor, Hedging Bank, Spanish
Bond Creditor, Junior Creditor or Investor may:

 

(a)           assign, transfer or dispose
of any of the Debt owing to it or its proceeds or any interest in that Debt or
its proceeds to or in favour of any person; or 

 

(b)           assign, transfer, novate or
dispose of any of its rights or obligations under any of the Finance Documents
to any person, 

 

unless in each case that person agrees with
the Parties that it is bound by all the terms of this Agreement as a Senior
Creditor, Hedging Bank, Spanish Bond Creditor, Junior Creditor or Investor, as
the case may be, by executing and delivering to the Security Agent a duly
completed Deed of Accession or, in the case of a Senior Creditor, by the
execution and delivery to the Security Agent of a Transfer Certificate.  

 

19.5        Bond Trustee

 

The Bond Trustee (on behalf of the Securities
Creditors) acknowledges and agrees as follows:

 

(i)            that to the extent and in
the manner set out in any of the indentures (as supplemented and amended from
time to time) (the Indentures)
under which the Additional Notes are issued, the payment of all Senior
Subordinated Guarantee Debt is expressly made subordinate to and subject in
right of payment to the prior payment in full in cash of all Senior Debt,
Hedging Debt and Spanish Bond Debt;

 

(ii)           that the Senior Debt,
Hedging Debt and Spanish Bond Debt each qualify as “Senior Debt” for the
purposes of and as such term is defined in the Indentures;

 

(iii)          that the Senior Creditors,
the Hedging Banks and the Spanish Bond Creditors are entitled to rely on and
enforce (A) the subordination provisions contained in the Indentures and (B)
the provisions in the Indentures restricting the circumstances in which a
demand may be made under the Senior Subordinated Guarantee; and

 

(iv)          that it accepts any Transfer
Certificate, Accession Deed or Deed of Accession and the accession by the
relevant parties to such agreements to this Agreement in the capacity described
therein.  For the avoidance of doubt, the
Bond Trustee hereby waives any right to approve, or of objection to, the
accession or identity of such persons and confirms that it hereby waives any
obligation on the part of a party to

 

 

18

 

procure the Bond Trustee’s
counter-signature or acceptance of any such Transfer Certificate, Accession
Deed or Deed of Accession.

 

19.6        Variation of Forms of Deed of Accession

 

The form of deed of accession appearing in schedule 7
to the First Priority Deed is hereby amended as set out in Schedule 3 (and
the First Priority Deed is amended accordingly).  The Security Agent and the Parent may agree
further changes to the form of Deed of Accession.

 

19.7        Transfer Certificates, Accession Deeds and Deeds of Accession

 

Each of the other Parties appoints:

 

(a)           the Senior Agent as its
agent to sign on its behalf any Transfer Certificate or Accession Deed entered
into under the Senior Facility Agreement; and 

 

(b)           the Security Agent as its agent to sign on its behalf any Deed of
Accession, 

 

in order that each such Transfer
Certificate, Accession Deed or Deed of Accession may be supplemental to this
Agreement and be binding on and enure to the benefit of all the Parties.

 

19.8        Validity

 

If any person intended to be bound by this
Agreement does not become party to it or is not bound by it for any reason that
shall not affect the rights and obligations of the other persons party to this
Agreement.

 

20.          STATUS OF OBLIGORS

 

None of the Obligors has any rights under
this Agreement against any of the Senior Creditors, the Hedging Banks or the
Spanish Bond Creditors and none of the undertakings given by the Senior
Creditors, the Hedging Banks or the Spanish Bond Creditors are given (or shall
be deemed to have been given) to, or for the benefit of, the Obligors.

