Document:

EX-4.11

 Exhibit 4.11 
  

			
	

	 	 CLIFFORD CHANCE

高 偉 紳 律 師 行 

		
		 	Execution Version

 SENIOR FACILITY AGREEMENT 

US$240,000,000 
 SENIOR 364-DAY TERM LOAN FACILITY 
 dated 11 March 2020 

for 
 WANDA SPORTS GROUP
COMPANY LIMITED 
 萬達體育集團有限公司 

as Borrower 
 WANDA
SPORTS HOLDINGS (USA) INC. 
 as Target 

arranged by 
 CREDIT
SUISSE AG, SINGAPORE BRANCH 
 as Arranger 

with 
 CREDIT SUISSE AG,
SINGAPORE BRANCH 
 acting as Facility Agent 

and 
 CREDIT SUISSE AG,
SINGAPORE BRANCH 
 acting as Security Agent 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 1.
	 	Definitions and Interpretation	  	 	1	 
	 2.
	 	The Facility	  	 	35	 
	 3.
	 	Purpose	  	 	38	 
	 4.
	 	Conditions of Utilisation	  	 	38	 
	 5.
	 	Utilisation	  	 	39	 
	 6.
	 	Repayment	  	 	40	 
	 7.
	 	Prepayment and Cancellation	  	 	40	 
	 8.
	 	Interest	  	 	45	 
	 9.
	 	Interest Periods	  	 	46	 
	 10.
	 	Changes to the Calculation of Interest	  	 	46	 
	 11.
	 	Fees	  	 	48	 
	 12.
	 	Tax Gross-up and Indemnities	  	 	48	 
	 13.
	 	Increased Costs	  	 	51	 
	 14.
	 	Mitigation by the Lenders	  	 	53	 
	 15.
	 	Other Indemnities	  	 	54	 
	 16.
	 	Costs and Expenses	  	 	55	 
	 17.
	 	Guarantee and Indemnity	  	 	56	 
	 18.
	 	Representations	  	 	58	 
	 19.
	 	Information Undertakings	  	 	64	 
	 20.
	 	Financial Covenants	  	 	67	 
	 21.
	 	General Undertakings	  	 	73	 
	 22.
	 	Events of Default	  	 	78	 
	 23.
	 	Changes to the Lenders	  	 	82	 
	 24.
	 	Changes to Obligors	  	 	88	 
	 25.
	 	Debt Purchase Transactions	  	 	89	 
	 26.
	 	Disclosure of Information	  	 	92	 
	 27.
	 	Price-Sensitive Information	  	 	95	 
	 28.
	 	Role of the Administrative Parties	  	 	95	 
	 29.
	 	The Security Agent	  	 	104	 
	 30.
	 	Change of Security Agent and Delegation	  	 	110	 
	 31.
	 	Application of Proceeds	  	 	112	 
	 32.
	 	Sharing among the Finance Parties	  	 	113	 
	 33.
	 	Payment Mechanics	  	 	114	 
	 34.
	 	Set-off	  	 	117	 
	 35.
	 	Notices	  	 	117	 
	 36.
	 	Calculations and Certificates	  	 	120	 
	 37.
	 	Partial Invalidity	  	 	121	 
	 38.
	 	Remedies and Waivers	  	 	121	 
	 39.
	 	Amendments and Waivers	  	 	121	 
	 40.
	 	Bail-in	  	 	125	 
	 41.
	 	Counterparts	  	 	126	 
	 42.
	 	USA Patriot Act	  	 	126	 
	 43.
	 	Governing Law	  	 	127	 
	 44.
	 	Enforcement	  	 	127	 
	 45.
	 	Limited Recourse and Non-Petition	  	 	128	 

									
	Schedule	  		  			
			
	 1.
	 	The Original Lender	  	 	130	 
	 2.
	 	Conditions Precedent	  	 	131	 
	 3.
	 	Utilisation Request	  	 	134	 
	 4.
	 	Form of Transfer Certificate	  	 	135	 
	 5.
	 	Form of Assignment Agreement	  	 	137	 
	 6.
	 	Form of Compliance Certificate	  	 	140	 
	 7.
	 	Form of Increase Confirmation	  	 	141	 
	 8.
	 	Forms of Notifiable Debt Purchase Transaction Notice	  	 	143	 
		 	Part 1	  	Form of Notice of Notifiable Debt Purchase Transaction	  	 	143	 
		 	Part 2	  	Form of Notice of Termination of Notifiable Debt Purchase Transaction	  	 	144	 
	 9.
	 	Timetables	  		  	 	145	 
	 10.
	 	Approved Lenders	  	 	146	 
		 	Part 1	  	Approved Lenders – Banks	  	 	146	 
		 	Part 2	  	Approved Lenders – Funds	  	 	148	 
			
	 Signatories
	  		  	 	151	 

  

 THIS AGREEMENT is dated 11 March 2020 and made 

BETWEEN: 
  

	(1)	 WANDA SPORTS GROUP COMPANY LIMITED
萬達體育集團有限公司, a limited liability company incorporated in Hong Kong with company number 2771009 its registered office at Room 1903, 19/F, Lee Garden One, 33 Hysan Avenue,
Causeway Bay, Hong Kong (the “Borrower”); 

  

	(2)	 WANDA SPORTS HOLDINGS (USA) INC., a company incorporated in Delaware with registration number 5806976
(the “Target”); 

  

	(3)	 CREDIT SUISSE AG, SINGAPORE BRANCH, incorporated in Switzerland with limited liability, as mandated lead
arranger and bookrunner (the “Arranger”); 

  

	(4)	 THE FINANCIAL INSTITUTION listed in Schedule 1 (The Original Lender) as lender (the
“Original Lender”); 

  

	(5)	 CREDIT SUISSE AG, SINGAPORE BRANCH, incorporated in Switzerland with limited liability, as facility
agent of the other Finance Parties (in this capacity, the “Facility Agent”); and 

  

	(6)	 CREDIT SUISSE AG, SINGAPORE BRANCH, incorporated in Switzerland with limited liability, as security
agent and trustee for the Secured Parties (in this capacity, the “Security Agent”). 

 IT IS AGREED as follows:

  

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Agreement: 

“Adjusted Leverage Ratio” has the meaning given to that term in Clause 20.3 (Financial definitions). 

“Administrative Party” means an Agent or the Arranger. 

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

“Anti-Corruption Laws” means, without limitation, the United Kingdom Bribery Act 2010, the United States Foreign Corrupt
Practices Act of 1977, the USA Patriot Act and other similar legislation in other jurisdictions. 
 “Anti-Money Laundering
Laws” has the meaning given to that term in Clause 18.23 (Anti-money laundering). 
 “APLMA” means the Asia
Pacific Loan Market Association Limited. 
 “Approved Lender List” means the persons referred to in Schedule 10 (Approved
Lenders). 
 “Assignment Agreement” means an agreement substantially in the form set out in Schedule 5 (Form of
Assignment Agreement) or any other form agreed between the relevant assignor, assignee and the Facility Agent. 

  
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 “Assignment of SPA” means the assignment or pledge of all of the Disposing
Entity’s rights and interests under the SPA to be entered into by the Disposing Entity in favour of the Security Agent (in form and substance satisfactory to the Security Agent (acting reasonably)). 

“Authorisation” means: 
  

	 	(a)	 an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, lodgement or
registration; or 

  

	 	(b)	 in relation to anything which will be fully or partly prohibited or restricted by law if a Governmental Agency
intervenes or acts in any way within a specified period after lodgement, filing, registration or notification, the expiry of that period without intervention or action. 

“Automatic Acceleration Event” has the meaning given to that term in Clause 22.14 (Acceleration). 

“Availability Period” means: 
  

	 	(a)	 in relation to Tranche A, the period from and including the date of this Agreement to and including the date
falling one Month after the date of this Agreement; and 

  

	 	(b)	 in relation to Tranche B, the period from and including the date on which the Facility Agent notifies the
Borrower that the conditions specified in paragraph (b) of Clause 4.1 (Initial conditions precedent) are satisfied, to and including the date falling three Months thereafter (or, if earlier, the 7th Interest Payment Date for the Tranche
A Loan). 

 “Bankruptcy Credit Event” has the meaning given in either the 2003 ISDA Credit Derivatives
Definitions or the 2014 ISDA Credit Derivatives Definitions. 
 “Borrower Group” means the Borrower and its Subsidiaries
from time to time, including each VIE Entity. 
 “Borrowings” has the meaning given to that term in Clause 20.3
(Financial definitions). 
 “Break Costs” means the amount (if any) by which: 

 

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

 exceeds: 
  

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

“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in Hong Kong,
Beijing, Singapore and (in relation to any date for payment or purchase of US dollars) New York. 
 “Change of Control
Event” means: 
  

	 	(a)	 Mr. Wang Jianlin and his family members (taken together) cease to be, directly or indirectly, the single
largest beneficial shareholder of the Parent; 

  
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	 	(b)	 the Parent ceases to beneficially own (directly or indirectly) 100% of the issued share capital of any of Wanda
Sports & Media and Infront International, or ceases to control any of Wanda Sports & Media and Infront International; or 

  

	 	(c)	 the Parent ceases to beneficially own (directly or indirectly) 60% of the issued share capital of the Borrower,
or ceases to control the Borrower. 

 “Charged Property” means all of the assets of the Obligors which
from time to time are, or are expressed to be, the subject of the Transaction Security. 
 “CoC Lender Election Notice” has
the meaning given in Clause 7.2 (Change of control). 
 “CoC Notice” has the meaning given in Clause 7.2 (Change
of control). 
 “Code” means the US Internal Revenue Code of 1986 and the regulations promulgated and rulings issued
thereunder. 
 “Commitment” means a Tranche A Commitment or a Tranche B Commitment. 

“Competitor” means any person or entity (other than the Parent or its Affiliate) principally engaged in the business of sports
events, media and marketing, and each Affiliate of such person or entity engaged in such activities. 
 “Compliance
Certificate” means a certificate delivered pursuant to Clause 19.2 (Compliance Certificate) and signed by one director of the Borrower substantially in the form set out in Schedule 6 (Form of Compliance Certificate). 

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

	 	(a)	 any member of the Group, any Obligor, any Holding Company of the Borrower that is also a Subsidiary of the
Parent or any of their advisers; or 

  

	 	(b)	 another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any
member of the Group, any Obligor, any Holding Company of the Borrower that is also a Subsidiary of the Parent or any of their advisers, 

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

	 	(i)	 is or becomes public information other than as a direct or indirect result of any breach by that Finance Party
of Clause 26 (Disclosure of Information); 

  

	 	(ii)	 is identified in writing at the time of delivery as non-confidential by any member of the Group, any Obligor,
any Holding Company of the Borrower that is also a Subsidiary of the Parent or any of their advisers; or 

  

	 	(iii)	 is known by that Finance Party before the date the information is disclosed to it in accordance with paragraph
(a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group, the Obligors or any Holding Company of the Borrower that is also a
Subsidiary of the Parent and which, in each case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality. 

  
 - 3 - 

 “Confidentiality Undertaking” means a confidentiality undertaking
substantially in a recommended form of the APLMA or in any other form agreed between the Borrower and the Facility Agent. 

“Conflicted Lender” means any Lender, where such Lender or any of its Affiliates is or, in respect of the Finance Documents
only, is acting on behalf of (including in its capacity as the grantor of a Voting Participation or any other agreement pursuant to which any voting rights of any Lender may pass to or be controlled or exercised by or at the direction of): 

 

	 	(a)	 a Competitor; or 

  

	 	(b)	 an investor or equity holder that has Control over a Competitor, 

in each case whilst such person is a Lender (whether such arrangement was entered into before, upon or after such person became a Lender) and
including where a Lender or its Affiliate notifies the Facility Agent that it is such (in a Transfer Certificate or otherwise) and where it has been notified as such to the Facility Agent by the Borrower (acting reasonably and in good faith),
provided that a Lender or its Affiliate will not be deemed to be a Conflicted Lender solely by virtue of that Lender or its Affiliate: 
  

	 	(i)	 (without limiting the further proviso below) being the Original Lender (or an assignee or transferee of the
Original Lender following primary syndication), provided that it does not enter into any Voting Participation with any person set out in paragraphs (a) or (b) above on or after the date of this Agreement; 

 

	 	(ii)	 dealing in shares in or securities of a Competitor, where the relevant teams and employees of that Lender or
its Affiliate engaged in such dealings operate on the public side of an information barrier; 

  

	 	(iii)	 becoming an investor or equity holder in a Competitor as a consequence of a debt-for-equity swap in, or
enforcement of security over shares of, that Competitor; 

  

	 	(iv)	 being an investor or equity holder in a Competitor through a separately managed private equity investment fund
owned or managed by that Lender or its Affiliate; 

  

	 	(v)	 engaging in any merger and acquisition or other advisory activity in relation to or on behalf of a Competitor;
or 

  

	 	(vi)	 being the provider of any Financial Indebtedness (including any lender) to, or counterparty under any Treasury
Transaction to, or the grantor of any Participation (other than a Voting Participation) to or with any person referred to in paragraph (a) or (b) above, 

and provided further that a Lender will be deemed not to be a Conflicted Lender in respect of its Own Account Commitment (as defined in
Clause 39.5 (Disenfranchisement of Conflicted Lenders, Distressed Investors and Non-Responding Lenders)) if it is a financial institution subject to regulation or supervision by the Hong Kong Monetary Authority, the Monetary Authority of
Singapore, the Financial Services Agency of Japan, the United Kingdom Financial Services Authority, the Bank of England, the European Central Bank, the Board of Governors of the Federal Reserve of the United States, the Swiss Financial Market
Supervisory Authority and/or any equivalent governmental authority regulating financial services in a jurisdiction or any successor or replacement governmental authority with equivalent principal functions from time to time or an Affiliate of such a
financial institution. 

  
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 For the purposes of this definition of “Conflicted Lender”, a person having
“Control” over a 
 Competitor means: 
  

	 	(A)	 such person holding more than 50 per cent. of the issued share capital of or equity interest in (or more
than 50 per cent. of the issued voting share capital of or voting equity interest in) such Competitor; 

  

	 	(B)	 such person having the right to determine the composition of a majority of the board of directors or equivalent
body of such Competitor or having the power to manage or direct such Competitor whether through ownership of share capital or equity interest, by contract or otherwise; or 

 

	 	(C)	 such person being in a position where it is able to exercise decisive influence over such Competitor,

 and, for the purposes of paragraph (C) above, “decisive influence” over a Competitor will be
deemed to be established where such person possesses direct or indirect consent rights or negative veto rights over the strategic business behaviour (including decisions related to budgets, business plans, major investments or the appointment of
senior management) of that Competitor, including any such rights through ownership of share capital or equity interest, by contract or otherwise, provided that the mere possession or exercise of voting rights by such person (at general
meetings of such Competitor) as a holder of share capital or equity interest in such Competitor, which voting rights are proportionate to the proportion born by the voting share capital or equity interest in that Competitor held by such person to
the aggregate voting share capital or equity interest in that Competitor, shall not in itself constitute “decisive influence” for such purposes unless the voting rights exercisable by or at the direction of such person (together with any
person(s) acting in concert with it) (1) constitute a majority of the aggregate voting rights of holders of share capital or equity interest in such Competitor that are capable of being exercised or (2) can (without aggregation with any
voting rights of any other person) directly or indirectly control or veto any decisions with respect to the strategic business behaviour (including decisions related to budgets, business plans, major investments or the appointment of senior
management) of that Competitor. 
 “Consolidated Net Income” means, for any period, the aggregate net income of the Borrower
and its Subsidiaries for such period, on a consolidated basis, as determined in accordance with GAAP; provided that the following items shall be excluded in computing Consolidated Net Income (without duplication): 

 

	 	(a)	 the net income (or loss) of any person that is accounted for by the equity method of accounting except that,
subject to the exclusion contained in paragraph (e) below, the Borrower’s equity in the net income of any such person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually distributed
by such person during such period to the Borrower or another member of the Borrower Group as a dividend or other distribution (subject, in the case of a dividend or other distribution paid to another member of the Borrower Group, to the limitations
contained in paragraph (c) below); 

  

	 	(b)	 the net income (or loss) of any person accrued prior to the date it becomes a member of the Borrower Group or
is merged into or consolidated with the Borrower or any other member of the Borrower Group or all or substantially all of the property and assets of such person are acquired by the Borrower or any other member of the Borrower Group;

  

	 	(c)	 the net income (but not loss) of any member of the Borrower Group to the extent that the declaration or payment
of dividends or similar distributions by such member of the Borrower Group of such net income is not at the time permitted by the operation of the terms of its charter, articles of association or other similar constitutive documents, or any
agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to such member of the Borrower Group, unless such restriction with respect to the payment of Restricted Payments have been legally waived;

  
 - 5 - 

	 	(d)	 the cumulative effect of a change in accounting principles; 

 

	 	(e)	 any net after-tax effect of gains or losses realised on the sale or other disposition of:

  

	 	(i)	 any property or assets of the Borrower or any member of the Borrower Group which is not sold in the ordinary
course of its business; or 

  

	 	(ii)	 any shares, stock or other equity interests of any person (including any gains or losses by the Borrower
realised on sales of shares, stock or other equity interests of any other member of the Borrower Group); 

  

	 	(f)	 any translation gains or losses due solely to fluctuations in currency values and related tax effects;

  

	 	(g)	 any net after-tax effect of extraordinary or non-recurring gains or losses; 

 

	 	(h)	 any impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or
write-downs related to intangible assets, long-lived assets, investments in debt and equity securities and investments recorded using the equity method or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the
amortisation of intangibles arising pursuant to GAAP; and 

  

	 	(i)	 any equity-based or non-cash compensation charge or expense including any such charge or expense arising from
grants of stock appreciation or similar rights, stock options, restricted stock or other rights or equity incentive programs, and any cash charges associated with the rollover, acceleration, or payout of equity interests by management, other
employees or business partners of the Borrower. 

 “Credit Event” means that a Bankruptcy Credit Event,
Failure to Pay Credit Event or Restructuring Credit Event has occurred in relation to any Obligor or any Relevant Obligation (as if such Relevant Obligation is an “Obligation” for the purposes of the 2003 ISDA Credit Derivatives
Definitions or the 2014 ISDA Credit Derivatives Definitions). 
 “Debt Purchase Transaction” means, in relation to a person,
a transaction where such person: 
  

	 	(a)	 purchases by way of assignment or transfer; 

 

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

 

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

 any Commitment (or any commitment represented thereby) or amount outstanding under this
Agreement. 
 “Default” means an Event of Default or any event or circumstance specified in Clause 22 (Events of
Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default. 

“Defaulting Lender” means any Lender: 

  
 - 6 - 

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

  

	 	(b)	 which has otherwise rescinded or repudiated any of its material obligations under a Finance Document;

  

	 	(c)	 which has notified any other Party in writing (or has otherwise made a public statement to that effect) that it
does not intend or expect to comply with its obligations under the Finance Documents; or 

  

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

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

	 	(i)	 its failure to pay is caused by administrative or technical error or a Disruption Event, and payment is made
within five Business Days of its due date; or 

  

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

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

 “Disposal” means a sale, lease, licence, transfer, loan or other disposal by a person of any asset, undertaking or
business (whether by a voluntary or involuntary single transaction or series of transactions). 
 “Disposal Proceeds” means
the consideration received or to be received in cash by (x) the Borrower for the Disposal of all or any part of the issued share capital of the Target or (y) the Target for the Disposal of all or substantially all of its assets, in each
case after deducting: 
  

	 	(a)	 any reasonable expenses which are incurred by the Disposing Entity with respect to that Disposal to persons who
are not members of the Group; and 

  

	 	(b)	 any Tax incurred and required to be paid by the Disposing Entity with respect to that Disposal or (in the case
of the Target) the upstreaming of the proceeds of that Disposal to the Borrower (in each case, as reasonably determined by the Disposing Entity, on the basis of existing rates and taking account of any available credit, deduction or allowance).

 “Disposing Entity” means (a) in relation to a Disposal of all or any part of the issued share
capital of the Target, the Borrower; or (b) in the case of a Disposal of all or substantially all of the assets of the Target, the Target. 

“Disruption Event” means either or both of: 
  

	 	(a)	 a material disruption to those payment or communications systems or to those financial markets which are, in
each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the
control of, any of the Parties; and 

  

	 	(b)	 the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party: 

  
 - 7 - 

	 	(i)	 from performing its payment obligations under the Finance Documents; or 

 

	 	(ii)	 from communicating with other Parties in accordance with the terms of the Finance Documents,

 and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are
disrupted. 
 “Distressed Investor” means any loan-to-own fund, vulture fund, hedge fund or distressed debt fund, any other
entity (including a business group within a bank or financial institution) which is established for or principally invests in distressed debt (or any similar fund or entity), or any fund or entity similar to any of the foregoing but excluding the
Original Lender (in its capacity as such and in respect of its Own Account Commitment (as defined in Clause 39.5 (Disenfranchisement of Conflicted Lenders, Distressed Investors and Non-Responding Lenders)) provided that a bank or
financial institution shall not constitute a “Distressed Investor” solely by virtue of any restructuring or workout desk within such bank or financial institution, which shall be treated as separate from the other business groups of such
bank or financial institution. 
 “DSRA” or “Debt Service Reserve Account” means the bank account opened
and maintained by the Borrower with the Security Agent with account number A010365828USD under the name of the Borrower (including any renewal, redesignation, replacement, subdivision or subaccount of such account). 

“DSRA Charge” means the first priority Singapore law governed security over account granted by the Borrower in favour of the
Security Agent in relation to the DSRA (in form and substance satisfactory to the Security Agent (acting reasonably)). 
 “DSRA
Required Balance” means, at any time starting from the first day of the 8th Month after the first Utilisation Date, an amount equal to scheduled interest payable by the Borrower on the Loans on the upcoming Interest Payment Date (and, for
such purpose, it shall be assumed that no Loans will be prepaid prior to the upcoming Interest Payment Date). 
 “EDGAR”
means the Electronic Data Gathering Analysis and Retrieval system operated by the SEC. 
 “Environmental or Social Approval”
means any Authorisation required by an Environmental and 
 Social Law. 

“Environmental or Social Law” means any applicable law or regulation concerning: 

 

	 	(a)	 occupational health and safety; 

 

	 	(b)	 the pollution or protection of the environment; or 

 

	 	(c)	 any emission or substance which is capable of causing harm to any living organism or the environment.

 “Environmental or Social Claim” means any claim by any person in connection with: 

 

	 	(a)	 a breach, or alleged breach, of an Environmental or Social Law; or 

 

	 	(b)	 any accident, fire, explosion or other event of any type involving an emission or substance which is capable of
causing harm to any living organism or the environment. 

 “ERISA” means the United States Employee
Retirement Income Security Act of 1974 and the regulations promulgated and rulings issued thereunder. 

  
 - 8 - 

 “ERISA Affiliate” means any person that would be deemed at any relevant
time to be a single employer with the Borrower or the Target, pursuant to Section 414(b), (c), (m) or (o) of the Code or under common control with an Obligor under Section 4001 of ERISA. 

“Event of Default” means any event or circumstance specified as such in Clause 22 (Events of Default) (save for
Clause 22.14 (Acceleration)). 
 “Excluded Lease” means any lease or hire purchase contract which would, in
accordance with GAAP in force prior to 1 January 2019, have been treated as an operating lease. 

“Existing Infront
Facility Agreement” means the credit facilities agreement dated 18 May 2018 between, among others, Infront Sports & Media AG as borrower,
Infront as guarantor and UBS Switzerland AG as agent and security agent (as amended by an amendment agreement dated 21 November 2018). 

“Existing MS Facility Agreement” means the US$400,000,000 senior 364-day term loan facility agreement dated 15 March 2019
between, among others, the Borrower as borrower, Morgan Stanley Asia Limited as mandated lead arranger and bookrunner, China Construction Bank (Asia) Corporation Limited as facility agent and calculation agent. 

“Existing MS Finance Documents” means the “Finance Documents” as defined in the Existing MS Facility Agreement. 

“Existing WEH Facility Agreement” means the credit agreement dated 15 August 2019 between, among others, World Triathlon
Corporation as borrower, WEH as holdings and Deutsche Bank AG New York Branch as administrative agent and collateral agent. 

“Facility” means the senior 364-day term loan facility made available under this Agreement and comprising two tranches, being
Tranche A and Tranche B as described in Clause 2.1 (The Facility). 
 “Facility Office” means the office or offices
notified by a Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform its
obligations under this Agreement. 
 “Failure to Pay Credit Event” has the meaning given in either the 2003 ISDA Credit
Derivatives Definitions or the 2014 ISDA Credit Derivatives Definitions. 
 “FATCA” means: 

 

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

 

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

  

	 	(c)	 any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraph
(a) or (b) above with the IRS, the US government or any governmental or taxation authority in any other jurisdiction. 

“FATCA Application Date” means: 
  

	 	(a)	 in relation to a “withholdable payment” described in section 1473(1)(A)(i) of the Code (which relates
to payments of interest and certain other payments from sources within the US), 1 July 2014; or 

  
 - 9 - 

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

“FATCA Deduction” means a deduction or withholding from a payment under a Finance Document required by FATCA. 

“FATCA Exempt Party” means a Party that is entitled to receive payments free from any FATCA Deduction. 

“Fee Letter” means the arrangement fee letter dated on or about the date of this Agreement between the Arranger and the
Borrower. 
 “Finance Document” means this Agreement, the Parent Guarantee, a Transaction Security Document, the Fee Letter,
any Subordination Deed, any Utilisation Request or any other document designated as such by the Facility Agent and the Borrower. 

“Finance Lease” means any lease or hire purchase contract, or a liability under which would, in accordance with the GAAP, be
treated as a balance sheet liability (other than an Excluded Lease). 
 “Finance Party” means an Agent, the Arranger or a
Lender. 
 “Financial Half-Year” has the meaning given to that term in Clause 20.3 (Financial definitions). 

“Financial Indebtedness” means any indebtedness for or in respect of: 

 

	 	(a)	 moneys borrowed; 

  

	 	(b)	 any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;

  

	 	(c)	 any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock
or any similar instrument; 

  

	 	(d)	 the amount of any liability in respect of Finance Leases; 

 

	 	(e)	 receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis or, if sold or discounted on a recourse basis, to the extent of such recourse only); 

  

	 	(f)	 any amount raised under any other transaction (including any forward sale or purchase agreement) of a type not
referred to in any other paragraph of this definition having the commercial effect of a borrowing or otherwise classified as a borrowing in accordance with GAAP; 

 

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

  

	 	(h)	 any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of
credit or any other instrument issued by a bank or financial institution; and 

  

	 	(i)	 the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in
paragraphs (a) to (h) above. 

  
 - 10 - 

 “Financial Quarter” has the meaning given to that term in Clause 20.3
(Financial definitions). 
 “Financial Year” has the meaning given to that term in Clause 20.3 (Financial
definitions). 
 “First Test Date” has the meaning given to that term in Clause 20.3 (Financial definitions).

 “Funding Rate” means any individual rate notified by a Lender to the Facility Agent pursuant to paragraph (a)(ii) of
Clause 10.3 (Cost of funds). 
 “GAAP” means: 

 

	 	(a)	 in respect of the Parent, generally accepted accounting principles in the PRC; and 

 

	 	(b)	 in respect of the Borrower, IFRS. 

“Governmental Agency” means any government or any governmental agency, semi-governmental or judicial entity or authority
(including any stock exchange or any self-regulatory organisation established under statute). 
 “Group” means: 

 

	 	(a)	 the Parent and its Subsidiaries from time to time; and 

 

	 	(b)	 all members of the Borrower Group. 

“Group Structure Chart” means a group structure chart in form and substance satisfactory to the Facility Agent (acting on the
instructions of the Majority Lenders (acting reasonably)). 
 “Holding Company” means, in relation to a person, any other
person in respect of which it is a Subsidiary. 
 “Holding SPV Entity” means any member of the Borrower Group (other than
the Borrower) which is a holding company and established for the sole purpose of owning shares in, and advancing shareholder loans to, its Subsidiaries and which does not otherwise carry on any business or activity, own any assets or incur any
liabilities other than which is reasonably incidental to such purpose. 
 “Hong Kong” means the Hong Kong Special
Administrative Region of the PRC. 
 “IFRS” means international accounting standards within the meaning of the IAS
Regulation 1606/2002 to the extent applicable to the relevant financial statements. 
 “Illegal Lender” means a Lender to
whom an Obligor is or becomes (or would, but for any replacement of such Lender pursuant to Clause 7.8 (Replaceable Lender), be) obliged to repay or prepay pursuant to Clause 7.1 (Illegality). 

“Impaired Agent” means an Agent at any time when: 
  

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

  

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

 

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

  

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

  
 - 11 - 

 unless in the case of paragraph (a) above: 

 

	 	(i)	 its failure to pay is caused by administrative or technical error or a Disruption Event, and payment is made
within five Business Days of its due date; 

  

	 	(ii)	 that Agent is disputing in good faith whether it is contractually obliged to make the payment in question; or

  

	 	(iii)	 its failure is due to another Party failing to fund that Agent in accordance with a Finance Document.

 “Increase Confirmation” means a confirmation substantially in the form set out in Schedule 7 (Form
of Increase Confirmation). 
 “Increase Lender” has the meaning given to that term in Clause 2.2 (Increase). 

“Increased Costs Lender” means a Lender to whom the Borrower is (or would, but for any replacement of such Lender pursuant to
Clause 7.8 (Replaceable Lender), be) required to pay Increased Costs under Clause 13 (Increased Costs), to make a tax gross up payment under paragraph (a) of Clause 12.2 (Tax gross-up) or tax indemnity payment under Clause
12.3 (Tax indemnity). 
 “Indirect Tax” means any goods and services tax, consumption tax, value added tax or any tax
of a similar nature. 
 “Information Package” means the investor presentation and other documents which have been approved
by the Borrower (for such purpose) and were made available by the Arranger to selected financial institutions and other investors for the purpose of syndication or sell-down of all or any part of the Facility. 

“Infront” means Infront Holding AG. 

“Infront Disposal Proceeds” means, in respect of any Disposal referred to in proviso (B) to paragraph (j) of the
definition of “Permitted Disposal”, the consideration received or to be received in cash by any member of the Borrower Group, after deducting: 
  

	 	(a)	 any fees, costs and expenses which are incurred by the disposing entity with respect to that Disposal to
persons who are not members of the Group; and 

  

	 	(b)	 any Tax incurred and required to be paid or reserved for by the disposing entity with respect to that Disposal.

 “Infront Disposal Residual Proceeds” means the net balance of the Infront Disposal Proceeds
(a) after deducting the aggregate amount of all outstanding loans, accrued interests and all other amounts payable by any member or members of the Borrower Group under or in connection with the Infront Facility Agreement in full and
(b) after deducting any Tax incurred and required to be paid by any member of the Borrower Group for the upstreaming of the balance of the Infront Disposal Proceeds to the Borrower. 

“Infront Facility Agreement” means: 
  

	 	(a)	 the Existing Infront Facility Agreement, without taking into account any waiver in connection with, or any
amendment or supplement to any representations, warranties, undertakings, financial covenants or events of default (howsoever described) which are adverse to the interests of the Lenders; and 

  
 - 12 - 

	 	(b)	 any refinancing of the Existing Infront Facility Agreement or any subsequent Infront Facility Agreement (each a
“Previous Infront Facility Agreement”) where: 

  

	 	(i)	 the proceeds of that refinancing discharge the Financial Indebtedness under the Previous Infront Facility
Agreement in full; 

  

	 	(ii)	 the representations, warranties, undertakings, financial covenants and events of default (howsoever described)
or any other provisions associated with them with respect to that refinancing are not any more adverse (or in the case of any refinancing of the Existing Infront Facility Agreement, materially adverse, and which have been certified by a director or
chief financial officer of the Borrower as not more materially adverse) to the interests of the Lenders than under the Previous Infront Facility Agreement; 

  

	 	(iii)	 the Financial Indebtedness created as a result of that refinancing is incurred only by member(s) of the Infront
Group; and 

  

	 	(iv)	 no creditor with respect to that refinancing is at any time a member of the Borrower Group or an Affiliate of
the Borrower. 

 “Infront Group” means Infront and its Subsidiaries from time to time. 

“Infront Holding SPV Entity” means any Holding SPV Entity that directly or indirectly owns any member of the Infront Group.

 “Infront International” means Infront International Holdings AG, a company incorporated in Switzerland with registration
number CHE-491.081.520. 
 “Insolvency Event” in relation to a Finance Party means that such Finance Party: 

 

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

 

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

  

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

  

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

 

	 	(e)	 has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under
any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such
proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and: 

  

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

  
 - 13 - 

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

  

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

  

	 	(g)	 seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian or other similar official for it or for all or substantially all its assets; 

  

	 	(h)	 has a secured party take possession of all or substantially all its assets or has a distress, execution,
attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each
case within 30 days thereafter; 

  

	 	(i)	 causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has
an analogous effect to any of the events specified in paragraphs (a) to (h) above; or 

  

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

 “Interest Cover” has the meaning given to that term in Clause 20.3 (Financial
definitions). 
 “Interest Payment Date” means the last day of each Interest Period for a Loan. 

“Interest Period” means, in relation to a Loan, each period determined in accordance with Clause 9 (Interest Periods)
and, in relation to an Unpaid Sum, each period determined in accordance with Clause 8.3 (Default interest). 

“Interpolated Screen Rate” means, in relation to a Loan, the rate (rounded to the same number of decimal places as the two
relevant Screen Rates) which results from interpolating on a linear basis between: 
  

	 	(a)	 the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than
the Interest Period of that Loan; and 

  

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

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

“IRS” means the US Internal Revenue Service. 

“Issuing Entity” means any company, trust, fund or other entity (including any segregated portfolio or compartment thereof)
that: 
  

	 	(a)	 either: 

  

	 	(i)	 is or becomes a Lender under this Agreement for the purposes of entering into and/or issuing one or more
Participations; or 

  

	 	(ii)	 enters into a Participation with a Lender under this Agreement for the purposes of entering into and/or issuing
one or more further Participations; 

  
 - 14 - 

	 	(b)	 has a mandate, arrangement or other similar agreement with any Original Lender or any Affiliate of that
Original Lender (whether or not exclusive) for the issuance of notes, bonds, securities and/or similar obligations (“Obligations”); or 

  

	 	(c)	 is not itself an Affiliate of (i) the Original Lender, or (ii) the Affiliate of the Original Lender,
with which the Issuing Entity has a mandate for the issuance of Obligations as described in paragraph (b) above; and 

enters into such Obligations on the basis that any claim against the Issuing Entity by a creditor in respect of such Obligations will be
limited to a specified pool of assets and/or interests, and that any such creditor shall be bound, in respect of a claim against the Issuing Entity, by a limited recourse provision the effect of which is substantially similar to Clause 45
(Limited Recourse and Non-Petition). 
 “Legal Reservations” means: 

 

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

 

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

 

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

 

	 	(d)	 similar principles, rights and defences in respect of the enforceability of a contract, agreement or
undertaking under the laws of any relevant jurisdiction; and 

  

	 	(e)	 any other matters which are set out as qualifications or reservations as to matters of law of general
application and which are set out in the legal opinions delivered to the Facility Agent under Schedule 2 (Conditions Precedent). 

“Lender” means: 
  

	 	(a)	 the Original Lender; and 

 

	 	(b)	 any person which has become a Party in accordance with Clause 2.2 (Increase) or Clause 23 (Changes to
the Lenders), 

 which in each case has not ceased to be a Party as such in accordance with the terms of this
Agreement. 
 “LIBOR” means, in relation to a Loan: 

 

	 	(a)	 the applicable Screen Rate as of the Specified Time on the Quotation Day for the currency of that Loan and for
a period equal in length to the Interest Period of that Loan; or 

  

	 	(b)	 as otherwise determined pursuant to Clause 10.1 (Unavailability of Screen Rate), 

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

“Loan” means the Tranche A Loan or the Tranche B Loan (as the context may require). 

  
 - 15 - 

 “Loan Participation Obligations” means any loan participation notes, bonds
or securities or similar notes, bonds, securities, loans or other obligations issued or entered into by an Issuing Entity in respect of which such Issuing Entity is obliged to make certain payments to the holders or any other person by reference to
(or in reliance on payment received pursuant to or from) one or more Finance Documents and/or one or more Obligors. 
 “London
Business Day” means a day (other than a Saturday or Sunday) on which banks are open for general business in London. 

“Majority Lenders” means a Lender or Lenders whose Commitments aggregate more than 662/3 per cent. of the Total
Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 662/3 per cent. of the Total Commitments immediately prior to the reduction). 

“Margin” means, at any time and in respect of each Tranche, the rate specified next to such time below: 

 

			
	 Month(s) after the first Utilisation Date

(or time specified below)
	  	Margin
	 1st Month
	  	3.00 per cent. per annum
	 2nd Month
	  	6.00 per cent. per annum
	 3rd Month
	  	6.50 per cent. per annum
	 4th Month
	  	7.00 per cent. per annum
	 5th Month
	  	7.50 per cent. per annum
	 6th Month
	  	8.00 per cent. per annum
	 7th Month
	  	9.50 per cent. per annum
	 8th Month
	  	9.75 per cent. per annum
	 9th Month
	  	10.00 per cent. per annum
	 10th Month
	  	10.25 per cent. per annum
	 11th Month
	  	10.75 per cent. per annum
	 12th Month and at any time
thereafter
	  	11.00 per cent. per annum

 “Margin Stock” means margin stock or “margin security” within the meaning of
Regulations T, U and X. 
 “Market CDS” means a credit derivative transaction or credit linked note transaction entered into
or issued by a Lender or any other person which references one or more Obligors and is subject to either the 2003 ISDA Credit Derivatives Definitions or the 2014 ISDA Credit Derivatives Definitions or any similar provisions. 

“Market CDS Counterparty” means any counterparty to, or investor in, a Market CDS, or any agent, trustee or service provider
in respect of a Market CDS. 

  
 - 16 - 

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

 

	 	(a)	 the business, assets, financial condition or results of operation of any Obligor and the Group (taken as a
whole); 

  

	 	(b)	 the ability of any of the Obligors to perform its payment obligations under the Finance Documents; or

  

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

“Maturity Date” means the date falling 364 days from the first Utilisation Date. 

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

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

 

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

  

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

 The above rules will only apply to
the last Month of any period. 
 “NASDAQ” means the NASDAQ Stock Market, on which the Shares are listed. 

“NBWD” has the meaning given to the term nei bao wai dai (内保外贷) in the NBWD Regulations.

 “NBWD Regulations” means the Administrative Regulations on Cross Border Guarantee
(《跨境担保外汇管理规定》汇发【2014】29 号) issued by SAFE on 12 May 2014 and its implementation rules and interpretations. 

“New Business Group” means any member of the Borrower Group and its Subsidiaries, other than where that member of the Borrower
Group is: 
  

	 	(a)	 the Borrower; 

  

	 	(b)	 any Infront Holding SPV Entity; (c) any WEH Holding SPV Entity; 

 

	 	(d)	 any member of the Infront Group; or 

 

	 	(e)	 any member of the WEH Group. 

“New Lender” has the meaning given to that term in Clause 23 (Changes to the Lenders). 

  
 - 17 - 

 “Non-Consenting Lender” means any Lender which does not consent to any
decision requiring a waiver or amendment or other consent requested in respect of the Facility or any Finance Document, if: 
  

	 	(a)	 any Obligor, through the Facility Agent, has requested that consent, waiver or amendment in relation to any
Finance Document; 

  

	 	(b)	 the consent, waiver or amendment in question requires the approval of all the Lenders; and

  

	 	(c)	 Lenders whose Commitments aggregate more than 80 per cent. of the Total Commitments (or, if the Total
Commitments have been reduced to zero, aggregated more than 80 per cent. of the Total Commitments immediately prior to the reduction) have agreed to that consent, waiver or amendment. 

“Non-Responding Lender” means any Lender that fails to: 

 

	 	(a)	 accept or reject a request by or on behalf of any of the Obligors for any waiver, amendment or other consent
requested in relation to the Facility (or respond to such request including by way of requesting, acting reasonably, additional information or time to consider the same) within 10 Business Days (or, if the Borrower agrees to a longer time period in
relation to that request or the Borrower specifies a longer period in that request during which a Lender may respond, on or prior to the expiry of such longer period so agreed or specified by the Borrower) of a written request; or

  

	 	(b)	 sign a Transfer Certificate or an Assignment Agreement within seven Business Days from the date of completion
by such Lender (to its satisfaction) of all necessary “know your customer” or other similar checks under all applicable laws and regulations required to be performed by such Lender following any request pursuant to paragraph (d) of
Clause 7.8 (Replaceable Lender). 

 “Notifiable Debt Purchase
Transaction” has the meaning given to that term in Clause 25.2 (Disenfranchisement of Parent Affiliates). 

“Obligors” means the Borrower, the Parent, the Target and each other party to a Transaction Security Document (in each case,
other than the Finance Parties) and “Obligor” means each one of them. 
 “Obligors’ Agent” means the
Borrower, appointed to act on behalf of each other Obligor in relation to the Finance Documents pursuant to Clause 2.4 (Obligors’ Agent) and the Transaction Security Documents. 

“Open Order” has the meaning given to that term in Clause 25.1 (Permitted Debt Purchase Transactions). 

“Open Order Process” has the meaning given to that term in Clause 25.1 (Permitted Debt Purchase Transactions).

 “Original Financial Statements” means: 
  

	 	(a)	 in relation to the Borrower, its audited consolidated financial statements for its financial year ended 31
December 2018; and 

  

	 	(b)	 in relation to the Parent, its audited consolidated financial statements for its financial year ended 31
December 2018. 

  
 - 18 - 

 “Parent” means
大连万达集团股份有限公司 (Dalian Wanda Group Co., Ltd.), a company limited by shares incorporated under the laws of the PRC with unified social credit code 91210200241281392F.

 “Parent Guarantee” means the Hong Kong law governed guarantee (in form and substance satisfactory to the Facility Agent
(acting reasonably)) entered into by the Parent as guarantor in favour of the Facility Agent on or about the date of this Agreement. 

“Parent Affiliate” means the Parent and each of its Affiliates. 

“Participant” means each person to whom a Lender or any other person (including, without limitation, any Issuing Entity) will
make payments under a Participation Agreement (including, without limitation, any person with a legal, beneficial or economic interest (whether direct or indirect) in any Loan Participation Obligations or any other bonds, notes, interests, units,
securities, agreements or instruments of any type referencing any payments or interests in respect of a Loan). 
 “Participating
Member State” means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to the Economic and Monetary Union. 

“Participation” means a fee letter, sub-participation, credit derivative (including a credit default swap or credit linked
note), loan participation notes, loan, total return swap or any other agreement or instrument between a Lender or any other person (including, without limitation, any Issuing Entity) and a Participant, or issued by a Lender or any other person
(including, without limitation, any Issuing Entity) in favour of a Participant (or any similar transaction of broadly equivalent economic effect, including, without limitation, the Loan Participation Obligations), whether directly or indirectly,
under which such Lender or other person is obliged to make certain payments to the Participant by reference to (or in reliance on payments received pursuant to or from) one or more Finance Documents and/or one or more Obligors, but excluding any
assignment, transfer or novation of any of a Lender’s Commitments and/or rights and/or obligations of a Lender in accordance with Clause 23.1 (Assignments and Transfers by Lenders). 

“Participation Agreement” means each agreement, instrument (including, without limitation, any Loan Participation Obligations
and/or any other notes and/or securities) or letter between a Lender or any other person and a Participant (or issued by a Lender or any other person in favour of, and held directly or indirectly by, any Participant) in respect of a Participation.

 “Party” means a party to this Agreement. 

“Perfection Requirements” means the making of the appropriate registrations (including registration of charges), filings,
endorsements, notarisations, stamping, notifications or other actions or steps to be made in any jurisdiction in order to perfect Security created by a Transaction Security Document and/or in order to achieve the relevant priority for the Security
created thereunder set out in each Transaction Security Document. 
 “Permitted Acquisition” means: 

 

	 	(a)	 any acquisition or investment which constitutes or is part of a Permitted Disposal or a Permitted Transaction;

  

	 	(b)	 any acquisition by the Borrower or any member of a Borrower Group of the entirety of the issued share capital
of or equity interests in a limited liability company or entity (including by way of formation) which has not traded and has no assets or any liabilities prior to the date of such acquisition; 

  
 - 19 - 

	 	(c)	 any acquisition or investment to which the Facility Agent (acting on the instructions of the Majority Lenders)
shall have given prior written consent; or 

  

	 	(d)	 any acquisition or investment which is: 

 

	 	(i)	 with respect to the Infront Group, expressly permitted under the Infront Facility Agreement;

  

	 	(ii)	 with respect to the WEH Group, expressly permitted under the WEH Facility Agreement; or 

 

	 	(iii)	 made by the Borrower, any WEH Unrestricted Subsidiary or any member of a New Business Group, provided that
immediately after the completion of such acquisition or investment, the Adjusted Leverage Ratio for the most recently ended Relevant Period immediately preceding the date on which such acquisition or investment is completed is less than 5.0:1 on a
pro forma basis. 

 “Permitted Disposal” means a Disposal: 

 

	 	(a)	 of trading stock, inventory or cash in the ordinary course of business of the disposing entity being a member
of a New Business Group; 

  

	 	(b)	 of assets in exchange for, replacement for or investment in other assets (which are of a comparable or superior
type, value or quality) which are used in the operation of the business of a New Business Group; 

  

	 	(c)	 of assets (other than shares, businesses and intellectual property) which are obsolete, redundant or no longer
required for the business or operations of a New Business Group for cash; 

  

	 	(d)	 of cash which is not specifically prohibited by the terms of the Finance Documents; 

 

	 	(e)	 arising as a result of any Permitted Security, or which constitutes, is part of, or is made under or is
necessary to implement, a Permitted Transaction, Permitted Payment, Permitted Financial Indebtedness or is otherwise expressly permitted in a Finance Document; 

 

	 	(f)	 constituting a licence, lease, sub-licence or sub-lease of real property or a licence of intellectual property,
in each case between members of the Borrower Group or in the ordinary course of business of a New Business Group; 

  

	 	(g)	 of rights relating to hedging transactions, constituted by any termination or close out of such hedging
transaction, where such hedging transaction entered into by a member of a New Business Group for the purpose of: 

  

	 	(i)	 hedging any risk to which any member of the Borrower Group is exposed in its ordinary course of trading; or

  

	 	(ii)	 its interest rate or currency management operations which are carried out in the ordinary course of business
and for non-speculative purposes only; or 

  

	 	(iii)	 any other hedging transaction to which the Facility Agent (acting on the instructions of the Majority Lenders)
shall have given prior written consent, 

 excluding, in each case, any Disposal under a credit support arrangement in
relation to a hedging transaction; 

  
 - 20 - 

	 	(h)	 of the entire issued share capital of, or all or substantially all of the assets of, the Target, provided
that: 

  

	 	(i)	 the Disposal Proceeds in respect of such disposal payable on the closing date are sufficient to discharge the
Loans and all other amounts payable under the Finance Documents in full, and are (upon the completion of such disposal) applied towards prepayment of the Loans and payment of all other amounts payable under the Finance Documents in full; and

  

	 	(ii)	 the requirements specified in paragraphs (b)(ii)(A) of Clause 21.26 (Conditions subsequent) have been
(or will simultaneously with the Disposing Entity’s entry into the SPA be) complied with; 

  

	 	(i)	 to which the Facility Agent (acting on the instructions of the Majority Lenders) shall have given prior written
consent; or 

  

	 	(j)	 which is: 

  

	 	(i)	 with respect to the Infront Group, expressly permitted under the Infront Facility Agreement;

  

	 	(ii)	 with respect to the WEH Group, expressly permitted under the WEH Facility Agreement; or 

 

	 	(iii)	 made by the Borrower, any WEH Unrestricted Subsidiary or any member of a New Business Group, 

 provided that: 
  

	 	(A)	 immediately after the completion of such Disposal, the Adjusted Leverage Ratio for the most recently ended
Relevant Period immediately preceding the date on which such Disposal is completed is less than 5.0:1 on a pro forma basis; and 

  

	 	(B)	 if any such Disposal constitutes a change of control (howsoever described) or would otherwise trigger an event
of default or mandatory prepayment in full under the Infront Facility Agreement: 

  

	 	(1)	 the Infront Disposal Proceeds in respect of such Disposal must be sufficient to prepay the outstanding loans,
accrued interests and all other amounts payable under or in connection the Infront Facility Agreement in full; and 

  

	 	(2)	 any Infront Disposal Residual Proceeds must be applied towards prepayment of the outstanding Loans in
accordance with Clause 7.5 (Mandatory prepayment – Infront Disposal Proceeds), 

 provided further that
none of the foregoing exceptions shall apply to the Disposal of any Charged Property, all or any of the shares in the Target or all or substantially all of the assets of the Target (except, in each case, for any Disposal constituted by the grant
of Transaction Security or made pursuant to paragraph (h) above). 
 “Permitted Financial Indebtedness” means Financial
Indebtedness: 
  

	 	(a)	 arising under any of the Finance Documents; 

  
 - 21 - 

	 	(b)	 arising under the Existing MS Finance Documents, provided that such Financial Indebtedness is discharged
in full within one Business Day after the first Utilisation Date; 

  

	 	(c)	 which constitutes: 

  

	 	(i)	 the Subordinated Receivable; 

 

	 	(ii)	 any other shareholder loan advanced from time to time by a Subordinated Creditor to the Borrower or (as
applicable) the Target, 

 which is subordinated to the Facility on the terms set out in a Subordination Deed; 

 

	 	(d)	 constituting, or that is part of or made or incurred under, a Permitted Guarantee, a Permitted Payment under
paragraph (a) of its definition or a Permitted Transaction; 

  

	 	(e)	 any Financial Indebtedness incurred to refinance in full all outstanding amounts under the Finance Documents;

  

	 	(f)	 which the Facility Agent (acting on the instructions of the Majority Lenders) shall have given prior written
consent; 

  

	 	(g)	 arising under the Existing Infront Facility Agreement or the Existing WEH Facility Agreement (or any
“Finance Document” defined under any such facility agreement), provided that the maximum principal amount that can be borrowed under such facility agreement is not increased after the date of this Agreement; or

  

	 	(h)	 which is: 

  

	 	(i)	 with respect to the Infront Group, expressly permitted under the Infront Facility Agreement;

  

	 	(ii)	 with respect to the WEH Group, expressly permitted under the WEH Facility Agreement (provided that, the
incurrence of any additional Financial Indebtedness (after the date of this Agreement) by the WEH Group pursuant to paragraphs (a), (j), (p), (q), (u), (w), (y) and (z) of section 6.01 of the Existing WEH Facility Agreement is only allowed
after the date falling three Months after the first Utilisation Date) (and, if the debt under the Existing WEH Facility Agreement is refinanced within three Months after the first Utilisation Date, this paragraph shall be construed as if the
restrictions under the Existing WEH Facility Agreement remained applicable and constituted part of the terms of the new WEH Facility Agreement until the expiry of such period); 

 

	 	(iii)	 incurred by any member of the Infront Group; 

 

	 	(iv)	 with respect to any member of the WEH Group (A) for the period from (and including) the date of this
Agreement to (and including) the date falling three Months after the first Utilisation Date, incurred (1) as of the date of this Agreement (provided that any revolving facility, ancillary facility, letter of credit or other credit line
available to any member of the WEH Group as of the date of this Agreement may, from time to time, be repaid, redrawn or utilised up to the maximum amount of such credit line as of the date of this Agreement for such member of the WEH Group) or
(2) from any other member of the WEH Group and (B) incurred at any time after the date falling three Months after the first Utilisation Date; or 

  

	 	(v)	 incurred by any member of a New Business Group,  

  
 - 22 - 

 provided that: 

 

	 	(A)	 in each case under sub-paragraphs (i) to (v) above, immediately after the incurrence of such Financial
Indebtedness, the Adjusted Leverage Ratio for the most recently ended Relevant Period immediately preceding the date on which such Financial Indebtedness is incurred is less than 5.0:1 on a pro forma basis; and 

 

	 	(B)	 no member of the WEH Group may incur any Financial Indebtedness from any other member of the Group (which is
not a member of the WEH Group). 

 “Permitted Guarantee” means: 

 

	 	(a)	 any guarantee or indemnity under the Finance Documents; 

 

	 	(b)	 any guarantee or indemnity under the Existing MS Finance Documents, provided that the Financial
Indebtedness under the Existing MS Finance Documents is discharged in full within one Business Day after the first Utilisation Date; 

  

	 	(c)	 any guarantee or indemnity granted by the Borrower, an Infront Holding SPV Entity, a WEH Holding SPV Entity or
a member of a New Business Group to a financial institution on that financial institution’s standard terms and conditions (or better) or under applicable law in respect of accounts and services (other than, for the avoidance of doubt, Financial
Indebtedness); 

  

	 	(d)	 any guarantee or indemnity granted by the Borrower, an Infront Holding SPV Entity, a WEH Holding SPV Entity or
a member of a New Business Group as required by a court, tribunal, arbitral body or agency in connection with arbitration and other legal proceedings not otherwise being an Event of Default; 

 

	 	(e)	 any indemnity given by the Borrower or a member of a New Business Group, in the ordinary course of the
documentation of an acquisition or disposal transaction which is a Permitted Acquisition or Permitted Disposal which indemnity is in a customary form and subject to customary limitations; 

 

	 	(f)	 any guarantee or indemnity given by the Borrower, an Infront Holding SPV Entity, a WEH Holding SPV Entity or a
member of a New Business Group to a landlord in the ordinary course of business and any guarantee or counter indemnity in favour of a financial institution which has guaranteed rent obligations of such person in respect of real property in the
ordinary course of business for such person; 

  

	 	(g)	 any customary guarantee or indemnity given by the Borrower, an Infront Holding SPV Entity, a WEH Holding SPV
Entity or a member of a New Business Group in a mandate, engagement or commitment letter in favour of a professional adviser, banker, consultant or service provider; 

 

	 	(h)	 any customary indemnity given by the Borrower, an Infront Holding SPV Entity, a WEH Holding SPV Entity or a
member of a New Business Group in favour of a director or officer of that member of the Borrower Group in connection with the performance of his or her duties as such; 

 

	 	(i)	 any guarantee or indemnity to which the Facility Agent (on the instructions of the Majority Lenders) has given
prior written consent; or 

  
 - 23 - 

	 	(j)	 any guarantee which is: 

 

	 	(i)	 with respect to the Infront Group, expressly permitted under the Infront Facility Agreement (other than a
guarantee of Borrowings); 

  

	 	(ii)	 with respect to the WEH Group, expressly permitted under the WEH Facility Agreement (other than a guarantee of
Borrowings); 

  

	 	(iii)	 given by any member of the Infront Group or any member of the WEH Group; or 

 

	 	(iv)	 given by any member of a New Business Group, 

provided that, in each case under sub-paragraphs (i) to (iv) above, immediately after the giving of such guarantee, the Adjusted
Leverage Ratio for the most recently ended Relevant Period immediately preceding the date on which such guarantee is given is less than 5.0:1 on a pro forma basis (and, for the avoidance of doubt, no such guarantee is given by the Borrower).

 “Permitted Payment” means: 
  

	 	(a)	 a Restricted Payment made by a member of the Borrower Group to any other member of the Borrower Group;

  

	 	(b)	 any loan or credit constituted by any cash credit balance at a bank or other financial institution;

  

	 	(c)	 any trade credit extended in the ordinary course of business and/or any advance payment made in the ordinary
course of business of any member of a New Business Group; 

  

	 	(d)	 any Restricted Payment which is: 

 

	 	(i)	 with respect to the Infront Group, expressly permitted under the Infront Facility Agreement to be made to any
member of the Borrower Group; or 

  

	 	(ii)	 with respect to the WEH Group, expressly permitted under the WEH Facility Agreement to be made to any member of
the Borrower Group; 

  

	 	(e)	 any Restricted Payment to which the Facility Agent (on the instructions of the Majority Lenders) has given
prior written consent; or 

  

	 	(f)	 any Restricted Payment where the Restricted Payment is made when no Default is continuing or would occur
immediately after the declaration (in the case of a dividend distribution by the Borrower) or making (in any other case) of the Restricted Payment and the aggregate amount of the Restricted Payment and: 

 

	 	(g)	 all other Restricted Payments made by the Borrower pursuant to this paragraph: 

 

	 	(i)	 since the date of this Agreement would not exceed 50 per cent. of the Consolidated Net Income accrued
during the period (treated as one accounting period) from the beginning of the Financial Quarter during which signing of this Agreement occurs to the end of the most recent Financial Quarter (for which financial statements are available) immediately
prior to the date such Permitted Payment is made (or, in case such Consolidated Net Income shall be a deficit, minus 100 per cent. of such deficit); or 

  

	 	(ii)	 immediately after the making of the Restricted Payment, the Adjusted Leverage Ratio for the most recently ended
Relevant Period immediately preceding the date on which such Restricted Payment is made is less than 3.5:1 on a pro forma basis. 

  
 - 24 - 

 “Permitted Security” means: 

 

	 	(a)	 any Security or Quasi-Security arising by operation of law and in the ordinary course of trading and not
arising as a result of any default or omission by any member of the Borrower Group; 

  

	 	(b)	 any Security or Quasi-Security granted to a financial institution on that financial institution’s standard
terms and conditions (or better) or under applicable law in respect of accounts and services; 

  

	 	(c)	 any Security or Quasi-Security arising under any retention of title, hire purchase or conditional sale
arrangement or arrangements having similar effect in respect of goods supplied to a member of a New Business Group in the ordinary course of trading and on the supplier’s standard or usual terms and not arising as a result of any default or
omission by any member of a New Business Group; 

  

	 	(d)	 any Security or Quasi-Security which constitutes a Permitted Disposal; 

 

	 	(e)	 any netting or set-off arrangement entered into by the Borrower or a member of the New Business Group in the
ordinary course of its banking arrangements for the purpose of netting debit and credit balances; 

  

	 	(f)	 any set-off arrangements under Permitted Financial Indebtedness; 

 

	 	(g)	 any Security or Quasi-Security arising or constituted under a Finance Document; 

 

	 	(h)	 any Security over any rental deposits in respect of any property leased or licensed by the Borrower or any
other member of the Borrower Group to secure rental payment obligations; 

  

	 	(i)	 any Security over documents of title and goods, rights relating to those goods and ancillary assets (including
insurance relating to such goods) granted by any member of a New Business Group as part of a documentary credit transaction; 

  

	 	(j)	 any Security or Quasi-Security over cash paid into an escrow or similar account in connection with a Permitted
Disposal or a Permitted Acquisition including those in favour of any tax, customs or bonding authorities; 

  

	 	(k)	 any cash collateral provided in respect of letters of credit or bank guarantees to the issuer of those letters
of credit or bank guarantees (where such letters of credit or bank guarantees are issued for the benefit of any member of a New Business Group); 

  

	 	(l)	 deposits to secure the performance of bids, trade contracts, governmental contracts and leases (in each case
other than Financial Indebtedness), statutory obligations, surety, stays, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure health, safety and environmental obligations) of the Borrower or
any member of a New Business Group incurred in the ordinary course of business of that New Business Group; 

  

	 	(m)	 any Security or Quasi-Security to which the Facility Agent (acting on the instructions of the Majority Lenders)
shall have given prior written consent; 

  

	 	(n)	 any Security or Quasi-Security which is: 

 

	 	(i)	 with respect to the Infront Group, expressly permitted under the Infront Facility Agreement;

  

	 	(ii)	 with respect to the WEH Group, expressly permitted under the WEH Facility Agreement; or 

  
 - 25 - 

	 	(iii)	 granted by: 

  

	 	(A)	 the Borrower, an Infront Holding SPV Entity, a WEH Holding SPV Entity or a member of a New Business Group with
respect to such Security or Quasi- Security which arises out of judgments or awards and/or the rules of any applicable court in respect of any litigation involving such persons; 

 

	 	(B)	 any member of the Infront Group or any member of the WEH Group; or 

 

	 	(C)	 any member of a New Business Group, 

provided that, in each case under sub-paragraphs (A) to (C) above, immediately after the incurrence of Financial Indebtedness
which is secured by such Security or Quasi- Security, the Adjusted Leverage Ratio for the most recently ended Relevant Period immediately preceding the date on which such Financial Indebtedness is incurred is less than 5.0:1 on a pro forma
basis, 
 provided further that none of the foregoing exceptions (other than paragraphs (b) and (e) (in each case, to the
extent that it relates to the DSRA), (g) and (m) above) shall apply to any Charged Property, the shares in the Target or any assets of the Target. 

“Permitted Transaction” means: 
  

	 	(a)	 any transaction to which the Facility Agent (acting on the instructions of the Majority Lenders) shall have
given prior written consent to constitute a Permitted Transaction; or 

  

	 	(b)	 the solvent liquidation, reorganisation, merger, demerger, amalgamation, consolidation or corporate
reconstruction of any member of the Borrower Group (other than the Borrower, the Target and WEH), provided that immediately after the entry into such transaction, the Adjusted Leverage Ratio for the most recently ended Relevant Period immediately
preceding the date on which such transaction is entered into is less than 5.0:1 on a pro forma basis. 

“PRC” means the People’s Republic of China, but (solely for the purposes of the Finance Documents) excluding Hong Kong,
the Macau Special Administrative Region and Taiwan. 
 “Price Sensitive Information” has the meaning given to that term in
Clause 27 (Price-Sensitive Information). 
 “Pro Rata Share” means, at any time: 

 

	 	(a)	 for the purpose of determining a Lender’s participation in a Utilisation under a Tranche, the proportion
which its Commitment under such Tranche then bears to the aggregate Commitments under such Tranche; 

  

	 	(b)	 for the purpose of determining a Lender’s share in any prepayment of a Loan, the proportion which a
Lender’s participation in that Loan bears to that Loan; and 

  

	 	(c)	 for any other purpose: 

 

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

  

	 	(ii)	 if there is no Loan then outstanding, the proportion which its Commitments under each Tranche then bear to the
Total Commitments; or 

  
 - 26 - 

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

 “Purchase Agent” has
the meaning given to that term in Clause 25.1 (Permitted Debt Purchase Transactions). 
 “Quarter Date” has
the meaning given to that term in Clause 20.3 (Financial definitions). 
 “Quasi-Security” means: 

 

	 	(a)	 any arrangement or transaction under which the Borrower or any other member of the Borrower Group will sell,
transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or reacquired by the Borrower or any other member of the Borrower Group; 

 

	 	(b)	 any arrangement or transaction under which the Borrower or any other member of the Borrower Group will sell,
transfer or otherwise dispose of any of its receivables on recourse terms; 

  

	 	(c)	 any title retention arrangement; 

 

	 	(d)	 any arrangement under which money or the benefit of a bank or other account may be applied, set off or made
subject to a combination of accounts; or 

  

	 	(e)	 any other preferential arrangement having a similar effect, 

in circumstances where the arrangement or transaction is entered into primarily as a method of raising or assuring the payment of Financial
Indebtedness or of financing the acquisition of an asset. 
 “Quotation Day” means, in relation to any period for which an
interest rate is to be determined, two London Business Days before the first day of that period (unless market practice differs in the Relevant Market for that currency, in which case the Quotation Day for that currency will be determined by the
Facility Agent in accordance with market practice in the Relevant Market (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days)). 

“Receiver” means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged
Property. 
 “Regulations T, U and X” means, respectively, Regulations T, U and X of the Board of Governors of the Federal
Reserve System of the United States. 
 “Related Fund in relation to a fund (the “first fund”), means a fund
which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of
the investment manager or investment adviser of the first fund. 
 “Relevant Market” means the London interbank market. 

“Relevant Period” has the meaning given to that term in Clause 20.3 (Financial definitions). 

“Relevant Obligation” means any obligation of any Obligor under any Finance Document. 

  
 - 27 - 

 “Repeating Representations” means each of the representations set out in
Clause 18 (Representations) other than: 
  

	 	(a)	 Clause 18.7 (Deduction of Tax); 

 

	 	(b)	 Clause 18.8 (No filing or stamp taxes); 

 

	 	(c)	 paragraph (a) of Clause 18.9 (No default); 

 

	 	(d)	 paragraphs (a) to (d) of Clause 18.10 (No misleading information); 

 

	 	(e)	 paragraphs (a) and (c) of Clause 18.11 (Financial statements); 

 

	 	(f)	 Clause 18.12 (Pari passu ranking); 

 

	 	(g)	 Clause 18.13 (No proceedings); 

 

	 	(h)	 Clauses 18.15 (No debt) to 18.18 (Group Structure Chart); 

 

	 	(i)	 Clause 18.24 (Anti-corruption Law); and 

 

	 	(j)	 Clauses 18.26 (Environmental compliance) to 18.31 (ERISA and Multiemployer Plans).

 “Replaceable Lender” means: 
  

	 	(a)	 a Defaulting Lender; 

 

	 	(b)	 an Increased Costs Lender; 

 

	 	(c)	 an Illegal Lender; or 

 

	 	(d)	 a Non-Consenting Lender. 

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

“Restricted Countries” means, as of the date of this Agreement, Cuba, Iran, North Korea, Syria and the region of Crimea and/or
any other country or region subject to Sanctions, as notified from time to time to the Borrower by the Facility Agent (for itself or acting on behalf of any other Finance Party). 

“Restricted Parties” means any person, entity or party (a) located, domiciled, resident or incorporated in a Restricted
Country; or (b) the government of a Restricted Country; or (c) subject to Sanctions; or (d) controlling, controlled by, or under common control with, any person, entity or party referred to under (a) to (c) above. 

“Restricted Payment” with respect to any person means: 

 

	 	(a)	 the declaration or payment of any dividends or any other distributions of any sort in respect of its shares,
stock or other equity interests or similar payment to the direct or indirect holders of its shares, stock or other equity interests; 

  

	 	(b)	 a payment by a person being the creditor in respect of Financial Indebtedness; 

 

	 	(c)	 the repayment of any Financial Indebtedness (including the Subordinated Receivable) by a person to any of its
Affiliates; or 

  

	 	(d)	 the purchase, call for redemption, redemption or other acquisition or retirement for value by that person of
any shares, stock or other equity interests of that person or any of its Subsidiaries. 

  
 - 28 - 

 “Restructuring Credit Event” has the meaning given in either the 2003 ISDA
Credit Derivatives Definitions or the 2014 ISDA Credit Derivatives Definitions; provided that in each case Section 4.7(b) and (c) shall not apply. 

“SAFE” means the State Administration of Foreign Exchange of the PRC or its local counterpart. 

“Sanctions” means any economic and/or trade sanctions laws, regulations, embargoes or restrictive measures administered,
enacted or enforced by (a) the United Nations; (b) the European Union; (c) the United States Treasury Department’s Office of Foreign Assets Control; (d) the US Department of State; (e) the State Secretariat for Economic
Affairs of Switzerland or the Swiss Directorate of International Law; (f) Her Majesty’s Treasury of the United Kingdom; (g) the Monetary Authority of Singapore and (h) the Hong Kong Monetary Authority and/or any other body
notified from time to time in writing to the Borrower by the Facility Agent (acting for itself or on behalf of any other Finance Party). 

