Document:

EX-10.11

THIS DOCUMENT PREPARED

WITH THE ASSISTANCE OF AN

ATTORNEY LICENSED IN TEXAS, AND AFTER RECORDING
SHOULD BE RETURNED TO:

David P. Resnick, Esq.

	 	 	Goldberg, Kohn, Bell, Black,
Rosenbloom & Moritz, Ltd.	 

55 East Monroe Street, Suite 3700
Chicago, Illinois 60603

SPACE ABOVE THIS LINE IS FOR RECORDER’S USE ONLY

LEASEHOLD DEED OF TRUST, ASSIGNMENT OF

LEASES AND RENTS, SECURITY AGREEMENT

AND FIXTURE FILING

(Wharton, Texas)

Loan No. 70004291

This LEASEHOLD DEED OF TRUST, ASSIGNMENT OF LEASES AND RENTS, SECURITY AGREEMENT AND FIXTURE
FILING (this “Deed of Trust”) is made as of this 29th day of December, 2006, between TMB-I, L.P.,
a Delaware limited partnership (“Borrower”), whose address is 707 Westchester Avenue, White
Plaines, New York 10604, to Diane B. Senterfitt, Esq., whose address is do Hance, Scarborough,
Wright, Ginsberg & Brusilow, 111 Congress Avenue, Suite 800, Austin, Texas 78701 (“Trustee”), for
the benefit of GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation, as Agent (“Agent”)
(in its individual capacity, “GECC”), whose mailing address is 2 Bethesda Metro Center, Suite 600,
Bethesda, Maryland 20814, for the benefit of Agent and Lender (as defined below).

RECITALS

A. Lender has agreed, subject to the terms and conditions of that certain

Loan Agreement of even date herewith (said Loan Agreement, as amended from time to time

614477v3 12/2912006 2:46:36 PM 4866.193

(TX)

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being hereinafter referred to as the “Loan Agreement”), executed by and among Borrower,
certain affiliates of Borrower (together with Borrower, the “Borrower Parties” and each
individually a “Borrower Party”), General Electric Capital Corporation, a Delaware corporation
(in its individual capacity as a lender (“GECC”)) and the other financial institutions who are or
hereafter become parties to the Loan Agreement (together with GECC, collectively or individually,
as the context may require, “Lender”) and Agent, as agent for Lender, to make a loan (the “Loan”)
to the Borrower Parties in the aggregate principal amount of up to Forty Three Million Fifty
Thousand and No/100 Dollars ($43,050,000.00). The Loan is evidenced by that certain Promissory
Note of even date herewith (the “Initial Funding Note”) in the original principal amount of up to
Forty Million Seven Hundred Fifty Thousand and No/100 Dollars ($40,750,000.00) and that certain
Promissory Note of even date herewith (the “Construction Note”) in the original principal amount
of up to Two Million Three Hundred Thousand and No/100 Dollars ($2,300,000.00), providing for
monthly payments as set forth in the Loan Agreement, with the balance thereof, due and payable on
December 28, 2011 (said date or any earlier date on which the entire unpaid principal amount
shall be paid or required to be paid in full, whether by prepayment, acceleration or otherwise is
hereinafter called the “Maturity Date”). The Initial Funding Note, the Construction Note and all
amendments thereto and substitutions therefor are hereinafter referred to collectively, as the
“Note.” The terms and provisions of the Loan Agreement and Note are hereby incorporated by
reference in this Deed of Trust. Capitalized terms used but not defined herein shall have the
meanings provided in the Loan Agreement.

B. Lender and Agent wish to secure: (i) the payment of the Note, together

with all interest, premiums and other amounts, if any, due in accordance with the terms of the
Note, as well as the payment of any additional indebtedness accruing to Lender or Agent on
account of any future payments, advances or expenditures made by Lender or Agent pursuant to the
Note, the Loan Agreement or this Deed of Trust or any of the other Loan Documents (hereinafter
defined); (ii) the performance of each and every covenant, condition, and agreement contained in
the Note, the Loan Agreement, this Deed of Trust, that certain Hazardous Materials Indemnity
Agreement of even date herewith made by Borrower Parties and Richard Segal (“Segal”) (Segal is
referred to herein as “Principal”) in favor of Agent and any other documents evidencing or
securing the Loan or executed in connection therewith (such documents together with any
modifications, renewals, extensions or replacements thereof are collectively referred to herein
as the “Loan Documents”); and (iii) the payment of any and all other debts, claims, obligations,
demands, monies, liabilities and indebtedness of any kind or nature now or hereafter owing,
arising, due or payable from Borrower Parties to Lender or Agent in connection with the Loan
pursuant to one or more of the Loan Documents. All payment obligations of Borrower Parties and
Principal to Lender or Agent with respect to the Loan or under any of the Loan Documents are
hereinafter sometimes collectively referred to as the “Indebtedness,” and all other obligations
of Borrower Parties and Principal to Agent with respect to the Loan or under any of the Loan
Documents are hereinafter sometimes collectively referred to as the “Obligations”.

NOW, THEREFORE, TO SECURE the repayment of the Indebtedness and the performance of the
Obligations, Borrower has executed this Deed of Trust and does

hereby grant, bargain, sell, convey, mortgage, assign, warrant, transfer and pledge to
Agent, and grant to Agent, for the benefit of Agent and Lender, a security interest in and to, the
following described property now owned or hereafter acquired and all proceeds thereof subject to
those exceptions to title described in the Title Policy (as defined in the Loan Agreement) (which
property is hereinafter sometimes collectively referred to as the “Property”):

A. The leasehold estate (“Leasehold Estate”) created by that certain

Ground Lease Agreement with respect to real estate described on Exhibit A attached hereto
(the “Land”) dated May 9, 2000 between Signature Gulf Coast Hospital, L.P. (“Ground Lessor”) and
Borrower as Lessee and as evidenced by that certain Memorandum of Ground Lease recorded on May 31,
2000 in the land records of Wharton County, Texas in Book 370, Page 307 (being referred to herein
as the “Ground Lease”);

B. All of Borrower’s right, title and interest in and to the following,

(collectively, the “Improvements”): all buildings, improvements and fixtures now or in the future
located or to be constructed on the Land; to the extent not owned by tenants or subtenants of the
Property, all machinery, appliances, equipment, furniture, fixtures and all other personal
property of every kind or nature located in or on, or attached to, or used or to be used in
connection with the Land, buildings, improvements or fixtures; all building materials and goods
procured for use or in connection with the foregoing; and all additions, substitutions and
replacements to any of the foregoing;

C. To the extent of Borrower’s interest therein and to the extent such
is

assignable, all plans, specifications, architectural renderings, drawings, soil test reports,
other reports of examination or analysis of the Land or the Improvements;

D. All of Borrower’s right title and interest in easements,
rights-of-way,

water courses, mineral rights, water rights, air rights and appurtenances in any way belonging,
relating or appertaining to any of the Leasehold Estate, Land or Improvements, or which hereafter
shall in any way belong, relate or be appurtenant thereto (“Appurtenances”);

E. All of Borrower’s right title and interest in:

1. All leases, licenses and other agreements with regard to the use,

enjoyment or occupancy of the Land and/or Improvements including, without limitation, the
that certain Master Lease dated May 9, 2000 between Borrower as landlord and Ground Lessor
as tenant (the “Master Lease”) and all of the agreements affecting the use, enjoyment or
occupancy of the Property, leases and other occupancy agreements now or hereafter entered
into (the “Leases”) and all rents, prepayments, security deposits, termination payments,
royalties, profits, issues and revenues from the Land and/or Improvements from time to
time accruing under the Leases (the “Rents”), reserving to Borrower, however, so long as
no Event of Default (hereinafter defined) is continuing hereunder, the right to enforce
the Leases and to

receive and apply the Rents in accordance with the terms and conditions of
Section 9 of this Deed of Trust, and all guaranties of any Leases or Rents;

2. All claims, demands, judgments, insurance proceeds, refunds,

reserves, deposits, rights of action, awards of damages, compensation, settlements and
other rights to the payment of money hereafter made resulting from or relating to (i) the
taking of the Leasehold Estate, the Land or the Improvements or any part thereof under the
power of eminent domain, (ii) any damage (whether caused by such taking, by casualty or
otherwise) to the Land, Improvements or Appurtenances or any part thereof, or (iii) the
ownership or operation of the Property;

3. To the extent assignable, all management contracts, permits,

certificates, licenses, approvals, contracts, purchase and sale agreements, purchase
options, entitlements, development rights and authorizations, however characterized,
issued or in any way furnished for the acquisition, construction, development, operation
and use of the Land, Improvements and/or Leases, including building permits, environmental
certificates, licenses, certificates of operation, warranties and guaranties;

4. All of the following types of collateral, as defined in the

Uniform Commercial Code as in effect from time to time in the State of Texas (the “Code”):
accounts, contract rights, general intangibles, chattel paper, documents, instruments,
inventory, goods, equipment, investment property, deposit accounts, letter of credit
rights, commercial tort claims, supporting obligations and all books and records relating
to the foregoing; provided that Borrower will cooperate with Lender in obtaining “control”
as defined in the Code, with respect to collateral consisting of deposit accounts,
investment property, letter of credit rights and electronic chattel paper;

5. Any monies on deposit with or for the benefit of Lender,

including deposits for the payment of real estate taxes and any cash collateral account;

6. All proceeds, products, replacements, additions, substitutions,

renewals and accessions of and to the Leasehold Estate, Land, Improvements, Appurtenances
or any other property of the types described in the preceding granting clauses; and

F. Any and all after-acquired right, title or interest of Borrower in and to

any property of the types described in the preceding granting clauses.

TO HAVE AND TO HOLD the Property and all parts thereof together with the rents, issues,
profits and proceeds thereof, unto Lender to its own proper use, benefit, and advantage forever,
subject, however, to the terms, covenants, and conditions herein.

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Borrower covenants and agrees with Agent and Lender as follows:

1. Payment of Indebtedness; Performance of Obligations. Borrower

and/or the other Borrower Parties shall promptly pay when due the Indebtedness and shall promptly
perform all Obligations.

2. Taxes and Other Obligations. Borrower shall pay or cause to be
paid,

when due, and before any interest, collection fees or penalties shall accrue, all taxes,
assessments, fines, impositions and other charges and obligations, which may become a lien on or
charge against the Property (collectively, “Charges”) and shall provide Agent with evidence of the
payment of the same. Borrower shall have the right to contest, in good faith by appropriate
proceedings, the amount or validity of any such Charges so long as: (a) Borrower has given prior
written notice to Agent of Borrower’s intent to so contest or object to any such Charges; (b) such
contest stays the enforcement or collection of the Charges or any lien created; and (c) Borrower
has obtained an endorsement, in form and substance satisfactory to Agent, to the loan policy of
title insurance issued to Agent insuring over any such lien, or Borrower has deposited with Agent
a bond or other security satisfactory to Agent in the amount of 150% of the amount of such
Charges.

Should Borrower fail to make any of such payments, Lender or Agent may, upon notice to
Borrower and Borrower’s failure to pay (or cause payment of) same within five (5) days after
receipt of notice of such failure, at its option and at the expense of Borrower, pay the amounts
due for the account of Borrower. Upon the request of Agent, Borrower shall immediately furnish to
Agent copies of all notices Borrower has received of amounts due and receipts evidencing payment.
Borrower shall promptly, upon obtaining actual knowledge thereof, notify Agent of any lien on all
or any part of the Property (other than the liens created hereby) and shall promptly discharge any
unpermitted lien or encumbrance.

3. Intentionally Omitted.

4. Use of Property. Unless required by applicable law, Borrower
shall

not , to the extent within its control under the Ground Lease and Master Lease permit any material
changes in the use of any part of the Property from the use existing at the time this Deed of
Trust is executed. Borrower shall not initiate or acquiesce in a change in the plat of
subdivision, or zoning classification of the Property without Agent’s prior written consent,’
which consent shall not be unreasonably withheld provided the value of the Property and Agent’s
lien will not be impaired thereby.

5. Insurance and Condemnation.

(a) Insurance.

(i) Borrower shall keep (or cause to be kept) the Improvements

insured, and shall maintain (or cause to be maintained) casualty coverage, general
liability coverage, business interruption coverage and such other coverages

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reasonably requested by Agent, by carrier(s), in amounts and in form at all times reasonably
satisfactory to Agent, which carrier(s), amounts and form shall not be changed without the prior
written consent of Agent. Agent’s consent to a change in carrier(s) and/or forms shall not be
unreasonably withheld. All insurance policies required to be maintained pursuant to this
Section 5 (“Insurance Policies”) shall contain a Lender’s Loss Payable Endorsement. All
Insurance Policies shall provide that the coverage shall not be canceled, or materially modified or
reduced, without thirty (30) days advance written notice from the insurance company to Agent. If a
blanket policy is issued, a certified copy of said policy shall be furnished, together with a
certificate indicating that Agent, for the benefit of itself and Lender, is a certificate holder,
mortgagee and loss payee under such policy in the designated amount.

(ii) In case of loss or damage by fire or other casualty, Borrower

shall, upon obtaining actual knowledge thereof, give immediate written notice thereof to the
insurance carrier(s) and to Agent. Agent is authorized and empowered, and Borrower hereby
irrevocably appoints Agent as its attorney-in-fact (such appointment is coupled with an interest),
at its option, to make or file proofs of loss or damage and to settle and adjust any claim under
insurance policies which insure against such risks, or to direct Borrower, in writing, to agree
with the insurance carrier(s) on the amount to be paid in regard to such loss; provided, however,
that as long as no Event of Default then exists, Agent shall not exercise said Power of Attorney,
but instead shall have the right to approve (i) the proposed proofs of loss or damages and (ii) any
settlement or adjustment, such approval not to be unreasonably withheld. Any attempt by Borrower to
make or file proofs of loss or damage or to settle or adjust any claim under such insurance
policies without such approval of Agent shall constitute an Event of Default.

(iii) Provided no Event of Default then exists and Borrower certifies as to same,
the net insurance proceeds (after deduction of Agent’s out-of-pocket reasonable costs and expenses,
if any, in collecting the same) shall be made available for the restoration or repair of the
Property if, in Agent’s reasonable judgment: (a) the value of Agent’s security is not reduced; (b)
(reserved); (c) the Master Lease has not terminated as a result of the loss or damage and the
tenant thereunder is obligated to (and continues to) pay the rent thereunder without interruption
because of such casualty; (d) the loss does not occur in the nine (9) month period immediately
preceding the stated Maturity Date and Agent’s independent consultant certifies (such certification
to be reasonably issued) that the restoration of the Property can be substantially completed (so
that a certificate of occupancy may be issued and the medical office building may be occupied) at
least nine (9) months prior to the Maturity Date; and (e) Borrower deposits with Agent from
time-to-time an amount, in cash, which Agent, in its reasonable discretion, determines is
necessary, in addition to the net insurance proceeds to pay in full the cost of the restoration or
repair (Borrower’s deposit shall be disbursed prior to any disbursement of insurance proceeds held
by Agent). Any excess proceeds remaining after completion of such

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repair shall be distributed first to Borrower to the extent Borrower has deposited funds with
Agent for such repair with the balance applied against the Indebtedness, provided such application
shall not give rise to any prepayment remedy, premium or Make-Whole Amount. Notwithstanding the
foregoing, it shall be a condition precedent to any disbursement of insurance proceeds held by
Agent hereunder that Agent shall have approved (such approval not to be unreasonably withheld) (x)
all plans and specifications for any proposed repair or restoration, (y) the construction schedule
and (z) the architect’s and general contractor’s contracts for all restoration that exceeds
$100,000 in the aggregate. Agent may establish other conditions it deems reasonably necessary to
assure the work is fully completed in a good and workmanlike manner free of all liens or claims by
reason thereof, and in compliance with all applicable laws, rules and regulations. At Agent’s
option, the net insurance proceeds shall be disbursed pursuant to a construction escrow reasonably
acceptable to Agent. If an Event of Default then exists, or any of the conditions set forth in
clauses (a) through (e) of this Section 5(a)(iii) have not been met or satisfied, the net
insurance proceeds shall be applied to the Indebtedness (without incurrence of any prepayment
penalty premium or Make-Whole Amount) in such order and manner as Agent may elect, whether or not
due and payable, with any excess paid to Borrower.

(iv) In the event Borrower fails to provide Agent with evidence of the insurance coverage
required by this Deed of Trust, and such failure continues for five (5) business days after receipt
of notice of such failure Agent may purchase insurance at Borrower’s expense to protect Agent’s or
Lender’s interest in the Property. This insurance may, but need not, protect Borrower’s interests.
The coverage purchased by Agent may not pay any claim made by Borrower or any claim that is made
against Borrower in connection with the Property. Borrower may later cancel any insurance purchased
by Agent, but only after providing Agent with evidence that Borrower has obtained insurance as
required by this Deed of Trust. If Agent purchases insurance for the Property, Borrower will be
responsible for the costs of that insurance, including interest and other out-of-pocket reasonable
charges incurred by Agent in connection with the placement of the insurance, until the effective
date of the cancellation or expiration of the insurance. The costs of the insurance may be added to
the Obligations. The costs of the insurance may be more than the cost of insurance Borrower is able
to obtain on its own.

(b) Condemnation.

(i) Borrower shall within three (3) business days of its receipt of

notice thereof, notify Agent of any action or proceeding relating to any condemnation or other
taking, whether direct or indirect, of the Property, or part thereof, and Borrower shall, after
consultation with and subject to Agent’s approval (not to be unreasonably withheld), appear in and
prosecute any such action or proceeding. Upon Borrower’s failure to act in accordance with Agent’s
prior approval, Borrower authorizes Agent, at Agent’s option, as attorney-in-fact for Borrower
(such appointment as attorney-in-fact is coupled with an interest), to commence, appear in and
prosecute, in Agent’s or Borrower’s name, any action or proceeding relating to

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any condemnation or other taking of the Property, and to settle or compromise any
claim in connection with such condemnation or other taking. The proceeds of any award,
payment or claim for damages, direct or consequential, in connection with any condemnation
or other taking of the Property, or part thereof, or for conveyances in lieu of
condemnation, are hereby assigned to and shall be paid to Agent and in accordance with the
provisions of Section 5(b)(ii) below. Agent is authorized (but is under no
obligation) to collect any such proceeds.

(ii) Agent may, in its sole discretion, elect to (y) apply the net

proceeds of any condemnation award (after deduction of Agent’s reasonable costs and
expenses, if any, in collecting the same) in reduction of the Indebtedness in such order
and manner as Agent may elect (such application not to give rise to any prepayment penalty,
premium or Make-Whole Amount), whether due or not or (z) make the proceeds available to
Borrower for the restoration or repair of the Property. If the net proceeds of the
condemnation award are made available to Borrower for restoration or repair, the net
proceeds of the condemnation award shall be disbursed upon satisfaction of and in
accordance with the terms and conditions set forth in Section 5(a)(i) above. Agent
is authorized (but is under no obligation) to collect any such proceeds.

6. Preservation and Maintenance of Property. Borrower shall (a) not

commit waste or permit impairment or deterioration of the Property; (b) not abandon the Property
it being agreed that Borrower’s net leasing of the Property to a third party shall not constitute
an abandonment of the Property by Borrower); (c) keep the Property (or cause the Property to be
kept) in good repair and restore or repair (or cause to restore or repair) promptly, in a good and
workmanlike manner, all or any part of the Property to the equivalent of its original condition,
or such other condition as Agent may approve in writing (such approval not to be unreasonably
withheld), upon any damage or loss thereto; (d) comply (or cause compliance) with all laws,
ordinances, regulations and requirements of any governmental body applicable to the Property; (e)
at any time the Property is not subject to the Master Lease or another Lease of a similar nature
approved by Agent (such approval not to be unreasonably withheld), provide for management of the
Property by a property manager reasonably satisfactory to Agent pursuant to a contract in form and
substance reasonably satisfactory to Agent; and (f) upon obtaining actual knowledge of any such
action or proceeding, give notice in writing to Agent of and, unless otherwise directed in writing
by Agent, appear in and defend any action or proceeding purporting to affect the Property, the
security granted by the Loan Documents or the rights or powers of Agent. Neither Borrower nor
(except to the extent permitted in the Master Lease) any tenant or other person shall remove,
demolish or alter any Improvement on the Land except when incident to the replacement of fixtures,
equipment, machinery and appliances with items of like kind.

7. Protection of Agent’s and or Lender’s Security. If (a) Borrower
fails

to pay the Indebtedness or to perform the Obligations and such default ripens into an Event of
Default, (b) any action or proceeding is commenced which affects or could reasonably be expected
to affect the Property or Agent’s or Lender’s interest therein, including any loss, damage, cost,
expense or liability incurred by Agent or Lender with respect to (i) any

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environmental matters relating to the Property or (ii) the preparation of the commencement or
defense of any action or proceeding or any threatened action or proceeding affecting the Loan
Documents or the Property, then Agent, at Agent’s option, may make such appearances, disburse such
sums and take such action as Agent deems necessary, in its reasonable discretion, to protect the
Property or Agent’s or Lender’s interest therein, including entry upon the Property (subject to the
rights of tenants and subtenants) to take such actions Agent determines reasonably appropriate to
preserve, protect or restore the Property. Any amounts disbursed by Agent or Lender pursuant to
this Section 7 (including reasonable attorneys’ fees, costs and expenses), together with
interest thereon at the “Default Rate” (defined in the Note) from the date of disbursement, shall
become additional Indebtedness of Borrower secured by the lien of this Deed of Trust and the other
Loan Documents and shall be due and payable on demand. Nothing contained in this Section 7
shall require Agent or Lender to incur any expense or take any action hereunder.

8. Actions. Borrower shall warrant title subject to the Permitted

Exceptions, the encumbrances created hereby and any subsequent encumbrances approved by Agent in
writing (such approval not to be unreasonably withheld for items with respect to Borrower’s
incurrence of debt) and appear in and defend any claim or any action or other proceeding purporting
to affect title or other interests relating to any part of the Property, the security of this Deed
of Trust or the rights of Agent or Lender, and, upon obtaining actual knowledge thereof give Agent
prompt written notice of any such claim, action or proceeding. Agent may, at the expense of
Borrower, appear in and defend any such claim, action or proceeding and any claim, action or other
proceeding asserted or brought against Agent or Lender in connection with or relating to any part
of the Property or this Deed of Trust.

9. Leases; Assignment of Rents. Borrower shall not, without Agent’s

prior written consent (which consent shall not be unreasonably withheld), execute, modify, amend,
surrender or terminate any Lease to which it is a party. All Leases executed or renewed after the
date hereof (other than any renewals (without modification) of the Ground Lease or Master Lease)
must be approved by Agent (which approval shall not be unreasonably withheld) must be approved by
Agent prior to the execution or renewal thereof by Borrower. Borrower shall not be authorized to
enter into any further ground lease of the Property without Agent’s prior written approval. If
Agent consents to any new lease or the renewal of any existing lease (other than the renewal of the
Ground Lease or the Master Lease without modification), at Agent’s request, Borrower shall cause
the tenant thereunder to execute a subordination and attornment agreement in form and substance
reasonably satisfactory to Agent prior to Borrower’s execution of such Lease.

Borrower shall, in all material respects, comply with and observe Borrower’s obligations as
landlord under all Leases to which it is a party. This Deed of Trust shall not make Agent
responsible for the control, care, management, or repair of the Property or any personal property
or for the carrying out of any of the terms of the Leases unless and until Agent takes possession
and control of the Property . Agent shall not be liable in any way for any injury or damage to
person or property sustained by any person or persons, firm or corporation in or about the
Property.

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Borrower absolutely and unconditionally assigns and transfers to Agent, for the benefit
of Agent and Lender, all of Borrower’s right, title and interest in and to the Rents; provided,
however, so long as an Event of Default has not occurred and is continuing, Borrower shall have the
right to collect all Rents, and shall hold the same, in trust, to be applied first to the payment
of all impositions, levies, taxes, assessments and other charges upon the Property, second to
maintenance of insurance policies upon the Property required hereby (to the extent not paid for by
the tenant under the Master Lease), third to the expenses of Property operations (to the extent not
paid for by the tenant under the Master Lease), including maintenance and repairs required hereby,
fourth to the payment of that portion of the Indebtedness then due and payable, and fifth, the
balance, if any, to or as directed by Borrower. If an Event of Default has occurred and is
continuing, Borrower’s right to collect and secure the Rents shall, upon notice from Agent, cease
and Agent shall have the sole right, with or without taking possession of the Property to collect
all Rents and apply the same first to the payment of all impositions, levies, taxes, assessments
and other charges upon the Property, second to maintenance of insurance policies upon the Property
required hereby (to the extent not paid by for by the tenant under the Master Lease), third to the
expenses of Property operations (to the extent not paid for by the tenant under the Master Lease),
including maintenance and repairs required hereby, fourth to the payment of that portion of the
Indebtedness then due and payable, and fifth, the balance, if any, to or as directed by Borrower.
Borrower has executed and delivered to Agent, for the benefit of itself and Lender, an Assignment
of Leases and Rents of even date herewith, and, to the extent the provisions of this Section
9 are inconsistent with the provisions of said Assignment of Leases and Rents, the provisions
of this Deed of Trust shall control.

