Document:

exv10w15w1

Exhibit
10.15.1

WAIVER, CONSENT AND AMENDMENT NO. 6 

TO AMENDED AND RESTATED SALE AND SERVICING AGREEMENT

     This WAIVER, CONSENT AND AMENDMENT NO. 6 TO AMENDED AND RESTATED SALE AND SERVICING AGREEMENT
(this “Amendment”), is dated as of February 17, 2009, among CSE QRS FUNDING I LLC, as
seller (together with its successors and assigns, in such capacity, the “Seller”), CSE
Mortgage LLC, as originator (together with its successors and assigns, in such capacity, the
“Originator”) and as servicer (together with its successors and assigns, in such capacity,
the “Servicer”), Wachovia Bank, National Association, as a purchaser (together with its
successors and assigns, “WBNA”), Fairway Finance Company, LLC, as a purchaser (together
with its successors and assigns, “Fairway”), JPMorgan Chase Bank, National Association, as
a purchaser (together with its successors and assigns, “JPMorgan”), Three Pillars Funding
LLC, as a purchaser (together with its successors and assigns, “Three Pillars”), Scaldis
Capital Limited, as an additional purchaser (together with its successors and assigns,
“Scaldis”), Wachovia Capital Markets, LLC, as the administrative agent (together with its
successors and assigns, in such capacity, the “Administrative Agent”) and as the purchaser
agent for WBNA (together with its successors and assigns, in such capacity, “WBNA Agent”),
BMO Capital Markets Corp. (f/k/a Harris Nesbitt Corp.), as the purchaser agent for Fairway
(together with its successors and assigns, in such capacity, the “Fairway Agent”), JPMorgan
Chase Bank, National Association, as the purchaser agent for JPMorgan (together with its successors
and assigns, in such capacity, the “JPMorgan Agent”), SunTrust Robinson Humphrey, Inc., as
the purchaser agent for Three Pillars (together with its successors and assigns, in such capacity,
the “Three Pillars Agent”), Fortis Bank S.A./N.V., as the additional agent for Scaldis
(together with its successors and assigns, in such capacity, “Scaldis Agent”), Wells Fargo
Bank, National Association (“Wells Fargo”), not in its individual capacity but as the
backup servicer (together with its successors and assigns, in such capacity, the “Backup
Servicer”) and not in its individual capacity but as the collateral custodian (together with
its successors and assigns, in such capacity, the “Collateral Custodian”) and Wachovia
Bank, National Association, not in its individual capacity but as the hedge counterparty (together
with its successors and assigns, in such capacity, the “Hedge Counterparty”). Capitalized
terms used but not defined herein have the meanings provided in the Sale and Servicing Agreement
(as defined below).

RECITALS

     WHEREAS, the above-named parties (other than JPMorgan and WBNA, as purchasers) together with
Symphony No. 4, LLC (“Symphony”), as a purchaser, and Dresdner Bank AG, New York Branch
(“Dresdner Bank”), as a purchaser agent, have entered into the Amended and Restated Sale
and Servicing Agreement, dated as of April 28, 2006 (such agreement as amended, modified,
supplemented, waived or restated from time to time, the “Sale and Servicing Agreement”);

     WHEREAS, Symphony and Dresdner Bank are no longer parties to the Sale and Servicing Agreement;
and

 

 

     WHEREAS, pursuant to and in accordance with Section 13.1 of the Sale and Servicing Agreement,
the parties hereto desire to provide for certain amendments to the Sale and Servicing Agreement as
provided for herein;

     NOW, THEREFORE, based upon the above Recitals, the mutual premises and agreements contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

     SECTION 1. AMENDMENTS.

     (a) The definition of “Change-in-Control” in Section 1.1 of the Sale and Servicing Agreement
is hereby amended and restated in its entirety as follows:

     ““Change-in-Control”: Any of the following:

     (a) any Person or two or more Persons acting in concert shall have acquired “beneficial
ownership,” directly or indirectly, of, or shall have acquired by contract or otherwise, or shall
have entered into a contract or arrangement that, upon consummation, will result in its or their
acquisition of, or control over, Voting Stock of CapitalSource Inc. (or other securities
convertible into such Voting Stock) representing 33-1/3% or more of the combined voting power of
all Voting Stock of CapitalSource Inc.;

     (b) the sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the
assets of CapitalSource Inc. and its Subsidiaries taken as a whole to any “person” (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act);

     (c) the failure of CapitalSource Inc. to own (directly or through wholly owned subsidiaries)
99.9% of the outstanding Voting Stock of the Originator or any Servicing Guarantor;

     (d) the creation or imposition of any Lien on any limited liability company membership
interests in the Seller; provided, however, that it shall not be a Change-in-Control if a Lien on
such limited liability membership interests of the Seller shall be created or imposed in favor of
WBNA, as agent, or its successors, assigns or subsequent transferees in such capacity, in
connection with (i) that certain Credit Agreement, dated as of March 14, 2006, by and among
CapitalSource Inc., the guarantors listed therein, the lenders listed therein, WBNA and Bank of
America, N.A., and all Credit Documents (as defined therein) thereunder, (ii) that certain Pledge
Agreement, dated as of December 23, 2008, by and among CapitalSource Inc., its direct and indirect
subsidiaries listed therein, WBNA, the Collateral Custodian and CapitalSource Finance LLC, and
(iii) that certain Security Agreement, dated as of December 23, 2008, by and among CapitalSource
Inc., its direct and indirect subsidiaries listed therein and WBNA;

     (e) the failure by the Originator to own all of the limited liability company membership
interests in the Seller; provided, however, that it shall not be a Change-in-Control if WBNA, or
its successors, assigns or subsequent transferees, shall own such limited liability membership
interests of the Seller; or

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     (f) CapitalSource Finance LLC and/or CapitalSource Bank shall fail to be the sub-servicer.

     Notwithstanding the foregoing, solely for the purpose of determining whether there has been a
Change-in-Control pursuant to clause (a) above, any purchase by one or more Excluded
Persons which increases any of such Excluded Persons’ direct or indirect ownership interest
(whether individually or in the aggregate) in the Voting Stock of CapitalSource Inc. shall not
constitute a Change-in-Control even if the amount of Voting Stock acquired or controlled by such
Excluded Person(s) exceeds (whether individually or in the aggregate) 33-1/3% of the combined
voting power of all Voting Stock of the Originator, any Servicing Guarantor or CapitalSource Inc.,
as applicable; provided that for so long as any of such Excluded Persons’ direct or indirect
ownership interest in the Voting Stock of the Originator, any Servicing Guarantor or CapitalSource
Inc. exceeds (individually or in the aggregate) 33-1/3% of the combined voting power of all Voting
Stock of the Originator, any Servicing Guarantor or CapitalSource Inc, as applicable, the
initiation by the Originator, any Servicing Guarantor or CapitalSource Inc. of any action intended
to terminate or having the effect of terminating the registration of its securities under Section
12(g) of the Exchange Act or intended to suspend or having the effect of suspending its obligation
to file reports with the U.S. Securities and Exchange Commission under Sections 13 and 15(d) of the
Exchange Act, shall constitute a Change-in-Control. “Excluded Person” shall mean each of John
Delaney, Farallon Capital Management, LLC, and Madison Dearborn Partners, LLC and their respective
Affiliates. As used herein, “beneficial ownership” shall have the meaning provided in Rule 13d-3
of the Securities and Exchange Commission under the Exchange Act.”

     (b) The definition of “Credit Party” in Section 1.1 of the Sale and Servicing Agreement is
hereby amended by deleting reference to the company “CapitalSource TRS Inc.” and replacing it with
the company “CapitalSource TRS LLC (f/k/a CapitalSource TRS Inc.)”.

     (c) The definition of “Facility Amount” in Section 1.1 of the Sale and Servicing Agreement is
hereby amended by deleting reference to the number “2,000,000,000” and replacing it with the number
“250,000,000”.

     (d) The definition of “Minimum Pool Yield” in Section 1.1 of the Sale and Servicing Agreement
is hereby amended by deleting reference to the percentage “2.00%” and replacing it with the
percentage “1.00%”.

     (e) Section 2.1(a) of the Sale and Servicing Agreement is hereby amended by deleting reference
to the number “326,000,000” in clause (1)(A) thereof and replacing it with the number
“100,000,000”.

     (f) Section 2.1(a) of the Sale and Servicing Agreement is hereby amended by deleting reference
to the number “101,875,000” in clause (1)(B) thereof and replacing it with the number “31,250,000”.

     (g) Section 2.1(a) of the Sale and Servicing Agreement is hereby amended by deleting reference
to the number “163,000,000” in clause (1)(C) thereof and replacing it with the number “50,000,000”.

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     (h) Section 2.1(a) of the Sale and Servicing Agreement is hereby amended by deleting reference
to the number “163,000,000” in clause (1)(D) thereof and replacing it with the number “50,000,000”.

     (i) Section 2.1(a) of the Sale and Servicing Agreement is hereby amended by deleting reference
to the number “61,125,000” in clause (1)(E) thereof and replacing it with the number “18,750,000”.

     (j) Section 2.1(e) of the Sale and Servicing Agreement is hereby amended by deleting reference
to the number “2,000,000,000” and replacing it with the number “250,000,000”.

     (k) Section 5.4(m) of the Sale and Servicing Agreement is hereby amended by deleting the
phrase “(including any merger or consolidation of the Originator or transfer of substantially all
of its assets and its business)”.

     (l) The signature page for WBNA is hereby amended by deleting reference to the number
“326,000,000” and replacing it with the number “100,000,000”.

     (m) The signature page for JPMorgan is hereby amended by deleting reference to the number
“163,000,000” and replacing it with the number “50,000,000”.

     (n) The signature page for Fairway is hereby amended by deleting reference to the number
“101,875,000” and replacing it with the number “31,250,000”.

     (o) The signature page for Three Pillars is hereby amended by deleting reference to the number
“163,000,000” and replacing it with the number “50,000,000”.

     (p) The signature page for Scaldis is hereby amended by deleting reference to the number
“61,125,000” and replacing it with the number “18,750,000”.

     SECTION 2. WAIVER.

     (a) Solely with respect to a merger or consolidation of the Servicer into any other Person for
tax purposes (a “Tax Merger”), each of the Seller, the Servicer, the Backup Servicer, the
Collateral Custodian, the Administrative Agent and the Secured Parties hereby agree to a one-time
waiver of the requirements set forth in Section 5.5(b)(i) of the Sale and Servicing Agreement that
the Servicer be the surviving entity of such Tax Merger; provided, however, that such waiver shall
not be effective until the Seller has delivered (i) to the Administrative Agent and each Purchaser
Agent an Officer’s Certificate and an Opinion of Counsel each stating that such Tax Merger complies
with Section 5.5 of the Sale and Servicing Agreement and that all conditions precedent therein
provided for relating to such transaction have been complied with and, in the case of the Opinion
of Counsel, that all agreements with respect to such Tax Merger to which the Servicer is a party
are legal, valid and binding with respect to the Servicer and such other matters as the
Administrative Agent may reasonably request, (ii) favorable bring-down opinions of counsel for the
Originator, the Seller and the Servicer, in form and substance satisfactory the Administrative
Agent, and (iii) a merger agreement or substantially similar document to the Administrative Agent
and each Purchaser Agent which states, to the reasonable

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satisfaction of the Administrative Agent, that the surviving entity of such Tax Merger shall
assume all of the assets and liabilities of the Servicer.