“Screen Rate” means, in relation to LIBOR, the London interbank offered rate administered by ICE Benchmark Administration
Limited (or any other person which takes over the administration of that rate) for the relevant currency and period displayed (before any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson
Reuters screen (or any replacement Thomson Reuters page which displays that rate). 
 “SEC” means the US Securities and
Exchange Commission. 
 “Secured Obligations” means all present and future obligations and liabilities (whether actual or
contingent and whether owed jointly or severally or in any other capacity whatsoever) of each Obligor to any Secured Party under each Finance Document, including interest and fees that accrue after the commencement by or against any Obligor or any
Affiliate thereof of any proceeding under any US Debtor Relief Laws naming such person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

“Secured Parties” means each Finance Party from time to time party to this Agreement and any Receiver or Delegate. 

“Security” means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person or any
other agreement or arrangement having a similar effect. 
 “Shares” means the ordinary shares in the capital of the Borrower
and all other shares or stock (if any) of the Borrower from time to time and for the time being ranking pari passu with the ordinary shares. 

“SPA” means the sale and purchase agreement to be entered into: 

 

	 	(a)	 between the Borrower and the purchaser(s) in relation to the sale of the entire issued share capital of the
Target; or 

  

	 	(b)	 between the Target and the purchaser(s) in relation to the sale of all or substantially all of the assets of
the Target. 

 “Solicitation Day” has the meaning given to that term in Clause 25.1 (Permitted Debt
Purchase Transactions). 
 “Solicitation Process” has the meaning given to that term in Clause 25.1 (Permitted
Debt Purchase Transactions). 
 “Specified Time” means a day or time determined in accordance with Schedule 9
(Timetables). 

  
 - 29 - 

 “Subordinated Creditor” means each person party as a subordinated creditor
to a Subordination Deed. 
 “Subordinated Receivable” means the outstanding receivable payable by the Borrower to Wanda
Sports & Media in the amount of US$50,000,000. 
 “Subordination Deed” means a subordination deed between the
Borrower or (as applicable) the Target and one or more creditors of the Borrower or (as applicable) the Target (in form and substance satisfactory to the Facility Agent (acting reasonably)), pursuant to which the relevant creditor agrees that its
claims against the Borrower or (as applicable) the Target in respect of such intercompany indebtedness are subordinated to the Secured Obligations. 

“Subsidiary” means, in relation to any company or corporation, a company or corporation: 

 

	 	(a)	 which is controlled, directly or indirectly, by the first mentioned company or corporation;

  

	 	(b)	 more than half the issued equity share capital of which is beneficially owned, directly or indirectly, by the
first mentioned company or corporation; or 

  

	 	(c)	 which is a Subsidiary of another Subsidiary of the first mentioned company or corporation,

 and, for this purpose, a company or corporation shall be treated as being controlled by another if that other company or
corporation is able to direct its affairs and/or to control the composition of its board of directors or equivalent body. 

“Tax” means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest
payable in connection with any failure to pay or any delay in paying any of the same). 
 “Tax Deduction” has the meaning
given to such term in Clause 12.1 (Tax definitions). 
 “Total Commitments” means at any time the aggregate of the
Total Tranche A Commitments and the Total Tranche B Commitments. 
 “Total Net Debt” has the meaning given to that term in
Clause 20.3 (Financial definitions). 
 “Total Tranche A Commitments” means the aggregate of the Tranche A
Commitments (being US$230,000,000 at the date of this Agreement). 
 “Total Tranche B Commitments” means the aggregate of
the Tranche B Commitments (being US$10,000,000 at the date of this Agreement). 
 “Tranche A” has the meaning set forth in
Clause 2.1 (The Facility). 
 “Tranche A Loan” means the loan made or to be made under Tranche A or the principal
amount outstanding for the time being of that loan. 
 “Tranche A Commitment” means: 

 

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

 

	 	(b)	 in relation to any other Lender, the amount of any Tranche A Commitment transferred to it under this Agreement
or assumed by it in accordance with Clause 2.2 (Increase), to the extent not cancelled, reduced or transferred by it under this Agreement. 

  
 - 30 - 

 “Tranche B” has the meaning set forth in Clause 2.1 (The Facility).

 “Tranche B Loan” means the loan made or to be made under Tranche B or the principal amount outstanding for the time being
of that loan. 
 “Tranche B Commitment” means: 
  

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

 

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

 to the extent not cancelled, reduced or transferred by
it under this Agreement. 
 “Tranches” means, collectively, Tranche A and Tranche B and “Tranche” means any
of them. 
 “Transaction Security” means the Security created or expressed to be created in favour of the Security Agent
pursuant to the Transaction Security Documents. 
 “Transaction Security Documents” means: 

 

	 	(a)	 the WEH Share Charge; 

 

	 	(b)	 the Assignment of SPA; 

 

	 	(c)	 the DSRA Charge; 

  

	 	(d)	 any other document evidencing or creating or expressed to evidence or create Security over any asset to secure
any obligation of any Obligor to a Secured Party under the Finance Documents; and 

  

	 	(e)	 any other document designated as such by the Facility Agent and the Borrower. 

“Transfer Certificate” means a certificate substantially in the form set out in Schedule 4 (Form of Transfer
Certificate) or any other form agreed between the Facility Agent and the Borrower. 
 “Transfer Date” means, in relation
to an assignment or a transfer, the later of: 
  

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

  

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

 “Treasury Transactions” means any derivative transaction entered into in connection with protection
against or benefit from fluctuation in any rate or price. 
 “Unpaid Sum” means any sum due and payable but unpaid by an
Obligor under the Finance Documents. 
 “US” or “United States” means the United States of America. 

  
 - 31 - 

 “US Bankruptcy Code” means Title 11 of the United States Code, 11 U.S.C.
101 et seq., entitled “Bankruptcy”. 
 “US Debtor Relief Laws” means the US Bankruptcy Code and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, judicial management or similar debtor relief laws of the United States from time to time in
effect and affecting the rights of creditors generally. 
 “US Exchange Act” means the US Securities Exchange Act of 1934.

 “US Obligor” means an Obligor whose jurisdiction of organisation is a state of the United States or the District of
Columbia. 
 “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56. 
 “Utilisation” means the utilisation of any Tranche of
the Facility. 
 “Utilisation Date” means the date of a Utilisation, being the date on which the relevant Loan is to be
made. 
 “Utilisation Request” means a notice substantially in the form set out in 12 (Utilisation Request). 

“VIE Entity” means any person with respect to which the Borrower is deemed to have a controlling financial interest and is
required to consolidate in its financial statements pursuant to GAAP (including, as at the date of this Agreement, Wanda Sports Co., Ltd.). 

“Voting Participation” means a Participation which includes a transfer of any voting rights, directly or indirectly, under, or
in relation to, the Finance Documents (including arising as a result of being able to direct the way that another person exercises its voting rights). 

“Wanda Sports & Media” means Wanda Sports & Media (Hong Kong) Holding Co. Limited
萬達 體育傳媒( 香港) 控股有限公司, a limited liability company incorporated in Hong Kong with company number 2252412. 

“WEH” means World Endurance Holdings, Inc.. 

“WEH Facility Agreement” means: 
  

	 	(a)	 the Existing WEH Facility Agreement, without taking into account any waiver in connection with, or any
amendment or supplement to any representations, warranties, undertakings, financial covenants or events of default (howsoever described) which are adverse to the interests of the Lenders; and 

 

	 	(b)	 any refinancing of the Existing WEH Facility Agreement or any subsequent WEH Facility Agreement (each a
“Previous WEH Facility Agreement”) where: 

  

	 	(i)	 the proceeds of that refinancing discharge the Financial Indebtedness under the Previous WEH Facility Agreement
in full; 

  

	 	(ii)	 the representations, warranties, undertakings, financial covenants and events of default (howsoever described)
or any other provisions associated with them with respect to that refinancing are not any more adverse (or in the case of any refinancing of the Existing WEH Facility Agreement, materially adverse, and which have been certified by a director or
chief financial officer of the Borrower as not more materially adverse) to the interests of the Lenders than under the Previous WEH Facility Agreement; 

  
 - 32 - 

	 	(iii)	 the Financial Indebtedness created as a result of that refinancing is incurred only by member(s) of the WEH
Group; and 

  

	 	(iv)	 no creditor with respect to that refinancing is at any time a member of the Borrower Group or an Affiliate of
the Borrower. 

 “WEH Group” means WEH and its Subsidiaries from time to time. 

“WEH Holding SPV Entity” means any Holding SPV Entity that directly or indirectly owns any member of the WEH Group. 

“WEH Share Charge” means the first ranking New York law governed share charge in respect of all the shares in WEH (in form and
substance satisfactory to the Security Agent (acting reasonably)) entered into by the Target in favour of the Security Agent on or about the date of this Agreement. 

“WEH Unrestricted Subsidiary” means, at any time, a member of the WEH Group which is designated as an Unrestricted Subsidiary
(as defined in the WEH Facility Agreement) at that time. 
  

	1.2	 Construction 

  

	 	(a)	 Unless a contrary indication appears, any reference in this Agreement to: 

 

	 	(i)	 any “Administrative Party”, an “Agent”, the “Facility
Agent”, the “Security Agent”, the “Arranger”, any “Finance Party”, any “Lender”, any “Secured Party”, any “Obligor” or any
“Party” shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents and, in the case of the Security Agent, any person
for the time being appointed as Security Agent or Security Agents in accordance with the Finance Documents; 

  

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

  

	 	(iii)	 ”control” means the power to direct the management and the policies of the entity whether
through the ownership of voting capital, by contract or otherwise; 

  

	 	(iv)	 a “Finance Document” or any other agreement or instrument (other than the Existing Infront
Facility Agreement or the Existing WEH Facility Agreement) is a reference to that Finance Document or other agreement or instrument as amended, novated, supplemented, extended or restated; 

 

	 	(v)	 “including” shall be construed as “including without limitation” (and cognate
expressions shall be construed similarly); 

  

	 	(vi)	 “a group of Lenders” includes all the Lenders; 

 

	 	(vii)	 “guarantee” means (other than Clause 17 (Guarantee and Indemnity) and clause 4 of the
Parent Guarantee) any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or
loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness; 

  
 - 33 - 

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

  

	 	(ix)	 a Lender’s “participation” in a Loan or Unpaid Sum includes an amount (in the currency of
that Loan or Unpaid Sum) representing the fraction or portion (attributable to such Lender by virtue of the provisions of this Agreement) of the total amount of that Loan or Unpaid Sum and the Lender’s rights under this Agreement in respect
thereof; 

  

	 	(x)	 a “person” includes any individual, firm, company, corporation, government, state or agency of
a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality); 

  

	 	(xi)	 a “regulation” includes any regulation, rule, official directive, request or guideline
(whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or of any regulatory, self-regulatory or other authority or organisation; 

 

	 	(xii)	 a provision of law is a reference to that provision as amended or re-enacted; and 

 

	 	(xiii)	 a time of day is a reference to Singapore time. 

 

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

  

	 	(c)	 Section, Clause and Schedule headings are for ease of reference only. 

 

	 	(d)	 Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or
in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement. 

  

	 	(e)	 A Default or an Event of Default is “continuing” if it has not been remedied or waived in
writing. 

  

	 	(f)	 Where this Agreement specifies an amount in a given currency (the “specified currency”)
“or its equivalent”, the “equivalent” is a reference to the amount of any other currency which, when converted into the specified currency utilising the Facility Agent’s spot rate of exchange (or, if the
Facility Agent does not have an available spot rate of exchange, any publicly available spot rate of exchange selected by the Facility Agent (acting reasonably)) for the purchase of the specified currency with that other currency at or about 11 a.m.
on the relevant date, is equal to the relevant amount in the specified currency. 

  

	 	(g)	 For all purposes under the Finance Documents, in connection with any division or plan of division under
Delaware law (or any comparable event under a different jurisdiction’s laws): 

  

	 	(i)	 if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of
a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent person; and 

  
 - 34 - 

	 	(ii)	 if any new Person comes into existence, such new person shall be deemed to have been organized on the first
date of its existence by the holders of its shares at such time. 

  

	1.3	 Currency symbols and definitions 

 

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

  

	 	(b)	 “€”, “EUR” and “euro” denote the single currency
of the Participating Member States. 

  

	 	(c)	 “HK$”, “HKD” and “HK dollars” denote the lawful currency of
Hong Kong. 

  

	1.4	 Third party rights 

 

	 	(a)	 Unless expressly provided to the contrary in this Agreement, a person who is not a Party has no right under the
Contracts (Rights of Third Parties) Ordinance (Cap. 623) to enforce or to enjoy the benefit of any term of this Agreement. 

  

	 	(b)	 Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required
to rescind or vary this Agreement at any time. 

  

	2.	 THE FACILITY 

  

	2.1	 The Facility 

Subject to the terms of this Agreement, the Lenders make available to the Borrower: 

 

	 	(a)	 a US dollar senior term loan facility in an aggregate amount equal to the Total Tranche A Commitments
(“Tranche A”); and 

  

	 	(b)	 a US dollar senior term loan facility in an aggregate amount equal to the Total Tranche B Commitments
(“Tranche B”). 

  

	2.2	 Increase 

  

	 	(a)	 The Borrower may by giving not less than five Business Days’ (or such shorter period as the Facility Agent
and the Borrower may agree) prior notice to the Facility Agent after the effective date of a cancellation of the Commitment of an Illegal Lender in accordance with Clause 7.1 (Illegality) or Replaceable Lender in accordance with paragraph
(a) of Clause 7.8 (Replaceable Lender) (such Commitment so cancelled being the “Cancelled Commitment”) request that the Total Commitments be increased (and the Commitments under the Facility shall be so increased) by an
aggregate amount in US dollars of up to the amount of the Cancelled Commitment as follows: 

  

	 	(i)	 such increased Commitments under the Facility will be assumed by one or more Lenders or persons (each an
“Increase Lender”) selected by the Borrower each of which confirms its willingness to assume and does assume all the obligations of a Lender corresponding to that part of such increased Commitments under the Facility which it is to
assume (the “Assumed Commitment” of such Increase Lender), as if it had been an Original Lender; 

  

	 	(ii)	 each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights
against one another as the Obligors and the Increase Lender would have assumed and/or acquired had that Increase Lender been an Original Lender (with the Assumed Commitment in respect of such Increase Lender, in addition to any other Commitment
which such Increase Lender may otherwise have in accordance with this Agreement); 

  
 - 35 - 

	 	(iii)	 each Increase Lender shall become a Party as a “Lender” and any Increase Lender (with the
Assumed Commitment in respect of such Increase Lender, in addition to any other Commitment which such Increase Lender may otherwise have in accordance with this Agreement) and each of the other Finance Parties shall assume obligations towards one
another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase Lender been an Original Lender; 

 

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

 

	 	(v)	 such increase in the Commitments under the Facility shall take effect on the later of: 

 

	 	(A)	 the date specified by the Borrower in the notice referred to above; or 

 

	 	(B)	 any later date on which the conditions set out in paragraph (b) below are satisfied in respect of such
increase. 

  

	 	(b)	 An increase in the Commitments under the Facility pursuant to this Clause 2.2 will only be effective on:

  

	 	(i)	 the execution by the Facility Agent of an Increase Confirmation from each relevant Increase Lender in respect
of such increase which the Facility Agent shall execute as soon as reasonably practicable on request; and 

  

	 	(ii)	 in relation to an Increase Lender which is not a Lender immediately prior to that increase, each of the
Facility Agent being satisfied that it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to the assumption of the applicable Assumed Commitment by that
Increase Lender. The Facility Agent shall as soon as reasonably practicable notify the Borrower and that Increase Lender upon being so satisfied. 

  

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

  

	 	(d)	 The Borrower shall promptly on demand pay the Facility Agent the amount of all costs and expenses (including
legal fees) reasonably incurred by it in connection with any increase in Commitments under this Clause 2.2. 

  

	 	(e)	 The Borrower may pay to an Increase Lender a fee in the amount and at the times agreed between the Borrower and
that Increase Lender in a fee letter. 

  

	 	(f)	 Clause 23.4 (Limitation of responsibility of Existing Lenders) shall apply mutatis mutandis in
this Clause 2.2 in relation to an Increase Lender as if references in that Clause to: 

  

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

  

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

  
 - 36 - 

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

  

	2.3	 Finance Parties’ rights and obligations 

 

	 	(a)	 The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to
perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

  

	 	(b)	 The rights of each Finance Party under or in connection with the Finance Documents are separate and independent
rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below.
The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the avoidance of doubt, any part of a Loan or any other amount owed by an Obligor which relates to a Finance Party’s
participation in the Facility or any Tranche thereof or its role under a Finance Document (including any such amount payable to an Agent on its behalf) is a debt owing to that Finance Party by that Obligor. 

 

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

  

	2.4	 Obligors’ Agent 

 

	 	(a)	 The Target, by its execution of this Agreement, irrevocably appoints (and the Borrower shall procure that each
other Obligor irrevocably appoints in a Finance Document to which it is a party) the Borrower to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises: 

 

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

  

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

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

 

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

  
 - 37 - 

	3.	 PURPOSE 

  

	3.1	 Purpose 

The Borrower shall apply all amounts borrowed by it under each Tranche of the Facility towards: 

 

	 	(a)	 in respect of Tranche A: 

 

	 	(i)	 refinancing the existing Financial Indebtedness of the Borrower; 

 

	 	(ii)	 funding the payment of accrued interest and other sums payable under the existing Financial Indebtedness of the
Borrower; and 

  

	 	(iii)	 funding the payment of fees, costs, expenses and interests incurred or payable by any Obligor or any member of
the Group in connection with the Finance Documents; and 

  

	 	(b)	 in respect of Tranche B, funding the payment of accrued interest on the Loans (under each Tranche) payable on
the 3rd to 7th Interest Payment Dates for the Tranche A Loan (and each Interest Payment Date falling on such dates for the Tranche B Loan). 

  

	3.2	 Monitoring 

No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement. 

 

	4.	 CONDITIONS OF UTILISATION 

 

	4.1	 Initial conditions precedent 

 

	 	(a)	 The Borrower may not deliver a Utilisation Request unless the Facility Agent has received all of the documents
and other evidence listed in Part I of Schedule 2 (Conditions Precedent) in form and substance satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders). The Facility Agent shall notify the Borrower and the
Lenders as soon as reasonably practicable upon being so satisfied. 

  

	 	(b)	 The Borrower may not deliver a Utilisation Request under Tranche B unless: 

 

	 	(i)	 the Facility Agent has received the following documents and other evidence in form and substance satisfactory
to the Facility Agent (acting on the instructions of the Majority Lenders): 

  

	 	(A)	 a copy (certified by an authorised signatory of the Borrower to be correct, complete and in full force and
effect) of the SPA duly entered into by the parties to it and in compliance with the requirements of this Agreement in respect of the Disposal subject of the SPA; and 

 

	 	(B)	 the Assignment of SPA duly entered into by the parties to it (and each document and other evidence required to
be delivered pursuant to Part II of Schedule 2 (Conditions Precedent) in relation to the Assignment of SPA). 

 The
Facility Agent shall notify the Borrower and the Lenders as soon as reasonably practicable upon being so satisfied with foregoing conditions. 
  

	 	(c)	 Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before
the Facility Agent gives the notification described in paragraph (a) or (b) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses
whatsoever as a result of giving any such notification. 

  
 - 38 - 

	4.2	 Further conditions precedent 

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

	 	(a)	 no Event of Default is continuing or would result from the proposed Loan and no Change of Control Event has
occurred; and 

  

	 	(b)	 the Repeating Representations (and representations expressed to be repeated on such dates under the other
Finance Documents) to be made by each Obligor are true in all material respects. 

  

	4.3	 Single Utilisation 

The Borrower may deliver only one Utilisation Request in respect of each Tranche. 

 

	5.	 UTILISATION 

  

	5.1	 Delivery of a Utilisation Request 

The Borrower may utilise the Facility by delivery to the Facility Agent of a duly completed Utilisation Request not later than the Specified
Time (or such other time as the Facility Agent may agree). 
  

	5.2	 Completion of a Utilisation Request 

 

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

  

	 	(i)	 it identifies the Tranche of the Facility to be utilised; 

 

	 	(ii)	 the proposed Utilisation Date is a Business Day within the Availability Period in respect of the relevant
Tranche; 

  

	 	(iii)	 the currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount); and

  

	 	(iv)	 (if the Utilisation is a Tranche B Loan) it instructs the Facility Agent to pay the proceeds of the Utilisation
into the DSRA. 

  

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

 

	5.3	 Currency and amount 

 

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

 

	 	(b)	 The amount of the proposed Tranche A Loan must be equal to the Total Tranche A Commitments.

  

	 	(c)	 The amount of the proposed Tranche B Loan must be equal to the Total Tranche B Commitments.

  
 - 39 - 

	5.4	 Lenders’ participation 

 

	 	(a)	 If the conditions set out in Clause 4 (Conditions of Utilisation) and Clauses 5.1 (Delivery of a
Utilisation Request) to 5.3 (Currency and amount) have been met, each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office. 

 

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

  

	 	(c)	 The Facility Agent shall notify each Lender of the amount of each Loan and the amount of its participation in
that Loan by the Specified Time. 

  

	5.5	 Cancellation of Commitments 

The Commitments which, at that time, are unutilised shall be immediately cancelled at 5 p.m. on the last day of the Availability Period for the
relevant Tranche. 
  

	6.	 REPAYMENT 

  

	6.1	 Repayment of the Loans 

The Borrower shall repay each Loan in full on the Maturity Date. 
  

	6.2	 Reborrowing 

The Borrower may not reborrow any part of the Facility which is repaid. 

 

	7.	 PREPAYMENT AND CANCELLATION 

 

	7.1	 Illegality 

If, at any time, it is or will become unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by
this Agreement or to fund or maintain its participation in any Loan: 
  

	 	(a)	 that Lender shall promptly notify the Facility Agent upon becoming aware of that event; 

 

	 	(b)	 upon the Facility Agent notifying the Borrower, the Commitment of that Lender will be immediately cancelled,
provided that the Total Commitments may (at the Borrower’s option) simultaneously with or subsequent to such cancellation be increased in accordance with Clause 2.2 (Increase); and 

 

	 	(c)	 to the extent that the Lender’s participation in that Loan has not been transferred pursuant to Clause 7.8
(Replaceable Lender), the Borrower shall repay that Lender’s participation in that Loan on the last day of the Interest Period for that Loan occurring after the Facility Agent has notified the Borrower or, if earlier, the date specified
by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender’s corresponding Commitment shall be cancelled in the amount of the participation
repaid. 

  

	7.2	 Change of control 

 

	 	(a)	 Upon the occurrence of a Change of Control Event, the Borrower shall promptly notify the Facility Agent (such
notification being a “CoC Notice”). 

  
 - 40 - 

	 	(b)	 The Facility Agent shall, as soon as reasonably practicable following its receipt of a CoC Notice, notify the
Lenders of the receipt of such CoC Notice and circulate a copy of the same to the Lenders. 

  

	 	(c)	 If a Change of Control Event occurs or a CoC Notice has been delivered by the Borrower to the Facility Agent,
each Lender may by notice to the Borrower (with a copy to the Facility Agent) (a “CoC Lender Election Notice”) cancel the Commitment of such Lender in accordance with paragraph (iii) below and require such Lender’s
participation in each outstanding Loan to be prepaid, together with accrued interest thereon and all other amounts due and payable to such Lender under the Finance Documents on or prior to the date falling 10 Business Days after the date of such CoC
Lender Election Notice, provided that: 

  

	 	(i)	 such CoC Lender Election Notice is given to the Borrower no later than the date falling 10 Business Days after
the date on which the CoC Notice in respect of such Change of Control Event is given by the Borrower to the Facility Agent; 

  

	 	(ii)	 such CoC Lender Election Notice may be given irrespective of whether a CoC Notice in respect of such Change of
Control Event has been given by the Borrower; and 

  

	 	(iii)	 if a CoC Lender Election Notice is delivered by a Lender in accordance with the foregoing:

  

	 	(A)	 notwithstanding Clause 5.4 (Lenders’ participation), such Lender shall not be obliged to make any
participation in a proposed Loan if the Utilisation Date is after the date of such CoC Lender Election Notice and its Commitment shall be deemed to be zero for the purposes of the proposed Loan; and 

 

	 	(B)	 the Commitments of that Lender will be cancelled and reduced to zero upon the date of delivery of such CoC
Lender Election Notice. 

  

	7.3	 Mandatory prepayment – Disposal of Target 

 

	 	(a)	 The Borrower shall prepay the outstanding Loans (together with all accrued interest thereon and other amounts
owing under the Finance Documents), in the case of a Permitted Disposal in respect of the entire issued share capital of the Target or, as applicable, all or substantially all of the assets of the Target, at the times below: 

 

	 	(i)	 on the closing date of such Disposal, if the proceeds from such Disposal are paid directly to an account
designated by the Facility Agent; or 

  

	 	(ii)	 in any other case, within three Business Days of the closing date of such Disposal. 

 

	 	(b)	 In the case of such Disposal, the relevant Disposing Entity shall ensure that either (at its option):

  

	 	(i)	 an amount required to discharge the Secured Obligations is paid directly into an account designated by the
Facility Agent; or 

  

	 	(ii)	 all consideration and other amounts payable to it under the SPA are paid directly into the DSRA and hereby
irrevocably authorises the Facility Agent to, once such sums are paid into the DSRA, apply the amounts standing to the credit of the DSRA towards repayment and payment of the Loans, accrued interests thereon and other sums owing under the Finance
Documents in accordance with paragraph (a) above. 

  
 - 41 - 

	 	(c)	 If the entire issued share capital of the Target or, as applicable, all or substantially all of the assets of
the Target is the subject of a Permitted Disposal then: 

  

	 	(i)	 the Security Agent shall, at the request and cost of the Borrower and subject to paragraph (iii) below,
irrevocably and unconditionally release, cancel and discharge the WEH Share Charge (and the assets given as security thereunder); 

  

	 	(ii)	 (if the entire issued share capital of the Target is the subject of a Permitted Disposal) the Security Agent
shall, at the request and cost of the Borrower and subject to paragraph (iii) below, irrevocably and unconditionally release, cancel and discharge the guarantee given by the Target; 

 

	 	(iii)	 the irrevocable release and discharge of the Transaction Security referred to in paragraph (i) above and
the guarantee referred to in paragraph (ii) above shall not contain any reinstatement or clawback right of the Transaction Security and guarantee and will become effective (A) only on the making of that Permitted Disposal and (B) upon
the proceeds of such disposal either being paid to the Facility Agent or being deposited into the DSRA in accordance with paragraph (b) above; and 

  

	 	(iv)	 the Security Agent and each other Finance Party shall provide timely assistance with respect to any
deregistration process relating to any such release, and the Security Agent shall return the physical stock certificate(s) and share transfer form(s) delivered to the Security Agent (pursuant to the WEH Share Charge) upon the release of Security
created thereby becomes effective in accordance with paragraph (iii) above. 

  

	 	(d)	 After the Secured Obligations have been discharged in full: 

 

	 	(i)	 the Security Agent shall, at the request and cost of the Borrower, release, cancel and discharge (A) the
Security created by the relevant Transaction Security Document to the extent that it has not already been released and issue certificates of non-crystallisation and (B) the Parent Guarantee;

  

	 	(ii)	 the Security Agent and each other Finance Party shall provide timely assistance with respect to any
deregistration process relating to any such release, and (unless the same has been returned pursuant to paragraph (c) above) the Security Agent shall return the physical stock certificate(s) and share transfer form(s) delivered to the Security
Agent (pursuant to the WEH Share Charge); and 

  

	 	(iii)	 the Disposing Entity may make withdrawal from the DSRA from time to time without restriction.

  

	7.4	 Mandatory prepayment – offshore debt, equity or equity-linked offering 

 

	 	(a)	 For the purpose of this Agreement: 

“Debt Issuance” means the incurrence of any Financial Indebtedness or any public offering or private placement of bonds,
notes, debentures, loan stock or similar instruments (including perpetual securities) by the Borrower. 
 “Debt or Equity Issuance
Proceeds” means the cash proceeds raised from a Debt Issuance or an Equity Issuance, after deducting any reasonable expenses, commissions and fees which are incurred or payable by the Borrower to persons who are not members of the Group in
relation to that Debt Issuance or Equity Issuance. 
 “Equity Interest” means, in relation to any person: 

  
 - 42 - 

	 	(i)	 any shares of any class or capital stock of or other equity interest in such person or any depositary receipt
in respect of any such shares, capital stock or equity interest; 

  

	 	(ii)	 any securities convertible or exchangeable (whether at the option of the holder thereof or otherwise and
whether such conversion is conditional or otherwise) into any such shares, capital stock, equity interest or depositary receipt, or any depositary receipt in respect of any such securities; or 

 

	 	(iii)	 any option, warrant or other right to acquire any such shares, capital stock, equity interest, securities or
depositary receipts referred to in paragraphs (i) and/or (ii) above. 

 “Equity Issuance” means
any issuance of any Equity Interest or any instrument linked to any Equity Interest by the Borrower. 
  

	 	(b)	 The Borrower shall, upon the completion of any Debt Issuance or Equity Issuance, prepay the outstanding Loans
in an amount equal to the relevant Debt or Equity Issuance Proceeds. 

  

	 	(c)	 Any prepayment pursuant to this Clause 7.4 shall be applied towards prepayment of the Loans outstanding under
each Tranche on a pro rata basis. 

  

	7.5	 Mandatory prepayment – Infront Disposal Residual Proceeds 

 

	 	(a)	 The Borrower shall prepay the Loans (together with accrued interests thereon and any Break Costs) in an
aggregate amount equal to the Infront Disposal Residual Proceeds, within 10 Business Days of any repayment or prepayment (given rise by the Disposal to which the Infront Disposal Residual Proceeds relate) is due to be made under the Infront Facility
Agreement (or, if such Disposal gives rise to an event of default under the Infront Facility Agreement, within 10 Business Days of the date of completion of such Disposal). 

 

	 	(b)	 Any prepayment pursuant to this Clause 7.5 shall be applied towards prepayment of the Loans outstanding under
each Tranche on a pro rata basis. 

  

	7.6	 Mandatory prepayment – Failure to sign SPA 

If the SPA (for the disposal of the entire issued share capital of the Target or a sale of all or substantially all of the assets of the
Target, in each case, constituting a Permitted Disposal) is not signed by the last day of the 8th Month after the first Utilisation Date, the Borrower shall prepay 50% of the outstanding Loans on such date, together with accrued interest on the
amount prepaid and subject to any Break Costs. 
  

	7.7	 Voluntary prepayment 

The Borrower may, if it gives the Facility Agent not less than 10 Business Days’ (or such shorter period or otherwise as the Majority
Lenders may agree) prior notice, prepay the whole or any part of any Loan (but, if in part, being an amount that reduces the amount of the Loans by a minimum amount of US$5,000,000). 

 

	7.8	 Replaceable Lender 

 

	 	(a)	 If at any time any Lender is or becomes a Replaceable Lender, then the Borrower may at any time whilst that
Lender continues to be a Replaceable Lender, either: 

  

	 	(i)	 give the Facility Agent notice of cancellation of the Commitments of that Lender and its intention to procure
the prepayment of that Lender’s participation in the Loans; or 

  
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	 	(ii)	 give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph
(d) below. 

  

	 	(b)	 On receipt of a notice of cancellation referred to in paragraph (a) above, the Commitments of that Lender
shall immediately be reduced to zero. 

  

	 	(c)	 On the last day of each Interest Period which ends after the Borrower has given notice of cancellation under
paragraph (a) above (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall prepay (or procure the prepayment of) that Lender’s participation in the Loans. 

 

	 	(d)	 If at any time any Lender is or becomes a Replaceable Lender, then the Borrower may at any time whilst that
Lender continues to be a Replaceable Lender, on not less than 10 Business Days’ prior notice to the Facility Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall)
transfer pursuant to Clause 23 (Changes to the Lenders) all (and not part only) of its rights and obligations under the Finance Documents to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrower
which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 23 (Changes to the Lenders) for a purchase price in cash payable at the time of the transfer in an amount equal
to the outstanding principal amount of such Lender’s participation in the outstanding Loan and all accrued interest and other amounts payable in relation thereto under the Finance Documents. 

 

	 	(e)	 The replacement of a Lender pursuant to paragraph (d) above shall be subject to the following conditions:

  

	 	(i)	 the Borrower shall have no right to replace the Facility Agent; 

 

	 	(ii)	 neither the Facility Agent nor any Lender shall have any obligation to find a replacement Lender;

  

	 	(iii)	 in no event shall the Lender replaced under paragraph (d) above be required to pay or surrender any of the
fees received by such Lender pursuant to the Finance Documents; and 

  

	 	(iv)	 no Lender shall be obliged to execute a Transfer Certificate unless it is satisfied that it has completed all
“know your customer” and other similar procedures that it is required (or deems desirable) to conduct in relation to the transfer to such replacement Lender. 

 

	 	(f)	 A Lender shall perform the procedures described in paragraph (e)(iv) above as soon as reasonably practicable
following delivery of a notice referred to in paragraph (d) above and shall notify the Facility Agent and the Borrower when it is satisfied that it has completed those checks. 

 

	 	(g)	 This Clause 7.7 shall not affect any right of the Lenders under Clause 7.1 (Illegality).

  

	7.9	 Cancellation of Tranche B Commitments 

Upon the repayment or prepayment of the outstanding Loans under each Tranche in full, any unutilised Tranche B Commitment shall be immediately
cancelled in full. 

  
 - 44 - 

	7.10	 Restrictions 

  

	 	(a)	 Any notice of prepayment given by any Party under this Clause 7 shall be irrevocable and, unless a contrary
indication appears in this Agreement, shall specify the date or dates upon which the relevant prepayment is to be made and the amount of that prepayment. 

  

	 	(b)	 Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and all
other amounts accrued and unpaid or outstanding under the Finance Documents and, subject to any Break Costs, without any premium or penalty. 

  

	 	(c)	 The Borrower may not reborrow any part of the Facility which is prepaid. 

 

	 	(d)	 The Borrower shall not repay or prepay all or any part of the Loans or cancel all or any part of the
Commitments except at the times and in the manner expressly provided for in this Agreement. 

  

	 	(e)	 Subject to Clause 2.2 (Increase), no amount of the Total Commitments cancelled under this Agreement may
be subsequently reinstated. 

  

	 	(f)	 If the Facility Agent receives a notice under this Clause 7 it shall as soon as reasonably practicable forward
a copy of that notice to either the Borrower or the affected Lender, as appropriate. 

  

	 	(g)	 If all or part of any Lender’s participation in any Loan under a Tranche is repaid or prepaid an amount of
that Lender’s Commitment under such Tranche (equal to the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment. 

 

	7.11	 Application of prepayments 

Any prepayment of the Loans (other than a repayment pursuant to Clause 7.1 (Illegality), Clause 7.2 (Change of control) or Clause
7.8 (Replaceable Lender)) shall be applied in proportion to each Lender’s Pro Rata Share under the relevant Tranche rateably. 
  

	8.	 INTEREST 

  

	8.1	 Calculation of interest 

The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: 

 

	 	(a)	 Margin; and 

  

	 	(b)	 LIBOR. 

  

	8.2	 Payment of interest 

The Borrower shall pay accrued interest on each Loan on each Interest Payment Date. 

 

	8.3	 Default interest 

 

	 	(a)	 If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall
accrue on the Unpaid Sum from the due date to the date of actual payment (both before and after judgment or award) at a rate which is two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period
of non- payment, constituted a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this
Clause 8.3 shall be immediately payable by the Borrower on demand by the Facility Agent. 

  
 - 45 - 

	 	(b)	 If any Unpaid Sum consists of all or part of a Loan which became due on a day which was not the last day of an
Interest Period relating to that Loan: 

  

	 	(i)	 the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the
current Interest Period relating to that Loan; and 

  

	 	(ii)	 the rate of interest applying to the Unpaid Sum during that first Interest Period shall be two per cent. per
annum higher than the rate which would have applied if the Unpaid Sum had not become due. 

  

	 	(c)	 Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each
Interest Period applicable to that Unpaid Sum but will remain immediately due and payable. 

  

	8.4	 Notification of rates of interest 

 

	 	(a)	 The Facility Agent shall promptly notify the relevant Lenders and the Borrower of the determination of a rate
of interest under this Agreement. 

  

	 	(b)	 The Facility Agent shall promptly notify the Borrower of each Funding Rate relating to each Loan.

  

	9.	 INTEREST PERIODS 

 

	9.1	 Interest Periods 

 

	 	(a)	 The Interest Period of each Loan will be one Month. 

 

	 	(b)	 Each Interest Period for a Loan shall start on the Utilisation Date for that Loan or (if a Loan has already
been made) on the last day of the preceding Interest Period of that Loan. 

  

	 	(c)	 An Interest Period for a Loan shall not extend beyond the Maturity Date. 

 

	 	(d)	 The first Interest Period of the Tranche B Loan shall end on the last day of the then current Interest Period
of the Tranche A Loan. 

  

	9.2	 Non-Business Days 

If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day
in that calendar month (if there is one) or the preceding Business Day (if there is not). 
  

	10.	 CHANGES TO THE CALCULATION OF INTEREST 

 

	10.1	 Unavailability of Screen Rate 

 

	 	(a)	 Interpolated Screen Rate: If no Screen Rate is available for LIBOR for the Interest Period of a Loan,
the applicable LIBOR shall be the Interpolated Screen Rate for a period equal in length to the Interest Period of that Loan. 

  
 - 46 - 

	 	(b)	 Cost of funds: If no Screen Rate is available for LIBOR for: 

 

	 	(i)	 the currency of that Loan; or 

 

	 	(ii)	 the Interest Period of that Loan and it is not possible to calculate the Interpolated Screen Rate,

 there shall be no LIBOR for that Loan and Clause 10.3 (Cost of funds) shall apply to that Loan for that Interest
Period. 
  

	10.2	 Market disruption 

If: 
  

	 	(a)	 (where there is more than one Lender) before close of business in London on the Quotation Day for the relevant
Interest Period, the Facility Agent receives notifications from a Lender or Lenders (whose participations in a Loan exceed 35 per cent. of that Loan) that the cost to it of obtaining matching deposits in the Relevant Market would be in excess
of LIBOR for such Loan and such Interest Period; or 

  

	 	(b)	 (where there is only one Lender) the Lender notifies the Borrower (through the Facility Agent) that
(i) the cost to it of obtaining matching deposits in the Relevant Market would be in excess of LIBOR for such Loan and such Interest Period, and (ii) its funding cost is in excess of LIBOR of such Loan and such Interest Period primarily
due to general market conditions affecting banks generally rather than solely as a result of credit related concerns specifically relating to that Affected Lender or any of its Affiliates, 

then Clause 10.3 (Cost of funds) shall apply to such Loan for such Interest Period. 

 

	10.3	 Cost of funds 

 

	 	(a)	 If the events described in paragraph (b) of Clause 10.1 (Unavailability of Screen Rate) or Clause
10.2 (Market disruption) occurs and is continuing in relation to any Loan for any Interest Period, then the rate of interest on each Lender’s share (but, in respect of a market disruption event under Clause 10.2 (Market
disruption) only, only if such affected Lender has delivered a notification pursuant to Clause 10.2 (Market disruption)), the rate of interest on that Loan for the relevant Interest Period shall be the percentage rate per annum which is
the sum of: 

  

	 	(i)	 the Margin; and 

  

	 	(ii)	 the rate notified to the Facility Agent by that Lender as soon as practicable and in any event before the first
day of that Interest Period, to be that which expresses as a percentage rate per annum the cost to that Lender of funding that Loan from whatever source it may reasonably select, 

but (in the case of Clause 10.2 (Market disruption) only) the rate of interest applicable to each Lender’s share of that Loan
(other than any Lender to which the foregoing applies and has notified the Facility Agent of such rate applicable to it within the time specified in paragraph (ii) above) for such Interest Period shall be determined in accordance with Clause
8.1 (Calculation of interest). 
  

	 	(b)	 If this Clause 10.3 applies and the Facility Agent or the Borrower so requires, the Facility Agent and the
Borrower shall enter into negotiations (for a period of not more than thirty days) with a view to agreeing a substitute basis for determining the rate of interest. 

  
 - 47 - 

	 	(c)	 Any alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the
Lenders and the Borrower, be binding on all Parties. 

  

	10.4	 Notification to Borrower 

If Clause 10.3 (Cost of funds) applies, the Facility Agent shall, as soon as is practicable, notify the Borrower. 

 

	10.5	 Break Costs 

  

	 	(a)	 The Borrower shall, within three Business Days of demand by the Facility Agent for the account of a Finance
Party, pay to that Finance Party its Break Costs attributable to all or any part of a Loan or Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Loan or Unpaid Sum. 

 

	 	(b)	 Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a
certificate confirming the amount of its Break Costs for any Interest Period in which they accrue. 

  

	11.	 FEES 

The Borrower shall pay to the Arranger an arrangement fee in the amount and at the times agreed in the Fee Letter. 

 

	12.	 TAX GROSS-UP AND INDEMNITIES 

 

	12.1	 Tax definitions 

 

	 	(a)	 In this Clause 12: 

“Tax Credit” means a credit against, relief or remission for, or repayment of any Tax. 

“Tax Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than
a FATCA Deduction. 
 “Tax Payment” means an increased payment made by an Obligor to a Finance Party under Clause 12.2
(Tax gross-up) or a payment under Clause 12.3 (Tax indemnity). 
  

	 	(b)	 Unless a contrary indication appears, in this Clause 12 a reference to “determines” or
“determined” means a determination made in the absolute discretion of the person making the determination. 

  

	12.2	 Tax gross-up 

  

	 	(a)	 All payments to be made by an Obligor party hereto to any Finance Party under the Finance Documents shall be
made free and clear of and without any Tax Deduction unless that Obligor is required to make a Tax Deduction, in which case the sum payable by that Obligor (in respect of which such Tax Deduction is required to be made) shall be increased to the
extent necessary to ensure that such Finance Party receives a sum net of any deduction or withholding equal to the sum which it would have received had no such Tax Deduction been made or required to be made. 

 

	 	(b)	 The Borrower shall promptly upon becoming aware that any Obligor must make a Tax Deduction (or that there is
any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives
such notification from a Lender it shall notify the Borrower. 

  
 - 48 - 

	 	(c)	 If an Obligor party hereto is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and
any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law. 

  

	 	(d)	 Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction,
the relevant Obligor shall deliver to the Facility Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the
relevant taxing authority. 

  

	12.3	 Tax indemnity 

 

	 	(a)	 Without prejudice to Clause 12.2 (Tax gross-up), if any Finance Party is required to make any payment of
or on account of Tax on or in relation to any sum received or receivable under the Finance Documents (including any sum deemed for the purposes of Tax to be received or receivable by such Finance Party whether or not actually received or receivable)
or if any liability in respect of any such payment is asserted, imposed, levied or assessed against any Finance Party, the Borrower shall, within three Business Days of demand of the Facility Agent, promptly indemnify the Finance Party which suffers
a loss or liability as a result against such payment or liability, together with any interest, penalties, costs and expenses payable or incurred in connection therewith, provided that this Clause 12.3 shall not apply to:

  

	 	(i)	 any Tax imposed on and calculated by reference to the net income actually received or receivable by such
Finance Party (but, for the avoidance of doubt, not including any sum deemed for the purposes of Tax to be received or receivable by such Finance Party but not actually receivable) by the jurisdiction in which such Finance Party is incorporated;

  

	 	(ii)	 any Tax imposed on and calculated by reference to the net income of the Facility Office of such Finance Party
actually received or receivable by such Finance Party (but, for the avoidance of doubt, not including any sum deemed for the purposes of Tax to be received or receivable by such Finance Party but not actually receivable) by the jurisdiction in which
its Facility Office is located; 

  

	 	(iii)	 to the extent a cost, loss or liability is compensated for by an increased payment under Clause 12.2 (Tax
gross-up); or 

  

	 	(iv)	 a FATCA Deduction required to be made by a Party. 

 

	 	(b)	 A Finance Party intending to make a claim under paragraph (a) above shall notify the Facility Agent of the
event giving rise to the claim, whereupon the Facility Agent shall notify the Borrower thereof. 

  

	 	(c)	 A Finance Party shall, on receiving a payment from an Obligor under this Clause 12.3, notify the Facility
Agent. 

  

	12.4	 Tax credit 

If an Obligor party hereto makes a Tax Payment and the Finance Party (to which such Tax Payment relates) determines that: 

  
 - 49 - 

	 	(a)	 a Tax Credit is attributable either to an increased payment of which that Tax Payment forms part, or to that
Tax Payment; and 

  

	 	(b)	 that Finance Party has obtained, utilised and retained that Tax Credit, 

then that Finance Party shall pay an amount to that Obligor which that Finance Party determines will leave it (after that payment) in the same
after-Tax position as it would have been in had the Tax Payment not been required to be made by that Obligor. 
  

	12.5	 Stamp taxes 

The Borrower shall: 
  

	 	(a)	 pay all stamp duty, registration and other similar Taxes payable in respect of any Finance Document; and

  

	 	(b)	 within three Business Days of demand, indemnify each Secured Party against any cost, loss or liability that
Secured Party incurs in relation to any stamp duty, registration or other similar Tax paid or payable in respect of any Finance Document (except in the case of any assignment or transfer pursuant to Clause 23 (Changes to the Lenders)).

  

	12.6	 Indirect tax 

  

	 	(a)	 All amounts set out or expressed in a Finance Document to be payable by any Party to a Finance Party shall be
deemed to be exclusive of any Indirect Tax. If any Indirect Tax is chargeable on any supply made by any Finance Party to any Party in connection with a Finance Document, that Party shall pay to the Finance Party (in addition to and at the same time
as paying the consideration) an amount equal to the amount of the Indirect Tax. 

  

	 	(b)	 Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any costs or
expenses, that Party shall also at the same time pay and indemnify the Finance Party against all Indirect Tax incurred by that Finance Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that it is
not entitled to credit or repayment in respect of the Indirect Tax. 

  

	12.7	 FATCA information 

 

	 	(a)	 Subject to paragraph (c) below, each Party shall, within 10 Business Days of a reasonable request by
another Party: 

  

	 	(i)	 confirm to that other Party whether it is: 

 

	 	(A)	 a FATCA Exempt Party; or 

 

	 	(B)	 not a FATCA Exempt Party; 

 

	 	(ii)	 supply to that other Party such forms, documentation and other information relating to its status under FATCA
as that other Party reasonably requests for the purposes of that other Party’s compliance with FATCA; and 

  

	 	(iii)	 supply to that other Party such forms, documentation and other information relating to its status as that other
Party reasonably requests for the purposes of that other Party’s compliance with any other law, regulation, or exchange of information regime. 

  
 - 50 - 

	 	(b)	 If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it
subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly. 

  

	 	(c)	 Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall
not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of: 

  

	 	(i)	 any law or regulation; 

 

	 	(ii)	 any fiduciary duty; or 

 

	 	(iii)	 any duty of confidentiality. 

 

	 	(d)	 If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or
other information requested in accordance with paragraph (a)(i) or (a)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and
payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information. 

 

	12.8	 FATCA Deduction 

 

	 	(a)	 Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection
with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction. 

 

	 	(b)	 Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change
in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Borrower and the Facility Agent and the Facility Agent shall notify the other Finance Parties.

  

	13.	 INCREASED COSTS 

 

	13.1	 Increased costs 

 

	 	(a)	 Subject to Clause 13.3 (Exceptions), the Borrower shall, within three Business Days of a demand by the
Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration
or application of) any law or regulation or (ii) compliance with any law or regulation, in each case, made after the date of this Agreement. The terms “law” and “regulation” in this paragraph (a) shall
include any law or regulation concerning capital adequacy, prudential limits, liquidity, reserve assets or Tax made after the date of this Agreement. 

  

	 	(b)	 In this Agreement: 

“Basel II” means the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework”
published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (but excluding any amendment arising out of Basel III). 

  
 - 51 - 

 “Basel III” means: 

 

	 	(i)	 the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III:
A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the
countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated; 

  

	 	(ii)	 the rules for global systemically important banks contained in “Global systemically important banks:
assessment methodology and the additional loss absorbency requirement – Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and 

 

	 	(iii)	 any further guidance or standards published by the Basel Committee on Banking Supervision relating to
“Basel III”. 

 “Increased Costs” means: 

 

	 	(i)	 a reduction in the rate of return from the Facility or on a Finance Party’s (or its Affiliate’s)
overall capital; 

  

	 	(ii)	 an additional or increased cost; or 

 

	 	(iii)	 a reduction of any amount due and payable under any Finance Document, which is incurred or suffered by a
Finance Party or any of its Affiliates to the extent that it is attributable to the undertaking, funding or performance by such Finance Party of any of its obligations under any Finance Document or any participation of such Finance Party in a Loan
or an Unpaid Sum. 

  

	13.2	 Increased cost claims 

 

	 	(a)	 A Finance Party (other than the Facility Agent) intending to make a claim pursuant to Clause 13.1 (Increased
costs) shall notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the Borrower. 

  

	 	(b)	 Each Finance Party (other than the Facility Agent) shall, as soon as practicable after a demand by the Facility
Agent, provide a certificate confirming the amount of its Increased Costs. 

  

	13.3	 Exceptions 

Clause 13.1 (Increased costs) does not apply to the extent any Increased Cost is: 

 

	 	(a)	 attributable to a Tax Deduction required by law to be made by an Obligor; 

 

	 	(b)	 attributable to a FATCA Deduction required to be made by a Party; 

 

	 	(c)	 compensated for by Clause 12.3 (Tax indemnity) (or would have been compensated for under Clause 12.3
(Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (a) of Clause 12.3 (Tax indemnity) applied); 

  

	 	(d)	 attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation;

  

	 	(e)	 attributable to the implementation or application of or compliance with Basel II or any other law or regulation
which implements Basel II (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates); 

  
 - 52 - 

	 	(f)	 attributable to the implementation or application of or compliance with Basel III or any other law or
regulation which implements Basel III, whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates (unless that Increased Cost is incurred as a result of any amendment or change in
(i) Basel III or (ii) any other law or regulation which implements Basel III (including in its interpretation, administration or application and whether pursuant to publications of any further guidance or standards referred to in paragraph
(iii) of the definition of Basel III or otherwise), which amendment or change is (in each case) made after the date on which the relevant Finance Party became a Party); or 

 

	 	(g)	 attributable to compliance with the Dodd-Frank Wall Street Reform and Consumer Protection Act or any other law
or regulation made under, or connected with, that Act (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates). 

 

	14.	 MITIGATION BY THE LENDERS 

 

	14.1	 Mitigation 

  

	 	(a)	 Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any
circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax Gross-up and Indemnities) or Clause 13 (Increased
Costs), including in relation to any circumstances which arise following the date of this Agreement, transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 

 

	 	(b)	 Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.

  

	14.2	 Limitation of liability 

 

	 	(a)	 The Borrower shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that
Finance Party as a result of steps taken by it under Clause 14.1 (Mitigation). 

  

	 	(b)	 A Finance Party is not obliged to take any steps under Clause 14.1 (Mitigation) if, in the opinion of
that Finance Party (acting reasonably), to do so might be prejudicial to it. 

  

	14.3	 Conduct of business by the Finance Parties 

No provision of this Agreement will: 
  

	 	(a)	 interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it
thinks fit; 

  

	 	(b)	 oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or
the extent, order and manner of any claim; or 

  

	 	(c)	 oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any
computations in respect of Tax. 

  
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	15.	 OTHER INDEMNITIES 

 

	15.1	 Currency indemnity 

 

	 	(a)	 If any sum due from an Obligor party hereto under the Finance Documents (a “Sum”), or any
order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the “First Currency”) in which that Sum is payable into another currency (the “Second Currency”) for the purpose
of: 

  

	 	(i)	 making or filing a claim or proof against any Obligor; or 

 

	 	(ii)	 obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,
that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Secured Party to whom that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy
between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum. 

 

	 	(b)	 Each Obligor party hereto waives any right it may have in any jurisdiction to pay any amount under the Finance
Documents in a currency or currency unit other than that in which it is expressed to be payable. 

  

	15.2	 Other indemnities 

Each Obligor party hereto jointly and severally shall, within three Business Days of demand, indemnify each Secured Party against any cost,
loss or liability incurred by that Secured Party as a result of: 
  

	 	(a)	 the occurrence of any Event of Default; 

 

	 	(b)	 a failure by an Obligor to pay any amount due under a Finance Document on its due date or in the relevant
currency, including any cost, loss or liability arising as a result of Clause 32 (Sharing among the Finance Parties); 

  

	 	(c)	 funding, or making arrangements to fund, its participation in a Loan requested by the Borrower in a Utilisation
Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of its gross negligence or wilful misconduct, as finally judicially determined by a court of competent jurisdiction); or

  

	 	(d)	 a Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower.

  

	15.3	 Indemnity to the Facility Agent 

Each Obligor party hereto jointly and severally shall promptly indemnify the Facility Agent against any cost, loss or liability incurred by the
Facility Agent (acting reasonably) as a result of: 
  

	 	(a)	 investigating any event which it reasonably believes is a Default; 

 

	 	(b)	 acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and
appropriately authorised; or 

  

	 	(c)	 instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as
permitted under this Agreement. 

  
 - 54 - 

	15.4	 Indemnity to the Security Agent 

 

	 	(a)	 Each Obligor party hereto jointly and severally shall promptly indemnify the Security Agent and every Receiver
and Delegate against any cost, loss or liability incurred by any of them as a result of: 

  

	 	(i)	 any failure by the Borrower to comply with its obligations under Clause 16 (Costs and expenses);

  

	 	(ii)	 acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and
appropriately authorised; 

  

	 	(iii)	 the taking, holding, protection or enforcement of the Transaction Security; 

 

	 	(iv)	 the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent
and each Receiver and Delegate by the Finance Documents or by law; 

  

	 	(v)	 any default by any Obligor in the performance of any of the obligations expressed to be assumed by it in the
Finance Documents; or 

  

	 	(vi)	 acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of
the Charged Property (otherwise, in each case, than by reason of the relevant Security Agent’s, Receiver’s or Delegate’s gross negligence or wilful misconduct). 

 

	 	(b)	 The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties,
indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause 15.4 and shall have a lien on the Transaction Security and the proceeds of the enforcement of the
Transaction Security for all moneys payable to it. 

  

	16.	 COSTS AND EXPENSES 

 

	16.1	 Amendment costs 

If (a) an Obligor requests an amendment, waiver or consent, or (b) an amendment is requested or agreed pursuant to Clause 38.3
(Replacement of Screen Rate), then the Borrower shall, within three Business Days of demand, reimburse each of the Facility Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by
the Facility Agent and the Security Agent (and, in the case of the Security Agent, by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement. 

 

	16.2	 Enforcement and preservation costs 

Each Obligor party hereto jointly and severally shall, within three Business Days of demand, pay to each Secured Party the amount of all costs
and expenses (including legal fees) incurred by it in connection with the enforcement of or the preservation of any rights under any Finance Document and the Transaction Security and any proceedings instituted by or against the Security Agent as a
consequence of taking or holding the Transaction Security or enforcing these rights. 

  
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	17.	 GUARANTEE AND INDEMNITY 

 

	17.1	 Guarantee and indemnity 

The Target irrevocably and unconditionally: 
  

	 	(a)	 guarantees to each Finance Party punctual performance by each other Obligor of all that Obligor’s
obligations under the Finance Documents (including, without limitation, all amounts which, but for any US Debtor Relief Law, would become due and payable and all interest accruing after the commencement of any proceeding under a US Debtor Relief Law
at the rate provided for in the relevant Finance Document, whether or not allowed in any such proceeding); 

  

	 	(b)	 undertakes with each Finance Party that whenever another Obligor does not pay any amount when due under or in
connection with any Finance Document, it shall immediately on demand pay that amount as if it was the principal obligor; and 

  

	 	(c)	 agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or
illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor not paying any amount which would, but for such unenforceability,
invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by the Target under this indemnity will not exceed the amount it would have had to pay under this Clause 17 if
the amount claimed had been recoverable on the basis of a guarantee. 

 Notwithstanding anything to the contrary herein,
upon any Automatic Acceleration Event any presentment, demand, protest or notice of any kind required by the foregoing clauses are expressly waived. 
  

	17.2	 Continuing guarantee 

This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents,
regardless of any intermediate payment or discharge in whole or in part. 
  

	17.3	 Reinstatement 

If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or
otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability
of the Target under this Clause 17 will continue or be reinstated as if the discharge, release or arrangement had not occurred. 
  

	17.4	 Waiver of defences 

The obligations of the Target under this Clause 17 will not be affected by an act, omission, matter or thing which, but for this Clause 17,
would reduce, release or prejudice any of its obligations under this Clause 17 (without limitation and whether or not known to it or any Finance Party) including: 
  

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

  

	 	(b)	 the release of any other Obligor or any other person under the terms of any composition or arrangement with any
creditor of any member of the Group; 

  
 - 56 - 

	 	(c)	 the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, execute,
take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of
any security; 

  

	 	(d)	 any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or
status of an Obligor or any other person; 

  

	 	(e)	 any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more
onerous) or replacement of any Finance Document or any other document or security including any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other
document or security; 

  

	 	(f)	 any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or
any other document or security; or 

  

	 	(g)	 any insolvency or similar proceedings. 

 

	17.5	 Immediate recourse 

The Target waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or
enforce any other rights or security or claim payment from any person before claiming from the Target under this Clause 17. This waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 

 

	17.6	 Appropriations 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid
in full, each Finance Party (or any trustee or agent on its behalf) may: 
  

	 	(a)	 refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party
(or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Target shall not be entitled to the benefit of the same;
and 

  

	 	(b)	 hold in an interest-bearing suspense account any moneys received from the Target or on account of the
Target’s liability under this Clause 17. 

  

	17.7	 Deferral of guarantor’s rights 

Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid
in full and unless the Facility Agent otherwise directs, the Target will not exercise or otherwise enjoy the benefit of any right which it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any
amount being payable, or liability arising, under this Clause 17: 
  

	 	(a)	 to be indemnified by an Obligor; 

 

	 	(b)	 to claim any contribution from any other guarantor of or provider of security for any Obligor’s
obligations under the Finance Documents; 

  

	 	(c)	 to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the
Finance Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Finance Party; 

  
 - 57 - 

	 	(d)	 to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any
obligation, in respect of which the Target has given a guarantee, undertaking or indemnity under Clause 17.1 (Guarantee and indemnity); 

  

	 	(e)	 to exercise any right of set-off against any Obligor; and/or 

 

	 	(f)	 to claim or prove as a creditor of any Obligor in competition with any Finance Party. 

If the Target shall receive any benefit, payment or distribution in relation to any such right it shall hold that benefit, payment or
distribution (or so much of it as may be necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in connection with the Finance Documents to be paid in full) on trust for the Finance Parties,
and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 33 (Payment Mechanics). 
  

	17.8	 Guarantee Limitation - Fraudulent Conveyance 

Any term or provision of this Clause 17 or any other term in this Agreement or any Finance Document notwithstanding, the maximum aggregate
amount of the obligations for which the Target shall be liable under this Agreement or any other Finance Document shall in no event exceed an amount equal to the largest amount that would not render the Target’s obligations under this Agreement
subject to avoidance under applicable US Debtor Relief Laws, in all cases before taking into account any liabilities under any other guarantee by the Target. 
  

	17.9	 Additional security 

This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance
Party. 
  

	18.	 REPRESENTATIONS 

Each of the Borrower (with respect to itself and (where applicable) members of the Borrower Group) and the Target (with respect to itself and
(where applicable) its Subsidiaries) makes the representations and warranties set out in this Clause 18 to each Finance Party on the date of this Agreement. 
  

	18.1	 Status 

  

	 	(a)	 It is a corporation, duly incorporated and validly existing under the law of its jurisdiction of incorporation.

  

	 	(b)	 It has the power to own its assets and carry on its business as it is being conducted. 

 

	18.2	 Binding obligations 

Subject to the Legal Reservations and the Perfection Requirements: 
  

	 	(a)	 the obligations expressed to be assumed by it in each Finance Document are legal, valid, binding and
enforceable obligations; and 

  

	 	(b)	 (without limiting the generality of paragraph (a) above), each Transaction Security Document to which it
is a party creates the security interests which that Transaction Security Document purports to create and those security interests are valid and effective. 

  
 - 58 - 

	18.3	 Non-conflict with other obligations 

The entry into and performance by it of, and the transactions contemplated by, the Finance Documents and the granting of the Transaction
Security do not and will not conflict with: 
  

	 	(a)	 any law or regulation applicable to it in any material respect; 

 

	 	(b)	 its constitutional documents or any of its Subsidiaries’ constitutional documents in any material respect;
or 

  

	 	(c)	 any other agreement or instrument binding upon it or any of its Subsidiaries or any of its or any of its
Subsidiaries’ assets which has or is reasonably likely to have a Material Adverse Effect. 

  

	18.4	 Power and authority 

It has (or will have by the time of execution of the relevant Finance Document) the power to enter into, perform and deliver, and has taken (or
will have taken prior to the time of execution) all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 

 

	18.5	 Validity and admissibility in evidence 

All Authorisations required: 
  

	 	(a)	 to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Finance
Documents to which it is a party; 

  

	 	(b)	 to make the Finance Documents to which it is a party admissible in evidence in its jurisdiction of
incorporation; and 

  

	 	(c)	 for it and its Subsidiaries to carry on their business, and which are material, have been obtained or effected
and are in full force and effect, subject to the Legal Reservations and the Perfection Requirements. 

  

	18.6	 Governing law and enforcement 

 

	 	(a)	 Subject to the Legal Reservations, the choice of the governing law in each of the Finance Documents will be
recognised and enforced in its jurisdiction of incorporation. 

  

	 	(b)	 Subject to the Legal Reservations, any judgment or arbitral award obtained from any court or arbitral tribunal
to whose jurisdiction it submits from time to time in relation to a Finance Document will be recognised and enforced in its jurisdiction of incorporation. 

  

	18.7	 Deduction of Tax 

It is not required under the law applicable where it is incorporated or resident or at the address specified in this Agreement to make any Tax
Deduction from any payment it may make under any Finance Document, provided, however, that Target and Borrower may be liable to the U.S. taxing authorities in connection with any payment Target makes on behalf of the Borrower that is treated as a
deemed dividend for U.S. federal income tax purposes. 

  
 - 59 - 

	18.8	 No filing or stamp taxes 

Except for the Perfection Requirements, it is not necessary under the law of its jurisdiction of incorporation that the Finance Documents be
filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration or similar tax be paid on or in relation to the Finance Documents or the transactions contemplated by the Finance Documents. 

 

	18.9	 No default 

  

	 	(a)	 No Event of Default is continuing or would reasonably be expected to result from the making of the Utilisation.

  

	 	(b)	 No other event or circumstance is outstanding which constitutes a default under any other agreement or
instrument which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries’) assets are subject which has or is reasonably likely to have a Material Adverse Effect. 

 

	18.10	 No misleading information 

Except as disclosed to the Facility Agent in writing prior to the date of this Agreement: 

 

	 	(a)	 all written factual information (other than information of a general economic nature) contained in, or provided
by or on behalf of any Obligor or any Affiliate of any Obligor (or any of their respective advisers and/or representatives) for the purposes of, the Information Package and/or otherwise made available in writing for the purpose of the Original
Lender’s assessment of the transactions contemplated under the Finance Documents, was, taken as a whole, true and accurate in all material respects; 

  

	 	(b)	 the expressions of opinions and/or intention provided in the Information Package or otherwise made available in
writing for the purpose of the Original Lender’s assessment of the transactions contemplated under the Finance Documents were arrived at after careful consideration and were based on reasonable grounds at the time of being made (provided
that nothing in this paragraph (b) shall require any Obligor to review or make any enquiry in relation to matters within the technical or professional expertise of any adviser preparing any report or any other technical expert or
professional); 

  

	 	(c)	 any financial projections or forecasts contained in the Information Package or otherwise made available in
writing for the purpose of the Original Lender’s assessment of the transactions contemplated under the Finance Documents (the “Projections”) have been prepared on the basis of historical financial information and in good faith
on the basis of assumptions believed by the Borrower to be reasonable (as at the time of preparation), it being understood that the Projections are subject to significant uncertainties and contingencies many of which are beyond the control of the
Borrower and that no assurances can be given that the Projections will be realised; 

  

	 	(d)	 no event or circumstance has occurred or arisen and no information has been withheld that results in the
information, opinions, intentions, forecasts or projections contained in the Information Package (when taken as a whole) or otherwise made available in writing for the purpose of the Original Lender’s assessment of the transactions contemplated
under the Finance Documents (when taken as a whole) being untrue or misleading in any material respect as at its stated date (or, if none, as at the date on which it is provided to the Finance Parties); and 

  
 - 60 - 

	 	(e)	 all other written information (including information provided through electronic communications) relating or
supplemental to the Information Package, or pursuant to the terms of the Finance Documents, supplied by or on behalf of any Obligor or any Affiliate of any Obligor (or any of their respective advisers and/or representatives) to any Finance Party (or
any advisers or representatives thereof) is true, accurate and is, taken as a whole, not misleading in any material respect as at the date it was given. 

  

	18.11	 Financial statements 

 

	 	(a)	 The Borrower’s financial statements most recently supplied to the Facility Agent (which, at the date of
this Agreement, are the Original Financial Statements) were prepared in accordance with GAAP consistently applied save to the extent expressly disclosed in such financial statements. 

 

	 	(b)	 The Borrower’s financial statements most recently supplied to the Facility Agent (which, at the date of
this Agreement, are the Original Financial Statements) give a true and fair view of (if audited) or fairly represent (if unaudited) its financial condition and operations for the period to which they relate, save to the extent expressly disclosed in
such financial statements. 

  

	 	(c)	 There has been no material adverse change in the Borrower’s business or financial condition (or the
business or consolidated financial condition of the Borrower Group) since 31 December 2018. 

  

	18.12	 Pari passu ranking 

Subject to the Legal Reservations, its payment obligations under the Finance Documents rank at least pari passu with the claims of all
of its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 
  

	18.13	 No proceedings 

No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined, has or
is reasonably likely to have a Material Adverse Effect has or have (to the best of its knowledge and belief) been started or threatened against it or any of its Subsidiaries. 
  

	18.14	 No breach of laws 

 

	 	(a)	 It has not and none of its Subsidiaries have breached any law or regulation where such breach has or is
reasonably likely to have a Material Adverse Effect. 

  

	 	(b)	 It has not breached any laws or regulations with respect to market abuse, insider dealing, market manipulation
and/or disclosure of interests in or relating to the Shares and is not otherwise in possession of any inside information or other material non-public information in relation to it and/or the Shares and has not used any such information in breach of
any laws or regulations. 