 

21.          NOTICES

 

Every Notice under this Agreement shall be
in writing delivered personally, by first class prepaid post or facsimile and
shall be sent to the address or facsimile number (if any is specified) of the
Party, and for the attention of the individual:

 

(a)           applying for the purposes
of the Senior Facility Agreement in the case of Obligors or Senior Creditors;
or

 

(b)           (in the case of the
Investors) set out in Schedule 2; or 

 

(c)           specified in the relevant
Deed of Accession if not a Party at the date hereof, 

 

or such other address or facsimile number
as is notified in writing by it to the Security Agent.  

 

Clause 37 (Notices) of the Senior Facility
Agreement shall apply to all Notices given under this Agreement.

 

 

19

 

22.          WAIVERS, REMEDIES CUMULATIVE

 

The rights of each Party under this
Agreement:

 

(a)           are cumulative and not
exclusive of its rights under the general law;

 

(b)           may be waived only in writing and specifically; and

 

(c)           may be exercised as often as necessary.

 

Delay in exercising or non-exercise of any
such right is not a waiver of that right.

 

23.          THE SENIOR AGENT

 

To the extent that the Senior Agent acts
under this Agreement on the instructions of a Instructing Group, the Hedging
Banks and the Spanish Bond Creditors appoint the Senior Agent as its agent
under this Agreement.  Such appointment
is on the terms set out in Clause 25 (Administrative Parties) of the Senior
Facility Agreement, mutatis mutandis.

 

24.          TERMINATION

 

Save in respect of any right, claim or
liability arising under this Agreement prior to the Senior Discharge Date
(which right, claim or liability shall continue notwithstanding the Senior
Discharge Date or the termination referred to in this Clause), this Agreement
(other than Clause 25 (The Senior Agent)) shall terminate immediately after the
Senior Discharge Date.

 

25.          MISCELLANEOUS

 

25.1        Severability

 

If any provision of this Agreement is prohibited or
unenforceable in any jurisdiction in relation to any Party, such prohibition or
unenforceability shall not invalidate the remaining provisions hereof or affect
the validity or enforceability of such provision in any other jurisdiction or
in relation to any other Party.

 

25.2        First Priority Deed

 

Save to the extent amended by this
Agreement, the First Priority Deed remains in full force and effect.

 

25.3        No Third Party Rights

 

No person who is not a party to this
Agreement shall have or may enforce any rights under it.

 

25.4        Senior Finance Document

 

The Company and the Senior Agent designate
this Agreement as a Senior Finance Document.

 

26.          GOVERNING LAW

 

This Agreement is governed by English law.

 

 

20

 

27.          JURISDICTION

 

27.1        Submission

 

The courts of England have jurisdiction to
settle any disputes in connection with this Agreement and accordingly submits
to the jurisdiction of the English courts.

 

27.2        Service of Process

 

Without prejudice to any other mode of
service, the Junior Creditor and each Investor:

 

(a)           irrevocably appoints Law
Debenture Corporate Services Limited (whose address is Fifth Floor, 100 Wood
Street, London EC2V 7EX) as its agent for service of process relating to any
proceedings before the English courts in connection with this Agreement or any
judgment in connection therewith; 

 

(b)           agrees that failure by a process agent to notify it of the process
will not invalidate the proceedings concerned; and

 

(c)           consents to the service of
process relating to any such proceedings by prepaid posting of a copy of the
process to its address for the time being applying for the purposes of Clause
21 (Notices).

 

27.3        Forum Convenience and Enforcement Abroad

 

Each party to this Agreement:

 

(a)           waives objection to English
courts on grounds of inconvenient forum or otherwise as regards proceedings in
connection with this Agreement;

 

(b)           agrees that a judgment or
order of an English court in connection with this Agreement is conclusive and
binding on it and may be enforced against it in the courts of any other
jurisdiction; and

 

(c)           to the fullest extent
permitted by law, waives any right it may have in any jurisdiction to have any
proceedings take the form of a trial by Jury.