     (b) Solely with respect to each Determination Date that occurs in January 2009, February 2009
and March 2009 where the Average Portfolio Charged-Off Ratio exceeds 4.0%, each of the Seller, the
Servicer, the Backup Servicer, the Collateral Custodian, the Administrative Agent and the Secured
Parties hereby agree to a one-time waiver per each such Determination Date of such Termination
Event as set forth in Section 10.1(c) of the Sale and Servicing Agreement; provided, however, that
no waiver is granted hereby for any Determination Date not set forth in this Section 2(b);
provided, further, that at any time after the date hereof when the Average Portfolio Charged-Off
Ratio exceeds 4.0%, the Seller shall be prohibited from requesting an Advance from any of the
Purchasers or their respective Purchaser Agents.

     SECTION 3. CONSENT.

     (a) Pursuant to Section 5.2(j) of the Sale and Servicing Agreement, the Administrative Agent
and each Purchaser Agent hereby consent to the amendment to the operating agreement of the Seller
as set forth on Exhibit A hereto.

     (b) Pursuant to Section 5.5(b) of the Sale and Servicing Agreement, the Administrative Agent
and each Purchaser Agent hereby consent to a Tax Merger, which shall be completed within 30 days of
the date first set forth above, and hereby agree that this Amendment constitutes notice of such Tax
Merger.

     SECTION 4. AGREEMENT IN FULL FORCE AND EFFECT AS AMENDED.

     Except as specifically amended hereby, all provisions of the Sale and Servicing Agreement
shall remain in full force and effect. After this Amendment becomes effective, all references to
the Sale and Servicing Agreement, and corresponding references thereto or therein such as “hereof,”
“herein,” or words of similar effect referring to the Sale and Servicing Agreement shall be deemed
to mean the Sale and Servicing Agreement as amended hereby. This Amendment shall not constitute a
novation of the Sale and Servicing Agreement, but shall constitute an amendment thereof. This
Amendment shall not be deemed to expressly or impliedly waive, amend or supplement any provision of
the Sale and Servicing Agreement other than as expressly set forth herein.

     SECTION 5. REPRESENTATIONS.

     Each of the Originator, the Servicer and the Seller, severally for itself only, represents and
warrants as of the date of this Amendment as follows:

     (i) it is duly incorporated or organized, validly existing and in good standing under
the laws of its jurisdiction of incorporation or organization;

     (ii) the execution, delivery and performance by it of this Amendment and the Sale and
Servicing Agreement as amended hereby are within its powers, have been duly authorized, and
do not contravene (A) its charter, by-laws, or other organizational documents, or (B) any
Applicable Law;

-5-

 

     (iii) no consent, license, permit, approval or authorization of, or registration,
filing or declaration with any governmental authority, is required in connection with the
execution, delivery, performance, validity or enforceability of this Amendment and the Sale
and Servicing Agreement as amended hereby by or against it;

     (iv) this Amendment has been duly executed and delivered by it;

     (v) each of this Amendment and the Sale and Servicing Agreement as amended hereby
constitutes its legal, valid and binding obligation enforceable against it in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws affecting the enforcement of
creditors’ rights generally or by general principles of equity; and

     (vi) there is no Termination Event or Unmatured Termination Event that has not been
otherwise waived in this Amendment.

     SECTION 6. CONDITIONS TO EFFECTIVENESS.

     The effectiveness of this Amendment is conditioned upon: (i) payment of the outstanding fees
and disbursements of the Purchasers; (ii) payment of the outstanding fees and disbursements of
Dechert LLP, as counsel to the Administrative Agent and the Purchasers; (iii) delivery of executed
signature pages by all parties hereto to the Administrative Agent; (iv) delivery of a duly executed
Variable Funding Note in the name of “Wachovia Capital Markets, LLC, as the WBNA Agent” and in the
face amount equal to $100,000,000; (v) delivery of a duly executed Variable Funding Note in the
name of “BMO Capital Markets Corp., as the Fairway Agent” and in the face amount equal to
$31,250,000; (vi) delivery of a duly executed Variable Funding Note in the name of “JPMorgan Chase
Bank, National Association” and in the face amount equal to $50,000,000; (vii) delivery of a duly
executed Variable Funding Note in the name of “SunTrust Robinson Humphrey, Inc., as the Three
Pillars Agent” and in the face amount equal to $50,000,000; (viii) delivery of a duly executed
Variable Funding Note in the name of “Fortis Bank S.A./N.V., as the Scaldis Agent” and in the face
amount equal to $18,750,000; and (ix) delivery and execution of certain amendments to each
Purchaser Fee Letter by the parties thereto.

     SECTION 7. MISCELLANEOUS.

     (a) Without in any way limiting any other obligation hereunder or under the Transaction
Documents, the Seller agrees to provide, from time to time, any additional documentation and to
execute additional acknowledgements, amendments, instruments or other agreements as may be
reasonably requested and required by the Administrative Agent to effectuate the foregoing.

     (b) This Amendment may be executed in any number of counterparts (including by facsimile), and
by the different parties hereto on the same or separate counterparts, each of which shall be deemed
to be an original instrument but all of which together shall constitute one and the same agreement.

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     (c) The descriptive headings of the various sections of this Amendment are inserted for
convenience of reference only and shall not be deemed to affect the meaning or construction of any
of the provisions hereof.

     (d) This Amendment may not be amended or otherwise modified except as provided in the Sale and
Servicing Agreement.

     (e) The failure or unenforceability of any provision hereof shall not affect the other
provisions of this Amendment.

     (f) Whenever the context and construction so require, all words used in the singular number
herein shall be deemed to have been used in the plural number, and vice versa, and the masculine
gender shall include the feminine and neuter and the neuter shall include the masculine and
feminine.

     (g) This Amendment and the Sale and Servicing Agreement represent the final agreement among
the parties with respect to the matters set forth therein and may not be contradicted by evidence
of prior, contemporaneous or subsequent oral agreements among the parties. There are no unwritten
oral agreements among the parties with respect to such matters.

     (h) Each of the Purchasers and Purchaser Agents party hereto agree to use commercially
reasonable efforts to promptly deliver for cancellation any and all Variable Funding Notes issued
under the Sale and Servicing Agreement prior to the date of this Amendment and held by such
Purchaser or Purchaser Agent to Patton Boggs LLP, as counsel for the Seller, at 2001 Ross Avenue,
Suite 3000, Dallas, TX 75201, Attn: James L. Baker.

     (i) THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN THE SALE AND
SERVICING AGREEMENT AND SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS SET
FORTH IN THE SALE AND SERVICING AGREEMENT.

[Remainder of Page Intentionally Left Blank]

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     IN WITNESS WHEREOF, the parties have caused this Waiver, Consent and Amendment to be executed
by their respective officers thereunto duly authorized, as of the date first above written.

	 	 	 	 	 
	 	CSE QRS FUNDING I LLC, as Seller

 	 
	 	By:  	/S/ JEFFREY A. LIPSON
 	 
	 	 	Name:  	Jeffrey A. Lipson 	 
	 	 	Title:  	Vice President & Treasurer 	 
	 
	 	CSE MORTGAGE LLC, as Originator and as Servicer

 	 
	 	By:  	/S/ JEFFREY A. LIPSON
 	 
	 	 	Name:  	Jeffrey A. Lipson 	 
	 	 	Title:  	Vice President & Treasurer 	 
	 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

 

	 	 	 	 	 
	 	WACHOVIA BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/S/ MIKE ROMANZO
 	 
	 	 	Name:  	Mike Romanzo 	 
	 	 	Title:  	Director 	 
	 
	 	WACHOVIA CAPITAL MARKETS, LLC, as the Administrative Agent and as the WBNA Agent

 	 
	 	By:  	/S/ RAJ SHAH
 	 
	 	 	Name:  	Raj Shah 	 
	 	 	Title:  	Managing Director 	 
	 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

 

	 	 	 	 	 
	 	FAIRWAY FINANCE COMPANY, LLC

 	 
	 	By:  	/S/ PHILIP A. MARTONE
 	 
	 	 	Name:  	Philip A. Martone 	 
	 	 	Title:  	Vice President 	 
	 
	 	BMO CAPITAL MARKETS CORP. (f/k/a Harris Nesbitt Corp.), as the Fairway Agent

 	 
	 	By:  	/S/ KEITH J. NIEBRUGGE
 	 
	 	 	Name:  	Keith J. Niebrugge 	 
	 	 	Title:  	Managing Director 	 
	 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

 	 
	 	By:  	/S/ RICHARD J. POWOROZNEK
 	 
	 	 	Name:  	Richard J. Poworoznek 	 
	 	 	Title:  	Executive Director 	 
	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as the JPMorgan Agent

 	 
	 	By:  	/S/ RICHARD J. POWOROZNEK
 	 
	 	 	Name:  	Richard J. Poworoznek 	 
	 	 	Title:  	Executive Director 	 
	 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

 

	 	 	 	 	 
	 	THREE PILLARS FUNDING LLC

 	 
	 	By:  	/S/ DORIS J. HEARN
 	 
	 	 	Name:  	Doris J. Hearn 	 
	 	 	Title:  	Vice President 	 
	 
	 	SUNTRUST ROBINSON HUMPHREY, INC., as the Three Pillars Agent

 	 
	 	By:  	/S/ MICHAEL G. MAZA
 	 
	 	 	Name:  	Michael G. Maza 	 
	 	 	Title:  	Managing Director 	 
	 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

 

	 	 	 	 	 
	 	SCALDIS CAPITAL LIMITED

 	 
	 	By:  	/S/ ANNE-MARIE BURNS
 	 
	 	 	Name:  	Anne-Marie Burns 	 
	 	 	Title:  	Director 	 
	 
	 	FORTIS BANK S.A./N.V., as the Scaldis Agent

 	 
	 	By:  	/S/ DIDIER LANNOY
 	 
	 	 	Name:  	Didier Lannoy 	 
	 	 	Title:  	Chief of Staff, Global Markets 	 
	 
	 	 	 
	 	By:  	/S/ KATHERINE DIOR
 	 
	 	 	Name:  	Katherine Dior 	 
	 	 	Title:  	Head of New Issues, Global Markets 	 
	 

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

 

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity but
solely as the Backup Servicer and as the Collateral Custodian

 	 
	 	By:  	/S/ JEANINE C. CASEY
 	 
	 	 	Name:  	Jeanine C. Casey 	 
	 	 	Title:  	Vice Presidentexv10w16

Exhibit
10.16

COMPOSITE
VERSION reflects all amendments through February 10, 2009

10 February 2009

CS EUROPE FINANCE LIMITED and CS UK FINANCE LIMITED

as the Borrowers and Guarantors

EACH OF THE CONDUIT LENDERS AND INSTITUTIONAL LENDERS

FROM TIME TO TIME PARTY HERETO AS LENDERS,

as the Lenders

EACH OF THE LENDER AGENTS

FROM TIME TO TIME PARTY HERETO AS LENDER AGENTS,

as the Lender Agents

EACH OF THE SWINGLINE LENDER AGENTS

FROM TIME TO TIME PARTY HERETO AS SWINGLINE LENDER AGENTS

as the Swingline Lender Agents

EACH OF THE CONDUIT LENDERS AND INSTITUTIONAL LENDERS

FROM TIME TO TIME PARTY HERETO AS SWINGLINE LENDERS,

as the Swingline Lenders

CAPITALSOURCE FINANCE LLC

as the Servicer

WACHOVIA BANK, N.A.

as the Administrative Agent and the Security Trustee

and

WACHOVIA SECURITIES INTERNATIONAL LTD.,

as Lead Arranger and Sole Bookrunner

      

AMENDED

€125,000,000

MULTICURRENCY REVOLVING FACILITY
AGREEMENT

 

-i-

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	1.