  

	18.15	 No debt 

As at the date of this Agreement and the first Utilisation Date, neither it nor any of its Subsidiaries has any Financial Indebtedness other
than under the Finance Documents, the Existing Infront Facility Agreement, the Existing WEH Facility Agreement or any other Permitted Financial Indebtedness. 
  

	18.16	 No Security 

As at the date of this Agreement and the first Utilisation Date, neither it nor any of its Subsidiaries has created or permitted any Security
or Quasi-Security over any of its assets other than in connection with the Existing Infront Facility Agreement, the Existing WEH Facility Agreement or any other Permitted Security. 

  
 - 61 - 

	18.17	 Ownership 

As at the date of this Agreement and the first Utilisation Date, 71.10 per cent. of the Borrower’s issued share capital is legally
and beneficially, directly or indirectly, owned and controlled by the Parent. 
  

	18.18	 Group Structure Chart 

As at the first Utilisation Date, the Group Structure Chart delivered to the Facility Agent pursuant to Part I of Schedule 2 (Conditions
Precedent) is true, complete and accurate in all material respects. 
  

	18.19	 Ranking 

Subject to the Legal Reservations and the Perfection Requirements, the Transaction Security has or will have first ranking priority and it is
not subject to any prior ranking or pari passu ranking Security. 
  

	18.20	 Legal and beneficial ownership 

It and each of its Subsidiaries is the sole legal and beneficial owner of the respective assets over which it purports to grant Security. 

 

	18.21	 Shares 

The shares of WEH which are subject to Transaction Security are fully paid and not subject to any option to purchase or similar rights. The
constitutional documents of WEH do not and could not restrict or inhibit any transfer of those shares on creation or enforcement of the Transaction Security. There are no agreements in force which provide for the issue or allotment of, or grant any
person the right to call for the issue or allotment of, any share or loan capital of WEH (including any option or right of pre-emption or conversion). 
  

	18.22	 Sanctions 

No member of the Borrower Group is, nor is any of the directors or officers of any member of the Borrower Group, a Restricted Party, and no
member of the Borrower Group acts directly or indirectly on behalf of a Restricted Party. 
  

	18.23	 Anti-money laundering 

 

	 	(a)	 The operations of each member of the Borrower Group are, and have been, conducted at all times in compliance
with applicable financial record keeping and reporting requirements and anti-money laundering statutes in each of the jurisdictions in which it is incorporated or domiciled (as the case may be) and of all jurisdictions in which each member of the
Borrower Group conducts business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, “Anti-Money Laundering
Laws”); and 

  

	 	(b)	 no action, suit or proceeding by or before any court or Governmental Agency, governmental authority or body or
any arbitrator involving any member of the Borrower Group with respect to Anti-Money Laundering Laws is pending and, to the best of the knowledge and belief of each member of the Borrower Group having made all reasonable enquiries, no such actions,
suits or proceedings are threatened or contemplated. 

  
 - 62 - 

	18.24	 Anti-corruption Law 

 

	 	(a)	 Each member of the Borrower Group and each of their officers, directors, employees and agents is in compliance
with applicable Anti-Corruption Laws. 

  

	 	(b)	 Each member of the Borrower Group has instituted and maintained policies and procedures designed to promote and
achieve compliance with Anti-Corruption Laws. 

  

	18.25	 Immunity 

  

	 	(a)	 The entry into by it of each Finance Document constitutes, and the exercise by it of its rights and performance
of its obligations under each Finance Document will constitute, private and commercial acts performed for private and commercial purposes. 

  

	 	(b)	 It will not be entitled to claim immunity from suit, execution, attachment or other legal process in any
proceedings taken in its jurisdiction of incorporation in relation to any Finance Document. 

  

	18.26	 Environmental compliance 

It and each of its Subsidiaries is in compliance with all Environmental or Social Law and Environmental or Social Approvals, where failure to
do so has or is reasonably likely to have a Material Adverse Effect. 
  

	18.27	 Environmental or Social Claims 

No Environmental or Social Claim has been commenced or (to the best of its knowledge and belief) been started or threatened against it or any
of its Subsidiaries which, if adversely determined, has or is reasonably likely to have a Material Adverse Effect. 
  

	18.28	 Intercompany indebtedness 

None of the Borrower, the Target and any member of the WEH Group owes any Financial Indebtedness to any other member of the Group or any of
their respective Affiliates, except for (a) any Financial Indebtedness which is the subject of a Subordination Deed or (b) any Financial Indebtedness owing by a member of the WEH Group to another member of the WEH Group. 

 

	18.29	 Federal Reserve Regulations 

 

	 	(a)	 It is not engaged and will not engage in the business of purchasing or carrying Margin Stock or extending
credit for the purpose of purchasing or carrying Margin Stock. 

  

	 	(b)	 None of the proceeds of any Loan will be used, directly or indirectly, for the purpose of buying or carrying
any Margin Stock, for the purpose of reducing or retiring any Financial Indebtedness that was originally incurred to buy or carry any Margin Stock or for any other purpose which might cause all or any part of any Loan to be considered a
“purpose credit” within the meaning of Regulation U or Regulation X. 

  

	18.30	 Investment companies 

None of itself, the Parent or any member of the Borrower Group is or is required to be registered as an “investment company” under
the US Investment Company Act of 1940. 

  
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	18.31	 ERISA and Multiemployer Plans 

Neither it nor any of its ERISA Affiliates maintains, contributes to, or has any actual or contingent, direct or indirect obligation to
maintain or contribute to, or has, at any time within the past six years, maintained, contributed to or had any actual or contingent obligation to maintain or contribute to, any employee benefit plan that is subject to Title I or Title IV of ERISA
or section 4975 of the Code. 
  

	18.32	 Repetition 

  

	 	(a)	 The Repeating Representations are deemed to be made by the Borrower and the Target by reference to the facts
and circumstances then existing on the date of each Utilisation Request and the first day of each Interest Period. 

  

	 	(b)	 Paragraphs (a) to (d) of Clause 18.10 (No misleading information) are deemed to be made by the
Borrower and the Target by reference to the facts and circumstances then existing on the date on which the Information Package (or part of it) is released to the Arranger for distribution in connection with syndication or sell-down of all or any
part of the Facility. 

  

	19.	 INFORMATION UNDERTAKINGS 

The undertakings in this Clause 19 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance
Documents or any Commitment is in force. 
  

	19.1	 Financial statements 

 

	 	(a)	 The Borrower shall supply to the Facility Agent in sufficient copies for all the Lenders each financial
statement required (or would have been required if the Borrower was subject to the reporting requirements of Section 13(a) or 15(d) of the US Exchange Act) to be submitted by the Borrower as a foreign private issuer to the SEC promptly
following the date on which such financial statement is first published on EDGAR or any website maintained by or on behalf of the Borrower (but in any event by no later than five Business Days after the date by which such financial statement is
required (or would have been required if the Borrower was subject to the reporting requirements of Section 13(a) or 15(d) of the US Exchange Act) to be published on EDGAR or any website maintained by or on behalf of the Borrower by any
applicable law or regulation, the SEC or rules of NASDAQ). 

  

	 	(b)	 In lieu of delivery of a paper counterpart of any financial statement required to be delivered to the Facility
Agent pursuant to this Clause 19.1, to the extent such financial statement has been published on EDGAR and/or on its website, the Borrower may send to the Facility Agent notice that such financial statement is available on EDGAR or its website and
delivery of such notice shall satisfy the relevant obligation of the Borrower under this Clause 19.1 to deliver such financial statement; provided, however, that if the Facility Agent is unable to access EDGAR or the Borrower’s website, the
Borrower agrees to provide the Facility Agent with paper copies of the relevant financial statement promptly following notice from the Facility Agent. 

  

	19.2	 Compliance Certificate 

The Borrower shall supply to the Facility Agent, with each set of financial statements delivered pursuant to paragraph (a) of Clause 19.1
(Financial statements), a Compliance Certificate, with such Compliance Certificate (if it relates to the financial statements of the Borrower for its Financial Year or Financial Half-Year) setting out (in reasonable detail) computations as to
compliance, with respect to the First Test Date only, with Clause 20 (Financial Covenants) as at the date as at which those financial statements were drawn up. 

  
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	19.3	 Requirements as to financial statements 

 

	 	(a)	 Each set of financial statements delivered pursuant to Clause 19.1 (Financial statements) must give a
true and fair view of (in the case of any such financial statements which are audited) or fairly represent (in the case of any such financial statements which are unaudited) the financial condition of the relevant person as at the date as at which
those financial statements were drawn up. 

  

	 	(b)	 The Borrower shall procure that each set of financial statements delivered pursuant to Clause 19.1
(Financial statements) is prepared using GAAP. 

  

	19.4	 Provision of non-public information 

Notwithstanding any other provision of any Finance Document, the Borrower shall not provide to any Finance Party any material non-public
information in relation to it and/or the Shares. If any notice or communication is required to be delivered or made by the Borrower under this Agreement that would include or would itself constitute material non-public information in relation to it
and/or the Shares, the Borrower must: 
  

	 	(a)	 to the extent possible make such notice or communication without inclusion of the relevant information; and

  

	 	(b)	 before the required time by which such notice or communication is required to be delivered, contact the
Facility Agent to discuss whether and on what terms such information may be provided (at the determination of the Facility Agent based on counsel’s advice) to the Facility Agent, provided that: 

 

	 	(i)	 the Facility Agent may decline to receive or discuss any such information in its sole discretion and shall
promptly notify the Borrower of the same; and 

  

	 	(ii)	 upon notification by the Facility Agent, the Borrower shall contact each Lender directly to discuss whether
that Lender would like to receive such information, and on what terms such information may be provided to each Lender which has elected to receive such information. 

 

	19.5	 Information: Sale of the Target 

The Borrower shall: 
  

	 	(a)	 provide regular and timely updates to the Facility Agent with respect to the proposed sale of the shares of, or
all or substantially all of the assets of, the Target (“sale of the Target”); 

  

	 	(b)	 promptly upon request by the Facility Agent, confirm the latest status regarding the proposed sale of the
Target; 

  

	 	(c)	 provide the following documents and information to the Facility Agent: 

 

	 	(vii)	 prior to its entry into the SPA, advanced drafts and final form of the SPA promptly upon the same becoming
available; 

  

	 	(viii)	 prior to the closing date under the SPA, a funds flow memorandum relating to the same; 

 

	 	(ix)	 promptly, such other evidence or document relating to the SPA as reasonably requested by the Facility Agent;
and 

  
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	 	(x)	 promptly, a copy of any amendment, waiver or supplement to or under the SPA which is material, or any
assignment or transfer made by any party under the SPA. 

  

	19.6	 Information: miscellaneous 

The Borrower shall supply to the Facility Agent (in sufficient copies for all the Finance Parties, if the Facility Agent so requests): 

 

	 	(a)	 all documents dispatched by the Borrower to its shareholders or by any member of the Borrower Group to its
creditors generally at the same time as they are dispatched; 

  

	 	(b)	 promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings
which are current, threatened or pending against any member of the Borrower Group or any Obligor and which might, if adversely determined, have a Material Adverse Effect; 

 

	 	(c)	 promptly, such further information regarding the financial condition, business and operations of any member of
the Borrower Group or any Obligor as any Finance Party (through the Facility Agent) may reasonably request; 

  

	 	(d)	 promptly, such information as the Security Agent may reasonably require about the Charged Property and
compliance of the Obligors with the terms of any Transaction Security Documents; and 

  

	 	(e)	 promptly, notice of any change in authorised signatories of any Obligor signed by a director or company
secretary of such Obligor accompanied by specimen signatures of any new authorised signatories. 

  

	19.7	 Notification of default 

 

	 	(a)	 The Borrower shall notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it)
promptly upon becoming aware of its occurrence. 

  

	 	(b)	 Promptly on request by the Facility Agent, the Borrower must supply to the Facility Agent a certificate, signed
by one of its directors on its behalf, certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it). 

 

	19.8	 Use of websites 

 

	 	(a)	 The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to those
Lenders (the “Website Lenders”) who accept this method of communication by posting this information onto an electronic website designated by the Borrower and the Facility Agent (the “Designated Website”) if:

  

	 	(i)	 the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept
communication of the information by this method; 

  

	 	(ii)	 both the Borrower and the Facility Agent are aware of the address of and any relevant password specifications
for the Designated Website; and 

  

	 	(iii)	 the information is in a format previously agreed between the Borrower and the Facility Agent.

  
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	 	(b)	 If any Lender (a “Paper Form Lender”) does not agree to the delivery of information
electronically then the Facility Agent shall notify the Borrower accordingly and the Borrower shall supply the information to the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Borrower shall supply
the Facility Agent with at least one copy in paper form of any information required to be provided by it, unless and until the Facility Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer
continuing. 

  

	 	(c)	 The Facility Agent shall supply each Website Lender with the address of and any relevant password
specifications for the Designated Website following designation of that website by the Borrower and the Facility Agent. 

  

	 	(d)	 The Borrower shall promptly upon becoming aware of its occurrence notify the Facility Agent if:

  

	 	(i)	 the Designated Website cannot be accessed due to technical failure; 

 

	 	(ii)	 the password specifications for the Designated Website change; 

 

	 	(iii)	 any new information which is required to be provided under this Agreement is posted onto the Designated
Website; 

  

	 	(iv)	 any existing information which has been provided under this Agreement and posted onto the Designated Website is
amended; or 

  

	 	(v)	 the Borrower becomes aware that the Designated Website or any information posted onto the Designated Website is
or has been infected by any electronic virus or similar software. 

  

	 	(e)	 If the Borrower notifies the Facility Agent under paragraph (d)(i) or paragraph (d)(v) above, all information
to be provided by the Borrower under this Agreement after the date of that notice shall be supplied in paper form. 

  

	 	(f)	 Any Website Lender may request, through the Facility Agent, one paper copy of any information required to be
provided under this Agreement which is posted onto the Designated Website. The Borrower shall comply with any such request within 10 Business Days. 

  

	19.9	 “Know your customer” checks 

 

	 	(a)	 The Borrower shall promptly upon the request of the Facility Agent supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Facility Agent (for itself or on behalf of any Lender (including for any Lender on behalf of any prospective new Lender)) in order for the Facility Agent, such Lender or any
prospective new Lender to conduct all “know your customer” and other similar procedures that it is required to conduct. 

  

	 	(b)	 Each Lender shall promptly upon the request of the Facility Agent supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Facility Agent (for itself) in order for the Facility Agent to conduct all “know your customer” and other similar procedures that it is required to conduct.

  

	20.	 FINANCIAL COVENANTS 

 

	20.1	 Financial condition 

The Borrower shall ensure that: 

  
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	 	(a)	 the Adjusted Leverage Ratio on the First Test Date in respect of the Relevant Period ending on the First Test
Date shall not exceed 5.0:1; and 

  

	 	(b)	 the Interest Cover on the First Test Date in respect of the Relevant Period ending on the First Test Date shall
be not less than 2.0:1. 

  

	20.2	 Financial testing 

 

	 	(a)	 The financial covenants set out in Clause 20.1 (Financial condition) shall be tested by reference to the
financial statements of the Borrower delivered pursuant to paragraph (a) of Clause 19.1 (Financial statements) and Compliance Certificates delivered pursuant to Clause 19.2 (Compliance Certificate) in respect of the Relevant
Period (if they relate to the financial statements of the Borrower for its Financial Year). 

  

	 	(b)	 Prior to the delivery of the relevant financial statements for the First Test Date, and for the purpose of
calculating the Adjusted Leverage Ratio to determine whether any particular leverage ratio based action is permitted in accordance with the terms of this Agreement, the Adjusted Leverage Ratio shall be calculated by reference to the audited
consolidated financial statements for the Borrower for its financial year ended 31 December 2018, unless more recent audited consolidated financial statements are available, in which case, that set of financial statement shall be used to calculate
the Adjusted Leverage Ratio when determining whether any leverage ratio based action is permitted. 

  

	 	(c)	 To the extent the Adjusted Leverage Ratio is used as the basis (in whole or part) for determining whether any
transaction or activity is permitted or making any determination under any Finance Document (including on a pro forma basis) at any time after the First Test Date, Total Net Debt as at the First Test Date shall (for the purposes of such
determination only) be deemed to have been reduced to take into account any repayment of Financial Indebtedness of any member of the Borrower Group made after the First Test Date but on or before the date of such determination (as if such repayment
were made on the First Test Date) and shall be deemed to have been increased to take into account any incurrence or assumption of Financial Indebtedness by any member of the Borrower Group after the First Test Date but on or before the date of such
determination (as if such incurrence or assumption were made on the First Test Date), and the Adjusted Leverage Ratio as at the First Test Date or for the Relevant Period ending on the First Test Date shall, for the purposes of such determination,
be determined accordingly. 

  

	 	(d)	 If any operating lease is, from time to time, required to be treated as a Finance Lease, it shall be treated
for the purposes of calculating the financial covenants set out in Clause 20.1 (Financial condition) in accordance with GAAP in force prior to 1 January 2019. 

 

	 	(e)	 For the purpose of calculating the financial covenants set out in Clause 20.1 (Financial condition), no
item shall be included or excluded or otherwise taken into account more than once in any calculation. 

  

	 	(f)	 For the purposes of calculating the financial covenants set out in Clause 20.1 (Financial condition) in
respect of any period, where an amount is not denominated in euro, that amount shall be converted into euro consistent with the exchange rate methodology applied in the financial statements delivered pursuant to Clause 19.1 (Financial
statements) and if hedging has been entered into, then: 

  

	 	(i)	 (in the case of balance sheet items or items required to be determined as at the last day of such period) at
the exchange rate(s) as used in respect of such balance sheet item or items in the preparation of the applicable financial statements (relevant to the period ending on the last day of such first mentioned period) or, to the extent that the
applicable member of the Borrower Group has entered into any hedging to hedge currency exposure in respect of such item or items, at such hedged rate; or 

  
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	 	(ii)	 (in the case of profit and loss account items or items required to be determined over the course of such
period) at the exchange rate used in respect of such profit and loss account item or items required to be determined over the course of such period in the preparation of the applicable financial statements (relevant to such period) or, to the extent
that the applicable member of the Borrower Group has entered into any hedging to hedge currency exposure in respect of such item or items, at such hedged rate. 

 

	20.3	 Financial definitions 

In this Clause 20: 

“Adjusted EBITDA” means, in relation to a Relevant Period, EBITDA for that Relevant Period adjusted by: 

 

	 	(a)	 including the operating profit before interest, tax, depreciation, amortisation and impairment charges
(calculated on the same basis as EBITDA) of a member of the Borrower Group (or attributable to a business or assets) acquired during the Relevant Period for that part of the Relevant Period prior to its becoming a member of the Borrower Group or (as
the case may be) prior to the acquisition of the business or assets; and 

  

	 	(b)	 excluding the operating profit before interest, tax, depreciation, amortisation and impairment charges
(calculated on the same basis as EBITDA) attributable to any member of the Borrower Group (or to any business or assets) disposed of (and ceasing to be a member of the Borrower Group) during the Relevant Period for that part of the Relevant Period.

 “Adjusted Leverage Ratio” means, in respect of any Relevant Period, the ratio of Total Net Debt on the
last day of that Relevant Period to Adjusted EBITDA in respect of that Relevant Period. 
 “Borrowings” means, at any time,
the aggregate outstanding principal, capital or nominal amount of any Financial Indebtedness of any member of the Borrower Group excluding: 
  

	 	(a)	 indebtedness owed by one member of the Borrower Group to another member of the Borrower Group;

  

	 	(b)	 all pension related liabilities; and 

 

	 	(c)	 the included value or amount of any Financial Indebtedness constituting any derivative transaction entered into
in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or
close-out of that derivative transaction, that amount) shall be taken into account), or the amount of any liability in respect of any guarantee or indemnity for any such Financial Indebtedness. 

“Cash Equivalent Investments” means investments that are short term investments (excluding equity investments) which are
readily convertible into cash without incurring any significant premium or penalty. 

  
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 “Consolidated Net Interest Expense” means, in respect of any Relevant
Period, the aggregate amount of interest (and amounts in the nature of interest) accrued, paid or payable in respect of Borrowings by any member of the Borrower Group in respect of that Relevant Period: 

 

	 	(a)	 excluding any such obligations owed to any other member of the Borrower Group or that is otherwise
subordinated to the Facility; 

  

	 	(b)	 excluding (i) premia, fees and costs payable on repayment, prepayment or purchase of Borrowings,
(ii) costs relating to any Permitted Acquisition, (iii) any amortisation of any such fees, costs or premia (including any amount falling within (i) to (ii) above), (iv) any capitalised interest or other non-cash return, (v) any
withholding tax (or gross up obligation) on interest received or paid, (vi) any amounts that are payable in respect of any Borrowings that are repaid (including by way of acquisition) as part of any Permitted Acquisition, (vii) any
realised or unrealised gains or losses on any financial instrument, (viii) any one-off cash payments, premia, fees, costs or expenses in connection with the purchase of, or which arise upon maturity, close-out or termination of, any interest
rate hedging arrangements, or any amortisation thereof, and (ix) any one-off or similar non-recurring fees (including any consent or amendment fee) or any amortisation thereof; 

 

	 	(c)	 including the interest element of payments in respect of any Finance Lease; and 

 

	 	(d)	 deducting any interest payable in that Relevant Period to any member of the Borrower Group (other than
by another member of the Borrower Group) on any cash or Cash Equivalent Investment. 

 “EBITDA” means, in
respect of any Relevant Period, the consolidated operating profit of the Borrower Group (excluding the results from discontinued operations) (without double counting): 
  

	 	(a)	 before deducting any interest, commission, fees, discounts, prepayment fees, premiums or charges and
other finance payments (including arrangement, underwriting, upfront and participation fees, agency fees and similar fees and costs) whether paid, payable or capitalised by any member of the Borrower Group (calculated on a consolidated basis) in
respect of the Relevant Period; 

  

	 	(b)	 before deducting any amount of Tax paid, payable or accruing for payment by any member of the Borrower
Group during that Relevant Period; 

  

	 	(c)	 not including any accrued interest owing to any member of the Borrower Group; 

 

	 	(d)	 after adding back any amount attributable to the amortisation, depreciation or impairment of assets of
members of the Borrower Group (and taking no account of the reversal of any previous impairment charge made in that Relevant Period); 

  

	 	(e)	 after adding back (to the extent otherwise deducted) any non-cash provision, charge, cost or expense in
each case related to: 

  

	 	(i)	 any stock option incentive or management equity plan (including any termination thereof); or

  

	 	(ii)	 any share, equity, phantom equity, warrant or option-based compensation of officers, directors or employees of
members of the Borrower Group accrued during that Relevant Period; 

  
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	 	(f)	 before taking into account any exceptional, one off, non-recurring or extraordinary items, including
those arising on: 

  

	 	(i)	 any Restructuring Costs; 

 

	 	(ii)	 disposals, revaluations, write downs or impairment of assets; 

 

	 	(iii)	 disposals of assets associated with discontinued operations; and 

 

	 	(iv)	 exceptional, one-off, non-recurring or extraordinary items that is included as an adjustment in the financial
statements filed by the Borrower with the SEC; 

  

	 	(g)	 before deducting any business acquisition costs; 

 

	 	(h)	 before taking into account: 

 

	 	(i)	 any unrealised gains or losses on any derivative instrument (other than any derivative instrument which is
accounted for on a hedge accounting basis); or 

  

	 	(ii)	 exchange rate gains or losses arising due to the re-translation of balance sheet items; 

 

	 	(i)	 before taking into account any income, service costs, expenses or charge (including any deemed finance
charge) attributable to a pension or post-employment benefit scheme other than the current service costs attributable to that scheme; 

  

	 	(j)	 before taking into account and without any double counting any gains or losses arising on:

  

	 	(i)	 disposals or write downs of non-current assets; 

 

	 	(ii)	 litigation settlements; or 

 

	 	(iii)	 Debt Purchase Transactions; 

 

	 	(k)	 before taking into account: 

 

	 	(i)	 any payments permitted to be paid to the Facility Agent, the Security Agent, or any agent or security agent in
respect of any other Financial Indebtedness; 

  

	 	(ii)	 costs of any member of the Borrower Group which is a holding company with no operations, business, employees,
assets or liabilities other than the holding of shares in and advance of shareholder loans to its Subsidiaries; and 

  

	 	(iii)	 any Permitted Payments, 

in each case during that Relevant Period; 
  

	 	(l)	 after deducting (to the extent otherwise included) any other non-cash gain, and after adding back
(to the extent otherwise deducted) any other non-cash expense; 

  

	 	(m)	 after adding back (to the extent otherwise deducted) any expense in relation to amounts paid by any
member of the Borrower Group in respect of the purchase of shares (or rights in respect of shares) in members of the Borrower Group from directors, officers or employees of the Borrower Group upon termination of the employment of such employees with
the Borrower Group; 

  

	 	(n)	 after adding (to the extent not otherwise included) any amounts that are paid or accrued in favour of
any member of the Borrower Group during that Relevant Period under any loss of profit, business interruption or equivalent insurance in respect of lost earnings (or its equivalent); and 

  
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	 	(o)	 before taking into account any gain or loss against book value arising on a disposal (other than in the
ordinary course of trading) or from an upward or downward revaluation of any other asset, 

 in each case, to the extent
added, deducted or taken into account, as the case may be, for the purposes of determining operating profits of the Borrower Group before taxation. 

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

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

 “Financial Year” means the annual accounting period of the Borrower Group or (as applicable) the Group ending on or about
31 December in each year. 
 “First Test Date” means 31 December 2019. 

“Half-Year Date” means each of 30 June and 31 December. 

“Interest Cover” means, in respect of any Relevant Period, the ratio of Adjusted EBITDA for that Relevant Period to
Consolidated Net Interest Expenses for that Relevant Period. 
 “Quarter Date” means each of 31 March, 30 June, 30 September
and 31 December. 
 “Relevant Period” means the period of 12 months ending on the First Test Date. 

“Restructuring Costs” means any cost and expense incurred in connection with the restructuring of the activities of an entity
(including for the avoidance of doubt, all costs and expenses relating to employee relocation, retraining, redundancy, compliance costs and expenses, closure, business interruption and make-good costs, refitting and refurbishment costs, asset
relocation costs not capitalised, consultants’ and recruitment fees, legal fees, compensation to departing management and head-count reduction, signing costs, retention or completion bonuses, asset write-downs, temporary costs associated with
transactional services and costs of new personnel, adjustments for sold businesses, reorganisation and other restructuring or cost-cutting measures, the expansion, integration, rationalisation, branding, re-branding, start-up, optimization,
reduction or elimination of product lines, assets or businesses, the consolidation, relocation, opening or closure of retail, administrative or production locations and other similar items (for the avoidance of doubt, excluding any related capital
expenditure), curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities), implementation of any enhanced accounting function and creation or reversal of any related
provisions) and reversals of any provision for the cost of restructuring. 
 “Total Net Debt” means at any time the
aggregate amount of all obligations of members of the 
 Borrower Group for or in respect of Borrowings at that time: 

 

	 	(a)	 including current interest-bearing liabilities and non-current interest-bearing liabilities;

  

	 	(b)	 excluding any such obligations to any other member of the Borrower Group; 

 

	 	(c)	 deducting any liabilities that may be subordinated to that of the Facility; and 

 

	 	(d)	 deducting the aggregate amount of cash and Cash Equivalent Investments held by any member of the Borrower Group
at such time, 

  
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 and so that no amount shall be included or excluded more than once. 

 

	21.	 GENERAL UNDERTAKINGS 

The undertakings in this Clause 21 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance
Documents or any Commitment is in force. 
  

	21.1	 Authorisations 

Each of the Borrower and the Target shall promptly obtain, comply with and do all that is necessary to maintain in full force and effect any
Authorisation required to enable it to perform its obligations under the Finance Documents and (subject to the Legal Reservations, the Perfection Requirements and the registration with SAFE which shall be completed in accordance with the Parent
Guarantee) to ensure the legality, validity, enforceability or admissibility in evidence in its jurisdiction of incorporation of any Finance Document. 
  

	21.2	 Compliance with laws and obligations 

 

	 	(a)	 Each of the Borrower and the Target shall (and the Borrower shall ensure that each other member of the Borrower
Group will) comply in all respects with all laws, regulations and applicable listing rules to which it may be subject, if failure so to comply has or is reasonably likely to have a Material Adverse Effect. 

 

	 	(b)	 Each of the Borrower and the Target shall ensure that there is no restriction under any agreements and
instruments which are binding on it or any of its assets, which has or is reasonably likely to have a Material Adverse Effect. 

  

	21.3	 Pari passu ranking 

Subject to the Legal Reservations, each of the Borrower and the Target shall ensure that its payment obligations under the Finance Documents
rank and continue to rank at least pari passu with the claims of all of its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally. 

 

	21.4	 Negative pledge 

Except for any Permitted Security or any Permitted Transaction, neither the Borrower nor the Target may (and the Borrower shall ensure that no
other member of the Borrower Group will) create or allow to exist any Security or Quasi-Security on any of its assets. 
  

	21.5	 Disposals 

Except for any Permitted Disposal or a Permitted Transaction, neither the Borrower nor the Target may (and the Borrower shall ensure that no
other member of the Borrower Group will) enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset. 

 

	21.6	 Merger 

Except for any Permitted Transaction, neither the Borrower nor the Target may (and the Borrower shall ensure that no other member of the
Borrower Group will) enter into any amalgamation, demerger, merger or corporate reconstruction. 

  
 - 73 - 

	21.7	 Change of business 

Each of the Borrower and the Target must ensure that no substantial change is made to the general nature of its business or (in the case of the
Borrower) the business of the Borrower Group from that carried on at the date of this Agreement. 
  

	21.8	 Acquisitions 

Except for any Permitted Acquisition or any Permitted Transaction, neither the Borrower nor the Target may (and the Borrower shall ensure that
no other member of the Borrower Group will) acquire any shares or securities or any company, business, undertaking or legal entity (or, in each case, any interest in any of them) or incorporate or establish any company, corporation, undertaking or
legal entity or make any investment. 
  

	21.9	 Guarantees 

Except for a Permitted Guarantee or a Permitted Transaction, neither the Borrower nor the Target may (and the Borrower shall ensure that no
other member of the Borrower Group will) incur or allow to remain outstanding any guarantee, indemnity or other assurance against loss in respect of any obligation of any person. 

 

	21.10	 Financial Indebtedness 

Except for Permitted Financial Indebtedness or a Permitted Transaction, neither the Borrower nor the Target may (and the Borrower shall ensure
that no other member of the Borrower Group will) incur or permit to exist any Financial Indebtedness. 
  

	21.11	 Arm’s length basis 

 

	 	(a)	 Except as permitted under paragraph (b) below, neither the Borrower nor the Target may (and the Borrower
shall ensure that no other member of the Borrower Group will) enter into any transaction with any person except on arm’s length terms or more favourable terms to any member of the Borrower Group. 

 

	 	(b)	 Paragraph (a) above does not apply to any transaction between members of the Borrower Group.

  

	21.12	 Sanctions 

Each of the Borrower and the Target undertakes not to use any of the funds advanced under this Agreement directly or indirectly for business
activities relating to any Restricted Country. Each of the Borrower and the Target also undertakes not to use any of the funds advanced under this Agreement directly or indirectly for business activities that are subject to Sanctions. This includes,
in particular (but without limitation), business activities involving or providing benefits to any Restricted Party or Restricted Country. 
  

	21.13	 Anti-Corruption Law 

 

	 	(a)	 Each of the Borrower and the Target shall not (and the Borrower shall ensure that no other member of the
Borrower Group will) directly or indirectly use the proceeds of the Facility for any purpose which would breach any applicable Anti-Corruption Laws. 

  
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	 	(b)	 Each of the Borrower and the Target shall (and the Borrower shall ensure that each other member of the Borrower
Group will): 

  

	 	(i)	 comply with, and ensure that each of its or their officers, directors, employees and agents will comply with,
all applicable Anti-Corruption Laws; and 

  

	 	(ii)	 maintain policies and procedures designed to promote and achieve compliance with all applicable Anti-Corruption
Laws. 

  

	21.14	 Limitation on Restricted Payment 

Except for a Permitted Payment or a Permitted Transaction, neither the Borrower nor the Target may (and the Borrower shall ensure that no other
member of the Borrower Group will), directly or indirectly, make a Restricted Payment. 
  

	21.15	 Subordination of intercompany indebtedness 

Each of the Borrower and the Target shall ensure that, if it proposes to incur any Financial Indebtedness from (or any Financial Indebtedness
is owing by it as at the date of this Agreement to) any other member of the Group or any Affiliate of any member of the Group, such Financial Indebtedness is subordinated to the Secured Obligations pursuant to a Subordinated Deed upon or prior to
the incurrence of such Financial Indebtedness (or, in the case of any such Financial Indebtedness existing as at the date of this Agreement, prior to the delivery of the first Utilisation Request). 

 

	21.16	 Repatriation of proceeds 

The Borrower shall ensure that none of the amounts borrowed by it under this Agreement will be repatriated to the PRC for usage (directly or
indirectly whether through a third party or otherwise) by way of securities investment to the extent prohibited by the NBWD Regulations. 
  

	21.17	 Taxation 

Each of the Borrower and the Target shall (and the Borrower shall ensure that each member of the Borrower Group will) pay and discharge all
Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that: 
  

	 	(a)	 such payment is being contested in good faith and the costs required to contest them have been disclosed in the
financial statements of the Group or otherwise adequate reserves are being maintained in relation to such costs; or 

  

	 	(b)	 failure to pay those Taxes would not be reasonably likely to have a Material Adverse Effect.

  

	21.18	 Environmental compliance 

Each of the Borrower and the Target shall (and the Borrower shall ensure that each other member of the Borrower Group will) comply and continue
to be in compliance with all Environmental or Social Laws and Environmental or Social Approvals applicable to it, where failure to do so has or is reasonably likely to have a Material Adverse Effect. 

 

	21.19	 Environmental or Social Claims 

Each of the Borrower and the Target shall, promptly upon becoming aware, notify the Facility Agent of any Environmental or Social Claim
current, or to its knowledge, pending or threatened against it or any of its Subsidiaries which has or, if substantiated, is reasonably likely to have a Material Adverse Effect. 

  
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	21.20	 ERISA and Multiemployer Plans 

Neither the Borrower nor the Target will establish, become party to or incur any liability under any employee benefit plan of the type referred
to in Clause 18.31 (ERISA and Multiemployer Plans). 
  

	21.21	 Federal Reserve Regulations 

The Borrower shall use the Facility without violating Regulations T, U and X. 

 

	21.22	 Further assurance 

 

	 	(a)	 Each of the Borrower and the Target shall (and the Borrower shall procure that WEH will) promptly do all such
acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security
Agent or its nominee(s)): 

  

	 	(i)	 to perfect the Security created or intended to be created under or evidenced by the Transaction Security
Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and
remedies of the Security Agent or the Finance Parties provided by or pursuant to the Finance Documents or by law; and/or 

  

	 	(ii)	 to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction
Security. 

  

	 	(b)	 Each of the Borrower and the Target shall (and the Borrower shall procure that WEH will) take all such action
as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the
Finance Parties by or pursuant to the Finance Documents. 

  

	21.23	 Constitutional documents 

The Target shall ensure that WEH shall not amend its memorandum or articles of association, except for amendments which could not be reasonably
expected to materially and adversely affect the interests of the Finance Parties. 
  

	21.24	 Ranking of Security 

Subject to the Legal Reservations and the Perfection Requirements, each of the Borrower and the Target shall ensure that the Transaction
Security has first ranking priority and will not be subject to any prior ranking or pari passu ranking Security. 
  

	21.25	 DSRA 

  

	 	(a)	 The Borrower shall prior to the delivery of the first Utilisation Request establish, and thereafter maintain,
the DSRA. 

  

	 	(b)	 The Borrower shall maintain the DSRA for the sole purposes of: 

 

	 	(i)	 receiving the proceeds of the Tranche B Loan; and 

  
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	 	(ii)	 receiving the consideration and other amounts payable under the SPA in respect of the Disposal of the entire
issued share capital of the Target or all or substantially all of the assets of the Target. 

  

	 	(c)	 The Borrower shall ensure that, at all times starting from the first day of the 8th Month after the first
Utilisation Date, the DSRA has a balance which is not less than the DSRA Required Balance. 

  

	 	(d)	 No withdrawal from the DSRA is permitted except for: 

 

	 	(i)	 payment of accrued interest on the Loans (under each Tranche) due and payable on the 3rd to 7th Interest
Payment Dates for the Tranche A Loan (and each Interest Payment Date falling on such dates for the Tranche B Loan); and 

  

	 	(ii)	 mandatory prepayment of the Loans, accrued interest and other amounts payable under the Finance Documents
pursuant to Clause 7.3 (Mandatory prepayment – Disposal of Target). 

  

	21.26	 Conditions subsequent 

 

	 	(a)	 Sale of the Target – appointment of CS 

If no SPA has been entered into on or prior to the date falling three Months after the first Utilisation Date, then, upon the expiry of such
three Month period, the Borrower hereby appoints Credit Suisse AG, Singapore Branch, Credit Suisse Securities (USA) LLC and/or any of their respective Affiliates (as may be designated by the Arranger) (together, “CS”) to manage the
process of the sale of the Target on behalf of the Borrower, such that CS will run a sale process targeting potential buyers of the Target globally and (based on binding offers received) negotiate (together with the Borrower) the SPA with potential
buyers with a view to achieve signing of the SPA within eight Months after the first Utilisation Date. Such engagement shall be governed by the terms of the existing engagement letter dated 10 January 2020 entered into between Credit Suisse
Securities (USA) LLC and the Borrower (the “Existing EL”) provided that if, in CS’ opinion, the Existing EL does not extend to or is insufficient or ineffective to cover such engagement, the Borrower shall promptly upon
CS’ request enter into an engagement letter with CS on substantially the same terms as the Existing EL (with necessary adjustments) to govern such engagement. 
  

	 	(b)	 Assignment of SPA 

 

	 	(i)	 The Disposing Entity shall, prior to or simultaneously with its entry into the SPA, enter into an Assignment of
SPA in favour of the Security Agent. 

  

	 	(ii)	 The Disposing Entity shall: 

 

	 	(A)	 ensure that the consideration and any other amounts (or such part thereof equal to the Secured Obligations)
payable to it under the SPA are paid directly into an account designated by the Facility Agent or, as applicable, the DSRA in accordance with paragraph (b) of Clause 7.3 (Mandatory prepayment – Disposal of Target), and specify such
account or the DSRA (as applicable) as its receiving account (or one of its receiving accounts, as applicable) for the purpose of the SPA; and 

  

	 	(B)	 not assign or transfer any of its rights or obligations under the SPA, except for the assignment of its rights
and interests pursuant to the Assignment of SPA. 

  
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	 	(c)	 Go-to-market 

  

	 	(i)	 If the Facility has not been repaid or prepaid in full on the date falling 6 Months after the first Utilisation
Date, the Borrower shall cooperate with the Arranger in good faith to take steps to raise funds for the purpose of refinancing the Facility in full, whether by way of borrowing, any other issuance of debts or any debt or equity capital markets
transaction (including but not limited to the issuance, sale or placement of bonds, notes, other debt or hybrid debt securities, or any class of equity or equity-linked instruments). 

 

	 	(ii)	 The Borrower hereby grants to the Arranger (or any Affiliate designated by the Arranger) a right of first
refusal and the right to match the terms of the most favourable offer made by any other person to the Borrower in respect of any transaction referred to in paragraph (i) above, to act as underwriter, placement agent or initial purchaser and
bookrunner and/or mandated lead arranger and bookrunner, as the case may be, in connection with the relevant transaction. Nothing in this Clause shall constitute or be deemed to constitute a commitment by the Arranger or any of its Affiliates to
arrange or provide any such refinancing, nor a representation that such refinancing can be arranged or provided. 

  

	 	(d)	 Conditions precedent in respect of Finance Documents entered into after the delivery of the first
Utilisation Request 

 In respect of each Transaction Security Document or Subordination Deed entered into after the
date of the first Utilisation Request, the Borrower shall procure the delivery of the documents and other evidence listed in Part II of Schedule 2 (Conditions Precedent) to the Facility Agent (each in form and substance satisfactory to the
Agents) at or about the same time as such Finance Document is entered into (or by such later time as permitted by the terms of such Finance Document). 
  

	 	(e)	 DSRA and UCC filing 

The Borrower shall, within five Business Days of the initial Utilisation Date: 

 

	 	(i)	 ensure that the DSRA is opened with the Security Agent; and 

 

	 	(ii)	 deliver the following evidence to the Facility Agent: 

 

	 	(A)	 that any process agent referred to in the DSRA Charge has accepted its appointment; and 

 

	 	(B)	 that the filing of UCC initial financing statements in the applicable jurisdiction in respect of the WEH Share
Charge has been completed. 

  

	22.	 EVENTS OF DEFAULT 

Each of the events or circumstances set out in the following sub-clauses of this Clause 22 (other than Clause 22.14 (Acceleration)) is
an Event of Default. 
  

	22.1	 Non-payment 

An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is
expressed to be payable unless its failure to pay is caused by administrative or technical error or a Disruption Event and payment is made within three Business Days of its due date. 

  
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	22.2	 Specific obligations 

An Obligor fails to comply with any of its obligations under: 
  

	 	(a)	 Clause 20 (Financial Covenants); or 

 

	 	(b)	 Clause 21.26 (Conditions subsequent). 

 

	22.3	 Other obligations 

 

	 	(a)	 Any party to a Finance Document other than a Finance Party does not comply with any provision of that Finance
Documents (other than those referred to in Clauses 22.1 (Non- payment) and 22.2 (Specific obligations)). 

 

	 	(b)	 No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and
is remedied within 30 days (or, in relation to Clause 21.25 (DSRA) or Clause 21.15 (Subordination of intercompany indebtedness), five Business Days) of the earlier of the Facility Agent giving notice to the Borrower and the Borrower
becoming aware of the failure to comply. 

  

	22.4	 Misrepresentation 

 

	 	(a)	 Any representation or statement made or deemed to be made by any party to a Finance Document other than a
Finance Party in the Finance Documents or any other document delivered by or on behalf of such party under or in connection with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be
made. 

  

	 	(b)	 No Event of Default under paragraph (a) above will occur if the circumstances giving rise to the
representation or statement being incorrect or misleading in any material respect are capable of remedy and are remedied within 30 days of the earlier of the Facility Agent giving notice to the Borrower and the Borrower becoming aware of the
circumstances giving rise to the representation or statement being incorrect or misleading in any material respect. 

  

	22.5	 Cross default 

 

	 	(a)	 Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable
grace period. 

  

	 	(b)	 Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable
prior to its specified maturity as a result of an event of default (however described). 

  

	 	(c)	 Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a
creditor of any member of the Group as a result of an event of default (however described). 

  

	 	(d)	 Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of
the Group due and payable prior to its specified maturity as a result of an event of default (however described). 

  

	 	(e)	 No Event of Default will occur under this Clause 22.5 if the aggregate amount of Financial Indebtedness or
commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than US$100,000,000 (or its equivalent in any other currency or currencies). 

  
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	22.6	 Insolvency 

  

	 	(a)	 A member of the Group is or is presumed or deemed (pursuant to applicable law) to be unable or admits inability
to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as
such) with a view to rescheduling any of its indebtedness. 

  

	 	(b)	 A moratorium is declared in respect of any indebtedness of any member of the Group. 

 

	22.7	 Insolvency proceedings 

 

	 	(a)	 Any corporate action, legal proceedings or other formal procedure or step is taken in relation to:

  

	 	(i)	 the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration,
provisional supervision or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group (other than a solvent liquidation or reorganisation of any member of the Group); 

 

	 	(ii)	 a composition or arrangement with any creditor of any member of the Group, or an assignment for the benefit of
creditors generally of any member of the Group or a class of such creditors; 

  

	 	(iii)	 the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group),
receiver, administrator, administrative receiver, compulsory manager, provisional supervisor or other similar officer in respect of any member of the Group or any of its assets; or 

 

	 	(iv)	 enforcement of any Security over any assets of any member of the Group, 

 

	 	(v)	 or any analogous procedure or step is taken in any jurisdiction. 

 

	 	(b)	 Paragraph (a) above shall not apply to: 

 

	 	(i)	 any corporate action, legal proceedings or other procedure or step which is frivolous or vexatious, or is being
contested in good faith, and (in each case) is discharged, stayed or dismissed within 60 days of commencement; or 

  

	 	(ii)	 any Permitted Transaction. 

 

	22.8	 Creditors’ process 

Any expropriation, attachment, sequestration, distress or execution affects any asset or assets of a member of the Group having an aggregate
value of US$100,000,000 (or its equivalent) or more and is not discharged within 30 days. 
  

	22.9	 Unlawfulness 

  

	 	(a)	 Subject to the Legal Reservations and the Perfection Requirements, (i) it is or becomes unlawful for any
party to a Finance Document other than a Finance Party to perform any of its obligations under the Finance Documents or (ii) any Transaction Security created or expressed to be created or evidenced by the Transaction Security Documents ceases
to be effective or any subordination created under any Subordination Deed is or becomes unlawful. 

  
 - 80 - 

	 	(b)	 Subject to the Legal Reservations and the Perfection Requirements and (in respect of the Parent Guarantee only)
registration of the same with SAFE, any Finance Document is not effective in accordance with its terms or any Transaction Security or any subordination created under any Subordination Deed ceases to be legal, valid, binding, enforceable or effective
or is alleged by any party to a Finance Document other than a Finance Party to be ineffective in accordance with its terms for any reason. 

  

	22.10	 Repudiation 

Any party to a Finance Document other than a Finance Party repudiates in writing a Finance Document or evidences an intention in writing to
repudiate a Finance Document. 
  

	22.11	 Cessation of business 

The Parent, the Borrower or the Target suspends or ceases to carry on: 

 

	 	(a)	 all or a material part of its business; or 

 

	 	(b)	 all or a material part of the business of the Group (taken as a whole), the Borrower Group (taken as a whole)
or the Target and its Subsidiaries (taken as a whole), 

 in each case, except as a result of a Permitted Disposal or a
Permitted Transaction. 
  

	22.12	 Material adverse change 

Any event or circumstance, or series of events or circumstances, occurs which has a Material Adverse Effect. 

 

	22.13	 Delisting and suspension of trading 

The shares of the Borrower are delisted from NASDAQ, or are suspended from trading on NASDAQ for a period of seven consecutive trading days or
more. 
  

	22.14	 Acceleration 

  

	 	(a)	 On and at any time after the occurrence of an Event of Default which is continuing the Facility Agent may, and
shall if so directed by the Majority Lenders, by notice to the Borrower: 

  

	 	(i)	 cancel all or any part of any Commitment under any Tranche (and reduce such Commitment accordingly), whereupon
all or the relevant part shall immediately be cancelled (and the relevant Commitment shall be immediately reduced accordingly); 

  

	 	(ii)	 declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or
outstanding under the Finance Documents be immediately due and payable, whereupon they shall become immediately due and payable; 

  

	 	(iii)	 declare that all or part of the Loans be payable on demand, whereupon they shall immediately become payable on
demand by the Facility Agent on the instructions of the Majority Lenders; and/or 

  

	 	(iv)	 exercise or direct the Security Agent to exercise any or all of its rights, remedies, powers or discretions
under the Finance Documents. 

  

	 	(b)	 If an Event of Default under Clause 22.6 (Insolvency) or Clause 22.7 (Insolvency Proceedings)
shall occur in a US court of competent jurisdiction (an “Automatic Acceleration Event”) in respect of the Borrower, then without notice to the Borrower or any other person, or any other act by the Facility Agent or any other person,
the Total Commitments shall automatically terminate and the Loans, together with all accrued interest thereon, and all other amounts owed by the Borrower under the Finance Documents shall become immediately due and payable without presentment,
demand, protest or notice of any kind, all of which are expressly waived. 

  
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	23.	 CHANGES TO THE LENDERS 

 

	23.1	 Assignments and transfers by the Lenders 

 

	 	(a)	 Subject to this Clause 23 and to Clause 25 (Debt Purchase Transactions), a Lender (the “Existing
Lender”) may: 

  

	 	(i)	 assign any of its rights under the Finance Documents to; or 

 

	 	(ii)	 transfer by novation any of its rights and obligations under the Finance Documents to; or

  

	 	(iii)	 enter into a Voting Participation with, 

another person (the “New Lender”). 
  

	 	(b)	 A Lender that assigns or transfers any part of its rights and/or obligations under the Finance Documents
directly or indirectly by way of a Participation Agreement may inform the person to whom it proposes to assign or transfer such rights and/or obligations of the provisions of Clause 23.11 (Buy-Out). 

 

	 	(c)	 Any reference in this Agreement to a Lender includes a New Lender and any person to whom rights have been
assigned or transferred pursuant to Clause 23.11 (Buy-Out) but excludes a Lender if no amount is or may be owed to or by it under this Agreement. 

  

	23.2	 Conditions of assignment or transfer 

 

	 	(a)	 The prior written consent of the Borrower is required for any assignment, transfer or entry into a Voting
Participation by a Lender pursuant to this Clause 23 unless: 

  

	 	(i)	 to a person identified on the Approved Lender List; 

 

	 	(ii)	 to another Lender or an Affiliate of a Lender or, in the case of a Lender which is a fund or a Related Fund of
such Lender; 

  

	 	(iii)	 to or by an Issuing Entity (including where it involves any Participation granted by (including Loan
Participation Obligations issued by) an Issuing Entity); or 

  

	 	(iv)	 made at a time when an Event of Default is continuing, 

provided that: 
  

	 	(A)	 in the case of sub-paragraphs (i) and (ii) above: 

 

	 	(1)	 the Existing Lender notifies the Borrower prior to the assignment, transfer or entry into a Voting
Participation; and 

  

	 	(2)	 no assignment, transfer or entry into a Voting Participation shall be made to a Conflicted Lender, a Defaulting
Lender or a Distressed Investor; or 

  
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	 	(B)	 in the case of sub-paragraph (iii) above: 

 

	 	(1)	 if the Existing Lender notifies the Borrower prior to the assignment or transfer by it to the Issuing Entity;

  

	 	(2)	 the Existing Lender has verbally communicated with the Issuing Entity the transfer restrictions under this
Clause 23.2 (Conditions of assignment or transfer) with respect to a Conflicted Lender, a Defaulting Lender or a Distressed Investor; and 

  

	 	(3)	 the Existing Lender, its Affiliate or the Issuing Entity (or any agent or representative acting on any of their
behalf) has verbally communicated with each initial Participant in respect of the Participation(s) proposed to be granted by the Issuing Entity or, as applicable, each initial investor in respect of the Obligations proposed to be issued by the
Issuing Entity (or, as applicable, the proposed assignee or transferee of the Issuing Entity), the transfer restrictions under this Clause 23.2 (Conditions of assignment or transfer) with respect to a Conflicted Lender, a Defaulting Lender or
a Distressed Investor. 

  

	 	(b)	 The consent of the Borrower to an assignment, transfer or entry into a Voting Participation pursuant to this
Clause 23 must not be unreasonably withheld or delayed. The Borrower will be deemed to have given its consent five Business Days after the Existing Lender has requested it unless consent is expressly refused by the Borrower within that time.

  

	 	(c)	 A transfer will be effective only if the procedure set out in Clause 23.5 (Procedure for transfer) is
complied with. 

  

	 	(d)	 An assignment will be effective only if the procedure and conditions set out in Clause 23.6 (Procedure for
assignment) are complied with. 

  

	 	(e)	 If: 

  

	 	(i)	 an Existing Lender assigns or transfers any of its rights or obligations under the Finance Documents to a New
Lender or a Lender changes its Facility Office; and 

  

	 	(ii)	 as a result of circumstances existing at the date such assignment, transfer or change occurs, any Obligor would
be obliged to make a payment to such New Lender or such Lender acting through its new Facility Office under any provision of Clause 12 (Tax Gross-up and Indemnities) or Clause 13 (Increased Costs) or any equivalent provision of any
other Finance Document, 

 then such New Lender or such Lender acting through its new Facility Office is not entitled to
receive any payment under any such provision in excess of the payment which such Obligor would have been required to pay to such Existing Lender or such Lender acting through its previous Facility Office under that Clause if that assignment,
transfer or change had not occurred. This paragraph (e) shall not apply in respect of an assignment or transfer made in the ordinary course of the primary syndication of the Facility. 

 

	 	(f)	 If an Existing Lender assigns or transfers any of its rights or obligations under the Finance Documents to a
New Lender: 

  

	 	(i)	 such Existing Lender shall (unless agreed with such New Lender) bear its own fees, costs and expenses in
connection with, or resulting from, such assignment or transfer (including any legal fees, taxes, notarial and security registration or perfection fees); and 

  
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	 	(ii)	 none of the Obligors will be required to pay to or for the account of such New Lender, or reimburse or
indemnify such New Lender for, any fees, costs, Taxes, expenses, indemnity payments or other payments under a Finance Document (without prejudice to paragraph (e) above, other than any amount payable under any provision of Clause 12 (Tax
Gross-up and Indemnities) or Clause 13 (Increased Costs) or any equivalent provision of any other Finance Document) in excess of what that Obligor would have been required to pay to such Existing Lender immediately prior to such transfer
or assignment being effected, provided that, notwithstanding the foregoing, in respect of costs, fees and expenses only, the amount thereof payable or reimbursable shall be calculated by reference to the amount of such costs, fees and expenses which
such Obligor is able to demonstrate it would have been required to pay to such Existing Lender immediately prior to such transfer or assignment being effected. 

 

	 	(g)	 Each of the Facility Agent and each Existing Lender shall be entitled to rely on a certificate of the New
Lender confirming that the New Lender is not (and would not if it were a Lender be) a Defaulting Lender, a Distressed Investor or a Conflicted Lender unless it has actual knowledge that the New Lender is (or would if it were a Lender be) a
Defaulting Lender, a Distressed Investor or a Conflicted Lender, and if (notwithstanding any such certificate from the New Lender) the New Lender is actually a Distressed Investor or a Conflicted Lender, the provisions of Clause 39.5
(Disenfranchisement of Conflicted Lenders, Distressed Investors and Non-Responding Lenders) shall apply. 

  

	23.3	 Assignment or transfer fee 

The New Lender shall, on the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of
US$3,500. 
  

	23.4	 Limitation of responsibility of Existing Lenders 

 

	 	(a)	 Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no
responsibility to a New Lender for: 

  

	 	(i)	 the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other
documents; 

  

	 	(ii)	 the financial condition of any Obligor; 

 

	 	(iii)	 the performance and observance by any Obligor of its obligations under the Finance Documents or any other
documents; or 

  

	 	(iv)	 the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or
any other document, 

  

	 	    	 and any representations or warranties implied by law are excluded. 

 

	 	(b)	 Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

 

	 	(i)	 has made (and shall continue to make) its own independent investigation and assessment of the financial
condition and affairs of each Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document;
and 

  
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	 	(ii)	 will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related
entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force. 

  

	 	(c)	 Nothing in any Finance Document obliges an Existing Lender to: 

 

	 	(i)	 accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or
transferred under this Clause 23; or 

  

	 	(ii)	 support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any
Obligor of its obligations under the Finance Documents or otherwise. 

  

	23.5	 Procedure for transfer 

 

	 	(a)	 Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer), a transfer is
effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph
(b) below, as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute
that Transfer Certificate. 

  

	 	(b)	 The Facility Agent shall not be obliged to execute a Transfer Certificate delivered to it by the Existing
Lender and the New Lender unless it is satisfied that it has completed all necessary “know your customer” and other similar procedures that it is required to conduct in relation to the transfer to such New Lender and has received the
assignment or transfer fee pursuant to Clause 23.3 (Assignment or transfer fee). 

  

	 	(c)	 On the Transfer Date: 

 

	 	(i)	 to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and
obligations under the Finance Documents and in respect of the Transaction Security each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the
Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being the “Discharged Rights and Obligations”); 

 

	 	(ii)	 each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights
against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

 

	 	(iii)	 the Facility Agent, the Security Agent, the Arranger, the New Lender and other Lenders shall acquire the same
rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed had the New Lender been the Original Lender with the rights and/or obligations acquired or assumed by it as
a result of the transfer and to that extent the Facility Agent, the Security Agent, the Arranger, the other Lenders and the Existing Lender shall each be released from further obligations to each other under the Finance Documents; and

  

	 	(iv)	 the New Lender shall become a Party as a “Lender”. 

  
 - 85 - 

	 	(d)	 The procedure set out in this Clause 23.5 shall not apply to any right or obligation under any Finance Document
(other than this Agreement) if and to the extent its terms, or any laws or regulations applicable thereto, provide for or require a different means of transfer of such right or obligation or prohibit or restrict any transfer of such right or
obligation, unless such prohibition or restriction shall not be applicable to the relevant transfer or each condition of any applicable restriction shall have been satisfied. 

 

	23.6	 Procedure for assignment 

 

	 	(a)	 Subject to the conditions set out in Clause 23.2 (Conditions of assignment or transfer), an assignment
may be effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph
(b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute
that Assignment Agreement. 

  

	 	(b)	 The Facility Agent shall not be obliged to execute an Assignment Agreement delivered to it by the Existing
Lender and the New Lender unless it is satisfied that it has completed all necessary “know your customer” and other similar procedures that it is required to conduct in relation to the assignment to such New Lender and has received the
assignment or transfer fee pursuant to Clause 23.3 (Assignment or transfer fee). 

  

	 	(c)	 On the Transfer Date: 

 

	 	(i)	 the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents expressed
to be the subject of the assignment in the Assignment Agreement; 

  

	 	(ii)	 the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by
it (the “Applicable Obligations”) and expressed to be the subject of the release in the Assignment Agreement; and 

  

	 	(iii)	 the New Lender shall become a Party as a “Lender” and will be bound by obligations equivalent to the
Applicable Obligations. 

  

	 	(d)	 Lenders may utilise procedures other than those set out in this Clause 23.6 to assign their rights under the
Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 23.5 (Procedure for transfer), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the
assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in Clause 23.2 (Conditions of assignment or transfer). 

 

	 	(e)	 The procedure set out in this Clause 23.6 shall not apply to any right or obligation under any Finance Document
(other than this Agreement) if and to the extent its terms, or any laws or regulations applicable thereto, provide for or require a different means of assignment of such right or release or assumption of such obligation or prohibit or restrict any
assignment of such right or release or assumption of such obligation, unless such prohibition or restriction shall not be applicable to the relevant assignment, release or assumption or each condition of any applicable restriction shall have been
satisfied. 

  
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	23.7	 Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Borrower

 The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate, an
Assignment Agreement or Increase Confirmation, send to the Borrower a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation. 
  

	23.8	 Existing consents and waivers 

A New Lender shall be bound by any consent, waiver, election or decision given or made by the relevant Existing Lender under or pursuant to any
Finance Document prior to the coming into effect of the relevant assignment or transfer to such New Lender. 
  

	23.9	 Exclusion of Facility Agent’s liability 

In relation to any assignment or transfer pursuant to this Clause 23, each Party acknowledges and agrees that the Facility Agent shall not be
obliged to enquire as to the accuracy of any representation or warranty made by a New Lender in respect of its eligibility as a Lender. 
  

	23.10	 Assignments and transfers to Obligor group 

A Lender may not assign or transfer to any Obligor or any Affiliate of any Obligor any of such Lender’s rights or obligations under any
Finance Document, except with the prior written consent of all the Lenders. 
  

	23.11	 Buy-Out 

  

	 	(a)	 Subject to the provisions of paragraphs (b) and (c) below, in the event that any consent to, waiver of, or
amendment to any provision of the Finance Documents requires the consent of all Lenders but only the consent of the Majority Lenders is obtained within 21 days of the request for such consent, waiver or amendment being given to the Lenders, one or
more of the Majority Lenders supporting such consent, waiver or amendment (such one or more Lenders, the “Supporting Lenders”) may by giving at least 10 days’ notice require the Lenders who have not consented to such consent,
waiver or amendment (the “Dissenting Lenders”) to transfer their rights and obligations in the Loans (together with a proportionate share of their rights and obligations under the Finance Documents) to one or more of the Supporting
Lenders on the date notified to such Dissenting Lenders by the Supporting Lenders (being at least five Business Days after the date of such notice) (the “Buy-Out Date”) provided that on or before the Buy-Out Date such
Dissenting Lenders are paid by the Supporting Lenders (pro rata based on the principal amount owed to each Supporting Lender or otherwise as agreed by the Supporting Lenders): 

 

	 	(i)	 the par value for the amount of the Loans to be transferred on the Buy-Out Date; and 

 

	 	(ii)	 all accrued and unpaid interest (if any) and Break Costs (if any, as if the relevant amount of the Loans was
prepaid on the Buy-Out Date) and other amounts owing on the amount of the Loans to be transferred up to but excluding the Buy-Out Date. 

Upon payment by the Supporting Lenders of the amounts referred to in paragraphs (a)(i) and (a)(ii) above, the Dissenting Lenders’ rights
and obligations in the Loans (together with a proportionate share of their interest, rights and obligations under the Finance Documents) shall be transferred by way of novation or by way of assignment, release and assumption to the Supporting
Lenders (pro rata based on the principal amount owed to each Supporting Lender or otherwise as agreed by the Supporting Lenders) on the Buy-Out Date in accordance with Clause 23.5 (Procedure for transfer) or Clause 23.6 (Procedure
for assignment) (as the case may be). 

  
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	 	(b)	 Each Lender may notify each Participant of any matter requiring all Lenders’ approval and the provisions
of this Clause 23.11. 

  

	 	(c)	 If, when voting on a matter requiring all Lenders’ approval, a Lender splits its vote to reflect the
instructions of its Participant then, any percentage of that Lender’s vote cast against the requested consent, waiver or amendment, as the case may be, on the instructions of its Participant (the “Dissenting Portion”) shall be
treated as a Dissenting Lender and the Supporting Lenders may require that Lender to terminate, unwind, liquidate or otherwise cancel its arrangements with its Participant (provided that the Supporting Lenders shall pay to such Lender all
costs incurred in connection with such termination, unwinding, liquidation or cancellation) and transfer the interest, rights and obligations corresponding to the Dissenting Portion to the Supporting Lenders in accordance with paragraph
(a) above. 

  

	 	(d)	 In order to effect the transfer referred to in paragraph (a) above, the Supporting Lenders shall complete
a Transfer Certificate or Assignment Agreement (or, if required, Transfer Certificates or Assignment Agreements) and send a copy of such Transfer Certificate(s) or Assignment Agreement(s) (duly signed by the Supporting Lenders) to each relevant
Dissenting Lender (each of whom shall promptly execute and deliver the Transfer Certificate(s) or Assignment Agreement(s) to the Facility Agent). 

  

	23.12	 Security over Lenders’ rights 

In addition to the other rights provided to Lenders under this Clause 23, each Lender may without consulting with or obtaining consent from any
Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 

 

	 	(a)	 any charge, assignment or other Security to secure obligations to a federal reserve or central bank;

  

	 	(b)	 any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of
obligations owed, or securities issued, by that Lender as security for those obligations or securities; and 

  

	 	(c)	 in the case of any Lender which is an Issuing Entity, any charge, assignment or other Security granted by the
Issuing Entity to any person (including, without limitation, any holder, trustee, agent, custodian, swap counterparty and/or service provider) in respect of any Loan Participation Obligations issued by that Issuing Entity, 

except that no such charge, assignment or Security shall: 
  

	 	(i)	 release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the
relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or 

  

	 	(ii)	 require any payments to be made by an Obligor other than or in excess of, or grant to any person any more
extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents. 

  

	24.	 CHANGES TO OBLIGORS 

No Obligor party hereto may assign any of its rights or transfer any of its rights or obligations under the Finance Documents, except with the
prior written consent of all the Lenders. 

  
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	25.	 DEBT PURCHASE TRANSACTIONS 

 

	25.1	 Permitted Debt Purchase Transactions 

 

	 	(a)	 The Borrower shall not, and shall procure that the Parent and each other member of the Group shall not:

  

	 	(i)	 enter into any Debt Purchase Transaction other than in accordance with the other provisions of this Clause 25;
or 

  

	 	(ii)	 beneficially own all or any part of the share capital of a company that is a Lender or a party to a
Participation. 

  

	 	(b)	 The Borrower may purchase by way of assignment or transfer, pursuant to Clause 23 (Changes to the
Lenders), a participation in any Loan and any related Commitment where: 

  

							
	        	 		  	(i)	  	such purchase is made for a consideration of less than par;
				
		 		  	(ii)	  	such purchase is made using one of the processes set out at paragraphs (c) and (d) below; and
				
		 		  	(iii)	  	such purchase is made at a time when no Default is continuing.
				
		 	(c)	  	(i)	  	A Debt Purchase Transaction referred to in paragraph (b) above may be entered into pursuant to a solicitation process (a “Solicitation Process”) which is carried out as follows.
				
		 		  	(ii)	  	Prior to 11:00 a.m. on a given Business Day (the “Solicitation Day”) the Borrower or a financial institution acting on its behalf (the “Purchase Agent”) will approach at the same time each Lender
which participates in the Facility to enable them to offer to sell to the Borrower an amount of their participation in the Facility. Any Lender wishing to make such an offer shall, by 11:00 a.m. on the fifth Business Day following such Solicitation
Day, communicate to the Purchase Agent details of the amount of its participations in the Facility it is offering to sell and the price at which it is offering to sell such participations. Any such offer shall be irrevocable until 11:00 a.m. on the
sixth Business Day following such Solicitation Day and shall be capable of acceptance by the Borrower on or before such time by communicating its acceptance in writing to the Purchase Agent or, if it is the Purchase Agent, the relevant Lenders. The
Purchase Agent (if someone other than the Borrower) will communicate to the relevant Lenders which offers have been accepted by 12:00 noon on the sixth Business Day following such Solicitation Day. In any event by 5:00 p.m. on the seventh Business
Day following such Solicitation Day, the Borrower shall notify the Facility Agent of the amounts of the participations in the Facility purchased from which Lenders through the relevant Solicitation Process and the average price paid for the purchase
of participations in the Facility. The Facility Agent shall promptly disclose such information to the Lenders.
				
		 		  	(iii)	  	Any purchase of participations in the Facility pursuant to a Solicitation Process shall be completed and settled between the Borrower, the Purchase Agent and the relevant Lenders directly on or before the eighth Business Day after
the relevant Solicitation Day.

  
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		 		  	(iv)	  	In accepting any offers made pursuant to a Solicitation Process the Borrower shall be free to select which offers and in which amounts it accepts but on the basis that in relation to a participation in the Facility it accepts offers
in inverse order of the price offered (with the offer or offers at the lowest price being accepted first) and that if in respect of participations in the Facility it receives two or more offers at the same price it shall only accept such offers on a
pro rata basis.
				
		 	(d)	  	(i)	  	A Debt Purchase Transaction referred to in paragraph (b) above may also be entered into pursuant to an open order process (an “Open Order Process”) which is carried out as follows.
				