10. Statements by Borrower. Borrower shall within ten
(10) days after

Agent’s request, furnish Agent with a written statement, duly acknowledged, setting forth the sums,
according to Borrower’s books and records, secured by the Loan Documents and any right of set-off,
counterclaim or other defense which, to Borrower’s then knowledge, exists against such sums and the
Obligations.

11. Transfers of the Property or Interests in Borrower.
Borrower shall

not (a) create or permit the creation of any new ownership interest in Borrower or General Partner
or Principal or (b) sell, transfer, encumber, convey or otherwise dispose of (or permit any of the
foregoing) (i) all or any part of the Land or the Improvements, or any interest therein (other than
as provided in that certain side letter described in Section 6.1(b) of the Loan Agreement) or (ii)
any direct or indirect ownership interest in Borrower or General Partner or Principal (including
any interest in the profits, losses or cash distributions in any way relating to the Property or
Borrower or General Partner). In addition, if Seavest Inc. fails to continue to indirectly control
the day to day management and operation of Borrower’s business, then Agent may, at Agent’s option,
declare all of the Indebtedness to be immediately due and payable, and Agent may invoke any
remedies permitted by the Loan Documents. Intestate transfers or transfers by devise or estate
planning transfers to trusts, the beneficiaries of which are family members of the transferor,
shall not constitute a transfer for the purposes of the foregoing provisions. In addition, the
provisions of this Deed of Trust shall be subject at all times to the transfer restrictions
contained in the Loan Agreement.

Notwithstanding any provision to the contrary contained in this instrument, all of the
transfers permitted pursuant to the express terms of the Loan Agreement, including without
limitation transfers in connection with the Recapitalization (as defined in the Loan Agreement),
are hereby permitted without Agent’s or Lender’s consent.

12. Reserved.

13. No Additional Liens, Encumbrances or Indebtedness. Borrower

covenants not to execute any mortgage, deed of trust, security agreement, assignment of leases and
rents or other agreement granting a lien (except the liens granted to Lender by the Loan
Documents) against or encumbrance on the Property or take or fail to take any other action which
would result in a lien against the Property or the interest of Borrower in the Property without
the prior written consent of Agent; provided, however, Borrower may in good faith, by appropriate
proceeding, contest the validity or amount of any asserted lien and, pending such contest,
Borrower shall not be deemed to be in default hereunder if Borrower shall first obtain an
endorsement, in form and substance satisfactory to Agent to the loan policy of title insurance
issued to Agent for the benefit of Lender insuring over such lien, or, if no such loan policy
shall have been issued, then Borrower shall deposit with Agent a bond or other security
satisfactory to Agent in the amount of 150% of the amount of such lien to assure payment of the
same as and when due.

14. Borrower and Lien Not Released. Without affecting the liability
of

Borrower or any other person liable for the payment of the Indebtedness, and without affecting the
lien or charge of this Deed of Trust as security for the payment of the Indebtedness, Agent may,
from time to time and without notice to any junior lien holder or holder of any right or other
interest in and to the Property: (a) release any person so liable; (b) waive or modify any
provision of this Deed of Trust or the other Loan Documents or grant other indulgences; (c)
release all or any part of the Property; (d) take additional security for any obligation herein
mentioned; (e) subordinate the lien or charge of this Deed of Trust; (f) consent to the granting
of any easement; (g) consent to any map or plan of the Property; or (h) consent to the
modification of the Ground Lease. Nothing herein shall be construed to permit Lender to
unilaterally amend a Loan Document (including this Deed of Trust) to which there are other
parties.

15. Uniform Commercial Code Security Agreement.

(a) This Deed of Trust shall cover, and the Property shall include, all of

Borrower’s right, title and interest in and to all property now or hereafter affixed or attached
to the Land, which to the fullest extent permitted by law, shall be deemed fixtures and a part of
the Land. In addition this Deed of Trust shall constitute a security agreement pursuant to the
Code for any portion of the Property which, under applicable law, may be subject to a security
interest pursuant to the Code (such portion of the Property is hereinafter called the “Personal
Property”) and Borrower hereby grants to Agent, for the benefit of Agent and Lender a security
interest in the Personal Property. Agent, for the benefit of Agent and Lender, shall have all of
the rights and remedies of a secured party under the Code as well as all other rights and remedies
available at law or in equity.

(b) Borrower agrees to execute and deliver to Agent any financing

statements, as well as extensions, renewals and amendments thereof, and reproductions of this Deed
of Trust in such form as Agent may reasonably require to perfect a security interest with respect
to the Personal Property. Borrower hereby authorizes and empowers Agent and irrevocably appoints
Agent its agent and attorney-in-fact to execute and file, on Borrower’s behalf, all financing
statements and refilings and continuations thereof as Agent deems necessary or advisable to
create, preserve and protect such lien. Borrower shall pay all reasonable costs of filing such
financing statements and any extensions, renewals, amendments and releases thereof, and shall pay
all reasonable costs and expenses of any record searches for financing statements as Agent may
reasonably require.

(c) Borrower shall not, without the prior written consent of Agent,
sell,

assign, transfer, encumber, remove or permit to be removed from the Property any of the Personal
Property. So long as no Event of Default exists and is continuing, Borrower may sell or otherwise
dispose of the Personal Property when obsolete, worn out, inadequate, unserviceable or unnecessary
for use in the operation of the Property, but only upon replacing the same with other Personal
Property at least equal in value and utility to the disposed Personal Property. Any replacement or
substituted Personal Property shall be subject to the security interest granted herein.

(d) To the extent permitted by law, Borrower, Lender and Agent agree that

with respect to all items of Personal Property which are or will become fixtures on the Land, this
Deed of Trust, upon recording or registration in the real estate records of the proper office,
shall constitute a “fixture filing” within the meaning of the Code. Borrower is the record owner
of the Leasehold Estate.

16. Events of Default; Acceleration of Indebtedness. The occurrence of

any one or more of the following events shall constitute an “Event of Default” under this Deed of
Trust:

(a) failure of any Borrower Party to pay, within five (5) days after
Agent

delivers to Borrower notice of non-payment of any of the Indebtedness, including any payment due
under the Note; or

(b) failure of Borrower to strictly comply with Sections 9
(Leases), 11

(prohibition on transfers), 13 (no additional liens) and 34(a), (b), (0, (g) and (j)
(Ground Lease Covenants) of this Deed of Trust, or to maintain all policies of insurance required
hereunder to be maintained within two (2) business days after notice of the termination or
expiration of any such policies from Agent or any insurance carrier; or

(c) failure of any Borrower Party, within thirty (30) days after written

notice and demand, to satisfy each and every Obligation not set forth in the subsections above;
provided, however, if such Obligation cannot by its nature be cured within thirty (30) days, and
if Borrower commences to cure such failure promptly after written notice thereof and thereafter
diligently pursues the curing thereof (and then in all events cures such failure

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within ninety (90) days after the original notice thereof), Borrower shall not be in default
hereunder during such period of diligent curing; or

(d) Borrower changes the state of its formation/incorporation or its

company name without providing Agent thirty (30) days prior written notice; or

(e) the occurrence of a default by any Borrower Party or any Principal

under any other Loan Document and the expiration of any applicable notice and/or cure period, if
any; or

(f) the occurrence of a default by Borrower under the Ground Lease or
the

Master Lease and the expiration of any applicable notice and/or cure period, if any; or

(g) the termination or rejection in bankruptcy of the Ground Lease.

Upon the occurrence of an Event of Default, at the option of Agent, the Indebtedness shall become
immediately due and payable without notice to Borrower and Agent shall be entitled to all of the
rights and remedies provided in the Loan Documents or at law or in equity. Each remedy provided in
the Loan Documents is distinct and cumulative to all other rights or remedies under the Loan
Documents or afforded by law or equity, and may be exercised concurrently, independently, or
successively, in any order whatsoever.

17. Entry; Foreclosure. During the occurrence of an Event of Default,

Borrower, upon demand of Agent, shall forthwith surrender to Agent the actual possession of the
Property, or to the extent permitted by law, to Agent or a receiver appointed by a court of
competent jurisdiction, may enter and take possession of all or any part of the Property, and may
exclude Borrower and its agents and employees wholly therefrom, and may have joint access with
Borrower to the books, papers and accounts of Borrower. If Borrower shall for any reason fail to
surrender or deliver the Property or any part thereof after such demand by Agent, Agent or such
receiver may obtain a judgment or decree conferring on Agent or such receiver, the right to
immediate possession of the Property or requiring the delivery of the Property to Agent or such
receiver, and Borrower specifically consents to the entry of such judgment or decree. Upon every
such entering upon or taking of possession, Agent or such receiver may hold, store, use, operate,
manage and control the Property and conduct the business thereof, and Agent or such receiver may
take any action required by applicable law or which Agent or such receiver believes necessary to
enforce compliance with the environmental provisions contained herein or in the other Loan
Documents, and negotiate with governmental authorities with respect to the Property’s environmental
compliance and remedial measures in connection therewith. Agent and such receiver and their
representatives shall have no liability for any loss, damage, injury, cost or expense resulting
from any action or omission which was taken or omitted in good faith.

When the Indebtedness or any part thereof shall become due, whether by acceleration or
otherwise, if Borrower fails to fully pay such Indebtedness within five (5) days after Agent
delivers to Borrower notice of non-payment thereof, Agent may, either with or without entry or
taking possession as herein provided or otherwise, proceed by suit or suits

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at law or in equity or by any other appropriate proceeding or remedy to: (a) enforce payment
of the Note or the performance of any term, covenant, condition or agreement of Borrower under any
of the Loan Documents; (b) foreclose the lien hereof for the Indebtedness or part thereof and sell
the Property as an entirety or otherwise, as Agent may determine; (c) exercise its rights under
Section 10 with respect to all or any portion of the Personal Property in accordance with
the provisions of the UCC; provided Agent shall have no obligation to clean up or otherwise
prepare such Personal Property for sale nor marshal any Personal Property in favor of Borrower or
any other secured party; and/or (d) pursue any other right or remedy available to it under or by
the law and decisions of the State in which the Land is located. Agent may comply with any
applicable state or federal law requirements in connection with a disposition of the Personal
Property and compliance will not be considered adversely to affect the commercial reasonableness
of any sale of the Personal Property. Notwithstanding any statute or rule of law to the contrary,
the failure to join any tenant or tenants of the Property as party defendant or defendants in any
foreclosure action or the failure of any such order or judgment to foreclose their rights shall
not be asserted by Borrower as a defense in any civil action instituted to collect (a) the
Indebtedness, or any part thereof or (b) any deficiency remaining unpaid after foreclosure and
sale of the Property.

Upon any foreclosure sale, Agent. may bid for and purchase the Property and shall be entitled
to apply all or any part of the Indebtedness as a credit to the purchase price.

18. Appointment of Receiver or Lender in Possession. If an Event of

Default is continuing, Trustee, upon application to a court of competent jurisdiction, shall be
entitled as a matter of strict right, without notice, and without regard to the occupancy or value
of any security for the Indebtedness or the insolvency of any party bound for its payment, to the
appointment, at its option, of itself as mortgagee in possession, or of a receiver to take
possession of and to operate the Property, and to collect and apply the Rents.

19. Expenditures and Expenses. In any action to foreclose the lien
hereof

or otherwise enforce Trustee’s, Agent’s or Lender’s rights and remedies hereunder, there shall be
allowed and included as additional Indebtedness all Costs (as defined in the Loan Agreement) which
may be paid or incurred by or on behalf of Trustee, Agent, or Lender; including without
limitation, the costs of collection, enforcement, retaining, holding, preparing for disposition,
processing and disposing of the Personal Property. All Costs and such other reasonable costs,
expenses and fees as may be incurred by Trustee, Agent or Lender in the protection of the Property
and the maintenance of the lien of this Deed of Trust, including, reasonable attorneys’ fees and
costs in any litigation or proceeding affecting this Deed of Trust, the Note, the other Loan
Documents, the Property or the Personal Property, including probate, appellate, and bankruptcy
proceedings and any post judgment proceedings to collect or enforce any judgment or order relating
to this Deed of Trust or the other Loan Documents or in preparation for the commencement or
defense of any action or proceeding or threatened action or proceeding, shall be immediately due
and payable to Lender, with interest thereon at the Default Rate, and shall be secured by this
Deed of Trust.

20. Application of Proceeds of Foreclosure Sale. The proceeds from any

sale, lease or other disposition made pursuant to Section 17 or the proceeds from the

surrender of any insurance policies pursuant hereto, or any Rents collected by Agent from
the Property, or, subject to Section 5(a) hereof, proceeds from insurance which Agent or
Lender elects to apply to the Indebtedness, shall be applied by Agent or by Lender, as the case may
be, to the Indebtedness in the following order and priority: (i) to the payment of all expenses of
advertising, selling, and conveying the Property or part thereof, and/or prosecuting or otherwise
collecting Rents, proceeds, premiums, or other sums including reasonable attorneys’ fees, not to
exceed one percent (1%) of the proceeds thereof or sums so received; (ii) to the remainder of the
Indebtedness in the order of priority set forth in the Note with the excess, if any, being applied,
to any party entitled thereto as their rights may appear. The application of proceeds of sale or
other proceeds as otherwise provided herein shall be deemed to be payment of the Indebtedness like
any other payment. The balance of the Indebtedness remaining unpaid, if any, shall remain fully due
and owing in accordance with the terms of the Note or other Loan Documents.

21. Future Advances. This Deed of Trust is given to secure not only
the

existing Indebtedness, but also future advances (whether such advances are obligatory or are made
at the option of Lender or Agent, or otherwise) made by Agent or Lender under the Loan Agreement,
the Note or this Deed of Trust, to the same extent as if such future advances were made on the date
of the execution of this Deed of Trust. The total amount of indebtedness that may be so secured may
decrease or increase from time to time.

22. Waiver of Statute of Limitations. Borrower hereby waives the
right

to assert any statute of limitations as a bar to the enforcement of the lien created by any of the
Loan Documents or to any action brought to enforce the Note or any other obligation secured by any
of the Loan Documents.

23. Waiver of Homestead and Redemption. Borrower hereby waives all

right of homestead exemption in the Property. Borrower hereby waives all right of redemption on
behalf of Borrower and on behalf of all other persons acquiring any interest or title in the
Property subsequent to the date of this Deed of Trust, except decree or judgment creditors of
Borrower.

24. Governing Law; Severability. This Deed of Trust shall be
governed by

and construed in accordance with the internal laws of the State of Illinois except that the
provisions of the laws of the jurisdiction in which the Property is located shall be applicable to
the creation, perfection and enforcement of the liens created by this Deed of Trust on all (a) real
property (including improvements, appurtenances and the rents, issues and profits of real property)
and (b) except as otherwise provided by the Code, personal property. The invalidity, illegality or
unenforceability of any provision of this Deed of Trust shall not affect or impair the validity,
legality or enforceability of the remainder of this Deed of Trust, and to this end, the provisions
of this Deed of Trust are declared to be severable.

25. Notice. Notices shall be given under this Deed of Trust in conformity

with the terms and conditions of the Loan Agreement and in conformity with applicable law.

26. Successors and Assigns Bound; Joint and Several Liability;
Agents; 

Captions. The covenants and agreements contained in the Loan Documents shall bind, and the
rights thereunder shall inure to, the respective successors and assigns of Agent, Lender and
Borrower, subject to the transfer restrictions set forth in the Loan Agreement, and shall bind all
persons who become bound as a party to this Deed of Trust. In exercising any rights under the Loan
Documents or taking any actions provided for therein, Agent may act through its employees, agents
or independent contractors as authorized by Agent. The captions and headings of the paragraphs of
this Deed of Trust are for convenience only and are not to be used to interpret or define the
provisions hereof.

27. Release. Upon payment of all sums secured by this
Deed of Trust,

Agent shall release this Deed of Trust. Borrower shall pay Agent’s reasonable costs incurred in
releasing this Deed of Trust and any financing statements related hereto.

28. Loss of Note. Upon notice from Agent of the loss,
theft, or destruction

of the Note and upon receipt of an affidavit of lost note and an indemnity reasonably satisfactory
to Borrower from Agent, or in the case of mutilation of the Note, upon surrender of the mutilated
Note, Borrower shall make and deliver a new note of like tenor in lieu of the then to be
superseded Note.

29. Survival of Obligations. Each and all of the
Obligations shall survive

the execution and delivery of the Loan Documents and the consummation of the Loans called for
therein and shall continue in full force and effect until the Indebtedness shall have been paid in
full; provided, however, that nothing contained in this Section 29 shall limit the
Obligations of Borrower as otherwise set forth herein.

30. Covenants Running with the Land. All Obligations
contained in this

Deed of Trust and the other Loan Documents are intended by Borrower and Agent to be, and shall be
construed as, covenants running with the Property until the lien of this Deed of Trust has been
fully released by Agent.

31. Entire Agreement. THIS DEED OF TRUST AND OTHER LOAN DOCUMENTS
EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR
COMMITMENTS, AGREEMENTS, REPRESENTATIONS AND UNDERSTANDING, WHETHER WRITTEN OR ORAL, RELATING TO
THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OR PRIOR,
CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO
ORAL AGREEMENTS AMONG THE PARTIES HERETO.

32. Further Assurances. Borrower agrees to execute any further

documents, and to take any further actions reasonably requested by Agent to evidence or perfect
the security interests granted herein, to maintain the first priority of the security interests,
and to effectuate the rights specifically granted to Agent and Lender hereunder.

33. Jury Trial Waiver. BORROWER AND LENDER BY ITS ACCEPTANCE OF THIS
DEED OF TRUST, HEREBY WAIVE THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING
BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THE LOAN DOCUMENTS AND THE BUSINESS RELATIONSHIP
THAT IS BEING ESTABLISHED. THIS WAIVER IS KNOWINGLY, INTENTIONALLY AND VOLUNTARILY MADE BY
BORROWER AND BY LENDER, AND BORROWER ACKNOWLEDGES THAT NEITHER LENDER NOR ANY PERSON ACTING ON
BEHALF OF LENDER HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR
HAS TAKEN ANY ACTIONS WHICH IN ANY WAY MODIFY OR NULLIFY ITS EFFECT. BORROWER AND LENDER
ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT
BORROWER AND LENDER HAVE ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THE LOAN DOCUMENTS AND
THAT EACH OF THEM WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. BORROWER
AND LENDER FURTHER ACKNOWLEDGE THAT THEY HAVE BEEN REPRESENTED (OR HAVE HAD THE OPPORTUNITY TO BE
REPRESENTED) IN THE SIGNING OF THE LOAN DOCUMENTS AND IN THE MAKING OF THIS WAIVER BY INDEPENDENT
LEGAL COUNSEL.

34. Ground Lease Covenants.

For so long as the Indebtedness shall remain outstanding, Borrower hereby covenants, warrants
and represents as follows:

(a) The Ground Lease is and shall be maintained in full force and
effect.

Borrower shall not suffer or permit any amendments or modifications of the Ground Lease to be
made, except for such amendments or modifications as are permitted in writing by Agent, such
permission not be unreasonably withheld.

(b) Borrower shall cause all rent, additional rent and other charges
payable

under the Ground Lease to be paid when due (subject to (i) any applicable notice and cure periods
under the Ground Lease and (ii) appropriate contesting of any such rent or other charges, if any,
solely as permitted by the Ground Lease, provided that Agent is provided with adequate security
for such contest).

(c) There are, as of the date hereof, and will be, no defenses to
Borrower’s

enforcement of its rights under the Ground Lease.

(d) As of the date hereof, (i) Borrower is not in default in the
performance

of any of its obligations under the Ground Lease, and (ii) there are no circumstances which, alone
or with the passage of time or the giving of notice or both, would constitute an event of default
thereunder.

(e) To Borrower’s knowledge, as of the date hereof, Ground Lessor is not

in default in the performance of any of its material obligations under the Ground Lease.

Borrower will promptly and faithfully, in all material respects, observe, perform and comply,
or cause the observance, performance and compliance with, all the material terms, covenants and
provisions of the Ground Lease, on its part to be observed, performed and complied with, at the
times set forth therein, and, upon acquiring knowledge of the same, will enforce the material
obligations of Ground Lessor under the Ground Lease, to the end that Borrower may enjoy all of the
material rights granted it under the Ground Lease.

(g) Without Agent’s prior written consent, Borrower will not suffer or

permit a cancellation or termination of the Ground Lease, nor any subletting or assignment of any
of Borrower’s interest under the Ground Lease (other than the Master Lease and the subleases
permitted thereunder).

(h) Upon obtaining actual knowledge, Borrower will give Agent prompt

notice of any default by any party under the Ground Lease, and promptly deliver to Agent copies of
each notice of default sent or received by Borrower under the Ground Lease.

(i) Borrower will furnish to Agent such information and evidence as
Agent

may reasonably request concerning Borrower’s due observance, performance and compliance with the
terms, covenants and provisions of the Ground Lease. If any default by Borrower has occurred under
the Ground Lease and Ground Lessor has delivered written notice thereof, Agent shall have the
right, but not the obligation, to cure such default and all reasonable sums paid to cure any such
default shall bear interest at the Default Rate and shall be added to the Indebtedness in
accordance with the provisions of Section 7 of this Deed of Trust.

(j) Fee title to the Land and the leasehold estate conveyed by the
Ground

Lease shall not merge but shall always be kept separate and distinct, notwithstanding the union of
said estates in either Ground Lessor, Borrower or a third party, whether by purchase or otherwise
and accordingly, if Borrower acquires the fee title or any other estate, title or interest in the
Land demised by the Ground Lease, or any part thereof, the lien of this Deed of Trust shall attach
to, cover and be a lien upon such acquired estate, title or interest and same shall thereupon be
and become a part of the Property with the same force and effect as if specifically encumbered
herein.

(k) Neither Agent nor Lender shall have any liability or obligation under

the Ground Lease by reason of its acceptance of this Deed of Trust.

35. Counterparts. This Deed of Trust may be executed in multiple

counterparts, each of which shall constitute an original, and together shall constitute one and
the same instrument.

36. -19-

Trustee’s Costs and Expenses; Governmental Charges. Borrower

shall pay all reasonable costs, fees and expenses of Trustee, its agents and counsel in connection
with the performance of its duties hereunder, including without limitation the cost of any
trustee’s sale guaranty or other title insurance coverage ordered in connection with any
foreclosure proceedings hereunder, and shall pay all taxes (except federal and state income taxes)
or other governmental charges or impositions imposed by any governmental authority on Trustee by
reason of its interest in the Loan Documents.

37. Substitution of Trustee. Agent may remove Trustee at any time or

from time to time for any reason (with or without cause) and appoint a successor trustee, and upon
such appointment, all powers, rights, duties and authority of Trustee, as aforesaid, shall
thereupon become vested in such successor. Such substitute trustee shall be appointed by written
instrument, duly recorded in the county or counties where the Property covered hereby is located,
which appointment may be executed by any authorized agent of Agent or in any other manner
permitted by applicable law.

38. Indemnification of Trustee. Except for gross negligence or
willful

misconduct, Trustee shall not be liable for any act or omission or error of judgment. Trustee may
rely on any document believed by him in good faith to be genuine. All money received by Trustee
shall, until used or applied as herein provided, be held in trust, but need not be segregated
(except to the extent required by law), and Trustee shall not be liable for interest thereon.
Borrower hereby indemnifies Trustee against all liability and expenses which he may incur in the
performance of his duties hereunder, except those arising from Trustee’s gross negligence or
willful misconduct.

39. Other. If more than one party is named as Trustee herein, any
one

party may perform any obligations or duties of the Trustee herein without the joinder of any other
party named herein. Agent may exercise any and all other rights, remedies and recourse granted
under the Loan Documents now or hereafter existing in equity or at law for the protection and
preservation of the Property.