	 	DEFINITIONS AND INTERPRETATION
	 	 	5	 
	 	 	 	 	 	 	 
	2.

	 	THE FACILITY
	 	 	50	 
	 	 	 	 	 	 	 
	3.

	 	PURPOSE
	 	 	50	 
	 	 	 	 	 	 	 
	4.

	 	CONDITIONS OF LOANS
	 	 	51	 
	 	 	 	 	 	 	 
	5.

	 	PROCEDURE FOR LOANS
	 	 	53	 
	 	 	 	 	 	 	 
	6.

	 	LOAN TRANSFERS
	 	 	60	 
	 	 	 	 	 	 	 
	7.

	 	REPAYMENT, PRE-PAYMENT AND CANCELLATION
	 	 	64	 
	 	 	 	 	 	 	 
	8.

	 	INTEREST
	 	 	68	 
	 	 	 	 	 	 	 
	9.

	 	PAYMENT MECHANICS
	 	 	70	 
	 	 	 	 	 	 	 
	10.

	 	COLLECTIONS AND ALLOCATIONS
	 	 	74	 
	 	 	 	 	 	 	 
	11.

	 	PAYMENTS, COMPUTATIONS, ETC.
	 	 	75	 
	 	 	 	 	 	 	 
	12.

	 	FEES
	 	 	76	 
	 	 	 	 	 	 	 
	13.

	 	TAX GROSS UP AND INDEMNITIES
	 	 	77	 
	 	 	 	 	 	 	 
	14.

	 	INCREASED COSTS
	 	 	82	 
	 	 	 	 	 	 	 
	15.

	 	OTHER INDEMNITIES
	 	 	84	 
	 	 	 	 	 	 	 
	16.

	 	INDEMNIFICATION AND EXPENSES
	 	 	84	 
	 	 	 	 	 	 	 
	17.

	 	REPRESENTATIONS AND WARRANTIES
	 	 	87	 
	 	 	 	 	 	 	 
	18.

	 	INFORMATION UNDERTAKINGS
	 	 	94	 
	 	 	 	 	 	 	 
	19.

	 	GENERAL UNDERTAKINGS
	 	 	96	 
	 	 	 	 	 	 	 
	20.

	 	PERMITTED TRANSFER AND SYNDICATION
	 	 	101	 
	 	 	 	 	 	 	 
	21.

	 	EVENTS OF DEFAULT
	 	 	103	 
	 	 	 	 	 	 	 
	22.

	 	CHANGES TO THE LENDERS
	 	 	106	 
	 	 	 	 	 	 	 
	23.

	 	CHANGES TO THE BORROWERS
	 	 	111	 
	 	 	 	 	 	 	 
	24.

	 	ROLE OF THE ADMINISTRATIVE AGENT AND THE SECURITY TRUSTEE
	 	 	111	 
	 	 	 	 	 	 	 
	25.

	 	CONDUCT OF BUSINESS BY THE SECURED PARTIES
	 	 	118	 
	 	 	 	 	 	 	 

-ii-

 

	 	 	 	 	 	 	 
	26.

	 	PAYMENT MECHANICS
	 	 	118	 
	 	 	 	 	 	 	 
	27.

	 	BORROWER CROSS-GUARANTEE AND INDEMNITY
	 	 	122	 
	 	 	 	 	 	 	 
	28.

	 	SET-OFF
	 	 	124	 
	 	 	 	 	 	 	 
	29.

	 	NOTICES
	 	 	125	 
	 	 	 	 	 	 	 
	30.

	 	CALCULATIONS AND CERTIFICATES
	 	 	129	 
	 	 	 	 	 	 	 
	31.

	 	PARTIAL INVALIDITY
	 	 	130	 
	 	 	 	 	 	 	 
	32.

	 	REMEDIES AND WAIVERS
	 	 	130	 
	 	 	 	 	 	 	 
	33.

	 	AMENDMENTS AND WAIVERS
	 	 	130	 
	 	 	 	 	 	 	 
	34.

	 	COUNTERPARTS
	 	 	139	 
	 	 	 	 	 	 	 
	35.

	 	GOVERNING LAW
	 	 	140	 
	 	 	 	 	 	 	 
	36.

	 	ENFORCEMENT
	 	 	140	 
	 	 	 	 	 	 	 
	37.

	 	SERVICE OF PROCESS
	 	 	140	 
	 	 	 	 	 	 	 

-iii-

 

THIS AMENDED FACILITY AGREEMENT (this “Agreement”) is dated 10 February 2009 and made among:

	(1)	 	CS EUROPE FINANCE LIMITED (“CSEF”), a wholly-owned subsidiary of CapitalSource Europe
Limited. incorporated in England and Wales under registered number 6340019 and CS UK FINANCE
LIMITED (“CSUF”), a wholly-owned subsidiary of CapitalSource UK Limited incorporated in
England and Wales under registered number 6340034, each as a borrower and guarantor (each, a
“Borrower” and together the “Borrowers” and each, a “Guarantor” and together the
“Guarantors”);
	 
	(2)	 	EACH OF THE CONDUIT LENDERS FROM TIME TO TIME PARTY HERETO AND LISTED IN ANNEX B FROM TIME TO
TIME AS A CONDUIT LENDER, (each a “Conduit Lender” and together the “Conduit Lenders”);
	 
	(3)	 	EACH OF THE INSTITUTIONAL LENDERS FROM TIME TO TIME PARTY HERETO AND LISTED IN ANNEX B FROM
TIME TO TIME AS AN INSTITUTIONAL LENDER, (each an “Institutional Lender” and together the
“Institutional Lenders”);
	 
	(4)	 	EACH OF THE LENDER AGENTS FROM TIME TO TIME PARTY HERETO AND LISTED IN ANNEX B FROM TIME TO
TIME AS A LENDER AGENT, (each a “Lender Agent” and together the “Lender Agents”);
	 
	(5)	 	EACH OF THE CONDUIT LENDERS AND INSTITUTIONAL LENDERS LISTED IN ANNEX B FROM TIME TO TIME AS
A SWINGLINE LENDER, (each, a “Swingline Lender”, together the “Swingline Lenders” and,
together with the Conduit Lenders and the Institutional Lenders, the “Lenders”);
	 
	(6)	 	EACH OF THE SWINGLINE LENDER AGENTS FROM TIME TO TIME PARTY HERETO AND LISTED IN ANNEX B FROM
TIME TO TIME AS A SWINGLINE LENDER AGENT, (each a “Swingline Lender Agent” and together the
“Swingline Lender Agents”);
	 
	(7)	 	CAPITALSOURCE FINANCE LLC, as the servicer (the “Servicer”);
	 
	(8)	 	WACHOVIA BANK, N.A., as the administrative agent, (the “Administrative Agent”) and as the
security trustee (the “Security Trustee”); and
	 
	(9)	 	WACHOVIA SECURITIES INTERNATIONAL LTD., as lead arranger (the “Lead Arranger”) and sole
bookrunner (the “Sole Bookrunner”).

WHEREAS,

	 	(A)	 	The parties hereto entered into a €250,000,000 multicurrency revolving facility
agreement dated 3 October 2007, as amended on 24 September 2008 (the “Facility Agreement”)
whereby the Lenders have made available to the Borrowers a multicurrency revolving loan
facility in order to finance the purchase and origination of certain Eligible Loans (as
defined in the Facility Agreement), subject to the terms specified therein;

 

 

	 	(B)	 	The parties hereto have agreed to make certain amendments to the Facility Agreement by
an amendment agreement dated 10 February 2009 (the “Amendment Agreement”).
	 
	 	(C)	 	The Amendment Agreement shall amend and restate the Facility Agreement as set out
herein.
	 
	 	(D)	 	The Borrowers intend to re-finance the Facility through a non-managed collateralised
debt obligation and transfer assets to companies which at the time of such transfer will be
asset-holding or note-issuing companies for the purposes of Regulations 5 or 6 of The
Taxation of Securitisation Companies Regulations 2006;
	 
	 	(E)	 	Each of the Borrowers intends to retain a profit of not less than €5,000 per annum;
	 
	 	(F)	 	Each of the Borrowers intends that it will satisfy the payments condition provided in
Regulation 11 of The Taxation of Securitisation Companies Regulations 2006. Each of the
Borrowers therefore enters into this Agreement with the intention that if it receives any
amounts (“R”) during an accounting period (as defined in section 12 of the Income and
Corporation Taxes Act 1988), it will pay out to parties, during that accounting period or
within 18 months after the end of that accounting period, the total amount of R minus: (i)
any amount retained as profit; (ii) any amount reasonably required to provide for losses or
expenses arising from its business; and (iii) any amount reasonably required to maintain or
enhance its creditworthiness; and
	 
	 	(G)	 	Each of the Borrowers also intends to ensure that any amounts that: (i) are no longer
reasonably required to provide against losses or expenses arising from its business; (ii)
are no longer reasonably required to maintain such Borrower’s creditworthiness; or (iii)
are required to be used to meet such losses or expenses, will be added to R for purposes of
the preceding paragraph for the accounting period in which such amounts are determined to
no longer be required or are used.

IT IS AGREED as follows:

	1.	 	DEFINITIONS AND INTERPRETATION
	 
	1.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Account Bank” means Bank of America, N.A. or any replacement Account Bank appointed pursuant
to the terms of the Servicing Agreement.
	 
	 	 	“Accreted Interest” shall mean the accrued interest on a PIK Loan that is added to the
principal amount of such PIK Loan instead of being paid as it accrues.
	 