		 		  	(ii)	  	 The Borrower may by itself or through another Purchase Agent place an open order (an “Open Order”) to purchase
participations in the Facility up to a set aggregate amount at a set price by notifying at the same time all the Lenders participating in the Facility of the same. Any Lender wishing to sell pursuant to an Open Order will, by

11:00 a.m. on any Business Day following the date on which the Open Order is placed

but no earlier than the first Business Day, and no later than the fifth Business Day, following the date on which the Open Order is placed, communicate to the
Purchase Agent details of the amount of its participations in the Facility it is offering to sell. Any such offer to sell shall be irrevocable until 11:00 a.m. on the Business Day following the date of such offer from the Lender and shall be capable
of acceptance by the Borrower on or before such time by it communicating such acceptance in writing to the relevant Lender.

				
		 		  	(iii)	  	Any purchase of participations in the Facility pursuant to an Open Order Process shall be completed and settled by the Borrower on or before the fourth Business Day after the date of the relevant offer by a Lender to sell under the
relevant Open Order.
				
		 		  	(iv)	  	If in respect of participations in the Facility the Purchase Agent receives on the same Business Day two or more offers at the set price such that the maximum amount of the Facility to which an Open Order relates would be exceeded,
the Borrower shall only accept such offers on a pro rata basis.
				
		 		  	(v)	  	The Borrower shall, by 5.00 p.m. on the sixth Business Day following the date on which an Open Order is placed, notify the Facility Agent of the amounts of the participations purchased from which Lenders through such Open Order
Process. The Facility Agent shall as soon as reasonably practicable disclose such information to the Lenders.

  

	 	(e)	 For the avoidance of doubt, there is no limit on the number of occasions a Solicitation Process or an Open
Order Process may be implemented. 

  

	 	(f)	 In relation to any Debt Purchase Transaction entered into pursuant to this Clause 25, notwithstanding any other
term of this Agreement or the other Finance Documents: 

  

	 	(i)	 on completion of the relevant assignment or transfer (constituting such Debt Purchase Transaction) pursuant to
Clause 23 (Changes to the Lenders), the portions of the Loans to which it relates shall be extinguished; 

  

	 	(ii)	 such Debt Purchase Transaction and the related extinguishment referred to in paragraph (i) above shall not
constitute a prepayment of the Facility; 

  

	 	(iii)	 the person which is the assignee or transferee (in respect of such assignment or transfer) shall be deemed to
be an entity which fulfils the requirements of Clause 23.1 (Assignments and transfers by the Lenders) to be a New Lender (as defined in such Clause); 

  
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	 	(iv)	 the Borrower shall not be deemed to be in breach of any provision of Clause 21 (General Undertakings) or
any other provision of any Finance Document solely by reason of such Debt Purchase Transaction; 

  

	 	(v)	 Clause 32 (Sharing among the Finance Parties) shall not be applicable to the consideration paid under
such Debt Purchase Transaction; and 

  

	 	(vi)	 for the avoidance of doubt, any extinguishment of any part of the Loans shall not affect any amendment or
waiver which prior to such extinguishment had been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement. 

  

	 	(g)	 The Facility Agent shall not be obliged to execute a Transfer Certificate with respect to any Debt Purchase
Transaction unless it is satisfied that it has completed all necessary “know your customer” and other similar procedures that it is required to conduct in relation to the transfer to such New Lender and has received the assignment or
transfer fee pursuant to Clause 23.3 (Assignment or transfer fee). 

  

	25.2	 Disenfranchisement of Parent Affiliates 

 

	 	(a)	 For so long as a Parent Affiliate: 

 

	 	(i)	 beneficially owns a Commitment; or 

 

	 	(ii)	 has entered into any Participation relating to a Commitment and such Participation has not been terminated,

 in ascertaining: 
  

	 	(A)	 the Majority Lenders; or 

 

	 	(B)	 whether: 

  

	 	(1)	 any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments; or

  

	 	(2)	 the agreement of any specified group of Lenders, 

has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents such Commitment shall be
deemed to be zero and such Parent Affiliate or the person with whom it has entered into such Participation shall be deemed not to be a Lender for the purposes of paragraphs (A) and (B) above (unless in the case of a person not being a Parent
Affiliate it is a Lender by virtue otherwise than by beneficially owning the relevant Commitment). 
  

	 	(b)	 Each Lender shall, unless such Debt Purchase Transaction is an assignment or transfer, promptly notify the
Facility Agent in writing if it knowingly enters into a Debt Purchase Transaction with a Parent Affiliate (a “Notifiable Debt Purchase Transaction”), such notification to be substantially in the form set out in Part 1 of Schedule 8
(Form of Notice of Notifiable Debt Purchase Transaction). 

  

	 	(c)	 A Lender shall promptly notify the Facility Agent if a Notifiable Debt Purchase Transaction to which it is a
party: 

  

	 	(i)	 is terminated; or 

  

	 	(ii)	 ceases to be with a Parent Affiliate, 

  
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 such notification to be substantially in the form set out in Part 2 of Schedule 8 (Form
of Notice of Termination of Notifiable Debt Purchase Transaction). 
  

	 	(d)	 Each Parent Affiliate that is a Lender agrees that: 

 

	 	(i)	 in relation to any meeting or conference call to which all the Lenders are invited to attend or participate, it
shall not attend or participate in the same if so requested by the Facility Agent or, unless the Facility Agent otherwise agrees, be entitled to receive the agenda or any minutes of the same; and 

 

	 	(ii)	 in its capacity as Lender, unless the Facility Agent otherwise agrees, it shall not be entitled to receive any
report or other document prepared at the behest of, or on the instructions of, the Facility Agent or one or more of the Lenders. 

  

	25.3	 Parent Affiliates’ notification to other Lenders of Debt Purchase Transactions

 Any Parent Affiliate which is or becomes a Lender and which enters into a Debt Purchase Transaction as a purchaser
or a participant shall, by 5.00 p.m. on the Business Day following the day on which it entered into that Debt Purchase Transaction, notify the Facility Agent of the extent of the Commitment(s) or amount outstanding to which that Debt Purchase
Transaction relates. The Facility Agent shall as soon as reasonably practicable disclose such information to the Lenders. 
  

	26.	 DISCLOSURE OF INFORMATION 

 

	26.1	 Disclosure of information 

 

	 	(a)	 Each Finance Party must keep confidential any Confidential Information and not to disclose it to anyone, and
ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information. However, a Finance Party may disclose Confidential Information: 

 

	 	(i)	 to its own Representatives, professional advisers, officers, directors or employees; 

 

	 	(ii)	 to the head office, branches, representative offices, Subsidiaries, related corporations or Affiliate of any
Finance Party, and their officers, directors, employees and professional advisers; 

  

	 	(iii)	 to any of its Affiliates or any of its limited partners or Related Funds; 

 

	 	(iv)	 in connection with, and for the purposes of, any legal, arbitration or regulatory proceedings or procedure;

  

	 	(v)	 if required to do so under any law or regulation (including, but not limited to any regulation issued under the
Banking Act, Chapter 19 of Singapore (the “Banking Act”) and applicable to banks in Singapore in relation to the prevention of money laundering and/or countering the financing of terrorism); 

 

	 	(vi)	 to a governmental, banking, taxation or other regulatory authority; 

 

	 	(vii)	 to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security Interests (or
may do so) pursuant to Clause 23.12 (Security over Lenders’ rights); 

  
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	 	(viii)	 a transferee or assignee (or potential transferee or assignee) in respect of its rights and/or obligations
under the Finance Documents; 

  

	 	(ix)	 a Participant (or potential Participant) to whom it will make payments under a Participation Agreement;

  

	 	(x)	 to any person providing administrative, agency or settlement or other services in respect of any Finance
Document to it (including, without limitation, in respect of any Participation) such Confidential Information as may be required to be disclosed to enable such service provider to provide any such services; 

 

	 	(xi)	 any person who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly
or indirectly, any transaction referred to in paragraphs (a)(viii) to (a)(ix) above; 

  

	 	(xii)	 which is or becomes publicly available, other than as a result of a breach by that Finance Party of this
Clause; 

  

	 	(xiii)	 to any person with the consent of the Borrower; 

 

	 	(xiv)	 to any Obligor; 

  

	 	(xv)	 to any person whom a Finance Party reasonably believes to be an adviser, agent or Representative of any Obligor
or its Affiliates; 

  

	 	(xvi)	 for the purpose of obtaining a valuation in connection with a Participation Agreement; 

 

	 	(xvii)	 to any person which is a Market CDS Counterparty; 

 

	 	(xviii)	 following the occurrence of an Event of Default or a Credit Event; or 

 

	 	(xix)	 to the International Swaps and Derivatives Association, Inc. (“ISDA”) or any Credit
Derivatives Determination Committee or sub-committee of ISDA and any agent or service provider to ISDA or any such committee or subcommittee of ISDA (including without limitation, DC Administration Services, Inc. (DCAS) as secretary to any such
committee) (and any successor thereto), in each case for the purposes of, or in connection with, any credit derivative transaction or other credit linked transaction which references one or more Obligors and incorporates the 2009 ISDA Credit
Derivatives Determinations Committees and Auction Settlement Supplement, the 2014 Credit Derivatives Definitions or any other provisions substantially similar thereto, 

provided that: 
  

	 	(A)	 in relation to paragraphs (a)(i) to (a)(iii) above, the person to whom the Confidential Information is to be
given is informed in writing of the confidential nature of the information and that some or all of the Confidential Information may be Price Sensitive Information or is bound by requirements of confidentiality to that Finance Party in relation to
the Confidential Information; 

  

	 	(B)	 in relation to paragraphs (a)(vii) above, the person to whom the Confidential Information is to be given is
informed in writing of the confidential nature of the information and that some or all of the Confidential Information may be Price Sensitive Information; and 

  
 - 93 - 

	 	(C)	 in relation to paragraphs (a)(viii), (a)(ix) and (a)(xi) above, the person to whom the Confidential Information
is to be given (each a “Potential Recipient”) (1) has agreed with the relevant Finance Party to keep such information confidential, (2) is informed that some or all of such Confidential Information may be Price Sensitive
Information and (3) has executed in favour of the relevant Finance Party a Confidentiality Undertaking or a confidentiality agreement in a form customarily required by that Finance Party, in each case, on the basis that such Potential Recipient
may itself disclose the Confidential Information to any person (a “Further Potential Recipient”) in accordance with this paragraph (a) (but as if references therein to a “Finance Party” were references to the Potential
Recipient), provided that, before a Further Potential Recipient may receive any Confidential Information, it must comply with the requirements set out in this paragraph (C) (but as if references therein (x) to a Finance Party were references to
the Potential Recipient and (y) to a Potential Recipient were to the Further Potential Recipient), but in each case on the basis that the Further Potential Recipient may itself disclose the Confidential Information on the same basis as, and
provided that it complies with the same requirements as are applicable to, a Potential Recipient in accordance with the terms of this paragraph (C). 

  

	 	(b)	 This Clause 26 supersedes any confidentiality undertaking or obligation (whether express or implied) given or
assumed by, or imposed on, a Finance Party or any of its related parties, in favour of any Obligor in connection with any Confidential Information, prior to its becoming a Finance Party (except for any confidentiality undertaking or obligation under
any of the Finance Documents). 

  

	 	(c)	 Nothing in this Clause is to be construed as constituting an agreement between any Obligor and any Finance
Party for a higher degree of confidentiality than that prescribed in Section 47 of, and in the Third Schedule to, the Banking Act. 

  

	 	(d)	 Each of the Finance Parties agrees (to the extent permitted by law and regulation and reasonably practicable)
to inform the Borrower: 

  

	 	(i)	 of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (a)(v) or (a)(vi)
of Clause 26.1 (Disclosure of information) except where such disclosure is made to any of the persons referred to in those paragraphs during the ordinary course of its supervisory or regulatory function; and 

 

	 	(ii)	 upon becoming aware that Confidential Information has been disclosed in breach of this Clause 26.1
(Disclosure of information). 

  

	26.2	 Personal Data Protection Act 

 

	 	(a)	 If any Obligor provides the Finance Parties with personal data of any individual as required by, pursuant to,
or in connection with the Finance Documents, that Obligor represents and warrants to the Finance Parties that it has, to the extent required by law (i) notified the relevant individual of the purposes for which data will be collected,
processed, used or disclosed; and (ii) obtained such individual’s consent for, and hereby consents on behalf of such individual to, the collection, processing, use and disclosure of his/her personal data by the Finance Parties, in each
case, in accordance with or for the purposes of the Finance Documents, and confirms that it is authorised by such individual to provide such consent on his/her behalf. 

 

	 	(b)	 Each Obligor agrees and undertakes to notify the Facility Agent promptly upon its becoming aware of the
withdrawal by the relevant individual of his/her consent to the collection, processing, use and/or disclosure by any Finance Party of any personal data provided by that Obligor to any Finance Party. 

  
 - 94 - 

	 	(c)	 Any consent given pursuant to this agreement in relation to personal data shall, subject to all applicable laws
and regulations, survive death, incapacity, bankruptcy or insolvency of any such individual and the termination or expiration of this Agreement. 

  

	27.	 PRICE-SENSITIVE INFORMATION 

Without affecting the responsibility of the Obligors for information supplied by it or on its behalf in connection with any Finance Document,
each of the Lenders accepts and acknowledges to each Administrative Party that: 
  

	 	(a)	 some or all of the information (including, without limitations, financial projections and/or other financial
data) that has or may be provided to the Lenders (through the Facility Agent or otherwise) is or may constitute inside information, price sensitive information, material non-public information (or other similar class of information as may be
relevant or otherwise be subject to legal or regulatory control due to its non-public nature in relation to the Borrower or the Group) (the “Price Sensitive Information”) and that the use of such information may be regulated or
prohibited by applicable laws and regulations relating to, among other things, insider trading and/or market manipulation or abuse; 

  

	 	(b)	 upon possession of the Price Sensitive Information, a Lender may be prohibited or restricted under the
applicable laws and regulations from, among other things, dealing in or counselling or procuring another person to deal in the listed securities of the Borrower or any member of the Group or their derivatives, or the listed securities of a related
corporation (or any other relevant entity subject to the scope of applicable laws and regulations) of the Borrower or any member of the Group or their derivatives, or otherwise from using or disclosing the Price Sensitive Information;

  

	 	(c)	 none of the Administrative Parties will be liable for any action taken by it under or in connection with
distributing the information provided that where it is required to act on the instructions of any Lender or Lenders, the Facility Agent may ask for a confirmation or certificate (in form and substance satisfactory to the Facility Agent, as
relevant) confirming that the instructing Lender or Lenders is or are not in possession of any Price Sensitive Information and that it is or they are not instructing the Facility Agent, as relevant, to act as a consequence of being in possession of
any Price Sensitive Information; and 

  

	 	(d)	 any information received under or in connection with the Finance Documents shall not be used for any unlawful
purpose, and each Lender shall make an independent evaluation of, and ensure its compliance with, any legal and regulatory restrictions on the use and/or disclosure of such information, including (without limitation) any applicable listing rules or
other issued guidance or regulations relating to the trading of listed instruments. 

  

	28.	 ROLE OF THE ADMINISTRATIVE PARTIES 

 

	28.1	 Appointment of the Facility Agent 

 

	 	(a)	 Each of the Arranger and the Lenders appoints the Facility Agent to act as its agent under and in connection
with the Finance Documents. 

  

	 	(b)	 Each of the Arranger and the Lenders authorises the Facility Agent to perform the duties, obligations and
responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and
discretions. 

  
 - 95 - 

	28.2	 Instructions 

  

	 	(a)	 The Facility Agent shall: 

 

	 	(i)	 unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right,
power, authority or discretion vested in it in accordance with any instructions given to it by: 

  

	 	(A)	 all Lenders if the relevant Finance Document stipulates the matter is an
all- Lender decision; and 

  

	 	(B)	 in all other cases, the Majority Lenders; and 

 

	 	(ii)	 not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph
(i) above. 

  

	 	(b)	 The Facility Agent shall be entitled to request instructions, or clarification of any instruction, from the
Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders, from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from
exercising any right, power, authority or discretion. The Facility Agent may refrain from acting unless and until it receives any such instructions or clarification that it has requested. 

 

	 	(c)	 Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the
relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the Facility Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding
on all Finance Parties other than the Security Agent. 

  

	 	(d)	 The Facility Agent may refrain from acting in accordance with any instructions of any Lender or group of
Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or
liability which it may incur in complying with those instructions. 

  

	 	(e)	 In the absence of instructions, the Facility Agent may act (or refrain from acting) as it considers to be in
the best interest of the Lenders. 

  

	 	(f)	 The Facility Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s
consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (f) shall not apply to any legal or arbitration proceedings relating to the perfection, preservation or protection of rights under the Transaction
Security Documents or enforcement of any Transaction Security or Transaction Security Documents. 

  

	28.3	 Duties of the Facility Agent 

 

	 	(a)	 The Facility Agent’s duties under the Finance Documents are solely mechanical and administrative in
nature. 

  

	 	(b)	 Subject to paragraph (c) below, the Facility Agent shall promptly forward to a Party the original or a
copy of any document which is delivered to it for that Party by any other Party. 

  

	 	(c)	 Without prejudice to Clause 23.7 (Copy of Transfer Certificate, Assignment Agreement or Increase
Confirmation to Borrower), paragraph (b) above shall not apply to any Transfer Certificate or any Assignment Agreement or any Increase Confirmation. 

  
 - 96 - 

	 	(d)	 Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or
check the adequacy, accuracy or completeness of any document it forwards to another Party. 

  

	 	(e)	 If the Facility Agent receives notice from a Party referring to this Agreement, describing a Default and
stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties. 

  

	 	(f)	 If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee
payable to a Finance Party (other than to any Administrative Party) under this Agreement, it shall promptly notify the other Finance Parties. 

  

	 	(g)	 The Facility Agent shall provide to the Borrower as soon as practicable following a request by the Borrower
(but no more frequently than once per calendar month), a list (which may be in electronic form) setting out the names of the Lenders as at the date of that request, their respective Commitments and fax number (and the department or officer, if any,
for whose attention any communication is to be made) of each Lender for any communication to be made or document to be delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to
enable the sending and receipt of information by electronic mail or other electronic means to and by each Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each
Lender for any payment to be distributed by the Facility Agent to that Lender under the Finance Documents. 

  

	28.4	 Role of the Arranger 

Except as specifically provided in the Finance Documents, the Arranger has no obligations of any kind to any other Party under or in connection
with any Finance Document. 
  

	28.5	 No fiduciary duties 

 

	 	(a)	 Nothing in any Finance Document constitutes: 

 

	 	(i)	 the Facility Agent or the Arranger as a trustee or fiduciary of any other person; or 

 

	 	(ii)	 the Security Agent as an agent, trustee or fiduciary of any Obligor. 

 

	 	(b)	 None of the Facility Agent, the Security Agent or the Arranger shall be bound to account to any other Finance
Party or (in the case of the Security Agent) any Secured Party for any sum or the profit element of any sum received by it for its own account. 

  

	28.6	 Business with the Group 

Any Administrative Party may accept deposits from, lend money to and generally engage in any kind of banking or deal in/advise on securities of
any party or other business with any member of the Group or any Obligor. 
  

	28.7	 Rights and discretions of the Facility Agent 

 

	 	(a)	 The Facility Agent may: 

 

	 	(i)	 rely on any representation, communication, notice or document believed by it to be genuine, correct and
appropriately authorised; 

  
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	 	(ii)	 assume that: 

  

	 	(A)	 any instructions received by it from the Majority Lenders, any Lender or any group of Lenders are duly given in
accordance with the terms of the Finance Documents; and 

  

	 	(B)	 unless it has received notice of revocation, those instructions have not been revoked; 

 

	 	(iii)	 rely on a certificate from any person: 

 

	 	(A)	 as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that
person; or 

  

	 	(B)	 to the effect that such person approves of any particular dealing, transaction, step, action or thing,

 as sufficient evidence that that is the case and, in the case of paragraph (A) above, may assume the truth and
accuracy of that certificate; and 
  

	 	(iv)	 rely on any statement made by a director, manager, authorised signatory or employee of any person regarding any
matters which may reasonably be assumed to be within his knowledge or within his power to verify. 

  

	 	(b)	 The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the
Lenders) that: 

  

	 	(i)	 no Default has occurred; and 

 

	 	(ii)	 any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised.

  

	 	(c)	 The Facility Agent may engage, and pay for the advice or services of any lawyers, accountants, tax advisers,
surveyors or other professional advisers or experts. 

  

	 	(d)	 Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Facility Agent
may at any time engage and pay for the services of any lawyers to act as independent counsel to it (and so separate from any lawyers instructed by the Lenders) if in its reasonable opinion it deems this to be necessary. 

 

	 	(e)	 The Facility Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or
other professional advisers or experts (whether obtained by that Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so
relying. 

  

	 	(f)	 The Facility Agent may act in relation to the Finance Documents through its officers, employees and agents.

  

	 	(g)	 Unless a Finance Document expressly provides otherwise the Facility Agent may disclose to any other Party any
information it reasonably believes it has received as agent under this Agreement. 

  

	 	(h)	 Without prejudice to the generality of paragraph (g) above, the Facility Agent: 

 

	 	(i)	 may disclose; and 

  

	 	(ii)	 on the written request of a Borrower or the Majority Lenders shall, as soon as reasonably practicable,
disclose, 

  
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	 	    	 the identity of a Defaulting Lender to the Borrower and to the other Finance Parties. 

 

	 	(i)	 Notwithstanding any other provision of any Finance Document to the contrary, no Administrative Party is obliged
to do or omit to do anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

 

	 	(j)	 Notwithstanding any provision of any Finance Document to the contrary, the Facility Agent is not obliged to
expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of
such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured to it. 

  

	28.8	 Responsibility for documentation 

No Administrative Party is responsible or liable for: 
  

	 	(a)	 the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by any
Administrative Party, an Obligor or any other person given in or in connection with any Finance Document or the Information Package or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered
into, made or executed in anticipation of, under or in connection with any Finance Document; or 

  

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction
Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security; or 

 

	 	(c)	 any determination as to whether any information provided or to be provided to any Finance Party is non-public
information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise. 

  

	28.9	 No duty to monitor 

The Facility Agent shall not be bound to enquire: 
  

	 	(a)	 whether or not any Default has occurred; 

 

	 	(b)	 as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

  

	 	(c)	 whether any other event specified in any Finance Document has occurred. 

 

	28.10	 Exclusion of liability 

 

	 	(a)	 Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document
excluding or limiting the liability of an Agent), the Facility Agent will not be liable for: 

  

	 	(i)	 any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a
result of taking or not taking any action under or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct, as finally judicially determined by a court of competent
jurisdiction; 

  
 - 99 - 

	 	(ii)	 exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with,
any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document, other than by reason of its gross negligence or wilful misconduct, as finally
judicially determined by a court of competent jurisdiction; or 

  

	 	(iii)	 without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any
person, any diminution in value or any liability whatsoever (including for negligence or any other category of liability whatsoever but not including any claim based on gross negligence, wilful misconduct or the fraud of the Facility Agent) arising
as a result of: 

  

	 	(A)	 any act, event or circumstance not reasonably within its control; or 

 

	 	(B)	 the general risks of investment in, or the holding of assets in, any jurisdiction, 

including (in each case) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation
or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption Event); breakdown, failure or
malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action. 

 

	 	(b)	 No Party (other than the Facility Agent) may take any proceedings against any officer, employee or agent of
that Agent in respect of any claim it might have against that Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of that Agent may rely on
this Clause 28. 

  

	 	(c)	 The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with
an amount required under the Finance Documents to be paid by the Facility Agent if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement
system used by the Facility Agent for that purpose. 

  

	 	(d)	 Nothing in this Agreement shall oblige any Administrative Party to conduct: 

 

	 	(i)	 any “know your customer” or other procedures in relation to any person; or 

 

	 	(ii)	 any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any
Lender or for any Affiliate of any Lender, 

 on behalf of any Lender and each Lender confirms to each Administrative
Party that it is solely responsible for any such procedures or check it is required to conduct and that it shall not rely on any statement in relation to such procedures or check made by any Administrative Party. 

 

	 	(e)	 Without prejudice to any provision of any Finance Document excluding or limiting the Facility Agent’s
liability, any liability of the Facility Agent arising under or in connection with any Finance Document shall be limited to the amount of actual loss which has been suffered (as determined by reference to the date of default of the Facility Agent
or, if later, the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Facility Agent at any time which increase the amount of that loss. In no event shall the
Facility Agent be liable for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not that Agent has been advised of the possibility of such
loss or damages. 

  
 - 100 - 

	28.11	 Lenders’ indemnity to the Facility Agent 

Each Lender shall (in proportion to its Pro Rata Share) indemnify the Facility Agent, within three Business Days of demand, against any cost,
loss or liability (including for negligence or any other category of liability whatsoever) incurred by the Facility Agent (otherwise than by reason of the Facility Agent’s gross negligence or wilful misconduct, or, in the case of any cost, loss
or liability resulted from a Disruption Event, notwithstanding the Facility Agent’s gross negligence, negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent, as finally
judicially determined by a court of competent jurisdiction) in acting as Agent under the Finance Documents (unless that Agent has been reimbursed by an Obligor pursuant to a Finance Document). 

 

	28.12	 Resignation of the Facility Agent 

 

	 	(a)	 The Facility Agent may resign and appoint one of its Affiliates acting through an office in Hong Kong as
successor by giving notice to the Lenders and the Borrower. 

  

	 	(b)	 Alternatively, the Facility Agent may resign by giving 30 days’ notice to the Lenders and the Borrower, in
which case the Majority Lenders (after consultation with the Borrower) may appoint a successor Facility Agent. 

  

	 	(c)	 If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph
(b) above within 30 days after notice of resignation was given, the retiring Facility Agent (after consultation with the Borrower) may appoint a successor Facility Agent. 

 

	 	(d)	 The retiring Facility Agent shall, at its own cost (except where it is removed pursuant to paragraph
(g) below, in which case, at the cost of the Borrower), make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing
its functions as Facility Agent under the Finance Documents. 

  

	 	(e)	 The Facility Agent’s resignation notice shall only take effect upon the appointment of a successor.

  

	 	(f)	 Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under paragraph (d) above) but shall remain entitled to the benefit of Clause 15.3 (Indemnity to the Facility Agent) and this Clause 28 (and any agency fees for
the account of the retiring Facility Agent shall cease to accrue from (and shall be payable on) that date). Any successor and each of the other Parties shall have the same rights and obligations among themselves as they would have had if such
successor had been an original Party. 

  

	 	(g)	 After consultation with the Borrower, the Majority Lenders may, by notice to the Facility Agent, require it to
resign in accordance with paragraph (b) above. In this event, the Facility Agent shall resign in accordance with paragraph (b) above. 

  

	 	(h)	 The Facility Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable,
shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under
the Finance Documents: 

  
 - 101 - 

	 	(i)	 the Facility Agent fails to respond to a request under Clause 12.7 (FATCA information) and a Lender
reasonably believes the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; 

  

	 	(ii)	 the information supplied by the Facility Agent pursuant to Clause 12.7 (FATCA information) indicates the
Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or 

  

	 	(iii)	 the Facility Agent notifies the Borrower and the Lenders the Facility Agent will not be (or will have ceased to
be) a FATCA Exempt Party on or after that FATCA Application Date, 

 and (in each case) a Lender reasonably believes that
a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt Party, and that Lender, by notice to the Facility Agent, requires it to resign. 

 

	28.13	 Confidentiality 

 

	 	(a)	 In acting as agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency
division which shall be treated as a separate entity from any other of its divisions or departments. 

  

	 	(b)	 If information is received by another division or department of the Facility Agent, it may be treated as
confidential to that division or department and the Facility Agent shall not be deemed to have notice of it. 

  

	 	(c)	 The Facility Agent shall not be obliged to disclose to any Finance Party any information supplied to it by the
Borrower or any Affiliates of the Borrower on a confidential basis and for the purpose of evaluating whether any waiver or amendment is or may be required or desirable in relation to any Finance Document. 

 

	28.14	 Relationship with the other Finance Parties 

 

	 	(a)	 The Facility Agent may treat the person shown in its records as Lender at the opening of business (in the place
of the Facility Agent’s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office: 

  

	 	(i)	 entitled to or liable for any payment due under any Finance Document on that day; and 

 

	 	(ii)	 entitled to receive and act upon any notice, request, document or communication or make any decision or
determination under any Finance Document made or delivered on that day, 

 unless it has received not less than five
Business Days’ prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 
  

	 	(b)	 The Lenders shall supply the Facility Agent with any information that the Security Agent may reasonably specify
(through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent. Each Lender shall deal with the Security Agent exclusively through the Facility Agent. 

  
 - 102 - 

	 	(c)	 Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices,
communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under
Clause 35.6 (Electronic communication)) electronic mail address and/or any other information required to enable the transmission of information by that means (and, in each case, the department or officer, if any, for whose attention
communication is to be made) and be treated as a notification of a substitute address, fax number, electronic mail address (or such other information), department and officer by that Lender for the purposes of Clause 35.2 (Addresses) and
paragraph (a)(ii) of Clause 35.6 (Electronic communication) and that Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that
Lender. 

  

	28.15	 Credit appraisal by the Lenders 

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document,
each Lender confirms to each Administrative Party that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document
including but not limited to: 
  

	 	(a)	 the financial condition, status and nature of each member of the Group and each Obligor; 

 

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction
Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security; 

 

	 	(c)	 whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its
respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance Documents, the Transaction Security or any other agreement, arrangement or document entered into, made or executed in anticipation of,
under or in connection with any Finance Document or the Transaction Security; 

  

	 	(d)	 the adequacy, accuracy and/or completeness of the Information Package and any other information provided by the
Facility Agent, any Party or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document; and 

  

	 	(e)	 the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the
priority of any of the Transaction Security or the existence of any Security affecting the Charged Property. 

  

	28.16	 Deduction from amounts payable by the Facility Agent 

If any Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party,
deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the
purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 
  

	28.17	 Failure to notify 

No failure by the Facility Agent to make any determination or calculation, or to do any act or thing, shall limit or affect in any way any
obligation of any Obligor, or any rights, powers or remedies of the Lenders, under the Finance Documents. 

  
 - 103 - 

	28.18	 Force Majeure 

Notwithstanding anything to the contrary in this Agreement or in any other Finance Document, the Facility Agent shall not in any event be
liable for any loss or damage, or any failure or delay in the performance of its obligations hereunder if it is prevented from so performing its obligations by any reason which is beyond the control of the Facility Agent, including, but not limited
to, any existing or future terrorism, riot, rebellion, civil commotion, strike, lockout, other industrial action, general failure of electricity or other supply, aircraft collision, technical failure, accidental or mechanical or electrical
breakdown, computer failure or failure of any money transmission system or any event where, in the reasonable opinion of the Facility Agent, performance of any duty or obligation under or pursuant to this Agreement would or may be illegal or would
result in the Facility Agent being in breach of any law, rule, regulation, or any decree, order or judgement of any court, or practice, request, direction, notice, announcement or similar action (whether or not having the force of law) of any
relevant government, government agency, regulatory, stock exchange or self-regulatory organisation to which the Facility Agent is subject. 
 28.19
Consequential loss 
 Notwithstanding any other term or provision of this Agreement to the contrary, the Facility Agent shall not be
liable under any circumstances for special, punitive, indirect or consequential loss or damage of any kind whatsoever, whether or not foreseeable, or for any loss of business, goodwill, opportunity or profit, whether arising directly or indirectly
and whether or not foreseeable, even if the Facility Agent is actually aware of or has been advised of the likelihood of such loss or damage and regardless of whether the claim for such loss or damage is made in negligence, for breach of contract,
breach of trust, breach of fiduciary obligation or otherwise. The provisions of this Clause shall survive the termination or expiry of this Agreement or the resignation or removal of the Facility Agent. 

 

	29.	 THE SECURITY AGENT 

 

	29.1	 Trust 

  

	 	(a)	 The Security Agent declares that it shall hold the Charged Property on trust for the Secured Parties on the
terms contained in this Agreement. 

  

	 	(b)	 Each of the parties to this Agreement agrees that the Security Agent shall have only those duties, obligations
and responsibilities expressly specified in this Agreement or in the Transaction Security Documents to which the Security Agent is expressed to be a party (and no others shall be implied). 

 

	29.2	 No independent power 

The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any
rights or powers arising under the Transaction Security Documents except through the Security Agent. 
  

	29.3	 Instructions to Security Agent and exercise of discretion 

 

	 	(a)	 Subject to paragraphs (d) and (e) below, the Security Agent shall act in accordance with any instructions
given to it by the Majority Lenders or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as Security Agent and shall be entitled to assume that (i) any instruction received
by it from the Facility Agent, the Lenders or the Majority Lenders are duly given in accordance with the terms of the Finance Documents and (ii) unless it has received actual notice of revocation, that those instructions or directions have not
been revoked. 

  
 - 104 - 

	 	(b)	 The Security Agent shall be entitled to request instructions, or clarification of any direction, from the
Majority Lenders as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are
received by it. 

  

	 	(c)	 Any instructions given to the Security Agent by the Majority Lenders shall override any conflicting
instructions given by any other Parties. 

  

	 	(d)	 Paragraph (a) above shall not apply: 

 

	 	(i)	 where a contrary indication appears in this Agreement; 

 

	 	(ii)	 where this Agreement requires the Security Agent to act in a specified manner or to take a specified action;

  

	 	(iii)	 in respect of any provision which protects the Security Agent’s own position in its personal capacity as
opposed to its role of Security Agent for the Secured Parties including, without limitation, the provisions set out in Clause 29.5 (Security Agent’s discretions) to Clause 29.20 (Trustee division
separate); 

  

	 	(iv)	 in respect of the exercise of the Security Agent’s discretion to exercise a right, power or authority
under any of: 

  

	 	(A)	 Clause 31.1 (Order of application); 

 

	 	(B)	 Clause 31.2 (Prospective liabilities); and 

 

	 	(C)	 Clause 31.5 (Permitted Deductions). 

 

	 	(e)	 If giving effect to instructions given by the Majority Lenders would (in the Security Agent’s opinion)
have an effect equivalent to an amendment or waiver referred to in Clause 38.2 (All-Lender matters), the Security Agent shall not act in accordance with those instructions unless consent to it so
acting is obtained from each Party (other than the Security Agent) whose consent would have been required in respect of that amendment or waiver. 

  

	 	(f)	 In exercising any discretion to exercise a right, power or authority under this Agreement where either:

  

	 	(i)	 it has not received any instructions from the Majority Lenders as to the exercise of that discretion; or

  

	 	(ii)	 the exercise of that discretion is subject to paragraph (d)(iv) above, 

the Security Agent shall do so having regard to the interests of all the Secured Parties. 

 

	29.4	 Security Agent’s Actions 

Without prejudice to the provisions of Clause 29.3 (Instructions to Security Agent and exercise
of discretion), the Security Agent may (but shall not be obliged to), in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers in
its “good faith” discretion to be appropriate. 

  
 - 105 - 

	29.5	 Security Agent’s discretions 

The Security Agent may: 
  

	 	(a)	 assume (unless it has received actual notice to the contrary from the Facility Agent) that (i) no Default
has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised;

  

	 	(b)	 if it receives any instructions or directions to take any action in relation to the Transaction Security,
assume that all applicable conditions under the Finance Documents for taking that action have been satisfied; 

  

	 	(c)	 engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors
or other experts (whether obtained by the Security Agent or by any other Secured Party) whose advice or services may at any time seem necessary, expedient or desirable; 

 

	 	(d)	 rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might
reasonably be expected to be within the knowledge of a Secured Party, or an Obligor, upon a certificate signed by or on behalf of that person; and 

  

	 	(e)	 refrain from acting in accordance with the instructions of any Party (including bringing any legal action or
proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or security that it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and
liabilities which it may incur in so acting. 

  

	29.6	 Security Agent’s obligations 

The Security Agent shall promptly: 
  

	 	(a)	 copy to the Facility Agent the contents of any notice or document received by it from any Obligor under any
Finance Document; 

  

	 	(b)	 forward to a Party the original or a copy of any document which is delivered to the Security Agent for that
Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another
Party; and 

  

	 	(c)	 inform the Facility Agent of the occurrence of any Default or any default by an Obligor in the due performance
of or compliance with its obligations under any Finance Document of which the Security Agent has received notice from any other Party. 

  

	29.7	 Excluded obligations 

Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent shall not: 

 

	 	(a)	 be bound to enquire as to (i) whether or not any Default has occurred or (ii) the performance,
default or any breach by an Obligor of its obligations under any of the Finance Documents; 

  

	 	(b)	 be bound to account to any other Party for any sum or the profit element of any sum received by it for its own
account; 

  
 - 106 - 

	 	(c)	 be bound to disclose to any other person (including but not limited to any Secured Party) (i) any
confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty; 

 

	 	(d)	 have or be deemed to have any relationship of trust or agency with, any Obligor. 

 

	29.8	 Exclusion of liability 

None of the Security Agent, any Receiver nor any Delegate shall accept responsibility or be liable for: 

 

	 	(a)	 the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security
Agent or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
connection with any Finance Document; 

  

	 	(b)	 the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Charged Property
or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; 

 

	 	(c)	 any losses to any person or any liability arising as a result of taking or refraining from taking any action in
relation to any of the Finance Documents, the Charged Property or otherwise, whether in accordance with an instruction from the Facility Agent or otherwise unless directly caused by its fraud, gross negligence or wilful misconduct;

  

	 	(d)	 the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection
with any of the Finance Documents, the Charged Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Finance Documents or the Charged Property, unless directly
caused by its fraud, gross negligence or wilful misconduct; or 

  

	 	(e)	 any shortfall which arises on the enforcement or realisation of the Charged Property. 

 

	29.9	 No proceedings 

No Party (other than the Security Agent, that Receiver or that Delegate) may take any proceedings against any officer, employee or agent of the
Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance
Document or any Charged Property, except in the case of fraud, gross negligence or wilful misconduct, and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.4 (Third
Party Rights) and the provisions of the Third Parties Ordinance. 
  

	29.10	 Own responsibility 

Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document,
each Secured Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document
including but not limited to: 
  

	 	(a)	 the financial condition, status and nature of each member of the Group; 

 

	 	(b)	 the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the Charged
Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property; 

  
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	 	(c)	 whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any
of its respective assets under or in connection with any Finance Document, the Charged Property, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Finance Document or the Charged Property; 

  

	 	(d)	 the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any other
person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance
Document; and 

  

	 	(e)	 the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the
priority of any of the Transaction Security or the existence of any Security affecting the Charged Property, 

 and each
Secured Party warrants to the Security Agent that it has not relied on and will not at any time rely on the Security Agent in respect of any of these matters. 
  

	29.11	 No responsibility to perfect Transaction Security 

The Security Agent shall not be liable for any failure to: 
  

	 	(a)	 require the deposit with it of any deed or document certifying, representing or constituting the title of any
Obligor to any of the Charged Property; 

  

	 	(b)	 obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability
or admissibility in evidence of any of the Finance Documents or the Transaction Security; 

  

	 	(c)	 register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the
Transaction Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the Finance Documents or of the Transaction Security; 

 

	 	(d)	 take, or to require any of the Obligors to take, any steps to perfect its title to any of the Charged Property
or to render the Transaction Security effective or to secure the creation of any ancillary Security under the laws of any jurisdiction; or 

  

	 	(e)	 require any further assurances in relation to any of the Transaction Security Documents. 

 

	29.12	 Insurance by Security Agent 

 

	 	(a)	 The Security Agent shall not be under any obligation to insure any of the Charged Property, to require any
other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the Finance Documents. The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the
lack of or inadequacy of any such insurance. 

  

	 	(b)	 Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for
any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent shall have
requested it to do so in writing and the Security Agent shall have failed to do so within 14 days after receipt of that request. 

  
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	29.13	 Custodians and nominees 

The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the
Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability,
expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person. 

 

	29.14	 Acceptance of title 

The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the
Obligors may have to any of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or title. 
  

	29.15	 Refrain from illegality 

Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent may refrain from doing anything
which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Agent may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation. 

 

	29.16	 Business with the Obligors 

The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with any of the
Obligors. 
  

	29.17	 Winding up of trust 

If the Security Agent, with the approval of the Majority Lenders, determines that all of the Secured Obligations and all other liabilities
secured by the Transaction Security Documents have been fully and finally discharged and none of the Secured Parties is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to
any Obligor pursuant to the Finance Documents: 
  

	 	(a)	 the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse
or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Transaction Security Documents; and 

  

	 	(b)	 any Retiring Security Agent shall release, without recourse or warranty, all of its rights under each of the
Transaction Security Documents. 

  

	29.18	 Powers supplemental 

The rights, powers, authorities and discretions given to the Security Agent under or in connection with the Finance Documents shall be
supplemental to the Trustee Ordinance (Cap 29) and in addition to any which may be vested in the Security Agent by law or regulation or otherwise. 

  
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	29.19	 Trustee division separate 

 

	 	(a)	 In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its
trustee division which shall be treated as a separate entity from any of its other divisions or departments. 

  

	 	(b)	 If information is received by another division or department of the Security Agent, it may be treated as
confidential to that division or department and the Security Agent shall not be deemed to have notice of it. 

  

	29.20	 Disapplication 

The statutory duty of care set out in section 3A of the Trustee Ordinance (Cap 29) shall not apply to the duties of the Security Agent in
relation to the trusts constituted by this Agreement. Where there are any inconsistencies between the Trustee Ordinance (Cap 29) and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law and
regulation prevail. 
  

	29.21	 Lenders’ indemnity to the Security Agent 

Each Lender shall (in proportion to its Pro Rata Share) indemnify the Security Agent and every Receiver and every Delegate, within three
Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the Security Agent’s fraud, gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under the
Finance Documents (unless the relevant Security Agent, Receiver or Delegate has been reimbursed by an Obligor pursuant to a Finance Document) and the Obligors shall jointly and severally indemnify each Lender against any payment made by it under
this Clause 29.21. 
  

	29.22	 Conflict with the Transaction Security Documents 

If there is any conflict between this Agreement and any Transaction Security Document with regard to instructions to, or other matters
affecting, the Security Agent, this Agreement will prevail. 
  

	30.	 CHANGE OF SECURITY AGENT AND DELEGATION 

 

	30.1	 Resignation of the Security Agent 

 

	 	(a)	 The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the Borrower
and the Lenders. 

  

	 	(b)	 Alternatively the Security Agent may resign by giving 30 days’ notice to the other Parties in which case
the Majority Lenders may appoint a successor Security Agent. 

  

	 	(c)	 If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph
(b) above within 30 days after the notice of resignation was given, the Security Agent (after consultation with the Borrower and the Facility Agent) may appoint a successor Security Agent. 

 

	 	(d)	 The retiring Security Agent (the “Retiring Security Agent”) shall make available
to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents. The Retiring
Security Agent shall, at its own cost (except where it is removed pursuant to paragraph (g) above, in which case, at the cost of the Borrower), make available to the successor Security Agent such documents and records and provide such
assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents. 

  
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	 	(e)	 The Security Agent’s resignation notice shall only take effect upon (i) the appointment of a
successor and (ii) the transfer of all of the Charged Property to that successor. 

  

	 	(f)	 Upon the appointment of a successor, the Retiring Security Agent shall be discharged from any further
obligation in respect of the Finance Documents (other than its obligations under paragraph (b) of Clause 29.17 (Winding up of trust) and under paragraph (d) above) but shall, in respect of any act or omission by
it whilst it was the Security Agent, remain entitled to the benefit of Clauses 29 (The Security Agent) and 29.21 (Lenders’ indemnity to the Security Agent). Its successor and each
of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original Party. 

  

	 	(g)	 The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph
(b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Borrower. 

30.2 Delegation 
  

	 	(a)	 Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or
otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of the Finance Documents. 

  

	 	(b)	 That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to
any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Secured Parties and it shall not be bound to supervise, or be in any way responsible for any loss
incurred by reason of any misconduct or default on the part of any such delegate or sub delegate (except, in the case of the Security Agent, for any loss for which the Security Agent would have been responsible if the fraud, misconduct or default
causing such loss had been committed by the Security Agent itself (after taking into account any provisions in any Finance Document that exclude the Security Agent’s obligations or liabilities)). 

30.3 Additional Security Agents 
  

	 	(a)	 The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or
as a co-trustee jointly with it (i) if it in good faith considers that appointment to be in the interests of the Secured Parties or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions which the
Security Agent deems to be relevant (acting reasonably) or (iii) for obtaining or enforcing any judgment in any jurisdiction, and the Security Agent shall give prior notice to the Borrower and each of the Agents of that appointment.

  

	 	(b)	 Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on the
Security Agent by this Agreement) and the duties and obligations that are conferred or imposed by the instrument of appointment. 

  

	 	(c)	 The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any
applicable Indirect Tax) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement and to the extent agreed in writing by the Company prior to its incurrence, be treated as costs and
expenses incurred by the Security Agent. 

  
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	31.	 APPLICATION OF PROCEEDS 

 

	31.1	 Order of application 

Subject to Clause 31.2 (Prospective liabilities), all amounts from time to time received or recovered by the Security Agent
pursuant to the terms of any Finance Document or in connection with the realisation or enforcement of all or any part of the Transaction Security (for the purposes of this Clause 31, the “Recoveries”) shall be held by the Security
Agent on trust to apply them at any time as the Security Agent (in its discretion) sees fit, to the extent permitted by applicable law (and subject to the provisions of this Clause 31), in the following order: 

 

	 	(a)	 in discharging pro rata any sums owing to the Security Agent, any Receiver or any Delegate;

  

	 	(b)	 in payment pro rata of all costs and expenses incurred by the Facility Agent or any Secured Party
in connection with any realisation or enforcement of the Transaction Security taken in accordance with the terms of this Agreement; 

  

	 	(c)	 in payment to the Facility Agent for application in accordance with Clause 33.6 (Partial
payments); 

  

	 	(d)	 if none of the Obligors is under any further actual or contingent liability under any Finance Document, in
payment pro rata to any person to whom the Security Agent is obliged to pay in priority to any Obligor; and 

  

	 	(e)	 the balance, if any, in payment to the relevant Obligor. 

 

	31.2	 Prospective liabilities 

Following enforcement of any of the Transaction Security, the Security Agent may, in its discretion, hold any amount of the Recoveries in an
interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit until otherwise directed by the Majority Lenders (the
interest being credited to the relevant account) for later application under Clause 31.1 (Order of Application) in respect of: 
  

	 	(a)	 any sum payable to the Security Agent, any Receiver or any Delegate; and 

 

	 	(b)	 any part of the Secured Obligations, 

that the Security Agent reasonably considers, in each case, might become due or owing at any time in the future. 

 

	31.3	 Investment of proceeds 

Prior to the application of the Recoveries in accordance with Clause 31.1 (Order of Application), the Security Agent may,
in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit
until otherwise directed by the Majority Lenders (the interest being credited to the relevant account) pending the application from time to time of those moneys in the Security Agent’s discretion in accordance with the provisions of this Clause
31. 
  

	31.4	 Currency Conversion 

 

	 	(a)	 For the purpose of, or pending the discharge of, any of the Secured Obligations the Security Agent may convert
any moneys received or recovered by the Security Agent from one currency to another, at the Security Agent’s spot rate (or, if no such spot rate of exchange is available, such prevailing rate of exchange selected by the Security Agent, acting
reasonably). 

  
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	 	(b)	 The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount
of the due currency purchased after deducting the costs of conversion. 

  

	31.5	 Permitted Deductions 

The Security Agent shall be entitled, in its discretion: 
  

	 	(a)	 to set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings
(on account of taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under this Agreement; and 

 

	 	(b)	 to pay all Taxes which may be assessed against it in respect of any of the Charged Property, or as a
consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).

  

	31.6	 Good Discharge 

 

	 	(a)	 Any payment to be made in respect of the Secured Obligations by the Security Agent may be made to the Facility
Agent on behalf of the Finance Parties and any payment made in that way shall be a good discharge, to the extent of that payment, by the Security Agent. 

  

	 	(b)	 The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph
(a) of this Clause 31.6 in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated. 

  

	32.	 SHARING AMONG THE FINANCE PARTIES 

 

	32.1	 Payments to Finance Parties 

If a Finance Party (a “Recovering Finance Party”) receives or recovers (whether by set-off or otherwise) any
amount from an Obligor other than in accordance with Clause 33 (Payment Mechanics) (a “Recovered Amount”) and applies that amount to a payment due under the Finance Documents then: 

 

	 	(a)	 the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery to
the Facility Agent; 

  

	 	(b)	 the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering
Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance with Clause 33 (Payment Mechanics), without taking account of any Tax which would be imposed on
the Facility Agent in relation to the receipt, recovery or distribution; and 

  

	 	(c)	 the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the
Facility Agent an amount (the “Sharing Payment”) equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in
accordance with Clause 33.6 (Partial payments). 

  
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	32.2	 Redistribution of payments 

The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties
(other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 33.6 (Partial payments) towards the obligations of that Obligor to the Sharing Finance Parties. 

 

	32.3	 Recovering Finance Party’s rights 

 

	 	(a)	 On a distribution by the Facility Agent under Clause 32.2 (Redistribution of payments) of
a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that
Obligor. 

  

	 	(b)	 If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph
(a) above, the relevant Obligor shall be liable to the Recovering Finance Party for a debt equal to the Sharing Payment which is immediately due and payable. 

 

	32.4	 Reversal of redistribution 

If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering
Finance Party, then: 
  

	 	(a)	 each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account
of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing
Payment which that Recovering Finance Party is required to pay) (the “Redistributed Amount”); and 

  

	 	(b)	 as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant
Redistributed Amount will be treated as not having been paid by that Obligor. 

  

	32.5	 Exceptions 

  

	 	(a)	 This Clause 32 shall not apply to the extent that the Recovering Finance Party would not, after making any
payment pursuant to this Clause 32, have a valid and enforceable claim against the relevant Obligor. 

  

	 	(b)	 A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering
Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if: 

  

	 	(i)	 it notified that other Finance Party of the legal or arbitration proceedings; and 

 

	 	(ii)	 that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did
not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings. 

  

	33.	 PAYMENT MECHANICS 

 

	33.1	 Payments to the Facility Agent 

 

	 	(a)	 On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that
Obligor or Lender shall make the same available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time
for settlement of transactions in the relevant currency in the place of payment. 

  
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	 	(b)	 Payment shall be made to such account and with such bank as the Facility Agent, in each case, specifies.

  

	33.2	 Distributions by the Facility Agent 

 

	 	(a)	 Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to
Clause 33.3 (Distributions to an Obligor) and Clause 33.4 (Clawback and pre-funding) be made available by the Facility Agent as soon as practicable after
receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business
Days’ notice with a bank specified by that Party in the principal financial centre of the country of that currency. 

  

	 	(b)	 The Facility Agent shall distribute payments received by it in relation to all or any part of the Loans to the
Lender indicated in the records of the Facility Agent as being so entitled on that date provided that the Facility Agent is authorised to distribute payments to be made on the date on which any transfer becomes effective pursuant to
Clause 23 (Changes to the Lenders) to the Lender so entitled immediately before such transfer took place regardless of the period to which such sums relate. 

 

	33.3	 Distributions to an Obligor 

The Facility Agent may (with the consent of an Obligor or in accordance with Clause 34 (Set-off)) apply any amount received by it for
that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 

 

	33.4	 Clawback and pre-funding 

 

	 	(a)	 Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility
Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

 

	 	(b)	 Unless paragraph (c) below applies, if the Facility Agent pays an amount to another Party and it proves to
be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent
together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds. 

 

	 	(c)	 If the Facility Agent is willing to make available amounts for the account of the Borrower before receiving
funds from the Lenders then if and to the extent that the Facility Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrower: 

 

	 	(i)	 the Borrower shall on demand refund it to the Facility Agent; and 

 

	 	(ii)	 the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower
shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that
Lender. 

  
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	33.5	 Impaired Agent 

 

	 	(a)	 If, at any time, the Facility Agent becomes an Impaired Agent, a Party which is required to make a payment
under the Finance Documents to the Facility Agent for the account of any person in accordance with Clause 33.1 (Payments to the Facility Agent) may instead either pay that amount direct to such person or pay that
amount to an interest-bearing account held with a bank in relation to which no Insolvency Event has occurred and is continuing, in the name of the Party making that payment (the “Paying Party”) and designated as a trust
account for the benefit of the Party or Parties beneficially entitled to that payment under the Finance Documents (the “Recipient Party” or “Recipient Parties”). In each case such payment must be made
on the due date for such payment under the Finance Documents. 

  

	 	(b)	 All interest accrued on the amount standing to the credit of such trust account shall be for the benefit of the
Recipient Party or the Recipient Parties pro rata to their respective entitlements to such amount. 

  

	 	(c)	 A Party which has made a payment in accordance with this Clause 33.5 shall be discharged of the relevant
obligation to make that payment under the Finance Documents and shall not take any credit risk with respect to the amounts standing to the credit of that trust account. 

 

	 	(d)	 Promptly upon the appointment of a successor Facility Agent in accordance with Clause 28.12 (Resignation
of the Facility Agent), each Paying Party shall (other than to the extent that that Paying Party has given an instruction pursuant to paragraph (e) below) give all requisite instructions to the bank with whom that trust
account is held to transfer the amount of such payment (together with any accrued interest thereon) to the successor Facility Agent for distribution to the relevant Recipient Party or Recipient Parties in accordance with Clause 33.2
(Distributions by the Facility Agent). 

  

	 	(e)	 A Paying Party that has made a payment to a trust account (on account of any amount payable by such Paying
Party to a Recipient Party) shall, promptly upon request by that Recipient Party and to the extent: 

  

	 	(i)	 that it has not given an instruction pursuant to paragraph (d) above (with respect to such trust account);
and 

  

	 	(ii)	 that it has been provided with the necessary information by that Recipient Party, 

give all requisite instructions to the bank with whom that trust account is held to transfer such amount so paid into and held in such account
(together with any accrued interest thereon) to that Recipient Party. 
  

	33.6	 Partial payments 

 

	 	(a)	 If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable
by any Obligor under the Finance Documents, the Facility Agent shall apply that payment towards the obligations of the Obligors under the Finance Documents in the following order: 

 

	 	(i)	 first, in or towards payment pro rata of any unpaid amount owing to any Administrative
Party under the Finance Documents; 

  
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	 	(ii)	 secondly, in or towards payment pro rata of any accrued interest, fee (other than as
provided in paragraph (i) above) or commission due but unpaid under the Finance Documents; 

  

	 	(iii)	 thirdly, in or towards payment pro rata of any principal due but unpaid under this
Agreement; and 

  

	 	(iv)	 fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance
Documents. 

  

	 	(b)	 The Facility Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii)
to (a)(iv) above. 

  

	 	(c)	 Paragraphs (a) and (b) above will override any appropriation made by the relevant Obligor.

  

	33.7	 No set-off by an Obligor 

All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction
for) set-off or counterclaim. 
  

	33.8	 Business Days 

 

	 	(a)	 Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be
made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not). 

  

	 	(b)	 During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement, interest
is payable on the principal or Unpaid Sum at the rate payable on the original due date. 

  

	33.9	 Currency of account 

 

	 	(a)	 Subject to paragraphs (b) and (c) below, US dollars is the currency of account and payment for any sum due
from an Obligor under any Finance Document. 

  

	 	(b)	 Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses
or Taxes are incurred. 

  

	 	(c)	 Any amount expressed to be payable in a currency other than US dollars shall be paid in that other currency.

  

	34.	 SET-OFF 

A Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that
Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may
convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off. 
  

	35.	 NOTICES 

  

	35.1	 Communications in writing 

Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be
made by email, fax or letter. 

  
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	35.2	 Addresses 

  

	 	(a)	 Except as provided below, the contact details of each Party for any communication to be made or delivered under
or in connection with the Finance Documents are those notified by that Party for this purpose to the Facility Agent on or before the date it becomes a Party. 

  

	 	(b)	 The contact details of each Obligor for this purpose are: 

 

	 	Address:    	 Floor 9, Mansion B, Wanda Plaza, 93 Jianguo Road, Beijing, PRC 

 

	 	E-mail:      	 brianliao@wanda.cn 

  

	 	Attention:	   Mr. Brian Liao 

 

	 	(c)	 The contact details of the Facility Agent for this purpose are: 

Credit Suisse AG, Singapore Branch 

Address:     1 Changi Business Park Central 1, #01-101 ONE@Changi City, 

              Singapore 486036 

Attention:   Loan Operations, APAC 

Fax:             +65 6212 2709  

Email:         apac.loansvc@credit-suisse.com 

 

	 	(d)	 The contact details of the Security Agent for this purpose are: 

Credit Suisse AG, Singapore Branch 

Address:     1 Changi Business Park Central 1, #01-101 ONE@Changi City, 

                Singapore 486036 

Attention:     Loan Operations, APAC 

Fax:               +65 6212 2709 

Email:             apac.loansvc@credit-suisse.com 

 

	 	(e)	 Any Party may change its contact details by giving at least five Business Days’ notice to the Facility
Agent or (in the case of the Facility Agent) to the other Parties. 

  

	35.3	 Delivery 

  

	 	(a)	 Any communication or document made or delivered by one person to another under or in connection with the
Finance Documents will be effective: 

  

	 	(i)	 if by way of fax, only when received in legible form; or 

 

	 	(ii)	 if by way of letter, only when it has been left at the relevant address or five Business Days after being
deposited in the post postage prepaid in an envelope addressed to it at that address; 

 and, if a particular department
or officer is specified as part of its address details provided under Clause 35.2 (Addresses), if addressed to that department or officer. 

  
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	 	(b)	 Any communication or document to be made or delivered to an Agent will be effective only when actually received
by that Agent and then only if it is expressly marked for the attention of the department or officer identified with that Agent’s signature below (or any substitute department or officer as that Agent shall specify for this purpose).

  

	 	(c)	 All notices from or to an Obligor shall be sent through the Facility Agent. 

 

	 	(d)	 Any communication or document which becomes effective, in accordance with paragraphs (a) to (c) above,
after 5 p.m. in the place of receipt shall be deemed only to become effective on the following day. 

  

	35.4	 Notification of address and fax number 

Promptly upon changing its address or fax number, the Facility Agent shall notify the other Parties. 

 

	35.5	 Communication when Facility Agent is Impaired Agent 

If the Facility Agent is an Impaired Agent: 
  

	 	(a)	 the Parties may, instead of communicating with each other through the Facility Agent, communicate with each
other directly; and 

  

	 	(b)	 (while the Facility Agent is an Impaired Agent) all the provisions of the Finance Documents which require
communications to be made or notices to be given to or by the Facility Agent shall be varied so that communications may be made and notices given to or by the relevant Parties directly. 

This provision shall not operate after a replacement Facility Agent has been appointed to replace such Impaired Agent. 

 

	35.6	 Electronic communication 

 

	 	(a)	 Any communication to be made between any two Parties under or in connection with the Finance Documents may be
made by electronic mail or other electronic means (including by way of posting to a secure website) if those two Parties: 

  

	 	(i)	 notify each other in writing of their electronic mail address and/or any other information required to enable
the transmission of information by that means; and 

  

	 	(ii)	 notify each other of any change to their address or any other such information supplied by them by not less
than five Business Days’ notice. 

  

	 	(b)	 Any such electronic communication as specified in paragraph (a) above to be made between an Obligor and a
Finance Party may only be made in that way to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication. 

 

	 	(c)	 Any such electronic communication as specified in paragraph (a) above made between any two Parties will be
effective only when actually received (or made available) in readable form and in the case of any electronic communication made by a Party to an Agent only if it is addressed in such a manner as that Agent shall specify for this purpose.

  

	 	(d)	 Any electronic communication which becomes effective, in accordance with paragraph (c) above, after 5 p.m. in
the place in which the Party to whom the relevant communication is sent or made available has its address for the purpose of this Agreement shall be deemed only to become effective on the following day. 

  
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	 	(e)	 Any reference in a Finance Document to a communication being sent or received shall be construed to include
that communication being made available in accordance with this Clause 35.6. 

  

	35.7	 English language 

 

	 	(a)	 Any notice given under or in connection with any Finance Document must be in English. 

 

	 	(b)	 All other documents provided under or in connection with any Finance Document must be: 

 

	 	(i)	 in English; or 

  

	 	(ii)	 if not in English, and if so required by the Facility Agent, accompanied by a certified English translation
and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document. 

  

	36.	 CALCULATIONS AND CERTIFICATES 

 

	36.1	 Accounts 

In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts
maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	36.2	 Certificates and determinations 

Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error,
conclusive evidence of the matters to which it relates. 
  

	36.3	 Day count convention 

Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual
number of days elapsed and a year of 360 days or, in any case where the practice in the Hong Kong interbank market differs, in accordance with that market practice. 
  

	36.4	 Personal liability 

No director, officer, employee or other individual acting (or purporting to act) on behalf of any Obligor or any Affiliate of any Obligor shall
be personally liable for: 
  

	 	(a)	 any representation, certification or statement made by any Obligor or any Affiliate of any Obligor in any
Finance Document; or 

  

	 	(b)	 any certificate, notice or other document required to be delivered under, or in connection with, any Finance
Document (whether or not signed by that person), 

 where such representation, certification, statement, certificate,
notice or other document proves to be incorrect or misleading, unless that individual acted fraudulently or with an intention to mislead, in which case any liability will be determined in accordance with applicable law. Any director, officer,
employee or other individual to whom this Clause 36.4 is expressed to apply may, subject to Clause 1.4 (Third party rights), rely on this Clause 36.4 pursuant to the Contracts (Rights of Third Parties) Ordinance (Cap. 623). 

  
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	37.	 PARTIAL INVALIDITY 

If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any
jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 

 

	38.	 REMEDIES AND WAIVERS 

No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall
operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any Finance Document on the part of any Finance Party shall be effective unless it is in writing. No single or
partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in each Finance Document are cumulative and not exclusive of any rights or remedies
provided by law. 
  

	39.	 AMENDMENTS AND WAIVERS 

 

	39.1	 Required consents 

 

	 	(a)	 Subject to Clause 39.2 (All-Lender matters) and Clause 39.4 (Other exceptions), any
term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the relevant Obligors (who is the signing party to the affected document) (or, where applicable, the Obligors’ Agent) and any such
amendment or waiver will be binding on all Parties. 

  

	 	(b)	 Without prejudice to the other provisions of this Agreement, the Target agrees to any such amendment or waiver
permitted by this Clause 39 which is agreed to by the Obligors’ Agent. 

  

	 	(c)	 The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause
39. 

  

	39.2	 All-Lender matters 

Subject to Clause 39.3 (Replacement of Screen Rate), an amendment or waiver of any term of any Finance Document
that has the effect of changing or which relates to: 
  

	 	(a)	 the definition of “Bankruptcy Credit Event”, “Credit Event”, “Failure to Pay Credit
Event” “Margin”, “Issuing Entity”, “Loan Participation Obligations”, “Majority Lenders”, “Market CDS”, “Market CDS Counterparty”, “Participant”, “Participation”,
“Participation Agreement”, “Pro Rata Share”, “Relevant Obligation” and “Restructuring Credit Event” in Clause 1.1 (Definitions); 

 

	 	(b)	 an extension to the date of payment of any amount under the Finance Documents; 

 

	 	(c)	 a reduction in the amount of any payment of principal, interest, fees or commission payable under the Finance
Documents; 

  

	 	(d)	 an increase in any Commitment, an extension of the applicable Availability Period or any requirement that a
cancellation of Commitments reduces the Commitments of the Lenders rateably under the Facility; 

  

	 	(e)	 (other than as expressly permitted by the provisions of any Finance Document) a change to the Borrower or any
guarantor for the Facility (being the Parent and the Target); 

  
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	 	(f)	 any provision which expressly requires the consent of all the Lenders; 

 

	 	(g)	 Clause 2.3 (Finance Parties’ rights and obligations), Clause 5.1
(Delivery of a Utilisation Request), Clause 7.1 (Illegality), Clause 7.11 (Application of prepayments), Clause 23 (Changes to the Lenders), Clause 24
(Changes to Obligors), Clause 26 (Disclosure of Information), this Clause 39, Clause 43 (Governing Law), Clause 44 (Enforcement) or Clause 45 (Limited Recourse and
Non-Petition); 

  

	 	(h)	 (other than as expressly permitted by the provisions of any Finance Document) the nature or scope of, or the
release of, any guarantee and indemnity granted under Clause 17 (Guarantee and Indemnity) and the Parent Guarantee or of any Transaction Security; or 

 

	 	(i)	 the manner in which the proceeds of enforcement of the Transaction Security are distributed,

 shall not be made without the prior consent of all the Lenders. 

 

	39.3	 Replacement of Screen Rate 

 

	 	(a)	 Subject to Clause 39.4 (Other exceptions), if a Screen Rate Replacement Event has occurred in
relation to any Screen Rate, any amendment or waiver which relates to: 

  

	 	(i)	 providing for the use of a Replacement Benchmark; and 

 

	 	(ii)	 

  

	 	(A)	 aligning any provision of any Finance Document to the use of that Replacement Benchmark; 

 

	 	(B)	 enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including,
without limitation, any consequential changes required to enable that Replacement Benchmark to be used for the purposes of this Agreement); 

  

	 	(C)	 implementing market conventions applicable to that Replacement Benchmark; 

 

	 	(D)	 providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

  

	 	(E)	 adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic
value from one Party to another as a result of the application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the
adjustment shall be determined on the basis of that designation, nomination or recommendation), 

 may be made with the
consent of the Facility Agent (acting on the instructions of the Majority Lenders) and the Borrower. 
  

	 	(b)	 In this Clause 38.3: 

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

  
 - 122 - 

 “Replacement Benchmark” means a benchmark rate which is: 

 

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

 

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

  

	 	(ii)	 any Relevant Nominating Body, 

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

	 	(b)	 in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any
relevant domestic syndicated loan markets as the appropriate successor to a Screen Rate; or 

  

	 	(c)	 in the opinion of the Majority Lenders and the Borrower, an appropriate successor to a Screen Rate.

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

 

	 	(a)	 the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority
Lenders and the Borrower, materially changed; 

  

	 	(b)	 

  

	 	(i)	 

  

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

  

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

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

 

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

  

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

  

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

  
 - 123 - 

	 	(c)	 the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with
its reduced submissions or other contingency or fallback policies or arrangements and either: 

  

	 	(i)	 the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders
and the Borrower) temporary; or 

  

	 	(ii)	 that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than one
Month; or 

  

	 	(d)	 in the opinion of the Majority Lenders and the Borrower, that Screen Rate is otherwise no longer appropriate
for the purposes of calculating interest under this Agreement. 

  

	39.4	 Other exceptions 

An amendment or waiver which relates to the rights or obligations of an Agent or the Arranger (each in their capacity as such) may not be
effected without the consent of that Agent or the Arranger, as the case may be. 
  