 

27.4        Non-exclusivity

 

Nothing in this Clause 27 limits the rights
of a Senior Creditor or Hedging Bank to bring proceedings against a party to
this Agreement in connection with this Agreement:

 

(a)           in any other court of competent jurisdiction; or

 

(b)           concurrently in more than one jurisdiction.

 

 

21

 

28.          COUNTERPARTS

 

This Agreement may be executed in any
number of counterparts and all of such counterparts taken together shall be
deemed to constitute one and the same instrument.

 

This Agreement has been executed and delivered as a
deed on the date stated at the beginning of this Agreement.

 

 

22

 

SCHEDULE 1

 

THE
OBLIGORS

 

BERMUDA

 

Fibras Limited

 

ENGLAND & WALES

 

Badger Publishing Limited (co no 2450040)

 

Cundell Group Holdings Limited (co no
2340016)

 

Fishergate Properties Limited (co no 273294)

 

Norcor Holdings Limited (co no 2352247)

 

Norwich Corrugated Board Limited (co no
1021052)

 

Smurfit Communications UK Limited (co no
2322609)

 

Smurfit Communications (GB) Limited (co no
964972)

 

Smurfit Investments UK Limited (co no
2014441)

 

Smurfit UK Limited (co no 1017013)

 

Ward Packaging Limited (co no 2891814)

 

Smurfit Corrugated UK Limited (co no
700242)

 

Smurfit Corrugated Holdings (co no 1763645)

 

GERMANY

 

CD Haupt Papier und
Papierfabrik GmbH & Co KG

 

Papierverwaltungsgesellschaft
Wrexen GmbH

 

Smurfit Holdings GmbH

 

Wellit
Wellenpappenfabrik Verwaltungs GmbH

 

Wellit
Wellenpappenfabrik GmbH & Co

 

Schneverdinger
Wellpappenwek GmbH

 

GIBRALTAR

 

Wilshaw Investments Limited

 

IRELAND

 

MDCP Acquisitions
Limited (co no 357957)

 

MDP Acquisitions PLC
(co no 357958)

 

MDCP Acquisitions I
(co no 358039)

 

Amisfield Limited (co
no 145951)

 

Belgray Holdings (co
no 55866)

 

 

23

 

Crayside Limited (co
no 321264)

 

Damous Limited (co no
321264)

 

Gweebarra Limited (co
45075)

 

Headley Holdings (co
no 63551)

 

Iona Print Limited
(co no 39529)

 

Jefferson Smurfit
Group Limited (co no 8610)

 

Jefferson Smurfit
& Sons Limited (co no 7345)

 

Smurfit Capital (co
no 177324)

 

Smurfit Capital
Funding Limited (co no 239631)

 

Smurfit Capital
Leasing (co no 224165)

 

Smurfit International
Limited (co no 45909)

 

Smurfit Investments
(Ireland) Limited (co no 32153)

 

Smurfit Ireland
Limited (co no 2263)

 

Smurfit News Press
Limited (co 319020)

 

Smurfit Services
Limited (co no 88814)

 

The Kildare Hotel
& Country Club Limited (co no 139531)

 

Smurfit Corrugated Ireland (co no 49977)

 

Central Waste Paper Company Limited (co no
66062)

 

Brenchly Limited (co no 8628)

 

Claystoke Limited (co no 325480)

 

Margrave Investments Limited (co no 363510)

 

MEXICO

 

Grupo Smurfit México S.A. de C.V.

 

Smurfit Carton y Papel de México S.A. de C.V.