40. Rights and Remedies of Sureties. Borrower waives any right or

remedy which Borrowers may have or be able to assert pursuant to Chapter 34 of the Texas Business
and Commerce Code pertaining to the rights and remedies of sureties.

41. Waiver of Deficiency Statute.

(a) Waiver. In the event that the fee, a leasehold estate or any other

interest in all or any portion of the Project is foreclosed upon by judicial or nonjudicial
foreclosure sale pursuant to any of the Loan Documents (the “Foreclosed Property Interest”),
Borrower agrees as follows: Notwithstanding the provisions of Sections 51.003, 51.004 and 51.005
of the Texas Property Code or any other similar statute hereinafter enacted (as the same may be
amended from time to time, the “Deficiency Statute”), and to the extent permitted by law, Borrower
agrees that Trustee shall be entitled to seek a deficiency judgment from Borrower or any other
party obligated for the Indebtedness or any portion thereof in an amount equal to the difference
between the amount of the Indebtedness

outstanding and the amount for which the Foreclosed Property Interest was sold pursuant to
such judicial or nonjudicial foreclosure sale. Borrower expressly recognizes that this section
constitutes a waiver of the above-cited provisions of the Deficiency Statute which would otherwise
permit Borrower and other persons against whom recovery of deficiencies could be sought or Borrower
independently (even absent the initiation of deficiency proceedings against them) to present
competent evidence of the fair market value of the Foreclosed Property Interest as of the date of
the foreclosure sale and offset against any deficiency the amount by which the foreclosure sale
price is determined to be less than such fair market value. Borrower further recognizes and agrees
that this waiver creates an irrebuttable presumption that the foreclosure sale price of the
Foreclosed Property Interest is equal to its fair market value for purposes of calculating
deficiencies owed by Borrower and any others against whom recovery of a deficiency is sought.

(b) Alternative to Waiver. Alternatively, in the event the waiver provided

for in subsection (a) above is determined by a court of competent jurisdiction to be
unenforceable, the following shall be the basis for the finder of fact’s determination of the fair
market value of the Foreclosed Property as of the date of the foreclosure sale in proceedings
governed by the Deficiency Statute: (i) the subject property shall be valued in an “as is”
condition as of the date of the foreclosure sale, without any assumption or expectation that it
will be repaired or improved in any manner before a resale after foreclosure; (ii) the valuation
shall be based upon an assumption that the foreclosure purchaser desires a resale of the Foreclosed
Property Interest for cash promptly (but no later than twelve (12) months) following the
foreclosure sale; (iii) all reasonable closing costs customarily borne by the seller in commercial
real estate transactions should be deducted from the gross fair market value of the Foreclosed
Property Interest, including, without limitation, brokerage commissions, title insurance, a survey
of the subject property, tax prorations, attorneys’ fees, and marketing costs; (iv) the gross fair
market value of the Foreclosed Property Interest shall be further discounted to account for any
estimated holding costs associated with maintaining it pending sale, including, without limitation,
utilities expenses, property management fees, taxes and assessments (to the extent not accounted
for in (iii) above), and other maintenance, operational and ownership expenses; and (v) any expert
opinion testimony given or considered in connection with a determination of the fair market value
of the Foreclosed Property Interest must be given by persons having at least five (5) years
experience in appraising property and interests therein similar to the subject Property and the
Foreclosed Property Interest and who have conducted and prepared a complete written appraisal of
the subject Property and the Foreclosed Property Interest each taking into consideration the
factors set forth above.

42. SPECIFIC NOTICE REGARDING INDEMNITIES. IT IS EXPRESSLY AGREED AND UNDERSTOOD THAT
THIS DEED OF TRUST INCLUDES INDEMNIFICATION PROVISIONS (INCLUDING, WITHOUT LIMITATION, THE
INDEMNIFICATION PROVISIONS CONTAINED IN SECTION 38) WHICH, IN CERTAIN CIRCUMSTANCES, COULD INCLUDE
AN INDEMNIFICATION BY BORROWER OF AGENT AND/OR TRUSTEE FROM

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CLAIMS OR LOSSES ARISING AS A RESULT OF AGENT’S OR TRUSTEE’S OWN NEGLIGENCE.

43. Foreclosure Procedure. If Agent elects to foreclose the lien hereof for

the Indebtedness under Section 17 hereof, Agent may require the Trustee to sell all or
part of the Property, at public auction, to the highest bidder, for cash, at the county courthouse
of the county in Texas in which the Property or any part thereof is situated or, if the Property
is located in more than one county, such sale may be made at the courthouse in any county in which
the Property is situated. The sale shall take place at such area of the courthouse as shall be
properly designated from time to time by the commissioners court (or, if not so designated by the
commissioners court, at the courthouse door) of the specified county, between the hours of 10:00
o’clock a.m. and 4:00 o’clock p.m. (the commencement of such sale to occur within three (3) hours
following the time designated in the notice of sale as the earliest time at which such sale shall
occur, if required by applicable law) on the first Tuesday of any month, after giving notice of
the time, place and terms of said sale (including the earliest time at which such sale shall
occur) and of the property to be sold, in the manner hereinafter described. Notice of a sale of
all or part of the Property by the Trustee shall be given by posting written notice thereof at the
courthouse door (or other area in the courthouse as may be designated for such public notices) of
the county in which the sale is to be made, and by filing a copy of the notice in the office of
the county clerk of the county in which the sale is to be made at least twenty-one (21) days
preceding the date of the sale, and if the property to be sold is in more than one county, a
notice shall be posted at the courthouse door and filed with the county clerk of each county in
which the property to be sold is situated. In addition, Agent shall, at least twenty-one (21) days
preceding the date of sale, serve written notice of the proposed sale by certified mail on
Borrower and each debtor obligated to pay the debt secured hereby according to the records of
Agent. Service of such notice shall be completed upon deposit of the notice, enclosed in a
postpaid wrapper, properly addressed to Borrower and such debtor at the most recent address as
shown by the records of Agent, in a post office or official depository under the care and custody
of the United States Postal Service. The affidavit of any person having knowledge of the facts to
the effect that such service was completed shall be prima facie evidence of the fact of service.
Any notice that is required or permitted to be given to Borrower may be addressed to Borrower at
Borrower’s address as stated above. Any notice that is to be given by certified mail to any other
debtor may, if no address for such other debtor is shown by the records of Agent, be addressed to
such other debtor at the address of Borrower as is shown by the records of Agent. Notwithstanding
the foregoing provisions of this paragraph, notice of such sale given in accordance with the
requirements of the applicable laws of the State of Texas in effect at the time of such sale shall
constitute sufficient notice of such sale. Trustee may sell all or any portion of the Property,
together or in lots or parcels, and may execute and deliver to the purchaser or purchasers of such
property, good and sufficient deeds of conveyance of fee simple title with covenants of general
warranty made on behalf of Borrower, subject to exceptions approved by Agent. In no event shall
Trustee be required to exhibit, present or display at any such sale, any of the personalty
described herein to be sold at such sale. Trustee making such sale shall receive the proceeds
thereof and shall apply the same as follows: (i) first, he shall pay the reasonable expenses of
Trustee; (ii) second, he shall pay,

so far as may be possible, the Indebtedness, discharging first that portion of the
Indebtedness arising under the covenants or agreements herein contained and not evidenced by the
Note; (iii) third, he shall pay the residue, if any, to the persons legally entitled thereto.
Payment of the purchase price to Trustee shall satisfy the obligation of the purchaser at such sale
therefor, and such purchaser shall not be responsible for the application thereof. The sale or
sales by Trustee of less than the whole of the Property shall not exhaust the power of sale herein
granted, and Trustee is specifically empowered to make successive sale or sales under such power
until the whole of the Property shall be sold; and if the proceeds of such sale or sales of less
than the whole of the Property shall be less than the aggregate of the Indebtedness and the
expenses thereof, this Deed of Trust and the lien, Property interest and assignment hereof shall
remain in full force and effect as to the unsold portion of the Property just as though no sale or
sales had been made; provided, however, that Borrower shall never have any right to require the
sale or sales of less than the whole of the Property, but Agent shall have the right, at its sole
election, to request Trustee to sell less than the whole of the Property. If an Event of Default
exists, the holder of the Indebtedness or any part thereof on which the payment is delinquent shall
have the option to proceed with foreclosure in satisfaction of such item either through judicial
proceedings or by directing Trustee to proceed as if under a full foreclosure, conducting the sale
as herein provided without declaring the entire Indebtedness due, and if sale is made because of
default of an installment, or a part of an installment, such sale may be made subject to the
unmatured part of the Indebtedness; and it is agreed that such sale, if so made, shall not in any
manner affect the unmatured part of the Indebtedness, but as to such unmatured part, this Deed of
Trust shall remain in full force and effect as though no sale had been made under the provisions of
this paragraph. Several sales may be made hereunder without exhausting the right of sale for any
unmatured part of the Indebtedness. At any such sale (1) Borrower hereby agrees, in its behalf and
in behalf of its heirs, executors, administrators, successors, personal representatives and
assigns, that any and all recitals made in any deed of conveyance given by Trustee with respect to
the identity of Agent, the occurrence or existence of any Event of Default, the acceleration of the
maturity of any of the Indebtedness, the request to sell, the notice of sale, the giving of notice
to all debtors legally entitled thereto, the time, place, terms, and manner of sale, and receipt,
distribution and application of the money realized therefrom, or the due and proper appointment of
a substitute Trustee, and, without being limited by the foregoing, with respect to any other act or
thing having been duly done by Agent or by Trustee hereunder, shall be taken by all courts of law
and equity as prima facie evidence that the statements or recitals state facts and are without
further question to be so accepted, and Borrower hereby ratifies and confirms every act that
Trustee or any substitute Trustee hereunder may lawfully do in the premises by virtue hereof; (2)
the purchaser may disaffirm any easement granted, or rental, lease or other contract made in
violation of any provision of this Deed of Trust, and may take immediate possession of the Property
free from, and despite the terms of, such grant of easement and rental or lease contract; and (3)
Agent may bid and become the purchaser of all or any part of the Property at any trustee’s or
foreclosure sale hereunder, and the amount of Agent’s successful bid may be credited on the
Indebtedness.

44. Notice and Agreement. Pursuant to Section 26.02(e) of the Texas

Business and Commercial Code, Borrower takes notice of and covenants and agrees to the following:

(a) No agreement involving a loan of more than $50,000 in value is

enforceable unless the agreement is in writing and signed by the party to be bound or by that
party’s authorized representative. THUS, AN AGREEMENT OR COMMITMENT TO MAKE SUCH A LOAN MUST BE IN
WRITING AND SIGNED BY THE PROPOSED LENDER OR IT WILL NOT BE ENFORCEABLE.

(b) The rights and obligations of Borrower and Lender under the Loan

Documents shall be determined solely from the Loan Documents, and any prior oral agreements
between Borrower and Lender relating to the Loan are superseded by and merged into the Loan
Documents.

(c) The following notice is given pursuant to Section 26.02(e) of the Texas

Business and Commerce Code:

THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF ORAL AGREEMENTS OF THE PARTIES, WHETHER MADE BEFORE, ON,
OR AFTER THE DATE OF THIS AGREEMENT. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

[Remainder of page intentionally blank; signature page follows]

TMB-I, L.P., a Delaware limited partnership

By: SMP-General Partner, LLC,

a Delaware limited liability company, its General Partner

By: Seavest Properties I, LLC,

a Delaware limited liability company, its Managing Member

By: SP I Manager, LLC,

a Delaware limited liability company, its Managing Member

By: Seavest Inc.,

a New York corporation, its Non-Member Manager

By: /s/ Douglas F. Ray

Name: Douglas F. Ray

Its: President

	 	 	 	 	 
	STATE OF NEW YORK
	 	 	)	 
	 
	 	 	)	 
	COUNTY OF WESTCHESTER
	 	 	)	 

The foregoing instrument was acknowledged before me this 22nd day of

December, 2006, by Douglas Ray, the Vice President of Seavest , Inc., a New York corporation,
non-member/ manager of SMP Manager, LLC, a Delaware limited liability company, managing member of
Seavest Medical Properties, LLC, a Delaware limited liability company, managing member of
SMP-General Partner, LLC, a Delaware limited liability company, general partner of TMB-I, L.P. a
Delaware limited partnership, on behalf of said limited partnership.

/s/ Ascensina D. Tookmanian

Notary Public

Ascensina D. Tookmanian

Printed Name (or Stamp) of Notary Public

My Appointment Expires: September 21, 2010exhibit_10-1.htm

EXHIBIT 10.1

 

 

 

Underwriting Agreement

 

Royal Wolf Holdings Limited (ACN 121 226 793)

GFN U.S. Australasia Holdings, Inc.

General Finance Corporation

Credit Suisse (Australia) Limited (ACN 007 016 300)

 

13 May 2011

 

Gilbert + Tobin

 

2 Park Street

Sydney  NSW  2000

Australia

GPO Box 3810

Sydney  NSW  2001

 

T  +61 2 9263 4000

F  +61 2 9263 4111

DX 10348 SSE

 

www.gtlaw.com.au

59851.01-Sydney Server 1A

  

  

  

Contents                                                                                                                    Page

 

	
  

	
1

	
Defined terms and interpretation

	
1

 

	
  

	
1.1

	
Definitions in the Dictionary

	
1

 

	
  

	
1.2

	
Interpretation

	
2

 

	
  

	
2

	
Appointment of Underwriter

	
2

 

	
  

	
2.1

	
Appointment

	
2

 

	
  

	
2.2

	
Acceptance of appointment

	
2

 

	
  

	
2.3

	
Co-lead managers, co-managers and Brokers to the Offer

	
2

 

	
  

	
2.4

	
Sub-underwriters

	
2

 

	
  

	
3

	
Conditions

	
2

 

	
  

	
3.1

	
Conditional obligations of the agreement

	
2

 

	
  

	
3.2

	
Conditional obligations to underwrite

	
3

 

	
  

	
3.3

	
Best endeavours

	
4

 

	
  

	
3.4

	
Conditions not satisfied

	
4

 

	
  

	
3.5

	
Benefit

	
4

 

	
  

	
4

	
Conduct - General

	
4

 

	
  

	
4.1

	
Compliance

	
4

 

	
  

	
4.2

	
Timetable

	
4

 

	
  

	
4.3

	
Offer of Offer Shares

	
4

 

	
  

	
4.4

	
Support and access

	
4

 

	
  

	
4.5

	
Prospectus

	
5

 

	
  

	
4.6

	
Records

	
5

 

	
  

	
4.7

	
Quotation

	
5

 

	
  

	
4.8

	
Company responsible

	
5

 

	
  

	
4.9

	
CHESS approval

	
5

 

	
  

	
4.10

	
Despatch of holding statements

	
6

 

	
  

	
5

	
Conduct of the Offer

	
6

 

	
  

	
5.1

	
Acceptance of Valid Applications

	
6

 

	
  

	
5.2

	
Allocation

	
6

 

	
  

	
5.3

	
Settlement

	
6

 

  

i

  

	
  

	
5.4

	
Allotment, issue and transfer

	
7

 

	
  

	
5.5

	
Transaction confirmation statements and refunds

	
7

 

	
  

	
6

	
Shortfall

	
7

 

	
  

	
6.1

	
Shortfall Notice and Closing Certificate

	
7

 

	
  

	
6.2

	
Review of applications

	
7

 

	
  

	
6.3

	
Valid Applications to be lodged

	
7

 

	
  

	
6.4

	
Assignment of contractual rights

	
7

 

	
  

	
7

	
Due Diligence Investigations

	
8

 

	
  

	
7.1

	
Company’s responsibilities

	
8

 

	
  

	
7.2

	
Due Diligence Documents

	
8

 

	
  

	
7.3

	
Access to premises, books and records

	
8

 

	
  

	
7.4

	
Assistance

	
9

 

	
  

	
7.5

	
Privilege

	
9

 

	
  

	
7.6

	
Supplementary Prospectus

	
9

 

	
  

	
7.7

	
Information provided

	
9

 

	
  

	
8

	
Representations and warranties

	
10

 

	
  

	
8.1

	
Representations and warranties by the Company

	
10

 

	
  

	
8.2

	
Representations and warranties by the Underwriter

	
17

 

	
  

	
8.3

	
Representations and warranties by the Guarantor and GFN

	
18

 

	
  

	
8.4

	
Not affected by investigations

	
20

 

	
  

	
8.5

	
True and correct

	
20

 

	
  

	
8.6

	
Independent construction

	
20

 

	
  

	
8.7

	
Reliance

	
20

 

	
  

	
8.8

	
Acknowledgment

	
20

 

	
  

	
9

	
Undertakings

	
21

 

	
  

	
9.1

	
Undertakings by the Company

	
21

 

	
  

	
9.2

	
Undertakings by the Guarantor

	
23

 

	
  

	
9.3

	
Undertaking by GFN

	
24

 

	
  

	
9.4

	
Consultation on publicity

	
24

 

	
  

	
9.5

	
Initiatives

	
24

 

	
  

	
10

	
Fees and Costs

	
24

 

  

ii

  

	
  

	
10.1

	
Fees

	
24

 

	
  

	
10.2

	
Co-lead managers, co-managers and Broker fees

	
25

 

	
  

	
10.3

	
Other Costs

	
25

 

	
  

	
10.4

	
Termination or withdrawal

	
25

 

	
  

	
10.5

	
Set-off

	
25

 

	
  

	
10.6

	
Interest

	
26

 

	
  

	
11

	
Termination by the Underwriter

	
26

 

	
  

	
11.1

	
Termination Events

	
26

 

	
  

	
11.2

	
Reasonableness

	
30

 

	
  

	
11.3

	
Independent construction

	
30

 

	
  

	
11.4

	
Notification

	
30

 

	
  

	
11.5

	
Contents of notice

	
30

 

	
  

	
11.6

	
Underwriter’s rights and powers to terminate

	
30

 

	
  

	
12

	
Indemnities

	
31

 

	
  

	
12.1

	
Offeror indemnity

	
31

 

	
  

	
12.2

	
Limited Offeror indemnity

	
32

 

	
  

	
12.3

	
Release

	
32

 

	
  

	
12.4

	
Preservation of rights

	
32

 

	
  

	
12.5

	
Notice of potential action

	
33

 

	
  

	
12.6

	
Conduct of Claims

	
33

 

	
  

	
12.7

	
Contractual contribution

	
35

 

	
  

	
12.8

	
Proportional contribution

	
36

 

	
  

	
12.9

	
No excess contribution

	
36

 

	
          12.10

	
Reimbursement by Offerors

	
36

 

	
          12.11

	
Reimbursement by Indemnified Party

	
36

 

	
          12.12

	
Benefits of indemnity

	
36

 

	
          12.13

	
Limitation of liability of third parties

	
36

 

	
          12.14

	
Offer Documents

	
37

 

	
  

	
13

	
Goods and services tax (GST)

	
37

 

	
  

	
13.1

	
GST exclusive amounts

	
37

 

	
  

	
13.2

	
Gross up for GST

	
37

 

  

iii

  

	
  

	
13.3

	
GST amount

	
37

 

	
  

	
13.4

	
Input Tax Credit

	
37

 

	
  

	
13.5

	
Tax Invoice

	
37

 

	
  

	
13.6

	
GST Groups

	
38

 

	
  

	
13.7

	
Variation of GST payable

	
38

 

	
  

	
14

	
Notices

	
38

 

	
  

	
14.1

	
Form - all communications

	
38

 

	
  

	
14.2

	
Delivery

	
38

 

	
  

	
14.3

	
When effective

	
38

 

	
  

	
14.4

	
When taken to be received

	
38

 

	
  

	
14.5

	
Receipt outside business hours

	
39

 

	
  

	
15

	
General

	
39

 

	
  

	
15.1

	
Discretion in exercising rights

	
39

 

	
  

	
15.2

	
Partial exercising of rights

	
39

 

	
  

	
15.3

	
No liability for loss

	
39

 

	
  

	
15.4

	
Conflict of interest

	
39

 

	
  

	
15.5

	
Remedies cumulative

	
39

 

	
  

	
15.6

	
Variation and waiver

	
39

 

	
  

	
15.7

	
Indemnities

	
39

 

	
  

	
15.8

	
Time is of the essence

	
39

 

	
  

	
15.9

	
Further assurances

	
40

 

	
          15.10

	
Enforceability

	
40

 

	
          15.11

	
Amendment

	
40

 

	
          15.12

	
Severability

	
40

 

	
          15.13

	
Assignment

	
40

 

	
          15.14

	
Counterparts

	
40

 

	
          15.15

	
Entire agreement

	
40

 

	
          15.16

	
No fiduciary

	
40

 

	
          15.17

	
Governing law

	
41

 

  

iv

  

	
Schedule 1

	
Dictionary

	
42

 

	
Schedule 1

	
  Timetable

	
51

 

	
Schedule 2

	
  Closing Certificate

	
52

 

	
Schedule 3

	
Details

	
53

 

	
Schedule 4 Selling Restrictions

	
54

 

  

v

  

Date:

Parties

 

	
1  

	
Royal Wolf Holdings Limited (ACN 121 226 793) of Suite 203, Level 2, 22-28 Edgeworth David Avenue, Hornsby, New South Wales (Company)

 

	
2  

	
GFN U.S. Australasia Holdings, Inc. of 39 East Union Street, Pasadena, California, 91103, United States (Guarantor)

 

	
3  

	
General Finance Corporation of 39 East Union Street, Pasadena, California, 91103, United States (GFN)

 

	
4  

	
Credit Suisse (Australia) Limited (ACN 007 016 300) of Level 31, Gateway, 1 Macquarie Place, Sydney 2000 (Underwriter)

 

The Company and the Guarantor are referred to jointly as the Offerors and severally each as an Offeror.

 

Background

 

	
A  

	
The Company proposes to undertake the Offer to raise a total amount of up to $[100] million by offering the Offer Shares for subscription in the manner described in the Offer Documents.

 

	
B  

	
The Company also intends to apply, or has applied, to be admitted to the official list of ASX, and for quotation of its Ordinary Shares by ASX.

 

	
C  

	
The Underwriter has:

 

	
(a)  

	
conducted the Bookbuild to establish the Offer Price for the Offer Shares prior to entry into this agreement;

 

	
(b)  

	
received firm commitments for [insert] Offer Shares under the Institutional Offer and the Broker Firm Offer prior to entry into this agreement; and

 

	
(c)  

	
agreed to manage and underwrite the Offer subject to the terms and conditions of this agreement.

 

 

The parties agree

 

	
1  

	
Defined terms and interpretation

 

	
1.1  

	
Definitions in the Dictionary

 

A term or expression starting with a capital letter:

 

	
(a)  

	
which is defined in the Dictionary in Schedule 1 (Dictionary), has the meaning given to it in the Dictionary;

 

	
(b)  

	
which is defined in the Corporations Act, but is not defined in the Dictionary, has the meaning given to it in the Corporations Act; and

 

	
(c)  

	
which is defined in the GST Law, but is not defined in the Dictionary or the Corporations Act, has the meaning given to it in the GST Law.

 

  

1

  

	
1.2  

	
Interpretation

 

The interpretation clause in Schedule 1 (Dictionary) sets out rules of interpretation for this agreement.

 

	
2  

	
Appointment of Underwriter

 

	
2.1  

	
Appointment

 

The Company appoints the Underwriter on an exclusive basis to arrange and manage, and act as underwriter for the Offer on the terms and conditions of this agreement.

 

	
2.2  

	
Acceptance of appointment

 

The Underwriter accepts the appointment on the terms and conditions of this agreement, including, subject to clauses 3 and 11, to underwrite the Offer by applying or procuring applications for, and by paying or procuring payment of the Offer Price in respect of, any Shortfall Shares in accordance with clause 6.2.

 

	
2.3  

	
Co-lead managers, co-managers and Brokers to the Offer

 

Subject to the approval of the Company and the Guarantor, the Underwriter may, at its own cost, at any time appoint co-lead managers, co-managers and Brokers to the Offer.

 

	
2.4  

	
Sub-underwriters

 

The Underwriter may, at its own cost, at any time appoint sub-underwriters to sub-underwrite the Offer and nominate the allottees or transferees of all or any of any Shortfall Shares.