	39.5	 Disenfranchisement of Conflicted Lenders, Distressed Investors and Non-Responding Lenders

 Unless an Event of Default is continuing, in ascertaining the Majority Lenders or whether the agreement of Lender(s)
holding any given percentage (including, for the avoidance of doubt, unanimity) of the Total Commitments or the Commitments (in respect of any or all of the Facility) has been obtained to approve any request, the Commitment of any Conflicted Lender,
any Distressed Investor and any Non-Responding Lender will be deemed to be zero and its status as a Lender ignored, provided that: 
  

	 	(a)	 (without limiting other terms of this Agreement) in respect of any Lender which has granted a Voting
Participation, such Lender may have more than one vote in relation to its Commitment for the purpose of any such request and may split its vote in whatever percentages it may choose; 

 

	 	(b)	 for the purpose of determining whether the Commitment of such Lender shall be ignored in accordance with this
Clause, the Commitment of such Lender shall be deemed to have been split into (i) Commitment held by such Lender for its own account (if any) (“Own Account Commitment”) and (ii) Commitment held by such Lender
as grantor of one or more Voting Participations (and Commitment for each such Voting Participation shall be treated as separate) (each a “Third Party Account Commitment”); and 

 

	 	(c)	 for the avoidance of doubt, such Lender shall not be treated as a Conflicted Lender, a Distressed Investor or a
Non-Responding Lender: 

  

	 	(i)	 insofar as its Own Account Commitment is concerned, if such Lender (but for the grant of any such Voting
Participation) is not a Conflicted Lender or a Distressed Investor or (in respect of such vote which is exercised for its own account) a Non-Responding Lender; and 

 

	 	(ii)	 insofar as any Third Party Account Commitment is concerned, if such Third Party Account Commitment does not
involve any Participant which would (if it were a Lender) be a Conflicted Lender or a Distressed Investor or (in respect of such vote which is exercised by such Lender on behalf of the Participant(s) thereunder) a
Non-Responding Lender. 

  
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	39.6	 Voting of Lenders 

In respect of Voting Participations only, a Lender may have more than one vote in relation to its share in a Loan or Commitment for the
purposes counting towards any decision by that Lender under the Finance Documents and may split its vote in whatever percentages it may choose and may vote each percentage of its votes in different ways. 

 

	40.	 BAIL-IN 

  

	40.1	 Contractual recognition of bail-in 

Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party
acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the
effect of: 
  

	 	(a)	 any Bail-In Action in relation to any such liability, including (without limitation): 

 

	 	(i)	 a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but
unpaid interest) in respect of any such liability; 

  

	 	(ii)	 a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be
issued to, or conferred on, it; and 

  

	 	(iii)	 a cancellation of any such liability; and 

 

	 	(b)	 a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in
relation to any such liability. 

  

	40.2	 Bail-in definitions 

In this Clause 40: 

“Article 55 BRRD” means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and
resolution of credit institutions and investment firms. 
 “Bail-In Action” means the exercise of any Write-down and
Conversion Powers. 
 “Bail-In Legislation” means: 

 

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

  

	 	(b)	 in relation to any state other than such an EEA Member Country or (to the extent that the United Kingdom is not
such an EEA Member Country) the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation. 

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

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

  
 - 125 - 

 “Resolution Authority” means any body which has authority to
exercise any Write-down and Conversion Powers. 
 “UK
Bail-In Legislation” means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part I of the United Kingdom Banking Act
2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or
other insolvency proceedings). 
 “Write-down and Conversion
Powers” means: 
  

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

  

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

 

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

 

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

 

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

 

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

 

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

 

	41.	 COUNTERPARTS 

Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were
on a single copy of the Finance Document. 
  

	42.	 USA PATRIOT ACT 

Each Lender hereby notifies each Obligor that pursuant to the requirements of the USA Patriot Act, such Lender is required to obtain, verify
and record information that identifies such Obligor, which information includes the name and address of such Obligor and other information that will allow such Lender to identify such Obligor in accordance with the USA Patriot Act. 

  
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	43.	 GOVERNING LAW 

This Agreement is governed by the laws of Hong Kong. 
  

	44.	 ENFORCEMENT 

  

	44.1	 Arbitration 

  

	 	(a)	 Any dispute, claim, difference or controversy arising out of, relating to or in connection with this Agreement,
including any dispute as to its existence, validity, interpretation, performance, breach or termination or the consequences of its nullity or any dispute regarding contractual, pre-contractual or non-contractual obligations arising out of, relating
to or in connection with this Agreement(for the purposes of this Clause 44, a “Dispute”) shall be referred to and finally resolved by binding arbitration administered by the Hong Kong International Arbitration Centre under the Hong
Kong International Arbitration Centre Administered Arbitration Rules in force when the Notice of Arbitration is submitted (for the purposes of this Clause 44, the “Rules”). 

 

	 	(b)	 The Rules are incorporated by reference into this Clause 44 and as may be amended by the rest of this Clause
44. Capitalised terms used in this Clause 44 which are not otherwise defined in this Agreement have the meaning given to them in the Rules. 

  

	 	(c)	 The number of arbitrators shall be three. The arbitrators shall be appointed in accordance with the Rules. All
arbitrators shall be fluent in English. 

  

	 	(d)	 The seat, or legal place of arbitration, shall be Hong Kong. 

 

	 	(e)	 The language used in the arbitral proceedings shall be English. 

 

	 	(f)	 Each party hereto agrees that any Disputes (as defined in this Agreement or any other Finance Document) arising
out of or in connection with this Agreement and/or other Finance Documents may be determined together, by way of joinder and/or consolidation and/or multiple claims being heard together, in a single arbitration in accordance with the Rules.

  

	 	(g)	 The arbitration agreement constituted by this Clause 44 shall be governed by and construed in accordance with
the laws of Hong Kong. 

  

	 	(h)	 Nothing in this Clause 44 shall be construed as preventing any party hereto from seeking conservatory or
interim relief from any court of competent jurisdiction. 

  

	44.2	 Waiver of jury trial 

EACH OF THE PARTIES TO THIS AGREEMENT AGREES TO WAIVE IRREVOCABLY
ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY OF THE
DOCUMENTS REFERRED TO IN THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED IN THIS AGREEMENT. This waiver is intended to apply to all Disputes. Each party
acknowledges that (a) this waiver is a material inducement to enter into this Agreement, (b) it has already relied on this waiver in entering into this Agreement and (c) it will continue to rely on this waiver in future dealings. Each
party represents that it has reviewed this waiver with its legal advisers and that it knowingly and voluntarily waives its jury trial rights after consultation with its legal advisers. In the event of litigation, this Agreement may be filed as a
written consent to a trial by the court. 

  
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	44.3	 Waiver of immunities 

Each Obligor party hereto irrevocably waives, to the extent permitted by applicable law, with respect to itself and its revenues and assets
(irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from: 
  

	 	(a)	 suit; 

  

	 	(b)	 jurisdiction of any court; 

 

	 	(c)	 relief by way of injunction or order for specific performance or recovery of property; 

 

	 	(d)	 attachment of its assets (whether before or after judgment or award); and 

 

	 	(e)	 execution or enforcement of any judgment or award to which it or its revenues or assets might otherwise be
entitled in any proceedings in the courts of any jurisdiction (and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any immunity in any such proceedings). 

 

	45.	 LIMITED RECOURSE AND NON-PETITION 

 

	 	(a)	 Each Obligor and Finance Party agrees that, notwithstanding any other provision of any Finance Document:

  

	 	(i)	 any action or steps taken against any Issuing Entity which is a Lender to recover any sums in respect of any
claims against such Issuing Entity which is a Lender under or in connection with any Finance Document and all claims in respect of such sums shall be limited to the assets, property and/or rights of the Issuing entity subject to security interests
(the “Mortgaged Property”) created by the Issuing Entity in respect of its Loan Participation Obligations with respect to the Finance Documents (the “Series”), and that they shall not have recourse to any
other assets of the Issuing Entity; 

  

	 	(ii)	 if, following the application of the proceeds from the realisation of the Mortgaged Property towards
satisfaction of the secured creditors in respect of such Series, the remaining amount of such proceeds (if any) is not sufficient to make payment of any or all amounts due from the Issuing Entity pursuant to this Agreement or any other Finance
Document, then no other assets of the Issuing Entity shall be available to meet any resulting shortfall and any remaining debt or other liability of the Issuing Entity shall be extinguished in full and no debt shall be owed by the Issuing Entity in
respect thereof. Failure by the Issuing Entity to make payment in respect of any shortfall described in this Clause 45 shall in no circumstances constitute a default or an event of default howsoever described. 

 

	 	(iii)	 it will not institute against any Issuing Entity which is a Lender or join any other person in instituting
against any Issuing Entity which is a Lender any winding-up, striking-off arrangement, examination, reorganisation, liquidation, bankruptcy, insolvency or other proceeding under any similar law.

  

	 	(b)	 In addition, the obligations, covenants and agreements of any Issuing Entity which is a Lender are solely
corporate obligations of such Issuing Entity which is a Lender and no Obligor or Finance Party or any person acting on behalf of any of them shall have any recourse against any officer, shareholder, member, incorporator, corporate service provider
or director of that Issuing Entity which is a Lender in respect of any obligations, covenants or agreements entered into or made by the Issuing Entity which is a Lender pursuant to the terms of any Finance Document. 

  
 - 128 - 

	 	(c)	 The provisions of this Clause 45 shall survive notwithstanding any termination of any Finance Document or
repayment of any Loan. 

 This Agreement has been entered into on the date stated at the beginning of this Agreement. 

  
 - 129 - 

 SCHEDULE 1 

THE ORIGINAL LENDER 
  

					
	Name of Original Lender	  	Tranche A Commitment	  	Tranche B Commitment
	 Credit Suisse AG, Singapore Branch
	  	 US$230,000,000
	  	 US$10,000,000

  
 - 130 - 

 SCHEDULE 2 

CONDITIONS PRECEDENT 

PART I 
 CONDITIONS
PRECEDENT TO FIRST UTILISATION 
  

	1.	 Obligors and Subordinated Creditor 

 

	(a)	 A copy of the constitutional documents of each Obligor and Subordinated Creditor. 

 

	(b)	 A copy of a resolution of the board of directors (or in the case of the Parent, a shareholder resolution) of
each Obligor and Subordinated Creditor: 

  

	 	(i)	 approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and
resolving that it execute the Finance Documents to which it is a party; 

  

	 	(ii)	 authorising a specified person or persons to execute the Finance Documents to which it is a party on its
behalf; and 

  

	 	(iii)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices
(including, if relevant, the Utilisation Requests) to be signed and/or despatched by it under or in connection with the Finance Documents to which it is a party. 

 

	(c)	 A specimen of the signature of each person authorised by the resolution referred to in paragraph
(b) above. 

  

	(d)	 A certificate from the each Obligor (signed by a director) confirming that borrowing, guaranteeing or securing
the Total Commitments would not cause any borrowing, guaranteeing, securing or similar limit binding on it to be exceeded. 

  

	(e)	 A certificate of an authorised signatory of the relevant Obligor and Subordinated Creditor certifying that each
copy document relating to it specified in Part I of this Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement. 

 

	(f)	 A copy of a good standing certificate with respect to each US Obligor, issued as of a recent date by the
Secretary of State or other appropriate official of such US Obligor’s jurisdiction of incorporation or organisation. 

  

	2.	 Finance Documents 

 

	(a)	 The following Finance Documents, each duly entered into by the parties to it: 

 

	 	(i)	 this Agreement; 

  

	 	(ii)	 the Parent Guarantee; 

 

	 	(iii)	 the Subordination Deed relating to the Subordinated Receivable; 

 

	 	(iv)	 the WEH Share Charge; 

 

	 	(v)	 the DSRA Charge; and 

 

	 	(vi)	 the Fee Letter. 

  
 - 131 - 

	(b)	 All share certificates, transfer forms, notices and other documents required to be delivered to the Security
Agent or any other person on or prior to the first Utilisation Date pursuant to the terms of the Transaction Security Documents referred to in paragraphs (a)(iv) and (a)(v) above. 

3. Legal opinions 
  

	(a)	 A legal opinion of Clifford Chance, Hong Kong law advisers to the Arranger and addressed to the Finance Parties
at the date of that opinion. 

  

	(b)	 A legal opinion of Clifford Chance US LLP, New York law advisers to the Arranger and addressed to the Finance
Parties at the date of that opinion. 

  

	(c)	 A legal opinion of Clifford Chance Pte Limited, Singapore law advisers to the Arranger and addressed to the
Finance Parties at the date of that opinion. 

  

	(d)	 A legal opinion of Paul, Weiss, Rifkind, Wharton & Garrison LLP, New York law advisers to the Borrower
and addressed to the Finance Parties at the date of that opinion. 

  

	(e)	 A legal opinion of JunHe Law Office, PRC law advisers to the Arranger and addressed to the Finance Parties at
the date of that opinion. 

 4. Other documents and evidence 

 

	(a)	 Evidence that any process agent referred to in any Finance Document (other than the DSRA Charge) has accepted
its appointment. 

  

	(b)	 A draft of the SPA in relation to the sale of the Target in the form provided to the bidders.

  

	(c)	 Evidence that the Borrower has received one or more revised offer(s) from independent third party potential
buyer(s) of the Target, which shows that the amount of acquisition consideration payable to the Borrower stated in such offer(s) is in an amount not less than the amount of the Facility, together with a written confirmation from Borrower that it
intends to enter into detailed negotiations with such potential buyer(s). 

  

	(d)	 The Original Financial Statements. 

 

	(e)	 The Group Structure Chart. 

 

	(f)	 All requested information and evidence required by the Finance Parties pursuant to its usual “know your
customer” or other similar checks as notified to the Borrower not less than two Business Days prior to the first Utilisation Date. 

  

	(g)	 Evidence that the fees then due from the Borrower pursuant to Clause 11 (Fees) have been paid or will be
paid by the first Utilisation Date. 

  

	(h)	 An executed copy of the Subordinated Receivable. 

 

	(i)	 A certificate in form and substance reasonably satisfactory to the Facility Agent of the chief financial
officer, director of finance or other appropriate person of each US Obligor as to the solvency of such US Obligor. 

  
 - 132 - 

 PART II 

CONDITIONS PRECEDENT IN RESPECT OF FINANCE DOCUMENTS ENTERED 

INTO AFTER THE DATE OF THE FIRST UTILISATION REQUEST 
  

	1.	 A copy of the constitutional documents of each party to the relevant Finance Document (other than the Finance
Parties) (each a “Relevant Transaction Obligor”). 

  

	2.	 A copy of a resolution of the board of directors of each Relevant Transaction Obligor: 

 

	 	(a)	 approving the terms of, and the transactions contemplated by, the relevant Finance Document to which it is a
party and resolving that it execute such Finance Document; 

  

	 	(b)	 authorising a specified person or persons to execute such Finance Document on its behalf; and

  

	 	(c)	 authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and
notices to be signed and/or despatched by it under or in connection with such Finance Document. 

  

	3.	 A copy of a good standing certificate with respect to each Relevant Transaction Obligor that is a US Obligor,
issued as of a recent date by the Secretary of State or other appropriate official of such Relevant Transaction Obligor’s jurisdiction of incorporation or organisation. 

 

	4.	 A specimen of the signature of each person authorised by the resolution referred to in paragraph 2 above.

  

	5.	 If applicable, a certificate from each Relevant Transaction Obligor (signed by an authorised signatory)
confirming that securing the Facility would not cause any security or similar limit binding on it to be exceeded. 

  

	6.	 A certificate of an authorised signatory of each Relevant Transaction Obligor certifying that each copy
document listed in this Part II of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of the relevant Finance Document. 

 

	7.	 A copy of any other Authorisation or other document, opinion or assurance which the Lender considers to be
reasonably necessary in connection with the entry into and performance of the transactions contemplated by the relevant Finance Document or for the validity and enforceability of such Finance Document. 

 

	8.	 A legal opinion as to the governing law of the relevant Finance Document issued by legal counsel to the Lender.

  

	9.	 If any Relevant Transaction Obligor is incorporated in a jurisdiction different from the governing law of the
relevant Finance Document, a legal opinion as to the laws of the jurisdiction of incorporation of such Relevant Transaction Obligor issued by legal counsel to the Lender. 

 

	10.	 Evidence that any process agent specified in the relevant Finance Document has accepted its appointment.

  

	11.	 A certificate in form and substance reasonably satisfactory to the Facility Agent of the chief financial
officer, director of finance or other appropriate person of each Relevant Transaction Obligor that is a US Obligor as to the solvency of such Relevant Transaction Obligor. 

 

	12.	 If applicable, evidence of completion of the applicable Perfection Requirements in respect of the relevant
Finance Document. 

  
 - 133 - 

 SCHEDULE 3 

UTILISATION REQUEST 
  

	From:	   [Borrower] 

 

	To:	   [Facility Agent] 

 

	Dated:	 

[Borrower] – Senior 364-Day Term Loan Facility Agreement 

dated [     ] (the “Agreement”) 
  

	1.	 We refer to the Agreement. This is a Utilisation Request. Terms defined in the Facility Agreement shall have
the same meaning in this Utilisation Request. 

  

	2.	 We wish to borrow a Loan on the following terms: 

 

					
	Proposed Utilisation Date:	  	[    ] (or, if that is not a Business Day, the next Business Day)
		
	Tranche:	  	[Tranche A]/[Tranche B]
		
	Amount:	  	US$[    ]

  

	3.	 We confirm that each condition specified in Clause 4.2 (Further conditions precedent) of
the Facility Agreement is satisfied on the date of this Utilisation Request. 

  

	4.	 The proceeds of the Loan should be credited to [(in respect of the Tranche A Loan)] [account]] / [(in
respect of the Tranche B Loan)] [the DSRA]. 

  

	5.	 This Utilisation Request is irrevocable. 

Yours faithfully 
  

.................................... 

authorised signatory for 
 [name
of Borrower] 

  
 - 134 - 

 SCHEDULE 4 

FORM OF TRANSFER CERTIFICATE 
  

	To:	 [     ] as Facility Agent 

 

	From:	 [the Existing Lender] (the “Existing Lender”) and [the
New Lender] (the “New Lender”) 

  

	Dated:	 

[the Borrower] – Senior 364-Day Term Loan Facility Agreement 

dated [     ] (the “Agreement”) 
  

	1.	 We refer to Clause 23.5 (Procedure for transfer) of the Agreement. This is a Transfer
Certificate. Terms used in the Agreement shall have the same meaning in this Transfer Certificate. 

  

	2.	 The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation,
and in accordance with Clause 23.5 (Procedure for transfer) of the Agreement, all of the Existing Lender’s rights and obligations under the Agreement and the other Finance Documents and in respect of the Transaction
Security which relate to that portion of the Existing Lender’s Commitment and participations in the Loans under the Agreement as specified in the Schedule. 

 

	3.	 The proposed Transfer Date is [ ]. 

 

	4.	 The Facility Office and address, fax number and attention particulars for notices of the New Lender for the
purposes of Clause 35.2 (Addresses) of the Agreement are set out in the Schedule. 

  

	5.	 The New Lender expressly acknowledges: 

 

	 	(a)	 the limitations on the Existing Lender’s obligations set out in paragraphs (a) and (c) of Clause 23.4
(Limitation of responsibility of Existing Lenders) of the Agreement; and 

  

	 	(b)	 that it is the responsibility of the New Lender to ascertain whether any document is required or any formality
or other condition requires to be satisfied to effect or perfect the transfer contemplated by this Transfer Certificate or otherwise to enable the New Lender to enjoy the full benefit of each Finance Document. 

 

	6.	 The New Lender confirms that it is a “New Lender” within the meaning of Clause 23.1
(Assignments and transfers by the Lenders) of the Agreement. 

  

	7.	 The Existing Lender and the New Lender confirm that the New Lender is not an Obligor or an Affiliate of an
Obligor [and is not a Conflicted Lender, a Defaulting Lender or a Distressed Investor]*. 

  

	8.	 This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of this Transfer Certificate. 

  

	9.	 This Transfer Certificate is governed by the laws of Hong Kong. 

 

	10.	 This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer
Certificate. 

  
   

 

	*	 Delete in the case of a transfer to or by an Issuing Entity. 

  
 - 135 - 

 THE SCHEDULE 

Commitment/rights and obligations to be transferred 

[insert relevant details] 

[Facility office address, email, fax number and attention details for notices and account details for payments] 

 

			
	[the Existing Lender]	  	[the New Lender]
		
	By:	  	By:

 This Transfer Certificate is executed by the Facility Agent and the Transfer Date is confirmed as [     ].

 [the Facility Agent] 
  

	By:	 

Note: The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender’s interest in the Transaction
Security in all jurisdictions. It is the New Lender’s responsibility to ascertain whether any other document is required, or any formality or other condition is required to be satisfied, to effect or perfect the transfer contemplated in this
Transfer Certificate or to give the New Lender full enjoyment of all the Finance Documents. 

  
 - 136 - 

 SCHEDULE 5 

FORM OF ASSIGNMENT AGREEMENT 
  

	To:	 [Facility Agent] as Facility Agent and [Borrower] as Obligors’ Agent

  

	From:	 [the Existing Lender] (the “Existing Lender”) and [the
New Lender] (the “New Lender”) 

  

	Dated:	 [insert date] 

[Borrower] – Senior 364-Day Term Loan Facility Agreement 

dated [     ] (the “Agreement”) 
  

	1.	 We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same
meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement. 

  

	2.	 We refer to Clause 23.6 (Procedure for assignment) of the Agreement:

  

	 	(a)	 The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the
Agreement and the other Finance Documents and in respect of the Transaction Security which relate to that portion of the Existing Lender’s Commitment and participations in the Loans under the Agreement as specified in the Schedule.

  

	 	(b)	 The Existing Lender is released from all the obligations of the Existing Lender which correspond to that
portion of the Existing Lender’s Commitment and participations in the Loans under the Agreement specified in the Schedule. 

  

	 	(c)	 The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the
Existing Lender is released under paragraph (b) above. 

  

	3.	 The proposed Transfer Date is [ ]. 

 

	4.	 On the Transfer Date, the New Lender becomes Party to the Finance Documents as a Lender. 

 

	5.	 The Facility Office and address, fax number and attention details for notices of the New Lender for the
purposes of Clause 35.2 (Addresses) of the Agreement are set out in the Schedule. 

  

	6.	 The New Lender expressly acknowledges: 

 

	 	(a)	 the limitations on the Existing Lender’s obligations set out in paragraphs (a) and (c) of Clause 23.4
(Limitation of responsibility of Existing Lenders) of the Agreement; and 

  

	 	(b)	 that it is the responsibility of the New Lender to ascertain whether any document is required or any formality
or other condition requires to be satisfied to effect or perfect the transfer contemplated by this Assignment Agreement or otherwise to enable the New Lender to enjoy the full benefit of each Finance Document. 

 

	7.	 The New Lender confirms that it is a “New Lender” within the meaning of Clause 23.1
(Assignments and transfers by the Lenders) of the Agreement. 

  

	8.	 The Existing Lender and the New Lender confirm that the New Lender is not an Obligor or an Affiliate of an
Obligor [and is not a Conflicted Lender, a Defaulting Lender or a Distressed Investor]*. 

  

  
  

	*	 Delete in the case of an assignment to or by an Issuing Entity. 

  
 - 137 - 

	9.	 This Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and, upon
delivery in accordance with Clause 23.7 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation to Borrower) of the Agreement, to the Borrower (on
behalf of each Obligor) of the assignment referred to in this Assignment Agreement. 

  

	10.	 This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the
signatures on the counterparts were on a single copy of this Assignment Agreement. 

  

	11.	 This Assignment Agreement is governed by the laws of Hong Kong. 

 

	12.	 This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment
Agreement. 

  
 - 138 - 

 THE SCHEDULE 

Rights to be assigned and obligations to be released and undertaken 

[insert relevant details] 

[Facility office address, email, fax number and attention details for notices and account details for 

payments] 
  

			
	[Existing Lender]	  	[New Lender]
		
	By:	  	By:

 This Assignment Agreement is accepted by the Facility Agent and the Transfer Date is confirmed as [     ].

 Signature of this Assignment Agreement by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment
referred to herein, which notice the Facility Agent receives on behalf of each Finance Party. 
 [Facility Agent] 

 

	By:	 

Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender’s interest in the Transaction
Security in all jurisdictions. It is the New Lender’s responsibility to ascertain whether any other document is required, or any formality or other condition is required to be satisfied, to effect or perfect the assignment/release/assumption of
obligations contemplated in this Assignment Agreement or to give the New Lender full enjoyment of all the Finance Documents. 

  
 - 139 - 

 SCHEDULE 6 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	 [         ] as Facility Agent 

 

	From:	 Wanda Sports Group Company Limited
萬達體育集團有限公司 

  

	Dated:	 

Dear Sirs 
 [Borrower] –Senior 364-Day
Term Loan Facility Agreement 
 dated [        ] ( the “ Facility Agreement”)

  

	1.	 I refer to the Facility Agreement. This is a Compliance Certificate. Terms used in the Facility Agreement shall
have the same meaning in this Compliance Certificate. 

  

	2.	 I confirm that: [Insert details of covenants under Clause 20 (Financial Covenants) to be
certified including calculations]1 

  

	3.	 [I confirm that during the Relevant Period there has been no: 

 

	 	(a)	 waiver in connection with, or any amendment or supplement to any representations, warranties, undertakings,
financial covenants or events of default (howsoever described) under the Infront Facility Agreement or the WEH Facility Agreement which are adverse to the interests of the Lenders; and 

 

	 	(b)	 refinancing of the Infront Facility Agreement or the WEH Facility Agreement where the representations,
warranties, undertakings, financial covenants and events of default (howsoever described) or any other provisions associated with them with respect to that refinancing are more adverse (or in the case of any refinancing of the Existing Infront
Facility Agreement (as defined in the definition of “Infront Facility Agreement” or the Existing WEH Facility Agreement (as defined in the definition of “WEH Facility Agreement”), materially adverse) to the interests of the
Lenders than under the Previous Infront Facility Agreement (as defined in the definition of “Infront Facility Agreement”) or the Previous WEH Facility Agreement (as defined in the definition of “WEH Facility Agreement”) as
applicable, 

 in each case, which has not been disclosed to the Facility Agent in writing.]2 

 

	4.	 I confirm that no Default is continuing. 

 

	Signed:        	 ............... 

Director of Wanda Sports Group Company Limited 萬達體育集團有限公司 

 
  

	1 	 To be included for deliveries of financial statements for each Financial Half-Year. 

	2 	 Delete if not applicable. 

  
 - 140 - 

 SCHEDULE 7 

FORM OF INCREASE CONFIRMATION 
  

	To:	 [Facility Agent] as Facility Agent and [Borrower] as Obligors’ Agent 

 

	From:	 [the Increase Lender] (the “Increase Lender”) 

 

	Dated:	 

  

[         ] – Senior 364-Day Term Loan Facility
Agreement 
 dated [         ] (the “Agreement”) 

 

	1.	 We refer to the Agreement. This is as an Increase Confirmation. Terms defined in the Agreement have the same
meaning in this Increase Confirmation unless given a different meaning in this Increase Confirmation. 

  

	2.	 We refer to Clause 2.2 (Increase) of the Agreement. 

 

	3.	 The Increase Lender agrees to assume and will assume all of the obligations corresponding to the Commitment
specified in the Schedule (the “Relevant Commitment”) as if it was an Original Lender under the Agreement. 

  

	4.	 The proposed date on which such assumption in relation to the Increase Lender and the Relevant Commitment is to
take effect (the “Increase Date”) is [●]. 

  

	5.	 On the Increase Date, the Increase Lender becomes party to the Agreement as a Lender, and becomes a Lender for
the purposes of each other Finance Document. 

  

	6.	 The Facility Office and address, fax number and attention details for notices to the Increase Lender for the
purposes of Clause 35.2 (Addresses) of the Agreement are set out in the Schedule. 

  

	7.	 The Increase Lender expressly acknowledges the limitations on the Lenders’ obligations referred to in
paragraph (f) of Clause 2.2 (Increase) of the Agreement. 

  

	8.	 The Increase Lender confirms that it is not an Obligor or an Affiliate of an Obligor and is not a Conflicted
Lender, a Defaulting Lender or a Distressed Investor. 

  

	9.	 This Increase Confirmation may be executed in any number of counterparts and this has the same effect as if the
signatures on such counterparts were on a single copy of this Increase Confirmation. 

  

	10.	 This Increase Confirmation is governed by the laws of Hong Kong and has been entered into on the date stated at
the beginning of this Increase Confirmation. 

  
 - 141 - 

 THE SCHEDULE 

Relevant Commitment/rights and obligations to be assumed by the Increase Lender 

[insert relevant details (including the Facility to which the Relevant
Commitment relates)] 
 [Facility office address, email, fax number and attention details for notices and account details
for payments] 
 [Increase Lender] 
  

	By:	 

This Agreement is accepted as an Increase Confirmation for the purposes of the Agreement by the Facility Agent, and the Increase Date is confirmed as
[●]. 
 Facility Agent 
  

	By:	 

  
 - 142 - 

 SCHEDULE 8 

FORMS OF NOTIFIABLE DEBT PURCHASE TRANSACTION NOTICE 

PART 1 
 FORM OF NOTICE
OF NOTIFIABLE DEBT PURCHASE TRANSACTION 
  

	To:	 [         ] as Facility Agent 

 

	From:	 [The lender] 

 

	Dated:	 

[         ] – Senior 364-Day Term Loan Facility Agreement 

dated [     ] (the “Agreement”) 
  

	1.	 We refer to paragraph (b) of Clause 25.2 (Disenfranchisement of Parent
Affiliates) of the Agreement. Terms defined in the Agreement have the same meaning in this notice unless given a different meaning in this notice. 

  

	2.	 We have entered into a Notifiable Debt Purchase Transaction. 

 

	3.	 The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our
Commitment as set out below. 

  

			
		  	Amount of our Commitment to which Notifiable Debt
	Commitment	  	 Purchase Transaction relates (US$)

  

			
	The Facility	 	[insert amount (of that Commitment) to which the relevant Debt Purchase Transaction applies]

  

	[Lender]	 

  

	By:	 

  
 - 143 - 

 PART 2 

FORM OF NOTICE OF TERMINATION OF NOTIFIABLE DEBT PURCHASE TRANSACTION 

 

	To:	 [ ] as Facility Agent 

 

	From:	 [The Lender] 

 

	Dated:	 

[ ] – Senior 364-Day Term Loan Facility Agreement 

dated [ ] (the “Agreement”) 
  

	1.	 We refer to paragraph (c) of Clause 25.2 (Disenfranchisement of Parent
Affiliates) of the Agreement. Terms defined in the Agreement have the same meaning in this notice unless given a different meaning in this notice. 

  

	2.	 A Notifiable Debt Purchase Transaction which we entered into and which we notified you of in a notice dated
[•] has [terminated]/[ceased to be with a Parent Affiliate]. 

  

	3.	 The Notifiable Debt Purchase Transaction referred to in paragraph 2 above relates to the amount of our
Commitment as set out below. 

  

			
	Commitment	  	 Amount of our Commitment to which Notifiable Debt

Purchase Transaction relates (US$)

		
	The Facility	  	 [insert amount (of that Commitment) to which the relevant

Debt Purchase Transaction applies]

  

	[Lender]	 

  

	By:	 

  
 - 144 - 

 SCHEDULE 9 

TIMETABLES 
  

			
	Delivery of the duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request))	  	10am three Business Days before the proposed Utilisation Date
		
	Facility Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’ participation)	  	10am two Business Days before the proposed Utilisation Date

  
 - 145 - 

 SCHEDULE 10 

APPROVED LENDERS 
 PART
1 
 APPROVED LENDERS – BANKS 
  

					
	ABN AMRO	  	Bank of Tokyo Mitsubishi	  	China Everbright Bank, Hong
	Agricultural Bank of China	  	(BOTM)	  	Kong Branch
	Alliance and Leicester	  	Bank Sinopac	  	China Merchants Bank
	Allianz Bank	  	State Bank of India	  	China Minsheng bank
	Allied Irish Banks (AIB)	  	Bank Vontobel AG	  	CIBC
	AMP	  	Bankia	  	CIC Private Debt
	ANZ Bank	  	Bankinter	  	Citic Bank
	Aozora Bank	  	Banque AGF	  	Citigroup/ Citibank
	Appenzeller Kantonalbank	  	Banque LBLux	  	CMB Wing Lung Bank
	(APPKB)	  	Banque Populaire (BRED)	  	Comerica
	Austrian Anadi Bank	  	Banque Tarneaud	  	Commerzbank (incl. Dresdner
	Axis Bank	  	Barclays Capital (BarCap) /	  	KW)
	Banca IMI (Intesa Sanpaolo	  	Barclays Bank	  	Commonwealth Bank of
	Group)	  	Bayerische Landesbank	  	Australia
	Banca Nazionale del Lavoro	  	(BayernLB) / BayernLB	  	Cooperative Bank
	(BNL)	  	Group	  	CREDIT AGRICOLE
	BANCA POPOLARE	  	Belfius (Dexia Banque	  	Credit du Nord
	DELLEMILIA ROMAGN	  	Belgique)	  	Credit Industriel et
	Banco Bilbao Vizcaya	  	Berner Kantonalbank	  	Commercial (CIC)
	Argentaria (BBVA)	  	(BEKB/BCBE)	  	Credit Suisse AG
	Banco BPI	  	Bipop Carire	  	Credit Suisse First Boston
	Banco de Valencia	  	BNP Paribas (BNPP)	  	CTBC Bank Co., Ltd.
	Banco Espirito Santo (BES or	  	BNY Mellon Corporate	  	DAH SING BANK
	BESV)	  	Trustee Services Limited	  	Danske Bank
	Banco Gallego	  	BPCE Groupe (Banque	  	DBS
	Banco Popolare	  	Populaire / Caisse d’Epargne)	  	Deka Bank
	Banco Sabadell	  	Bremer Landesbank	  	Depfa Bank / Hypo Public
	Banco Santander	  	British Business Bank plc	  	Finance
	Banesto	  	Caisse D’Epargne	  	Deutsche Apotheker-und
	Bank Coop (Swiss)Bank fuer	  	Caisse de Depot et Placement	  	Artzebank eG
	Arbeit und Wirtschaft	  	du Quebec	  	Deutsche Bank (incl. EM
	(BAWAG)	  	Caixa Catalunya	  	Loan Desk)
	BANK J SAFRA SARASIN	  	Caixa Geral Group	  	Deutsche Postbank
	Bank Julius Baer	  	CaixaBank (fka La Caixa)	  	Deutsche Sparkassen (all
	Bank Linth LLB AG	  	Caja Madrid	  	German and Austrian
	Bank of America Merrill	  	Caja Murcia	  	Sparkassen)
	Lynch	  	Calyon / Credit Agricole	  	Deutsche VR Banken (all
	Bank of China	  	Group	  	German Volksbanken)
	Bank of Communications	  	Cathay United Bank	  	Development Bank of
	BANK OF EAST ASIA	  	CDC Ixis	  	Singapore
	Bank of India	  	Československá obchodní	  	Dexia
	Bank of Ireland	  	banka a.s. (ÈSOB, part of the	  	DnB Nor (De Norske Bank)
	BANK OF MONTREAL	  	KBC Group)	  	Doha Bank
	Bank of Montreal (BMO)	  	China Construction Bank	  	DSK Bank (DSK)
	BANK OF SINGAPORE	  	China Development Bank	  	DZ Bank / DZ Group
	Bank of Taiwan	  		  	Erste Bank / Erste Group

  
 - 146 - 

					
	E.Sun	  	Landesbank Saar	  	Raiffeisen Group
	EFG BANK	  	Landesbank Sachsen	  	Raiffeisen Landesbanken
	European Bank for	  	Landsbanki Islands	  	Raiffeisen Schweiz
	Reconstruction and	  	LCL (Banque et Assurance Le	  	Raiffeisen Zentralbank
	Development (EBRD)	  	Credit Lyonnais)	  	Österreich (RZB)
	Export Development Canada	  	LGT BANK AG	  	Rothschild
	(EDC)	  	Lloyds Bank plc (incl. Halifax	  	Royal Bank of Canada (RBC)
	Fifth Third Bank	  	Bank of Scotland (HBOS))	  	Royal Bank of Scotland (RBS)
	Focus Bank	  	M.M Warburg	  	Sabanchi Bank
	Fortis	  	Macquarie	  	Santander
	Friesland Bank	  	MALAYAN BANKING	  	Scotia Bank
	Fubon Bank	  	BERHAD	  	SEB
	Goldman Sachs	  	Marfin (IBG)	  	Shinsei
	Groupe Credit Mutuel (incl.	  	Medbank	  	Shinhan Bank
	CIC)	  	Mediobanca	  	Siemens Financial Services
	HANG SENG BANK	  	MeDirect Bank (Malta) plc	  	Silicon Valley Bank
	Helaba	  	Meritz Securities	  	Societe Generale (SG)
	HSBC	  	Mignon Geneve	  	Standard Chartered Bank
	HSH Nordbank	  	Migrosbank	  	State Bank of India
	Huatai Securities	  	Mizuho	  	State Street Bank
	ICICI Bank	  	Morgan Stanley	  	Siemens Bank GmbH
	Industrial & Commercial Bank	  	National Australia Bank	  	Sumitomo Mitsui (SMBC)
	of China (ICBC)	  	National City	  	Sumitomo Trust
	ING Bank / ING Group	  	Natixis	  	Svenska Handelsbanken
	Interbanca	  	NBAD	  	Swedbank
	Intesa Sanpaolo	  	Nedbank	  	Taishin Bank
	Investec	  	NIB Capital / NIBC Bank	  	Toronto Dominion Bank
	Investkredit	  	N.V.	  	UBI Banca
	J.P. Morgan / J.P.	  	Nidwaldner Kantonabank	  	UBS
	MorganChase / Chase	  	(NWKB)	  	Unicredit Banca d’Impresa
	K&H Bank (K&H, part of the	  	Nomura	  	Unicredit Group SpA
	KBC Group)	  	Nordea Bank	  	Unicredito Banca Mobiliare
	KB	  	Nordic Investment Bank	  	Union Bank of India
	KBC / KBC Group	  	NordLB	  	United Overseas Bank (UOB)
	KFW	  	Norinchukin	  	Volksbank / Volksbanken
	Kommunalkredit Austria	  	North Fork (Capital One)	  	Group
	Koomin Bank	  	Nova Ljubljanska banka	  	Wachovia Bank
	Kreditanstalt fuer	  	(NLB, affiliate of KBC)	  	Wells Fargo
	Wiederaufbau (KfW)	  	NRW Bank	  	Wells Fargo Bank, National
	La Banque Postale	  	Nykredit Realkredit	  	Association
	La Caixa	  	Oberbank AG	  	Westfalen
	Landesbank Berlin (LBB)	  	OCBC Bank	  	WestPac
	Landesbank Hessen -	  	Oesterreichische Landesbank	  	Yuanta Bank
	Thuringen (Helaba)	  	OEVAG (Oesterische	  	Woori Bank
	Landesbank Rheinland-Pfalz	  	Volksbanken)	  	
	(LRP)	  	Portigon	  	

  
 - 147 - 

 PART 2 

APPROVED LENDERS – FUNDS 
  

					
	3i / Investcorp (incl. Fraser	  	Beach Point Capital	  	CEB INTERNATIONAL
	Sullivan) / Mizuho IM /	  	Beechbrook	  	CAPITAL
	Harvest	  	Bentham Asset Management	  	CENTRAL ASSET INVSTS
	Aberdeen AM	  	Berkley AM	  	AND MGMT
	Accunia	  	BFAM	  	CFM LNDOSUEZ WEALTH
	AIB CLO	  	Black Diamond (incl. GSC)	  	MANAGEMENT
	Alberta Investment	  	BlackRock (incl. R3 Capital)	  	Challenger Life Company
	Management Corporation	  	Blackstone / GSO (incl. AIB	  	Chenavari
	Alcentra	  	CLO, Harbourmaster)	  	Cheyne
	AllianceBernstein	  	Bluebay	  	CHINA ASSET MGMT
	ALLIANZ GLOBAL	  	BlueMountain	  	HONGKONG LTD
	INVESTORS	  	BNP CLO (incl. Calyon CLO,	  	CHINA EVERBRIGHT
	Alpstar	  	RBS CLO, CIFC (incl.	  	ASSETS MGMT LTD
	Amundi	  	Deerfield, Cypress Tree)	  	China Huarong Asset
	Angelo Gordon (Par funds)	  	BNP Investment Manager	  	Management
	APG	  	BNP PARIBAS WEALTH	  	CHINA HUARONG
	Apollo (par funds)	  	MGMT	  	INTERNATIONAL
	Arcano	  	BOCHK ASSET	  	CHINA INDUSTRIAL
	Ares	  	MANAGEMENT LIMITED	  	SECURITIES
	ARKKAN CAPITAL	  	BOCI Prudential Asset	  	China International Capital
	Arkkan Opportunities Fund	  	Management HK Ltd	  	Corporation Hong Kong
	Ltd	  	BOCI SECURITIES LTD	  	Securities Limited
	Arrowgrass	  	BOCOM INTERNATIONAL	  	China Life
	ARTESIAN CAPITAL	  	ASSET MGMT LTD	  	CHINA MERCHANTS
	MGMT UK LLP	  	BOCOM INTERNATIONAL	  	SECURITIES HK CO
	Ashmore Group	  	SECURITIES LTD	  	CHINA ORIENT INTER
	ASPEN HILL PART HONG	  	BOCOM International	  	ASSET MGMT
	KONG LTD	  	Holdings	  	CHINA SECURITIES
	ATHOS CAPITAL LIMITED	  	BOSERA ASSET	  	INTERNATIONAL
	ATRIUM INVESTIMENTOS	  	MANAGEMENT	  	CHINA SOUTHERN FUND
	Australia Super Pty Ltd	  	Bosphorus	  	MGMT CO LTD
	AVIC Capital	  	BRIGHTWAY ASSET	  	CICC HONG KONG
	AXA	  	MANAGEMENT LIMIT	  	CIFC
	Babson	  	CA INDOSUEZ WEALTH	  	Citadel
	Bain Capital Credit, L.P.	  	EUROPE	  	CITHARA INVESTMENT
	(Sankaty)	  	Cairn	  	INTERNATIONAL
	BANK VONTOBEL AG	  	Camares	  	CM-CIC Private Debt
	BANQUE DEGROOF	  	Candriam Investors (incl.	  	CM Securities Investment
	PETERCAM LUXEMBOU	  	Dexia AM)	  	Limited
	BANQUE INTERE A	  	Capital Four	  	CMB International
	LUXEMBOURG SUISS	  	Capital Source	  	CNCBI Asset Management
	BANQUE LOMBARD	  	Carlyle (Par funds incl.	  	Limited
	ODIER & CIE SA	  	Alpinvest, Claren Road)	  	Cohen & Co
	BANQUE PICTET & CIE SA	  	Carval	  	Colonial First State
	Barings	  	Castle Hill	  	Commonwealth Super
	Bass Capital	  	CDH INVESTMENTS	  	Corporation
	BEA UNION INVESTMENT	  	MANAGEMENT HONG	  	CPP
	MANAGEMENT	  	CDPQ	  	CPPIB

  
 - 148 - 

					
	 CQS
	  	 GLG (incl. Tisbury Capital)/
	  	 Invesco (incl. Morgan Stanley

	 Credit Frontier
	  	 Pemba
	  	 IM (MSIM), Van Kampen)

	 Crescent Capital / TCW
	  	 Global Credit Advisers
	  	 Internationale

	 CSAM
	  	 GoldenTree
	  	 Kapitalanlagegesellschaft

	 CSI CAPITAL
	  	 Goldman Sachs SSG
	  	 mbH for account of GOTH

	 MANAGEMENT
	  	 Great Wall AMC
	  	 LOANS

	 CSOP ASSET
	  	 GS PIA
	  	 INVESCO HONG KONG

	 MANAGEMENT
	  	 GSAM
	  	 LTD

	 CVC – Cordatus
	  	 Guggenheim
	  	 Investec

	 CVP
	  	 Gulf Central Agency
	  	 INVESTMENT PORTFOLIO

	 Cyrus
	  	 GUOTAI JUNAN
	  	 CONSULTAN

	 DAVIDSON KEMPNER
	  	 SECURITIES HONG KONG
	  	 IPC London

	 DE Shaw
	  	 HANA
	  	 JIH SUN SECURITIES

	 Delff
	  	 Halcyon
	  	 INVESTMENT TR

	 Deutsche AM / DWS
	  	 Harbourvest
	  	 JK Capital Management

	 Deutsche IM
	  	 HARMONY ADVISORS
	  	 Limited

	 Dignari
	  	 LTD
	  	 JP MORGAN SECURITIES

	 DONNER N REUSCHEL AG
	  	 Harvard
	  	 ASIA PRIVAT

	 DWS INVESTMENT GMBH
	  	 HARVEST GLOBAL
	  	 JPMORGAN ASSET

	 E FUND MGMT HONG
	  	 INVSTS LTD
	  	 MANAGEMENT UK L

	 KONG CO LTD
	  	 HAUCK N AUFHAEUSER
	  	 KGI ASIA LTD

	 Eaton Vance
	  	 PRIVATBANKIER
	  	 King Street (CLO)

	 ECM
	  	 Haymarket
	  	 KKR Credit (CLO)

	 ELO
	  	 FinancialHenderson (incl.
	  	 L R CAPITAL LIMITED

	 EQT Debt Fund
	  	 Gartmore)
	  	 LEGAL & GENERAL

	 ERSTESPARINVEST
	  	 Henderson
	  	 INVESTMENT

	 KAPITALANLAGE GE
	  	 HESTA
	  	 MANAGEMENT LTD

	 ESSENCE
	  	 HEUNGKONG SECURITIES
	  	 LEONTEQ SECURITIES AG

	 INTERNATIONAL
	  	 LIMITED
	  	 LEPI

	 SECURITIES
	  	 HIG Bayside
	  	 LFPI

	 Etera Mutual
	  	 Highbridge
	  	 LION GLOBAL INVESTORS

	 Euler Hermes
	  	 HIGHBRIDGE PRINCIPAL
	  	 LTD

	 European Capital
	  	 STRATEGIES
	  	 LONG CORRIDOR ASSET

	 EVLI FUND MGMT COMP
	  	 Highland
	  	 MANAGEMENT L

	 LTD
	  	 Hillhouse Capital
	  	 LOOMIS SAYLES N CO LP

	 Farakk
	  	 Management Ltd
	  	 Lyxor

	 Fidelity
	  	 HONG KONG ASSET
	  	 M&G Investments (Pru M&G)

	 FINTER BANK ZURICH AG
	  	 MANAGEMENT
	  	 Magnetar

	 FIRST SECURITIES HK
	  	 Huatai Financial Holdings
	  	 Marathon

	 LTD
	  	 HUATAI FINANCIAL
	  	 Masan Stevens

	 FIRST STATE INVSTS
	  	 HOLDINGS HONG
	  	 MAYBANK ASSET MGMT

	 HONG KONG LTD
	  	 Hume Partners
	  	 SINGAPORE PTE

	 First State Super
	  	 ICBC ASSET
	  	 MBK

	 FISCH ASSET MGMT AG
	  	 MANAGEMENT GLOBAL
	  	 Metrics Credit Partners

	 Founder AM
	  	 ICBC INTERNATIONAL
	  	 Metlife

	 Franklin
	  	 SECURITIES LTD
	  	 Millennium

	 Fullerton
	  	 ICG
	  	 Mirae AM

	 GAM INVESTMENT
	  	 Idinvest
	  	 Mirae Asset Daewoo

	 MANAGERS LIMITED
	  	 IFM
	  	 Moore

	 GAOTENG GLOBAL ASSET
	  	 Ifsat Financial (HK) Limited
	  	 MORGAN STANLEY INVST

	 MANAGEMENT
	  	 Ilmarinen Mutual
	  	 MGMT INC

	 GF ASSET MGMT HONG
	  	 INCOME PART ASSET
	  	 Muzinich

	 KONG LTD
	  	 MGMT HONG KONG
	  	 MV Credit

	 GIC
	  	 Insight Investments
	  	

  
 - 149 - 

					
	 MYRIAD OPPORTUNITIES
	  	 Post Advisory
	  	 Tahan

	 MASTER FUND
	  	 PRAMERICA FIXED
	  	 TAIKANG ASSET MGMT

	 Napier Park
	  	 INCOME ASIA LTD
	  	 HONG KONG COM

	 Natixis CLO
	  	 PRESIDENT SECURITIES
	  	 Threadneedle

	 Neuberger Berman
	  	 CORP
	  	 THREE STONES CAPITAL

	 New Amsterdam Capital
	  	 PRIMAS ASSET
	  	 LTD

	 NEW CHINA ASSET
	  	 MANAGEMENT LIMITED
	  	 Tikehau

	 MANAGEMENT HONG
	  	 PSAMPark SquarePartners
	  	 Tisbury

	 NEXUS INVST ADVISORS
	  	 Group
	  	 Tokyo Star Bank

	 LTD
	  	 Putnam
	  	 Tor Investment Management

	 NIB CLO
	  	 QIC
	  	 TPG Credit Management

	 NIBC CLO / North Westerly
	  	 R3 Capital
	  	 Trafalgar Asset Managers

	 Nikko Asset Management
	  	 REUSS PRIVATE AG
	  	 TRIADA CAPITAL

	 NINE MASTS CAPITAL
	  	 Robus Capital
	  	 LIMITED

	 LTD
	  	 RONGTONG GLOBAL
	  	 UBS O’Connor

	 NM Rothschild
	  	 INVESTMENT LIMIT
	  	 UNION BANCAIRE PRIVEE

	 NOMURA ASSET MGMT
	  	 Rothschild / Five Arrows
	  	 UBP SA

	 UK LTD
	  	 Managers
	  	 UNITED OVERSEAS BANK

	 NOMURA SINGAPORE
	  	 RV CAPITAL MANAG
	  	 LTD

	 LTD
	  	 PRIVATE LTD
	  	 UOB ASSET MGMT LTD

	 Northwestern Mutual
	  	 Sampo
	  	 VALCOURT SA

	 Novator
	  	 Sandell Asset Management
	  	 VALUE PART LTD

	 Oak Hill
	  	 SAS Trustee Corporation
	  	 Value Partners

	 Oaktree CLO
	  	 Seatown
	  	 Varde

	 OBSERVATORY CAPITAL
	  	 SENTOSA CAPITAL PTE
	  	 Varma Mutual Pension

	 MGMT LLP
	  	 LTD
	  	 Insurance Company

	 Och-Ziff
	  	 SHUAA CAPITAL
	  	 VENDOME ASSET

	 Octagon
	  	 SCOR SE
	  	 MANAGEMENT LIMITED

	 Onex
	  	 Siemens Bank GmbH
	  	 Ver Capital

	 OP Capital
	  	 Singapore Branch
	  	 VFMC

	 ORIENT ASSET
	  	 Siemens Financial Services
	  	 VOLKSBANK WIEN

	 MANAGEMENT HONK
	  	 Inc.
	  	 BADEN AG

	 KON
	  	 SINOPAC SECURITIES
	  	 Voya

	 PACIFIC ALLIANCE
	  	 CORP
	  	 VP BANK AG

	 GROUP ASSET MGM
	  	 Soros
	  	 Waddell & Reed

	 PACIFIC EAGLE ASSET
	  	 Soundpoint Capital
	  	 Wellington

	 MANAGEMENT L
	  	 SPDB International
	  	 Westbourne

	 Perpetual
	  	 Spire
	  	 Western Asset Management

	 PFA
	  	 SSG
	  	 Company (WAMCO)

	 PGIM (Pramerica)
	  	 State Street
	  	 YUANTA ASSET MGMT

	 PHARO MGMT LLC
	  	 STONE HARBOR
	  	 HK LTD

	 PICTET ASSET MGMT SA
	  	 INVESTMENT PARTNERS
	  	 ZHONGTAI

	 Pimco
	  	 LP
	  	 INTERNATIONAL

	 Pine River
	  	 SUVA
	  	 FINANCIAL

	 Pinebridge (incl. AIG)
	  	 SwanCap
	  	 Zurich

	 Pioneer
	  	 Swiss RET Rowe
	  	

  
 - 150 - 

 SIGNATORIES 

Borrower 
 WANDA SPORTS GROUP COMPANY LIMITED
萬達體育集團有限公司  
  

			
	By:	 	

		 	 LIAO Honghui
 Director

 Project Wonder IV – Signature Page to Facility Agreement 

			
	Target
	
	WANDA SPORTS HOLDINGS (USA) INC.
		
	By:	 	

		 	ZHANG Lin
		 	Director

 Project Wonder IV – Signature Page to Facility Agreement 

					
	Original Lender
	
	CREDIT SUISSE AG, SINGAPORE BRANCH
			
	By:	 	  
 

	 	

	Salil Rajadhyaksha	 	Paul Scott
	Vice President	 	Director
	General Counsel Division	 	

 Project Wonder IV – Signature Page to Facility Agreement 

					
	Arranger	 		 	
	
	CREDIT SUISSE AG, SINGAPORE BRANCH
			
	By:	 	  
 

	 	

	Salil Rajadhyaksha	 	Paul Scott
	Vice President	 	Director
	General Counsel Division	 	
		 		 	

 Project Wonder IV – Signature Page to Facility Agreement 

					
	Facility Agent
	
	CREDIT SUISSE AG, SINGAPORE BRANCH
			
	By:	 	

	 	

	Liang Hanting	 	Paul Scott
	Vice President	 	Director
	General Counsel Division	 	

 Project Wonder IV – Signature Page to Facility Agreement 

					
	Security Agent
	
	CREDIT SUISSE AG, SINGAPORE BRANCH
			
	By:	 	

	 	

	Liang Hanting	 	Paul Scott
	Vice President	 	Director
	General Counsel Division	 	

 Project Wonder IV – Signature Page to Facility AgreementEX-4.12

 Exhibit 4.12 

EXECUTION VERSION 
  

 
  

CERTAIN INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE COMPANY IF PUBLICLY
DISCLOSED. 
  

	[*]	 indicates the redacted confidential portions of this exhibit. 

STOCK PURCHASE AGREEMENT 

BY AND AMONG 
 WANDA SPORTS
GROUP COMPANY LIMITED, 
 as the Seller, 

WORLD ENDURANCE HOLDINGS, INC., 

as the Company, 
 A/NPC WEH
HOLDINGS, LLC, 
 as the Buyer, AND 

ADVANCE PUBLICATIONS, INC., 

as the Buyer Guarantor 
 (solely
with respect to Article 1 and Article 10) 
 Dated as of March 26, 2020 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
	 1.1
	 	Definitions	  	 	1	 
	 1.2
	 	Interpretive Provisions	  	 	15	 
		
	 ARTICLE 2 DEPOSIT ESCROW; PURCHASE AND SALE OF THE COMPANY SHARES
	  	 	16	 
	 2.1
	 	Escrow Deposit	  	 	16	 
	 2.2
	 	Purchase and Sale of the Company Shares	  	 	17	 
	 2.3
	 	Transactions to be Effected at the Closing	  	 	17	 
	 2.4
	 	Purchase Price Adjustment	  	 	19	 
	 2.5
	 	[*]	  	 	22	 
	 2.6
	 	Adjustment to Purchase Price	  	 	22	 
	 2.7
	 	Withholding	  	 	22	 
		
	 ARTICLE 3 THE CLOSING
	  	 	23	 
	 3.1
	 	Closing; Closing Date	  	 	23	 
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF THE SELLER
	  	 	23	 
	 4.1
	 	Organization	  	 	23	 
	 4.2
	 	Binding Obligations	  	 	24	 
	 4.3
	 	No Defaults or Conflicts	  	 	24	 
	 4.4
	 	Governmental Authorization	  	 	24	 
	 4.5
	 	The Company Shares	  	 	24	 
	 4.6
	 	Litigation	  	 	25	 
	 4.7
	 	Solvency	  	 	25	 
		
	 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF THE COMPANY
	  	 	25	 
	 5.1
	 	Organization and Qualification	  	 	25	 
	 5.2
	 	Binding Obligations	  	 	26	 
	 5.3
	 	No Defaults or Conflicts	  	 	26	 
	 5.4
	 	Governmental Authorization	  	 	26	 
	 5.5
	 	Capitalization	  	 	27	 
	 5.6
	 	Litigation	  	 	27	 
	 5.7
	 	Subsidiaries	  	 	27	 
	 5.8
	 	Financial Statements	  	 	28	 
	 5.9
	 	Intellectual Property	  	 	29	 
	 5.10
	 	Compliance with Laws	  	 	30	 
	 5.11
	 	Contracts	  	 	31	 
	 5.12
	 	Taxes	  	 	33	 
	 5.13
	 	Escheat and Unclaimed Property	  	 	36	 
	 5.14
	 	Permits	  	 	36	 
	 5.15
	 	Employee Benefit Plans	  	 	36	 

  
 - i - 

							
	 5.16
	 	Employee and Labor Matters	  	 	38	 
	 5.17
	 	Environmental Compliance	  	 	39	 
	 5.18
	 	Insurance	  	 	39	 
	 5.19
	 	Privacy and Data Security	  	 	40	 
	 5.20
	 	Real Property	  	 	40	 
	 5.21
	 	Title to Assets	  	 	41	 
	 5.22
	 	Sufficiency of Assets	  	 	41	 
	 5.23
	 	Significant Sponsors	  	 	41	 
	 5.24
	 	Affiliate Transactions	  	 	42	 
	 5.25
	 	Absence of Certain Changes or Events	  	 	42	 
	 5.26
	 	Anti-Corruption; Sanctions	  	 	42	 
	 5.27
	 	Brokers	  	 	43	 
	 5.28
	 	Exclusivity of Representations	  	 	43	 
		
	 ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF THE BUYER
	  	 	44	 
	 6.1
	 	Organization	  	 	44	 
	 6.2
	 	Binding Obligations	  	 	44	 
	 6.3
	 	No Defaults or Conflicts	  	 	44	 
	 6.4
	 	Governmental Authorization	  	 	45	 
	 6.5
	 	Litigation	  	 	45	 
	 6.6
	 	Brokers	  	 	45	 
	 6.7
	 	Solvency	  	 	45	 
	 6.8
	 	Sufficient Funds	  	 	45	 
	 6.9
	 	Investment Purpose	  	 	46	 
	 6.10
	 	Buyer’s Reliance	  	 	46	 
	 6.11
	 	Exclusivity of Representations	  	 	46	 
		
	 ARTICLE 7 COVENANTS
	  	 	47	 
	 7.1
	 	Conduct of Business Prior to the Closing	  	 	47	 
	 7.2
	 	Access to Information	  	 	49	 
	 7.3
	 	Cooperation and Efforts to Consummate Transactions; Status Updates	  	 	50	 
	 7.4
	 	Filings and Authorizations; Consummation	  	 	50	 
	 7.5
	 	Exclusive Dealing	  	 	53	 
	 7.6
	 	Public Announcements and Third-Party Disclosures	  	 	53	 
	 7.7
	 	Retention of Books and Records	  	 	54	 
	 7.8
	 	Employee Matters	  	 	54	 
	 7.9
	 	Tax Matters	  	 	55	 
	 7.10
	 	Director and Officer Indemnification	  	 	58	 
	 7.11
	 	Party Names.	  	 	59	 
	 7.12
	 	Non-Solicit/Non-Hire	  	 	59	 
	 7.13
	 	Company Indebtedness	  	 	60	 
	 7.14
	 	[*]	  	 	60	 
	 7.15
	 	Termination of Affiliate Agreements	  	 	60	 
	 7.16
	 	Confidentiality	  	 	60	 
	 7.17
	 	Delivery of Interim Financials	  	 	62	 
	 7.18
	 	Data Room	  	 	62	 
	 7.19
	 	Further Assurances	  	 	62	 

  
 - ii - 

							
	 7.20
	 	Wrong Pocket Assets and Liabilities	  	 	63	 
	 7.21
	 	RWI	  	 	63	 
	 7.22
	 	Certain Obligations	  	 	63	 
		
	 ARTICLE 8 CONDITIONS TO CLOSING
	  	 	64	 
	 8.1
	 	Conditions to Obligations of the Buyer	  	 	64	 
	 8.2
	 	Conditions to Obligations of the Seller and the Company	  	 	65	 
		
	 ARTICLE 9 TERMINATION
	  	 	65	 
	 9.1
	 	Termination	  	 	65	 
	 9.2
	 	Effect of Termination	  	 	66	 
		
	 ARTICLE 10 MISCELLANEOUS
	  	 	68	 
	 10.1
	 	Nonsurvival	  	 	68	 
	 10.2
	 	Expenses	  	 	68	 
	 10.3
	 	Amendment	  	 	68	 
	 10.4
	 	Entire Agreement	  	 	68	 
	 10.5
	 	Headings	  	 	68	 
	 10.6
	 	Notices	  	 	68	 
	 10.7
	 	Exhibits and Disclosure Schedules	  	 	70	 
	 10.8
	 	Release	  	 	70	 
	 10.9
	 	Buyer Guaranteed Obligations.	  	 	72	 
	 10.10
	 	Waiver	  	 	73	 
	 10.11
	 	Binding Effect; Assignment	  	 	73	 
	 10.12
	 	No Third-Party Beneficiary	  	 	73	 
	 10.13
	 	Counterparts	  	 	73	 
	 10.14
	 	Governing Law and Jurisdiction	  	 	73	 
	 10.15
	 	Consent to Jurisdiction and Service of Process	  	 	73	 
	 10.16
	 	WAIVER OF JURY TRIAL	  	 	73	 
	 10.17
	 	Specific Performance	  	 	74	 
	 10.18
	 	Severability	  	 	74	 
	 10.19
	 	Legal Representation	  	 	74	 
	 10.20
	 	Fulfillment of Obligations	  	 	75	 

 Exhibits 
  

			
		
	Exhibit A	  	Company Subsidiaries
	Exhibit B	  	Balance Sheet Rules
	Exhibit C	  	Exclusive Multi-Event License Agreement
	Exhibit D	  	Escrow Agreement
	Exhibit E	  	[*]

  
 - iii - 

 STOCK PURCHASE AGREEMENT 

THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is entered into as of this
26th day of March, 2020, by and among Wanda Sports Group Company Limited, a limited company organized under the laws of Hong Kong (the “Seller”), World Endurance Holdings, Inc., a
Delaware corporation (the “Company”), A/NPC WEH Holdings, LLC, a Delaware limited liability company (the “Buyer”), and Advance Publications, Inc., a New York corporation (the “Buyer
Guarantor”), solely for the purpose of Article 1 and Article 10. 
 RECITALS 

WHEREAS, the Seller is the record owner of all of the issued and outstanding common stock of Wanda Sports Holdings (USA) Inc., a
Delaware corporation (“Holdco”); 
 WHEREAS, Holdco is the record owner of all of the issued and outstanding common
stock of the Company, par value $0.01 per share (the “Company Shares”); 
 WHEREAS, the Company is the direct or
indirect owner of, or otherwise controls, each of the subsidiaries set forth on Exhibit A (collectively, the “Company Subsidiaries”); 

WHEREAS, the Seller wishes to cause Holdco to sell to the Buyer, and the Buyer wishes to purchase from Holdco, all of the Company
Shares upon the terms and subject to the conditions set forth in this Agreement; and 
 WHEREAS, as a condition and an inducement to
the Buyer entering into this Agreement, and concurrently with the execution and delivery of this Agreement, the individual set forth on Schedule 1.1 has entered into an employment agreement with the Buyer (the “Employment
Agreement”). 
 NOW THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants
and agreements contained herein, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties to this Agreement agree as follows: 

ARTICLE 1 
 DEFINITIONS

 1.1 Definitions. The following terms, whenever used herein, shall have the following meanings for all purposes of this
Agreement. 
 “2020 Capex Target” means [*]. 

“[*]. 
 “[*]. 

“[*]. 

 “[*]. 

“Accounting Firm” means a nationally recognized independent public accounting firm as agreed by the Buyer and the Seller in
writing. 
 “Acquisition Engagement” has the meaning set forth in Section 10.19(a). 

“Acquisition Transaction” has the meaning set forth in Section 7.5. 

“Action” means any action, suit, arbitration, charge, claim, mediation, complaint, demand, petition, investigation, hearing
or other proceeding, in each case, before any Governmental Authority, whether civil, criminal, administrative or otherwise, in law or in equity. 

“Affiliate” means as to any Person, any Person that directly or indirectly controls, is controlled by, or is under common
control with such Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made. For purposes of this definition, “control” (including the correlative meanings of the terms
“controlled by” and “under common control with”) of a Person shall mean the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether by ownership of voting securities, by
Contract or otherwise. For the avoidance of doubt, (a) prior to the Closing, the Company and the Company Subsidiaries shall not be “Affiliates” of the Buyer and (b) following the Closing, the Company and the Company Subsidiaries
shall not be “Affiliates” of the Seller. 
 “Affiliate Agreement” has the meaning set forth in
Section 5.24. 
 “Agreement” has the meaning set forth in the introductory paragraph of this
Agreement. 
 “Anti-Corruption Laws” has the meaning set forth in Section 5.26(a). 

“Antitrust Laws” means the HSR Act, the Sherman Act, the Clayton Act, the Federal Trade Commission Act, and any other U.S.
federal or state or non-U.S. Laws that are designed to prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade. 

“Applicable Portion” means: (i) if the Closing Date occurs in May 2020, 5/12; (2) if the Closing Date occurs in June
2020, 6/12; and (ii) if the Closing Date occurs in July 2020, 7/12. 
 “ATO” had the meaning set forth in
Section 2.5(a). 
 “Audited Financial Statements” has the meaning set forth in
Section 5.8(a). 
 “Australian Tax Act” means the Income Tax Assessment Act 1936 (Cth),
Income Tax Assessment Act 1997 (Cth), Taxation Administration Act 1953 (Cth) and associated legislative instruments referred to in the foregoing Laws, including the Notice of Requirement to Lodge a Return for the Income Year Ended
30 June 2019 (and prior/future iterations of such Notice). 
 “Balance Sheet Date” has the meaning set forth in
Section 5.8(a). 
 “Balance Sheet Rules” means the principles and methodologies set forth on
Exhibit B. 

  
 - 2 - 

 “Base Amount” means an amount equal to $730,000,000. 

“Benefit Plan” means, whether written or unwritten and whether covering one or more Persons, whether or not subject to ERISA:
(a) an “employee benefit plan” within the meaning of Section 3(3) of ERISA (other than a Multiemployer Plan), (b) a stock bonus, stock purchase, stock option, restricted stock, stock appreciation right or similar equity or
equity-based plan or arrangement or (c) any other severance, employment (including any offer letters), independent contractor, consultant, change-in-control,
retention, retiree medical, fringe benefit, collective bargaining, bonus, incentive, deferred compensation, profit sharing, pension, retirement, insurance or hospitalization program, flexible benefit plan, cafeteria plan and all other employee
benefit plans, agreements, programs, policies or other arrangements. 
 “Books and Records” has the meaning set forth in
Section 7.7. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which
banking institutions in New York, New York or Hong Kong are authorized or required by Law or executive Order to close. 