 

NETHERLANDS

 

Packaging Investments
Holdings (PIH) BV

 

Packaging Investments International (PII)
BV

 

Packaging Investments Netherlands (PIN) BV

 

Smurfit Corrugated BV

 

Smurfit Holdings BV

 

Smurfit International BV

 

Smurfit Investments
BV

 

 

24

 

SWEDEN

 

Smurfit Holdings AB

 

 

25

 

SCHEDULE 2

 

INVESTORS

 

	
   

  	
   

  
	
   MDCP III GLOBAL INVESTMENTS LP

  	
   

  
	
   MDCP IV GLOBAL INVESTMENTS LP

  	
   

  
	
   MDSE III GLOBAL INVESTMENTS LP

  	
   

  
	
   each of whose address for notices is:

  	
   

  
	
   

  	
   

  
	
   Address:

  	
  c/o Madison Dearborn Partners, LLC

  	
   

  
	
   

  	
  Three First National Plaza

  	
   

  
	
   

  	
  70 West Madison Street

  	
   

  
	
   

  	
  Suite 3800

  	
   

  
	
   

  	
  Chicago, IL

  	
   

  
	
   

  	
   

  	
   

  
	
   Fax No:

  	
  1-312-895-1001

  	
   

  
	
   

  	
   

  
	
   DBCP EUROPE GP (JERSEY) LIMITED

  	
   

  
	
   

  	
   

  
	
   whose address for notices is:

  	
   

  
	
   Address:

  	
  PO Box 87

  	
   

  
	
   

  	
  22 Grenville Street

  	
   

  
	
   

  	
  St Hellier

  	
   

  
	
   

  	
  Jersey JE 4 8PX

  	
   

  
	
   

  	
   

  	
   

  
	
   Fax No:

  	
   

  
	
   

  	
   

  

 

 

26

 

SCHEDULE 3

 

FORM
OF DEED OF ACCESSION

 

THIS DEED dated
[               ], [   ]
is supplemental to a priority agreement (the First
Priority Agreement) dated 16 September 2002 between, inter
alia, MDCP Acquisitions plc as the Parent and certain of its Subsidiaries as
Obligors, the Investors, the Junior Creditor, the Spanish Bond Creditors, the
Hedging Banks, the Senior Creditors and Deutsche Bank AG London as Security
Agent and Senior Agent and a priority agreement (together with the First
Priority Agreement, the Priority Agreements)
dated [   ] February 2003 between, inter alia, the same
parties.

 

Words and expressions defined in the Priority
Agreements have the same meaning when used in this Deed.

 

[Name of new Obligor/Senior Creditor/Hedging
Bank/Spanish Bond Creditor/Junior Creditor/Investor/Senior Agent/ Security
Agent/Bond Trustee] hereby agrees with each other person who is or who becomes
a party to the Priority Agreements that with effect on and from the date hereof
it will be bound by the Priority Agreements as [a[n]/the] *[Obligor/Senior
Creditor/Hedging Bank/Spanish Bond Creditor/Junior Creditor/Senior
Agent/Security Agent/Investor/Bond Trustee] as if it had been party originally
to the Priority Agreements in that capacity and that it shall perform all of
the undertakings and agreements set out in the Priority Agreements and given by
[a[n]/the] *[Obligor/Senior Creditor/Hedging Bank/Spanish Bond Creditor/Junior
Creditor/Senior Agent/Security Agent/Investor/Bond Trustee].

 

[The details of Hedging Documents
and Hedging Debt covered by this Deed is as follows [                                                                  ]].

 

The address for notices of *[Obligor/Senior
Creditor/Hedging Bank/Spanish Bond Creditor/Junior Creditor/Senior
Agent/Security Agent/Investor/Bond Trustee] for the purposes of the Priority
Agreements is:

 

[                                                                     ].

 

This document takes effect as a deed notwithstanding
that the Security Agent only executes under hand.

 

This Deed is governed by English law.

 

[Insert appropriate execution language]

 

*[                        ]
Delete as applicable

 

Acknowledged.

 

[Security Agent]

 

By:

 

 

27

 

SCHEDULE 4

 

SPANISH
BOND CREDITORS

 

Lehman Commercial Paper, Inc.