	 	 	“Accrual Period” means, with respect to (i) the first Payment Date, the period from and
including the date of the Initial Advance, to and including the last day of the calendar
month immediately preceding the first Payment Date and (ii) any subsequent Payment Date, the
period from and including the first calendar day of the calendar month in which the
immediately preceding Payment Date occurred, to and including the last day of the calendar
month immediately preceding such subsequent Payment Date.

 

 

	 	 	“Additional Cost Rate” has the meaning given to it in ANNEX C (Mandatory Cost Formulae).
	 
	 	 	“Administrative Agent’s Accounts” means the accounts set out on ANNEX E attached hereto.
	 
	 	 	“Advance” shall have the meaning given in Clause 5.1.
	 
	 	 	“Advance Cut-Off” means 11:00 a.m. (London time) on the day falling two Business Days after
the Funding Date in respect of an Advance.
	 
	 	 	“Advance Rate” means, on any date of determination, the applicable percentage set out below
based on Eligible Loan Type and Country Grouping:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Group I	 	Group II	 	Group III
	Eligible Loan Type	 	Country	 	Country	 	Country
	Senior Secured Loans
	 	 	70	%	 	 	64	%	 	 	53	%
	Subordinated Loans
	 	 	51	%	 	 	60	%	 	 	50	%

	 	 	“Advances Outstanding” means on any day, the aggregate principal amount outstanding of (i)
Advances made under the Facility by the Lenders (“Advances”) and (ii) Swingline Advances made
by the Swingline Lender to the Borrowers, outstanding on such day, after giving effect to all
repayments of Advances and Swingline Advances and makings of new Advances and Swingline
Advances on such day; provided that the Advances Outstanding may be reduced by:

	 	(a)	 	Principal Collections; and
	 
	 	(b)	 	Repayments,

	 	 	provided further that the principal amount of any Advance in an Alternative Currency shall in
each case other than for the purpose of calculating the Cost of Funds, be computed using the
Euro Equivalent of such Advance on such day.
	 
	 	 	“Affected Party” means the Administrative Agent, each Lender Agent, each Lender, all
assignees and participants of the Lenders including any Conduit Assignee, any successor to
Wachovia Bank, N.A. as Administrative Agent and any sub-agent of the Administrative Agent.
	 
	 	 	“Affiliate” with respect to a Person, means any other Person controlling, controlled by or
under common control with such Person. For purposes of this definition, “control” (including
the terms “controlling”, “controlled by” and “under common control with”) when used with
respect to any specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting shares, by contract
or otherwise; and the terms “controlling” or “controlled” have meanings correlative to the
foregoing; provided that in the case of

 

 

	 	 	the Servicer or any Subsidiary, “Affiliate” shall not include any Obligor or any Person in
which a Borrower has a Portfolio Investment.

	 	 	“Aggregate Outstanding Loan Balance” means, as of any date of determination, the sum of the
Outstanding Loan Balances of all Eligible Loans included as part of the Collateral on such
date minus the Outstanding Loan Balances of all Charged-Off Loans included as part of the
Collateral on such date.
	 
	 	 	“Aggregate Unpaids” means, at any time, an amount equal to the sum of all unpaid Advances
Outstanding, Cost of Funds, Breakage Costs, Hedge Breakage Costs and all other amounts owed
by the relevant Borrower to the Lenders, the Lender Agents, the Swingline Lender Agents, the
Administrative Agent, the Servicer, the Successor Servicer, each Hedge Counterparty, the
Account Bank and the Security Trustee hereunder or under the other Transaction Documents
(including, without limitation, all Indemnified Amounts, other amounts payable under Clause
15 and amounts required to be paid under Clause 13 to any Indemnified Party) or under any
Hedging Agreement (including, without limitation, payments in respect of the termination of
any such Hedging Agreement) or by a Borrower or any other Person under any fee letter
delivered in connection with the transactions contemplated by this Agreement, in each case
whether due or accrued.
	 
	 	 	“Alternative Currency” means, at any time, any of Dollars, Pounds Sterling, and, with the
agreement of each Lender, any other Currency other than Euro, so long as, in respect of any
Currency that is to be considered an Alternative Currency, at such time:

	 	(a)	 	such Currency is dealt with in the London interbank deposit market;
	 
	 	(b)	 	such Currency is freely transferable and convertible into Euro in the London
foreign exchange market; and
	 
	 	(c)	 	no central bank or other governmental authorisation in the country of issue of
such Currency is required to permit use of such Currency by any Lender for making an
Advance hereunder or to permit the relevant Borrower to borrow and repay the principal
thereof and to pay the interest thereon, unless such authorisation has been obtained and
is in full force and effect.

	 	 	“Alternative Currency Account” means any of the accounts established by the Account Bank from
time to time for the purpose of receiving amounts denominated in an Alternative Currency
other than Dollars and Pounds Sterling.
	 
	 	 	“Alternative Currency Equivalent” means, with respect to any amount stated in Euro, the
amount of the applicable Alternative Currency that would be required to purchase such amount
stated in Euro on any date of calculation, based on the spot selling rate determined by the
Administrative Agent, in its sole discretion, for delivery 2 Business Days later.
	 
	 	 	“Amendment Date” means 10 February 2009.
	 
	 	 	“Amortisation Period” means the period beginning on the Termination Date and ending on the
Collection Date.

 

 

	 	 	“Applicable Law” means for any Person or property of such Person, all applicable laws, rules,
regulations (including proposed, temporary and final income tax regulations), statutes,
treaties, codes ordinances, permits, certificates, orders and licenses of and interpretations
by any Governmental Authority and applicable judgments, decrees, injunctions, writs, orders,
or line action of any court, arbitrator or other administrative, judicial, or quasi-judicial
tribunal or agency of competent jurisdiction.
	 
	 	 	“Approved Country” means each Group I Country, Group II Country or Group III Country.
	 
	 	 	“Approved Currency” means Norwegian Krone, Swedish Krona or such other Currency approved in
writing by the Administrative Agent in its sole discretion, so long as, in respect of any
Currency that is to be considered an Approved Currency, at such time:

	 	(a)	 	such Currency is dealt with in the London interbank deposit market;
	 
	 	(b)	 	such Currency is freely transferable and convertible into Euro in the London
foreign exchange market; and
	 
	 	(c)	 	no central bank or other governmental authorisation in the country of issue of
such Currency is required to permit use of such Currency by any Lender for making an
Advance hereunder or to permit the relevant Borrower to borrow and repay the principal
thereof and to pay the interest thereon, unless such authorisation has been obtained and
is in full force and effect.

	 	 	“Availability” means at any time, an amount equal to the positive excess, if any, of (i) the
Maximum Availability over (ii) the Advances Outstanding on such day; provided that for all
purposes of this Agreement, during the Amortisation Period, the Availability shall equal
zero. Availability will be calculated in Euro, however, amounts available for drawing will be
determined separately for each Currency as the lesser of (i) Availability (or the Alternative
Currency Equivalent thereof) and (ii) Currency Specific Maximum Availability for such
Currency.
	 
	 	 	“Available Funds” means with respect to any Payment Date, (a) all amounts held in or credited
to the Collection Accounts (including, without limitation, any Collections on any of the
Collateral) as of the later of (i) the immediately preceding Determination Date or (ii) the
date of the calculations set out in the most recent Borrower Notice and (b) all amounts held
in or credited to the Reserve Fund as of the immediately preceding Determination Date.
	 
	 	 	“Base Currency” means Euro.
	 
	 	 	“Base Rate” means in relation to Advances and Swingline Advances in (i) Dollars, an interest
rate per annum equal to WBNA’s LIBOR market index rate (“LMIR”) as determined by the
Administrative Agent in its sole discretion or, if a LIBOR Disruption Event has occurred and
is continuing, the higher of the Federal Funds Rate in effect on such day plus 0.50% per
annum and the Prime Rate in effect on such day, (ii) Pounds Sterling, the base rate as set by
the Monetary Policy Committee of the

 

 

	 	 	Bank of England plus 0.50% per annum and (iii) Euro, the main refinancing rate as set by the
European Central Bank plus 0.50% per annum.

	 	 	“Basel II Framework” means the framework for measuring the capital adequacy of banks in the
form set out in the paper entitled “International Convergence of Capital Measurement and
Capital Standards, a Revised Framework” issued by the Basel Committee on Banking Supervision
in June 2004 in the form existing on the date of this Agreement.
	 
	 	 	“Borrower Cross-Guarantee” means the guarantee of each Borrower in respect of the payment
obligations of each other Borrower pursuant to Clause 27;
	 
	 	 	“Borrower Cut-Off Date” means, with respect to each Loan, the date such Loan is originated or
otherwise acquired by the relevant Borrower, on and after which Collections on such Loan
become included as part of the Collateral.
	 
	 	 	“Borrower Notice” means a written notice, in the form of Exhibit A-1, A-2 or A-3, as
applicable, to be used for each Advance or Swingline Advance, repayment of each Advance or
Swingline Advance or termination or reduction of the Facility Amount or prepayments of
Advances or Swingline Advances.
	 
	 	 	“Borrowing Base” means on any date of determination, an amount equal to (i) the Aggregate
Outstanding Loan Balance on such date plus (ii) the Outstanding Loan Balance of all Eligible
Loans to become included as part of the Collateral on such date minus (iii) the amount
(calculated without duplication) by which the Eligible Loans included in the determinations
made in (i) and (ii) above together exceed any applicable Concentration Limits minus (iv) the
Outstanding Loan Balance of any Delinquent Loans. The Borrowing Base shall be recalculated
on: (i) the last day of each Collection Period, (ii) the date on which an Advance or
repayment of the Advances Outstanding is requested, (iii) at the time a release of Principal
Collections is requested, (iv) the last day of each calendar month and (v) any other time
requested by the Administrative Agent in its sole discretion.
	 
	 	 	“Borrowing Base Certificate” means a certificate of a Responsible Officer of the Servicer
setting out the current Borrowing Base as of the date set out in such certificate and the
manner of calculation thereof, to be delivered to the parties and at the times specified
herein.
	 
	 	 	“Breakage Costs” means any amount or amounts as shall compensate a party for any loss, cost
or expense incurred by such party (as reasonably determined by the applicable Lender Agent on
behalf of such Lender) as a result of (i) a prepayment by a Borrower of Advances Outstanding
(including Advances Outstanding in an Alternative Currency) or Interest prior to the end of
the then applicable Interest Period, (ii)(a) solely in the case of a Conduit Lender, the
excess, if any, of the CP Rate over the Interest Rate, as applicable, and, (b) solely in the
case of a Borrower, the excess, if any, of the Interest Rate over the CP Rate or (iii) solely
in the case of an Institutional Lender, the excess, if any, of the applicable EURIBOR Rate or
LIBOR Rate over the applicable Base Rate for the number of days that the relevant Advance is
outstanding. All Breakage Costs shall be due and payable upon the next Payment Date following
notification to the Administrative Agent, subject to and in accordance with Clause 8.4(a).
The determination by (x) in the case of Breakage Costs payable to a Lender, the

 

 

	 	 	applicable Lender Agent of the amount of any such loss or expense shall be set out in a
written notice to the Borrower and (y) in the case of Breakage Costs payable to a Borrower by
a Conduit Lender as contemplated by clause (ii)(b) above, the applicable Lender Agent of the
amount of any such loss or expense shall be set out in a written notice to such Borrower,
which, in each case, shall be conclusive absent manifest error. Breakage Costs shall be paid
in the currency in which such costs are incurred by the relevant Lender.