“Buyer” has the meaning set forth in the introductory paragraph of this Agreement. 

“Buyer Adjustment Amount” has the meaning set forth in Section 2.4(e). 

“Buyer Group” has the meaning set forth in Section 9.2(d). 

“Buyer Guarantor” has the meaning set forth in the introductory paragraph of this Agreement. 

“Buyer Releasee” has the meaning set forth in Section 10.8(a). 

“Buyer Releasing Party” has the meaning set forth in Section 10.8(b). 

“Calculation Time” has the meaning set forth in Section 3.1. 

“Cash” means cash and cash equivalents net of issued but uncleared outbound checks and drafts and pending electronic debits.
For the avoidance of doubt, any cash required to pay any Liabilities relating to the RSU Equity Plan in any rabbi trust shall not be included in the determination of “Cash”; provided, that if the aggregate funds in all such rabbi
trusts are in excess of the aggregate Liabilities relating to the RSU Equity Plan (including, for the avoidance of doubt, the employer portion of any withholding or other Taxes in connection with such payments), then, such excess shall be included
in the determination of “Cash”. 
 “Close Family Member” means any immediate relative (any spouse, civil union
partner, parent, child, sibling, grandparent or grandchild). 
 “Closing” has the meaning set forth in
Section 3.1. 

  
 - 3 - 

 “Closing Cash” means Cash of the Company and the Company Subsidiaries on a
consolidated basis, determined in accordance with the Balance Sheet Rules, as of the Calculation Time. 
 “Closing Cash
Minimum” means $[*]. 
 “Closing Date” has the meaning set forth in Section 3.1. 

“Closing Indebtedness” means the Indebtedness of the Company and the Company Subsidiaries on a consolidated basis, determined
in accordance with the Balance Sheet Rules, as of the Calculation Time. 
 “Closing Statement” has the meaning set forth in
Section 2.4(c). 
 “Closing Transaction Expenses” means the Transaction Expenses, determined in
accordance with the Balance Sheet Rules, as of the Calculation Time. 
 “Closing Working Capital” means the Working
Capital, determined in accordance with the Balance Sheet Rules, as of the Calculation Time. 
 “Code” means the Internal
Revenue Code of 1986, as amended. 
 “Company” has the meaning set forth in the introductory paragraph of this Agreement.

 “Company Benefit Plan” means (a) each Benefit Plan that is sponsored, maintained, administered, or contributed to,
or required to be contributed to, by the Company or any Company Subsidiary for the benefit of any current or former Service Provider, and (b) each Benefit Plan under which the Company or any Company Subsidiary has or could reasonably be
expected to have any obligation or any Liability (including as a result of its current or prior relationship to any ERISA Affiliate). 

“Company Names” means (a) all names containing or comprising “Ironman” and any variations, derivatives,
abbreviations, translations, transliterations and stylizations thereof, together with any Trademarks associated therewith, (b) the names “World Endurance” and “World Triathlon” and (c) any Trademark confusingly similar
to any of the foregoing in (a) or (b). 
 “Company Shares” has the meaning set forth in the Recitals. 

“Company Subsidiaries” has the meaning set forth in the Recitals. 

“Confidential Information” has the meaning set forth in Section 7.16(a). 

“Confidentiality Agreement” has the meaning set forth in Section 7.16(a). 

“Contract” means any legally binding agreement, contract, lease, license, instrument, note, mortgage, commitment,
undertaking, arrangement or other obligation. 
 “Corrected Forms” has the meaning set forth in
Section 7.9(f). 

  
 - 4 - 

 “Current Assets” means, as of any date, the consolidated current assets of
the Company and the Company Subsidiaries determined in accordance with the Balance Sheet Rules, including all accounts receivable, inventory and prepaid assets, but excluding Cash, all deferred Tax assets, current income Taxes receivables,
investments (including those investments held for the Ironman Foundation, Inc., a Florida non-profit corporation), any funds relating to the RSU Equity Plan in any rabbi trusts and any intercompany receivables
between the Company and any of the Company Subsidiaries (or between any of the Company Subsidiaries). 
 “Current
Liabilities” means, as of any date, the consolidated current liabilities of the Company and the Company Subsidiaries determined in accordance with the Balance Sheet Rules, including all current deferred revenue or contract liabilities,
current lease liabilities, accounts payable, current non-income Taxes payable and other accrued liabilities, but excluding all Indebtedness, all Transaction Expenses, all income and deferred Tax liabilities,
all Liabilities relating to the RSU Equity Plan, and all intercompany liabilities between the Company and any of the Company Subsidiaries (or between any of the Company Subsidiaries). Any items included in “Indebtedness” shall not be
deemed “Current Liabilities” for purposes of the calculation of Estimated Working Capital or Closing Working Capital. 

“D&O Indemnified Parties” has the meaning set forth in Section 7.10(a). 

“Data Room” means the electronic data room hosted by Merrill Datasite at https://datasiteone.merrillcorp.com titled
“Cypress Dataroom” containing documents and materials relating to the Company in a manner accessible and reviewable by the Buyer and its Representatives. 

“Debt Pay-Off Letter” has the meaning set forth in
Section 7.13. 
 “Deposit Escrow Account” has the meaning set forth in
Section 2.1. 
 “Deposit Escrow Amount” has the meaning set forth in
Section 2.1. 
 “Designated Jurisdiction” shall mean any country or territory to the extent that
such country or territory itself is the subject of any Sanction, including Crimea, Cuba, Iran, North Korea and Syria. 
 “Disclosure
Schedules” means the Schedules delivered by the Seller to the Buyer concurrently with the execution and delivery of this Agreement. 

“Dispute Resolution Period” has the meaning set forth in Section 2.4(d). 

“Duplicated Loss Tax Election” has the meaning set forth in Section 7.9(c). 

“Employment Agreement” has the meaning set forth in the Recitals. 

“Encumbrance” means any liens, encumbrances, charges, mortgages, pledges, claims, charges, easements, limitations,
commitments, encroachments, restrictions (other than any restriction on transferability imposed by federal or state securities Laws) or security interests. 

  
 - 5 - 

 “Environmental Claim” means any written claim, notice of noncompliance or
violation, demand, information request or Action by any Governmental Authority or Person alleging any Liability arising under or relating to any Environmental Law. 

“Environmental Laws” means any applicable United States federal, state, provincial, local or municipal statute, Law, rule,
regulation, ordinance or code relating to pollution or protection of health, safety or the environment, including any Law relating to the use, transportation, storage, disposal, release or threatened release of, or exposure to, any Hazardous
Substance. 
 “Equitable Exceptions” has the meaning set forth in Section 4.2. 

“Equity Interests” means: (a) any shares, interests, participations or other equivalents (however designated) of capital
stock of a corporation, (b) any ownership interests in a Person other than a corporation, including membership interests, partnership interests, joint venture interests and beneficial interests and (c) any warrants, options, convertible or
exchangeable securities, calls or other rights to purchase or acquire any of the foregoing. 
 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended. 
 “ERISA Affiliate” means all employers (whether or not incorporated
and whether or not subject to U.S. law) that would at the relevant time be treated together with the Company or any of the Company Subsidiaries as a “single employer” within the meaning of Section 414 of the Code or Section 4001
of ERISA. 
 “Escrow Agent” means Citibank, N.A. 

“Escrow Agreement” has the meaning set forth in Section 2.1. 

“Estimated Closing Cash” means the Seller’s good faith estimate of the Closing Cash, as set forth on the Pre-Closing Statement. 
 “Estimated Closing Cash Excess” means the amount, if any, by
which the Estimated Closing Cash exceeds the Closing Cash Minimum. 
 “Estimated Closing Cash Shortfall” means the amount,
if any, by which the Closing Cash Minimum exceeds the Estimated Closing Cash. 
 “Estimated Closing Indebtedness” means the
Seller’s good faith estimate of the Closing Indebtedness, as set forth on the Pre-Closing Statement. 

“Estimated Purchase Price” means an amount equal to (a) the Base Amount, plus (b) the Estimated Closing Cash
Excess, if any, minus (c) the Estimated Closing Cash Shortfall, if any, minus (d) the Estimated Closing Indebtedness, minus (e) the Estimated Transaction Expenses, plus (f) the Estimated Working
Capital Adjustment. 
 “Estimated Transaction Expenses” means the Seller’s good faith estimate of the Closing
Transaction Expenses, as set forth on the Pre-Closing Statement. 

  
 - 6 - 

 “Estimated Working Capital” means the Seller’s good faith estimate of
the Closing Working Capital, as set forth on the Pre-Closing Statement. 
 “Estimated
Working Capital Adjustment” means an amount equal to (a) the Estimated Working Capital minus (b) the Working Capital Target, which amount, for the avoidance of doubt, can be positive, negative or zero. 

“Exclusive Multi-Event License Agreement” means that certain Exclusive Multi-Event License Agreement, dated as of March 11,
2020, by and among World Triathlon Corporation, a corporation incorporated under the laws of Florida, Guangzhou Wanda Sports Development Co., LTD., a company formed under the laws of the People’s Republic of China, and Wanda Sports &
Media (Hong Kong) Holding Co. Limited, a company formed under the laws of Hong Kong, and attached hereto as Exhibit C. 
 “[*].

 “Final Closing Cash” means the Closing Cash that becomes final and binding on the parties hereto in accordance with
Section 2.4(d). 
 “Final Closing Indebtedness” means the Closing Indebtedness that becomes final
and binding on the parties hereto in accordance with Section 2.4(d). 
 “Final Purchase Price”
has the meaning set forth in Section 2.4(e). 
 “Final Transaction Expenses” means the Closing
Transaction Expenses that become final and binding on the parties hereto in accordance with Section 2.4(d). 

“Final Working Capital” means the Closing Working Capital that becomes final and binding on the parties hereto in accordance
with Section 2.4(d). 
 “Financial Statements” has the meaning set forth in
Section 5.8(a). 
 “Fundamental Representations” means Section 4.1
(Organization), Section 4.2 (Binding Obligations), Section 4.5 (The Company Shares), the first two sentences of Section 5.1 (Organization and Qualification),
Section 5.2 (Binding Obligations), Section 5.5 (Capitalization), Section 5.25(a)(ii) (Absence of Certain Changes) and Section 5.27 (Brokers).

 “Funds Flow Memorandum” means a memorandum setting forth the amount payable to Holdco at the Closing and institutions
and account information with respect to the payments set forth in Section 2.3. 
 “Government
Official” means (a) any officer, director or employee (elected, appointed, or career) of any Governmental Authority, or any person acting in an official capacity for or on behalf of any Governmental Authority, or any Close Family
Member thereof, and (b) any political party, party official, or candidate for political office, or any Close Family Member thereof. 

  
 - 7 - 

 “Governmental Authority” means any (a) nation or government, any
state, province or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administration functions of or pertaining to government, or any government authority, agency, department, board, tribunal,
commission, bureau, court or instrumentality of the United States, any non-U.S. government, any state of the United States, or any municipality or other political subdivision thereof or of any other government
in any jurisdiction including any mediator, arbitrator or arbitral body, (b) any government-owned or -controlled (in whole or in part) corporation, legal entity or commercial enterprise and (c) any public international organization
(e.g., United Nations, World Bank, International Monetary Fund), in each case, of competent jurisdiction. 
 “Group Tax
Return” has the meaning set forth in Section 7.9(e)(ii). 
 “Hazardous Substance” means
any substance that is listed, classified or regulated under any Environmental Law including any defined as a “toxic substance,” “hazardous substance,” “hazardous waste” or words of similar meaning or effect under any
Environmental Law and any petroleum compounds, per- and polyfluoroalkyl substances, mold or any biohazardous substances. 

“HMT” means Her Majesty’s Treasury. 

“Holdco” has the meaning set forth in the Recitals. 

“HSR Act” means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 

“IFRS” means the International Financial Reporting Standards, consistently applied. 

  
 - 8 - 

 “Indebtedness” means, with respect to the Company and the Company
Subsidiaries, without duplication, (a) indebtedness for borrowed money, (b) payment obligations due and owing under any interest rate, currency or other hedging agreement (including swap agreements), (c) obligations under any
performance bond or letter of credit, but only to the extent drawn, (d) Liabilities under any arrangement creating obligations with respect to the deferred purchase price of property, but excluding, for the avoidance of doubt, any Liabilities
under operating leases, (e) long-term deferred revenue/contract liability, (f) any accrued and unpaid liability owing to the Seller or any of its Affiliates (other than the Company and the Company Subsidiaries) net of any accrued and
unpaid liability owed by the Seller and its Affiliates (other than the Company and the Company Subsidiaries); (g) escheat liabilities, (h) accrued and unpaid severance payments, (i) any fiscal year 2019 bonuses that remain unpaid as of
Closing, (j) unfunded pension benefit obligations including Liabilities arising with respect to nonqualified deferred compensation plans, multi-employer and supplemental executive retirement plans in which any Service Provider participates, net
of assets, and any unfunded obligations in respect of amounts due in respect of the prior cancellation of the RSU Equity Plan, in each case and to the extent applicable, including the employer portion of any withholding or other Taxes in connection
with such payments, (k) outstanding Liabilities under any phantom equity appreciation plan, (l) earn-out payments, installment payments or other similar payments of deferred or contingent purchase
price, (m) net amounts owed (taking into account any valid sublease(s) in effect at the Closing) related to any unused Lease facilities, (n) guarantees with respect to any indebtedness of any other Person of a type described in
clauses (a) through (m) above, (o) accrued and unpaid income Taxes of the Company or any of the Company Subsidiaries for any Tax period (or portion thereof) ending on or before the Closing Date (and excluding any deferred income Tax
liabilities) reduced by the amount of all accrued income tax refunds for such periods (or portion thereof), (p) any Liability for any amount under Section 965 of the Code, (q) Tax reserves recorded as Liabilities for uncertain income and non-income Tax positions (as recorded as liabilities for UTP as required by IAS 12 and in accordance with guidance set forth in IFRIC 23, including related penalties and interest) and
non-income Tax positions (as recorded as liabilities for UTP as required by IAS 37, including related penalties and interest) taken by the Company or any Company Subsidiary, not in excess of $2,400,000,
(r) any Liabilities with respect to any “excess parachute payment” within the meaning of Section 280G of the Code arising out of any arrangement in effect prior to the Closing Date (other than any arrangements with Buyer or any
of its Affiliates entered into on or after the Closing Date), assuming for purposes hereof that all events which could result in the payment of amounts or benefits that would constitute an “excess parachute payment” have occurred as of the
Closing Date, (s) subject to Section 2.5(b), the amount of penalties described in Section 2.5(b) as “Indebtedness” pursuant to Section 2.5(b), and
(t) the amount, if any, by which (A) the Applicable Portion of the 2020 Capex Target exceeds (B) the amount of capital expenditures actually made by the Company and the Company Subsidiaries between January 1, 2020 and the Closing
Date, and (u) for clauses (a) through (s) above, all accrued interest thereon, if any, and any termination fees, prepayment penalties, “breakage” costs or similar payments associated with the repayment of such Indebtedness. For
the avoidance of doubt, Indebtedness shall not include (i) trade payables accrued in the ordinary course of business, consistent with past practice, (ii) Transaction Expenses, (iii) any obligations under any performance bond or letter
of credit to the extent undrawn or uncalled, (iv) any intercompany Indebtedness between the Company and any Company Subsidiary or between any Company Subsidiary, (v) other than with respect to any unfunded obligations thereunder, any
funded Liabilities relating to the RSU Equity Plan, (vi) any Indebtedness incurred by the Buyer and its Affiliates (and subsequently assumed by the Company or any Company Subsidiary) on the Closing Date, and (vii) Tax Liabilities imposed
on members of (A) the “affiliated group” as defined in Code Section 1504(a) of which Holdco is the common parent or (B) similar group with respect to each state, local or foreign jurisdiction in which Holdco or any of its
Affiliates (other than the Company or any Company Subsidiary) is the common parent and which files a consolidated, combined, unitary or similar Tax Return, in each case of clauses (vii)(A) and (vii)(B), for which neither the Company nor any Company
Subsidiary is liable other than pursuant to Treasury Regulations Section 1.1502-6 or an analogous provision of state, local or foreign law. 

“Information Privacy and Security Laws” means all Laws relating to the privacy, confidentiality, security, transfer or
protection of Personal Information. 
 “Initial Release Amount” has the meaning set forth in
Section 2.3(a)(vii). 
 “Insurance Policies” has the meaning set forth in
Section 5.18. 
 “Intellectual Property” means any and all intellectual property rights,
industrial rights and proprietary rights anywhere in the world, including any of the following: (a) Trademarks; (b) copyrights and works of authorship (including software), whether or not copyrightable; (c) trade secrets and
confidential or proprietary know-how, information, discoveries, and databases; and (d) patents, invention disclosures, divisionals, revisions, supplementary protection certificates, continuations, continuations-in-part, renewals, extensions, substitutes, re-issues and re-examinations,
(e) applications, registrations and any common law rights, of or for any of the foregoing, and (f) Internet domain names and URLs. 

  
 - 9 - 

 “Interim Financial Statements” has the meaning set forth in
Section 5.8(a). 
 “IRS” means the United States Internal Revenue Service. 

“IT Assets” means technology devices, computers, software, servers, networks, workstations, routers, hubs, circuits,
switches, data communications lines, and all other information technology equipment, and all data stored therein or processed thereby, and all associated documentation. 

“Joint Certificate” has the meaning set forth in Section 2.3(a)(vii). 

“Knowledge of the Company” or any similar phrase means the actual knowledge of Andrew Messick, James Patrick Gramling, Frank
Brooks Cowan, Jr. and Helda Mercedes Gomez after due inquiry of their direct reports generally knowledgeable about the subject matter in question. 

“Law(s)” means any U.S., non-U.S., federal, state or local law (including
international conventions, protocols and treaties), common law, Order, statute, regulation, code, ordinance, policy, rule or other legal requirement of any Governmental Authority of competent jurisdiction. 

“Leased Real Property” has the meaning set forth in Section 5.20(b). 

“Leases” has the meaning set forth in Section 5.20(b). 

“Liability” means, with respect to any Person, any liability, debt, obligations, loss, damage, cost, expense or other charge
(including reasonable costs of investigation and defense and attorneys’ fees, costs and expenses of such Person) of any kind, character or description, whether deriving from Contract, common law, statute or otherwise, whether known or unknown,
absolute or contingent, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become due, vested or unvested, executory, determined, determinable or otherwise, and whether or not
the same is required by IFRS to be accrued on the financial statements of such Person. 
 “Material Adverse Effect” means
any change, event, occurrence, circumstance, fact or development that, individually or taken together with any other changes, events, occurrences, circumstances, facts or developments, has or would reasonably be expected to have a material adverse
effect on the business, results of operations, financial condition, Liabilities (contingent or otherwise) or assets of the Company and the Company Subsidiaries, taken as a whole; provided, however, that “Material Adverse
Effect” shall not include the impact on such business, results of operations, financial condition, Liabilities or assets arising out of or attributable to (a) conditions or effects that generally affect the industries in which the Company
or any of the Company Subsidiaries operate (including legal and regulatory changes), (b) general economic conditions affecting any jurisdiction in which the Company or any of the Company Subsidiaries operate or the global economy generally,
including changes in interest or exchange rates, (c) effects resulting from changes in equity or debt market conditions in any jurisdiction in which the Company or any of the Company Subsidiaries operate or the global economy generally,
(d) any effects or conditions resulting from an outbreak or escalation of hostilities, acts of terrorism, political instability, disease or other national or international calamity, crisis or emergency, or any governmental or other response to
any of the foregoing, in each case whether or not involving the United States or any other country in which the Company or any of the Company Subsidiaries operate, (e) acts of God (including earthquakes, storms, fires, floods and other natural
climate catastrophes), (f) effects arising from changes or proposed changes in Laws, rules, regulations or accounting principles, (g) effects caused by the announcement of the execution of this Agreement to the extent related to the identity of
the Buyer or its Affiliates, including the loss of any customers, suppliers or employees, or (h) the failure to meet any projections or forecasts (provided that any change, event, occurrence, circumstance, fact or development underlying
such failure may be taken into account in determining whether a Material Adverse Effect is occurring, has occurred or would reasonably be expected to occur); provided further that, with respect to clauses (a), (b), (c), (d), (e) and
(f), of this definition, such change, event, occurrence, circumstance, fact or development shall be taken into account in determining whether a “Material Adverse Effect” is occurring, has occurred or would reasonably be expected to occur
to the extent it disproportionately and adversely affects the Company or any of the Company Subsidiaries (taken as a whole) relative to other companies of similar size operating in the geographic markets in which the Company or any of the Company
Subsidiaries operates. 

  
 - 10 - 

 “Material Contracts” has the meaning set forth in
Section 5.11. 
 “Multiemployer Plan” has the meaning set forth in
Section 5.15(b). 
 “Non-U.S. Benefit Plan” means each
Company Benefit Plan that is maintained outside the jurisdiction of the United States. 
 “Notice of Disagreement” has the
meaning set forth in Section 2.4(d). 
 “OFAC” means the Office of Foreign Assets Control of the
United States Department of the Treasury. 
 “Open Items” has the meaning set forth in
Section 2.4(d). 
 “Order” means any judgment, order, writ, injunction, decision, ruling, decree
or award of, or settlement or agreement with, any Governmental Authority. 
 “Organizational Documents” has the meaning set
forth in Section 5.1. 
 “Owned Intellectual Property” has the meaning set forth in
Section 5.9(a). 
 “PCI DSS” means the Payment Card Industry’s Data Security Standard. 

“Permits” has the meaning set forth in Section 5.14. 

“Permitted Encumbrances” means (a) Encumbrances disclosed in the Financial Statements or any Schedules to this
Agreement, (b) Encumbrances for Taxes, assessments and other government charges not yet due and payable or which are being contested in good faith by appropriate proceedings, (c) mechanics’, workmen’s, repairmen’s,
warehousemen’s, carriers’ or other like Encumbrances arising or incurred in the ordinary course of business, consistent with past practice, relating to obligations as to which there is no default on the part of the Company or any of the
Company Subsidiaries, or the validity or amount of which is being contested in good faith by appropriate Actions, (d) Encumbrances relating to purchase money security interests entered into in the ordinary course of business,
(e) Encumbrances in respect of pledges or deposits under workers’ compensation Laws or similar legislation, unemployment insurance or other types of social security or to secure government Contracts and similar obligations,
(f) Encumbrances and defects or irregularities in title that do not materially affect the current use or value of the underlying asset, (g) restrictions on transfer or assignment, whether under applicable securities Laws or otherwise and
(h) easements, rights of way, zoning ordinances and other similar Encumbrances affecting real property, none of which interfere with the present use of the property. 

  
 - 11 - 

 “Person” means any individual, corporation (including any not-for-profit corporation), general or limited partnership, limited liability partnership, joint venture, estate, trust, firm, company (including any limited liability
company or joint stock company), association, organization, entity or Governmental Authority. 
 “Personal Information”
means (a) any information that relates to, is linked to, is associated with or is capable of being linked to an individual, device or household; (b) any information that is governed by Information Privacy and Security Laws; and
(c) any information that is subject to PCI DSS. 
 “Pre-Closing Statement” has
the meaning set forth in Section 2.4(a). 
 “Privacy Policies” has the meaning set forth in
Section 5.19(b). 
 “Privileged Communications” has the meaning set forth in
Section 10.19(b). 
 “Purchase Price Adjustment Account” means the
sub-account designated by the Escrow Agent as the “Purchase Price Adjustment Account” into which the Purchase Price Adjustment Escrow Amount is deposited with the Escrow Agent and held by it, subject
to disbursement as provided in this Agreement and in the Escrow Agreement. 
 “Purchase Price Adjustment Escrow Amount”
means $10,000,000. 
 “Reed Smith” has the meaning set forth in Section 10.19(a). 

“Registered IP” has the meaning set forth in Section 5.9(a). 

“Regulatory Condition” has the meaning set forth in Section 7.4(d)(ii). 

“Representatives” means, with respect to any Person, any director, officer, agent, employee, general partner, member,
stockholder, advisor or representative of such Person. 
 “Required Approvals” has the meaning set forth in
Section 7.4(a). 
 “Right Pocket” has the meaning set forth in
Section 7.20(a). 
 “RSU Equity Plan” means the restricted stock units issued pursuant to the
World Endurance Holdings, Inc. Equity Incentive Plan. 

  
 - 12 - 

 “RWI” means the buy-side
representations and warranties insurance policy obtained by the Buyer for the transactions contemplated by this Agreement. 

“Sanction(s)” shall mean any sanction administered or enforced by the United States Government, including the Department of
the Treasury’s OFAC, the United Nations Security Council; the European Union, HMT or any other relevant sanctions authority. 

“Section 409A” has the meaning set forth in Section 5.15(f). 

“Securities Act” has the meaning set forth in Section 6.9. 

“Seller” has the meaning set forth in the introductory paragraph of this Agreement. 

“Seller Adjustment Amount” has the meaning set forth in Section 2.4(e). 

“Seller Group” has the meaning set forth in Section 10.1. 

“Seller Releasee” has the meaning set forth in Section 10.8(b). 

“Seller Releasing Parties” has the meaning set forth in Section 10.8(a). 

“Service Provider” means a natural person who, immediately prior to or as of the Closing Date, is employed by, or provides
services to (including any director and independent contractor), the Company or any Company Subsidiary, or who is dedicated primarily to the business activities of the Company and the Company Subsidiaries, including any such person who is absent
from employment due to illness, vacation, injury, military service or other authorized absence (including an employee who is “disabled” within the meaning of the short-term disability plan currently in place for the applicable employer or
who is on approved leave under the Family and Medical Leave Act of 1993). 
 “SGEs” has the meaning set forth in
Section 2.5(a). 
 “Significant Sponsor” has the meaning set forth in
Section 5.23(a). 
 “Tax” or “Taxes” means any United States or foreign, state
or local income, gross receipts, sales, license, payroll, employment, excise, import, export, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security (or
similar), unemployment, disability, real property, personal property, lease, use, transfer, value added, alternative or add-on minimum, estimated or other tax, charge, levy, impost, governmental fee or other
like assessment or charge of any kind that is in the nature of a tax, in each case, including any interest, fine, penalty or addition to tax attributable thereto (or attributable to the nonpayment thereof). 

“Tax Claim” has the meaning set forth in Section 7.9(b). 

“Tax Escrow Account” means the sub-account designated by the Escrow Agent as the
“Tax Escrow Account” into which the Tax Escrow Amount is deposited with the Escrow Agent and held by it, subject to disbursement as provided in this Agreement and in the Escrow Agreement. 

  
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 “Tax Escrow Amount” means $[*], as reduced pursuant to
Section 2.5(b). 
 “Tax Returns” means any report, declaration, return, information return, claim
for refund, election, disclosure, estimate or statement supplied or required to be supplied to a Governmental Authority in connection with Taxes, including any schedule or attachment thereto, and including any amendments thereof. 

“Termination Date” has the meaning set forth in Section 9.1(b). 

“Trademarks” means any trademarks, service marks, brand names, certification marks, collective marks, d/b/a’s, logos,
symbols, trade dress, trade names and other indicia of origin, all applications and registrations for the foregoing, and all goodwill associated therewith and symbolized thereby, including all renewals of the same. 

“Transaction Documents” means, other than this Agreement, any and all agreements, documents, certificates or instruments
being delivered pursuant to this Agreement, including the Confidentiality Agreement, the Escrow Agreement, the Employment Agreement, [*] and the Exclusive Multi-Event License Agreement. 

“Transaction Expenses” means, (a) to the extent not paid by the Seller, Holdco, the Company or any Company Subsidiary
prior to the Closing Date, (i) all fees, costs and expenses (including legal, accounting and financial advisory expenses) incurred by, charged to or payable by the Company or any of the Company Subsidiaries on or prior to the Closing Date in
connection with the transactions contemplated by this Agreement and the process leading up the execution of this Agreement (including with respect to discussions with other potential purchasers of the Company Shares), (ii) all bonuses, change
of control, success, retention, severance, termination or similar payments which vest or become payable to any current or former employees, directors, officers or other Service Providers of the Company as a result of the transactions contemplated by
this Agreement and the employer share of any payroll or other Taxes with respect thereto; provided, that the foregoing shall not include any double-trigger or multiple-trigger payments or benefits resulting from any actions taken by the Buyer
or any of its Affiliates, (iii) all other change of control related payments solely payable in connection with the consummation of the transactions contemplated by this Agreement (e.g., not including as a result of any double-trigger or
multiple-trigger conditions or any actions taken by the Buyer or any of its Affiliates) (iv) all filing fees associated with any consents, clearances, registrations, approvals, permits or authorizations necessary or advisable to be obtained
from any Governmental Authority under Antitrust Laws in order to consummate the transactions contemplated by this Agreement, (v) all fees and expenses of the Escrow Agent, and (vi) the premium and underwriting fee payable with respect to
the RWI, and (b) to the extent not paid by the Seller, Holdco, the Company or any Company Subsidiary prior to the Closing Date or paid or payable by the Buyer at any time, the premiums for the tail D&O insurance contemplated in
Section 7.10(a). 
 “Treasury Regulations” mean the United States Treasury regulations
promulgated under the Code. 
 “Union” has the meaning set forth in Section 5.11(h). 

  
 - 14 - 

 “Unreleased Claims” has the meaning set forth in
Section 10.1 
 “Working Capital” means, at any date, all Current Assets minus all Current
Liabilities. 
 “Working Capital Target” means $[*]. 

“Wrong Pocket” has the meaning set forth in Section 7.20(a). 

“Wrong Pocket Asset” has the meaning set forth in Section 7.20(a). 

“Wrong Pocket Liability” has the meaning set forth in Section 7.20(a). 

1.2 Interpretive Provisions. Unless the express context otherwise requires: 

(a) the words “hereof,” “herein,” and “hereunder” and words of similar import, when used in this Agreement, shall
refer to this Agreement as a whole and not to any particular provision of this Agreement; 
 (b) terms defined in the singular shall have a
comparable meaning when used in the plural, and vice versa; 
 (c) the terms “Dollars” and “$” mean United States
Dollars; 
 (d) references herein to a specific Section, Subsection, Recital, Schedule or Exhibit shall refer, respectively, to
Sections, Subsections, Recitals, Schedules or Exhibits of this Agreement; 
 (e) wherever the word “include,”
“includes,” or “including” is used in this Agreement, it shall be deemed to be followed by the words “without limitation”; 

(f) the words “party” or “parties” or “parties hereto” shall refer to the parties to this Agreement; 

(g) references herein to any gender shall include each other gender; 

(h) references herein to a Person in a particular capacity or capacities shall exclude such Person in any other capacity and shall be deemed
references to such Person’s successors and permitted assigns, and in the case of any Governmental Authority, to any Person(s) succeeding to its functions and capacity; 

(i) references herein to any Contract (including this Agreement) means such Contract as amended, supplemented or modified from time to time in
accordance with the terms thereof; 
 (j) with respect to the determination of any period of time, the word “from” means “from
and including” and the words “to” and “until” each means “to but excluding”; 
 (k) any reference to
“days” means calendar days unless Business Days are expressly specified. Whenever any action must be taken hereunder on or by a day that is not a Business Day, then such action may be validly taken on or by the next day that is a Business
Day. The phrases “the date of this Agreement,” “the date hereof” and terms of similar import, unless the context otherwise requires, shall be deemed to refer to the date set forth in the introduction paragraph hereto; 

  
 - 15 - 

 (l) the inclusion of specific examples or clarifications in certain provisions, including
those for the avoidance of doubt, shall not mean or be used to interpret the lack of such examples or clarifications as evidence of doubt, inapplicability of such examples or ambiguity in other provisions that do not include such specific examples
or clarification; 
 (m) references to “written” or “in writing” include documents in electronic form or transmission by
email; 
 (n) any capitalized term used in any Schedule or Exhibit but not otherwise defined therein shall have the meaning given to it as
set forth in this Agreement; 
 (o) the parties drafted this Agreement jointly through the exchange of drafts hereof, so there is no
presumption or burden of proof favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement; 
 (p) the
word “or” is not exclusive; and 
 (q) references herein to any Law or any license shall be deemed also to refer to all rules and
regulations promulgated thereunder in each case as amended, modified, codified, re-enacted, supplemented, consolidated, or replaced, in whole or in part, from time to time and in the case of any such amendment, modification, codification,
reenactment, supplementation, consolidation or replacement, reference herein to a particular provision shall be read as referring to such amended, modified, codified, reenacted, supplemented, consolidated or replaced provision and shall also
include, unless the context otherwise requires, all applicable guidelines, bulletins or policies made in connection therewith; provided, that for purposes of any representations and warranties contained in this Agreement that are made as of a
specific date, references to any Law shall be deemed to refer to such Law as amended as of such date. 
 ARTICLE 2 

DEPOSIT ESCROW; PURCHASE AND SALE OF THE COMPANY SHARES 

2.1 Escrow Deposit. Simultaneously with the execution of this Agreement, (a) the Buyer, the Seller and the Escrow Agent have
entered into a certain Escrow Agreement (the “Escrow Agreement”), dated as of the date hereof, which is attached hereto as Exhibit D, and (b) the Buyer has deposited or has caused to be deposited with the
Escrow Agent cash in the amount of $[*] (such amount, the “Deposit Escrow Amount”) to an account (the “Deposit Escrow Account”) specified by Escrow Agent, which Deposit Escrow Amount shall be held, safeguarded and
released pursuant to the terms of this Agreement and the Escrow Agreement. 

  
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 2.2 Purchase and Sale of the Company Shares. 

(a) Upon and subject to the terms and conditions set forth in this Agreement, at the Closing, the Seller shall cause Holdco to sell, transfer
and deliver to the Buyer, and the Buyer shall purchase from Holdco, all right, title and interest in and to, all of the Company Shares, free and clear of all Encumbrances, other than restrictions on transfer arising under applicable securities Laws.

 (b) The aggregate consideration for the purchase and sale of all of the Company Shares contemplated by this Section 2.2 will
be an amount in cash equal to the Final Purchase Price. 
 2.3 Transactions to be Effected at the Closing. At or prior to the Closing,
the following transactions shall be effected by the parties to this Agreement: 
 (a) The Seller or the Company, as applicable, shall
deliver, or cause to be delivered: 
 (i) to the Buyer, the Pre-Closing Statement as required by Section 2.4(a); 

(ii) to the Buyer, certificates representing all of the Company Shares, duly endorsed in blank or accompanied by stock powers
duly executed in blank in proper form for transfer; 
 (iii) to the Buyer, counterparts of each of the Transaction Documents
(other than the Exclusive Multi-Event License Agreement, [*], and the Employment Agreement) to which the Seller, the Company or any of their respective Affiliates is a party, duly executed by the Seller, the Company or their applicable Affiliates
party thereto; 
 (iv) to the Buyer, evidence, in form and substance reasonably satisfactory to the Buyer, of the
resignations or removal of the members of the Board of Directors (or similar governing body) and officers of the Company and the Company Subsidiaries as requested by the Buyer in writing at least five (5) days prior to the Closing, such
resignations or removal to be effective concurrently with the Closing; 
 (v) to the Buyer, a duly executed certificate from
Holdco, certifying pursuant to Treasury Regulations Section 1.1445-2(b)(2), that Holdco is not a foreign person within the meaning of Sections 1445 and 897 of the Code; 

(vi) to the Buyer, a certificate from each of the Seller and the Company, dated as of the Closing Date, each signed by a duly
authorized officer of the Seller or the Company, as applicable, in form and substance reasonably satisfactory to the Buyer, certifying that the conditions set forth in Section 8.1(a) and Section 8.1(b) have been
satisfied, as applicable; 
 (vii) to the Buyer, a duly executed joint payment instruction letter (a “Joint
Certificate”), directing the Escrow Agent to immediately: (A) release from the Deposit Escrow Account an amount equal to the following (such amount, the “Initial Release Amount”) to Holdco (1) the Deposit
Escrow Amount, minus (2) the Purchase Price Adjustment Escrow Amount, minus (3) the Tax Escrow Amount (only in the case that, as of the Closing, the ATO has not provided a response reaching a determination with
respect to the request for remission described in Section 2.5(a)), [*]; (B) transfer from the Deposit Escrow Account an amount equal to the Purchase Price Adjustment Escrow Amount into the Purchase Price Adjustment Escrow Account;
(C) transfer from the Deposit Escrow Account an amount equal to the Tax Escrow Amount into the Tax Escrow Account (in the case that, as of the Closing, the ATO has not provided a response reaching a determination with respect to the
request for remission described in Section 2.5(a)); and [*]; and 

  
 - 17 - 

 (viii) to the Buyer, any Debt Pay-Off Letter to the extent required pursuant
to Section 7.13 indicating that upon repayment or prepayment (as the case may be) of the amount specified therein, the applicable creditor shall release and terminate its Encumbrances on any Equity Interests, assets and/or
properties of the Company and the Company Subsidiaries and any applicable releases, termination statements or other similar documentation, in form and substance reasonably satisfactory to the Buyer, releasing and terminating such Encumbrances
relating to the applicable Indebtedness of the Company or any of the Company Subsidiaries. 
 (b) The Buyer shall deliver, or cause to be
delivered: 
 (i) to Holdco, payment of the Estimated Purchase Price minus the Deposit Escrow Amount, by wire transfer
of immediately available funds to the bank account designated in writing by the Seller to the Buyer prior to the Closing Date; 

(ii) to Holdco, a Joint Certificate duly executed by the Buyer, directing the Escrow Agent to immediately (A) release from
the Deposit Escrow Account the Initial Release Amount to Holdco, (B) transfer from the Deposit Escrow Account an amount equal to the Purchase Price Adjustment Escrow Amount into the Purchase Price Adjustment Escrow Account; (C)
transfer from the Deposit Escrow Account an amount equal to the Tax Escrow Amount into the Tax Escrow Account (in the case that, as of the Closing, the ATO has not provided a response reaching a determination with respect to the request for
remission described in Section 2.5(a)), [*]; 
 (iii) to the Seller, counterparts of each of the Transaction Documents
to which the Buyer or any of its Affiliates is a party, duly executed by the Buyer or its applicable Affiliates party thereto; 

(iv) to the Seller, a certificate from the Buyer, dated as of the Closing Date and signed by a duly authorized officer of the
Buyer, in form and substance reasonably satisfactory to the Seller, certifying that the conditions set forth in Sections 8.2(a) and 8.2(b) have been satisfied; 

(v) pursuant to the instructions set forth in the Funds Flow Memorandum, to each applicable lender(s) party to the Debt Pay-Off
Letters, an amount equal to the amount of Indebtedness set forth in each such Debt Pay-Off Letter to effect the repayment or prepayment (as the case may be) of the applicable Indebtedness of the Company or the Company Subsidiary; and 

  
 - 18 - 

 (vi) pursuant to instructions set forth in the Funds Flow Memorandum,
payments to the applicable third parties of the Transaction Expenses (utilizing the payroll systems of the Company or a Company Subsidiary, as applicable, in respect of any applicable employment, payroll or similar Taxes required to be deducted or
withheld). 
 2.4 Purchase Price Adjustment. 

(a) At least three (3) Business Days prior to the Closing Date, the Seller shall deliver to the Buyer (i) a reasonably
detailed statement (the “Pre-Closing Statement”) setting forth (A) the Estimated Closing Cash, (B) the Estimated Closing Cash Excess or the Estimated Closing Cash Shortfall, as
applicable, (C) the Estimated Closing Indebtedness, (D) the Estimated Working Capital, as well as the resulting Estimated Working Capital Adjustment, as the case may be, and (E) the Estimated Transaction Expenses and
(ii) the Funds Flow Memorandum, in each case, together with supporting documentation used by the Seller in calculating the amounts set forth therein and a certificate of the Chief Financial Officer of the Company, dated as of the date of
delivery of the Pre-Closing Statement, certifying that he/she has reviewed the Pre-Closing Statement and that the Estimated Purchase Price as calculated pursuant to the Pre-Closing Statement represents his/her good-faith estimate thereof. 

(b) The Seller shall, and shall cause the Company, the Company Subsidiaries and the Seller’s other Affiliates to, afford to the Buyer and
its Affiliates and Representatives (including any accountants, counsel or financial advisers retained by the Buyer in connection with the review of the Pre-Closing Statement), direct access during normal business hours, upon reasonable advance
notice and by appointment, to Representatives (including any accountants) of the Seller or its Affiliates as applicable, with reasonable knowledge of the properties, books, Contracts, personnel, and records of the Company, the Company Subsidiaries
and such Representatives (including the work papers of any accountants subject to the execution of customary work paper access letters), in each case, only to the extent relevant to the review of the Pre-Closing Statement by the Buyer;
provided, however, that any such access shall be conducted in a manner not to unreasonably interfere with the businesses or operations of the Company or any Company Subsidiary. The Seller shall consider any comments proposed by the
Buyer in good faith and if, prior to the Closing, the Seller and the Buyer agree to make any modification to the Pre-Closing Statement, then the Pre-Closing Statement as
so modified shall be deemed to be the Pre-Closing Statement. The agreement of the parties to revisions to the Pre-Closing Statement or Funds Flow Memorandum or the failure of the parties to agree to such revisions shall not constitute a waiver or
limitation of a party’s rights and obligations pursuant to this Section 2.4. 
 (c) Within ninety (90) days after the
Closing Date, the Buyer shall deliver to the Seller a reasonably detailed statement (the “Closing Statement”) setting forth the Buyer’s good-faith calculation of (i) the Closing Cash, (ii) the Closing
Indebtedness, (iii) the Closing Working Capital, and (iv) the Closing Transaction Expenses, together with supporting documentation used by the Buyer in calculating the amounts set forth therein. 

  
 - 19 - 

 (d) The Closing Statement shall become final and binding upon the parties hereto at 5:00
p.m. Eastern Time on the thirtieth (30th) day following the date on which the Closing Statement was delivered to the Seller unless the Seller delivers written notice of its disagreement with the Closing Statement (a “Notice of
Disagreement”) to the Buyer prior to such date. Any items set forth in the Closing Statement that are not objected to by the Seller in a Notice of Disagreement during the applicable period shall be deemed to become final and binding upon
the parties to the Agreement for purposes hereof. Any Notice of Disagreement shall specify in reasonable detail the nature of any disagreement so asserted. If a Notice of Disagreement is received by the Buyer in a timely manner pursuant to this
Section 2.4(d), then the Closing Statement (as revised in accordance with this sentence) shall become final and binding upon the Seller and the Buyer on the earlier of (A) the date the Seller and the Buyer resolve in
writing any differences they have with respect to the matters specified in the Notice of Disagreement or (B) the date any disputed matters are finally resolved in writing by the Accounting Firm in accordance with this
Section 2.4(d). During the thirty (30)-day period following the delivery of a Notice of Disagreement, the Seller and the Buyer shall seek in good faith to resolve in writing any differences that they may have with respect
to the matters specified in the Notice of Disagreement (including the Buyer’s delivery to the Seller of any amended Closing Statement) and the matters so resolved in writing shall become final and binding upon the parties hereto. If at the end
of such thirty (30)-day period the Seller and the Buyer have not resolved in writing all the matters specified in the Notice of Disagreement, the Seller and the Buyer shall submit to the Accounting Firm only
matters that remain in dispute (such remaining items, the “Open Items”). The Seller and the Buyer shall use reasonable efforts to cause the Accounting Firm to render a written decision resolving the Open Items within thirty
(30) days of the receipt of such submission (the “Dispute Resolution Period”). The scope of the disputes to be resolved by the Accounting Firm with respect to the Open Items shall be limited to fixing mathematical errors
and determining whether the Open Items were determined in accordance with the Balance Sheet Rules and the terms of this Agreement, and no other matters. The Accounting Firm’s decision shall be (x) based solely on written submissions
by the Seller and the Buyer and their respective Representatives (and it shall not permit or authorize discovery or hear testimony) and not by independent review, (y) made strictly in accordance with the Balance Sheet Rules and the terms
of this Agreement taking into account all of the parties’ written submissions and (z) final and binding on all of the parties hereto absent manifest error. For the avoidance of doubt, with respect to the foregoing clause (x), each
party may submit any information it reasonably believes to be relevant to the calculation of the Final Purchase Price in accordance to this Agreement including supporting documentation for its interpretation or application of the Balance Sheet Rules
and adjustments to its previous calculation of or values assigned to any Open Item, which may be different than those included in the Pre-Closing Statement, Closing Statement, Notice of Disagreement or discussions related thereto. The Accounting
Firm may not assign a value greater than the greatest value for such item claimed by either party (after taking into account all adjustments made by the parties during the Dispute Resolution Period) or smaller than the smallest value for such item
claimed by either party (after taking into account all adjustments made by the parties during the Dispute Resolution Period). The fees and expenses of the Accounting Firm incurred pursuant to this Section 2.4(d) shall be
borne pro rata as between the Seller, on the one hand, and the Buyer, on the other hand, in proportion to the final allocation made by such Accounting Firm of the disputed items weighted in relation to the claims made by the Seller and the
Buyer, such that the prevailing party pays the lesser proportion of such fees, costs and expenses. 

  
 - 20 - 

 (e) Upon the Final Closing Cash, the Final Closing Indebtedness, the Final Transaction
Expenses and the Final Working Capital becoming final and binding on the parties hereto in accordance with Section 2.4(d), the Estimated Purchase Price shall be increased (any such increase, the “Seller Adjustment
Amount”) by the sum of (i) the amount, if any, that the Final Closing Cash exceeds the Estimated Closing Cash, (ii) the amount, if any, that the Estimated Closing Indebtedness exceeds the Final Closing Indebtedness,
(iii) the amount, if any, that the Estimated Transaction Expenses exceeds the Final Transaction Expenses, and (iv) the amount, if any, that the Final Working Capital exceeds the Estimated Working Capital. The Estimated
Purchase Price shall be decreased (any such decrease, the “Buyer Adjustment Amount”) by the sum of (i) the amount, if any, that the Estimated Closing Cash exceeds the Final Closing Cash, (ii) the amount, if
any, that the Final Closing Indebtedness exceeds the Estimated Closing Indebtedness, (iii) the amount, if any, that the Final Transaction Expenses exceeds the Estimated Transaction Expenses, and (iv) the amount, if any, that
the Estimated Working Capital exceeds the Final Working Capital. The Estimated Purchase Price adjusted in accordance with this Section 2.4(e) shall be the “Final Purchase Price”. Upon the terms and subject
to the conditions set forth in this Agreement and the Escrow Agreement, the Purchase Price Adjustment Escrow Amount shall be available to satisfy any payment obligations of the Seller pursuant to this Section 2.4(e). 

(f) Within five (5) Business Days after the Final Closing Cash, the Final Closing Indebtedness, the Final Transaction Expenses, and
the Final Working Capital become final and binding on the parties hereto, the following payments shall be made, as applicable: 

(i) If the Seller Adjustment Amount exceeds the Buyer Adjustment Amount, then: 

(A) the Buyer shall make payment by wire transfer of immediately available funds to Holdco in the amount of any such excess;
and 
 (B) the Buyer and the Seller shall submit a Joint Certificate to the Escrow Agent instructing the Escrow Agent to
release to Holdco the Purchase Price Adjustment Escrow Amount. 
 (ii) If the Buyer Adjustment Amount exceeds the
Seller Adjustment Amount, then the Buyer and the Seller shall submit a Joint Certificate to the Escrow Agent instructing the Escrow Agent to release and deliver to the Buyer an amount equal to such excess, out of the Purchase Price Adjustment
Account; provided, however, that in the event such excess is: 
 (A) less than or equal to the
Purchase Price Adjustment Escrow Amount, then the Buyer and the Seller shall submit a Joint Certificate to the Escrow Agent instructing the Escrow Agent to release to Holdco any remaining funds contained in the Purchase Price Adjustment Account
(after payment of the amount released to the Buyer pursuant to Section 2.4(f)(ii)); and 
 (B) greater than
the Purchase Price Adjustment Escrow Amount, then the Seller shall make payment by wire transfer of immediately available funds to the Buyer in the amount that such excess exceeds the Purchase Price Adjustment Escrow Amount. 

(iii) Each of the parties hereto acknowledges and agrees that the adjustment provisions set forth in this
Section 2.4 shall be the sole and exclusive remedy of the Buyer and the Seller with respect to (A) determining whether or not any adjustment would be made to the Estimated Purchase Price pursuant to this
Section 2.4 (whether or not any such adjustment was, in fact, made), (B) determining the amount of any such adjustment or (C) any other claims relating to any of the components of the Working Capital (in lieu of all other
claims). 

  
 - 21 - 

 (g) No actions taken by the Buyer on its own behalf or on behalf of the Company or the
Company Subsidiaries following the Closing Date shall be given effect for purposes of determining the Final Closing Cash, the Final Closing Indebtedness, the Final Transaction Expenses, or the Final Working Capital. During the period of time from
and after the Closing Date through the determination of the Final Closing Cash, the Final Closing Indebtedness, the Final Transaction Expenses, and the Final Working Capital and payment of the difference between the Seller Adjustment Amount and the
Buyer Adjustment Amount in accordance with this Section 2.4, the Buyer shall, and shall cause the Company, the Company Subsidiaries and the Buyer’s other Affiliates to, afford to the Seller and its Affiliates and Representatives
(including any accountants, counsel or financial advisers retained by the Seller in connection with the review of the Closing Statement), direct access, during normal business hours upon reasonable advance notice and by appointment, to
Representatives (including accountants) of the Buyer or its Affiliates as applicable, with reasonable knowledge of the properties, books, Contracts, personnel, and records of the Company, the Company Subsidiaries and such Representatives (including
the work papers of any accountants subject to the execution of customary work paper access letters), in each case, only to the extent relevant to the review of the Closing Statement by the Seller; provided, however, that any such access shall be
conducted in a manner not to unreasonably interfere with the businesses or operations of the Company or any Company Subsidiary. 
 2.5
[*] 
 2.6 Adjustment to Purchase Price. All payments to be made under Section 2.4, Section 2.5 and
Section 7.14(b) shall (a) to the extent permitted by applicable Law, be treated by all parties hereto, and their respective Affiliates, for Tax purposes as adjustments to the purchase price and (b) be made by wire transfer of
immediately available funds in accordance with the Escrow Agreement. 
 2.7 Withholding. Notwithstanding anything to the contrary in
this Agreement, the Buyer shall be entitled to deduct and withhold (or cause to be deducted and withheld) from any amounts payable pursuant to this Agreement such amounts as are required to be deducted or withheld therefrom under the Code or any
provision of state, local or foreign Tax Law; provided, however, that if the Buyer determines that any such withholding is required, the Buyer shall notify the Seller in writing at least five (5) Business Days before the Closing
Date (except with respect to any withholding required due to a change in Law that occurs within five (5) Business Days before the Closing Date, in which case, the Buyer shall notify the Seller in writing as soon as reasonably practicable upon
such determination), and shall cooperate reasonably and in good faith with the Seller to mitigate any such deduction or withholding. To the extent such amounts are so deducted or withheld and paid over to the appropriate Governmental Authority, such
amounts shall be treated for all purposes under this Agreement as having been paid to the Person to whom such amounts would otherwise have been paid. 

  
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 ARTICLE 3 

THE CLOSING 
 3.1
Closing; Closing Date. The closing of the sale and purchase of the Company Shares contemplated hereby (the “Closing”) shall take place at the offices of Reed Smith LLP, 599 Lexington Avenue, New York, NY 10022, (a) on
the second (2nd) Business Day after the date that all of the conditions to Closing set forth in Article 8 (other than those conditions which, by their terms, are to be satisfied or waived at the Closing) shall have been satisfied or, to the
extent permitted by applicable Law, waived by the party entitled to waive the same or (b) at such other time, place and date and in such manner (including by electronic means) as the parties hereto may mutually agree (the “Closing
Date”). The Closing shall be deemed effective for all purposes as of 11:59 p.m. Eastern Standard Time on the Closing Date (the “Calculation Time”). 

ARTICLE 4 
 REPRESENTATIONS AND
WARRANTIES OF THE SELLER 
 Except as otherwise set forth in the corresponding section or subsections of the Disclosure Schedules
(subject to Section 10.7(a)), the Seller represents and warrants to the Buyer as of the date hereof and as of the Closing (or in the case of representation and warranties that speak of a specified date, as of such specified date) as
follows: 
 4.1 Organization. 

(a) The Seller (i) is a limited company, duly formed, validly existing and in good standing (to the extent such concept is applicable)
under the laws of Hong Kong, (ii) has all requisite corporate or similar power and authority to cause Holdco to pledge or dispose of the Company Shares and to carry on its business as presently conducted and (iii) is qualified to do
business and, to the extent such concept is applicable, is in good standing as a foreign corporation or other legal entity in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires
such qualification, except in the case of clause (ii) or (iii) where the failure to be so qualified or in good standing, or to have such power or authority, would not, individually or in the aggregate, reasonably be expected
to prevent, materially delay or materially impair the Seller’s ability to consummate the transactions contemplated hereby. 
 (b) Holdco
(i) is a corporation, duly formed, validly existing and in good standing (to the extent such concept is applicable) under the laws of its jurisdiction of organization, (ii) has all requisite corporate or similar power and authority to own,
pledge or dispose of the Company Shares and to carry on its business as presently conducted and (iii) is qualified to do business and, to the extent such concept is applicable, is in good standing as a foreign corporation or other legal entity
in each jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires such qualification, except in the case of clause (ii) or (iii) where the failure to be so
qualified or in good standing, or to have such power or authority, would not, individually or in the aggregate, reasonably be expected to prevent, materially delay or materially impair Holdco’s ability to consummate the transactions
contemplated hereby. 

  
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 4.2 Binding Obligations. The Seller has all requisite authority and power to execute,
deliver and perform this Agreement and each Transaction Document to which it is a party, and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by the Seller of this Agreement and each Transaction
Document to which it is a party and the consummation of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary action on the part of the Seller. This Agreement has been duly executed and delivered by
the Seller and, assuming that this Agreement constitutes the legal, valid and binding obligations of the Buyer, constitutes the legal, valid and binding obligations of the Seller, enforceable against the Seller in accordance with its terms, except
to the extent that the enforceability thereof may be limited by: (a) applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or similar Laws from time to time in effect affecting generally the enforcement of
creditors’ rights and remedies; and (b) general principles of equity (collectively, the “Equitable Exceptions”). 

4.3 No Defaults or Conflicts. The execution, delivery and performance by the Seller of this Agreement and each Transaction Document to
which it is a party and the consummation by the Seller of the transactions contemplated hereby and thereby (a) do not and will not result in any violation of the applicable Organizational Documents of the Seller or Holdco, (b) do not and
will not conflict with, or result in a breach of any of the terms or provisions of, or constitute a default under, or give rise to any right of termination, loss of rights, adverse modification of provisions, cancellation or acceleration of any
obligation under, or result in the creation of any lien on any of the assets of the Seller or Holdco under, any provision of any Contract to which the Seller or Holdco is a party or by which it is bound or to which its properties are subject,
and (c) assuming (solely with respect to performance of this Agreement and the Transaction Documents and the consummation of the transactions contemplated hereby) compliance with the matters referred to in Section 4.4, do not and
will not violate any existing applicable Law, rule, regulation or Order having jurisdiction over the Seller or Holdco; provided, however, that no representation or warranty is made in the foregoing clauses (b) or
(c) with respect to matters that, individually or in the aggregate, would not have a material adverse effect on the Seller’s ability to consummate the transactions contemplated hereby. 

4.4 Governmental Authorization. No authorization or approval or other action by, and no notice to or filing with, any Governmental
Authority will be required to be obtained or made by the Seller or Holdco, nor are any consents, registrations or permits required to be obtained from any Governmental Authority, in connection with the execution, delivery and performance by the
Seller or Holdco of this Agreement or any other Transaction Document to which it is a party and the consummation by the Seller or Holdco of the transactions contemplated hereby and thereby or in connection with the continuing operation of the
business of the Company following the date hereof, except in connection with applicable filing, notification, waiting period or approval requirements under applicable Antitrust Laws. 

4.5 The Company Shares. 

(a) Holdco is the sole record and beneficial owner of all of the Company Shares and owns good and valid title to all such Company Shares free
and clear of all Encumbrances, other than Permitted Encumbrances, and upon delivery by Holdco of such Company Shares at the Closing, good and valid title to such Company Shares will pass to the Buyer free and clear of all Encumbrances (other than
any restrictions on transfer or assignment under applicable securities Laws). 

  
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 (b) There are no preemptive or other outstanding rights, options, warrants, agreements,
arrangements or commitments of any character under which the Seller or Holdco is or may become obligated to sell, or giving any Person a right to acquire, or in any way dispose of, any of the Company Shares or any securities or obligations
exercisable or exchangeable for, or convertible into, the Company Shares, and no securities or obligations evidencing such rights are authorized, issued or outstanding. Except for this Agreement, neither the Seller nor Holdco is a party to any
Contracts with respect to the voting, purchase, dividend rights, disposition or transfer of the Company Shares. 
 4.6 Litigation.
There are no Actions pending or, to the knowledge of the Seller, threatened in writing against the Seller or Holdco before any Governmental Authority which seeks to (a) challenge the validity or enforceability of the Seller’s obligation
under this Agreement or the Transaction Documents to which the Seller is or will be a party or (b) prevent the transactions contemplated hereby or that otherwise would reasonably be expected to prevent, materially delay or materially impair the
Seller’s or Holdco’s ability to consummate the transactions contemplated hereby. Neither the Seller nor Holdco is subject to any unsatisfied Order that would reasonably be expected to prevent, materially delay or materially impair the
Seller’s or Holdco’s ability to (x) satisfy its obligations under this Agreement or the Transaction Documents to which the Seller is or will be a party or (y) consummate the transactions contemplated hereby. 

4.7 Solvency. Each of the Seller and Holdco is solvent and (a) able to pay its debts and obligations as they become due,
(b) owns property that has a fair saleable value greater than the amounts required to pay its debts (including a reasonable estimate of the amount of all contingent liabilities), and (c) has adequate capital to carry on its respective
business. No transfer of property is being made and no obligation is being incurred in connection with the transactions contemplated by this Agreement with the intent to hinder, delay or defraud either present or future creditors of either the
Seller or Holdco. 
 ARTICLE 5 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 

Except as otherwise set forth in the corresponding section or subsections in the Disclosure Schedules (subject to
Section 10.7(a)), the Company represents and warrants to the Buyer as of the date hereof and as of the Closing (or in the case of representation and warranties that speak of a specified date, as of such specified date) as follows: 

5.1 Organization and Qualification. Each of the Company and the Company Subsidiaries is duly formed, validly existing and in good
standing (to the extent such concept is applicable) under the Laws of its jurisdiction of organization. Each of the Company and the Company Subsidiaries is qualified, licensed or registered to transact business as a foreign entity and is in good
standing (to the extent such concept is applicable) in each jurisdiction in which the ownership or lease of property or the conduct of its business requires such qualification, license or registration, except where the failure to be so qualified,
licensed or registered or in good standing (to the extent such concept is applicable) would not, individually or in the aggregate, reasonably be expected to be material to the Company and the Company Subsidiaries, taken as a whole. The Company has
made available to the Buyer complete and correct copies of the Company’s and the Company Subsidiaries’ certificates of incorporation and by-laws or comparable governing documents, each as amended to
the date hereof (“Organizational Documents”), and each as so delivered is in full force and effect. 

  
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 5.2 Binding Obligations. The Company has all requisite corporate authority and power
to execute, deliver and perform this Agreement and each Transaction Document to which it is a party and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance of this Agreement and each Transaction
Document to which it is a party by the Company and the consummation of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary action on the part of the Company. This Agreement and each Transaction
Document to which it is a party has been duly executed and delivered by the Company and, assuming that this Agreement constitutes the legal, valid and binding obligation of the Buyer, constitutes the legal, valid and binding obligation of the
Company, enforceable against the Company in accordance with its terms, except to the extent that the enforceability thereof may be limited by the Equitable Exceptions. 

5.3 No Defaults or Conflicts. The execution, delivery and performance by the Company of this Agreement and each Transaction Document to
which it is a party and the consummation by the Company of the transactions contemplated hereby and thereby (a) do not and will not result in any violation of the Organizational Documents of the Company, (b) except as set forth on
Schedule 5.3, do not and will not result in a breach of any of the terms or provisions of, or constitute a default under, or give rise to any right of termination, loss of rights, adverse modification of provisions, cancellation or
acceleration of any obligation under any Contract or Lease to which it is a party or result in the creation of a lien on any of the assets of the Company or any of the Company Subsidiaries and (c) assuming (solely with respect to performance of
this Agreement and the Transaction Documents and the consummation of the transactions contemplated hereby) compliance with the matters referred to in Section 5.4, do not and will not violate in any material respect any existing
applicable Law, rule, regulation, or Order having jurisdiction over the Company; provided, however, that no representation or warranty is made in the foregoing clauses (b) or (c) with respect to matters that, individually or
in the aggregate, would reasonably be expected to be material to the Company and the Company Subsidiaries, taken as a whole. 
 5.4
Governmental Authorization. Except as set forth on Schedule 5.4, no authorization or approval or other action by, and no notice to or filing with, any Governmental Authority will be required to be obtained or made by the Company
or any Company Subsidiary, nor are any consents, registrations or permits required to be obtained from any Governmental Authority, in connection with the execution, delivery and performance by the Company or any Company Subsidiary of this Agreement
and the Transaction Documents and the consummation by the Company of the transactions contemplated hereby, except in connection with applicable filing, notification, waiting period or approval requirements under applicable Antitrust Laws. 

  
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 5.5 Capitalization. The authorized capital stock of the Company consists of 1,200,000
shares of common stock, par value $0.01 per share, of which 1,086,374 Company Shares are outstanding and no Company Shares were issued and held by the Company in its treasury, in each case, as of the date hereof. The Company Shares constitute all of
the issued and outstanding Equity Interests of the Company. The Company Shares are duly authorized, validly issued, fully paid and non-assessable, and have not been issued in violation of any purchase option,
call option, right of first refusal, preemptive right, subscription right or similar rights held by a third party, and have been issued in compliance with applicable Law. The Company has no Equity Interests reserved for issuance. The Company does
not have outstanding any bonds, debentures, notes or other obligations, the holders of which have the right to vote (or convert into or exercise for securities having the right to vote) with the stockholders of the Company on any matter. The Company
has not issued any Equity Interests other than the Company Shares, and there are no preemptive rights, options, warrants, convertible, exercisable or exchangeable securities or other rights or Contracts of any character, existing or outstanding,
which relate to any Equity Interests of the Company or other rights that are linked to the value of any Equity Interests of the Company (whether settled in cash or shares) or provide for the sale or issuance of any Equity Interest by the Company or
give any Person a right to acquire or in any way dispose of any Equity Interest of the Company or any of the Company Subsidiaries and no securities or obligation evidence such rights are authorized, issued or outstanding. The Company does not have
any outstanding or authorized stock appreciation, restricted stock, restricted stock units, phantom stock, stock-based performance units, profit participation or equity or equity-based similar plans, programs, agreements or arrangements. There are
no voting trusts, stockholder agreements, proxies or other agreements or understandings in effect with respect to the voting, purchase, repurchase, dividend rights, disposition or transfer of the Company Shares. 

5.6 Litigation. 
 (a)
Except as set forth on Schedule 5.6, there are no Actions pending or, to the Knowledge of the Company, threatened in writing involving the Company or any Company Subsidiary that would reasonably be expected to (a) be material to the
Company and the Company Subsidiaries, taken as a whole, or (b) prevent, delay or impair the Company’s ability to consummate the transactions contemplated hereby. 

(b) Neither the Company nor any of the Company Subsidiaries is a party to or subject to the provision of any Order that restricts the manner in
which the Company and the Company Subsidiaries conduct their business which would, individually or in the aggregate, reasonably be expected to be material or prevent, delay or impair the Company’s ability to consummate the transactions
contemplated hereby. 
 5.7 Subsidiaries. Each of the Company Subsidiaries, together with their respective, outstanding Equity
Interests and the Company’s ownership in such outstanding Equity Interests, is listed and identified on Schedule 5.7. All of the outstanding Equity Interests of each of the Company Subsidiaries are duly authorized, validly issued,
fully paid and non-assessable, and have not been issued in violation of any purchase option, call option, right of first refusal, preemptive right, subscription right or similar rights held by a third party,
and have been issued in compliance with applicable Law. There are no options, warrants, convertible, exercisable or exchangeable securities or other rights or Contracts of any character, existing or outstanding, that relate to any Equity Interests
of any of the Company Subsidiaries or other rights that are linked to the value of any Equity Interests (whether settled in cash or shares ) of any of the Company Subsidiaries or provide for the sale or issuance of any Equity Interests by any of the
Company Subsidiaries. No Company Subsidiary has any outstanding or authorized stock appreciation, restricted stock unit, phantom stock, stock-based performance units, profit participation or similar plans, programs, agreements or arrangements. There
are no voting trusts, stockholder agreements, proxies or other agreements or understandings in effect with respect to the voting or transfer of any of the Equity Interests of any of the Company Subsidiaries. Neither the Company nor any of the
Company Subsidiaries owns any Equity Interests, or has the right to acquire any Equity Interests, in any other Person. All of the outstanding Equity Interests of each Company Subsidiary are owned free and clear of any Encumbrances, other than
Permitted Encumbrances. 

  
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 5.8 Financial Statements. 

(a) Schedule 5.8(a) sets forth correct and complete copies of each of (i) the audited consolidated balance sheet of the
Company and the Company Subsidiaries as of December 31, 2018 and the related audited consolidated statements of income, consolidated statements of stockholders’ equity and consolidated statements of cash flow of the Company and the other
Company Subsidiaries for the fiscal year then ended (collectively, the “Audited Financial Statements”), and (ii) the unaudited consolidated balance sheet of the Company and the Company Subsidiaries as of December 31, 2019
(the “Balance Sheet Date”), and the related statements of income, stockholders’ equity and cash flows of the Company and the Company Subsidiaries for the 12-month period then ended
(collectively, the “Interim Financial Statements,” and together with the Audited Financial Statements, the “Financial Statements”). Each of the Financial Statements (including the related notes and schedules
thereto) fairly presents, in all material respects, the consolidated financial position, results of operations, changes in stockholders’ equity and cash flow of the Company and the Company Subsidiaries at the respective dates thereof and for
the respective periods indicated therein in accordance with IFRS, consistently applied during the period involved, except as otherwise noted therein and subject, in the case of the Interim Financial Statements, to the absence of footnote disclosure
(which if presented would not differ materially from those presented in the most recent year-end financial statements) and normal and recurring year-end adjustments
(that would not be material in amount or effect) and the absence of notes. The Financial Statements, including the notes thereto, have been prepared from the books and records of the Company and the Company Subsidiaries. All accounts, books, records
and ledgers maintained by the Company and the Company Subsidiaries are properly and accurately kept and are complete and correct in all material respects. 