 

	
3  

	
Conditions

 

	
3.1  

	
Conditional obligations of the agreement

 

The obligations of the Underwriter under this agreement are conditional on:

 

	
(a)  

	
(Restriction Agreement) the Guarantor and GFN:

 

	
(i)  

	
entering into a Restriction Agreement in a form and substance acceptable to the Underwriter by the Lodgement Date, and the Restriction Agreement not being terminated, rescinded or materially altered or amended prior to the Allotment Date; and

 

	
(ii)  

	
agreeing in writing within that Restriction Agreement to the application of a holding lock (as defined in the Listing Rules) in respect of:

 

	
(A)  

	
in relation to the Guarantor, all the  Ordinary Shares held by it; and

 

	
(B)  

	
in relation to GFN, all the shares held by it in the Guarantor and any interest it has in the Ordinary Shares held by the Guarantor,

 

up until the Restriction End Date and that holding lock is imposed or agreed to be imposed by ASX Settlement;

 

	
(b)  

	
(Material Contracts) each Material Contract having been executed or adopted as applicable by all relevant parties in a form acceptable to the Underwriter by, or on, the Lodgement Date and, if required by law, lodged with the relevant regulatory authority by the relevant time;

 

  

2

  

	
(c)  

	
(Due Diligence) the Underwriter receiving, prior to lodgement of the Prospectus with ASIC, a copy of the final and signed Due Diligence Report contemplated by the Due Diligence Planning Memorandum, which must also be addressed to, and expressed to be for the benefit of, each of the Due Diligence Committee members (including the Underwriter) and their representatives, and signed by each member of the Due Diligence Committee, and accompanied by:

 

	
(i)  

	
a legal opinion letter from Freehills, as legal adviser to the Company;

 

	
(ii)  

	
a formal sign-off from KPMG Transaction Services (Australia) Pty Limited, as accounting and financial adviser to the Company in relation to historical, forecast and pro forma financial and accounting information;

 

	
(iii)  

	
a legal due diligence report from Buddle Findlay, as New Zealand legal adviser to the Company; and

 

	
(iv)  

	
all other opinions, sign-offs and reports,

 

as contemplated in the Due Diligence Planning Memorandum and each in a form acceptable to the Underwriter with any material liability disclosed in such reports being addressed to the satisfaction of the Underwriter;

 

	
(d)  

	
(lodgement of Prospectus) the Company lodging a copy of the Prospectus with ASIC in a form acceptable to the Underwriter (acting reasonably) on the Lodgement Date;

 

	
(e)  

	
(applications) the Company confirming that it became capable of accepting applications in accordance with section 727(3) prior to 5.00pm on the Broker Firm Offer Opening Date; and

 

	
(f)  

	
(other regulatory) the Company receiving all regulatory approvals, relief and modifications to enable the Offer to proceed in accordance with the Timetable, the Offer Documents and the terms and conditions of this agreement on or before 8.00am on the Lodgement Date.

 

	
3.2  

	
Conditional obligations to underwrite

 

The obligations of the Underwriter to underwrite the Offer are conditional on:

 

	
(a)  

	
(Closing Certificate) the Underwriter receiving a duly executed Closing Certificate from the Company by 9.00am on each of the Shortfall Notification Date and the Settlement Date dated as at such dates;

 

	
(b)  

	
(Due Diligence Committee members’ final certificate) the Underwriter receiving the Due Diligence Committee members’ final certificate as contemplated by section 5.5 of the Due Diligence Planning Memorandum and signed by each member of the Due Diligence Committee (other than the Underwriter) by 9:00am on the Settlement Date; and

 

	
(c)  

	
(quotation)

 

	
(i)  

	
the Company applying to ASX for quotation of the Company’s Ordinary Shares as contemplated in clause 4.7(b); and

 

  

3

  

	
(ii)  

	
ASX indicating in writing that it will grant permission for the quotation of the Company’s Ordinary Shares (subject only to customary pre-quotation listing conditions) on or before 5.00pm on the Shortfall Notification Date.

 

	
3.3  

	
Best endeavours

 

The Company must use its best endeavours to ensure that the conditions precedent in clauses 3.1 and 3.2 are satisfied.

 

	
3.4  

	
Conditions not satisfied

 

Without limiting clause 11, if any of the conditions precedent in clauses 3.1 or 3.2 are not satisfied by their respective deadlines, the Underwriter (in its absolute and unfettered discretion) may terminate its obligations under this agreement at any time by written notice to the Company.

 

	
3.5  

	
Benefit

 

The conditions precedent in clauses 3.1 and 3.2 are for the benefit of the Underwriter only and may only be waived by the Underwriter in its absolute discretion.

 

	
4  

	
Conduct - General

 

	
4.1  

	
Compliance

 

The Company must:

 

	
(a)  

	
conduct the Offer in accordance with the Offer Documents, the Timetable, its constitution, this agreement, the Listing Rules, the Corporations Act and any other applicable laws; and

 

	
(b)  

	
keep the Underwriter fully informed as to the progress of the Offer.

 

	
4.2  

	
Timetable

 

The Timetable may only be amended by the Company with the prior written consent of the Underwriter.

 

	
4.3  

	
Offer of Offer Shares

 

The Company must offer the Offer Shares for subscription in accordance with this agreement, its constitution, the Offer Documents, the Timetable, the Listing Rules, the Corporations Act and all other applicable laws and regulations.

 

	
4.4  

	
Support and access

 

The Company must provide its full support in the appointment of any co-lead managers, co-managers, Brokers or sub-underwriters to the Offer and in the marketing of the Offer as reasonably required by the Underwriter including:

 

	
(a)  

	
(support and access) providing the full support of, access to, and assistance from, the Company’s senior executives for the promotion, advertising or marketing of the Offer, including the attendance and participation of these senior executives or persons at roadshow or other investor presentations and briefings; and

 

  

4

  

	
(b)  

	
(copies of Offer Documents) providing electronic copies and the number of printed copies of the Offer Documents as the Underwriter reasonably requires from time to time.

 

	
4.5  

	
Prospectus

 

The Company must:

 

	
(a)  

	
(preparation) prepare the Prospectus for lodgement and any other Offer Documents in a form and substance approved by the Underwriter and will obtain the prior written consent of the Underwriter to the form and substance of, and any amendments to, the Offer Documents; and

 

	
(b)  

	
(lodgement)

 

	
(i)  

	
lodge the Prospectus on the Lodgement Date with ASIC (under section 718); and

 

	
(ii)  

	
make the Prospectus (and any Supplementary Prospectus) available on the Company's offer website as soon as practicable after its lodgement with ASIC.

 

	
4.6  

	
Records

 

The Company must maintain or procure the maintenance of (and permit the Underwriter to inspect at any reasonable time) accurate records of:

 

	
(a)  

	
the number and copies of all applications received;

 

	
(b)  

	
all money banked;

 

	
(c)  

	
the processing of applications; and

 

	
(d)  

	
the despatch of transaction confirmation statements,

 

in respect of Offer Shares offered under the Offer.

 

	
4.7  

	
Quotation

 

	
(a)  

	
The Company must, within 7 days of the date of the lodgement of the Prospectus, apply to be admitted to the official list of ASX and for the Offer Shares to be granted quotation on ASX.

 

	
(b)  

	
The Company must use its best endeavours to ensure that the Company is admitted to the official list of ASX and that quotation is granted for the Offer Shares on ASX on or before the Quotation Date and in accordance with the Prospectus.

 

	
4.8  

	
Company responsible

 

Except to the extent required by law, it shall be the responsibility of the Company to ensure, and the Company undertakes to ensure, that the Offer Documents and the Public Information (including the contents of any material which has been approved by the Underwriter) comply in all respects with the relevant provisions of all applicable laws.

 

	
4.9  

	
CHESS approval

 

The Company must use its best endeavours to ensure that the Offer Shares will be “CHESS approved” (as defined in the Listing Rules) no later than the Quotation Date.

 

  

5

  

	
4.10  

	
Despatch of holding statements

 

The Company must despatch requisite statements as to uncertificated holdings in respect of each issued Offer Share in accordance with all applicable laws and the Timetable.

 

	
5  

	
Conduct of the Offer

 

	
5.1  

	
Acceptance of Valid Applications

 

The Company must accept all Valid Applications lodged:

 

	
(a)  

	
by applicants to whom the Offer was made; and

 

	
(b)  

	
by or on behalf of the Underwriter under clause 6.3.

 

However, the parties acknowledge and agree that Valid Applications under the Offer may be scaled back or rejected as a result of the allocations of Offer Shares made under clause 5.2.

 

The Company must comply with section 722 in respect of application money received by the Company or the Registry under the Offer.

 

Subject to clause 5.2, all Valid Applications will be deemed to have been accepted in full by the Company and will go in relief of the obligations of the Underwriter under this agreement.

 

	
5.2  

	
Allocation

 

	
(a)  

	
The allocation of the Offer Shares between the Institutional Offer and the Broker Firm Offer was determined by the Underwriter in consultation with the Company and the Guarantor having regard to the results of the Bookbuild.

 

	
(b)  

	
The Underwriter will, in its absolute discretion, determine the allocation of Offer Shares to participants within the Institutional Offer and Broker Firm Offer.

 

	
(c)  

	
The parties confirm that the Brokers who participated in the Broker Firm Offer subject to any contractual arrangement with the Underwriter, have sole and absolute discretion to determine the identity of, and allocations to, their private clients.

 

	
(d)  

	
Subject to the allocation determination made in accordance with paragraph (a)  and (b) of this clause 5.2, the Company must allot all of the Offer Shares to applicants who have lodged Valid Applications as directed by the Underwriter.

 

	
5.3  

	
Settlement

 

To the extent practicable, settlement of the allocation of the Offer Shares will take place on the Settlement Date and:

 

	
(a)  

	
under the Institutional Offer, the Underwriter or an Affiliate of it will act as a broker under the CHESS Rules and manage settlement on behalf of the Company on a DvP basis in accordance with the CHESS Rules; and

 

	
(b)  

	
under the Broker Firm Offer, the Registry will manage settlement on behalf of the Company on a DvP basis in accordance with the CHESS Rules.

 

  

6

  

The Company must take all necessary and appropriate steps in connection with settlement as directed by the Underwriter, including in the case of the Company issuing Allocation Interests in respect of the relevant Offer Shares to the Underwriter or an Affiliate.

 

	
5.4  

	
Allotment, issue and transfer

 

On or before the Settlement Date, the Company must take all necessary and appropriate steps required to be taken by it to allot and issue all of the Offer Shares, on or before the Allotment Date, to applicants who have lodged Valid Applications so that no further step is required to effect the allotment and issue other than the sending of a CHESS transformation message in respect of those Offer Shares which are being settled via DvP.

 

	
5.5  

	
Transaction confirmation statements and refunds

 

The Company must despatch transaction confirmation statements in respect of the Offer Shares and refund cheques (if any) in accordance with the Timetable, the Corporations Act and Listing Rules as soon as practicable after the Settlement Date.

 

	
6  

	
Shortfall

 

	
6.1  

	
Shortfall Notice and Closing Certificate

 

	
(a)  

	
No later than 10.00am on the Shortfall Notification Date, the Company may give the Underwriter a Shortfall Notice.

 

	
(b)  

	
The Company must give the Underwriter a Closing Certificate by 9.00am on each of the Shortfall Notification Date, regardless of whether a Shortfall Notice is given, and the Settlement Date, dated as at each such dates.

 

	
6.2  

	
Review of applications

 

Before providing a Shortfall Notice under clause 6.1, the Company must inform the Underwriter of the number of applications for Offer Shares which are not Valid Applications and the grounds on which the Company believes the applications are not valid and permit the Underwriter to review those applications.

 

	
6.3  

	
Valid Applications to be lodged

 

Subject to clauses 3.4, 6.2 and 11, and receipt of a Shortfall Notice and Closing Certificate in accordance with clause 6.1 on or before the Settlement Date, the Underwriter must:

 

	
(a)  

	
lodge or cause to be lodged with the Company, Valid Applications for the Shortfall Shares; and

 

	
(b)  

	
pay or procure the payment of the Offer Price for the Shortfall Shares in cleared funds via DvP settlement.

 

	
6.4  

	
Assignment of contractual rights

 

	
(a)  

	
Subject to the Underwriter performing its obligations under clause 6.3, the Company must assign to the Underwriter all its contractual rights and recourses it may have against any defaulting person allocated Offer Shares under the Offer (including the rights to require payment of the Offer Price for the Offer Shares or, alternatively, to terminate the contract to issue or transfer the relevant Offer Shares to the relevant investor and instead issue or transfer them to the Underwriter or any person nominated by it), which contractual rights and recourse may arise by reason of that person’s failure to settle on the Settlement Date in respect of the Offer Shares allocated to it under the Offer.

 

  

7

  

	
(b)  

	
If the Company is unable to assign to the Underwriter all of its contractual rights and recourse referred to in this clause 6.4, the Company undertakes that it will assign these rights when it is legally able to do so.

 

	
7  

	
Due Diligence Investigations

 

	
7.1  

	
Company’s responsibilities

 

Until Completion, the Company must:

 

	
(a)  

	
continue to make all enquiries as are reasonable;

 

	
(b)  

	
conduct due diligence in accordance with the Due Diligence Planning Memorandum; and

 

	
(c)  

	
ensure that:

 

	
(i)  

	
there are no omissions from the Prospectus of material required by the Corporations Act, the Listing Rules and other applicable laws and that the statements included in the Prospectus are not, and do not become, misleading or deceptive; and

 

	
(ii)  

	
the Due Diligence Committee is made aware as soon as practicable of any new circumstance that has arisen since the Prospectus was lodged with ASIC that would have been required by the Corporations Act to be included in the Prospectus if it had arisen before the Prospectus was lodged with ASIC.

 

	
7.2  

	
Due Diligence Documents

 

The Company must at any time provide the Underwriter with full and free access to, and on request, copies of the Due Diligence Report and all materials and documents used or created in connection with the Due Diligence Process, on receipt of reasonable notice from the Underwriter, and the Company must maintain those materials and documents until the later of 7 years from Completion for that purpose and completion of any relevant Enquiry.

 

	
7.3  

	
Access to premises, books and records

 

Notwithstanding clause 7.2, the Company agrees upon reasonable notice to allow the Underwriter and its officers and advisers full and free access to the premises, books and records of the Group and full access to the Company’s officers, directors and employees at all reasonable times:

 

	
(a)  

	
before Completion; or

 

	
(b)  

	
during or in preparation for any Enquiry in relation to the Offer or any of the Offer Documents,

 

to enable the Underwriter to obtain any information about any matters which the Underwriter or Indemnified Parties reasonably requires in relation to the Offer or any of the Offer Documents or this agreement.

 

  

8

  

	
7.4  

	
Assistance

 

The Company must provide any information, assistance and facilities, or maintain records, which the Underwriter reasonably requires from time to time for the purposes of clauses 7.2 and 7.3, for the period or periods specified in the relevant clause, during the life of any relevant Enquiry, or 7 years from Completion, whichever is the later.

 

	
7.5  

	
Privilege

 

If the provision of any access, information, assistance and facilities contemplated by clause 7.3 or 7.4 would in the reasonable opinion of legal advisers to the Company lead to a loss of legal professional privilege:

 

	
(a)  

	
the Company must use its best endeavours to identify and then employ a method for providing maximum access, information, assistance or facilities to the Underwriter without the loss of legal professional privilege;

 

	
(b)  

	
if the Company considers that any access, information, assistance or facilities cannot be provided under clause 7.3 or 7.4, it must obtain an opinion from senior counsel satisfactory to the Underwriter to confirm that the access, information, assistance or facilities could not be made without the risk of loss of legal professional privilege;

 

	
(c)  

	
the Company may withhold any access, information, assistance or facilities in order to prevent the loss of any legal professional privilege only if it has first complied with paragraphs (a) and (b); and

 

	
(d)  

	
the Underwriter must comply with any reasonable steps identified by the Company under paragraph (a) to preserve any legal professional privilege.

 

	
7.6  

	
Supplementary Prospectus

 

	
(a)  

	
If the Company or the Underwriter reasonably form the view or become aware of any matter that would require the Company to lodge a Supplementary Prospectus with ASIC, the Company or Underwriter must immediately notify the other parties of that matter and the Company must as soon as practicable and in any event within 1 Business Day, lodge a Supplementary Prospectus with ASIC in a form approved by the Underwriter.  The Company must immediately take all actions in respect of the Supplementary Prospectus as may be required by the Underwriter.

 

	
(b)  

	
If required by law, any Supplementary Prospectus must also be despatched by the Company to all recipients of the Offer Documents of which the Company and the Underwriter is aware, within 3 Business Days of its lodgement.

 

	
(c)  

	
Any notification or approval given in respect of this clause 7.6 is given without prejudice to the rights of the Underwriter to terminate under clauses 3.4 or 11.

 

	
7.7  

	
Information provided

 

	
(a)  

	
The Company agrees and acknowledges that the Underwriter will use and rely on information provided by the Company and its Representatives (including financial and accounting information) in performing its obligations under this agreement without having independently verified the information and that the Underwriter does not assume responsibility for the accuracy or completeness of the information or any other information on which it may rely in connection with this agreement.

 

	
(b)  

	
The Company will inform the Underwriter promptly if it becomes aware that any information released by it or on its behalf to the Underwriter is not or ceases to be true, accurate, complete and not misleading or does not or ceases to comply with applicable laws.

 

  

9

  

	
8  

	
Representations and warranties

 

	
8.1  

	
Representations and warranties by the Company

 

The Company represents and warrants, and where applicable undertakes, to the Underwriter that:

 

	
(a)  

	
(power) it has the full capacity and power to enter into and comply with all the terms and conditions of this agreement;

 

	
(b)  

	
(authorisations) all approvals and authorities that may be required to permit it to enter into this agreement and to perform its obligations under this agreement in accordance with its terms have been obtained and remain valid and subsisting;

 

	
(c)  

	
(validity of obligations) this agreement is a valid and binding obligation on it;

 

	
(d)  

	
(status) it is a company limited by shares, validly existing under the laws of its place of incorporation;

 

	
(e)  

	
(compliance) the Offer and the content and dissemination of the:

 

	
(i)  

	
Offer Documents (other than those in paragraph (b) of that definition) did comply and will continue to comply;

 

	
(ii)  

	
the Offer Documents referred to in paragraph (b) of that definition and the Public Information will comply,

 

with the Corporations Act, the Listing Rules, regulations and all other applicable laws;

 

	
(f)  

	
(Offer Documents and Public Information):

 

	
(i)  

	
at the time of its publication and at all times before Completion there will be no omissions from any Offer Document and any Public Information (subject to any subsequent Public Information issued prior to the Lodgement Date) of material required by the Corporations Act;

 

	
(ii)  

	
at the time of its publication and at all times before Completion the Offer Documents and the Public Information (subject to any subsequent Public Information issued prior to the Lodgement Date) will not contain any statements which are misleading or deceptive (including, without limitation, misleading statements within the meaning of section 728(2) or false or misleading statements within the meaning of section 1041E);

 

	
(iii)  

	
the issue and distribution by, or on behalf of, the Company, distribution by the Underwriter, of the Offer Documents did not, and will not, constitute conduct by any person which is misleading or deceptive, or likely to mislead or deceive;

 

	
(iv)  

	
any statement of opinion or belief contained in any Offer Document or any Public Information was (at the time made) and is truly and honestly held by that person and the maker of the statement has reasonable grounds for holding the opinion or the belief; and

 

  

10

  

	
(v)  

	
there were (at the time made) and are reasonable grounds for the making of all statements contained in the Offer Documents and Public Information;

 

	
(g)  

	
(conduct) it has not engaged in, and will not engage in, conduct that is misleading or deceptive or which is likely to mislead or deceive in connection with the issue and distribution of the Offer Documents or the Public Information or the making of the Offer;

 

	
(h)  

	
(disclosure) all the information supplied to the Underwriter (including prior to the date of this agreement) by or on behalf of the Company (including disclosures in the Due Diligence Report), was (at the time of supply) and is true, complete and accurate, was not (at the time of supply) and is not misleading or deceptive nor contained (at the time of supply) or contains any omission;

 

	
(i)  

	
(due diligence) the Due Diligence Process has been properly implemented and fully carried out in accordance with the Due Diligence Planning Memorandum;

 

	
(j)  

	
(ongoing due diligence) the Company has conducted and will continue until Completion to conduct the Due Diligence Process in accordance with the Due Diligence Planning Memorandum, including to make all reasonable enquiries to ensure that there are no omissions from the Offer Documents and that the statements included in the Offer Documents are true and not misleading or deceptive in any respect, and do not become misleading or deceptive in any respect and do not constitute conduct by any person which is misleading or deceptive;

 

	
(k)  

	
(non-disposal) it will not allow the Guarantor to dispose of, or deal with, any Ordinary Shares held by it, except as contemplated by the Restriction Agreement referred to in clause 3.1(a);

 

	
(l)  

	
(no insolvency) neither the Company nor any member of the Group are Insolvent and there is no act which has occurred or any omission made which may result in any of the Company or a member of the Group becoming Insolvent;

 

	
(m)  

	
(Closing Certificates) each of the Closing Certificates it gives to the Underwriter will be true and correct and not misleading or deceptive and contain no omissions;

 

	
(n)  

	
(prejudicial to prospects of Offer) it has not and it will not, and it will use its best endeavours to ensure that its officers will not, do or omit to do, anything which is, or is likely to be, prejudicial to the prospects of the Offer, except as required by law, any Governmental Agency or by the Listing Rules;

 

	
(o)  

	
(Offer Shares) the Offer Shares will:

 

	
(i)  

	
be fully paid and duly and validly authorised and issued;

 

	
(ii)  

	
be free from all Encumbrances, other than those provided for in the Company’s constitution;

 

	
(iii)  

	
constitute legal, valid and binding obligations of the Company;

 

	
(iv)  

	
be enforceable on their terms;

 

	
(v)  

	
have no restriction on their transfer in the manner contemplated by the Offer, the Offer Documents and this agreement;

 

	
(vi)  

	
conform to the description of the Offer Shares contained in the Offer Documents; and

 

  

11

  

	
(vii)  

	
will have the rights set out in the Company’s constitution;

 

	
(p)  

	
(assets) except as disclosed in the Pathfinder, the Company or its Affiliates have not, or will not, have created or agreed to create any Encumbrance over any or all of its assets which would be reasonably expected, individually or in the aggregate, to have a Material Adverse Effect;

 

	
(q)  

	
(future matters) each statement in any of the Offer Documents or Public Information relating to the Offer released on, or following the initial distribution of the Pathfinder, that relates to a future matter (including prospective financial information), and each expression of opinion, belief, expectation, intention or policy in the Offer Documents, or Public Information in relation to the Offer released on or following the initial distribution of the Pathfinder, was made on reasonable grounds and after due and careful enquiry in good faith using assumptions believed by the management and the directors of the Company to be reasonable;

 

	
(r)  

	
(no breach) it is not in breach of, and has not since the initial distribution of the Pathfinder been in breach of, any provision of:

 

	
(i)  

	
the Corporations Act or any other law to which the Company is subject or any order of any Governmental Agency that is binding on it;

 

	
(ii)  

	
the Listing Rules (except where compliance has been waived, or as modified, by ASX);

 

	
(iii)  

	
its constitution;

 

	
(iv)  

	
any legally binding requirement of ASIC or ASX; and

 

	
(v)  

	
any other undertaking or instrument or authorisation binding on it (or its Affiliates),

 

in each case, in a material respect.

 

	
(s)  

	
(no contravention) neither the execution or performance of this agreement including carrying out by the Company of the transactions (or any of them) that this agreement contemplates, does or will contravene:

 

	
(i)  

	
the Corporations or any other law to which the Company is subject or any order of any Governmental Agency that is binding on it;

 

	
(ii)  

	
the Listing Rules (except where compliance has been waived, or as modified, by ASX);

 

	
(iii)  

	
its constitution;

 

	
(iv)  

	
any legally binding requirement of ASIC (including any policy or class order of ASIC and any ASIC relief or modification obtained by it in connection with the Offer) or ASX; or

 

	
(v)  

	
any other agreement, undertaking or instrument or authorisation binding on it (or its Affiliates),

 

in each case, in a material respect.