	 	 	“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for
general business in London and New York City and in relation to any date for payment or
purchase of: (i) a Currency other than Euro, the Principal Financial Centre of the country of
that Currency; or (ii) Euro, any TARGET Day that is also a day on which dealings in deposits
are conducted by and between banks in the London Interbank market.
	 
	 	 	“Capital Expenditures” means, with respect to any Person and for any period, the sum of
capital expenditures and payments under Capitalised Leases of such Person for such period
determined and consolidated in accordance with GAAP.
	 
	 	 	“Capitalised Leases” means, with respect to any Person, leases of (or other agreements
conveying the right to use) any property (whether real, personal or mixed) by such Person as
lessee that, in accordance with GAAP, either would be required to be classified and accounted
for as capital leases on a balance sheet of such Person or otherwise be disclosed as such in
a note to such balance sheet.
	 
	 	 	“CapitalSource Europe Limited.” means CapitalSource Europe Limited., a company incorporated
in England and Wales with registered number 5433665.
	 
	 	 	“Change-in-Control” means the date on which (a) the Servicer ceases to be CapitalSource
Finance LLC or an Affiliate thereof, (b) CapitalSource Inc. ceases to hold, either directly
or indirectly, more than 50% (or such greater percentage that may be necessary to maintain a
controlling interest) of the share capital in CapitalSource Finance LLC, CapitalSource Europe
Limited., and CapitalSource UK Limited and 100% of the share capital in each of the
Borrowers, (c) CapitalSource Europe Limited. ceases to hold 100% of the share capital in CSEF
or (d) CapitalSource UK Limited ceases to hold 100% of the share capital in CSUF.
	 
	 	 	“Charged Account Control Deed” means the charged account control deed dated 3 October 2007
entered into by each Borrower with the Account Bank and the Security Trustee.
	 
	 	 	“Charged-Off Loan” means any Loan: (i) that in the case of Loans with interest payable no
less frequently than quarterly (a) is 90 days or more past due on any principal or interest
payment in which case not less than 50% of the Outstanding Loan Balance shall be deemed to be
a Charged-Off Loan or (b) is 180 days or more past due on any principal or interest payment,
in which case not less than 100% of the Outstanding Loan Balance shall be deemed to be a
Charged-Off Loan, (ii) that in the case of Loans with interest payable less frequently than
quarterly, is 60 or more days past due on any principal or interest payment in which case not
less than 100% of the Outstanding Loan Balance shall be deemed to be a Charged-Off Loan,
(iii) for which the related Obligor has become subject to an Insolvency Proceeding, in which
case not

 

 

	 	 	less than 100% of the Outstanding Loan Balance shall be deemed to be a Charged-Off Loan or
(iv) in respect of which the Servicer has determined that the related Obligor is Insolvent,
in which case not less than 100% of the Outstanding Loan Balance shall be deemed to be a
Charged-Off Loan.

	 	 	“Closing Date” means 3 October 2007.
	 
	 	 	“Collateral” means all right, title and interest, whether now owned or hereafter acquired or
arising, and wherever located, of the Borrowers, in and to property owned, directly or
indirectly, by the Borrowers, including, without limitation, the property described in
paragraphs (i) through (xi) below and all accounts, cash and currency, copyrights, copyright
licenses, equipment, fixtures, contract rights, general intangibles, instruments,
certificates of deposit, certificated securities, uncertificated securities, financial
assets, securities entitlements, commercial tort claims, deposit accounts, inventory,
investment property, letter-of-credit rights, software, supporting obligations, accessions,
and other property consisting of, arising out of, or related to any of the following:

	 	(i)	 	the Loans, and all monies due or to become due in payment of such Loans on and
after the related Borrower Cut-Off Date, including but not limited to all Collections
and all obligations owed to the Borrowers in connection with such Loans;
	 
	 	(ii)	 	any Related Property securing or purporting to secure the Loans (to the extent
the relevant Borrower has been Granted Security thereon) including the related Security
Granted by the Obligor under such Loans and all proceeds from any sale or other
disposition of such Related Property;
	 
	 	(iii)	 	all Security and property subject thereto from time to time purporting to secure
payment of any Loan, together with all security registration filings required under the
laws of the relevant jurisdiction relating thereto;
	 
	 	(iv)	 	all claims, suits, causes of action, and any other right of the Borrowers,
whether known or unknown, against the related Obligors, if any, or any of their
respective Affiliates, agents, representatives, contractors, advisors, or any other
Person that in any way is based upon, arises out of or is related to any of the
foregoing, including, to the extent permitted to be assigned under applicable law, all
claims (including contract claims, tort claims, professional negligence claims, and
claims under any law governing the purchase and sale of, or indentures for, securities),
suits, causes of action, and any other right of the Borrowers against any lawyer,
accountant, financial advisor, or other Person arising under or in connection with the
related Loan Documents;
	 
	 	(v)	 	all cash, securities, or other property, and all setoffs and recoupments,
received or effected by or for the account of the Borrowers under such Loans (whether
for principal, interest, fees, reimbursement obligations, or otherwise) after the
related Borrower Cut-Off Date, including all distributions obtained by or through
redemption, consummation of a plan of reorganisation, restructuring, liquidation, or
otherwise of any related Obligor or the related Loan Documents, and all cash,
securities, interest, dividends, and other property that

 

 

	 	 	 	may be exchanged for, or distributed or collected with respect to, any of the
foregoing;

	 	(vi)	 	all Insurance Policies;
	 
	 	(vii)	 	the Loan Documents with respect to the Loans;
	 
	 	(viii)	 	all warrants, preferential rights to subscribe, convertibles or other instruments
received as consideration for entering into the Loans;
	 
	 	(ix)	 	each Collection Account and the Reserve Fund, together with all funds held in or
credited to such accounts, each Funding Account to the extent of all Release Amounts and
Swingline Release Amounts held in or credited to such accounts, and all certificates and
instruments, if any, from time to time representing or evidencing each of the foregoing
or such funds;
	 
	 	(x)	 	any Hedging Agreement and any payment from time to time due thereunder;
	 
	 	(xi)	 	the proceeds of each of the foregoing; and
	 
	 	(xii)	 	all other property of the Borrowers,

	 	 	but excluding

	 	(a)	 	any of the foregoing which has been the subject of a Permitted Transfer; and
	 
	 	(b)	 	any Retained Interest or any of items (i) to (xii) above to the extent they relate
exclusively to a Retained Interest or a portion of a loan representing a Retained Interest.

	 	 	“Collateral Custodian” means Wells Fargo Bank, National Association, or any other Person
approved by the Administrative Agent to act as collateral custodian pursuant to the terms of
the Custody Agreement in respect of any US Loans acquired or held by the Borrowers.
	 
	 	 	“Collection Account” means each of the Dollar Collection Account, the Euro Collection Account
and the Pounds Sterling Collection Account.
	 
	 	 	“Collection Date” means the date following the Termination Date on which the Obligations have
been reduced to zero and irrevocably paid in full other than contingent indemnification
obligations.
	 
	 	 	“Collection Excluded Amounts” means any amount received by a Borrower on or with respect to
any Collateral, which amount is attributable to (a) the payment of any tax, fee or other
charge imposed by any Governmental Authority on such Loan, (b) any amount representing a
reimbursement of insurance premiums and (c) any amount with respect to the Loan or other
Collateral which has been the subject of a Permitted Transfer or that is otherwise replaced
by a Substitute Loan (if the relevant Borrower has decided that such Loan is no longer to be
included in the Collateral), to the extent such amount is attributable to a time after the
effective date of the Permitted Transfer.

 

 

	 	 	“Collection Period” means with respect to the first Payment Date, the period from and
including the Closing Date to and including the Determination Date preceding the first
Payment Date; and thereafter, the period from but excluding the Determination Date preceding
the previous Payment Date to and including the Determination Date preceding the current
Payment Date.
	 
	 	 	“Collections” means:

	 	(a)	 	all cash collections or other cash proceeds received by the Borrowers (or any
Affiliate of a Borrower) or the Servicer (or any Affiliate of the Servicer) on behalf of
the Borrowers, from any source in payment of any amounts owed in respect of a Loan
(including, without limitation, any Remaining Loan), including, without limitation,
Interest Collections, Principal Collections, Insurance Proceeds, interest earnings in
the Collection Accounts, all Recoveries and any other funds received by or on behalf of
the Borrowers with respect to any Collateral; and
	 
	 	(b)	 	all payments received pursuant to any Hedging Agreement or Hedge Transaction,

	 	 	but shall exclude any Collection Excluded Amounts.
	 
	 	 	“Committed Conduit Lender” means each of the Conduit Lenders identified as such in Annex B
from time to time and any other Person to which such Committed Conduit Lender may assign all
or a portion of its Commitment and its rights and obligations under this Agreement that is
committed to fund Advances hereunder.
	 
	 	 	“Commitment” means with respect to each Lender Group, the commitment (without duplication) of
each Institutional Lender or each Committed Conduit Lender in such Lender Group to make
Advances and, with respect to a Swingline Lender, the commitment of such Lender to make
Swingline Advances, in accordance herewith in an amount not to exceed (a) prior to the
Termination Date, the amount set out opposite such Lender’s name in Annex B hereto and (b) on
and after the Termination Date, the outstanding Advances of such Lender.
	 
	 	 	“Commitment Fee” means a Commitment Fee, payable in arrears on each Payment Date in Euro in
respect of each Accrual Period, equal to the sum of the products for each day during the
applicable Accrual Period of (i) one divided by 360, (ii) the applicable Commitment Fee Rate
and (iii) the amount of each Lender’s Commitment on such day minus the Advances outstanding
funded by each such Lender on such day, except that in the case of the First Payment Date,
the Accrual Period for purposes of the Commitment Fee shall be deemed to begin on (and
include) the Closing Date and end on (and include) the last day of the calendar month
immediately preceding the First Payment Date. For the avoidance of doubt, no Commitment Fee
accrues on the Swingline Facility.
	 
	 	 	“Commitment Fee Rate” means the rate set out in the Fee Letter.
	 
	 	 	“Concentration Limits” means, on any day, each of the following (each limit stated as a
percentage shall be calculated on the basis of a percentage of the Aggregate Outstanding Loan
Balance unless otherwise indicated), without double counting:

 

 

	 	(a)	 	the sum of the Outstanding Loan Balances of Eligible Loans which have been
included as part of the Collateral for 24 months or more shall not exceed 70%.
	 