(b) Except as set forth on Schedule 5.8(b), the Company does not have any material Liabilities (whether accrued, absolute,
contingent, unknown or otherwise) that would reasonably be expected to result in any claims against, or Liabilities of, the Company or any of the Company Subsidiaries other than Liabilities that (i) have been adequately reserved against or
reflected in the Financial Statements, (ii) were incurred since the Balance Sheet Date in the ordinary course consistent with past practice or (iii) have been incurred pursuant to this Agreement or in connection with the transactions
contemplated hereby. 
 (c) The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS. 
 (d) Since August 27,
2015, the Company has not identified any (i) significant deficiencies and material weaknesses in the design or operation of internal controls that would be reasonably expected to adversely affect the Company’s ability to record, process,
summarize and report financial information for inclusion in the applicable combined financial statements or (ii) intentional fraud, whether or not material, that involves management or any current or former employees who have (or had) a
significant role in the Company’s internal controls over financial reporting. Since August 27, 2015, to the Knowledge of the Company, no material complaints from any source regarding accounting, internal accounting controls or auditing
matters have been received by the Company. 

  
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 5.9 Intellectual Property. 

(a) Schedule 5.9(a) sets forth an accurate list of all Intellectual Property that is owned by the Company or a Company Subsidiary
that is (i) registered with, issued by, or the subject of a pending application before any Governmental Authority or domain name registrar (“Registered IP”), or (ii) otherwise material to the business of the Company or any
Company Subsidiary (such Intellectual Property described in clauses (i) or (ii) hereof, “Owned Intellectual Property”). All Registered IP is subsisting and, other than Registered IP consisting of applications,
valid and enforceable. 
 (b) All Owned Intellectual Property, including all Intellectual Property set forth on Schedule 5.9(a),
is owned exclusively by the Company or a Company Subsidiary free and clear of all Encumbrances, other than Permitted Encumbrances. 
 (c)
Neither the validity, enforceability or scope of, nor the Company’s or any Company Subsidiary’s ownership or use of, or rights in or to, any Owned Intellectual Property is currently being challenged in any litigation or other Action to
which the Company or a Company Subsidiary is a party. None of the Owned Intellectual Property is subject to any outstanding Order adversely affecting the validity, enforceability or scope of, or the Company’s or any Company Subsidiary’s
ownership or use of, or rights in or to, any such Owned Intellectual Property. 
 (d) The Company and the Company Subsidiaries own or have
sufficient and valid rights to use all Intellectual Property material to the conduct of their respective businesses, all of which rights shall survive the consummation of the transactions contemplated by this Agreement and the Transaction Documents
without modification, cancellation, termination, suspension, or acceleration of any right, obligation or payment with respect to any such Intellectual Property. 

(e) To the Knowledge of the Company, no Person is infringing, misappropriating or otherwise violating any Intellectual Property owned by the
Company or any Company Subsidiary or their respective rights therein, except as has not been, and would not reasonably be expected to be, material to the Company, the Company Subsidiaries, or their respective businesses. 

(f) The Company and the Company Subsidiaries have not, and the conduct of their respective businesses has not, within the past three
(3) years, infringed, misappropriated or otherwise violated any other Person’s rights in or to Intellectual Property, in each case, except as has not, and would not reasonably be expected to, result in material Liability or material
disruption to the business or operations of the Company or the Company Subsidiaries. 
 (g) Neither the Company or any of the Company
Subsidiaries has, within the past three (3) years, received any written claim, notice, invitation to license or similar communication that has not since been resolved, (i) contesting or challenging the use, validity, enforceability or
ownership of any Intellectual Property material to the Company’s or any of the Company Subsidiaries’ respective businesses, or (ii) alleging that the Company or any of the Company Subsidiaries infringes, misappropriates or
otherwise violates the Intellectual Property of any Person. 

  
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 (h) The Company and the Company Subsidiaries have, at all times during the past three
(3) years, taken commercially reasonable actions to police and enforce all material Trademarks owned or controlled by the Company or any Company Subsidiaries against unauthorized use by other Persons, and have exercised quality control
measures, adequate in accordance with applicable Laws, over all uses and displays of such Trademarks (including any goods or services sold, distributed or marketed under such Trademarks), that are, without limiting any of the foregoing, at least
sufficient to ensure that no such Trademark will be deemed to be abandoned or unenforceable; provided, however, that this provision shall not apply to any Trademark that the Company or Company Subsidiary has intentionally abandoned or
allowed to lapse. 
 (i) Each Person who is or was an employee or independent contractor of the Company or any of the Company Subsidiaries
and involved in the development or creation of any Intellectual Property material to the businesses of the Company or any of the Company Subsidiaries has signed a valid and enforceable agreement irrevocably and presently assigning to the Company or
the applicable Company Subsidiary, as appropriate, all rights in and to such Intellectual Property. No such Person retains or has asserted that such Person retains any right, title or interest in or to any such Intellectual Property. 

(j) The IT Assets owned, used or held for use (including through cloud-based or other third-party service providers) by the Company or any of
the Company Subsidiaries perform in substantial conformance with their documentation and are sufficient for needs of the businesses of the Company and the Company Subsidiaries. In the three (3) year period prior to the date hereof, there has
been no unauthorized access to or unauthorized use of (i) any such IT Assets, (ii) any information stored on or processed by such IT Assets, or (iii) any confidential or proprietary information of any Person that is in the
Company’s or any of the Company Subsidiaries’ possession or control, in each case, in a manner that, individually or in the aggregate, has resulted in or is reasonably likely to result in material Liability, material disruption to the
business or operations of, the Company or any the Company Subsidiaries. The Company and the Company Subsidiaries have implemented commercially reasonable backup and disaster recovery technology consistent with best industry practices. 

5.10 Compliance with Laws. Except as set forth on Schedule 5.10, in the three (3) year period prior to the date hereof,
the Company and the Company Subsidiaries have been in compliance in all material respects with all Laws applicable to the operation of their respective businesses. Neither the Company nor any Company Subsidiary has been or currently is subject to
any unsatisfied Order. The Company and the Company Subsidiaries have not received any written communication alleging any material noncompliance with any such Laws that has not been cured as of the date hereof. 

  
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 5.11 Contracts. Schedule 5.11 sets forth an accurate list of each of the
following Contracts (each a “Material Contract”) to which the Company or any Company Subsidiary is a party or by which their respective assets or properties are bound or subject as of the date of this Agreement (other than Company
Benefit Plans, Leases and purchase orders): 
 (a) all Contracts pursuant to which the Company or any Company Subsidiary (i) made
payments to any third party in the twelve (12)-month period ended December 31, 2019 in excess of $500,000, or (ii) received payments from any third party in the twelve (12)-month period ended December 31, 2019 in excess of $500,000;

 (b) all Contracts with any Significant Sponsor; 

(c) all partnership, joint venture Tax-sharing or similar agreements involving a share of profits, losses, costs or Liabilities between the
Company or a Company Subsidiary and a third party; 
 (d) all Contracts entered into in connection with any merger, consolidation or other
business combination or any acquisition or disposition of a business or any material assets and pursuant to which the Company or a Company Subsidiary or any other party has an existing earn-out payment
obligation; provided, that the foregoing shall not apply to ongoing confidentiality obligations or non-disclosure agreements entered into in connection therewith; 

(e) all Contracts (i) restricting the Company or any Company Subsidiary from competing in any line of business (excluding category
exclusivities for the Company’s and the Company Subsidiaries’ sponsors and product licensees granted by the Company or the Company Subsidiaries to each of their respective sponsors and product licensees) or in any geographic region larger
than a single metropolitan area with any Person or (ii) pursuant to which the Company or any Company Subsidiary has granted a most favored nation provision or similar provision in favor of any customer or other counterparty of the Company or
any of the Company Subsidiaries or a limitation on the Company or any of the Company Subsidiaries’ ability to increase prices, where (with respect to this subsection (ii)) the amounts payable under such Contract exceed $500,000 annually; 

(f) all Contracts relating to rights of first refusal or rights of first negotiation in favor of the Company or any Company Subsidiary, other
than any event license agreements for events generating revenues of less than $500,000; 
 (g) all Contracts involving the payment of
royalties of more than $100,000, in the aggregate, calculated based on the revenues or income of the Company or the Company Subsidiaries or income or revenues related to any product of the Company or the Company Subsidiaries in the twelve
(12) month period ended December 31, 2019; 
 (h) all collective bargaining agreements or other Contracts with a labor union, works
council, trade union or other employee representative body (each, a “Union”); 
 (i) all Contracts pursuant to which the
Company or a Company Subsidiary has incurred any Indebtedness or that subject any assets or property of the Company or any Company Subsidiary to an Encumbrance other than a Permitted Encumbrance; 

(j) all material Contracts with any Governmental Authority in connection with the top events operated by the Company or the Company
Subsidiaries set forth on Schedule 5.11(j); 

  
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 (k) all Contracts relating to material Intellectual Property pursuant to which the Company
or a Company Subsidiary (i) grants or receives a license, option to purchase or license, covenant not to sue, release or similar right requiring annual payments to or by the Company or a Company Subsidiary in excess of $100,000, other than non-exclusive licenses granted to the Company or a Company Subsidiary to use off-the-shelf software on standardized, generally
available terms, or (ii) is subject to any obligation with respect to the use, prosecution or exploitation of any Intellectual Property, including any Trademark co-existence agreements; 

(l) any Contract that contains provisions resulting in the acceleration of any material right or benefit of the Company or any Company
Subsidiary as a result of a direct or indirect change of control or similar transaction (including the consummation of the transactions contemplated hereby); 

(m) each Contract with (i) a current Service Provider or officer of the Company or any of the Company Subsidiaries whose annual base
salary or consulting fee is in excess of $200,000; provided, that such Contracts need not be set forth in the Disclosure Schedules so long as the Company has made available to Buyer in folder number 6.5.5 of the Data Room a list and copies of such
Contracts or (ii) with a current or former Service Provider who is an executive officer or director pursuant to which the Company or any of the Company Subsidiaries has ongoing indemnification obligations not otherwise covered by insurance or,
with respect to a former Service Provider who was an executive officer or director, pursuant to which the Company or the Company Subsidiaries have ongoing compensation or severance obligations; 

(n) each Contract evidencing financial or commodity hedging or similar trading activities (including any interest rate swaps, financial
derivatives master agreements or confirmations, or futures account opening agreements or brokerage statements or similar Contracts); 
 (o)
each Contract related to any settlement of any Action within the three (3) year period prior to date hereof in excess of $500,000; 

(p) each Contract between the Company or any of the Company Subsidiaries, on the one hand, and the Seller or any of its Affiliates (other than
the Company and the Company Subsidiaries) or any director, officer or employee of the Company or the Seller or any of its Affiliates (other than the Company and the Company Subsidiaries), on the other hand; and 

(q) each Contract to which Seller or any of Seller’s Affiliates (other than the Company or the Company Subsidiaries) is a party under
which the Company has any material rights or obligations (whether or not the Company is a party to such Contract) (other than [*] and the Exclusive Multi-Event License Agreement). 

None of the Company, any Company Subsidiary or, to the Knowledge of the Company, any other party thereto is in breach or violation of or default under any
Material Contract in any material respect and, to the Knowledge of the Company, no event has occurred that, with the lapse of time or the giving of notice or both, would constitute a default thereunder by the Company or any of the Company
Subsidiaries or would permit or cause the termination, non-renewal or modification thereof or acceleration or creation of any right or obligation thereunder, in each case except as would not, individually or
in the aggregate, reasonably be expected to be material to the Company and the Company Subsidiaries, taken as a whole. Each Material Contract to which the Company or a Company Subsidiary is a party (a) is a legal and binding obligation of the
Company or such Company Subsidiary, as applicable, and, to the Knowledge of the Company, the other relevant parties thereto and (b) is in full force and effect, enforceable against the Company or such Company Subsidiary, as applicable, and, to
the Knowledge of the Company, the other parties thereto, in accordance with the terms thereof, except to the extent that the enforceability thereof may be limited by the Equitable Exceptions. The Company has previously delivered to, or made
available to, the Buyer complete and correct copies of each written Material Contract and a written description of each oral Material Contract. 

  
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 5.12 Taxes. Except as set forth on Schedule 5.12: 

(a) (i) All material Tax Returns that were required to be filed on or prior to the date hereof by, or with respect to, Holdco, the Company
and the Company Subsidiaries have been timely filed (taking into account any applicable extensions) and all such Tax Returns were correct and complete in all material respects, and (ii) all Taxes owed by, or with respect to, Holdco, the Company
and the Company Subsidiaries have been paid other than Taxes which individually or in the aggregate are not material. Holdco, the Company and the Company Subsidiaries have provided or otherwise made available to the Buyer true, correct and complete
copies of all material Tax Returns and all examination reports and statements of deficiencies for taxable periods, or transactions consummated, for which the applicable statutory periods of limitations have not expired. 

(b) Each of the Company and the Company Subsidiaries has complied in all material respects with all applicable Laws relating to the payment and
withholding of Taxes and has, within the time and manner prescribed by Law, paid over to the proper Governmental Authority in all material respects all amounts required to be withheld and paid over under all applicable Laws. 

(c) Each of the Company and the Company Subsidiaries has established on the Financial Statements reserves that are adequate as of the dates of
such Financial Statements for the payment of all Taxes not yet due and payable, and there are no Encumbrances for Taxes (other than Permitted Encumbrances) on any assets of Holdco, the Company or any Company Subsidiary. 

(d) All material deficiencies for Taxes asserted or assessed in writing against Holdco, the Company or a Company Subsidiary have been fully and
timely (within any applicable extension periods) paid, settled or properly reflected in the Financial Statements. 
 (e) There are no
proposed, threatened or pending Tax audits or other administrative proceedings or any currently pending court Actions, in each case, concerning any material Tax Liability of Holdco, the Company or any Company Subsidiary for which written notice has
been received, with regard to any Taxes for which Holdco, the Company or any Company Subsidiary would be liable. No written claim has been made by a Governmental Authority in a jurisdiction where Holdco, the Company or any Company Subsidiary has
never filed Tax Returns asserting that Holdco, the Company or any Company Subsidiary is or may be required to file Tax Returns or pay Taxes in such jurisdiction. 

(f) None of Holdco, the Company or any Company Subsidiary has filed for an extension of time within which to file any Tax Return which
extension is currently in effect. Neither Holdco, the Company nor any Company Subsidiary has executed any outstanding waiver of any statute of limitations for, or extension of, the period for the assessment or collection of any Tax, in each case,
which period has not yet expired. 

  
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 (g) None of Holdco, the Company or any Company Subsidiary has been a member of a combined,
consolidated, affiliated or unitary group for Tax purposes (other than a group the common parent of which was Holdco, the Company or any Company Subsidiary). Wanda America Investment Holdings Co. Ltd. has not been a member of a combined,
consolidated, affiliated or unitary group for U.S. federal, state or local Tax purposes of which either Holdco or the Company is or was a member. 

(h) Neither the Company nor any Company Subsidiary has any material Liability for Taxes of any Person (other than the Company or any Company
Subsidiaries) (i) under Treasury Regulations Section 1.1502-6 or Treasury Regulations Section 1.1502-78 (or any similar provision of state, local or
foreign Tax Law) or (ii) as a transferee or successor. None of the Company or any Company Subsidiary is a party to any Tax-sharing or allocation agreement with respect to any material amount of Taxes,
other than commercial agreements entered into in the ordinary course of business the primary purpose of which is not Taxes. 
 (i) Other than
as would not give rise to a Material Adverse Effect, (i) there are no deferred intercompany transactions between Holdco, the Company and any of the Company Subsidiaries and (ii) there are no excess loss accounts (within the meaning of
Treasury Regulations Section 1.1502-19) with respect to the stock of the Company or any of the Company Subsidiaries. 

(j) None of Holdco, the Company or any Company Subsidiary has distributed shares of another Person, or has had shares of its stock distributed
by another Person, in a transaction that was purported or intended to be governed in whole or in part by Sections 355 or 361 of the Code within the past five (5) years. 

(k) None of Holdco, the Company or any Company Subsidiary has a permanent establishment (within the meaning of an applicable Tax treaty) or
otherwise has an office or fixed place of business in a country other than the country in which it is organized, in each case, that would reasonably be expected to give rise to any Tax liability in such other country, except for Taxes which
individually or in the aggregate are not material. 
 (l) Neither the Company nor any Company Subsidiary will be required to include any
material item of income in, or exclude any material item of deduction from, taxable income for any taxable period (or portion thereof) beginning on or after the Closing Date, as a result of any (i) adjustment pursuant to Section 481 of the
Code (or any similar provision of state, local or foreign Law) as a result of a change in method of accounting made with respect to a period prior to the Closing, (ii) installment sale or open transaction disposition made on or entered into
prior to the Closing, (iii) prepaid amount received on or prior to the Closing (other than any amount received in the ordinary course of business) or (iv) election pursuant to Section 108(i) of the Code (or any similar provision of
state, local or foreign Law) made prior to the Closing. 

  
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 (m) Neither Holdco, the Company or any Company Subsidiary is required to recognize any
income under Section 108 of the Code as a result of the transactions identified in item 2 of Schedule 5.12(a)(ii). 
 (n) All
transactions and agreements between or among any of Holdco, the Company and its Affiliates are and were entered into at arm’s length, in material compliance with the requirements and principles of Section 482 of the Code and the Treasury
Regulations thereunder, including any reporting requirements set forth thereunder, and are, and have been, in material compliance with the requirements and principles of any comparable provisions of state, local or foreign Law, including any
reporting requirements set forth thereunder. 
 (o) None of Holdco, the Company or any of the Company Subsidiaries (i) is subject to any
material Tax Liability under Section 965 of the Code or (ii) has made an election under Section 965(h) of the Code. 
 (p)
None of Holdco, the Company or any of the Company Subsidiaries has been a party to any “reportable transaction” within the meaning of Section 6707A of the Code. 

(q) No “closing agreement” under Section 7121 of the Code, or other agreement with any Governmental Authority in respect of
Taxes of the Company or any Company Subsidiary has been entered into which remains in effect, and no request for a written ruling, relief or advice that relates to the Taxes or Tax Returns of the Company or any Company Subsidiary is currently
pending with any Governmental Authority, and no such ruling, relief or advice has been obtained and remains in effect. No power of attorney has been granted with respect to any matter relating to Taxes of the Company or any Company Subsidiary, which
power of attorney is currently in force. 
 (r) Holdco’s basis in the stock of the Company for all applicable income Tax purposes is
greater than Holdco’s amount realized in exchange for such stock pursuant to the sale of such stock contemplated by this Agreement (as determined by assuming that the full amount of the Deposit Escrow Amount is released to the Seller, and prior
to taking into account any adjustment that may be required pursuant to an election made under Section 7.9(c)). 
 (s)
Notwithstanding anything to the contrary contained in this Agreement: (i) the representations and warranties set forth in this Section 5.12 and Section 5.15 constitute the sole and exclusive representations and
warranties regarding Taxes, Tax Returns and other matters relating to Taxes, (ii) the representations and warranties set forth in this Section 5.12 relating or to Holdco shall apply solely to income Taxes that satisfy the following
two requirements (x) which are primarily imposed on Holdco in respect of any combined, consolidated, affiliated, unitary or similar group for income Tax purposes, the common parent of which is Holdco and one or more of the Company or Company
Subsidiaries are members and (y) for which the Company or any of the Company Subsidiaries are liable under applicable Law, (iii) no representation and warranty related or attributable to Tax Returns required to be filed, or Taxes required
to be paid, prior to November 18, 2015 is made with respect to matters that would not give rise to a Material Adverse Effect, and (iv) no representation or warranty is made by Holdco, the Seller, the Company or any of their Affiliates
relating or attributable to the tax characterization of the intercompany advances identified in item 2 of Schedule 5.12(a)(ii) as equity, debt or otherwise. 

  
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 5.13 Escheat and Unclaimed Property. The Company and the Company Subsidiaries have
remitted to the appropriate Governmental Authorities all material amounts required to be remitted under all Laws relating to escheat and unclaimed property and have complied in all material respects with all applicable filing requirements related
thereto. 
 5.14 Permits. In the three (3) year period prior to the date hereof, the Company and each Company Subsidiary and, to
the Knowledge of the Company, any licensee or other Person who performs or has performed services on behalf of the Company or any of the Company Subsidiaries has obtained and is in compliance with all consents, licenses, certificates, approvals,
franchises, variances, authorizations, registrations, waivers, permits and rights necessary for the lawful conduct of the Company’s and each Company Subsidiary’s respective businesses as presently conducted (collectively,
“Permits”) that are either material to (a) the Company and the Company Subsidiaries taken as a whole or (b) any of the top events operated by the Company or the Company Subsidiaries set forth on Schedule 5.11(j). All of the
Company’s and the Company Subsidiaries’ current Permits and, to the Knowledge of the Company, the Permits of any licensee or other Person who performs or has performed services on behalf of the Company or any of the Company Subsidiaries
are in full force and effect, and neither the Company, any Company Subsidiary, nor, to the Knowledge of the Company, any licensee is in breach or default under any Permit in any material respect. 

5.15 Employee Benefit Plans. 

(a) Schedule 5.15(a) contains a correct and complete list of each Company Benefit Plan clearly identifying whether such Company
Benefit Plan is sponsored, maintained, administered or contributed to, by the Seller or an ERISA Affiliate other than the Company or any Company Subsidiary. With respect to each such Company Benefit Plan, as applicable to the Company Benefit Plan,
the Seller has made available to the Buyer (i) a correct and complete copy of the plan document and all amendments thereto (or, to the extent the Company Benefit Plan is unwritten, a summary of its material terms), (ii) the summary plan
description, if any, and any material modifications thereto, (iii) all trust or other funding documents (including insurance policies and stop-loss insurance policies); (iv) the most recent financial statements, and actuarial report (as
applicable), (v) the most recent determination or opinion letter from the IRS (or equivalent in respect of any Non-U.S. Benefit Plan), (vi) the results of nondiscrimination testing from the last two
(2) years (if applicable), and (vii) any material correspondence with any Governmental Authority with respect to any Action within the preceding three (3) years other than routine correspondence. 

(b) Neither the Company nor any of its ERISA Affiliates sponsors or contributes to, or has, within the six (6) years preceding the date of
this Agreement, sponsored or contributed to, or has any Liability under any “multiemployer plan” as defined in Section 3(37) of ERISA (a “Multiemployer Plan”). 

(c) (i) Each Company Benefit Plan has been established and administered in accordance with its terms in all material respects, and in
compliance in all material respects, with the applicable provisions of ERISA, the Code and other applicable Laws, (ii) all contributions required to be made by the Company or any Company Subsidiary have been made or properly accrued or
reserved, (iii) other than routine claims for benefits, there are no Actions pending or, to the Knowledge of the Company, threatened, (iv) all reports, returns, similar documents required to be filed with any Governmental Authority or
distributed to any participant of any Company Benefit Plan have been timely filed or distributed in all material respects, (v) each Company Benefit Plan which is intended to be qualified within the meaning of Code Section 401(a) has
received a favorable determination letter from the IRS as to its qualification, and to the Knowledge of the Company, no event has occurred that would or would reasonably be expected to cause the loss of such qualification, and (vi) with respect
to each Company Benefit Plan that is a “welfare plan” within the meaning of ERISA Section 3(1), neither the Company nor any Company Subsidiary or their respective ERISA Affiliates has any Liability or obligation to provide medical or
death benefits with respect to current or former Service Providers beyond their termination of employment (other than coverage mandated by Law). 

  
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 (d) No Company Benefit Plan is (i) a defined benefit plan as defined in
Section 3(35) of ERISA or any other plan subject to Section 302 of ERISA, Title IV of ERISA, or Section 412 of the Code, (ii) a “multiple employer plan” as defined in Section 210(a) of ERISA or Section 413(c)
of the Code, or (iii) a “multiple employer welfare arrangement” as defined in Section 3(40) of ERISA; and neither the Company nor any ERISA Affiliate has any Liability with respect to a Benefit Plan that is subject to Title IV of
ERISA. 
 (e) Neither the execution and delivery of this Agreement, shareholder or other approval of this Agreement, nor the consummation of
the transactions contemplated by this Agreement would, alone or in combination with another event, (i) entitle any Service Provider or any other current or former officer, director, employee or independent contractor who performed his or her
services primarily for or on behalf of the Company or any Company Subsidiary or the business activities of the Company or Company Subsidiary to severance pay or benefits or any increase in severance pay or benefits, (ii) accelerate the time of
payment or vesting, increase the amount of compensation or benefits due to, or result in the forgiveness of any indebtedness owed by, any such Service Provider or other current or former officer, director, employee or independent contractor (or any
beneficiary or permitted transferee of any of the foregoing), (iii) require the Company or any Company Subsidiary to set aside any amount in respect of a Company Benefit Plan, (iv) limit or restrict the ability of the Buyer, the plan sponsor or
the Company or any Company Subsidiary, as applicable, to merge, amend or terminate any of the Company Benefit Plans, or (v) except as set forth on Schedule 5.15(e)(v), result in any payments or benefits that, individually or in
combination with any other payment or benefit, could reasonably be expected to constitute the payment of any “excess parachute payment” within the meaning of Section 280G of the Code or in the imposition of an excise Tax under
Section 4999 of the Code. 
 (f) Each Company Benefit Plan that is a “nonqualified deferred compensation plan” (within the
meaning of Section 409A(d)(1) of the Code) is in written compliance and has been operated in compliance, in each case in all material respects, with Section 409A of the Code, Treasury Regulations issued under Section 409A of the Code,
and any subsequent guidance relating thereto (collectively, “Section 409A”). No additional tax under Section 409A(a)(1)(B) of the Code has been or is reasonably expected to be incurred by a participant in any such Company
Benefit Plan, and no Service Provider or current or former officer, director, employee or independent contractor who performed his or her services primarily for or on behalf of the Company or any Company Subsidiary or the business activities of the
Company or Company Subsidiary is entitled to any gross-up or otherwise entitled to indemnification by either Company or any of the Company Subsidiaries for any violation of Section 409A of the Code or
otherwise. 

  
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 (g) Neither the Company nor any of its Company ERISA Affiliates have, nor could they
reasonably be expected to have, any material Liability for Taxes under Sections 4975 through 4980 or Sections 4980A through 4980I of the Code. 

(h) No current or former Service Provider of the Company or any Company Subsidiary is entitled to any
gross-up or otherwise entitled to indemnification by either Company or any of the Company Subsidiaries by reason of Section 4999 of the Code in respect of payment of any excess parachute payments under
Section 280G of the Code. 
 (i) Each Non-U.S. Benefit Plan (i) if intended to qualify for
special tax treatment, meets all the requirements for such treatment, (ii) if required to be funded, book-reserved or secured by an insurance policy, is funded, book-reserved, or secured by an insurance policy, as applicable, based on
reasonable actuarial assumptions in accordance with applicable accounting principles, and (iii) has been maintained in material compliance with all applicable laws. 

5.16 Employee and Labor Matters. 

(a) Except as disclosed on Schedule 5.16(a), (i) neither the Company nor any of the Company Subsidiaries is a party, or otherwise subject, to
any collective bargaining agreement or other Contract with any Union, and no such contract is being negotiated by the Company or any of the Company Subsidiaries, (ii) no employee of the Company or any of the Company Subsidiaries is represented
by a Union with respect to his or her employment with the Company or such Company Subsidiary, (iii) no notice, consent or consultation obligations with respect to any employees of the Company or any of the Company Subsidiaries, or any Union,
will be a condition precedent to, or triggered by, the execution of this Agreement or the consummation of the transactions contemplated hereby, (iv) in the past three (3) years, there has not been, nor, to the Knowledge of the Company, has
there been any threat of, any labor strike, walk-out, slowdown, work stoppage, picketing, lockout, labor organization effort or drive, petition seeking recognition of a bargaining representative filed with any
labor relations board or other Governmental Authority, or other similar labor activity or dispute with respect to the Company or any Company Subsidiary, and (v) in the past three years, neither the Company nor any of the Company Subsidiaries
has been subject to, nor, to the Knowledge of the Company, has there been any threat of, (y) any unfair labor practice charges or other Actions against the Company or any Company Subsidiary before the National Labor Relations Board, the
Department of Labor, the Equal Employment Opportunity Commission or any similar state, local or foreign Governmental Authority responsible for the prevention of unlawful employment practices or (z) any Action against or affecting the Company or
any Company Subsidiary arising under employment Laws brought by any current or former applicant, employee, independent contractor or volunteer of the Company or any Company Subsidiary. 

(b) The Company and the Company Subsidiaries are, and for the past three (3) years have been, in material compliance with all applicable
Laws respecting employment and employment practices, terms and conditions of employment, including, wages and hours and the classification and compensation of employees, independent contractors, and volunteers. The Company has not incurred within
the past three (3) years, and no circumstances exist under which the Company would reasonably be expected to incur, any material Liability arising from the failure to pay wages (including minimum wage and overtime), the misclassification of
employees as consultants, independent contractors or volunteers or the misclassification of employees or volunteers as exempt from the requirements of the Fair Labor Standards Act or applicable state or foreign Law. 

  
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 (c) Correct and complete information as to the name, current job title and base annual
compensation for all current Service Providers has been made available to the Buyer. To the Knowledge of the Company, no current executive or key employee has given notice of termination of employment or otherwise disclosed plans to terminate
employment with the Company or any of the Company Subsidiaries within the twelve (12)-month period following the date hereof. No current executive or key employee of the Company or any Company Subsidiary is employed under a non-immigrant work visa or other work authorization that is limited in duration. No current executive or key employee of the Company or any Company Subsidiary has been the subject of any internal or external
complaint of sexual harassment, sexual assault, or sexual discrimination during his or her tenure at the Company or any Company Subsidiary. 

5.17 Environmental Compliance. Except as set forth on Schedule 5.17, (a) each of the Company and the Company Subsidiaries
has complied at all times in all material respects with all applicable Environmental Laws, (b) there are no pending or, to the Knowledge of the Company, threatened, Environmental Claims against the Company or any Company Subsidiary, (c) no
property currently or formerly owned or operated by the Company or any Company Subsidiary has been contaminated with any Hazardous Substance, (d) the Company and the Company Subsidiaries are not subject to any Order relating to Liability under
any Environmental Law, (e) there are no other circumstances or conditions involving the Company or any Company Subsidiary that could reasonably be expected to result in any claims, Liability, investigations or costs in connection with any
Environmental Law, and (f) the Company has made available to the Buyer copies of all material environmental reports prepared in the past three (3) years relating to the Company or any Company Subsidiary. 

5.18 Insurance. All insurance policies of the Company or any Company Subsidiary with respect to the properties, assets, or business of
the Company and the Company Subsidiaries (the “Insurance Policies”) are in full force and effect and all premiums due and payable thereon have been paid in full. The Company and the Company Subsidiaries are not parties to any
insurance policies for which there is a cost-sharing arrangement between the Company, on the one hand, and the Seller or its Affiliates (other than the Company and the Company Subsidiaries), on the other hand. There are no insurance policies,
including any Insurance Policies, that cover the Company or any Company Subsidiaries as well as the Seller or its Affiliates (other than the Company and the Company Subsidiaries). As of the date hereof, neither the Company nor any Company Subsidiary
has received written notice that would reasonably be expected to be followed by a written notice of cancellation or non-renewal of any Insurance Policy and, to the extent applicable, neither the Company nor
any of the Company Subsidiaries has taken any action or failed to take any action that, with or without notice, lapse of time or both, would constitute or result in a breach or violation of, or default under, any of the Insurance Policies or would
permit or cause the termination, non-renewal or modification thereof or acceleration or creation of any right or obligation thereunder. The Company has made available to the Buyer complete and correct copies
of all Insurance Policies maintained by the Company or any of the Company Subsidiaries. There are no claims by the Company or any of the Company Subsidiaries pending under any Insurance Policy or bond as to which coverage has been questioned, denied
or disputed by the underwriters of such policy or bond. The Company has previously delivered to, or made available to, the Buyer complete and correct copies of each Insurance Policy. 

  
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 5.19 Privacy and Data Security. 

(a) There has not been any material data security breach of any IT Assets or material unauthorized access, use, loss or disclosure of any
Personal Information owned, used, maintained, received, or controlled by or on behalf of the Company or any Company Subsidiary including any unauthorized access, use or disclosure of Personal Information that would constitute a breach for which
notification to individuals or Governmental Authorities is required under any applicable Information Privacy and Security Laws or Contracts to which the Company or any Company Subsidiary is a party. The execution, delivery and performance of this
Agreement and the consummation of the transactions contemplated hereby do not violate in any material respect any applicable Privacy Policy as it currently exists or as it existed at any time during which any Personal Information was collected or
obtained by the Company or any Company Subsidiary. 
 (b) The Company’s and each Company Subsidiary’s collection, maintenance,
transmission, transfer, use, disclosure, storage, disposal and security of Personal Information has complied and complies with (i) Information Privacy and Security Laws, (ii) Contracts to which the Company or any Company Subsidiary is a
party that govern that Personal Information, (iii) PCI DSS (if applicable) and (iv) applicable privacy policies or disclosures posted to websites or other media maintained or published by the Company or any Company Subsidiary that govern
Personal Information processed by the Company or the Company Subsidiary (the “Privacy Policies”). The Company and each Company Subsidiary have a lawful basis and all required authorizations, rights, consents, data processing agreements and
data transfer agreements that are required under Information Privacy and Security Laws to receive, access, use and disclose the Personal Information in such entity’s possession or under its control in connection with the operation of the
business of such entity. No suit, claim, action, proceeding, arbitration, mediation or, to the Knowledge of the Company, investigation is pending or, to the Knowledge of the Company, threatened in writing against the Company or any Company
Subsidiary relating to the processing or security of Personal Information. 
 (c) The Company and each Company Subsidiary has implemented,
and is in compliance with, a reasonable cybersecurity program to protect the IT Assets and Personal Information processed by the Company or a Company Subsidiary that complies with industry standards and all applicable Information Privacy and
Security Laws. The Company and each Company Subsidiary have performed reasonable security risk assessments required under Information Privacy and Security Laws (if any), and has addressed, in a commercially reasonable fashion and in accordance with
industry standards, all material threats and deficiencies identified in those security risk assessments. 
 5.20 Real Property. 

(a) Neither the Company nor any Company Subsidiary owns any real property. 

  
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 (b) Schedule 5.20(b) sets forth a list of all real property leased or subleased (the
“Leased Real Property”) by the Company or a Company Subsidiary (the Contracts pursuant to which such Leased Real Property is leased being the “Leases”). With respect to the Leases, neither the Company nor any of the Company
Subsidiaries or, to the Knowledge of the Company, any other party to any such Lease, is in breach or violation of or default under such Lease in any material respect and no event has occurred that, with the lapse of time or the giving of notice or
both, would constitute a default thereunder by the Company or any of the Company Subsidiaries or would permit or cause the termination, non-renewal or modification thereof or acceleration or creation of any
right or obligation thereunder, in each case except as would not, individually or in the aggregate, reasonably be expected to be material to the Company and the Company Subsidiaries, taken as a whole. Each Lease to which the Company or a Company
Subsidiary is a party (i) is a legal and binding obligation of the Company or such Company Subsidiary, as applicable, and, to the Knowledge of the Company, the other relevant parties thereto, (ii) is in full force and effect, enforceable
against the Company or such Company Subsidiary, as applicable, and, to the Knowledge of the Company, the other parties thereto, in accordance with the terms thereof, except to the extent that the enforceability thereof may be limited by the
Equitable Exceptions, and (iii) there are no written or oral subleases, concessions, licenses, occupancy agreements or other Contracts or arrangement granting to any Person other than the Company or the Company Subsidiaries the right to use or
occupy the Leased Real Property. The Company has made available to the Buyer complete and correct copies of all material Leases. 
 5.21
Title to Assets . The Company or a Company Subsidiary has good and valid title to, or a valid leasehold interest in or other valid right to use, all of the assets and properties which are material to the operation of their respective
businesses and (a) are reflected in the Interim Financial Statements or (b) were acquired since the Balance Sheet Date (except in each case for assets and properties disposed of since the Balance Sheet Date in the ordinary course of
business consistent with past practice). All such assets and properties (other than assets and properties disposed of since the Balance Sheet Date in the ordinary course of business consistent with past practice) are held free and clear of all
Encumbrances other than Permitted Encumbrances. 
 5.22 Sufficiency of Assets. Except in connection with any of the services
contemplated by, or the terms set forth in, the Exclusive Multi-Event License Agreement [*], at the Closing, the Company and the Company Subsidiaries will own or have the right to use all of the assets, properties and rights necessary to conduct the
business in substantially the same manner as conducted prior to the Closing. After giving effect to the Closing, the Seller and its Affiliates will not own any assets, properties or rights that are used in the conduct of the business as conducted
prior to the Closing. 
 5.23 Significant Sponsors. 

(a) Schedule 5.23(a) sets forth a complete and accurate list of the top ten (10) sponsors of the business of the Company for
the twelve (12)-month period ended December 31, 2019 based on payments received from each such sponsor during such period (each, a “Significant Sponsor”). 

(b) No Significant Sponsor has cancelled or otherwise terminated its relationship with the Company or has materially altered, in a manner
adverse to the Company, its relationship with the Company, and, to the Knowledge of the Company, no such Significant Sponsor has any plan or intention, or has threatened in writing, to terminate, cancel or otherwise materially modify its
relationship with the Company. 

  
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 5.24 Affiliate Transactions. Other than expressly contemplated by this Agreement or
the Transaction Documents, and except for any Contract that is solely between the Company or any wholly owned Company Subsidiaries, on the one hand, and one or more wholly owned Company Subsidiaries, on the other hand, none of the Company or any of
the Company Subsidiaries is party to any Contract or have any transactions or business arrangements with any Affiliate of the Company (other than a wholly owned Company Subsidiary), any present or former director, officer or other employee of any
Affiliate of the Company (other than a wholly owned Company Subsidiary thereof) or any present or former director, officer or other employee of the Company or any of the Company Subsidiaries (any Contract of the Company or a Company Subsidiary with
such Person, an “Affiliate Agreement”). 
 5.25 Absence of Certain Changes or Events.  

(a) From the Balance Sheet Date, (i) the Company and the Company Subsidiaries have conducted their respective businesses in the
ordinary course of business, consistent with past practices (other than with respect to the sale process in connection with the transactions contemplated by this Agreement) and (ii) there has been no Material Adverse Effect.  

(b) During the period from the Balance Sheet Date through the date hereof, there has not been any action taken by the Company or any of the
Company Subsidiaries that, if taken during the period from the date hereof through the Closing Date without the Buyer’s consent, would constitute a breach of clauses (b), (d), (g), (h), (i), (k),
(l), (m), (o), (r), or (s) of Section 7.1 or Section 7.1(y) with respect to the foregoing clauses of Section 7.1. 

5.26 Anti-Corruption; Sanctions.  

(a) Since August 27, 2015, the Company and each of the Company Subsidiaries has complied with all applicable anti-bribery, anti-corruption and
anti-money laundering Laws (the “Anti-Corruption Laws”). The Company and the Company Subsidiaries have instituted, and since August 27, 2015 have maintained, policies and procedures designed to ensure
compliance by the Company and the Company Subsidiaries with, and to prevent breaches by the Company and the Company Subsidiaries of such Anti-Corruption Laws in all material respects. 

(b) Neither the Company nor any of the Company Subsidiaries, nor their employees, directors, officers, nor to the Knowledge of the Company, any
other Person who performs or has performed services on behalf of the Company or any of the Company Subsidiaries has, directly or indirectly, violated any, or been subject to actual or pending or threatened Actions, demand letters, investigation,
whistleblower complaints, allegations, settlements or enforcement actions relating to any Anti-Corruption Law or any Law related to terrorism financing. 

(c) Neither the Company nor any of the Company Subsidiaries, nor their employees, directors, officers, nor to the Knowledge of the Company, any
other Person who performs or has performed services on behalf of the Company or any of the Company Subsidiaries has, directly or indirectly, given, made, offered or received or agreed to give, make, offer or receive any payment, gift, contribution,
commission, rebate, promotional allowance, expenditure or other economic advantage of anything of value: (i) which would violate any applicable Anti-Corruption Law; or (ii) to or for a Government Official with the intention of
(A) improperly influencing any official act or decision of such Government Official, (B) inducing such Government Official to do or omit to do any act in violation of his or her lawful duty, (C) securing any
improper advantage or (D) inducing such Government Official to influence or affect any act or decision of any Governmental Authority or commercial enterprise owned or controlled by any Governmental Authority, in each case, in order to
assist the Company, any of the Company Subsidiaries or any employee, agent or representative or other Person who performs or has performed services on behalf of the Company or any of the Company Subsidiaries in obtaining or retaining business for or
with, or in directing business to, the Company or any of the Company Subsidiaries or any other Person. 

  
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 (d) Neither the Company nor any of the Company Subsidiaries nor their employees, directors,
officers, nor to the Knowledge of the Company, any other Person who performs or has performed services on behalf of the Company or any of the Company Subsidiaries, is (i) currently the subject or target of any Sanctions,
(ii) included on OFAC’s List of Specially Designated Nationals, OFAC’s Foreign Sanctions Evaders List, OFAC’s Sectoral Sanctions Identifications List, the U.S. Department of Commerce Denied Person’s List, the U.S.
Department of Commerce’s Entity List, the U.S. Department of Commerce’s Unverified List, HMT’s Consolidated List of Financial Sanctions Targets and the Investment Ban List, or any similar list enforced by the United States federal
government, or (iii) located, organized or resident in a Designated Jurisdiction in violation of any Sanctions. Neither the Company nor any of the Company Subsidiaries directly or indirectly (A) has any investment in or engages in any
dealing or transaction with any person in violation of any applicable Sanctions or (B) engages in any activity that could cause the Company or any of the Company Subsidiaries to become subject to Sanctions. 

5.27 Brokers. Except for Credit Suisse Securities (USA) LLC, no broker, finder or similar intermediary has acted for or on behalf of the
Company or any Company Subsidiary in connection with this Agreement or the transactions contemplated hereby, and no broker, finder, agent or similar intermediary is entitled to any broker’s, finder’s or similar fee or other commission in
connection therewith based on any agreement with the Company or any Company Subsidiary or any action taken by them. 
 5.28 Exclusivity of
Representations. Except for the representations and warranties contained in Articles 4 and 5 of this Agreement (as modified by the Disclosure Schedules), none of the Seller, the Company, any Company Subsidiary or any other
Person has made, makes or shall be deemed to make any other representation or warranty of any kind whatsoever, express or implied, written or oral, at law or in equity, on behalf of the Seller, the Company or any Company Subsidiary, or any of their
respective Affiliates, including with respect to the Company Shares or their respective assets and Liabilities, and the Seller and the Company hereby disclaim all other representations and warranties of any kind whatsoever, express or implied,
written or oral, at law or in equity, whether made by or on behalf of the Seller, the Company, any Company Subsidiary or any other Person. Except for with respect to the representations and warranties contained in Article 4 and
Article 5 of this Agreement (as modified by the Disclosure Schedules), the Seller and the Company hereby disclaim all liability and responsibility for all projections, forecasts, estimates, appraisals, statements, promises, advice, data or
information made, communicated or furnished (orally or in writing, including electronically) to the Buyer or any of the Buyer’s Affiliates or any Representatives of the Buyer or any of the Buyer’s Affiliates, including omissions therefrom.
Without limiting the foregoing, neither the Seller nor the Company makes any representation or warranty of any kind whatsoever, express or implied, written or oral, at law or in equity, to the Buyer or any of its Affiliates or any Representatives of
the Buyer or any of its Affiliates regarding the success, profitability or value of the Company, the Company Subsidiaries, or their respective business; provided, however, nothing in this Section 5.28 shall limit
Buyer’s remedies with respect to claims of intentional fraud. 

  
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 ARTICLE 6 

REPRESENTATIONS AND WARRANTIES OF THE BUYER 

The Buyer represents and warrants to the Seller as of the date hereof and as of the Closing (or in the case of representation and warranties
that speak of a specified date, as of such specified date) as follows: 
 6.1 Organization. The Buyer (a) is a limited
liability company duly organized, validly existing and in good standing under the Laws of the jurisdiction in which it is organized, (b) has all requisite corporate or similar power and authority to own, lease and operate its properties
and assets and to carry on its business as presently conducted and (c) is qualified to do business and, to the extent such concept is applicable, is in good standing as a foreign corporation or other legal entity in each
jurisdiction where the ownership, leasing or operation of its assets or properties or conduct of its business requires such qualification, except in the case of clause (b) or (c) where the failure to be so qualified or in
good standing or to have such power or authority, would not, individually or in the aggregate, reasonably be expected to prevent, materially delay or materially impair the Buyer’s ability to consummate the transactions contemplated hereby. 

6.2 Binding Obligations. The Buyer has all requisite authority and power to execute, deliver and perform this Agreement and each
Transaction Document to which it is a party and to consummate the transactions contemplated hereby and thereby. The execution, delivery and performance by the Buyer of this Agreement and each Transaction Document to which it is a party and the
consummation of the transactions contemplated hereby and thereby have been duly and validly authorized by all necessary action on the part of the Buyer. This Agreement and each Transaction Document to which it is a party has been duly executed and
delivered by the Buyer and, assuming that this Agreement and each Transaction Document constitutes the legal, valid and binding obligations of the Seller and the Company, constitutes the legal, valid and binding obligations of the Buyer, enforceable
against the Buyer in accordance with its terms, except to the extent that the enforceability thereof may be limited by the Equitable Exceptions. 

6.3 No Defaults or Conflicts. The execution, delivery and performance by the Buyer of this Agreement and each Transaction
Document to which it is a party and the consummation by the Buyer of the transactions contemplated hereby and thereby (a) do not and will not result in any violation of the applicable organizational documents of the Buyer,
(b) do not and will not conflict with, or result in a breach of any of the terms or provisions of, or constitute a default under, or give rise to any right of termination, loss of rights, adverse modification of provisions,
cancellation or acceleration of any obligation under any Contract to which the Buyer is a party or by which it is bound or to which its properties are subject, and (c) assuming (solely with respect to performance of this Agreement and
the Transaction Documents and consummation of the transactions) compliance with the matters referred to in Section 6.4, do not and will not violate any existing applicable Law or Order having jurisdiction over the Buyer; provided,
however, that no representation or warranty is made in the foregoing clauses (b) or (c) with respect to matters that, individually or in the aggregate, would not reasonably be expected to
prevent, materially delay or materially impair the Buyer’s ability to consummate the transactions contemplated hereby. 

  
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 6.4 Governmental Authorization. No authorization or approval or other action by, and
no notice to or filing with, any Governmental Authority will be required to be obtained or made by the Buyer nor are any consents, registrations or permits required to be obtained from any Governmental Authority, in connection with the execution,
delivery and performance by the Buyer of this Agreement and the consummation by the Buyer of the transactions contemplated hereby, except in connection with applicable filing, notification, waiting period or approval requirements under applicable
Antitrust Laws. 
 6.5 Litigation. There are no Actions pending or to the knowledge of the Buyer, threatened in writing against the
Buyer before any Governmental Authority which seeks to (a) challenge the validity or enforceability of the Buyer’s obligation under this Agreement or the Transaction Documents to which the Buyer is or will be a party or
(b) prevent the transactions contemplated hereby or that otherwise would reasonably be expected to prevent, materially delay or materially impair the Buyer’s ability to (x) satisfy its obligations under this Agreement or the
Transaction Documents to which the Buyer is or will be a party or (y) effect the transactions contemplated hereby. 
 6.6
Brokers. Except for BofA Securities, Inc., no broker, finder or similar intermediary has acted for or on behalf of the Buyer in connection with this Agreement or the transactions contemplated hereby, and no broker, finder, agent or similar
intermediary is entitled to any broker’s, finder’s or similar fee or other commission in connection therewith based on any agreement with the Buyer or any action taken by the Buyer. 

6.7 Solvency. Immediately after giving effect to the transactions contemplated hereby, each of the Buyer, its subsidiaries and other
Affiliates shall be solvent and shall (a) be able to pay its debts and obligations as they become due, (b) own property that has a fair saleable value greater than the amounts required to pay its debts (including a reasonable estimate of the
amount of all contingent liabilities), and (c) have adequate capital to carry on their respective businesses. No transfer of property is being made and no obligation is being incurred in connection with the transactions contemplated by
this Agreement with the intent to hinder, delay or defraud either present or future creditors of any of the Buyer, its subsidiaries or other Affiliates. In connection with the transactions contemplated hereby, the Buyer has not incurred, nor plans
to incur, debts beyond its ability to pay as they become absolute and matured. 
 6.8 Sufficient Funds. The Buyer, together with the
Buyer Guarantor, have available cash on hand or other sources of immediately available funds to enable the Buyer to pay the Final Purchase Price and consummate the transactions contemplated by this Agreement (including all amounts payable pursuant
to this Agreement, as applicable). 

  
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 6.9 Investment Purpose. The Buyer is purchasing the Company Shares for the purpose of
investment and not with a view to, or for resale in connection with, the distribution thereof in violation of applicable federal, state or provincial securities Laws. The Buyer acknowledges that the sale of the Company Shares hereunder has not been
registered under the Securities Act of 1933 (the “Securities Act”) or any state securities Laws, and that the Company Shares may not be sold, transferred, offered for sale, pledged, hypothecated, or otherwise disposed of without
registration under the Securities Act, pursuant to an exemption from the Securities Act or in a transaction not subject thereto. The Buyer represents that it is an “Accredited Investor” as that term is defined in Rule 501 of
Regulation D of the Securities Act. 
 6.10 Buyer’s Reliance. The Buyer acknowledges that it and its
Representatives have been permitted access to the Books and Records, Tax Returns, Contracts, and other properties and assets of the Company and the Company Subsidiaries that the Buyer and its Representatives have desired or requested to see or
review, and that the Buyer and its Representatives have had an opportunity to meet with the officers and employees of the Company and the Company Subsidiaries to discuss the business of the Company and the Company Subsidiaries. The Buyer
acknowledges that none of the Seller, the Company or any other Person has made or is making any representation or warranty, expressed or implied, as to the accuracy or completeness of any information regarding the Company Shares, the Company or any
Company Subsidiary furnished or made available to the Buyer and its Representatives, except as expressly set forth in Articles 4 and 5 of this Agreement and in the Transaction Documents. Except as expressly set forth
in Articles 4 and 5 of this Agreement and in the Transaction Documents, none of the Seller, the Company or any other Person (including any Representative of the Seller or the Company) shall have or be subject to any
liability to the Buyer, or any other Person, resulting from the Buyer’s use of any information, documents or material made available to the Buyer in any “data rooms,” management presentations, due diligence or in any other form in
expectation of the transactions contemplated hereby. The Buyer acknowledges that the Buyer is acquiring the Company and the Company Subsidiaries without any representation or warranty as to merchantability or fitness for any particular purpose of
their respective assets, in an “as is” condition and on a “where is” basis, except as otherwise expressly represented or warranted in Articles 4 and 5 of this Agreement. The Buyer acknowledges
that, except for the representations and warranties contained in Articles 4 and 5 of this Agreement and in the Transaction Documents, the Buyer has not relied on any other express or implied representation or
warranty or other statement by or on behalf of the Company or the Seller or any of their respective Affiliates, including with respect to any pro-forma financial information, financial projections or other forward-looking statements of the Seller,
the Company or any Company Subsidiary, and the Buyer will make no claim with respect thereto. 
 6.11 Exclusivity of Representations.
Except for the representations and warranties contained in Article 6 of this Agreement, neither the Buyer nor any other Person has made, makes or shall be deemed to make any other representation or warranty of any kind whatsoever,
express or implied, written or oral, at law or in equity, on behalf of the Buyer or any of their respective Affiliates. 

  
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 ARTICLE 7 

COVENANTS 
 7.1 Conduct
of Business Prior to the Closing. Except as expressly required or permitted by this Agreement, during the period from the date of this Agreement to the earlier of the Closing Date and the termination of this Agreement in
accordance with Article 9, and except as required by applicable Laws (including any Orders applicable to the Company or any Company Subsidiary), the Company (and, with respect to Section 7.1(s), Holdco) shall, and shall
cause each Company Subsidiary to, (x) operate its business in all material respects in the ordinary course of business consistent with past practice and (y) not undertake any of the following actions without the prior written
consent of the Buyer (which consent shall not be unreasonably withheld, conditioned or delayed): 
 (a) amend or otherwise change its
Organizational Documents; 
 (b) (i) issue, sell, transfer, dispose of or encumber its Equity Interests, (ii) redeem,
purchase or otherwise acquire any of its Equity Interests, or (iii) effect any recapitalization, reclassification, stock split, reverse stock split or like change in capitalization; 

(c) sell, transfer, lease, license, sublicense, mortgage, pledge, surrender, encumber, divest, cancel, abandon or allow to lapse or expire or
otherwise dispose of any property or assets having a value in excess of $500,000, other than in the ordinary course of business; 

(d) (i) incur, forgive, guarantee or modify any Indebtedness other than as permitted under existing credit facilities listed on
Schedule 5.11(i), or (ii) make any loans, advances, guarantees, or capital contributions to or investments in any Person in each case in an amount greater than $1,000,000 other than investments in any Company Subsidiary; 

(e) except in the ordinary course of business consistent with past practice, enter into, make any material amendments, fail to renew or
terminate any Material Contract or any Insurance Policy;  
 (f) except as required by applicable Law or as required by the terms of
any existing Contract, Company Benefit Plan or collective bargaining agreement, in each case, as disclosed on a schedule hereto, (i) grant any increase in the base salary or wages, bonus opportunity, consulting fee or other benefits payable to any
Service Provider other than any increase made in the ordinary course of business and consistent with past practice in respect of any Service Provider whose annual base salary or consulting fee is less than $200,000 or (ii) take any action to
accelerate the vesting or payment, or fund or in any other way secure the payment, of compensation or benefits under any Company Benefit Plan, to the extent not required by applicable Law or already provided in the mandatory provisions, if any, of
such Company Benefit Plan; 
 (g) hire, engage or terminate (other than a termination for cause) the employment or service of any Service
Provider, except in the ordinary course of business and consistent with past practice with respect to any new Service Provider who has earned, will earn, or currently earns an annual base salary or consulting fee of less than $200,000; 

(h) except as required by applicable Law, or as reasonably necessary to avoid a violation of applicable Law, not transfer internally (including
in response to a request for transfer by an employee), or otherwise materially alter the duties and responsibilities of, any employee or other service provider of the Seller and its Affiliates in a manner that would affect whether such employee or
other service provider is or is not classified as a Service Provider; 

  
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 (i) take any action that would constitute a “mass layoff” or “plant
closing” within the meaning of the Workers Adjustment and Notification Act or would otherwise trigger notice requirements or liability under any foreign, state or local mass layoff or plant closing notice Law, or any similar foreign Law
concerning employee transfers (including any Transfer of Undertakings (Protection of Employment) Regulations); 
 (j) except to the extent
required by applicable Law, as required by the terms of any existing Contract, Company Benefit Plan or collective bargaining agreement, in each case, as disclosed on a schedule hereto, or as expressly permitted in this Section 7.1,
adopt, amend or terminate any Company Benefit Plan; 
 (k) except as required by applicable Law, negotiate, enter into, amend or extend any
Contract with a Union; 
 (l) make any material change to its accounting (including Tax accounting) methods, principles or practices, except
as required by Law or IFRS; 
 (m) merge or consolidate with any other Person, except (1) as permitted by (n) below
or (2) for any such transactions among wholly owned subsidiaries of the Company, or restructure, reorganize, dissolve or completely or partially liquidate or otherwise enter into any agreements or arrangements imposing material changes
or restrictions on its assets, operations or business; 
 (n) acquire assets outside of the ordinary course of business from any other Person
with a value or purchase price in the aggregate in excess of $500,000, or acquire any business or Person, by merger or consolidation, purchase of substantially all assets or equity interests or by any other manner, in each case, in any transaction
or series of related transactions, other than acquisitions or other transactions pursuant to Contracts to which the Company or any of the Company Subsidiaries are a party that are in effect as of the date hereof; 

(o) enter into any agreement with respect to the voting of its capital stock; 

(p) create or incur any Encumbrance material to the Company or any of the Company Subsidiaries; 

(q) enter into or materially amend (other than renewals in the ordinary course of business consistent with past practice) any Contract that
would have been a Material Contract had it been entered into prior to the date hereof; 
 (r) settle any Action for an amount in excess of
$1,000,000 in the aggregate or settle any other obligation or Liability of the Company or any of the Company Subsidiaries in excess of such amount or on a basis that would result in the imposition of any Order that would restrict the future activity
or conduct of the Company or any of the Company Subsidiaries or a finding or admission of a violation of Law or violation of the rights of any Person; 

(s) (i) make, change or rescind any election relating to Taxes, (ii) settle or compromise any claim or controversy
relating to Taxes, (iii) make any material change to (or make a request to any taxing authority to change) any of its methods, policies or practices of Tax accounting or methods of reporting income, deductions or other items for Tax
purposes, (iv) amend, refile or otherwise revise any Tax Return, (v) consent to an extension or waiver of the statutory limitation period applicable to a claim or assessment in respect of Taxes, (vi) enter into a
Tax allocation, sharing, indemnity or similar agreement, (vii) request a ruling with respect to Taxes or (viii) assume any Liability for the material Taxes of any other Person (whether by contract or otherwise); 

  
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 (t) make any material change to its practices related to accounts receivable and accounts
payable; 
 (u) fail to pay or satisfy when due any material account payable or other material Liability, other than any such Liability that
is being contested in good faith by the Company or any of the Company Subsidiaries; 
 (v) fail to keep current in full force and effect, or
to apply for or renew, any Permits required for top events operated by the Company or the Company Subsidiaries set forth on Schedule 5.11(j) (other than with respect to any such Permits that have been cancelled or postponed in connection with an
event cancellation or postponement); 
 (w) subject the Company or any of the Company Subsidiaries to any bankruptcy, receivership,
insolvency or similar proceeding; 
 (x) take any actions or omit to take any actions that would, individually or in the aggregate,
reasonably be expected to result in any of the conditions set forth in Article 8 not being satisfied; or 
 (y) enter into any
Contract to do any of the foregoing. 
 Notwithstanding anything to the contrary set forth above, to the extent that the Company or any Company Subsidiary
reasonably determines that it is necessary to take certain reasonable actions to protect its workforce or event participants with respect to any public health or safety matters, it shall consult in good faith with Buyer as soon as practicable before
taking the necessary actions; provided that if the Company or any Company Subsidiary reasonably determines that such consultation is not practicable prior to taking the necessary action, it shall give the Buyer notice promptly after taking
such action; provided further any action that results in a disproportional or non-incidental financial benefit to Seller or any of its Affiliates (other than the Company of the Company
Subsidiaries) shall not be a “reasonable action” hereunder. The parties agree that in the event that any of the Company or Company Subsidiary race events are cancelled after the date hereof, the Company or Company Subsidiary, as
applicable, shall, with respect to each athlete registered for the race, defer, postpone or transfer such athlete’s registration to a future non-cancelled race event without further cost to the athlete;
provided, however, the Company may give refunds for cancelled or postponed races to the extent required by applicable Law or consistent with past practice in the ordinary course of business. 

7.2 Access to Information. During the period from the date of this Agreement to the earlier of the Closing and the termination of this
Agreement in accordance with Article 9, the Company shall, and shall cause each Company Subsidiary to (a) provide the Buyer and its authorized Representatives with reasonable access, upon reasonable prior notice and during normal
business hours, to the personnel, assets, properties, and Books and Records of the Company and the Company Subsidiaries, and (b) furnish the Buyer and its authorized Representatives with such information and data concerning the Company
and the Company Subsidiaries as the Buyer may reasonably request; provided, however, that (i) any such access shall be conducted in a manner not to unreasonably interfere with the businesses or operations of the Company or any Company
Subsidiary, (ii) neither the Company nor any Company Subsidiary shall be required to provide any (A) access or information that would result in violation of any applicable Laws or (B) information the disclosure of which would jeopardize any
applicable privilege (including attorney-client privilege) applicable to the Seller, the Company, any Company Subsidiary or their respective Affiliates; provided that, in each case, the Company shall and shall cause each Company Subsidiary to
cooperate with the Buyer to establish an appropriate confidential procedure or other work around to provide the requested access including providing redacted or partial copies of such information, and (iii) the Buyer shall not conduct
any sampling, testing or other intrusive indoor or outdoor investigation at or in connection with the Leased Real Property without the Company’s prior written consent. All such access and information requests shall be coordinated through one or
more Representatives designated by the Company. The Buyer shall not, and shall cause its Affiliates and their respective Representatives not to, contact any officer, employee, agent, customer, supplier or any other Person having any business
relationship with the Company or any Company Subsidiary, except with the approval of, and coordinated by, such Representative designated by the Company. 

  
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 7.3 Cooperation and Efforts to Consummate Transactions; Status Updates. 

(a) Cooperation and Efforts. Upon the terms and subject to the conditions set forth in this Agreement, the parties hereto shall
cooperate with each other and use (and shall cause their respective controlled Affiliates to use) their respective reasonable best efforts to take or cause to be taken all actions reasonably necessary or advisable on their part under this Agreement
to consummate the transactions contemplated by this Agreement as promptly as reasonably practicable and not to take any action after the date hereof that would reasonably be expected to prevent, materially delay or materially impair the consummation
of the transactions contemplated by this Agreement. 
 (b) Status Updates. Subject to applicable Laws and any requirements of any
Governmental Authority, the Company and the Buyer shall each keep the other apprised of the status of matters relating to the consummation of the transactions contemplated by this Agreement, including promptly notifying the other of
(i) any Action commenced involving such party that, if pending on the date of this Agreement, would have been required to have been disclosed pursuant to the terms of this Agreement, (ii) any occurrence of which it is aware
that is reasonably likely to result in any of the conditions set forth in Article 8 becoming incapable of being satisfied, and (iii) to the knowledge of the Seller and the Knowledge of the Company, any material compliance with Law
violations by the Company. For the avoidance of doubt, the delivery of any such notice and the contents thereof shall not modify or change in any respect the rights and obligations of the parties hereto under this Agreement or any Transaction
Document. 
 7.4 Filings and Authorizations; Consummation. 

(a) Each of the parties hereto shall prepare and file as promptly as reasonably practicable all documentation to effect all necessary notices,
reports and other filings and to obtain as promptly as practicable all consents, clearances, registrations, approvals, permits and authorizations necessary or advisable to be obtained from any Governmental Authority under Antitrust Laws in order to
consummate the transactions contemplated by this Agreement. Without limiting the foregoing, the Company and the Buyer shall make their respective filings (or, where customary, draft filings to be followed in the ordinary course by formal filings)
pursuant to (i) the HSR Act with respect to the transactions contemplated by this Agreement as promptly as reasonably practicable and no later than ten (10) Business Days after the date of this Agreement and
(ii) the authorizations or approvals listed on Schedule 7.4(a) (the “Required Approvals”) as promptly as reasonably practicable and no later than twenty (20) Business Days after the date of this
Agreement; provided that in each case, if any relevant Governmental Authority has informed, requested, advised or publicly announced that an applicable filing (or draft filing) should not or cannot be made within the foregoing timeline, or if
an applicable filing (or draft filing) cannot be made within the foregoing timeline for any other reason related to COVID-19, the Company and the Buyer shall use their respective reasonable best efforts to
make the applicable filing as promptly as reasonably practicable thereafter. Each of the parties hereto shall promptly provide documents requested by any Governmental Authority to the extent reasonably necessary or advisable to obtain as promptly as
practicable all consents, registrations, approvals, permits and authorizations necessary or advisable to be obtained from such Governmental Authority under Antitrust Laws in order to consummate the transactions contemplated by this Agreement. The
parties agree to request, or cause to be requested, early termination under the HSR Act and any other Antitrust Laws, if applicable. The parties shall consider in good faith whether it would be worthwhile to request the Spanish Competition and
Markets authority (la Comision Nacional de Los Mercados y La Competencia) to grant a derogation from the suspensory obligation under the merger control provisions of the Spanish Law on the Protection of Competition (Ley de la Defensa de la
Competencia), and if they agree that it would be worthwhile, to thereafter co-operate to make such a request. The Buyer acknowledges and agrees that it shall pay and shall be solely responsible for the
payment of all filing fees associated with such filings. 

  
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 (b) Each of the parties hereto, as promptly as practicable, shall make, or cause to be
made, all other filings and submissions under Laws applicable to it, or to its subsidiaries and Affiliates, as may be required for it to consummate the transactions contemplated hereby and use its reasonable best efforts (which shall not require any
party to make any payment or concession to any Person in connection with obtaining such Person’s consent) to obtain, or cause to be obtained, all other authorizations, approvals, consents and waivers from all Persons and Governmental
Authorities necessary to be obtained by it, or its subsidiaries or Affiliates, in order for it to consummate such transactions. In connection therewith, neither the Company nor any of the Company Subsidiaries shall (a) make any payment
of a consent fee, “profit-sharing” payment or other consideration (including increased or accelerated payments) or concede anything of monetary or economic value, (b) amend, supplement or otherwise modify any Contract or
(c) agree or commit to do any of the foregoing, in each case, for the purposes of giving, obtaining or effecting any third-party consents without the prior consent of the Buyer. 

(c) Each party hereto shall, upon request by the other, promptly furnish the other with all information concerning itself, its subsidiaries,
directors, officers and stockholders and such other matters as may be reasonably necessary or advisable in connection with any statement, filing, notice or application made by or on behalf of the Buyer, the Company or any of their respective
subsidiaries to any Governmental Authority in connection with the transactions contemplated by this Agreement. 