 

	
(t)  

	
(litigation) except as disclosed in the Pathfinder, the Company and each other member of the Group are not involved in, and none of their properties are subject to, any litigation, arbitration, administrative or government proceeding or investigation relating to claims or amounts which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, or would adversely affect the consummation of the transactions contemplated by this agreement or the power or ability of the Company to perform its obligations under this agreement, or which are otherwise material in the context of the Offer, and to the knowledge of the Company, no such litigation, arbitration, administrative, or government proceeding or investigation is pending or threatened;

 

  

12

  

	
(u)  

	
(Material Contracts):

 

	
(i)  

	
the Company and each other member of the Group have full power to enter into and comply with all contracts which are material to the business of the Group as a whole and those contracts are binding and enforceable by the Company and each other member of the Group in accordance with their terms; and

 

	
(ii)  

	
the Company and each other member of the Group are not in breach in any material respect under any Material Contracts to which they are parties and nothing has occurred which is, or with giving of notice, lapse of time, satisfaction of some other condition, or any combination of these, constitutes an event (whatever called) which causes or enables the expenditure or acceleration of expenditure of any material payment to be made under, or the enforcement, termination or rescission of, any Material Contract;

 

	
(v)  

	
(licences) except as disclosed in the Pathfinder, the Company and each other member of the Group hold all licences, permits, authorisations or consents necessary to the conduct of their business as currently conducted and described in the Pathfinder and all of these licences, permits, authorisations and consents are in full force and effect and not liable to be revoked or not renewed except as disclosed in the Pathfinder or except where the revocation or non renewal could not, either individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect;

 

	
(w)  

	
(business of the Company) from the date of the initial distribution of the Pathfinder until 90 days following Completion, the Company and its Affiliates have and will carry on their business in the ordinary course and have not and will not dispose or agree to dispose of the whole or any part of their business or their property without the prior written consent of the Underwriter, provided that the Company may acquire or agree to acquire assets or businesses where the purchase price for such acquisitions is less than $10 million (in aggregate);

 

	
(x)  

	
(Working capital) on Completion, the Company will have sufficient working capital, capital resources and liquidity to carry on its business as described in the Pathfinder;

 

	
(y)  

	
(eligible for listing) subject to successful completion of the Offer, the Company is eligible under the Listing Rules and other requirements of ASX to be listed on ASX;

 

	
(z)  

	
(Accounts) the Accounts present a true and fair view of the financial position of the Company as at and for the period ended on the last balance date of the Accounts;

 

	
(aa)  

	
(constitution) the Company's constitution complies with the Listing Rules and the requirements of ASX for the purpose of it being admitted to the official list of ASX;

 

	
(bb)  

	
(insurance):

 

	
(i)  

	
the Company and each other member of the Group are insured by, or are the beneficiaries of insurance policies issued by, insurers of recognised financial responsibility against relevant losses and risks and in amounts as are prudent and customary in the businesses in which they are engaged;

 

  

13

  

	
(ii)  

	
all policies of insurance insuring the Company and each other member of the Group or their respective businesses, assets, employees, officers and directors are in full force and effect in all material respects;

 

	
(iii)  

	
the Company and each other member of the Group are in compliance with the terms of those policies in all material respects; and

 

	
(iv)  

	
there are no claims by the Company or each other member of the Group under any insurance policy as to which any insurance company is denying liability or defending under a reservation of rights clause which is required to be paid by the Company which will, or is likely to, have a Material Adverse Effect which has not been disclosed in the Pathfinder;

 

	
(cc)  

	
(agreements and Authorisations) the Company and each other member of the Group:

 

	
(i)  

	
have all agreements and Authorisations necessary to conduct the businesses (as currently conducted or contemplated and described in the Pathfinder);

 

	
(ii)  

	
have disclosed in the Pathfinder all agreements to which the Company or and each other member of the Group is a party which are material to the making of an informed investment decision in relation to the Offer;

 

	
(iii)  

	
have complied with, and are not in breach of, and have not received any communication regarding breach or termination of, or intent not to renew any agreement or Authorisation; and

 

	
(iv)  

	
can carry out the transactions that this agreement or the Pathfinder contemplate without breach of, or impairment of, rights under any agreement or Authorisation;

 

	
(dd)  

	
(entitlement) except as set out in the Pathfinder, no person holds or has any right to subscribe for, or to receive or to be issued any shares, options to subscribe for shares in the capital of the Company or any other securities convertible or exchangeable into equity in the Company and the Company has not issued, or agreed to issue, and will not issue, or agree to issue shares, options or other securities to any person;

 

	
(ee)  

	
(capitalisation of each other member of the Group) the other members of the Group are the only Subsidiaries of the Company; all of the issued and outstanding shares of the other members of the Group have been duly authorised, validly issued and fully paid and, except as disclosed in the Pathfinder, are owned directly or indirectly by the Company, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim, defect or other third party interest.  Except as disclosed in the Pathfinder, none of the issued shares of any other member of the Group is the subject of any agreement pursuant to which any person is or may be entitled or has the right to call for the transfer of the shares of any other member of the Group, and there are no agreements in force pursuant to which any person is or may become entitled to or has the right to call for the issuance of any shares in any other member of the Group or securities convertible into or exchangeable for shares in any other member of the Group nor has any other member of the Group given or agreed to grant any option or right (whether contingent or not) in respect of its unissued shares;

 

	
(ff)  

	
(environmental laws):

 

  

14

  

	
(i)  

	
the Company and each other member of the Group:

 

	
(A)  

	
are in compliance with all applicable laws and regulations relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, pollutants or contaminants (Environmental Laws);

 

	
(B)  

	
except as disclosed in the Pathfinder have received all permits, licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and

 

	
(C)  

	
are in compliance with all terms and conditions of any such permit, license or approval,

 

except where such non-compliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

 

	
(ii)  

	
except as disclosed in the Pathfinder, there are no current or anticipated costs or liabilities of the Company or each other member of the Group associated with Environmental Laws (including, without limitation, any capital or operating expenditures required for cleanup, closure of properties or compliance with Environmental Laws or any permit, license or approval, any related constraints on operating activities and any potential liabilities to third parties) which could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

 

	
(gg)  

	
(title to property) the Company and each other member of the Group have all real and personal property necessary to conduct its business as currently conducted, contemplated and described in the Pathfinder.  Except as disclosed in the Pathfinder, the Company and each other member of the Group have good and marketable title to all real property and good and marketable title to all personal property owned by them, in each case free and clear of all Encumbrances and defects except as would not individually or in the aggregate, have a Material Adverse Effect, and any real property and buildings held under lease by the Company and each other member of the Group are held by it under valid, subsisting and enforceable leases with such exceptions as would not have a Material Adverse Effect;

 

	
(hh)  

	
(anti-money laundering) the operations of the Group are and have been conducted at all times in compliance with all financial record keeping and reporting requirements imposed by law or regulation and in compliance with the money laundering and proceeds of crime statutes of all jurisdictions in which its business operates, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Agency (collectively, the Money Laundering Laws) and no action, suit or proceeding by or before any court or Government Agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened;

 

	
(ii)  

	
(OFAC) none of the Company, any other member of the Group or, to the knowledge of the Company, after due enquiry any director, officer, agent, employee or Affiliate of the Company or any other member of the Group is currently subject to any U.S. sanctions administered by the Sanctions Programs Summaries of the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC); and the Company will not directly or indirectly use the proceeds of the Offer, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC;

 

  

15

  

	
(jj)  

	
(no stamp and transfer taxes) no stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other taxes are payable by or on behalf of the Underwriter to any Australian Government Agency or any political subdivision or taxing authority thereof or therein in connection with the execution, delivery and performance of this agreement and the Offer, issuance and delivery by the Company of the Offer Shares to be issued by the Company in accordance with the terms of this agreement;

 

	
(kk)  

	
(brokers' fees and commissions) except as disclosed in the Pathfinder, there are no contracts, agreements or understandings between the Company and any person that would give rise to a valid claim against the Company, the Guarantor or the Underwriter for a brokerage commission, finder's fee or other like payment in connection with the Offer;

 

	
(ll)  

	
(no U.S. Securities Act registration required) subject to the accuracy of the representations and warranties of the Underwriter under clauses 8.2(f) to 8.2(h), and the accuracy of the equivalent representations and warranties of any co-lead managers or co-managers in the agreements appointing them as syndicate members, it is not necessary in connection with the initial offer, sale and delivery of the Offer Shares by the Company, and the initial offer, resale and delivery of such Offer Shares by the Underwriter in connection with the Underwriter' s settlement support obligations under this agreement, in each case in the manner contemplated by this agreement and in the Pathfinder, to register the Offer Shares under the U.S. Securities Act, it being understood that the Company makes no representation or warranty about any subsequent resale of the Offer Shares;

 

	
(mm)  

	
(internal controls) the Group has or is implementing internal controls, processes and structures to safeguard the integrity of the Company’s financial reporting in accordance with Principle 4 of the ASX’s Corporate Governance Principles and Recommendations. The Company is not aware of any material weaknesses in the Group’s internal controls, processes and structures.  Since the date of the latest audited financial statements included in the Pathfinder, there has been no change in the Group's internal controls, processes and structures that has materially adversely affected, or is reasonably likely to materially adversely affect the Group's internal controls;

 

	
(nn)  

	
(internal accounting controls) the Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that:

 

	
(i)  

	
transactions are executed in accordance with management's general or specific authorisations;

 

	
(ii)  

	
transactions are recorded as necessary to permit preparation of financial statements in conformity with AIFRS; and

 

	
(iii)  

	
assets are properly managed and controlled, and asset registers are properly maintained, such that the Company is reasonably satisfied of asset accountability;

 

	
(oo)  

	
(taxation) the Company and each other member of the Group have filed all tax returns that are required to be filed or have requested extensions thereof (except in any case in which the failure to so file would not, individually or in the aggregate, result in a Material Adverse Effect) and have paid all taxes required to be paid by them and any other assessment, fine or penalty levied against them, to the extent that any of the foregoing is due and payable, except for any such assessment, fine or penalty that is currently being contested in good faith or as would not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect;

 

  

16

  

	
(pp)  

	
(events since last accounts date) since the date of the Group’s last audited financial accounts included in the Offer Documents:

 

	
(i)  

	
the business of the Group has been carried on in the ordinary and usual course;

 

	
(ii)  

	
there has been no change in the assets, liabilities, financial position or performance, profits, losses or prospects of the Group from that set out in its last audited financial statements except for changes in the ordinary and usual course of business, none of which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect; and

 

	
(iii)  

	
its business, assets, liabilities, financial position or performance, profits, losses, prospects or forecasts and that of its controlled entities (taken as a whole group) have not been materially or adversely affected by any matter, either financial or otherwise;

 

	
(qq)  

	
(Not offer to sell) the Company will not offer or sell Offer Shares to persons that are in the United States (other than Eligible U.S. Fund Managers) or that are U.S. Persons or acting for the account or benefit of, U.S. Persons;

 

	
(rr)  

	
(no directed selling efforts) none of the Company, any of its Affiliates that it Controls nor any person acting on behalf of any of them (other than the Underwriter, any of its Affiliates or any person acting on behalf of any of them, as to whom no representation or warranty is made) has engaged or will engage in any “directed selling efforts” (as that term is defined in Rule 902(c) under the U.S. Securities Act); and

 

	
(ss)  

	
(no general solicitation or general advertising) none of the Company, any of  its Affiliates that it Controls or any person acting on behalf of any of them (other than the Underwriter, any of its Affiliates or any person acting on behalf of any of them, as to whom no representation or warranty is made) has offered or sold or will offer or sell the Offer Shares in the United States by means of any general solicitation or general advertising within the meaning of Rule 502(c) under the U.S. Securities Act or in any manner involving a public offering in the United States within the meaning of section 4(2) of the U.S. Securities Act.

 

	
8.2  

	
Representations and warranties by the Underwriter

 

The Underwriter represents and warrants to the Offerors that:

 

	
(a)  

	
(status) it is a company limited by shares, validly existing under the laws of its place of incorporation;

 

	
(b)  

	
(power) it has power to enter into and comply with all of the terms and conditions of this agreement;

 

	
(c)  

	
(authorisations) all approvals and authorities that may be required to permit it to enter into this agreement and to perform its obligations under this agreement in accordance with its terms have been obtained and remain valid and subsisting;

 

	
(d)  

	
(validity of obligations) this agreement is a valid and binding obligation on it;

 

  

17

  

	
(e)  

	
(Selling restrictions) it has as at the date of this Agreement and will market the Offer in compliance with the Selling Restrictions in the relevant jurisdictions to which the Offer is extended;

 

	
(f)  

	
(U.S. selling restriction) it acknowledges and agrees that the Offer Shares have not been and will not be registered under the U.S. Securities Act and may only be offered or sold:

 

	
(i)  

	
within the United States to Eligible U.S. Fund Managers in “offshore transactions” (as defined in Rule 902(h) under Regulation S) in reliance on Regulation S under the U.S. Securities Act; and

 

	
(ii)  

	
outside the United States, to eligible investors in “offshore transactions” (as defined in Rule 902(h) under Regulation S) in reliance on Regulation S under the U.S. Securities Act;

 

	
(g)  

	
(no general solicitation or general advertising) it, its Affiliates and each person acting on behalf of any of them has not solicited offers for or offered to sell or sold, and will not solicit offers for or offer to sell or sell, the Offer Shares in the United States by any form of general solicitation or general advertising within the meaning of Rule 502(2) under the U.S. Securities Act or in any manner involving a public offering in the United States within the meaning of section 4(2) of the U.S. Securities Act; and

 

	
(h)  

	
(no directed selling efforts) it, its Affiliates and each person acting on behalf of any of them has not engaged, and will not engage, in any “directed selling efforts” as defined in Rule 902(c) under the U.S. Securities Act.

 

	
8.3  

	
Representations and warranties by the Guarantor and GFN

 

Each of the Guarantor and GFN represent and warrant, and where applicable undertake, to the Underwriter that:

 

	
(a)  

	
(power) it has the full capacity and power to enter into and comply with all the terms and conditions of this agreement;

 

	
(b)  

	
(authorisations) all approvals and authorities that may be required to permit it to enter into this agreement and to perform its obligations under this agreement in accordance with its terms have been obtained and remain valid and subsisting;

 

	
(c)  

	
(validity of obligations) this agreement is a valid and binding obligation on it;

 

	
(d)  

	
(status) it is a company limited by shares, validly existing under the laws of the state of incorporation;

 

	
(e)  

	
(no insolvency) it is not Insolvent and there is no act which has occurred or any omission made which may result in it becoming Insolvent;

 

	
(f)  

	
(Public Information): it will procure that any Public Information complies with the following:

 

	
(i)  

	
at the time of its publication and at all times before Completion there will be no omissions from any Public Information (subject to any subsequent Public Information issued prior to the Lodgement Date) of material required by the Corporations Act, to the extent applicable;

 

	
(ii)  

	
at the time of its publication and at all times before Completion the Public Information (subject to any subsequent Public Information issued prior to the Lodgement Date) will not contain any statements which are misleading or deceptive (including, without limitation, misleading statements within the meaning of section 728(2) or false or misleading statements within the meaning of section 1041E), to the extent applicable;

 

  

18

  

	
(iii)  

	
any statement of opinion or belief contained in any Public Information was (at the time made) and is truly and honestly held by that person and the maker of the statement has reasonable grounds for holding the opinion or the belief; and

 

	
(iv)  

	
there were (at the time made) and are reasonable grounds for the making of all statements contained in the Public Information;

 

	
(g)  

	
(conduct) it has not engaged in, and will not engage in conduct that is misleading or deceptive or which is likely to mislead or deceive in connection with the issue and distribution of the Offer Documents or the Public Information or the making of the Offer;

 

	
(h)  

	
(disclosure) all the information supplied to the Underwriter (including prior to the date of this agreement) by or on behalf of the Company (including disclosures in the Due Diligence Report), was (at the time of supply) and is true, complete and accurate, was not (at the time of supply) and is not misleading or deceptive nor contained (at the time of supply) or contains any omission;

 

	
(i)  

	
(prejudicial to prospects of Offer) it has not and it will not, and it will use its best endeavours to ensure that its officers will not, do or omit to do, anything which is, or is likely to be, prejudicial to the prospects of the Offer, except as required by law, any Governmental Agency or by the Listing Rules;

 

	
(j)  

	
(litigation) it is not involved in, and none of its properties are subject to, any litigation, arbitration, administrative or government proceeding or investigation relating to claims or amounts which would, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, or would adversely affect the consummation of the transactions contemplated by this agreement or the power or ability of the Company or the Guarantor to perform its obligations under this agreement, or which are otherwise material in the context of the Offer, and to its knowledge, no such litigation, arbitration, administrative, or government proceeding or investigation is pending or threatened;

 

	
(k)  

	
(anti-money laundering) the operations of the Group are and have been conducted at all times in compliance with all financial record keeping and reporting requirements imposed by law or regulation and in compliance with the money laundering and proceeds of crime statutes of all jurisdictions in which its business operates, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any Governmental Agency (collectively, the Money Laundering Laws) and no action, suit or proceeding by or before any court or Government Agency, authority or body or any arbitrator involving the Company with respect to the Money Laundering Laws is pending or, to the knowledge of the Guarantor or GFN, threatened;

 

	
(l)  

	
(OFAC) none of the Company, any other member of the Group or, to its knowledge, after due enquiry any director, officer, agent, employee or Affiliate of the Company or any other member of the Group is currently subject to any U.S. sanctions administered by the Sanctions Programs Summaries of the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC); and it will procure that the Company will not directly or indirectly use the proceeds of the Offer, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC;

 

  

19

  

	
(m)  

	
(Not offer to sell) it will procure that the Company will not offer or sell Offer Shares to persons that are in the United States (other than Eligible U.S. Fund Managers) or that are U.S. Persons or acting for the account or benefit of, U.S. Persons;

 

	
(n)  

	
(no directed selling efforts) none of the Guarantor, GFN, the Company, any of their respective Affiliates that they Control nor any person acting on behalf of any of them (other than the Underwriter, any of its Affiliates or any person acting on behalf of any of them, as to whom no representation or warranty is made) has engaged or will engage in any “directed selling efforts” (as that term is defined in Rule 902(c) under the U.S. Securities Act); and

 

	
(o)  

	
(no general solicitation or general advertising) except for public disclosure of GFN required by applicable law, none of the Guarantor, GFN, the Company, any of their respective Affiliates that they Control or any person acting on behalf of any of them (other than the Underwriter, any of its Affiliates or any person acting on behalf of any of them, as to whom no representation or warranty is made) has offered or sold or will offer or sell the Offer Shares in the United States by means of any general solicitation or general advertising within the meaning of Rule 502(c) under the U.S. Securities Act or in any manner involving a public offering in the United States within the meaning of section 4(2) of the U.S. Securities Act.

 

	
8.4  

	
Not affected by investigations

 

The representations, warranties and undertakings under this agreement are not affected or extinguished by any investigation made by, or on behalf of, the Underwriter into the affairs of the Offerors or by any other event or matter unless:

 

	
(a)  

	
the Underwriter has given a specific written waiver or relief;

 

	
(b)  

	
the Offerors have fully and fairly disclosed the event or matter relevant to the representations, warranties or undertakings in the Offer Documents or the Due Diligence Report; or

 

	
(c)  

	
the event or matter relevant to the representations, warranties or undertakings occurs, or fails to occur, after the date of this agreement at the express written request or with the express written approval of the Underwriter.

 

	
8.5  

	
True and correct

 

Each party further represents and warrants that each of the representations and warranties given by it in this clause 8 is true and correct in every respect as at the date of this agreement and will be so at all times before Completion.

 

	
8.6  

	
Independent construction

 

Each of the paragraphs and sub-paragraphs set out in clauses 8.1 and 8.2 will be construed independently and no paragraph or sub-paragraph will be limited by implications arising from any other paragraph or sub-paragraph.

 

	
8.7  

	
Reliance

 

Each party acknowledges that the other parties are entering into this agreement in reliance on the representations and warranties given to them in this clause 8.

 

	
8.8  

	
Acknowledgment

 

Each party to this agreement acknowledges that the representation and warranty in clause 8.1(k) does not give the Underwriter any power to dispose of, or control the disposal of, the shares the subject of the Restriction Agreement referred to in clause 3.1(a), and a breach of clause 8.1(k) will only give rise to a right to damages.

 

  

20

  

	
9  

	
Undertakings

 

	
9.1  

	
Undertakings by the Company

 

The Company must:

 

	
(a)  

	
(notice of breach) immediately notify the Underwriter of:

 

	
(i)  

	
any breach of any obligation, representation, warranty or undertaking given by it under this agreement;

 

	
(ii)  

	
the occurrence of a Termination Event; or

 

	
(iii)  

	
the non-satisfaction of any of the conditions in clauses 3.1 or 3.2;

 

	
(b)  

	
(breach) not, before Completion, commit, be involved in or acquiesce in any activity which breaches:

 

	
(i)  

	
the Corporations Act or any other law to which the Company is subject or any order of any Governmental Agency that is binding on it;

 

	
(ii)  

	
the Listing Rules (except where compliance has been waived, or as modified by ASX);

 

	
(iii)  

	
its constitution;

 

	
(iv)  

	
any legally binding requirement of ASIC or the ASX; or

 

	
(v)  

	
any other agreement, undertaking or instrument or authorisation binding on it,

 

in each case, in any material respect.

 

	
(c)  

	
(moratorium) not, without the prior written consent of the Underwriter, at any time after the date of this agreement and up to 180 days after Completion, allot, or agree to allot, or indicate in any way that it may or will allot, or agree to allot, any shares or other securities that are convertible or exchangeable into equity, or that represent the right to receive equity, of the Company or any member of the Group other than pursuant to the Offer, this agreement, or an employee share plan, a non-underwritten dividend reinvestment or a bonus share plan;

 

	
(d)  

	
(posting on website) as soon as practicable after the Prospectus or any Supplementary Prospectus is lodged with ASIC, ensure that an electronic copy of that document is available on the Company’s offer website or that of an Affiliate of the Company, provided such Prospectus or Supplementary Prospectus is located behind website screens in a form agreed with the Underwriter, which is designed to restrict access to such documents to persons that are not in the United States;

 

	
(e)  

	
(no withdrawal) not withdraw the Offer after close of the Bookbuild;

 

	
(f)  

	
(business) from the date of the initial distribution of the Pathfinder until 90 days after Completion, carry on its business, and procure that each member of the Group carries on its business in the ordinary course and not dispose (or permit any other member of the Group to dispose) of any material part of its (or their) business or property except in the ordinary course or as disclosed in the Pathfinder, provided that the Company may acquire or agree to acquire assets or businesses where the purchase price for such acquisitions is less than $10 million (in aggregate);

 

  

21

  

	
(g)  

	
(no Encumbrance) not create or agree to create any Encumbrance over any or all of the Offer Shares;

 

	
(h)  

	
(consent to amendments) promptly notify and obtain the prior written consent of the Underwriter to the form and content of, and any amendments to, the Pathfinder or the Prospectus;

 

	
(i)  

	
(no changes) not, from the date of the initial distribution of the Pathfinder until before 180 days following Completion:

 

	
(i)  

	
alter the capital structure of the Company; or

 

	
(ii)  

	
amend the Company’s constitution.

 

except with the prior written consent of the Underwriter (such consent not to be unreasonably withheld or delayed), provided that the Company may, without such consent, replace its constitution with a constitution that is materially consistent with disclosure in the Pathfinder and may undertake a subdivision of its Shares pursuant to section 254H of the Corporations Act such that the Guarantor would hold the number of Shares disclosed in the Prospectus as its holding immediately following completion of the Offer;

 

	
(j)  

	
(Material Contracts) not, from the date of the initial distribution of the Pathfinder until before 90 days following Completion, vary any term of a Material Contract in a material respect without the prior consent of the Underwriter to the terms of the variation (such consent not to be unreasonably withheld or delayed);

 

	
(k)  

	
(keep informed) keep the Underwriter reasonably informed until Completion of any material adverse changes to the Company's financial position or prospects, and confirm that the Company has kept the Underwriter informed of any such information from the date of the initial distribution of the Pathfinder;

 

	
(l)  

	
(confidentiality) keep the terms of this agreement confidential except as required by law or the rules of any stock exchange;

 

	
(m)  

	
(notifications) give notice to the Underwriter no later than 1 Business Day, after becoming aware of any of the following:

 

	
(i)  

	
ASIC issuing an order (including an interim order) under section 739;

 

	
(ii)  

	
ASIC holding a hearing under section 739(2);

 

	
(iii)  

	
an application being made by ASIC for an order under Part 9.5 in relation to the Offer, the Pathfinder, the Prospectus or any Supplementary Prospectus;

 

	
(iv)  

	
ASIC commencing any investigation or hearing under Part 3 of the ASIC Act in relation to the Offer, the Pathfinder, the Prospectus or any Supplementary Prospectus; or

 

	
(v)  

	
any person (other than an Underwriter) who has previously consented to the inclusion of its name in the Pathfinder, the Prospectus or Supplementary Prospectus withdrawing that consent;

 

  

22

  

	
(n)  

	
(senior executives) provide the full support of and access to the Group’s senior executive in the marketing of the Offer at its own expense;

 

	
(o)  

	
(ADR program) not sponsor the creation of any unrestricted depositary receipt facility established or maintained by a depositary bank in respect of the Company’s ordinary shares until 40 days after the completion of the distribution of the Offer Shares;

 

	
(p)  

	
(prescribed occurrences) ensure that none of the events set out in sections 652C(1) or (2) has occurred in relation to the Company or each other member of the Group, except as disclosed to the Underwriter prior to the initial distribution of the Pathfinder; and

 

	
(q)  

	
(escrow) further to the Company’s representation in clause 8.1(k) and subject to:

 

	
(i)  

	
in respect of the Restriction Agreement, upon the Underwriter receiving ASIC relief as contemplated by paragraphs 159.125 to 159.151 of ASIC Regulatory Guide 159 (on terms satisfactory to the Underwriter); and

 

	
(ii)  

	
the Underwriter having notified the Company in writing that it wishes to enliven the undertaking in this clause 9.1(q),

 

the Company must obtain the prior written consent of the Underwriter before amending or waiving any requirements of a Restriction Agreement and must strictly enforce the Restriction Agreement in accordance with their terms and any written directions of the Underwriter.