 

JPMorgan Chase Bank

 

 

28

 

SIGNATORIES

 

The Parent

 

	
  The Common Seal

  	
  )

  	
   

  
	
  of MDCP ACQUISITIONS
  LIMITED

  	
  )

  	
  /s/ Gary McGann

  
	
  was affixed hereunto

  	
  )

  	
   

  
	
  in the presence of

  	
  )

  	
  /s/ Ian Curley

  
	
   

  	
  )

  	
   

  
	
  Director

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  Director/Secretary

  	
  )

  	
   

  

 

 

The Obligors

 

	
  The Common Seal

  	
  )

  	
   

  
	
  of MDCP ACQUISITIONS
  LIMITED

  	
  )

  	
  /s/ Gary McGann

  
	
  was affixed hereunto

  	
  )

  	
   

  
	
  in the presence of

  	
  )

  	
  /s/ Ian Curley

  
	
   

  	
  )

  	
   

  
	
  Director

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Director/Secretary

  	
  )

  	
   

  

 

 

	
  The Common Seal

  	
  )

  	
   

  
	
  of MDP ACQUISITIONS PLC

  	
  )

  	
  /s/ Gary McGann

  
	
  was affixed hereunto

  	
  )

  	
   

  
	
  in the presence of

  	
  )

  	
  /s/ Ian Curley

  
	
   

  	
  )

  	
   

  	
   

  
	
  Director

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  Director/Secretary

  	
  )

  	
   

  

 

 

29

 

	
  The Common Seal

  	
  )

  	
   

  
	
  of MDCP ACQUISITIONS I

  	
  )

  	
  /s/ Gary McGann

  
	
  was affixed hereunto

  	
  )

  	
   

  
	
  in the presence of

  	
  )

  	
  /s/ Ian Curley

  
	
   

  	
  )

  	
   

  
	
  Director

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  Director/Secretary

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  MDCP ACQUISITIONS I

  	
  )

  	
  /s/ Gary McGann

  
	
  acting by its authorised signatories

  	
  )

  	
   

  
	
  in the presence of

  	
  )

  	
  /s/ Ian Curley

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  on behalf of:

  	
  )

  	
   

  

 

FIBRAS
LIMITED

BADGER PUBLISHING LIMITED

CUNDELL GROUP HOLDINGS LIMITED

FISHERGATE PROPERTIES LIMITED

NORCOR HOLDINGS LIMITED

NORWICH CORRUGATED BOARD LIMITED

SMURFIT COMMUNICATIONS UK LIMITED

SMURFIT COMMUNICATIONS (GB)
LIMITED

SMURFIT INVESTMENTS UK LIMITED

SMURFIT UK LIMITED

WARD PACKAGING LIMITED

SMURFIT CORRUGATED UK LIMITED

SMURFIT CORRUGATED HOLDINGS

CD HAUPT
PAPIER UND PAPIERFABRIK GMBH & CO KG

PAPIERVERWALTUNGSGESELLSCHAFT
WREXEN GMBH

SMURFIT
HOLDINGS GMBH

WELLIT
WELLENPAPPENFABRIK VERWALTUNGS GMBH

WELLIT
WELLENPAPPENFABRIK GMBH & CO

SCHNEVERDINGER
WELLPAPPENWEK GMBH

WILSHAW INVESTMENTS LIMITED

MDCP
ACQUISITIONS LIMITED

MDP
ACQUISITIONS PLC

MDCP
ACQUISITIONS I

AMISFIELD
LIMITED

BELGRAY
HOLDINGS

CRAYSIDE LIMITED

DAMOUS
LIMITED

GWEEBARRA
LIMITED

HEADLEY
HOLDINGS

IONA PRINT
LIMITED

JEFFERSON
SMURFIT GROUP LIMITED

 

 

30

 

JEFFERSON
SMURFIT & SONS LIMITED

SMURFIT
CAPITAL

SMURFIT
CAPITAL FUNDING LIMITED

SMURFIT CAPITAL
LEASING

SMURFIT
INTERNATIONAL LIMITED

SMURFIT
INVESTMENTS (IRELAND)

SMURFIT
IRELAND LIMITED

SMURFIT
NEWS PRESS LIMITED

SMURFIT
SERVICES LIMITED

THE KILDARE
HOTEL & COUNTRY CLUB LIMITED

SMURFIT CORRUGATED IRELAND

CENTRAL WASTE PAPER COMPANY
LIMITED

BRENCHLY LIMITED

CLAYSTOKE LIMITED

MARGRAVE INVESTMENTS LIMITED

GRUPO
SMURFIT MÉXICO S.A.
DE C.V.