	 	(b)	 	the sum of the Outstanding Loan Balances of all Eligible Loans to a single
Obligor (including affiliates thereof) shall not exceed the greater of 8% and
€18,000,000; provided that the Outstanding Loan Balances of all Eligible Loans to the
single largest Obligor (including affiliates thereof) shall not exceed the greater of 8%
and €30,000,000 and the Outstanding Loan Balances of all Eligible Loans to the second
largest Obligor (including affiliates thereof) shall not exceed the greater of 8% and
€21,000,000.
	 
	 	(c)	 	the sum of the Outstanding Loan Balances of all Eligible Loans divided by the
number of Obligors (including affiliates thereof) shall not exceed the greater of 2.5%
and €11,500,000.
	 
	 	(d)	 	the sum of the Outstanding Loan Balances of all Eligible Loans to Obligors which
are in the same Industry (as defined by Moody’s Industry Classifications) for each of
the three largest industry concentrations shall not exceed the greater of 15% and
€37,500,000 and the greater of 15% and €27,500,000 for each other Industry.
	 
	 	(e)	 	the sum of the Outstanding Loan Balances of Eligible Loans that are denominated
in Dollars shall not in the aggregate exceed the greater of 40% or €70,000,000;
	 
	 	(f)	 	the sum of the Outstanding Loan Balances of all Eligible Loans denominated in an
Approved Currency shall not in the aggregate exceed the greater of 10% or €15,000,000;
	 
	 	(g)	 	the sum of the Outstanding Loan Balances of Eligible Loans that have a risk
rating of 4, 5 or 6 according to the Servicer’s Credit and Collection Policy shall not
exceed 20%, 10% and 0%, respectively;
	 
	 	(h)	 	the sum of the Outstanding Loan Balances of Eligible Loans denominated in Pounds
Sterling shall not in aggregate exceed the greater of 50% and €100,000,000;
	 
	 	(i)	 	the sum of the Outstanding Loan Balances of Eligible Loans that pay interest less
frequently than quarterly shall not exceed (i) 20% if, as of the relevant Borrower
Cut-Off Date or Determination Date, the Reserve Fund contains an amount which is less
than the one-month Required Interest Reserve Amount, (ii) 40% if, as of the relevant
Borrower Cut-Off Date or Determination Date, the Reserve Fund contains an amount which
is not less than the one-month Required Interest Reserve Amount, (iii) 60% if, as of the
relevant Borrower Cut-Off Date or Determination Date, the Reserve Fund contains an
amount which is not less than the two-month Required Interest Reserve Amount or (iv) 75%
if, as of the relevant Borrower Cut-Off Date or Determination Date, the Reserve Fund
contains an amount which is not less than the three-month Required Interest Reserve
Amount;

 

 

	 	(j)	 	the sum of the Outstanding Loan Balances of Eligible Loans that are unsecured
loans shall not exceed zero; and
	 
	 	(k)	 	The sum of the Outstanding Loan Balances of Eligible Loans that are
Sub-Participation Loans and Regulatory Sub-Participation Loans in the aggregate shall
not exceed the greater of the aggregate percentage and Euro limits outlined in the
following table:

	 	 	 	 	 	 	 	 	 
	Granting Institution Rating	 	Aggregate %	 	Aggregate € Limit
	Moody’s/S&P	 	Limit	 	(millions)
	Aa3/AA- and higher
	 	 	20	%	 	€	32.5	 
	A2/A to but excluding Aa3/AA-
	 	 	10	%	 	€	16	 
	Regulatory Sub-Participation
Loans granted by CSEL
	 	 	10	%	 	€	10	 

	 	 	Note: The limits outlined in the table above are cumulative (i.e. the limit of Aa3/AA- and
higher will include both Sub-Participation Loans granted by A2/A to but excluding Aa3/AA-
rated institutions and Regulatory Sub-Participation Loans).
	 
	 	 	provided that the Borrower shall only acquire such Regulatory Sub-Participation Loans if
there are tax or regulatory reasons which prevent direct acquisition of such Eligible Loan
and that no Regulatory Sub-Participation Loans shall be included in the Borrowing Base for
more than 90 days.
	 
	 	 	“Conduit Assignee” means any special purpose entity that finances its activities directly or
indirectly through the issuance of asset backed commercial paper and is administered by a
Lender Agent or any Affiliate thereof and is designated by a Lender Agent from time to time
to accept an assignment from a Conduit Lender of all or a portion of such Conduit Lender’s
Advances.
	 
	 	 	“Conduit Lender” means any Committed Conduit Lender (subject to Clause 33.19) and any other
special purpose entity that finances its activities directly or indirectly through asset
backed commercial paper as may from time to time become a Lender hereunder by executing and
delivering a Transfer Certificate to the Administrative Agent and the Borrowers as
contemplated by Clause 22.1 and identified as a Conduit Lender on Annex B from time to time;
provided that each Conduit Lender shall be a party to a Liquidity Purchase Agreement.
	 
	 	 	“Contractual Obligation” means, with respect to any Person, any provision of any securities
issued by such Person or any indenture, mortgage, deed of trust, contract, undertaking,
agreement, instrument or other document to which such Person is a party or by which it or any
of its property is bound or is subject.

 

 

	 	 	“Cost of Funds” shall mean, in respect of each Accrual Period, the aggregate of the Usage Fee
and the applicable Interest Rate(s) and based upon Advances Outstanding.
	 
	 	 	“Country Grouping” means either a Group I Country, Group II Country or Group III Country
being the country group to which a Loan is attributed by the Servicer acting reasonably and
in good faith based first on where a majority of the Obligor’s revenues are generated,
secondly on where the Obligor’s primary operations are conducted and third on where the
Obligor’s head office is located. For the avoidance of doubt, each Loan shall be attributed
to only one Country Group.
	 
	 	 	“CP Rate” means, for any Interest Period, the per annum rate equivalent to the weighted
average of the per annum rates paid or payable by a Conduit Lender from time to time as
interest on or otherwise (by means of interest rate hedges or otherwise taking into
consideration any incremental carrying costs associated with short-term promissory notes
issued by such Conduit Lender maturing on dates other than those certain dates on which such
Conduit Lender is to receive funds) in respect of the commercial paper issued by such Conduit
Lender that are allocated, in whole or in part, by the applicable Lender Agent (on behalf of
such Conduit Lender) to fund or maintain the Advances Outstanding during such period, as
determined by the applicable Lender Agent (on behalf of such Conduit Lender) and reported to
the relevant Borrower and the Servicer, which rates shall reflect and give effect to (i) the
commissions of placement agents and dealers in respect of such promissory notes, to the
extent such commissions are allocated, in whole or in part, to such promissory notes by the
applicable Lender Agent (on behalf of such Conduit Lender) and (ii) other borrowings by such
Conduit Lender, including, without limitation, borrowings to fund Dollar, GBP or Euro amounts
that are not easily accommodated in the commercial paper market; provided that if any
component of such rate is a discount rate, in calculating the CP Rate, the applicable Lender
Agent shall for such component use the rate resulting from converting such discount rate to
an interest bearing equivalent rate per annum.
	 
	 	 	“Credit and Collection Policy” means the credit and collection policy of the Servicer in
effect on the Closing Date and attached hereto as Exhibit D, furnished to the Administrative
Agent by the Servicer as the same may be amended, modified or supplemented from time to time
in accordance with this Agreement and the Servicing Agreement.
	 
	 	 	“CSEF” means CS Europe Finance Limited, a company incorporated in England and Wales with
registered number 6340019.
	 
	 	 	“CSUF” means CS UK Finance Limited, a company incorporated in England and Wales with
registered number 6340034.
	 
	 	 	“Currency” means Euro, Dollars, Pounds Sterling or any other currency selected with the
unanimous consent of all of the Lenders.
	 
	 	 	“Currency-Specific Borrowing Base” means on any date of determination, in respect of any
Currency, an amount equal to (i) the sum of the aggregate Outstanding Loan Balance of all
Eligible Loans denominated in such Currency less any Charged-Off Loans denominated in such
Currency plus (ii) the Outstanding Loan Balance of all Eligible Loans denominated in such
Currency to become part of the Collateral on such

 

 

	 	 	date minus (iii) the amount (calculated without duplication) by which the Eligible Loans
included in the determinations made in (i) and (ii) above together exceed any applicable
Concentration Limits (when included as part of the Aggregate Outstanding Loan Balance) minus
(iv) the Outstanding Loan Balance of any Delinquent Loans denominated in such Currency.

	 	 	“Currency-Specific Maximum Availability” means, at any time, in respect of any Currency, an
amount equal to the sum of (i) the Currency Specific Borrowing Base for such Currency and
(ii) the amount of Principal Collections on deposit in the Collection Accounts received in
reduction of the Outstanding Loan Balance of any Loan denominated in such Currency.
	 
	 	 	“Custody Agreement” means any custody agreement entered into between a Borrower or the
Borrowers, the Security Trustee and Wells Fargo Bank, National Association or such other
Person as approved for such purpose by the Administrative Agent providing for custodial
arrangements in respect, inter alia, of any US Loans acquired or held by the Borrowers.
	 
	 	 	“Debenture” means the debenture, dated on or about the date hereof and in a form satisfactory
to the Administrative Agent, Granted by the Borrowers in favour of the Security Trustee, as
set forth in Exhibit G hereto.
	 
	 	 	“Deed of Subordination” means the deed of subordination, dated the date hereof, between,
inter alia, the Borrowers, the Lenders, CSEL, the Security Trustee and the Administrative
Agent.
	 
	 	 	“Default” shall mean any event or circumstance specified in Clause 21.1, other than under
Clause 21.1.17 which would (with the expiry of a grace period, the giving of notice, the
making of any determination under the Transaction Documents or any combination of any of the
foregoing) be an Event of Default.
	 
	 	 	“Delayed Draw Term Loan” means a Loan that is fully committed on the initial funding date of
such Loan and is required to be fully funded in one or more instalments on draw dates to
occur within one year of the initial funding of such Loan but which, once all such
instalments have been made, has the characteristics of a Term Loan.
	 
	 	 	“Delinquent Loan” means any Loan (other than a Charged-Off Loan) as to which: (a) all or any
portion of any one or more payments of principal or interest thereunder remains unpaid for
(i) at least 60 days from the original due date for such payment in the case of Loans with
interest payable no less frequently than quarterly or (ii) at least 5 days from the original
due date for such payment in the case of Loans with interest payable less frequently than
quarterly (in both cases, without giving effect to any grace period permitted in the
Underlying Instruments); (b) a Material Modification of the type described in paragraphs (a),
(b), (c) or (e) of the definition thereof has occurred with respect to such Eligible Loan has
been made; (c) the related Obligor is failing to pay any accrued, due and unpaid interest or
principal payments on a current basis (without giving effect to any grace period permitted in
the Underlying Instruments) on any of its debt or borrowings; or (d) is on non-accrual
status.
	 