  
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 (d) Without limiting the generality of the undertakings pursuant to this
Section 7.4: 
 (i) each of the parties hereto shall promptly use its reasonable best efforts to avoid the entry
of any permanent, preliminary or temporary Order that would reasonably be expected to delay, restrain, prevent, enjoin or otherwise prohibit consummation of the transactions contemplated by this Agreement; 

(ii) the Buyer shall and shall cause its controlled Affiliates to propose, negotiate and offer to commit, by Order, consent
decree, hold separate order, trust, or otherwise, the sale, divestiture, license, disposition or hold separate of such assets or businesses of the Buyer or its Affiliates, or otherwise offering to take or offering to commit to take any action
(including any action that limits its freedom of action, ownership or control with respect to, or its ability to retain or hold, any of the businesses, assets, product lines, properties or services of the Company or any Company Subsidiary) to the
extent legally permissible (each, a “Regulatory Condition”); 
 provided that notwithstanding anything to the contrary in this
Agreement, (i) in no event shall any party or any of its subsidiaries or other Affiliates be required to agree to any Regulatory Condition that is not conditioned upon the Closing and (ii) neither the Buyer nor any of its Affiliates shall be
required to take any action pursuant to Section 7.3 or this Section 7.4 that would, or would reasonably be expected to, (x) result in a Material Adverse Effect or (y) adversely impact the operations, business, assets or
investments of any of the Buyer or any of its Affiliates (other than the Company and the Company Subsidiaries). 
 (e) Subject to applicable
Laws relating to the exchange of information, the Buyer shall have the right to direct all matters with any Governmental Authority consistent with its obligations under this Section 7.4; provided, that the Buyer and the Company
shall have the right to review in advance and, to the extent practicable, each will consult with the other on and consider in good faith the views of the other in connection with, all the information relating to the Buyer or the Company, as the case
may be, and any of their respective subsidiaries, that appears in any filing made with, or written materials submitted to, any Governmental Authority in connection with the transactions contemplated hereby. Without limiting the generality of the
undertakings pursuant to Section 7.3, each party hereto shall promptly inform the other parties of any material communication from the Federal Trade Commission, the Department of Justice or any other Governmental Authority regarding any of
the transactions contemplated by this Agreement, to the extent informing the other party is consistent with applicable Law and permitted by the relevant Governmental Authority. If any party hereto or any Affiliate thereof receives a request for
additional information or documentary material from any such Governmental Authority with respect to the transactions contemplated by this Agreement, then such party shall promptly make, or cause to be made, as soon as reasonably practicable and
after reasonable consultation with the other party, an appropriate response in compliance with such request including by providing requested documentation, to the extent such response is consistent with applicable Law. To the extent consistent with
applicable Law and permitted by the relevant Governmental Authority, the Buyer will advise the Company promptly in respect of any understandings, undertakings or agreements (oral or written) which the Buyer proposes to make or enter into with the
Federal Trade Commission, the Department of Justice or any other Governmental Authority in connection with the transactions contemplated by this Agreement, and give the Company the opportunity to attend and participate at any prescheduled meetings
with respect thereto. Each of the Seller and the Buyer agree not to participate in any substantive meeting or discussion with any Governmental Authority in connection with the transactions contemplated by this Agreement unless it has provided the
other party with reasonable advance notice of the discussion or meeting and the opportunity to participate therein unless prohibited by the Governmental Authority. 

  
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 7.5 Exclusive Dealing. During the period from the date of this Agreement to
the earlier of the Closing and the termination of this Agreement in accordance with Article 9, the Seller shall not, and shall cause each of the Company and the Company Subsidiaries, its other Affiliates and their respective Representatives
not to, directly or indirectly, (a) (i) initiate, solicit or encourage the submission of any proposals or offers with respect to, (ii) participate in any discussions or negotiations regarding or relating to, or (iii) enter
into any Contract, letter of intent or agreement in principle with any third party relating to, (A) any direct or indirect acquisition of any assets of the Company (including equity securities of the Company Subsidiaries) or any Equity
Interests of the Company, other than those transactions that would not constitute a breach of Section 7.1(b) or Section 7.1(c) if taken without the Buyer’s consent, or (B) a merger,
amalgamation, joint venture, partnership, consolidation, dissolution, liquidation, tender offer, recapitalization, reorganization, share exchange, business combination or similar transaction involving the Company or any Company Subsidiary, in each
case, through a single transaction or a series of related transactions (each of the foregoing transactions or series of transactions, an “Acquisition Transaction”), or (b) assist any third party in
preparing or soliciting an offer relating in any way to an Acquisition Transaction (in each case other than with respect to the transactions contemplated by this Agreement). The Seller shall, and shall cause the Company and the Company Subsidiaries
and their respective Representatives to, immediately cease any activities, discussions or negotiations that are ongoing, request the prompt return or destruction of any documents and information provided to any Person in connection with such
discussions, and terminate access to any data rooms previously provided to any third parties in connection with any Acquisition Transaction. The Seller shall immediately notify the Buyer of the existence of any proposal or inquiry received by the
Company and the Company Subsidiaries or their respective Representatives after the date hereof. 
 7.6 Public Announcements and Third-Party
Disclosures. No party to this Agreement shall issue or cause the publication of any press release or other public announcement with respect to this Agreement or the transactions contemplated hereby without the prior written consent of the other
parties hereto; provided, however, that nothing herein will prohibit any party from (a) issuing or causing publication of any such press release or public announcement to the extent that such disclosure is required by
applicable Law or stock exchange requirements so long as such party provides the non-disclosing party with a reasonable prior notice and opportunity to review and give due consideration to reasonable comments made by the non-disclosing party or
(b) disclosing any information that is reasonably required to be disclosed in confidence to a party’s and its Affiliates’ respective directors, officers, employees, professional advisers, current and potential investors and
other Representatives who are subject to standard confidentiality agreements or obligations; provided, further, however, that such party shall be responsible for any breach of the terms hereof and thereof by any such Persons.

  
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 7.7 Retention of Books and Records. For six (6) years following the Closing Date,
unless acting with the prior written consent of the Seller (such consent not to be unreasonably conditioned, withheld or delayed), the Buyer shall not, and shall cause the Company, the Company Subsidiaries and the Buyer’s other Affiliates not
to, destroy or otherwise dispose of its books, records, files, designs, specifications, customer lists, supplier lists, operating records, sales material, and other material documents in existence at the Closing, relating to the operation of the
Company or the Company Subsidiaries prior to the Closing and are required to be retained under the Company’s current records retention policies (all such materials, the “Books and Records”) without first offering to surrender the
Books and Records which are intended to be destroyed or disposed of to the Seller. After the Closing, the Buyer shall, at the Seller’s expense, allow the counsel, accountants, and other authorized Representatives of the Seller and the
Seller’s Affiliates access to such Books and Records upon reasonable request and prior notice by the Seller and during normal business hours under supervision of the Buyer’s or the Company’s personnel; provided, however,
that (a) any such access shall be conducted in a manner not to unreasonably interfere with the businesses or operations of the Company or any Company Subsidiary and (b) neither the Company nor any Company Subsidiary shall be required to provide
any (i) access or information that would result in violation of any applicable Laws, (ii) information subject to any confidentiality, non-disclosure or similar arrangements if the Company shall have used
reasonable efforts to obtain the consent of the applicable third party to whom the confidentiality obligation is owed, (iii) information the disclosure of which would jeopardize any applicable privilege (including attorney-client privilege)
applicable to the Buyer, the Company, any Company Subsidiary or their respective Affiliates, or (iv) information the disclosure of which would, or would reasonably be expected to disclose trade secrets of third parties; provided that, in each case,
the Company shall and shall cause each Company Subsidiary to cooperate with the Seller to establish an appropriate confidential procedure or other work around to provide the requested access including providing redacted or partial copies of such
information. 
 7.8 Employee Matters.  

(a) From and after the Closing Date until the twelve (12)-month anniversary thereof (or such later period as may be required by applicable Law
or, if earlier, termination of employment), the Buyer shall, and shall cause its Affiliates (including the Company and the Company Subsidiaries) to, provide to each employee of the Company and each Company Subsidiary as of the Closing who remain
employed immediately following the Closing (i) annual base salary or wages and target incentive compensation (with actual incentive compensation based on the achievement of applicable incentive compensation performance criteria) not less than
the annual base salary or wages and target incentive compensation provided to such employee immediately prior to the Closing and (ii) employee benefits (which, for the avoidance of doubt, excludes equity-based, change in control, retention,
retiree medical benefits, defined benefit plans and nonqualified deferred compensation plans) that are substantially comparable and no less favorable in the aggregate to the employee benefits provided to each such employee immediately prior to the
Closing. 
 (b) The Buyer shall cause service rendered by employees of the Company and each Company Subsidiary prior to the Closing Date to
be taken into account for all purposes including participation, coverage, vesting and level of benefits, as applicable, under all employee benefit plans, programs, policies and arrangements (but excluding benefit accrual under any defined benefit
plan, equity-based benefits and non-qualified deferred compensation benefits) of the Buyer and its Affiliates (including the Company and the Company Subsidiaries) applicable to employees of the Company or any
Company Subsidiary from and after the Closing Date, to the same extent as such service was taken into account under corresponding plans of the Seller, the Company and the Company Subsidiaries, as applicable, for such purposes; provided,
however, that nothing herein shall result in the duplication of any benefits. Without limiting the foregoing, the Buyer shall, or shall use commercially reasonable efforts to cause its third-party service providers to, provide that employees
of the Company and the Company Subsidiaries will not be subject to any pre-existing condition or limitation under any health or welfare plan of the Buyer or its Affiliates (including the Company and the
Company Subsidiaries) for any condition for which such employee would have been entitled to coverage under the corresponding plan of the Seller, the Company or a Company Subsidiary, as applicable, in which such employee participated immediately
prior to the Closing Date. The Buyer shall, or shall use commercially reasonable efforts to cause its third-party service providers to cause, such employees to be given credit under such plans for co-payments
made, and deductibles satisfied, prior to the Closing Date. 

  
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 (c) This Section 7.8 shall be binding upon and inure solely to the benefit of
each of the parties to this Agreement, and nothing in this Section 7.8, express or implied, shall confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this Section 7.8. Nothing
contained herein, express or implied, shall be construed to establish, amend or modify any benefit plan, program, agreement or arrangement of the Company, the Buyer or of the Seller. The parties hereto acknowledge and agree that the terms set forth
in this Section 7.8 shall not (i) create any right in any employee or any other Person to any employment, continued employment, or any term or condition of employment with the Company or any Company Subsidiary, the Buyer or
any of their respective Affiliates or to any compensation or benefits of any nature or kind whatsoever or (ii) alter or limit the ability of the Company or any Company Subsidiary, the Seller, the Buyer or any of their respective
Affiliates to, at any time, amend, modify or terminate any benefit plan program, agreement or arrangement assumed, established or maintained by any of them. 

7.9 Tax Matters.  

(a) Transfer Tax. The Buyer shall be responsible for, and shall pay, any and all sales, use, transfer, real property transfer or gains
tax, stamp tax, stock transfer tax, or other similar Tax imposed on the Company or any Company Subsidiary or the Seller or the Buyer as a result of the transactions contemplated by this Agreement and any penalties or interest (or addition to Tax)
with respect to such Taxes (a “Transfer Tax”), other than any Transfer Tax imposed by the People’s Republic of China or any political subdivision thereof. The Seller shall be responsible for, and shall pay, any and all Transfer
Taxes imposed by the People’s Republic of China or any political subdivision thereof. 
 (b) Tax Contests. If
Holdco, the Seller, the Company, the Company Subsidiaries or any of their respective Affiliates receives written notice of any Action by any Tax authority with respect to a combined, consolidated, affiliated or unitary group that includes the
Company or any of the Company Subsidiaries relating to a Tax period ending on or prior to, or that includes, the Closing Date, and such Action could give rise to a Tax Liability of Holdco for which the Company or any of the Company Subsidiaries
would be liable pursuant to Treasury Regulations Section 1.1502-6 or any similar provision of state, local or foreign Law (a “Tax Claim”), such party shall promptly provide notice to the other party of such Tax Claim.
The Seller, Holdco and their Affiliates (other than the Company and the Company Subsidiaries) shall have the exclusive right to control all matters relating to such Action, and the Buyer shall have the right to participate (at its own expense) in
all proceedings in connection with such Action, and the Seller, Holdco and any of their Affiliates shall not settle or cause to be settled any Tax Claim without the consent of the Buyer to the extent such settlement would result in any incremental
Tax Liabilities to the Company or any of the Company Subsidiaries, such consent not to be unreasonably withheld, conditioned or delayed. Notwithstanding anything to the contrary set forth here, the Buyer shall not have any right to withhold its
consent with respect to the settlement of any Action relating to the treatment of the advances to Holdco identified in item 2 of Schedule 5.12(a)(ii) as equity for Tax purposes, or, without prejudice to Holdco’s obligations pursuant to
Section 7.9(c) or Section 7.9(d), any other settlement that maximizes the use of any net operating loss or other Tax attributes in respect of a Taxable period (or portion thereof) ending on
or before, or that includes, the Closing Date. 

  
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 (c) Duplicated Loss Tax Election. The parties anticipate that Treasury Regulations
Section 1.1502-36 could apply to the sale of stock of the Company by Holdco pursuant to this Agreement, in which event certain Tax attributes of the Company could be reduced for U.S. federal income Tax purposes pursuant to Treasury
Regulations Section 1.1502-36. The parties agree that Holdco shall make a valid irrevocable election with respect to the sale of the stock of the Company to reduce the potential for loss duplication under Treasury Regulations
Section 1.1502-36(d)(6) (the “Duplicated Loss Tax Election”). In the Duplicated Loss Tax Election, Holdco shall elect, pursuant to Treasury Regulations Section 1.1502-36(d)(6)(i)(A), to reduce its adjusted Tax bases
in the stock of the Company to the maximum possible extent. The parties further agree that Holdco shall not elect to reattribute any of the Company’s Tax attributes pursuant to Treasury Regulations Section 1.1502-36(d)(6)(i)(B). The
Duplicated Loss Tax Election shall be made in the manner provided in Treasury Regulations Section 1.1502-36(e)(5). The parties agree that if any other applicable Law could result in any reduction
of any Tax attribute of the Company for state, local or foreign income Tax purposes and such reduction could be avoided or decreased by an election by Holdco to reduce the adjusted Tax basis in the stock of the Company for such Tax purposes, Holdco
shall, upon the request of the Buyer, cooperate with the Buyer to make such election to the extent such election does not result in any incremental Tax Liability to Holdco. The Buyer shall reimburse Holdco for all reasonable out-of-pocket third-party costs incurred in connection with making the elections described in this Section 7.9(c). 

(d) Consolidated Group Net Operating Loss. Holdco agrees to elect, in accordance with Treasury Regulations Section 1.1502-95(c), to apportion to the Company the maximum amount of any available (i) consolidated Section 382 limitation and (ii) net unrealized
built-in gain. Such election and apportionment shall be made in accordance with the requirements of Treasury Regulations Section 1.1502-95. The Buyer shall
reimburse Holdco for all reasonable out-of-pocket third-party costs incurred by Holdco in connection with making the election described in this
Section 7.9(d). 
 (e) Cooperation. 

(i) Each of the Buyer and the Company, on the one hand, and Holdco and the Seller, on the other hand, shall cooperate fully, as
and to the extent reasonably requested by the other party, in connection with any Tax matters relating to the Company and the Company Subsidiaries (including by the provision of reasonably relevant records or information). 

  
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 (ii) For any taxable period of the Company or any of the Company
Subsidiaries ending on or before the Closing Date, and any taxable period that includes the Closing Date, with respect to any income Tax Return required to be filed by Holdco with respect to any combined, consolidated, affiliated, unitary or similar
group that includes the Company or any of the Company Subsidiaries and for which Holdco was the common parent (a “Group Tax Return”), the Buyer, if so requested by the Seller, shall (but in no event later than 120 days following the
Closing Date) cause the Company and the Company Subsidiaries to prepare and provide to the Seller with a package of Tax information materials, which shall be completed in accordance with the reasonable past practice of the Company and the relevant
Company Subsidiaries including reasonable past practice as to providing the information, schedules and work papers and as to the method of computation of separate taxable income or other relevant measure of income of the Company and the Company
Subsidiaries. The Seller and Holdco shall be responsible for timely preparing and filing, or causing to be timely prepared and filed, all Group Tax Returns. Any Group Tax Return shall be prepared and filed consistent with the Tax information
provided to the Seller by the Company and the relevant Company Subsidiaries, and shall allow Holdco to utilize to the maximum extent permitted by applicable Law any Tax attributes (including net operating loss, capital loss, Tax credit carryover or
other Tax asset) of the Company or any of the Company Subsidiaries generated or arising in or in respect of a Taxable period (or portion thereof) ending on or before the Closing Date in computing any Tax Liability due in respect of such Group Tax
Return. Not later than thirty (30) days prior to the due date (taking into account any extension of time to file) for filing any Group Tax Return, the Seller shall provide the Buyer with a draft of any such Group Tax Return for the
Buyer’s review and comment. The Seller and Holdco shall not file or cause to be filed any Group Tax Return without the prior written consent of the Buyer (such consent not to be unreasonably withheld, conditioned or delayed); provided,
however, that Buyer’s consent shall not be required with respect to the treatment of the advances to Holdco identified in item 2 of Schedule 5.12(a)(ii) as equity for Tax purposes on such Group Tax Return or, without prejudice to
Holdco’s obligations pursuant to Section 7.9(c) or Section 7.9(d), any other position that maximizes the use of Tax attributes by Holdco. 

(iii) Notwithstanding anything to the contrary contained in this Agreement, (x) neither the Buyer nor any of its
Affiliates (including after the Closing the Company and the Company Subsidiaries) shall have the right to receive or obtain any information relating to Taxes or Tax Returns of Holdco or any of its Affiliates (or any of its predecessors) other than
information relating solely to the Company and the Company Subsidiaries (including information relating to any Liability that may be imposed on the Company or any of the Company Subsidiaries pursuant to Treasury Regulations Section 1.1502-6), and (y) neither the Seller nor any of its Affiliates shall have the right to receive or obtain any information relating to Taxes or Tax Returns of the Buyer or any of its Affiliates other than
information relating solely to the Company and the Company Subsidiaries with respect to a taxable period ending on or before the Closing Date or including the Closing Date. 

(f) [*] 
 (g) [*] 

(h) Refunds. The Buyer shall be entitled to any Tax refunds received on or after the Closing Date by Holdco to the extent that any such
refunds are taken into account in the determination of the Final Purchase Price. 

  
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 (i) Tax Return Filings. Except as specifically provided in Section 2.5,
prior to the Closing Date, the Seller shall, and shall cause the Company and the Company Subsidiaries to, make commercially reasonable efforts to (i) file as many of the Tax Returns identified on Schedule 5.12(a)(i) as is practicable and
(ii) pay any Taxes shown as due on such filed Tax Returns and all interest and penalties due in respect of such Tax Returns. 

7.10 Director and Officer Indemnification. 

(a) From and after the Closing, the Buyer shall cause the Company and each Company Subsidiary to, (i) indemnify, exculpate, defend and
hold harmless, to the fullest extent permitted under applicable Law, all of their respective past and present directors and officers of the Company and each Company Subsidiary who are not directors or officers of Seller or its Affiliates following
the Closing (in each case, when acting in such capacity for the Company or any Company Subsidiary)(collectively, the “D&O Indemnified Parties”) against any and all losses incurred (including reasonable attorneys’ fees and
expenses) in connection with any Action, whether civil, criminal, administrative or investigative, arising out of or pertaining to the fact that such D&O Indemnified Parties is or was a director, manager, officer, member, employee or agent of
the Company or a Company Subsidiary or is or was serving at the request of the Company or Company Subsidiary as director, manager, officer, member, employee or agent of any other Person, arising out of or pertaining to matters existing or occurring
at or prior to the Closing, whether asserted or claimed before, at or after the Closing (including with respect to acts or omissions occurring in connection with this Agreement and the consummation of the transactions contemplated hereby), (ii)
provide advancement of expenses to the D&O Indemnified Parties, in all such cases to the fullest extent that such D&O Indemnified Parties are indemnified or entitled to advancement of expenses as of the date hereof by the Company or a
Company Subsidiary pursuant to its Organizational Documents and indemnification agreements, if any, in existence before the Closing, (iii) subject to the limitations set forth in clause (i), to the fullest extent permitted by
applicable Law, include and cause to be maintained in effect the provisions regarding elimination of liability of directors, managers, officers, members, employees or agents, and indemnification of and advancement of expenses to directors, managers,
officers, members and employees contained in the certificates of incorporation, bylaws and other comparable Organizational Documents of the Company and the Company Subsidiaries and (iv) not settle, compromise or consent to the entry of
any judgment in any Action or threatened Action (and in which indemnification could be sought by a D&O Indemnified Party hereunder), unless such settlement, compromise or consent includes an unconditional release of such D&O Indemnified
Party from all Liability arising out of such Action or such D&O Indemnified Party otherwise consents in writing to the entry of such judgment; provided that any Person to whom expenses are advanced provides an undertaking to repay such
advances if it is ultimately determined by final adjudication that such Person is not entitled to indemnification. 
 (b) For a period of not
less than six (6) years from the Closing Date, the Buyer, in its sole discretion, shall either: (i) cause the Company and the Company Subsidiaries to maintain officers’ and directors’ liability insurance and fiduciary
liability insurance in respect of acts or omissions occurring at or prior to the Closing, covering the D&O Indemnified Parties who are currently covered by the existing officers’ and directors’ or fiduciary liability insurance policies
of each of the Company and the Company Subsidiaries and in each case in amounts no less than and on terms no less favorable to such D&O Indemnified Parties than under the officers’ and directors’ liability insurance policies maintained
by the Company or the Company Subsidiaries as of the Closing that cover such D&O Indemnified Party or (ii) purchase a six (6)-year prepaid “tail policy” on terms and conditions providing equivalent or superior benefits to the
D&O Indemnified Parties as the existing officers’ and directors’ liability insurance and fiduciary liability insurance policies of each of the Company and the Company Subsidiaries covering the D&O Indemnified Parties, with respect
to matters existing or occurring prior to the Closing, including the transactions contemplated hereby. Notwithstanding anything to the contrary in this Agreement, except for as otherwise agreed between the Buyer and any D&O Indemnified Party,
for so long as the “tail policy” is in effect, it shall be the sole and exclusive remedy for indemnification claims by a D&O Indemnified Party. 

  
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 (c) For a period of six (6) years after the Closing, the Buyer shall not, and shall not
permit the Company or any Company Subsidiary to, amend, repeal or modify any provision in the Organizational Documents relating to the exculpation, indemnification or advancement of expenses of any D&O Indemnified Party with respect to acts or
omissions existing or occurring at or prior to the Closing (unless and to the extent required by applicable Law), it being the intent of the parties that all such D&O Indemnified Parties shall continue to be entitled to such exculpation,
indemnification and advancement of expenses to the fullest extent permitted by applicable Law and subject to the Organizational Documents of the applicable entity, and that no change, modification or amendment of such documents or arrangements may
be made that will adversely affect any such D&O Indemnified Party’s right thereto without the prior written consent of that Person. 

(d) The obligations of the Buyer, the Company and each Company Subsidiary under this Section 7.9(b) shall not be terminated,
amended or modified in any manner so as to adversely affect any D&O Indemnified Party to whom this Section 7.9(b) applies without the written consent of such affected D&O Indemnified Party (it being expressly agreed that the
D&O Indemnified Parties to whom this Section 7.9(b) applies shall be third-party beneficiaries of this Section 7.9(b), and this Section 7.9(b) shall be enforceable by such D&O Indemnified Parties and shall
be binding on all successors and assigns of the Buyer, the Company and each Company Subsidiary). 
 7.11 Party Names. Except as
permitted under this Section 7.11 or as otherwise agreed to in any written agreements between the parties or their respective Affiliates or Representatives (including the Exclusive Multi-Event License Agreement), following the Closing,
(a) the Buyer shall not, and shall cause the Company and the Company Subsidiaries not to, use, register or seek to register the name “Wanda” or any confusingly similar name in the conduct of their respective businesses without the
prior written consent of the Seller and (b) the Seller shall not, and shall cause its Affiliates not to, use, register or seek to register or contest or deny the validity or enforceability of, any Company Names. Notwithstanding anything to the
contrary in this Agreement, nothing shall prohibit the parties from using the name “Wanda” or any confusingly similar name, in the case of the Buyer, and any Company Names, in the case of Seller, to identify the other party in factually
accurate textual references referencing the historical relationship between the parties, in each case, in accordance with Section 7.6. 

7.12 Non-Solicit/Non-Hire. For a period starting as of
the Closing Date and expiring [*] following the Closing Date, the Seller shall not, and shall cause its subsidiaries and its and their respective directors, officers and employees not to: (a) directly or indirectly, solicit, hire, or employ any
employee of the Company or Company Subsidiaries; provided, however, that the foregoing shall not preclude the Seller or any of its subsidiaries from (i) soliciting such Persons pursuant to a general solicitation performed by the
Seller or any of its Affiliates that is not specifically targeted at such Person, or (ii) soliciting any such Persons that are no longer employed by the Buyer or any of its Affiliates (including the Company and Company Subsidiaries) and hiring
any such Persons that have not been employed for longer than ninety (90) days by the Buyer or any of its Affiliates (including the Company and Company Subsidiaries), and (b) directly or indirectly, intentionally interfere with, impair, or
adversely affect any contractual or business relationships (or attempt any of the foregoing), whether formed before, on or after the date of this Agreement between the Buyer, on the one hand, and any customer, supplier, sponsor or business partner
of the Buyer or the Company, on the other hand. Notwithstanding anything to the contrary in this Agreement, (x) Seller and its Affiliates may take action and conduct activities that are expressly provided in the [*] Exclusive Multi-Event
License Agreement and (y) subject to this Section 7.12, the confidentiality obligations set forth in Section 7.16(b) and the [*] Exclusive Multi-Event License Agreement, nothing in this
Agreement shall prohibit or restrict the Seller or any of its Affiliates from, directly or indirectly, conducting any business that is competitive with the business of the Buyer or any of its Affiliates (including, after the Closing, the Company and
the Company Subsidiaries). 

  
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 7.13 Company Indebtedness. To the extent requested by the Buyer at least ten
(10) Business Days prior to the Closing Date or as otherwise required in connection with the Closing pursuant to the provisions of any instrument governing Indebtedness (for example, if the Indebtedness is required to be repaid upon a
“change in control” of the Company that is triggered by the Closing), the Company shall use its commercially reasonable efforts to obtain and deliver to the Buyer with respect to each applicable instrument of Indebtedness (a) a
customary debt pay-off and lien release letter at or prior to the Closing providing for the repayment or prepayment (as the case may be) as of the Closing of all amounts of such Indebtedness and for the
termination of any guarantees provided by the Company or the Company Subsidiaries in connection with such Indebtedness (each such letter, a “Debt Pay-Off Letter”) and (b) a draft of such
Debt Pay-Off Letter at least five (5) Business Days prior to the Closing in form and substances satisfactory to Buyer. At the Closing, the Buyer shall, on behalf of the Company, effect the
repayment or prepayment (as the case may be) of the Indebtedness amounts set forth in the Debt Pay-Off Letters (which amount shall be paid directly to the applicable lender(s) party to such Debt Pay-Off Letters). 
 7.14 [*] 

7.15 Termination of Affiliate Agreements. [*] the Seller shall cause all Affiliate Agreements to be settled or otherwise terminated as
such Affiliate Agreements apply to the Company or any Company Subsidiary without any Liability or obligation whatsoever on the part of the Buyer or any of its Affiliates (including, after the Closing, the Company and the Company Subsidiaries)
including any Liability arising from such termination or settlement. Prior to the Closing, the Seller shall cause (a) all intercompany accounts payable owing to the Seller or any of its Affiliates (other than the Company and the Company
Subsidiaries) by the Company and (b) all intercompany accounts payable owing by the Seller or any of its Affiliates (other than the Company and the Company Subsidiaries) to the Company, in each case, to be settled or otherwise paid. 

7.16 Confidentiality. 
 (a)
Any information provided to or obtained by the Buyer or its authorized Representatives pursuant to Section 7.2 shall be treated as “Confidential Information” (“Confidential Information”) as defined in the
Confidentiality Agreement, dated as of January 20, 2020, by and between the Seller and the Buyer Guarantor (the “Confidentiality Agreement”), and shall be held by the Buyer in accordance with and be subject to the terms of the
Confidentiality Agreement. The terms of the Confidentiality Agreement will continue in full force and effect until the Closing, at which time the confidentiality obligations under the Confidentiality Agreement shall terminate. In the event of the
termination of this Agreement for any reason, the Buyer shall comply with the terms and provisions of the Confidentiality Agreement, including returning or destroying all Confidential Information.
 

  
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 (b) For a period of three (3) years following the Closing Date, the Seller shall, and
shall cause its Affiliates and its and their respective Representatives to, keep confidential, and not use any Confidential Information relating to or obtained from, the Company, regardless of the form in which such information is communicated or
maintained, and all notes, reports, analyses, compilations, studies, files or other documents or material, whether prepared by such party, its Affiliates, or its Representatives, that are based on, contain or otherwise reflect such information, in
the same manner as and to the same extent that the Buyer is required to keep Confidential Information confidential under the Confidentiality Agreement, and the confidentiality and use provisions in the Confidentiality Agreement shall apply to the
Seller mutatis mutandis, excluding any information that (i) as of the Closing Date, is in the public domain, or (ii) after the Closing Date, enters the public domain through no wrongful action or inaction on the part of the
Seller or any of its Affiliates; provided that the provisions of this Section 7.16 will not prohibit any retention of copies of records or disclosure required by applicable Law so long as, to the extent practicable, reasonable
prior notice is given of such disclosure and a reasonable opportunity is afforded to contest the same. In the event that Seller or any of its Affiliates, are requested or required (by oral question or request for information or documents in any
Action, interrogatory, subpoena, civil investigative demand or similar legal process) to disclose any such information, the Seller shall use commercially reasonable efforts to promptly notify the Buyer of the request or requirement so that the Buyer
may seek, at its sole cost and expense, an appropriate protective order or waive compliance with the provisions of this Section 7.16(b) and the Seller shall use commercially reasonable efforts to cooperate with the Buyer to obtain such
protective order. If, in the absence of a protective order or the receipt of a waiver hereunder, the Seller is legally required to disclose any such information, the Seller may disclose such information to the requesting authority; provided,
however, that the Seller shall furnish only the portion of Confidential Information which the Seller is advised by counsel (which may be in-house counsel) is so legally compelled and shall use
reasonable best efforts to obtain, at the reasonable request of the Buyer and at the Buyer’s sole cost, an order or other assurance that confidential treatment will be accorded to such portion of the information required to be disclosed as the
Buyer shall designate in good faith. The Seller will be responsible for any breach or violation of the provisions of this Section 7.16 by any of the Seller’s Affiliates or Representatives. 

  
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 (c) For a period of three (3) years following the Closing Date, the Buyer shall, and
shall cause its Affiliates (including, after the Closing, the Company and the Company Subsidiaries) and its and their respective representatives to, keep confidential, and not use any information of a proprietary or confidential nature relating to
the Seller, any of its Affiliates (for the avoidance of doubt, other than the Company and the Company Subsidiaries), or their respective businesses regardless of the form in which such information is communicated or maintained, and all notes,
reports, analyses, compilations, studies, files or other documents or material, whether prepared by such party, its Affiliates, or its Representatives, that are based on, contain or otherwise reflect such information, in the same manner as and to
the same extent that the Buyer is required to keep certain information confidential under the Confidentiality Agreement, excluding any information that (i) as of the Closing Date, is in the public domain, or (ii) after the Closing
Date, enters the public domain through no wrongful action or inaction on the part of the Buyer or any of its Affiliates; provided that the provisions of this Section 7.16 will not prohibit any retention of copies of records or
disclosure required by applicable Law so long as, to the extent practicable, reasonable prior notice is given of such disclosure and a reasonable opportunity is afforded to contest the same. In the event that the Buyer or any of its Affiliates
(including, for the avoidance of doubt, the Company and the Company Subsidiaries), is requested or required (by oral question or request for information or documents in any Action, interrogatory, subpoena, civil investigative demand or similar legal
process) to disclose any such information, the Buyer shall use commercially reasonable efforts to promptly notify the Seller of the request or requirement so that the Seller may seek, at its sole cost and expense, an appropriate protective order or
waive compliance with the provisions of this Section 7.16(c) and the Buyer shall use commercially reasonable efforts to cooperate with the Seller to obtain such protective order. If, in the absence of a protective order or the receipt of a
waiver hereunder, the Buyer is legally required to disclose any such information, the Buyer may disclose such information to the requesting authority; provided, however, that the Buyer shall furnish only the portion of Confidential
Information which the Buyer is advised by counsel (which may be in house counsel) is so legally compelled and shall use reasonable best efforts to obtain, at the reasonable request of the Seller and at the Seller’s sole cost, an order or other
assurance that confidential treatment will be accorded to such portion of the information required to be disclosed as the Seller shall designate in good faith. The Buyer will be responsible for any breach or violation of the provisions of this
Section 7.16 by any of the Buyer’s Affiliates or Representatives. Notwithstanding anything to the contrary in the foregoing, nothing in this Section 7.16(c) shall affect the rights of the Buyer or its Affiliates in [*] the
Exclusive Multi-Event License Agreement. 
 7.17 Delivery of Interim Financials. As soon as practicable after the date hereof, the
Seller shall deliver, or cause to be delivered, to the Buyer correct and complete copies of the unaudited consolidated balance sheet of the Company and the other Company Subsidiaries as of the Balance Sheet Date, and the related statements of
income, stockholders’ equity and cash flows of the Company and the other Company Subsidiaries for the 12-month period then ended that are being submitted to Seller for Seller’s consolidated financial
reporting requirements. 
 7.18 Data Room. Within ten (10) days following the Closing Date, the Seller shall deliver to
the Buyer a compact disc or other electronic storage device containing the contents of the Data Room, in the manner organized and as otherwise found in the Data Room, as of the date that is three (3) Business Days prior to the Closing
Date. 
 7.19 Further Assurances. Subject to Section 7.3 and Section 7.4, each of the parties
hereto shall execute and deliver, or shall cause to be executed and delivered, such documents and other instruments and shall take, or shall cause to be taken, such further actions as may be reasonably required to carry out the provisions of this
Agreement and give effect to the transactions contemplated by this Agreement. Without limiting the foregoing, after the Closing, each of the parties shall, and shall cause its Affiliates (including, for the avoidance of doubt, with respect to the
Buyer, the Company and the Company Subsidiaries), and each of their respective officers, directors, employees, accountants, consultants, legal counsel and agents to provide, at the sole expense of the requesting party, reasonable best efforts in
connection with the preparation of the annual or quarterly reports, financial statements, Tax, or other financial reporting obligations of any party or any of their respective Affiliates. 

  
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 7.20 Wrong Pocket Assets and Liabilities. 

(a) Within twelve (12) months following the Closing Date, if a party or any Affiliate thereof discovers that: (i) any
assets or properties of the Seller or its Affiliates exclusively used or necessary for the business of the Company and the Company Subsidiaries that are not properly owned or held, directly or indirectly, by the Buyer or its Affiliates (a
“Wrong Pocket Asset”); or (ii) any Liabilities of the Seller or its Affiliates incurred solely for the business of the Company and the Company Subsidiaries that are not properly assumed or held, directly or indirectly,
by the Buyer or its Affiliates (a “Wrong Pocket Liability”), and therefore, in each case, an asset or Liability is not properly owned or held by or was not properly assumed or held, as applicable, by the appropriate Person or
Persons (such Person or Persons, the “Right Pocket,” and the Person or Persons holding such Wrong Pocket Asset or Wrong Pocket Liability, the “Wrong Pocket”), except as a result of a transaction occurring after the
Closing consented to in writing by the Right Pocket, each party: (x) shall, as applicable, transfer and convey within five (5) Business Days any right, title or interest in a Wrong Pocket Asset owned or held by it to the
Right Pocket or shall cause any of its Affiliates owning or holding such right, title or interest in a Wrong Pocket Asset to transfer and convey within five (5) Business Days such Wrong Pocket Asset to the Right Pocket, in each case for
no additional consideration; (y) if the Wrong Pocket, shall, as applicable, hold its right, title and interest in and to the Wrong Pocket Asset in trust for the Right Pocket until such time as the transfer and conveyance is completed;
and (z) if the Right Pocket, shall, as applicable, assume from the Wrong Pocket as promptly as reasonably practicable any Wrong Pocket Liability, in each case for no additional consideration. 

(b) The parties hereto acknowledge and agree that in connection with any transfer and conveyance contemplated by
Section 7.20(a), (i) each of the parties shall and shall cause its Affiliates to fully cooperate with each other in connection therewith; and (ii) all costs and expenses incurred in connection therewith shall be
paid by the party incurring such costs and expenses. 
 7.21 RWI. The Buyer has provided to the Seller a final executed version of the
RWI. The Buyer agrees to not amend the RWI between the date hereof and the Closing or following the Closing in a manner that would adversely impact the rights of the Seller or the Company without the prior written consent of the Seller (such consent
not to be unreasonably withheld, conditioned or delayed). At such time as the Buyer obtains the finally bound RWI, a copy of such policy shall be provided to the Seller as soon as reasonably practicable. The Buyer shall cause the RWI to expressly
provide that the insurer(s) under the RWI shall not have the right to, and will not, pursue any subrogation rights against the Company, the Seller or any of their respective Affiliates, or any of their respective Affiliates’, respective owners
of Equity Interests, officers, directors, employees, agents, Representatives, successors and permitted assigns in connection with any claim made by the Buyer or any of its Affiliates thereunder, except in the case of intentional fraud. 

7.22 Certain Obligations. The parties agree that they shall negotiate in good faith to amend this Agreement and the Disclosure
Schedules following the date hereof to address any rights or liabilities of the Company or the Company Subsidiaries under that certain [*]; provided; however, that the parties acknowledge and agree that any liabilities arising out of
or relating to such agreement or the transactions contemplated thereby shall be the sole responsibility of Seller. 

  
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 ARTICLE 8 

CONDITIONS TO CLOSING 

8.1 Conditions to Obligations of the Buyer. The obligations of the Buyer to consummate the transactions contemplated by this Agreement
are subject to the satisfaction or waiver (to the extent permitted by applicable Law) at or prior to the Closing of each of the following conditions: 

(a) Representations and Warranties. 

(i) The Fundamental Representations shall be true and correct in all respects (with respect to Section 5.5, subject
to de minimis exceptions) as of the date hereof and as of the Closing Date as though made on and as of the Closing Date (except for any such representations and warranties expressly stated to relate to a specific date, in which case such
representations and warranties shall be true and correct on such earlier date). 
 (ii) The other representations and
warranties of the Seller and the Company, as applicable, contained in this Agreement shall be true and correct in all respects (without giving effect to any materiality or Material Adverse Effect or similar qualifications contained in such
representations and warranties) as of the date hereof and as of the Closing Date as though made on and as of the Closing Date (except for any such representations and warranties expressly stated to relate to a specific date, in which case such
representations and warranties shall be true and correct on such earlier date), except where the failure of such representations and warranties to be so true and correct would not, individually or in the aggregate, reasonably be expected to have a
Material Adverse Effect. 
 (b) Performance of Covenants. The Seller and the Company shall have performed in all material respects all
of the covenants and obligations required to be performed by the Seller and the Company under this Agreement prior to or at the Closing, other than the obligations set forth in Section 7.1(b)(i), which shall be performed
and complied with in all respects. 
 (c) Government Approvals. All approvals required under the HSR Act and the Required Approvals
shall have been obtained, or any applicable waiting period shall have expired or been terminated. 
 (d) Seller and Company Closing
Deliverables. The Seller or the Company shall have delivered or caused to be delivered to the Buyer the items required by Section 2.3(a). 

(e) No Orders. No court or other Governmental Authority shall have enacted, issued, promulgated, enforced or entered any final and
permanent Law or Order that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement. 

  
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 8.2 Conditions to Obligations of the Seller and the Company. The obligations of the
Seller and the Company to consummate the transactions contemplated by this Agreement are subject to the satisfaction or waiver (to the extent permitted by applicable Law) at or prior to the Closing of each of the following conditions: 

(a) Representations and Warranties. The representations and warranties of the Buyer set forth in this Agreement must be true and correct
in all respects (without giving effect to any materiality or material adverse effect or similar qualifications contained in such representations and warranties) as of the date hereof and as of the Closing Date as though made on and as of the Closing
Date (except to the extent expressly made as of an earlier date, in which case as of such date), except where the failure of such representations and warranties to be so true and correct would not reasonably be expected to prevent, materially delay
or materially impair the Seller’s ability to consummate the transactions contemplated hereby. 
 (b) Performance of Covenants.
The Buyer shall have performed in all material respects all of the covenants and obligations required to be performed by it under this Agreement prior to or at the Closing. 

(c) Government Approvals. All approvals required under the HSR Act and the Required Approvals shall have been obtained, or any
applicable waiting period shall have expired or been terminated. 
 (d) Buyer Closing Deliverables. The Buyer shall have delivered or
caused to be delivered to the Seller the items required by Section 2.3(b). 
 (e) No Orders. No court or other
Governmental Authority shall have enacted, issued, promulgated, enforced or entered any final and permanent Law or Order that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement.

 ARTICLE 9 
 TERMINATION

 9.1 Termination. Notwithstanding any other provision of this Agreement, this Agreement may be terminated at any time prior to
the Closing: 
 (a) by the mutual written consent of the Buyer and the Seller; 

(b) by the Buyer or the Seller, upon written notice to the other party, if the transactions contemplated by this Agreement have not been
consummated on or prior to [*] (the “Termination Date”); provided, however, that (i) if, on such date, the conditions to Closing set forth in Section 8.1(c) and Section 8.2(c) shall not
have been fulfilled but all the other conditions to Closing set forth in Article 8 have been satisfied (other than those conditions which, by their terms, are to be satisfied or waived at the Closing), then either the Seller or the Buyer may,
upon written notice to the other party, elect to extend the Termination Date to [*] (in which case, such date shall become the “Termination Date” for all purposes of this Agreement) and (ii) the right to terminate this
Agreement pursuant to this Section 9.1(b) is not available to any party whose breach of any provision of this Agreement resulted in or principally caused the failure of the transactions contemplated by this Agreement to be consummated by
such time; 

  
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 (c) by the Buyer or the Seller, upon written notice to the other party, if any Order issued
by a Governmental Authority permanently restraining, enjoining or otherwise prohibiting the consummation of the transactions contemplated by this Agreement shall become final and non-appealable; provided, however, that the right to
terminate this Agreement pursuant to this Section 9.1(c) shall not be available to any party whose breach of any provision of this Agreement resulted in or principally caused the entry of such final and non-appealable Order; 

(d) by the Buyer, if (i) the Seller or the Company has breached or failed to perform any of its covenants or other agreements contained in
this Agreement such that the closing condition set forth in Section 8.1(b) would not be satisfied or (ii) there exists a breach of any representation or warranty of the Seller or the Company contained in this Agreement such that the
closing condition set forth in Section 8.1(a) would not be satisfied, and in the case of both (i) and (ii) above, such breach or failure to perform is not cured within thirty (30) days after receipt of written notice of
such breach or failure or is incapable of being cured by the Seller or the Company by the Termination Date; provided, however, that the Buyer shall not be entitled to terminate pursuant to this Section 9.1(d) if the Buyer
is then in breach of any of its representations, warranties, covenants or agreements hereunder and such breach would result in the closing conditions set forth in Section 8.2(a) or Section 8.2(b) to not be satisfied; and 

(e) by the Seller, if (i) the Buyer has breached or failed to perform any of its covenants or other agreements contained in this Agreement
such that the closing condition set forth in Section 8.2(b) would not be satisfied or (ii) there exists a breach of any representation or warranty of the Buyer contained in this Agreement such that the closing condition set forth in
Section 8.2(a) would not be satisfied, and in the case of both (i) and (ii) above, such breach or failure to perform is not cured within thirty (30) days after receipt of written notice of such breach or failure or is
incapable of being cured by the Buyer by the Termination Date; provided, however, that the Seller shall not be entitled to terminate pursuant to this Section 9.1(e) if the Seller or the Company is then in breach of any of
its representations, warranties, covenants or agreements hereunder and such breach would result in the closing conditions set forth in Section 8.1(a) or Section 8.1(b) to not be satisfied. 

9.2 Effect of Termination. 

(a) In the event either party terminates this Agreement pursuant to this Article 9, such terminating party shall deliver prompt written
notice of its decision to the other party and this Agreement will become void and have no effect, without any Liability or obligation on the part of the Buyer or the Seller, other than the provisions of this Section 9.2, Article
1, Section 7.6, Section 7.16(a) and Article 10 which will survive any termination of this Agreement; provided, however, that nothing in this Agreement will relieve any party from any Liability for any
pre-termination breach by such party of its covenants or agreements set forth in this Agreement. 
 (b) Upon the termination of this
Agreement pursuant to this Article 9, the Buyer and the Seller shall jointly instruct the Escrow Agent to immediately release and deliver to the Buyer the Deposit Escrow Amount no later than two (2) Business Day following the date of
such termination; provided that in the event of valid termination of this Agreement by the Seller pursuant to (i) Section 9.1(b) or Section 9.1(c), and if at the time of such termination, this Agreement is not
terminable by the Buyer pursuant to the proviso in Section 9.1(b) or Section 9.1(c), as applicable, or (ii) Section 9.1(e), the Seller and the Buyer shall execute and deliver a Joint Certificate to the Escrow
Agent, no later than two (2) Business Days following the date of such termination, directing the immediate release of the Deposit Escrow Amount to the Seller. 

  
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 (c) The parties acknowledge and agree that the agreements contained in this
Section 9.2 are an integral part of the transactions contemplated by this Agreement, and that, without these agreements, the Seller would not have entered into this Agreement; accordingly, if (i) the Buyer fails to promptly pay or
cause to be paid the Deposit Escrow Amount when due pursuant to this Section 9.2 and (ii) the Seller commences an Action that results in a final judgment against the Buyer, the Buyer shall pay to the Seller its costs and expenses
(including reasonable attorneys’ fees and expenses) in connection with such Action, together with interest on the amount due pursuant to this Section 9.2 from the date such payment was required to be made hereunder until the date of
payment at a variable rate per annum equal to the rate of interest most recently published by the Wall Street Journal as the “prime rate” at large U.S. money center banks in effect on the date such payment was required to be made.

 (d) Subject to the Seller’s right to pursue specific performance pursuant to Section 10.17 in lieu of termination of this
Agreement, notwithstanding anything to the contrary set forth in this Agreement, if the Buyer fails to effect the Closing or otherwise breaches this Agreement or fails to perform hereunder, then, the sole and exclusive remedy of the Seller or any
member of the Seller Group against the Buyer or any of its Affiliates, or any of their respective owners of Equity Interests, officers, directors, employees, agents, Representatives, successors and permitted assigns (collectively, the “Buyer
Group”) for any loss or damage suffered as a result of any breach of any representation, warranty, covenant or agreement or failure to perform hereunder by the Buyer or other failure of the transactions contemplated by this Agreement shall
be to terminate this Agreement as provided under this Article 9, and receive payment of the Deposit Escrow Amount pursuant to Section 9.2(b) and other amounts pursuant to this Section 9.2(d), if any, and upon payment
of the Deposit Escrow Amount, and such other amounts, if any, to the Seller, neither the Buyer nor any other member of the Buyer Group shall have any Liability for monetary damages of any kind or nature or arising in any circumstance in connection
with this Agreement or any of the transactions contemplated by this Agreement. In no event shall the Seller be entitled to both the Deposit Escrow Amount and specific performance of this Agreement. 

(e) Without prejudice to the generality of Sections 10.14 through 10.17, each party hereby acknowledges and agrees that any
dispute arising in connection with or in respect of the Deposit Escrow Amount, including which party is entitled to receive the Deposit Escrow Amount and whether an event has occurred in respect of which the Deposit Escrow Amount is payable to the
Seller or to the Buyer pursuant to this Section 9.2, shall be exclusively determined and resolved pursuant to the provisions of Sections 10.14 through 10.17 and shall not be subject to dispute or adjudication pursuant to
the terms of the Escrow Agreement to the extent inconsistent with the foregoing. 

  
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 ARTICLE 10 

MISCELLANEOUS 
 10.1
Nonsurvival. The representations, warranties, covenants and agreements of the Seller and the Company contained in this Agreement or in any certificate delivered in connection herewith will not survive beyond the Closing such that no claim for
breach of any such representation or warranty, covenant, or agreement, detrimental reliance or any other right or remedy (whether in Contract, in tort, or at law or in equity) may be brought after the Closing with respect thereto against the Seller
or any of its Affiliates, or any of their respective owners of Equity Interests, officers, directors, employees, agents, Representatives, successors and permitted assigns (collectively, the “Seller Group”), and there will be no
Liability in respect thereof, whether such purported Liability has accrued prior to, on or after the Closing, on the part of any member of the Seller Group. Notwithstanding the foregoing, the parties acknowledge and agree that preceding sentence
shall not apply to any claims arising out of or relating to (a) any breaches of any covenants set forth in this Agreement, (b) any Person’s intentional fraud with respect to the representations and warranties contained herein, or
(c) with respect to the Buyer, any claims made under the RWI (collectively, the “Unreleased Claims”). The Buyer acknowledges and agrees that neither Buyer nor any other Person may avoid such limitation on liability by
(x) seeking damages for breach of contract, tort or pursuant to any other theory of liability, all of which are hereby waived or (y) asserting or threatening any claim against any Person that is not a party hereto (or a successor to a
party hereto) for breaches of the representations and warranties contained in this Agreement. 
 10.2 Expenses. Except as expressly
provided herein, all costs and expenses incurred in connection with the preparation, negotiation and execution and performance of this Agreement and the transactions contemplated hereby (including legal and advisory fees and expenses) shall be paid
by the party incurring such costs and expenses. 
 10.3 Amendment. This Agreement may not be amended except by an instrument in
writing signed on behalf of each of the parties hereto. 
 10.4 Entire Agreement. This Agreement, including the Disclosure Schedules
and the other Schedules and Exhibits attached hereto which are deemed for all purposes to be part of this Agreement, the Confidentiality Agreement, and the Transaction Documents contemplated hereby, contain all of the terms, conditions and
representations and warranties agreed upon or made by the parties relating to the subject matter of this Agreement and the businesses and operations of the Company and the Company Subsidiaries and supersede all prior and contemporaneous agreements,
negotiations, correspondence, undertakings and communications of the parties or their Representatives, oral or written, respecting such subject matter. 

10.5 Headings. The table of contents and headings contained in this Agreement are intended solely for convenience and shall not affect
the rights of the parties to this Agreement. 
 10.6 Notices. Any notice or other communication required or permitted under this
Agreement shall be deemed to have been duly given and made if (a) in writing and served by personal delivery upon the party for whom it is intended, (b) delivered by facsimile or e-mail of a .pdf or other electronic transmission document
(with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient, or (c) delivered by certified mail, registered mail, courier service,
return-receipt received to the party at the address set forth below, with copies sent to the Persons indicated: 

  
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 If to the Seller: 

9/F, Tower B, Wanda Plaza 
 93
Jianguo Road, Chaoyang District 
 100022, Beijing 

People’s Republic of China 

Attention: Hengming Yang 
 Email:
yanghengming@wanda.cn 
 Facsimile: 

With a copy to (which copy shall not constitute notice): 

Reed Smith LLP 
 599 Lexington
Avenue 
 New York, NY 10022 

Attention: Christopher M. Sheaffer 

Email: CSheaffer@reedsmith.com 

Facsimile: (212) 521-5450 

If to the Buyer: 
 Advance
Publications, Inc. 
 One World Trade Center 

New York, NY 10007 
 Attention:
Chief Legal Officer 
 Email: clo@advance.com 

Facsimile: (212) 381-7250 

With a copy to (which copy shall not constitute notice): 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, New
York 10004 
 Attention: Brian Hamilton 

Email: hamiltonb@sullcrom.com 

Facsimile: (212) 291-9067 

If to the Buyer Guarantor: 

Advance Publications, Inc. 
 One
World Trade Center 
 New York, NY 10007 

Attention: Chief Legal Officer 

Email: clo@advance.com 

Facsimile: (212) 381-7250 

  
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 With a copy to (which copy shall not constitute notice): 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, New
York 10004 
 Attention: Brian Hamilton 

Email: hamiltonb@sullcrom.com 

Facsimile: (212) 291-9067 

Such addresses may be changed, from time to time, by means of a notice given in the manner provided in this Section 10.6. 

10.7 Exhibits and Disclosure Schedules. 

(a) Any matter, information or item disclosed in the Disclosure Schedules delivered under any specific representation, warranty or
covenant or Schedule number hereof, shall be deemed to have been disclosed for purposes of this Agreement in response to the representations, warranties or covenants in this Agreement in respect of which such disclosure is reasonably apparent
on its face notwithstanding the omission of an appropriate cross-reference. Any item of information, matter or document disclosed or referenced in, or attached to, the Disclosure Schedules hereto shall not (i) be used as a basis for
interpreting the terms “material”, “Material Adverse Effect” or other similar terms in this Agreement or to establish a standard of materiality, (ii) represent a determination that such item or matter did not arise in the
ordinary course of business, (iii) be deemed or interpreted to expand the scope of the Seller’s or the Company’s representations and warranties, obligations, covenants, conditions or agreements contained herein, (iv) constitute,
or be deemed to constitute, an admission of Liability regarding such matter, (v) represent a determination that the consummation of the transactions contemplated by this Agreement requires the consent of any third party, (vi) constitute,
or be deemed to constitute, an admission to any third party concerning such item or matter or (vii) constitute, or be deemed to constitute, an admission or indication by the Seller or the Company that such time meets any or all of the criteria
set forth in this Agreement for inclusion in the Disclosure Schedules. Except as expressly provided in the representations and warranties in this Agreement, no reference in the Disclosure Schedules to any Contract or document shall be construed as
an admission or indication that such Contract or document is enforceable or currently in effect or that there are any obligations remaining to be performed or any rights that may be exercised under such Contract or document. 

(b) The Disclosure Schedules, the Exhibits and the other Schedules hereto are hereby incorporated into this Agreement and are hereby made
a part hereof as if set out in full in this Agreement. 
 10.8 Release. 

(a) Effective as of the Closing, the Seller, on behalf of itself and its Affiliates (collectively, the “Seller Releasing
Parties”) hereby unconditionally and irrevocably waives, releases, remises and forever discharges any and all rights, claims and losses of any type that it or any of its Affiliates has had, now has or might now or hereafter have against the
Buyer and the Company, and each of their respective individual, joint or mutual, past, present and future Representatives, Affiliates, stockholders, subsidiaries, successors and assigns (each, a “Buyer Releasee”) in respect of,
relating to or arising in connection with the Company or the Company Subsidiaries contemporaneously with or prior to the Closing Date, except for rights, claims and losses arising from (i) any Unreleased Claims or (ii) the Transaction
Documents or any other written agreements between any of the Seller Releasing Parties and any Buyer Releasee enter into prior, on or after the Closing Date, including [*]. The Seller, for itself and its Affiliates, hereby irrevocably covenants to
refrain from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing to be commenced or voluntarily aiding, any proceeding of any kind against any Buyer Releasee, based upon any matter purported to be released
hereby, including, any Actions, executions, judgments, duties, debts, dues, accounts, bonds, Contracts and covenants (whether express or implied), and claims and demands whatsoever whether in law or in equity (whether based upon contract, tort or
otherwise) which the Seller Releasing Parties may have against each of the Buyer Releasees, now or in the future, in each case in respect of any cause, matter or thing relating to the Company or the Company Subsidiaries or any actions taken or
failed to be taken by any of the Buyer Releasees in any capacity related to Company or the Company Subsidiaries occurring or arising prior to the Closing Date. 

  
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 (b) Effective as of the Closing, the Buyer, on behalf of itself and its Affiliates
(including the Company and the Company Subsidiaries) (collectively, the “Buyer Releasing Parties”) hereby unconditionally and irrevocably waives, releases, remises and forever discharges any and all rights, claims and losses of any
type that it or any of its Affiliates has had, now has or might now or hereafter have against the Seller and its Affiliates (each, a “Seller Releasee”) in respect of, relating to or arising in connection with the Seller’s
ownership or the operation of the Company or the Company Subsidiaries contemporaneously with or prior to the Closing Date, except for rights, claims and losses arising from (i) any Unreleased Claims or (ii) the Transaction Documents
or any other written agreements between any of the Seller Releasing Parties and any Buyer Releasee enter into prior, on or after the Closing Date, including [*]. The Buyer and the Company, each for itself and its respective Affiliates, hereby
irrevocably covenants to refrain from, directly or indirectly, asserting any claim or demand, or commencing, instituting or causing to be commenced or voluntarily aiding, any proceeding of any kind against any Seller Releasee, based upon any matter
purported to be released hereby, including, any Actions, executions, judgments, duties, debts, dues, accounts, bonds, Contracts and covenants (whether express or implied), and claims and demands whatsoever whether in law or in equity (whether based
upon contract, tort or otherwise) which the Buyer Releasing Parties may have against each of the Seller Releasees, now or in the future, in each case in respect of any cause, matter or thing relating to the Seller’s ownership or the operation
of the Company or the Company Subsidiaries occurring or arising prior to the Closing Date. 
 (c) The parties acknowledge that this
Section 10.8 is not an admission of Liability or of the accuracy of any alleged fact or claim. The parties expressly agree that this Section 10.8 shall not be construed as an admission in any proceeding as evidence of or an
admission by any party of any violation or wrongdoing. 
 (d) The Seller hereby acknowledges and understands that this release is a condition
to the payment of the Final Purchase Price to it pursuant to Article 2. 
 (e) The Buyer hereby acknowledges and understands that this
release is a condition to the transfer of the Company Shares to it pursuant to Article 2. 

  
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 (f) This Section 10.8 shall survive the Closing, is intended for the benefit of
and may be enforced directly by each of the Buyer Releasees and Seller Releasees, and shall be binding on all successors and assigns of the Seller Releasing Parties and Buyer Releasing Parties. 

10.9 Buyer Guaranteed Obligations.  

(a) The Buyer Guarantor hereby absolutely, unconditionally and irrevocably guarantees to the Seller the performance of the obligations of the
Buyer hereunder including the full, complete and timely payment of amounts required to be paid by the Buyer hereunder, subject to the terms and conditions hereof. If the Buyer defaults for any reason whatsoever on any of its obligations hereunder,
then the Buyer Guarantor shall unconditionally satisfy or cause to be satisfied the applicable obligations immediately upon notice from the Seller specifying the default so that the same benefits shall be conferred on the Seller as would have been
received if such obligations had been duly performed and satisfied. The Seller shall not be required to initiate Actions against the Buyer or any other Person prior to or contemporaneously with any Action against the Buyer Guarantor. Subject to the
terms and conditions hereof, the Buyer Guarantor waives (i) any and all legal and equitable defenses available to a guarantor (other than performance in full by the Buyer) and (ii) promptness, diligence, presentment, demand of payment,
protest, order and any notices hereunder, including any notice of any amendment of this Agreement or waiver or other similar action granted pursuant to this Agreement and any notice of acceptance. The guarantee set forth in this
Section 10.9 shall be deemed a continuing guarantee and shall remain in full force and effect until the satisfaction in full of all obligations of the Buyer hereunder, notwithstanding the winding-up, liquidation, dissolution, merger or
other incapacity or other restructuring of the Buyer or any change in the status, control or ownership of the Buyer or lack of enforceability of this Agreement against the Buyer or lack of authority of the Buyer to enter into this Agreement. With
respect to the Buyer’s payment obligations hereunder, the guarantee set forth in this Section 10.9 is a primary guarantee of payment and not just of collection. 

(b) The Buyer Guarantor represents, warrants and agrees that (i) it is duly organized and validly existing under the Laws of its
jurisdiction and has all necessary power and authority to enter into this Agreement to carry out its obligations hereunder, (ii) the execution and delivery by the Buyer Guarantor of this Agreement and the performance by the Buyer Guarantor of
its obligations hereunder have been duly authorized by all requisite action on the part of the Buyer Guarantor and, in either case, do not and will not (A) result in any violation of the Organizational Documents of the Buyer Guarantor,
(B) conflict with, or result in a breach of any of the terms or provisions of, or constitute a default under, or give rise to any right of termination, loss of rights, adverse modification of provisions, cancellation or acceleration of any
obligation under, or result in the creation of any lien on any of the assets of the Buyer Guarantor under, any provision of any Contract to which the Buyer Guarantor is a party or by which it is bound or to which its properties are subject, and
(C) violate any existing applicable Law, rule, regulation or Order having jurisdiction over the Buyer Guarantor, except in the case of clause (B), as would not individually or in the aggregate, prevent, materially delay or materially impair the
Buyer Guarantor’s ability to perform its obligations hereunder (iii) this Agreement has been duly executed and delivered by the Buyer Guarantor and (assuming due authorization, execution and delivery by the other parties hereto)
constitutes a legal, valid and binding obligation of the Buyer Guarantor, enforceable against the Buyer Guarantor in accordance with its terms; and (iv) the Buyer Guarantor has immediately available and on an unconditional basis the necessary
cash resources to meet its obligations under this Agreement and all other documents contemplated as part of the transactions contemplated by this Agreement. 

  
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 10.10 Waiver. A waiver of any term or condition of this Agreement by any party shall
only be effective if in writing and shall not be construed as a waiver of any subsequent breach or failure of the same term or condition, or a waiver of any other term or condition of this Agreement. No failure or delay by any party in exercising
any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies
herein provided shall be cumulative and not exclusive of any rights or remedies provided by Law. 
 10.11 Binding Effect; Assignment.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and assigns. [*] 

10.12 No Third-Party Beneficiary. Nothing in this Agreement shall confer any rights, remedies or claims upon any Person or entity not a
party or a permitted assignee of a party to this Agreement, except for the Persons set forth in Section 7.9(b), who are intended third-party beneficiaries of such provisions. 

10.13 Counterparts. This Agreement may be signed in any number of counterparts with the same effect as if the signatures to each
counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement. 
 10.14
Governing Law and Jurisdiction. This Agreement and any claim or controversy hereunder shall be governed by and construed in accordance with the Laws of the State of Delaware without giving effect to the principles of conflict of laws thereof.

 10.15 Consent to Jurisdiction and Service of Process. Any Action arising out of or relating to this Agreement or the transactions
contemplated hereby may only be instituted in the Chancery Court of the State of Delaware, and any state appellate court therefrom within the State of Delaware (or, if the Chancery Court of the state of Delaware declines to accept jurisdiction over
a particular matter, any state or federal court within the State of Delaware), and each party waives any objection which such party may now or hereafter have to the laying of the venue of any such Action and irrevocably submits to the exclusive
jurisdiction of any such court in any such Action. 
 10.16 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO ACKNOWLEDGES AND CERTIFIES THAT (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER, (B) IT UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) IT MAKES THIS WAIVER VOLUNTARILY AND (D) IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 10.16. 

  
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 10.17 Specific Performance. The parties hereto agree that irreparable damage may
occur in the event that any of the provisions of this Agreement were not performed by them in accordance with the terms hereof or were otherwise breached and that each party hereto shall be entitled to seek an injunction or injunctions to prevent
breaches of the provisions hereof and to specific performance of the terms hereof, in addition to any other remedy at law or equity. 
 10.18
Severability. If any term, provision, agreement, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, agreements, covenants and
restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any party hereto. Upon such a determination, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a reasonably acceptable manner so that the
transactions contemplated hereby may be consummated as originally contemplated to the fullest extent possible. 
 10.19 Legal
Representation. 
 (a) The Buyer, on behalf of itself and its Affiliates (including, after the Closing, the Company and the Company
Subsidiaries), acknowledges and agrees that Reed Smith LLP (“Reed Smith”) has acted as counsel for the Seller, the Company and the Company Subsidiaries in connection with this Agreement and the transactions contemplated hereby (the
“Acquisition Engagement”), and in connection with this Agreement and the transactions contemplated hereby, Reed Smith has not acted as counsel for any other Person, including the Buyer. 

(b) The parties acknowledge and agree that only the Seller, the Company and their respective Affiliates shall be considered clients of Reed
Smith in the Acquisition Engagement and all confidential communications between the Seller, the Company and their respective Affiliates, on the one hand, and Reed Smith, on the other hand, that relate exclusively to the negotiation, documentation
and consummation of the Acquisition Engagement or any dispute arising thereunder (“Privileged Communications”) shall be deemed attorney-client privileged. In the event that a dispute arises between (i) the Buyer or the Company
or any of the Company Subsidiaries, on the one hand, and a third party other than the Seller or its Affiliates, on the other hand, the Company shall (and shall cause its Affiliates to) to the extent requested by Seller (after notice by Buyer) assert
to the extent available the attorney-client privilege to prevent disclosure of the Privileged Communications to such third party and the Buyer, on behalf of itself and its Affiliates (including after the Closing, the Company and the Company
Subsidiaries), shall be entitled to waive such privilege only with the prior written consent of the Seller (such consent not to be unreasonably withheld) or (ii) the Seller or its Affiliates (excluding after the Closing, the Company and the
Company Subsidiaries), on the one hand, and a third party other than the Buyer or its Affiliates, on the other hand, the Seller shall (and shall cause its Affiliates to) to the extent requested by Buyer (after notice by Seller) assert to the extent
available the attorney-client privilege to prevent disclosure of the Privileged Communications to such third party and the Seller, on behalf of itself and its Affiliates (excluding after the Closing, the Company and the Company Subsidiaries), shall
be entitled to waive such privilege only with the prior written consent of the Company (such consent not to be unreasonably withheld). 

  
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 (c) The Buyer, on behalf of itself and its Affiliates (including after the Closing, the
Company and the Company Subsidiaries), acknowledges and agrees that Reed Smith is acting as counsel for the Seller, the Company and their respective Affiliates and that the Seller reasonably anticipates that Reed Smith will continue to represent
Seller or its Affiliates in future matters. Accordingly, the Buyer, on behalf of itself and its Affiliates (including after the Closing, the Company and the Company Subsidiaries), expressly consents to Reed Smith’s representation of the Seller
or its respective Affiliates in any matter, including any matter arising after the Closing, in which the interests of the Buyer and the Company, on the one hand, and the Seller or its Affiliates, on the other hand, are adverse, including any matter
relating to the transactions contemplated by this Agreement or any dispute or disagreement relating thereto, and whether or not such matter is one in which Reed Smith may have previously advised the Seller, the Company or their respective
Affiliates. 
 (d) Upon and after the Closing, the Company and the Company Subsidiaries shall cease to have any attorney-client relationship
with Reed Smith, unless and to the extent Reed Smith is expressly engaged in writing by the Company or the Company Subsidiaries to represent the Company or the Company Subsidiaries after the Closing and either (i) such engagement involves no
conflict of interest with respect to the Seller or any of its Affiliates or (ii) the Seller or any of its Affiliates, as applicable, consent in writing to such engagement. Any such representation of the Company by Reed Smith after the Closing
shall not affect the foregoing provisions hereof. 
 10.20 Fulfillment of Obligations. Any obligation of any party to any other party
under this Agreement or any party under any other Transaction Documents, which obligation is performed, satisfied or fulfilled completely by an Affiliate of such party, shall be deemed to have been performed, satisfied or fulfilled by such party.

 [Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	BUYER:
	
	A/NPC WEH HOLDINGS, LLC
		
	By:	 	 
	 	 	Name:
	 	 	Title:

 [Signature Page to Stock Purchase Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	BUYER GUARANTOR:
	
	ADVANCE PUBLICATIONS, INC.
		
	By:	 	 
	 	 	Name:
	 	 	Title:

 [Signature Page to Stock Purchase Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	SELLER:
	
	WANDA SPORTS GROUP COMPANY LIMITED
		
	By:	 	 
	 	 	Name:
	 	 	Title:

 [Signature Page to Stock Purchase Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the
date first above written. 
  

			
	COMPANY:
	
	WORLD ENDURANCE HOLDINGS, INC.
		
	By:	 	 
	 	 	Name:
	 	 	Title:

 [Signature Page to Stock Purchase Agreement] 

 EXHIBIT A 

Company Subsidiaries 
 [*]

 EXHIBIT B 

Balance Sheet Rules 
 [*]

 EXHIBIT C 

Exclusive Multi-Event License Agreement 

[*] 

 EXHIBIT D 

Escrow Agreement 
 [*] 

 EXHIBIT E 

[*]

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