 

	
9.2  

	
Undertakings by the Guarantor

 

	
(a)  

	
The Guarantor must:

 

	
(i)  

	
(Company) procure that the Company complies with its obligations under this agreement until Completion, and use its best efforts to do so after that date;

 

	
(ii)  

	
(notice of breach) immediately notify the Underwriter of any breach of any obligation, representation, warranty or undertaking given by it under this agreement;

 

	
(iii)  

	
(breach) not, before Completion, commit, be involved in or acquiesce in any activity which breaches in any material respect:

 

	
(A)  

	
any law to which any of the Guarantor is subject or any order of any Governmental Agency that is binding on them; or

 

	
(B)  

	
any other agreement, undertaking or instrument or authorisation binding on them (or their Affiliates);

 

	
(iv)  

	
(no withdrawal) procure that the Company does not withdraw the Offer after delivery of either of the Closing Certificates;

 

	
(v)  

	
(no Encumbrance) procure that the Company does not create or agree to create any Encumbrance over any or all of the Offer Shares;

 

	
(vi)  

	
(consent to amendments) promptly notify and obtain the prior written consent of the Underwriter to the form and content of, and any amendments to, the Pathfinder or the Prospectus; and

 

  

23

  

	
(vii)  

	
(keep informed) keep the Underwriter reasonably informed during the term of this agreement of any material adverse changes to the Company’s financial position or prospects.

 

	
(b)  

	
The Guarantor unconditionally and irrevocably guarantees to the Underwriter the due and punctual performance and observance by the Company of its obligations under this agreement including any obligations to pay money.

 

	
(c)  

	
The liabilities of the Guarantor under this agreement as a guarantor, and the rights of the Underwriter under this agreement, are not affected by anything which might otherwise affect them at law or in equity.

 

	
9.3  

	
Undertaking by GFN

 

GFN undertakes to the Underwriter that it will not Dispose of, or agree or offer to Dispose of any shares held by it in the Guarantor for the period from the Allotment Date until the Restriction End Date.

 

	
9.4  

	
Consultation on publicity

 

	
(a)  

	
The Company has (prior to the date of this agreement) and will consult with the Underwriter and the Guarantor with respect to public releases and announcements concerning the Offer and has not and will not make any statement concerning the Offer without the prior written consent of the Underwriter and the Guarantor provided that any such public releases or announcement must comply with clauses 8.1(f), 8.1(rr) and 8.1(ss) and provided that if a public release or announcement is required by law or the rules of a stock exchange the Company is only required to (to the extent reasonably practicable) consult with the Underwriter and the Guarantor.

 

	
(b)  

	
The Underwriter has (prior to the date of this agreement) and will consult with the Company and the Guarantor with respect to public releases and announcements concerning the Offer and has not and will not make any statement concerning the Offer without the prior written consent of the Company and the Guarantor provided that any such public releases or announcement must comply with clauses 8.2(g) and 8.2(h) and provided that if a public release or announcement is required by law the Underwriter is only required to consult with the Company and the Guarantor to the extent reasonably practicable and legally permissible.

 

	
9.5  

	
Initiatives

 

During the Offer period and until Completion, the Offerors must keep the Underwriter promptly and fully informed of all material strategies, developments and discussions relevant to the Offer and ensure that no material initiative relevant to the Offer is undertaken without prior consent of the Underwriter and in accordance with this agreement.

 

	
10  

	
Fees and Costs

 

	
10.1  

	
Fees

 

On the Settlement Date and subject to the Underwriter satisfying their obligations under clause 6.2, the Company must pay the Underwriter out of the Offer Proceeds:

 

	
(a)  

	
an underwriting fee equal to 2.75% of the Gross Offer Proceeds; and

 

	
(b)  

	
a structuring, management and advisory fee equal to 1.00% of the Gross Offer Proceeds,

 

  

24

  

by 5.00pm on the Settlement Date for the Institutional Offer and the Broker Firm Offer.

 

	
10.2  

	
Co-lead managers, co-managers and Broker fees

 

The Underwriter must pay any broker firm fees due to any co-managers, co-lead managers and Brokers appointed by them under this agreement.  The quantum of any such fees is to be agreed between the Company and the Underwriter.  Any other fees or expenses will be borne by the Company to the extent agreed by them and will not be borne by the Underwriter.

 

	
10.3  

	
Other Costs

 

The Company must pay, or reimburse the Underwriter for, the reasonable Costs of and incidental to the Offer, including but not limited to:

 

	
(a)  

	
all reasonable Costs (including legal fees and disbursements, Bookbuild expenses, DvP settlement fees, and travel and accommodation expenses) in respect of this agreement and any aspect of the Offer (including any aspect arising after Completion), provided that the total of such expenses shall not exceed $100,000 (excluding GST) without the prior written consent of the Company and Guarantor;

 

	
(b)  

	
reasonable fees of any public relations advisers and printers, any listing, quotation or registration fees, and any reasonable expenses incurred in connection with the qualification of the Offer Shares for issue or sale under the laws of the relevant jurisdictions outside Australia as agreed between the Company and the Underwriter in which the Offer Shares are offered, issued or sold;

 

	
(c)  

	
any stamp duty, transfer taxes, withholding taxes or similar taxes payable in respect of this agreement, the Offer and any other costs in respect of the Offer and the allocation and issue or transfer of the Offer Shares (including any DvP or other settlement arrangements) but excluding any income tax payable by the Underwriter; and

 

	
(d)  

	
all reasonable Costs (including executive time charged on an hourly basis) in connection with or in respect of any review of the Offer Documents undertaken by ASX, ASIC or any other regulatory body,

 

as soon as reasonably practicable, and in any case within 10 Business Days, after a request for payment or reimbursement (accompanied by reasonable substantiating documentation for such reasonable Costs) is made by the Underwriter or on Termination, and whether the costs or expenses were or are incurred before or after the date of this agreement or before or after Completion.

 

	
10.4  

	
Termination or withdrawal

 

The obligations of the Company under clause 10.3 are unaffected by Termination or the Offer being withdrawn in relation to any Costs incurred prior to the dates on which those respective events occurred.

 

	
10.5  

	
Set-off

 

	
(a)  

	
The Company may not set-off any amounts payable under this clause 10 against any payment obligation owed by the Underwriter to it.

 

	
(b)  

	
The Underwriter may set-off amounts payable under this clause 10 against any payment obligations still owed by the Underwriter or their Affiliates to the Company in relation to the Offer.

 

  

25

  

	
10.6  

	
Interest

 

Any amounts due and payable under this agreement by the Company to the Underwriter for more than 30 days after the date of the invoice, incurs interest at a rate per annum equal to the 90 day bank bill rate calculated in arrears on a daily basis on the unpaid amount from the due date until the date payment is received by the Underwriter in full.

 

	
11  

	
Termination by the Underwriter

 

	
11.1  

	
Termination Events

 

Subject to clause 11.2, if any of the following events has occurred or occurs at any time from the date of execution of this Agreement until on or before the Allotment Date or at any other time as specified below, the Underwriter may terminate without cost or liability by notice to the Company:

 

	
(a)  

	
(compliance with law) any of the Offer Documents or any aspect of the Offer does not comply with the Corporations Act, the Listing Rules or any other applicable law or regulation;

 

	
(b)  

	
(disclosures) a statement in any of the Offer Documents or Public Information is or becomes misleading or deceptive or is likely to mislead or deceive, or a matter required to be included is omitted from an Offer Document (including, without limitation, having regard to the provisions of Part 6D.2 of the Corporations Act);

 

	
(c)  

	
(new circumstances) there occurs a new circumstance that arises after the Pathfinder is initially distributed (in the case of the Institutional Offer and the Broker Firm Offer) or after the Prospectus is lodged that would have been required to be included in the Pathfinder or the Prospectus if it had arisen before the initial distribution or lodgement (as applicable);

 

	
(d)  

	
(Supplementary Prospectus) the Company issues or, in the reasonable opinion of the Underwriter, is required to issue, a Supplementary Prospectus to comply with section 719;

 

	
(e)  

	
(form of Supplementary Prospectus) the Company lodges a Supplementary Prospectus with ASIC in a form that has not been approved by the Underwriter as required by clause 7.6 or otherwise fails to comply with clause 7.6;

 

	
(f)  

	
(market fall) at any time either the S&P/ASX 200 Index falls to a level that is 80% or less of the level as at the close of trading on the day immediately prior to the close of the Bookbuild and is at or below that 80% level at the close of trading for 5 consecutive Business Days or on the Business Day immediately prior to the Allotment Date, whichever is shorter;

 

	
(g)  

	
(Restriction Agreement and Restriction Undertaking) either the Restriction Agreement referred to in clause 3.1(a) or the Restriction Undertaking referred to in clause 9.3 is withdrawn, varied, terminated, rescinded, altered or amended, breached or failed to be complied with;

 

	
(h)  

	
(forecasts) there are not, or there ceases to be, reasonable grounds in the reasonable opinion of the Underwriter for any statement or estimate in the Offer Documents which relate to a future matter or any statement or estimate in the Offer Documents which relate to a future matter is, in the reasonable opinion of the Underwriter, unlikely to be met in the projected timeframe (including in each case financial forecasts);

 

  

26

  

	
(i)  

	
*(fraud) the Company or any of its directors or officers (as those terms are defined in the Corporations Act) engage, or have engaged since the date of initial distribution of the Pathfinder, in any fraudulent conduct or activity whether or not in connection with the Offer;

 

	
(j)  

	
(listing and quotation) approval is refused or not granted, or approval is granted subject to conditions other than customary conditions, to:

 

	
(i)  

	
the Company’s admission to the official list of ASX on or before the Shortfall Notification Date; or

 

	
(ii)  

	
the quotation of the Offer Shares on ASX or for the Offer Shares to be traded through CHESS on or before the Quotation Date,

 

or if granted, the approval is subsequently withdrawn, qualified (other than by customary conditions) or withheld;

 

	
(k)  

	
(notifications) any of the following notifications are made in respect of the Offer:

 

	
(i)  

	
ASIC issues an order (including an interim order) under section 739;

 

	
(ii)  

	
ASIC holds a hearing under section 739(2);

 

	
(iii)  

	
an application is made by ASIC for an order under Part 9.5 in relation to the Offer or an Offer Document or ASIC commences any investigation or hearing under Part 3 of the ASIC Act in relation to the Offer or an Offer Document;

 

	
(iv)  

	
any person (other than the Underwriter) who has previously consented to the inclusion of its name in any Offer Document withdraws that consent; or

 

	
(v)  

	
any person gives a notice under section 730 in relation to an Offer Document;

 

	
(l)  

	
(certificate) an Offeror does not provide a Closing Certificate as and when required by this agreement or a statement in any Closing Certificate is false, misleading, inaccurate or untrue or incorrect;

 

	
(m)  

	
(Material Contracts) if any of the obligations of the relevant parties under any of the Material Contracts are not capable of being performed in accordance with their terms (in the reasonable opinion of the Underwriter) or if all or any part of any of the Material Contracts:

 

	
(i)  

	
is amended or varied without the consent of the Underwriter (acting reasonably);

 

	
(ii)  

	
is terminated;

 

	
(iii)  

	
is breached in a respect that the Underwriter believes would be expected to have a material adverse effect on the Offer or outcome of the Offer;

 

	
(iv)  

	
ceases to have effect, otherwise than in accordance with its terms; or

 

	
(v)  

	
is or becomes void, voidable, illegal, invalid or unenforceable (other than by reason only of a party waiving any of its rights) or capable of being terminated, rescinded or avoided or of limited force and affect, or its performance is or becomes illegal;

 

  

27

  

	
(n)  

	
(lodgement) the Company fails to lodge the Prospectus by the Lodgement Date;

 

	
(o)  

	
(withdrawal) the Company withdraws an Offer Document or the Offer;

 

	
(p)  

	
(insolvency events) any member of the Group or an Offeror becomes Insolvent, or there is an act or omission which is likely to result in a member of the Group or an Offeror becoming Insolvent, provided that, for the avoidance of doubt, any act taken in connection with the de-registration of GFN Australasia Finance Pty Ltd, RWA Holdings Pty Ltd and Royal Wolf Hi-Tech Pty Ltd shall not constitute an event within the terms of this paragraph;

 

	
(q)  

	
(Timetable) an event specified in the Timetable up to and including the Settlement Date is delayed by more than 1 Business Day (other than any unreasonable delay caused solely by the Underwriter or any delay agreed between the Company and the Underwriter);

 

	
(r)  

	
(unable to issue Offer Shares) the Company is prevented from allotting and issuing the Offer Shares within the time required by the Timetable, the Offer Documents, the Listing Rules, by applicable laws, an order of a court of competent jurisdiction or a Governmental Authority;

 

	
(s)  

	
(change to Company) the Company:

 

	
(i)  

	
alters the issued capital of the Company; or

 

	
(ii)  

	
disposes or attempts to dispose of a substantial part of the business or property of the Company or any other member of the Group,

 

without the prior written consent of the Underwriter;

 

	
(t)  

	
(regulatory approvals) if a regulatory body withdraws, revokes or amends any regulatory approvals required for the Company to perform its obligations under this agreement or to carry out the transactions contemplated by the Offer Documents;

 

	
(u)  

	
(charges) the Company or any of its Affiliates charges, or agrees to charge, the whole or a substantial part of the business or property of the Company other than as disclosed in the Pathfinder or as agreed with the Underwriter;

 

	
(v)  

	
(force majeure) there is an event or occurrence, including any statute, order, rule, regulation, directive or request (including one compliance with which is in accordance with the general practice of persons to whom the directive or request is addressed) of any Governmental Agency which makes it illegal for the Underwriter to satisfy an obligation under this document, or to market, promote or settle the Offer;

 

	
(w)  

	
*(disclosures in the Due Diligence Report) the Due Diligence Report or verification material or any other information supplied by or on behalf of the Company to the Underwriter in relation to the Group or the Offer is, or becomes, false or misleading or deceptive, including by way of omission;

 

	
(x)  

	
*(adverse change) any adverse change occurs in the assets, liabilities, financial position or performance, profits, losses or prospects of the Company and the Group (insofar as the position in relation to an entity in the Group affects the overall position of the Company), including any adverse change in the assets, liabilities, financial position or performance, profits, losses or prospects of the Company or the Group from those respectively disclosed in any Offer Document or the Public Information;

 

  

28

  

	
(y)  

	
*(hostilities) hostilities not presently existing commence (whether war has been declared or not) or an escalation in existing hostilities occurs (whether war has been declared or not) involving any one or more of Australia, New Zealand, the United States of America, a member state of the European Union or the People’s Republic of China, or a major terrorist act is perpetrated on any of those countries or any diplomatic, military, commercial or political establishment of any of those countries;

 

	
(z)  

	
*(change of law) there is introduced, or there is a public announcement of a proposal to introduce, into the Parliament of Australia, New Zealand or the United States of America, or any State or Territory of Australia a new law, or the Reserve Bank of Australia or any Commonwealth or State authority, including ASIC adopts or announces a proposal to adopt a new policy (other than a law or policy which has been announced before the date of this agreement);

 

	
(aa)  

	
*(breach of laws) there is a contravention by the Company or any entity in the Group of the Corporations Act, the Competition and Consumer Act 2010 (Cth), the Australian Securities and Investments Commission Act 2001 (Cth), its constitution, or any of the Listing Rules;

 

	
(bb)  

	
*(change in management) a change to the Chief Executive Officer or Chief Financial Officer or the board of directors of the Company occurs;

 

	
(cc)  

	
*(prosecution) any of the following occur:

 

	
(i)  

	
a director of an Offeror is charged with an indictable offence;

 

	
(ii)  

	
any Governmental Agency commences any public action against an Offeror or any of its directors in their capacity as a director of the relevant Offeror, or announces that it intends to take action; or

 

	
(iii)  

	
any director of the Company is disqualified from managing a corporation under Part 2D.6;

 

	
(dd)  

	
*(representations and warranties) a representation, warranty, undertaking or obligation contained in this agreement on the part of the Offerors (whether severally or jointly) is breached, becomes not true or correct or is not performed;

 

	
(ee)  

	
*(breach) 1 or more of the Offerors defaults on 1 or more of its obligations under this agreement;

 

	
(ff)  

	
*(constitution) the Company varies any term of its constitution without the prior written consent of the Underwriter;

 

	
(gg)  

	
*(legal proceedings) any of the following occurs:

 

	
(i)  

	
the commencement of legal proceedings against the Company, any other member of the Group or against any director of the Company or any other member of the Company in that capacity; or

 

	
(ii)  

	
any regulatory body commences any Enquiry or public action against the Company or each other member of the Group;

 

	
(hh)  

	
*(information supplied) any information supplied (including any information supplied prior to the date of this agreement) by or on behalf of the Company, each other member of the Group to the Underwriter in respect of the Offer, the Company, each other member of the Group is, or is found to be, false or misleading or deceptive, or likely to mislead or deceive; and

 

  

29

  

	
(ii)  

	
*(disruption in financial markets) any of the following occurs:

 

	
(i)  

	
a general moratorium on commercial banking activities in Australia, New Zealand, the United States of America, a member state of the European Union or the People’s Republic of China is declared by the relevant central banking authority in those countries, or there is a disruption in commercial banking or security settlement or clearance services in any of those countries;

 

	
(ii)  

	
any adverse affect on the financial markets in Australia, New Zealand, the United States of America, a member state of the European Union or the People’s Republic of China, or in foreign exchange rates or any development involving a prospective change in political, financial or economic conditions in any of those countries; or

 

	
(iii)  

	
trading in all securities quoted or listed on ASX, the New Zealand Exchange, New York Stock Exchange, London Stock Exchange, Hong Kong Stock Exchange or the Tokyo Stock Exchange is suspended or limited in a material respect for 1 day (or a substantial part of 1 day) on which that exchange is open for trading.

 

	
11.2  

	
Reasonableness

 

If an event referred to in clause 11.1 marked with an asterisk (*) occurs, the Underwriter may not terminate unless it has reasonable grounds to believe that the event:

 

	
(a)  

	
has or is likely to have a materially adverse effect on:

 

	
(i)  

	
the success, settlement or marketing of the Offer or on the ability of the Underwriter to market or promote or settle the Offer or on the likely price at which the Offer Shares will trade on ASX; or

 

	
(ii)  

	
the willingness of investors to subscribe for the Offer Shares; or

 

	
(b)  

	
will, or is likely to, give rise to a liability of the Underwriter under, or a contravention by the Underwriter of, any applicable law.

 

	
11.3  

	
Independent construction

 

Each of the Termination Events must be construed independently and no Termination Event is to be limited by implications arising from any other Termination Event.

 

	
11.4  

	
Notification

 

The Company must notify the Underwriter in writing immediately after becoming aware that an event under clause 11.1 has occurred.

 

	
11.5  

	
Contents of notice

 

A notice given under this clause 11 must specify the Termination Event or Termination Events in relation to which the notice is given.

 

	
11.6  

	
Underwriter’s rights and powers to terminate

 

	
(a)  

	
The termination of this agreement under clauses 3.4 or 11 will discharge the Underwriter from its obligations under this agreement and the Company’s  obligation to pay to the Underwriter any fees referred to in clause 10 which as at the date of termination are not yet payable, but the termination of this agreement will not limit or prevent the exercise of any other rights or remedies which any of the parties may otherwise have under this agreement.

 

  

30

  

	
(b)  

	
Without limiting this clause 11.6, nothing contained in this clause 11 will prejudice or nullify any claim for damages or other right which the Underwriter or any other Indemnified Party may have against the Offerors for or arising out of any breach of undertaking, warranty or representation or failure to observe or perform an obligation under this agreement.

 

	
12  

	
Indemnities

 

	
12.1  

	
Offeror indemnity

 

Subject to clauses 12.2, and to the maximum extent permitted by law, each of the Offerors on a joint and several basis unconditionally and irrevocably agree to indemnify and hold harmless the Indemnified Parties from and against all Losses suffered or incurred in connection with the Offer including, without limitation, Losses incurred directly or indirectly as a result of:

 

	
(a)  

	
(Offer Documents and Public Information):

 

	
(i)  

	
the Offer Documents, including, without limitation:

 

	
(A)  

	
any misleading or deceptive statement in the Offer Documents (; or

 

	
(B)  

	
any omission from the Offer Documents of material required by the Corporations Act;

 

	
(ii)  

	
the Public Information;

 

	
(iii)  

	
any roadshow presentation materials in relation to the Offer made or distributed by or on behalf of an Indemnified Party; or

 

	
(iv)  

	
any other advertising or publicity in relation to the Offer made or distributed by or on behalf of an Indemnified Party;

 

	
(b)  

	
(breach) a breach by any of the Offerors of their obligations under this agreement or any other binding obligations in respect of any Offer Document, or the Offer, including any of the representations and warranties by any of the Offerors contained in this agreement not being true and correct;

 

	
(c)  

	
(making the Offer) the distribution of the Offer Documents, and the making of the Offer;

 

	
(d)  

	
(allotment) the allotment, issue or transfer of the Offer Shares;

 

	
(e)  

	
(generally) any claims that an Indemnified Party has any liability under the Corporations Act (including sections 728, 729, 730, 1041H and 1041I) and any other applicable law in relation to the Offer;

 

	
(f)  

	
(regulatory) any review, enquiry or investigation undertaken by ASIC, ASX, the Australian Taxation Office, any state or territory regulatory office or any other regulatory or Governmental Agency in relation to the Offer or the Offer Documents, whether commenced or threatened, and any matter incidental to it, including preparation for, defence of, or settlement, judgment or determination made in respect it; or

 

  

31

  

	
(g)  

	
(other) any advertising, publicity, statements, presentations or promotional materials relating to the Offer  or the Offer Documents issued by, or on behalf of, or authorised by or issued with the concurrence of the Offerors.

 

Each of the paragraphs of this clause 12.1 will be construed independently and no paragraph will be limited by implications arising from any other paragraph.

 

	
12.2  

	
Limited Offeror indemnity

 

The indemnity in clause 12.1 does not extend to, and is not to be taken to be an indemnity against, any Losses of an Indemnified Party if and to the extent that those Losses are finally and conclusively judicially determined to result from the fraud, wilful misconduct, recklessness or gross negligence of that Indemnified Party.

 

	
12.3  

	
Release

 

Each Offeror agrees that:

 

	
(a)  

	
no Claim may be made by the Offerors, or any person acting on behalf of, or in right of, the Offerors, against an Indemnified Party and the Offerors unconditionally and irrevocably release and discharge each Indemnified Party from any Claim that may be made by the Offerors, or any person acting on behalf of, or in right of, the Offerors, to recover from that Indemnified Party (or an Underwriter or the other Indemnified Parties) any Losses suffered or incurred by the Offerors arising directly or indirectly (whether arising out of or in connection with any breach of contract or duty, or negligence of an Indemnified Party) as a result of the participation of that Indemnified Party in preparing the Offer Documents or in relation to the Offer, except to the extent those Losses are finally and conclusively judicially determined to result from any fraud, wilful misconduct, recklessness or gross negligence of that Indemnified Party;

 

	
(b)  

	
the Indemnified Parties are not liable in any circumstance for any indirect or consequential loss or damage;

 

	
(c)  

	
in any event, no proceedings may be taken against the Underwriter or any Representative of the Underwriter arising out of or in connection with the Offer Documents or the Offer; and

 

	
(d)  

	
the Indemnified Parties are not liable to the extent that any Loss is caused or contributed by the Offerors.