SMURFIT
CARTON Y PAPEL DE MÉXICO
S.A. DE C.V.

PACKAGING
INVESTMENTS HOLDINGS (PIH) BV

PACKAGING INVESTMENTS
INTERNATIONAL (PII) BV

PACKAGING INVESTMENTS NETHERLANDS
(PIN) BV

SMURFIT
CORRUGATED BV

SMURFIT HOLDINGS BV

SMURFIT INTERNATIONAL BV

SMURFIT
INVESTMENTS BV

SMURFIT HOLDINGS AB

 

	
  The Senior Creditors

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  
	
  DEUTSCHE BANK AG LONDON

  	
  )

  	
  /s/ Richard Peters

  
	
  acting by its authorised signatories

  	
  )

  	
   

  
	
   

  	
  )

  	
  /s/ Sally Gilding

  
	
   

  	
  )

  	
   

  
	
  acting under the authority of that company

  	
  )

  	
   

  
	
  as Senior Agent on behalf of the Senior Creditors

  	
  )

  	
   

  
	
  at the date of this Agreement

  	
  )

  	
   

  

 

 

31

 

	
  The Hedging Banks

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  	
   

  
	
  DEUTSCHE BANK AG LONDON

  	
  )

  	
  /s/ Richard Peters

  
	
  acting by its authorised signatories

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  /s/ Sally Gilding

  
	
   

  	
  )

  	
   

  	
   

  
	
  acting under the authority of that company

  	
  )

  	
   

  	
   

  
	
  on behalf of the Hedging Banks

  	
  )

  	
   

  	
   

  
	
  at the date of this Agreement

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Bond Trustee

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXECUTED as a deed

  	
  )

  	
   

  	
   

  
	
  by DEUTSCHE BANK TRUST
  COMPANY AMERICAS

  	
  )

  	
  /s/ Wanda Camacho

  
	
  acting by its authorised signatories

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  
	
  acting under the authority

  	
  )

  	
   

  	
   

  
	
  of that company

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Senior Agent and the Security Agent

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  	
   

  
	
  DEUTSCHE BANK AG LONDON

  	
  )

  	
  /s/ Richard Peters

  
	
  acting by its authorised signatories

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  /s/ Sally Gilding

  
	
   

  	
  )

  	
   

  	
   

  
	
  acting under the authority

  	
  )

  	
   

  	
   

  
	
  of that company

  	
  )

  	
   

  	
   

  

 

 

32

 

	
  The Junior Creditor

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXECUTED as a deed by

  	
  )

  	
   

  	
   

  
	
  MADISON DEARBORN PARTNERS

  	
  )

  	
  /s/ Dirk P Stolp

  
	
  (NETHERLANDS) B.V.

  	
  )

  	
   

  	
   

  
	
  acting by:

  	
  )

  	
  /s/ L F van ders Sman

  
	
  Rokin Corporate Services B.V.