	 	 	“Derivatives” means any exchange-traded or over-the-counter (a) forward, future, option,
swap, cap, collar, floor, foreign exchange contract, any combination thereof,

 

 

	 	 	whether for physical delivery or cash settlement, relating to any interest rate, interest
rate index, currency, currency exchange rate, currency exchange rate index, debt instrument,
debt price, debt index, depository instrument, depository price, depository index, equity
instrument, equity price, equity index, commodity, commodity price or commodity index, (b)
any similar transaction, contract, instrument, undertaking or security, or (c) any
transaction, contract, instrument, undertaking or security containing any of the foregoing.

	 	 	“Determination Date” means the last day of each calendar month.
	 
	 	 	“Discharged Rights and Obligations” has the meaning given in Clause 22.4.3(a).
	 
	 	 	“Discretionary Sale” has the meaning given in Clause 6.2.1.
	 
	 	 	“Discretionary Sale Date” means the Business Day identified by the Borrower to the
Administrative Agent in a Discretionary Sale Notice as the proposed date of a Discretionary
Sale.
	 
	 	 	“Discretionary Sale Notice” has the meaning given in Clause 6.2.1(a).
	 
	 	 	“Distribution” has the meaning given in Clause 19.1.1(h).
	 
	 	 	“Dollar Collection Account” means the account specified in Schedule 6 of the Servicing
Agreement maintained in the name of the Borrowers for the purpose of receiving Collections in
Dollars at the Account Bank or any replacement account designated as the “Dollar Collection
Account” which the Borrowers (or the Servicer on behalf of the Borrowers) may open with the
Account Bank in accordance with clause 5.3 of the Servicing Agreement.
	 
	 	 	“Dollars” or “$” means the lawful currency of the United States of America.
	 
	 	 	“Eligible Loan” means on any date of determination, any Loan included on the Loan List that
satisfies each of the following requirements:

	 	(i)	 	the Loan is a Senior Secured Loan or Subordinated Loan;
	 
	 	(ii)	 	(a) the relevant Borrower has good legal and beneficial title to, and is the sole
owner of, such Loan, (b) the relevant Borrower has Granted to the Security Trustee a
valid and effective security interest in the Loan and Related Property in accordance
with the terms of the Security Document or other instrument purporting to create such
security interest, subject to any filing, registration or notarisation (including
registration of a debenture necessary to perfect such security interests in
circumstances where perfection is required pursuant to the Transaction Documents and to
make such security interest enforceable and effective), for the benefit of the Secured
Parties and (c) all original loan documents required to be delivered to the Collateral
Custodian or CSEL (or applicable affiliate thereof), with respect to such Loan, have
been or will be delivered within a reasonable and customary timeframe from the
applicable funding date;
	 
	 	(iii)	 	the Loan, together with the related Loan Documents or other instruments
evidencing the relevant Borrower’s rights in relation to or interest in the Loan,

 

 

	 	 	 	(a) is in full force and effect and subject to relevant priority of payments
provisions or intercreditor arrangements in the Loan Documents relating to the
relevant Loan, constitutes the legal, valid and binding obligation of the Obligor of
such Loan to pay the stated amount of the Loan and interest thereon, and the related
Loan Documents are enforceable against such Obligor in accordance with their
respective terms and (b) has not had asserted with respect to it any right of
rescission, setoff, counterclaim, defence or other material dispute;
	 
	 	(iv)	 	all material consents, licenses, approvals or authorizations of, or registrations
or declarations with, any governmental authority or any other person required to be
obtained, effected or given in connection with the making of such Loan and taking
security in any related collateral (“Approvals”) have been obtained, effected or given
and are in full force and effect or if any Approval is not obtained, such approval is
obtained within 60 days of the date on which such Loan is advanced to the related
Obligor, provided that such an Approval is limited to approvals required for the purpose
of the target group in an acquisition financing to perfect any up-stream security
package and further provided that, any Loan made as a share acquisition facility that
does not yet fully comply with criterion (iv) above solely due to pending “whitewash
procedures” or similar procedures will not be deemed ineligible for this reason alone,
provided that (a) such Loan is granted a valid and effective security interest in 100%
of the ownership interest of the related Obligor, (b) no other person has any senior or
pari passu security interest over the assets that are expected to secure the Loan upon
the completion of the “whitewash procedures” unless the Loan is not a senior secured
loan and the sole person(s) with any senior or pari passu interest(s) is/are the senior
creditor(s) ranking prior to the Loan as contemplated in the Loan Documents and (c) if
the “whitewash procedures” are not completed within 60 days of the initial funding of
such Loan, such Loan will be classified as a Subordinated Loan until the “whitewash
procedures” have been completed;
	 
	 	(v)	 	the Loan was originated, documented, closed or purchased in accordance with the
terms of the Credit and Collection Policy and arose in the ordinary course of the
Borrower’s business from the extension of credit to the Obligor thereof;
	 
	 	(vi)	 	such Loan was originated or purchased pursuant to the business plan of CSEL and
its Affiliates in Europe;
	 
	 	(vii)	 	as of the date such Loan is first included in the Collateral, (a) such Loan is
not more than 10 days delinquent in payment of principal or interest, (b) such Loan has
not been more than 30 days delinquent in payment of either principal or interest in the
trailing 36-month period (unless otherwise approved by the Administrative Agent), and
(c) on the date such Loan was originated or acquired by the relevant Borrower, no other
loan and/or extension of credit to the related Obligor was more than 30 days delinquent
in payment of either principal or interest in the trailing 36 month period;
	 
	 	(viii)	 	such Loan was purchased at a price of not less than 85% of its par value;
	 
	 	(ix)	 	from and after the date on which the relevant Borrower purchased or originated
such Loan, the Loan is not a Materially Modified Loan and such

 

 

	 	 	 	Loan is not a loan (including, without limitation, a new loan that replaced a prior
loan by the relevant Borrower or any of its Affiliates to the Obligor that was a
Delinquent Loan or a Charged-Off Loan) or extension of credit by such Borrower to
the Obligor for the purpose of (a) reducing or delaying payments due on such Loan,
(b) preventing such Loan or any other loan to such Obligor from becoming past due or
(c) causing a Delinquent Loan or a Charged-Off Loan to cease to be so classified;
provided that the foregoing provisions of this paragraph (ix) shall not include any
loan and/or extension of credit provided solely for refinancing purposes at such
Loan’s original scheduled maturity date;

	 	(x)	 	the proceeds of such Loan will not be used to finance activities of the type
engaged in by businesses classified as residential building construction,
non-residential building construction or utility system construction;
	 
	 	(xi)	 	any applicable taxes in connection with the transfer of such Loan have been paid
or will be paid when due and the Obligor has been given any assurances (including with
respect to the payment of transfer taxes and compliance with securities laws) required
by the Loan Documents in connection with the transfer of the Loan;
	 
	 	(xii)	 	payments of interest on such Loan are not subject to withholding or similar tax
imposed by any governmental authority unless (a) such withholding or similar tax can be
sheltered in full under an applicable “double tax treaty” in respect of which the
Obligor and the relevant Borrower have complied with all necessary formalities for such
shelter to be applicable or (b) subject to completion of the necessary formalities and
to customary provisions such as tax credit or tax mitigation provisions the Obligor is
required to make “gross-up” payments on an after-tax basis for the full amount of such
tax;
	 
	 	(xiii)	 	the Loan is denominated and payable only in Euro or in an Alternative Currency and the
related Loan Documents do not permit such Loan to be repaid in any Currency other than
the Currency in which such Loan was made, provided that certain Loans may be denominated
in an Approved Currency subject to currency hedging acceptable to the Administrative
Agent (in each case determined in its sole discretion) for each such Loan individually;
	 
	 	(xiv)	 	such Loan provides for (x) periodic payments of a portion of accrued and unpaid
interest in cash on a current basis, no less frequently than semi-annually of not less
than (a) 4% if the Loan is a fixed rate loan or (b) 1.25% if the Loan is a Senior
Secured Loan with a floating interest rate, or (c) 2% if the Loan is a floating rate
loan other than a Senior Secured Loan and (y) a fixed amount of principal payable in
cash no later than its stated maturity, and does not allow for the deferral of due
interest and principal (ie is not a ‘PIK toggle’ loan);
	 
	 	(xv)	 	the Loan, together with the Loan Documents related thereto, was originated in
accordance with, and does not contravene in a material respect any Applicable Laws
(including, without limitation, laws, rules and regulations relating to usury, predatory
lending, truth in lending, fair credit billing, fair credit reporting, equal credit
opportunity, fair debt collection practices and privacy)

 

 

	 	 	 	and with respect to which no party to the Loan Documents related thereto is in
violation in any material respect of any such Applicable Laws (which, for the
avoidance of doubt, shall in this paragraph (xv) mean Applicable Laws in effect on
the Borrower Cut-Off Date with respect to such Loan);

	 	(xvi)	 	the Loan, together with the related Loan Documents, is capable of being assigned
or transferred by way of security to the Security Trustee (or its successor, provided
that such successor is a bank) or another bank or financial institution nominated by the
Security Trustee, subject only to customary requirements for the consent of the relevant
Obligor and/or security agent or trustee;
	 
	 	(xvii)	 	the Loan and the relevant Borrower’s interest in all related Collateral and Related
Property are free of any Security, except for Permitted Security;
	 
	 	(xviii)	 	any Related Property with respect to such Loan is insured by the Obligor in
accordance with the Credit and Collection Policy;
	 
	 	(xix)	 	the Loan Documents with respect to such Loan are complete in accordance with the
Credit and Collection Policy and are in the English language (or, to the extent that
Loan Documents are not in English, the relevant Borrower shall provide a copy of the
relevant investment committee meeting minutes, papers or memoranda produced at such
investment committee meeting in English and an English translation of the relevant
financial covenants contained in the Loan Documents) and all such Loan Documents have
been or will be delivered to the Servicer (or applicable affiliate thereof) or the
Security Trustee within a reasonable and customary timeframe from the applicable Funding
Date, but in no event more than 15 Business Days after such Funding Date;
	 
	 	(xx)	 	the Obligor with respect to such Loan is an Eligible Obligor;
	 
	 	(xxi)	 	the Loan does not represent payment obligations relating to “put” rights;
	 
	 	(xxii)	 	the Loan does not by its terms permit the payment obligation of the Obligor thereunder
to be converted into or exchanged for equity capital of such Obligor;
	 
	 	(xxiii)	 	the Obligor of such Loan has waived to the fullest extent permitted by law all rights
of set-off and/or counterclaim against the relevant Borrower and all assignees thereof;
	 
	 	(xxiv)	 	all information on the Loan List delivered to the Administrative Agent with respect to
such Loan is true and correct;
	 
	 	(xxv)	 	the Obligor of such Loan has executed all appropriate documentation required by
the Borrower, as required by, and in accordance with, the Credit and Collection Policy
and the Servicing Standard;
	 
	 	(xxvi)	 	as of the date on which such Loan becomes part of the Collateral, the Weighted Average
Spread Test is satisfied; provided that if immediately prior to such date, the Weighted
Average Spread Test was not satisfied, such test is

 

 

	 	 	 	maintained or improved after giving effect to the inclusion of such Loan in the
Collateral; and

	 	(xxvii)	 	if the Loan is a Revolving Loan or a Delayed-Draw Term Loan, it is subject to the
Retained Interest provision of this Agreement.