 

	
12.4  

	
Preservation of rights

 

Subject to clause 12.2, the rights of an Indemnified Party under this agreement will not in any way be prejudiced or affected by a default by another Indemnified Party or by:

 

	
(a)  

	
any involvement by that party in the preparation of the Offer Documents, Public Information (including roadshow materials, presentations, advertisements or announcements in relation to the Offer), the Due Diligence Process or Due Diligence Committee or other due diligence materials including the Due Diligence Report;

 

	
(b)  

	
any consent to be named in any Offer Document;

 

	
(c)  

	
any knowledge (actual or constructive) of any failure by the Offerors to perform or observe any obligations under this agreement;

 

	
(d)  

	
termination of this agreement or Termination by the Underwriter;

 

  

32

  

	
(e)  

	
any knowledge (actual or constructive) of any non compliance by the Offerors or any of their Subsidiaries with any applicable law concerning the Offer or any of the Offer Documents;

 

	
(f)  

	
any inaccuracy in or breach or default of any representation, warranty or undertaking made or deemed to have been made by the Offerors under this agreement; or

 

	
(g)  

	
any other fact, matter or thing which might otherwise constitute a waiver of or in any way prejudice or affect any right of an Indemnified Party.

 

	
12.5  

	
Notice of potential action

 

If an Indemnified Party proposes to make a Claim in respect of which it would be entitled to be indemnified under clause 12.1, then that Indemnified Party must notify the Offerors giving full details so far as is practicable within 20 Business Days of deciding to make a Claim (and to the extent that the Underwriter is aware, the Underwriter must take reasonable steps to cause that Indemnified Party to do so).  Failure on the part of an Indemnified Party to notify the Offerors in accordance with this clause 12.5 does not affect the right of that Indemnified Party to be indemnified under this clause 12.

 

	
12.6  

	
Conduct of Claims

 

	
(a)  

	
(assumption of Claims) Subject to paragraph (h), 1 or both of the Offerors (Assuming Person) is, subject to the rights of any insurer, entitled to defend any Claim notified to it under clause 12.5, and in so doing, institute any legal or other proceedings (together, “Proceedings”) in the name of the Indemnified Party under the sole management and control and at the sole cost of the Offerors provided that:

 

	
(i)  

	
the Offerors consult with the Underwriter regarding the appointment of legal counsel;

 

	
(ii)  

	
the Offerors diligently defend the Claim and the Underwriter is kept fully informed throughout the Proceedings;

 

	
(iii)  

	
the Underwriter has no liability for any costs or expenses associated with the Claim or the Proceedings;

 

	
(iv)  

	
the Offerors have a reasonable regard to preserving the Underwriter’s reputation;

 

	
(v)  

	
the Underwriter has the right to information, consultation and independent legal representation concerning or with respect to the Proceedings;

 

	
(vi)  

	
no admission of liability or compromise whatsoever in connection with the Proceedings may take place without the Underwriter’s prior written consent (not to be unreasonably withheld or delayed) unless the admission or compromise:

 

	
(A)  

	
includes an unconditional release of the Indemnified Parties from all liability arising out of the proceeding; and

 

	
(B)  

	
does not include a statement as to or an admission of fault, culpability or failure to act by or on behalf of the Indemnified Parties; and

 

	
(vii)  

	
the Underwriter or other Indemnified Party have the right at any time to re-assume the defence of any claim or action assumed by one or both of the Offerors.

 

  

33

  

	
(b)  

	
(initiation by Company) Without in any way limiting clause 12.1, if an Offeror initiates, defends or takes any proceedings as described in paragraph (a), it must indemnify the Indemnified Parties who are parties to, or the subject of, the proceedings, in respect of all Losses incurred by those Indemnified Parties in relation to the claim the subject of the proceedings or to any Loss resulting from those proceedings.

 

	
(c)  

	
(obligations of Indemnified Parties) Each Indemnified Party, subject only to clauses 12.6(e) and 12.6(h), is required, and the Underwriter must take reasonable steps to cause the Indemnified Parties to:

 

	
(i)  

	
promptly take any reasonable action as the Offerors request to avoid, dispute, resist, appeal, compromise or defend the Proceedings;

 

	
(ii)  

	
not settle any Claim without the prior written consent of the Offerors (this consent not to be unreasonably withheld or delayed);

 

	
(iii)  

	
subject to legal professional privilege, promptly give all reasonable assistance and co-operation to the Offerors in the conduct of the Proceedings, including providing the Offerors with any documents in their possession and signing all documents, authorities and directions which the Offerors may reasonably require; and

 

	
(iv)  

	
subject to the rights of any insurer, do anything reasonably necessary or desirable to ensure that the Offerors are subrogated to and enjoys the benefit of the rights of the Indemnified Parties in relation to the Proceedings and to render any assistance as may be reasonably requested by the Offerors for that purpose;

 

	
(d)  

	
(Indemnified Party - separate representation) The Indemnified Party will be entitled at its election (without prejudice to its right of indemnity under clause 12.1) to be separately represented in relation to any Proceedings if:

 

	
(i)  

	
the Assuming Person has not chosen legal counsel satisfactory to the Indemnified Party (acting reasonably);

 

	
(ii)  

	
a conflict for legal counsel chosen by the Offerors or between the interests of the Offerors and the interests of the Indemnified Party;

 

	
(iii)  

	
there may be legal defences available to the Indemnified Party that are different from or additional to those available to the Offerors or another Indemnified Party represented by that legal counsel; or

 

	
(iv)  

	
the Indemnified Party reasonably believes it is desirable to do so in order to protect the Indemnified Party’s reputation or standing,

 

in which case the cost of such representation will be borne by the Offerors.  An Indemnified Party may otherwise elect to be separately represented at any time not related to paragraphs (i) to (iv) above, in which case the indemnity in clause 12.1 will no longer apply to Losses incurred by the Indemnified Party in respect of the relevant Claim or action to the extent those Losses are greater than those Losses (and other losses, costs or expenses, including legal costs of the Offerors) which would have been likely to have been incurred had the Offeror continued with the conduct of the Claim or action. If the Indemnified Party and the Offeror cannot agree on the extent (if any) to which the indemnity may not apply to Losses in these circumstances, each will, acting reasonably and in good faith, use its best endeavours to agree upon the identity, terms of appointment and rules of engagement, of an appropriately qualified independent expert to determine, in a manner binding on the parties absent fraud or manifest error, that amount (if any).

 

  

34

  

	
(e)  

	
(Indemnified Party - assumption and settlement) If an Indemnified Party (without prejudice to its right of indemnity under clause 12.1) assumes or re-assumes the defence or conduct of any Proceedings:

 

	
(i)  

	
it will have sole management and control of the Proceedings, and absolute discretion with respect to the progress, negotiation or settlement of any Proceedings but in doing so will consult with and take account of the views of the Offerors so far as is reasonably possible; and

 

	
(ii)  

	
the indemnities given by the Offerors under clause 12.1 will continue to apply in respect of the Indemnified Party in relation to the claim the subject of the Proceedings or to any Loss resulting from those Proceedings other than for Losses incurred by the Indemnified Party in respect of the relevant Claim or action to the extent those Losses are greater than those Losses (and other losses, costs or expenses, including legal costs of the Offerors) which would have been likely to have been incurred had the Offeror continued with the conduct of the Claim or action. If the Indemnified Party and the Offeror cannot agree on the extent (if any) to which the indemnity may not apply to Losses in these circumstances, each will, acting reasonably and in good faith, use its best endeavours to agree upon the identity, terms of appointment and rules of engagement, of an appropriately qualified independent expert to determine, in a manner binding on the parties absent fraud or manifest error, that amount (if any).

 

	
(f)  

	
(Offerors - settlement) The Offerors must not settle any Proceedings or make any admission of liability or compromise or consent to judgment whatsoever in connection with the Proceedings without the prior written consent of the Underwriter (this consent not to be unreasonably withheld or delayed).

 

	
(g)  

	
(separate indemnity) Without in any way limiting clause 12.1, any Offeror who institutes Proceedings as described in clause 12.6(a), must indemnify the Indemnified Parties who are parties to, or the subject of, the Proceedings, in respect of all Losses incurred by those Indemnified Parties in relation to the claim the subject of the Proceedings or to any Loss resulting from those Proceedings.

 

	
(h)  

	
(conditions to Indemnified Parties’ obligations):

 

	
(i)  

	
The Indemnified Parties are under no obligation under this clause 12.6 unless, at the time at which the Offerors request any of the Indemnified Parties to take any action, the Offerors irrevocably and unconditionally agree in a form acceptable to that Indemnified Party, acting reasonably, to indemnify that Indemnified Party against all Losses incurred by or awarded against that Indemnified Party in taking the action required, as and when they fall due, including legal costs and disbursements of their lawyers on a full indemnity basis and the cost of any involvement of any officers of the Underwriter at normal commercial rates.

 

	
(ii)  

	
The Indemnified Parties are under no obligation under this clause 12.6, and the Offerors will have no right under this clause 12.6 to defend or institute legal or other proceedings in the name of the Indemnified Parties if to do so would, in the reasonable opinion of 1 or more of the Underwriter or Indemnified Parties, lead to a risk of damage to reputation or standing of 1 or more of the Underwriter or Indemnified Parties.

 

	
12.7  

	
Contractual contribution

 

If for any reason the indemnities contained in this clause 12 are unavailable or insufficient to fully indemnify any Indemnified Party against any Loss against which the Indemnified Party is stated to be indemnified under this clause 12 (Relevant Loss) (other than as a result of the operation of clause 12.2, as applicable), then the Offerors, as applicable, agree to contribute to the Relevant Loss in accordance with this clause 12.7 to clause 12.11, in all cases to the maximum extent permitted by law.

 

  

35

  

	
12.8  

	
Proportional contribution

 

The respective proportional contribution of the Offerors and the Indemnified Parties in relation to the Relevant Loss will be as agreed by the Offerors and the Indemnified Parties.  Failing agreement within a reasonable time, the contributions will be determined by a court of competent jurisdiction.  The matters to be considered in deciding the contributions are:

 

	
(a)  

	
the participation in, instigation of or other involvement of the Offerors on the one hand, and the Indemnified Parties on the other hand, in the act complained of; and

 

	
(b)  

	
the Indemnified Parties’ and the Offerors’ relative intent, knowledge, access to information and opportunity to correct any untrue statement or omission.

 

	
12.9  

	
No excess contribution

 

The Offerors agree with the Indemnified Parties that an Indemnified Party will not be required to contribute under clause 12.8 to the extent that the aggregate amount of any Relevant Loss exceeds the aggregate commission and fees paid or payable to that Indemnified Party (if it is the Underwriter) or otherwise to the Underwriter by the Company under clause 10.

 

	
12.10  

	
Reimbursement by Offerors

 

If an Indemnified Party pays an amount in relation to a Relevant Loss where it is entitled to contribution from an Offeror under this clause 12, the relevant Offeror agrees to promptly reimburse the Indemnified Party for that amount.

 

	
12.11  

	
Reimbursement by Indemnified Party

 

If an Offeror pays an amount in relation to a Relevant Loss where it is entitled to contribution from the Indemnified Parties under this clause 12, the Indemnified Parties must promptly reimburse, or the Underwriter must procure that the Indemnified Parties promptly reimburse, the relevant Offeror for that amount.

 

	
12.12  

	
Benefits of indemnity

 

Each Indemnified Party, whether or not a party to this agreement, will be entitled to the benefit of this clause 12, and this clause 12 is entered into, and may be enforced on that Indemnified Party’s behalf by, the Underwriter.

 

	
12.13  

	
Limitation of liability of third parties

 

	
(a)  

	
The Offerors will promptly notify the Underwriter of any limitation on the extent to which the Offerors may claim against a third party in connection with the Offer (a Relevant Limitation).

 

	
(b)  

	
Where Loss is suffered by the Offerors for which the Underwriter would otherwise be jointly or jointly and severally liable with a third party to the Offerors, the extent to which the Loss may be recoverable by the Offerors from that Underwriter will, without limiting clause 12.9:

 

	
(i)  

	
be limited in proportion to the Underwriter’s contribution to the overall fault for the Loss, as agreed between the parties or, in the absence of agreement within a reasonable time, as finally determined by a court of competent jurisdiction; and

 

  

36

  

	
(ii)  

	
be no more than it would have been had any Relevant Limitation not been agreed to by the Offerors.

 

	
(c)  

	
Where Loss is suffered by the Underwriter arising from a liability which would be a joint or joint and several liability of that Underwriter with a third party, but for:

 

	
(i)  

	
a Relevant Limitation; or

 

	
(ii)  

	
a limitation on the extent to which that Underwriter may claim against a third party which binds the Underwriter,

 

the indemnity of the Offerors under this clause 12 will cover any amount which that Underwriter is unable to recover from the third party because of the Relevant Limitation or other limitation.

 

	
(d)  

	
The Offerors acknowledge that the degree to which the Underwriter may rely on the work of a third party (if any) will be unaffected by any Relevant Limitation.

 

	
12.14  

	
Offer Documents

 

Subject to clause 12.2, the Offerors acknowledge that the Underwriter is not responsible for the form and content of the Offer Documents.

 

	
13  

	
Goods and services tax (GST)

 

	
13.1  

	
GST exclusive amounts

 

All amounts quoted in clause 10 are exclusive of GST.

 

	
13.2  

	
Gross up for GST

 

If any supply made by a party under this agreement is subject to GST, the Supplier may recover from the Recipient an amount calculated under clause 13.3 in addition to any payment or other consideration for the supply.

 

	
13.3  

	
GST amount

 

The additional amount:

 

	
(a)  

	
equal to the Price for the supply multiplied by the prevailing GST rate; and

 

	
(b)  

	
is payable, subject to the Supplier complying with clause 13.5, at the same time as the Recipient is required to pay or provide the consideration for the supply to which the additional amount relates.

 

	
13.4  

	
Input Tax Credit

 

If any party is required to reimburse the Payee for any Costs, the amount of the Costs is reduced by the amount of any Input Tax Credit to which the Payee is entitled.

 

	
13.5  

	
Tax Invoice

 

Before claiming an additional amount under clause 13.3, the Supplier must provide a Tax Invoice to the Recipient in respect of the relevant supply.

 

  

37

  

	
13.6  

	
GST Groups

 

If a party is, or becomes a member of, a GST Group, references in this clause 13 to GST payable or Input Tax Credits, includes GST which the Representative Member of the GST Group must pay in respect of supplies made by that party and Input Tax Credits to which the Representative Member of the GST Group is entitled.

 

	
13.7  

	
Variation of GST payable

 

If, for any reason, the GST payable in relation to a supply made under this agreement varies from the additional amount paid by the Recipient under clause 13.3, the Supplier:

 

	
(a)  

	
will provide a corresponding refund or credit to, or will be entitled to receive the amount of that variation from, the Recipient; and

 

	
(b)  

	
must provide the Recipient with an adjustment note or revised Tax Invoice (as the case may be) no later than 14 days after becoming aware of the variation.

 

	
14  

	
Notices

 

	
14.1  

	
Form - all communications

 

Unless expressly stated otherwise in this agreement, all notices, certificates, consents, approvals, waivers and other communications in connection with this agreement must be:

 

	
(a)  

	
in writing;

 

	
(b)  

	
signed by the sender (if an individual) or an Authorised Officer of the sender; and

 

	
(c)  

	
marked for the attention of the person identified in the Details or, if the recipient has notified otherwise, then marked for attention in the way last notified.

 

	
14.2  

	
Delivery

 

Communications must be:

 

	
(a)  

	
left at the address set out or referred to in the Details;

 

	
(b)  

	
sent by prepaid ordinary post (airmail if appropriate) to the address set out or referred to in the Details;

 

	
(c)  

	
sent by fax to the fax number set out or referred to in the Details; or

 

	
(d)  

	
given in any other way permitted by law.

 

However, if the intended recipient has notified a changed address or fax number, then communications must be to that address or fax number.

 

	
14.3  

	
When effective

 

Communications take effect from the time they are received or taken to be received under clause 14.4 (whichever happens first) unless a later time is specified.

 

	
14.4  

	
When taken to be received

 

Communications are taken to be received:

 

  

38

  

	
(a)  

	
if sent by post, 3 days after posting (or 7 days after posting if sent from one country to another); or

 

	
(b)  

	
if sent by fax, at the time shown in the transmission report as the time that the whole fax was sent.

 

	
14.5  

	
Receipt outside business hours

 

Despite clauses 14.3 and 14.4, if communications are received or taken to be received under clause 14.4 after 5.00pm in the place of receipt or on a non-Business Day, they are taken to be received at 9.00am on the next Business Day and take effect from that time unless a later time is specified.

 

	
15  

	
General

 

	
15.1  

	
Discretion in exercising rights

 

A party may exercise a right or remedy or give or refuse its consent in any way it considers appropriate (including by imposing conditions), unless this agreement expressly states otherwise.

 

	
15.2  

	
Partial exercising of rights

 

If a party does not exercise a right or remedy fully or at a given time, the party may still exercise it later.

 

	
15.3  

	
No liability for loss

 

A party is not liable for loss caused by the exercise or attempted exercise of, failure to exercise, or delay in exercising a right or remedy under this agreement.

 

	
15.4  

	
Conflict of interest

 

The parties’ rights and remedies under this agreement may be exercised even if this involves a conflict of duty or a party has a personal interest in their exercise.

 

	
15.5  

	
Remedies cumulative

 

The rights and remedies provided in this agreement are in addition to other rights and remedies given by law independently of this agreement.

 

	
15.6  

	
Variation and waiver

 

A provision of this agreement or a right created under it, may not be waived or varied except in writing, signed by the party or parties to be bound.

 

	
15.7  

	
Indemnities

 

Each indemnity in this agreement is a continuing obligation, independent from the other obligations of the Offerors under this agreement and continues after this agreement ends.  It is not necessary for a party to incur expense or make payment before enforcing a right of indemnity under this agreement.

 

	
15.8  

	
Time is of the essence

 

Time is of the essence in this agreement.

 

  

39

  

	
15.9  

	
Further assurances

 

Each party agrees, at its own expense, on the request of the other parties, to do everything reasonably necessary to give effect to this agreement and the transactions contemplated by it, including, but not limited to, the execution of documents.

 

	
15.10  

	
Enforceability

 

For the purposes of this agreement, the Underwriter is taken to be acting as agent and trustee on behalf of, and for the benefit of, all Indemnified Parties, and all of those persons are to this extent taken to be parties to this agreement.

 

	
15.11  

	
Amendment

 

This agreement may be amended by the Underwriter, the Company and the Guarantor (including in a manner that adversely affects the interests of the Indemnified Parties) without obtaining the consent of the Indemnified Parties.

 

	
15.12  

	
Severability

 

If the whole or any part of a provision of this agreement is void, unenforceable or illegal in a jurisdiction it is severed for that jurisdiction.  The remainder of this agreement has full force and effect and the validity or enforceability of that provision in any other jurisdiction is not affected.  This clause has no effect if the severance alters the basic nature of this agreement or is contrary to public policy.

 

	
15.13  

	
Assignment

 

The rights and obligations of each party under this agreement cannot be assigned without the prior written consent of the other which consent can be unreasonably withheld.

 

	
15.14  

	
Counterparts

 

This agreement may consist of a number of copies, each signed by 1 or more parties to the agreement.  If so, the signed copies are treated as making up the 1 document and the date on which the last counterpart is executed will be the date of the agreement.

 

	
15.15  

	
Entire agreement

 

	
(a)  

	
Subject to paragraph (b), this agreement contains the entire agreement of the parties with respect to its subject matter.  It sets out the only conduct relied on by the parties and supersedes all earlier conduct by the parties with respect to the Offer.

 

	
(b)  

	
The parties acknowledge there exists a Mandate Letter between the Underwriter and the Company which deals with the initial appointment or mandating of the Underwriter as lead manager to the Offer.  In the event of any inconsistency between this agreement and the Mandate Letter, this agreement will prevail to the extent of that inconsistency.

 

	
15.16  

	
No fiduciary

 

The Company and the Guarantor acknowledge and agree that:

 

	
(a)  

	
the Underwriter has been engaged solely as an independent contractor to provide the services set out in this agreement. In providing these services, the Underwriter is acting solely in a contractual relationship with the Company and the Guarantor on an arm’s length basis;

 

  

40

  

	
(b)  

	
the Underwriter may have interests that differ from those of the Company and the Guarantor.  The Underwriter may take into account any factors (including those solely in its interest) it considers appropriate in performing duties or exercising rights under this agreement;

 

	
(c)  

	
the Underwriter is not acting as financial adviser or fiduciary to the Company or the Guarantor or any other persons or advising the Company or the Guarantor or any other persons including as to any legal, financial, tax, investment, accounting or regulatory matters in any jurisdiction. The Company and the Guarantor must consult their own advisers on those matters and are responsible for making their own independent investigations and appraisals of the Offer.  The Underwriter has no responsibility or liability to the Company or the Guarantor regarding these matters;

 

	
(d)  

	
any communication, whether written or oral, given by the Underwriter to the Company or the Guarantor, or any communications between the Underwriter and the Company or the Guarantor, can only be used and relied on by the Company and the Guarantor, may not be used or relied on by any third party and may not be disclosed to any third party without the prior written approval of the Underwriter (other than the Offerors’ professional advisers who may place no reliance on that advice, and who agree to treat it in confidence);

 

	
(e)  

	
the Underwriter is a full service securities firm and it, along with its Affiliates, is engaged in various activities, including securities trading, research, investment management, financing and brokerage activities and financial planning and benefits counselling for both companies and individuals.  In the ordinary course of these activities, the Underwriter and its Affiliates may actively trade the debt and equity securities (or related derivative securities) of the Company and its Affiliates for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities.  As is customary, and as the Underwriter considers is required for licensing purposes, the Underwriter has in place information management arrangements (including ‘Chinese Walls’) designed to preserve and protect confidential information so that the information of one client is not made available to, or used for the benefit of, other clients.  Accordingly, the Underwriter participates in the Offer only to the extent of the knowledge of its Affiliates who have been directly involved in the Offer, in a manner consistent with applicable information management arrangements.  This limitation is considered appropriate on the basis that investors could not ‘reasonably expect’ that confidential information of other clients of the Company’s advisers be included in the Pathfinder or the Prospectus;

 

	
(f)  

	
any review by the Underwriter of the Company, the Guarantor, the Offer, the terms of the Offer Shares and related matters will be performed solely for the benefit of the Underwriter and not on behalf of the Company, the Guarantor or any other persons; and

 

	
(g)  

	
the Underwriter may perform the services contemplated by this agreement in conjunction with its Affiliates, and any Affiliates performing these services are entitled to the benefits of and are subject to the terms of this agreement.

 

The Company and the Guarantor waive to the full extent permitted by applicable law any claims they may have against the Underwriter arising from an alleged breach of fiduciary obligations in connection with the Offer and the process leading up to the Offer.

 

	
15.17  

	
Governing law

 

This agreement and the transactions contemplated by this agreement are governed by the law in force in New South Wales.  Each party submits to the non-exclusive jurisdiction of the courts of New South Wales.

 

  

41

  

	
Schedule 1 --  

	
 

 

	
  

	
Dictionary

 

	
1  

	
Dictionary

 

In this agreement:

 

AIFRS means Australian equivalents to International Financial Reporting Standards and other authoritative pronouncements of the Australian Accounting Standards Board.

 

Accounts means the:

 

	
(a)  

	
financial statements of Company as at, and for the period ended, 30 June 2009, 30 June 2010 and 31 December 2010; and

 

	
(b)  

	
pro forma financial statements of the Company as at, and for the period ended, 30 June 2009, 30 June 2010 and 31 December 2010, as set out in the Offer Documents,

 

and the notes to those statements, provided to the Underwriter prior to the date of this agreement.

 

AEST means Australian Eastern Standard Time.

 

Affiliates of any person means a Related Body Corporate of the person or any other person that directly, or indirectly through 1 or more intermediaries, Controls, or is Controlled by, or is under common Control with, this person.

 

Allocation Interests has the meaning given to that term in the ASX Settlement Operating Rules.

 

Allotment Date means the date specified as such in the Timetable as varied, if at all, pursuant to clause 4.2.

 

Application Form means the application form accompanying the Prospectus or any Supplementary Prospectus in relation to the Offer.

 

ASIC means the Australian Securities & Investments Commission.

 

ASIC Act means the Australian Securities and Investment Commission Act 2001 (Cth).

 

ASX means ASX Limited or the Australian Securities Exchange, as appropriate.