  	
   

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  
	
  acting under the authority of that

  	
  )

  	
   

  	
   

  
	
  company, in the presence of

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  
	
  Witness’s Signature:

  	
  /s/ David de Swann

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  
	
  Name:

  	
  David de Swann

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  	
   

  
	
  Address:

  	
  Hunzestraat 129th

  	
   

  	
   

  	
   

  
	
   

  	
  1079 VZ Amsterdam

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Spanish Bond Creditors

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SIGNED by

  	
  )

  	
   

  	
   

  
	
  DEUTSCHE BANK AG LONDON

  	
  )

  	
  /s/ Richard Peters

  
	
  acting by its authorised signatories

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
  /s/ Sally Gilding

  
	
   

  	
  )

  	
   

  	
   

  
	
  acting under the authority of that company

  	
  )

  	
   

  	
   

  
	
  on behalf of:

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  JPMORGAN CHASE BANK

  	
   

  	
   

  	
   

  
	
  LEHMAN COMMERCIAL PAPER, INC.

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Investors

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXECUTED as a deed under seal by

  	
  )

  	
   

  	
   

  
	
  MDCP III GLOBAL INVESTMENTS LP

  	
  )

  	
  /s/ Tom Souleles

  
	
  and signed and delivered as a deed on its behalf by
  MDP III

  	
  )

  	
   

  	
   

  
	
  Global GP, LP its general partner

  	
  )

  	
   

  	
   

  
	
  and MDP Global Investors Limited, its general
  partner

  	
  )

  	
   

  	
   

  
	
  in the presence of

  	
  )

  	
   

  	
   

  
	
   

  	
  )

  	
   

  	
   

  
	
  Witness’s Signature:

  	
  /s/ Cia Souleles

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  	
   

  
	
  Name:

  	
  Cia Souleles

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
  )

  	
   

  	
   

  
	
  Address:

  	
  1964 N. Burling St.

  	
  )

  	
   

  	
   

  
	
   

  	
  Chicago IL 60614

  	
   

  	
   

  	
   

  
						

 

 

33

 

	
  EXECUTED as a deed under seal by

  	
  )

  	
   

  
	
  MDCP IV GLOBAL INVESTMENTS LP

  	
  )

  	
  /s/ Tom Souleles

  
	
  and signed and delivered as a deed on its behalf by
  MDP IV

  	
  )

  	
   

  
	
  Global GP, LP its general partner and

  	
  )

  	
   

  
	
  MDP Global Investors Limited its general partner

  	
  )

  	
   

  
	
  in the presence of

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  Witness’s Signature:

  	
  /s/ Cia Souleles

  	
  )

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  Name:

  	
  Cia Souleles

  	
  )

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  Address:

  	
  1964 N. Burling St.

  	
  )

  	
   

  
	
   

  	
  Chicago IL 60614

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXECUTED as a deed under seal by

  	
  )

  	
   

  
	
  MDSE III GLOBAL INVESTMENTS LP

  	
  )

  	
  /s/ Tom Souleles

  
	
  and signed and delivered as a deed on its behalf by
  MDP III

  	
  )

  	
   

  
	
  Global GP, LP its general partner

  	
  )

  	
   

  
	
  and MDP Global Investors Limited its general partner

  	
  )

  	
   

  
	
  in the presence of

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  Witness’s Signature:

  	
  /s/ Cia Souleles

  	
  )

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  Name:

  	
  Cia Souleles

  	
  )

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  Address:

  	
  1964 N. Burling St.

  	
  )

  	
   

  
	
   

  	
  Chicago IL 60614

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  EXECUTED as a deed by

  	
  )

  	
   

  
	
  DBCP EUROPE GP (JERSEY) LIMITED

  	
  )

  	
  /s/ Diarmuid Cummins

  
	
  acting by:

  	
  )

  	
   

  
	
  Diarmuid Cummins

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  acting under the authority of that

  	
  )

  	
   

  
	
  company, in the presence of

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  
	
  Witness’s Signature:

  	
  /s/ Charles Boschetto

  	
  )

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  Name:

  	
  Charles Boschetto

  	
  )

  	
   

  
	
   

  	
   

  	
  )

  	
   

  
	
  Address:

  	
  183 Westbourne Grove

  	
  )

  	
   

  
	
   

  	
  London W11 2SB

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]