 

ASX Settlement means ASX Settlement Pty Ltd.

 

ASX Settlement Operating Rules means the Settlement Operating Rules made by ASX Settlement.

 

Authorisation means, in relation to a person, a licence, permit, approval, authorisation, order, certificate, concession, consent or other permission of or from a Governmental Agency which is necessary for the person to own or lease its assets and properties or to engage in the conduct of its businesses.

 

Authorised Officer means a director or secretary of a party or any other person(s) who may act as an authorised officer for the purposes of this agreement.

 

  

42

  

Bookbuild means the bookbuild process undertaken by the parties prior to entry into this agreement.

 

Bookbuild Closing Date means the date specified as such in the Timetable as varied, if at all, pursuant to clause 4.2.

 

Bookbuild Confirmation Letter means the documents (including a confirmation acceptance advice or CARD Form) to be sent to, and to be signed by, each Institutional Investor confirming its participation in the Institutional Offer, substantially in the form agreed by the Company and the Underwriter prior to the Institutional Offer Closing Date (and as may be amended by the Underwriter in consultation with the Company).

 

Broker means a broker appointed by the Underwriter pursuant to clause 2.3 to act as a participating broker to the Offer and to participate in the Broker Firm Offer.

 

Broker Firm Offer means the offer of a firm allocation of Offer Shares at the Offer Price to Brokers for allocation to their private clients in Australia provided such private clients are Sophisticated Investors and offers and sales under the Broker Firm Offer may not be made in the United States.

 

Broker Firm Offer Opening means the date specified as such in the Timetable as varied, if at all, pursuant to clause 4.2.

 

Business Day means a day on which:

 

	
(a)  

	
ASX is open for trading in securities; and

 

	
(b)  

	
banks are open for general banking business in Sydney, New South Wales.

 

CARD Form means a confirmation of allocation and registration form.

 

CHESS means the Clearing House Electronic Subregister System.

 

CHESS Rules means the ASX Settlement Operating Rules and the provisions of the Corporations Act and Listing Rules concerning the electronic share registration and transfer system as and to the extent that they apply to the Company.

 

Claim means any allegation, debt, cause of action, judgment, order, liability, claim, proceeding, suit or demand of any nature howsoever arising and whether present or future, fixed or unascertained, actual or contingent whether at law, in equity, under statute or otherwise.

 

Closing Certificate means a certificate in the form appearing in Schedule 2 signed by 2 directors, or 1 director and 1 company secretary of the Company and delivered to the Underwriter in accordance with this agreement.

 

Completion will occur when all of the Offer Shares have been allotted and issued by the Company in accordance with the Offer and all of the obligations under this agreement have been satisfied (including the obligations under clause 6) or this agreement has been terminated.

 

Control (including the terms Controlled by and under common Control with) means the possession, direct or indirect, of the power to direct or cause the direction of the management, policies or activities of a person, whether through the ownership of securities or other interests, by contract or agency or otherwise and the term person is deemed to include a partnership.

 

Corporations Act means the Corporations Act 2001 (Cth).

 

  

43

  

Costs means any costs, charges or expenses.

 

	
  

	
Details means the details section of this agreement in Schedule 3.Dispose includes:

 

	
(a)  

	
the meaning given by the Listing Rules;

 

 

	
(b)  

	
to sell, assign, transfer or otherwise dispose of any interest in shares;

 

	
(c)  

	
to encumber or grant a security interest over shares;

 

	
(d)  

	
to grant or exercise an option in respect of any shares;

 

	
(e)  

	
to do, or omit to do, any act if the act or omission would have the effect of transferring effective ownership or control of any shares; or

 

	
(f)  

	
agree to do any of those things.

 

Due Diligence Committee means the due diligence committee formed by the Company in connection with the Offer.

 

Due Diligence Investigations means the activities referred to in clause 7.1.

 

Due Diligence Planning Memorandum means the document which documents the Due Diligence Process as adopted by the Due Diligence Committee.

 

Due Diligence Process means the due diligence process and procedures established in relation to the Offer and the Offer Documents and summarised in the Due Diligence Planning Memorandum adopted by the Due Diligence Committee and, where appropriate, includes relevant reports and findings resulting from that process.

 

Due Diligence Report means the report of the Due Diligence Committee to the directors of the Company and each of the Due Diligence Committee members (including the Underwriter) and their representatives, including the attachments specified therein.

 

DvP means a delivery versus payment basis of settlement in accordance with the ASX Settlement Operating Rules.

 

Eligible U.S. Fund Manager means a dealer or professional fiduciary organised, incorporated or (if an individual) resident in the United States acting for an account (other than an estate or trust) held for the benefit or account of persons that are not U.S. Persons for which it has and is exercising investment discretion, within the meaning of Rule 902(k)(2)(i) of Regulation S.

 

Encumbrance means any mortgage, lien, charge, pledge, assignment by way of security, security interest, title retention, preferential right or trust arrangement, Claim, covenant, profit a prendre, easement or any other security arrangement or any other arrangement having the same effect.

 

Enquiry means any actual or threatened Claim or proceedings in relation to the Offer, the Offer Documents, the Company or any of its officers, directors or principal shareholders, or any investigation, enquiry, order, action, suit, charge, investigation or other proceeding (whether commenced, announced or threatened) by ASIC, ASX or Governmental Agency in relation to the Offer, the Offer Documents, the Company, the Group or any of the Company’s officers, directors or principal shareholders, and includes any circumstances where:

 

	
(a)  

	
ASIC issues an order (including an interim order) under section 739;

 

	
(b)  

	
ASIC holds a hearing under section 739(2);

 

  

44

  

	
(c)  

	
an application is made by ASIC for an order under Part 9.5 in relation to the Offer, or the Offer Documents or ASIC commences any investigation or hearing under Part 3 of the ASIC Act in relation to the Offer or the Offer Documents;

 

	
(d)  

	
any person who has previously consented to the inclusion of its name in any of the Offer Documents withdraws that consent; or

 

	
(e)  

	
any person gives a notice under section 730 in relation to the Offer Documents.

 

GFN means General Finance Corporation.

 

Governmental Agency means any government or any governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency, bureau, municipal, board, instrumentality or entity.

 

Gross Offer Proceeds means the number of Offer Shares to be issued under the Offer multiplied by the Offer Price.

 

Group means the Company and GFN Australasia Finance Pty Ltd (ACN 121 227 790, RWA Holdings Pty Limited (ACN 106 913 96), Royal Wolf Trading Australia Pty Ltd (ACN 069 244 417), Royal Wolf Hi-Tech Pty Ltd (ACN 079 735 050), Royalwolf NZ Acquisition Co. Ltd and Royalwolf Trading New Zealand Ltd.

 

GST has the same meaning as in the GST Law.

 

GST Act means the A New Tax System (Goods and Services Tax) Act 1999 (Cth).

 

GST Group has the meaning it has in the GST Law.

 

GST Law has the meaning given to that term in the GST Act.

 

Indemnified Parties means the Underwriter and its Representatives.

 

Input Tax Credit has the meaning it has in the GST Law.

 

A person is Insolvent if:

 

	
(a)  

	
it is (or states that it is) an insolvent under administration or insolvent (each as defined in the Corporations Act);

 

	
(b)  

	
it is in liquidation, in provisional liquidation, under administration or wound up or has had a Controller appointed to its property;

 

	
(c)  

	
it is subject to any arrangement, assignment, moratorium or composition, protected from creditors under any statute or dissolved (in each case, other than to carry out a reconstruction or amalgamation while solvent on terms approved by the Underwriter);

 

	
(d)  

	
an application or order has been made (and in the case of an application, it is not stayed, withdrawn or dismissed within 7 days), resolution passed, proposal put forward, or any other action taken, in each case in connection with that person, which is preparatory to or could result in any of (a), (b) or (c) above;

 

	
(e)  

	
it is taken (under section 459F(1)) to have failed to comply with a statutory demand;

 

	
(f)  

	
it is the subject of an event described in sections 459C(2)(b) or 585 (or it makes a statement from which the Underwriter reasonably deduces it is so subject);

 

  

45

  

	
(g)  

	
it is otherwise unable to pay its debts when they fall due; or

 

	
(h)  

	
something having a substantially similar effect to (a) to (g) happens in connection with that person under the law of any jurisdiction.

 

Institutional Investor means an investor to whom, in the absolute discretion of the Underwriter, Offer Shares are able to be offered under applicable laws without the need for any prospectus, registration or other formality (other than a registration or formality which the Company is willing to comply with), including, in Australia, Professional Investors and Sophisticated Investors, and in New Zealand, NZ Institutional Investors, but excluding any investor that is in the United States or is a U.S. Person and is acting for the account or benefit of a U.S. Person (other than an Eligible U.S. Fund Manager); or

 

Institutional Offer means the offer of Offer Shares to Institutional Investors in Australia, New Zealand, the United Kingdom, France, Germany, Switzerland, Norway, the Netherlands, Ireland, Italy, Singapore, Hong Kong, Japan and the United Arab Emirates, as described in the Offer Documents, and other jurisdictions as agreed between the Underwriter and the Offerors but excluding the United States.

 

Institutional Offer Closing Date means the date specified as such in the Timetable as varied, if at all, pursuant to clause 4.2.

 

Listing Approval Date means the date specified as such in the Timetable as varied, if at all, pursuant to clause 4.2.

 

Listing Rules means the Listing Rules of ASX, as may be waived or modified from time to time.

 

Lodgement Date means the date specified as such in the Timetable as varied, if at all, pursuant to clause 4.2.

 

Losses means all Claims, demands, damages, losses, costs, expenses and liabilities.

 

Mandate Letter means the mandate letter between the Underwriter and the Company in relation to the Offer.

 

Material Adverse Effect means, in the opinion of the Underwriter (acting reasonably), a material adverse change or effect, or any development involving a prospective material adverse change or effect, in or affecting:

 

	
(a)  

	
the general affairs, business, operations, assets, liabilities, financial position or performance, profits, losses, prospects, earnings position, shareholder's equity, or results of operations of the Group or otherwise (taken as a whole);

 

	
(b)  

	
the market price of the Ordinary Shares; or

 

	
(c)  

	
the success, marketing or settlement of the Offer.

 

Material Contract means each of the contracts summarised in the Offer Documents including the Restriction Agreement.

 

NZ Institutional Investors means, in New Zealand, persons who fall within any of sections 3(2)(a)(ii), 3(2)(a)(iia), 3(2)(a)(iib) of the NZ Securities Act and/or who are eligible persons as defined in section 5(2CC) of the NZ Securities Act.

 

NZ Securities Act means the New Zealand Securities Act 1978.

 

Offer means:

 

  

46

  

	
(a)  

	
the Institutional Offer; and

 

	
(b)  

	
the Broker Firm Offer,

 

in each case arising in connection with the initial public offering of Offer Shares by the Offerors under the Pathfinder or the Prospectus at the Offer Price.

 

Offer Documents means the following documents issued or published by, or on behalf of, and with the authorisation of, the Offerors in respect of the Offer, and in a form approved by the Offerors:

 

	
(a)  

	
the Pathfinder and any document which supplements or replaces the Pathfinder;

 

	
(b)  

	
the Prospectus, any Application Form and any Supplementary Prospectus;

 

	
(c)  

	
the cover email sent by the Company to eligible Institutional Investors outside of Australia and New Zealand annexing the Pathfinder in connection with the Institutional Offer and Bookbuild; and

 

	
(d)  

	
the marketing presentation and/or ASX announcement used by the Company to conduct the Institutional Offer and the Broker Firm Offer.

 

Offer Price means $[insert], being the fixed Australian dollar price determined in the Bookbuild.

 

Offer Shares means the [insert] Ordinary Shares to be issued under the Offer.

 

Offerors means the Company and the Guarantor.

 

Ordinary Shares means fully paid ordinary shares in the capital of the Company.

 

Pathfinder means a draft Prospectus for the Offer dated 27 April, 2011 that has been provided to Institutional Investors, co-lead managers, co-managers, Brokers and sub-underwriters for the purposes of the roadshow and Bookbuild.

 

Payee means a party who is reimbursed for Costs.

 

Price in relation to a supply means the amount of any payment in connection with the supply and the GST-exclusive market value of any non-monetary consideration.

 

Proceedings has the meaning given in clause 12.6(a).

 

Professional Investors has the meaning given to that term in section 708(11).

 

Prospectus means the prospectus to be lodged with ASIC under section 718 in relation to the Offer (and, where the context requires, includes any Supplementary Prospectus).

 

Public Information means public and other media statements made by either Offeror or any Related Body Corporate of an Offeror in relation to the business or affairs of the Company or the Offer.

 

Quotation Date means the date specified as such in the Timetable as varied, if at all, pursuant to clause 4.2.

 

Recipient means the recipient of a supply for the purposes of the GST Law.

 

Register means the official register of Ordinary Shares and/or securities (if issued) as the context requires, each being maintained by the Registry on the Company's behalf and including any subregister established and maintained under the ASX Settlement Operating Rules.

 

  

47

  

Registry means Link Market Services Limited or any other registry that the Company appoints to maintain the Register.

 

Regulation S means Regulation S under the U.S. Securities Act.

 

Related Body Corporate has the same meaning as in section 50 of the Corporations Act.

 

Relevant Limitation has the meaning given in clause 12.13.

 

Representative means, in respect of a person, its Affiliates and the officers, directors, employees, partners, contractors, agents, advisers and representatives of the person or of an Affiliate of the person.

 

Representative Member has the meaning it has in the GST Law.

 

Restriction Agreement means the agreement to be entered into by the Guarantor and GFN under which:

 

	
(a)  

	
 the Guarantor agrees not to dispose of any Ordinary Shares held by it; and

 

	
(b)  

	
GFN agrees not to dispose of any shares held by it in the Guarantor or any interest it has in the Ordinary Shares held by the Guarantor,

 

in the period from the Allotment Date until the Restriction End Date.

 

Restriction End Date means the date the audited financial accounts of the Company for the financial year ended on 30 June 2012 have been lodged with the ASX .

 

Restriction Undertaking means the undertaking provide by GFN in respect to the shares it holds in the Guarantor as set out in clause 9.3.

 

Selling Restrictions means the selling restrictions advice provided by Baker & McKenzie as set out in Schedule 4.

 

Settlement Date means the date specified as such in the Timetable as varied, if at all, pursuant to clause 4.2.

 

Shortfall Notice means a notice which may be given by the Company to the Underwriter in accordance with clause 6.1(a) specifying the number of Shortfall Shares.

 

Shortfall Notification Date means the date specified as such in the Timetable as varied, if at all, pursuant to clause 4.2.

 

Shortfall Shares means the total number of Offer Shares for which Valid Applications have not been received in accordance with the terms of this agreement.

 

Sophisticated Investors means investors to whom an offer of securities does not need disclosure under Part 6D.2 pursuant to section 708(8).

 

Subsidiary has the meaning given in the Corporations Act and includes:

 

	
(a)  

	
in respect of a company, an entity whose profit or loss is required by current accounting practice to be included in the consolidated annual statement of financial performance of that company; and

 

  

48

  

	
(b)  

	
in respect of a trust, a corporation or trust that would have been a Subsidiary if that trust were a corporation and including any sub-trust which is directly or indirectly Controlled by the trust, whether by way of holding the majority of voting interests that allow a beneficial holder to influence the affairs of the trust or otherwise.

 

Supplementary Prospectus means any supplementary or replacement Prospectus prepared or required to be prepared and lodged with ASIC under section 719 in connection with the Offer.

 

Supplier means the party making a supply for the purposes of the GST Law.

 

Tax Invoice has the meaning it has in the GST Law.

 

Termination Events means the events specified in clause 11.1.

 

Timetable means the Timetable set out in Schedule 1 as it may be varied under clause 4.2.

 

U.S. Person has the meaning given to that term in Rule 902(k) under the U.S. Securities Act.

 

United States has the meaning in Rule 902(l) under the U.S. Securities Act.

 

U.S. Securities Act means the U.S. Securities Act of 1933, as amended.

 

Valid Application means:

 

	
(a)  

	
(Institutional Offer) if it was made pursuant to the Institutional Offer, a duly completed CARD Form or confirmation acceptance advice as part of the Bookbuild Confirmation Letter in respect of the relevant Offer Shares from an Institutional Investor submitted in accordance with the requirements of the Underwriter on or before 5.00pm on the Institutional Offer Closing Date or a later time as the parties agree, which confirmed that the Institutional Investor or its nominee will pay the Offer Price for the relevant Offer Shares in cleared funds via DvP on or before the Settlement Date;

 

	
(b)  

	
(Broker Firm Offer) if it was made pursuant to the Broker Firm Offer, a duly completed CARD Form or confirmation advice in respect of relevant Offer Shares delivered to the Underwriter by a Broker in accordance with the requirements of that Underwriter and the Company on or before 5.00pm on the Broker Firm Closing Date or a later time as the parties agree, which included details necessary to permit DvP to occur through CHESS in respect of those Offer Shares on or before the Settlement Date; and

 

	
(c)  

	
(Shortfall Shares) if it is made by or on behalf of the Underwriter under clause 6.3(a), an application submitted by, or by persons nominated by, the Underwriter, which confirms that the relevant applicant will make payment of the Offer Price for the relevant Offer Shares in cleared funds via DvP on the Settlement Date.

 

	
2  

	
Interpretation

 

In this agreement the following rules of interpretation apply unless the contrary intention appears:

 

	
(a)  

	
headings are for convenience only and do not affect the interpretation of this agreement;

 

  

49

  

	
(b)  

	
the singular includes the plural and vice versa;

 

	
(c)  

	
words that are gender neutral or gender specific include each gender;

 

	
(d)  

	
where a word or phrase is given a particular meaning, other parts of speech and grammatical forms of that word or phrase have corresponding meanings;

 

	
(e)  

	
the words 'such as', 'including', 'particularly' and similar expressions are not used as, nor are intended to be, interpreted as words of limitation;

 

	
(f)  

	
a reference to:

 

	
(i)  

	
a person includes a natural person, partnership, joint venture, government agency, association, corporation or other body corporate;

 

	
(ii)  

	
a thing (including, but not limited to, a chose in action or other right) includes a part of that thing;

 

	
(iii)  

	
a party includes its successors and permitted assigns;

 

	
(iv)  

	
a document includes all amendments or supplements to that document;

 

	
(v)  

	
a clause, term, party, schedule or attachment is a reference to a clause or term of, or party, schedule or attachment to this agreement;

 

	
(vi)  

	
this agreement includes all schedules and attachments to it;

 

	
(vii)  

	
a law includes a constitutional provision, treaty, decree, convention, statute, regulation, ordinance, by-law, judgment, rule of common law or equity and is a reference to that law as amended, consolidated or replaced;

 

	
(viii)  

	
an agreement other than this agreement includes an undertaking, or legally enforceable arrangement or understanding, whether or not in writing; and

 

	
(ix)  

	
a monetary amount is in Australian dollars;

 

	
(g)  

	
an agreement on the part of two or more persons binds them jointly and severally;

 

	
(h)  

	
when the day on which something must be done is not a Business Day, that thing must be done on the following Business Day;

 

	
(i)  

	
in determining the time of day, where relevant to this agreement, the relevant time of day is:

 

	
(i)  

	
for the purposes of giving or receiving notices, the time of day where a party receiving a notice is located; or

 

	
(ii)  

	
for any other purpose under this agreement, the time of day in the place where the party required to perform an obligation is located; and

 

	
(j)  

	
no rule of construction applies to the disadvantage of a party because that party was responsible for the preparation of this agreement or any part of it.

 

  

50

  

	
Schedule 1  

	
—

 

	
  

	
Timetable

 

	
Event

	
Date

	
Bookbuild Opening Date / Institutional Offer Opening Date - date on which the Bookbuild and Institutional Offer open

	
9:00am Thursday, 12 May 2011

	
Bookbuild Closing Date / Institutional Offer Closing Date - date on which the Bookbuild and Institutional Offer close

	
6:00pm Thursday, 12 May 2011

	
Allocation Date - date on which the shares are allocated amongst the Institutional Offer and Broker Firm Offer

	
Thursday, 12 May 2011

	
Lodgement Date - last day for lodgement of the Prospectus

	
Friday, 13 May 2011

	
Broker Firm Offer Opening Date – date on which the Broker Firm Offer opened

	
Friday, 20 May 2011

	
Broker Firm Offer Closing Date – date on which the Broker Firm Offer closed

	
Thursday, 26 May 2011

	
Shortfall Notification Date - date on which the shortfall is notified to the Underwriter

	
Friday, 27 May 2011

	
Listing Approval Date – date by which ASX to have confirmed quotation of the Offer Shares

	
Monday, 30 May 2011

	
Settlement Date  - day of settlement for Institutional Offer and Broker Firm Offer

	
Monday, 30 May 2011

	
Allotment Date - last day of issue of Offer Shares

	
Tuesday, 31 May 2011

	
Quotation Date - deferred settlement trading commences on ASX

	
Tuesday, 31 May 2011

	
Transaction confirmation statements despatched - last date for uncertificated shareholding statements to be despatched in respect of the Offer Shares which are allotted in respect of the Valid Applications

	
Monday, 6 June 2011

	
Normal trading commences

	
Tuesday, 7 June 2011

 

  

51

  

	
Schedule 2  

	
—

 

	
  

	
Closing Certificate

 

	
  

	
To:

	
Credit Suisse (Australia) Limited

 

 

Each of the undersigned, being Royal Wolf Holdings Limited (Company) and the Guarantor (together, the Offerors), certify as at the date of this certificate, that to the best of their knowledge and information after due enquiry, in relation to the Company:

 

	
(a)  

	
each of the Offerors have complied with all obligations on their part to be performed:

 

	
(i)  

	
under the Underwriting Agreement between Credit Suisse (Australia) Limited, the Company and the Guarantor dated 13 May 2011 (Agreement); and

 

	
(ii)  

	
in respect of the Offer under statute or otherwise;

 

	
(b)  

	
none of the events set out in clauses 11.1 of the Agreement have occurred; and

 

	
(c)  

	
the representations and warranties given by the Offerors set out in clauses 8.1  of the Agreement are true and correct.

 

For the purposes of this certificate, “Offer ” has the meaning given in the Agreement.

 

Signed for and on behalf of the [Company / Guarantor]:

 

 

_/s/________________________________                            __/s/______________________________

 

Signature of director                                                                     Signature of director/company secretary

 

 

 

_/s/________________________________                             __/s/______________________________

 

Name of director (block letters)                                                   Name of director/company secretary

 

(block letters)

 

  

52

  

	
Schedule 3  

	
– Details

 

	
(a)  

	
Company

 

	
Name

	
Royal Wolf Holdings Limited

	
Address

	
Suite 202, Level 2, 22-28 Edgeworth David Avenue, Hornsby NSW 2077

	
Attention

	
Robert Allan, Chief Executive Officer

	
Fax

	
+61 2 9482 3477

	
(b)  

	
Guarantor

 

	
Name

	
GFN U.S. Australasia Holdings, Inc.

	
Address

	
39 East Union Street, Pasadena, California 91103, United States

	
Attention

	
Chris Wilson, General Counsel & Vice President

	
Fax

	
+1 626 795 8090

	
(c)  

	
Underwriter

 

	
Name

	
Credit Suisse (Australia) Limited (ACN 121 226 793)

	
Address

	
Level 31, Gateway, 1 Macquarie Place, Sydney NSW 2000

	
Attention

	
Richard Sherman

Copy to Anand Sundaraj at email address:

anand.sundaraj@credit-suisse.com

	
Fax

	
+612 8206 4482

  

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Schedule 4 — Selling Restrictions

 

  

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Executed as an agreement.

	
Executed by Royal Wolf Holdings Limited in accordance with section 127 of the Corporations Act 2001 (Cth) by:

	  	  
	
Signature of director  /s/ Robert Allan

	  	
Signature of director/secretary  /s/ Greg Baker

	
Name of director (print) Robert George Allan

	  	
Name of director/secretary (print) Gregory Brian Baker

	
Signed by General Finance Corporation:

	  	  
	
Signature of Ronald Valenta /s/ Ronald Valenta

	  	  

	
Signed by GFN U.S. Australasia Holdings, Inc.:

	  	  
	
Signature of Ronald Valenta /s/ Ronald Valenta

	  	  

/s/ Richard Sherman

	
Signed by Richard Sherman as attorney for Credit Suisse (Australia) Limited under power of attorney dated 12 May 2011 in the presence of:

	  	  /s/
	
Signature of witness /s/

	  	
By executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney

	
Name of witness (print)

	  	  

 

 

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