	 	 	“Eligible Loan Type” shall refer to the classification of Loans into categories in accordance
with the definitions of Senior Secured Loans or Subordinated Loans, as applicable.
	 
	 	 	“Eligible Obligor” means on any day, any Obligor that satisfies each of the following
requirements at all times:

	 	(i)	 	such Obligor is not a natural person and is a legal operating entity or holding
company, duly incorporated or organised and validly existing under the laws of its
jurisdiction of incorporation or organisation;
	 
	 	(ii)	 	such Obligor is not (and has not been for at least three years immediately
preceding the relevant date of determination) the subject of any Insolvency Proceeding,
unless otherwise approved by the Administrative Agent in its sole discretion;
	 
	 	(iii)	 	such Obligor is not a Governmental Authority;
	 
	 	(iv)	 	such Obligor (a) is not a casino in the business of gaming or gambling, including
accepting, recording or registering bets for money or other items of value (b) is not an
internet-based startup and (c) is not in the nuclear waste, biotechnology, natural
resource exploration and/or production industries unless approved in writing by the
Administrative Agent;
	 
	 	(v)	 	such Obligor is in compliance with all material terms and conditions of its Loan
Documents;
	 
	 	(vi)	 	such Obligor is organised and incorporated and all or substantially all of the
related collateral securing the Loans of such Obligor is located in, an Approved
Country, unless otherwise approved in writing by the Administrative Agent in its sole
discretion;
	 
	 	(vii)	 	such Obligor is not organised in, and does not have a principal office in, any
jurisdiction in which the origination or acquisition of such Loan by the relevant
Borrower would result in a conflict with or breach or violation of any provision of any
Loan Document or the laws of such jurisdiction;
	 
	 	 	 	and
	 
	 	(viii)	 	such Obligor has an Eligible Risk Rating.

	 	 	“Eligible Risk Rating” means, with respect to a designated Obligor, as of the date a Loan to
such Obligor is originated or acquired by the relevant Borrower, a risk rating of 1, 2 or 3
as determined in accordance with the Credit and Collection Policy or such analogous rating
under any successor risk rating system as the Administrative Agent

 

 

	 	 	has approved and notified to the Borrowers, such notice to be in the form provided as Exhibit
C.

	 	 	“Equity Security” means any equity security or other obligation or security that does not
entitle the holder thereof to receive periodic payments of interest and one or more
instalments of principal excluding PIK Securities.
	 
	 	 	“Escrow Agent” means any Person (which, unless otherwise agreed by the Borrowers and the
Administrative Agent, shall either be a law firm of recognised standing in the European Union
or a bank that satisfies the minimum rating requirements set forth in clauses (i) and (ii) of
the definition of “Selling Institution”) acting in accordance with the terms of an Escrow
Letter as an escrow agent with respect to any Release Amounts or Swingline Release Amounts
delivered to it by the Account Bank pursuant to the terms of the Servicing Agreement.
	 
	 	 	“Escrow Letter” means each letter agreement satisfactory in form and substance to, and issued
by the Escrow Agent to the relevant Borrower (with a copy to the Administrative Agent and the
Account Bank) as a condition precedent to the release of Release Amounts or Swingline Release
Amounts by the Account Bank to the Escrow Agent; provided that each Escrow Letter shall
include an undertaking by the Escrow Agent promptly to remit to the Security Trustee (on
behalf of the Administrative Agent or the Swingline Lender, as applicable) all of the Release
Amounts and Swingline Release Amounts (as applicable) maintained by the Escrow Agent as of
the Advance Cut-Off or Swingline Advance Cut-Off applicable thereto.
	 
	 	 	“EU Insolvency Regulation” means Council Regulation (EC) No. 1346/2000 of 20 May 2000.
	 
	 	 	“EURIBOR Rate” means for any Interest Period for any Advance in Euro, an interest rate per
annum equal to:

	 	(i)	 	the rate appearing on the Screen as EURIBOR Rate for deposits in Euro as of 11:00
a.m. Brussels time two TARGET Days before the applicable Funding Date (with respect to
the initial Interest Period for such Advance) and two TARGET Days before the first day
of the applicable Interest Period (with respect to all subsequent Interest Periods for
such Advance);
	 
	 	(ii)	 	if no such rate appears on the Screen at such time and day, then the EURIBOR Rate
for Euro shall be equal to the arithmetic mean (calculated by the Administrative Agent)
of the offered quotations of four Reference Banks in the Relevant Interbank Market for
deposits in Euro as of 11:00 a.m. Brussels time two TARGET Days before the applicable
Funding Date (with respect to the initial Interest Period for such Advance) and two
TARGET Days before the first day of the applicable Interest Period (with respect to all
subsequent Interest Periods for such Advance); provided that if, on any such date, at
least two of the Reference Banks provide such quotations, EURIBOR shall equal the
arithmetic mean of such quotations; or
	 
	 	(iii)	 	with respect to any Interest Period having a designated maturity of less than
one month, EURIBOR will be determined through the use of straight-line interpolation by
reference to two rates calculated in accordance with

 

 

	 	 	 	paragraphs (i) or (ii) above, one of which will be determined as if the maturity of
the deposits in such Currency referred to therein were the period of time for which
rates are available next shorter than such Interest Period and the other of which
will be determined as if the maturity were the period of time for which rates are
available next longer than such Interest Period.

	 	 	“EURIBOR Rate Disruption Event” means:

	 	(i)	 	at or about noon on the Quotation Day for the relevant Interest Period the rate
appearing on the Screen as EURIBOR Rate for deposits in Euro is not available and none
or only one of the Reference Banks supplies a rate to the Administrative Agent to
determine the EURIBOR Rate for the relevant currency and Interest Period; or
	 
	 	(ii)	 	before close of business in London on the Quotation Day for the relevant Interest
Period, the Administrative Agent receives notifications from any Institutional Lender
representing, in aggregate, more than 50% of the aggregate Commitment of the Lenders
then in effect, that the cost to it of obtaining matching deposits in the Relevant
Interbank Market would be in excess of EURIBOR.

	 	 	“Euro” or “€” means the lawful currency of the Participating Member States.
	 
	 	 	“Euro Collection Account” means, in relation to each Borrower, the account specified in
Schedule 6 of the Servicing Agreement maintained in the name of such Borrower for the purpose
of receiving Collections in Euro at the Account Bank or any replacement account designated as
the “Euro Collection Account” which such Borrower (or the Servicer on behalf of such
Borrower) may open with the Account Bank in accordance with clause 5.3 of the Servicing
Agreement.
	 
	 	 	“Euro Equivalent” means on any day, with respect to the amount of any Alternative Currency,
the amount of Euro that would be required to purchase such amount of Alternative Currency on
such day, based on the spot selling rate the Administrative Agent for delivery two Business
Days after such date.
	 
	 	 	“Eurocurrency Disruption Event” means with respect to any Currency, the occurrence of any of
the following: (a) a Swingline Lender or any Institutional Lender shall have notified the
Administrative Agent of a determination by such Swingline Lender or Institutional Lender or
any of their respective assignees or participants, as applicable, that it would be contrary
to law or to the directive of any central bank or other Governmental Authority (whether or
not having the force of law) to obtain such Currency in the London interbank market to fund
any Advance or (b) the Administrative Agent is unable, for any reason, to determine the
Interest Rate for such Currency.
	 
	 	 	“Event of Default” means any event or circumstance specified as such in Clause 21.
	 
	 	 	“Facility” means the multicurrency revolving loan facility made available to the Borrowers by
the Lenders pursuant to this Agreement.

 

 

	 	 	“Facility Amount” means the aggregate Commitments of the Lender Groups then in effect
(excluding, for the avoidance of doubt, any Commitment of a Swingline Lender); provided that,
except as set out in Clause 5.4, such amount may not at any time exceed €125,000,000 without
the written agreement of the parties hereto; provided further that on or after the
Termination Date, the Facility Amount shall be equal to the Advances Outstanding.
	 
	 	 	“Federal Funds Rate” means, with respect to any Lender, for any period, a fluctuating
interest rate per annum equal for each day during such period to the weighted average of the
federal funds rate as quoted by the applicable Lender Agent (in the case of any Conduit
Lender or Institutional Lender) and confirmed in Federal Reserve Board Statistical Release
H.15 (519) or any successor or substitute publication selected by the Administrative Agent
(or, if such day is not a Business Day, for the preceding Business Day), or, if, for any
reason, such rate is not available on any day, the rate determined, in the sole opinion of
each Lender Agent, to be the rate at which federal funds are being offered for sale in the
national federal funds market at 9.00 a.m. (London time).
	 
	 	 	“Fee Letter” means, in respect of fees to accrue on or after 10 February 2009, the fee letter
dated 10 February 2009 (and in respect of fees accrued prior to 10 February 2009, the
previous fee letters dated 3 October 2007 and 24 September 2008), between each of the
Borrowers, the Administrative Agent and the Lenders.
	 
	 	 	“First Currency” has the meaning given in Clause 15.
	 
	 	 	“Fitch” means Fitch, Inc. or any successor to its rating business.
	 
	 	 	“Fixed Rate Loan” means a Loan that is not a Floating Rate Loan.
	 
	 	 	“Fixed Rate Loan Percentage” means, as of any date of determination, the percentage
equivalent of a fraction (a) the numerator of which is the sum of the Outstanding Loan
Balances of all Fixed Rate Loans that are Eligible Loans as of such date and (b) the
denominator of which is equal to the Aggregate Outstanding Loan Balance as of such date.
	 
	 	 	“Floating Rate Loan” means a Loan where the interest rate payable by the Obligor thereof is
based on the prime interest rate or other comparable daily rate, the LIBOR Rate or the
EURIBOR Rate, plus some specified interest percentage in addition thereto, and such Loan
provides that such interest rate will reset at the end of each interest period (howsoever
defined).
	 
	 	 	“Floating Rate Loan Percentage” means, as of any date of determination, the percentage
equivalent of a fraction (a) the numerator of which is the sum of the Outstanding Loan
Balances of all Floating Rate Loans that are Eligible Loans as of such date and (b) the
denominator of which is equal to the Aggregate Outstanding Loan Balance as of such date.
	 
	 	 	“Funding Date” means any Business Day on which an Advance or Swingline Advance is made.
	 
	 	 	“Funding Request” means a Borrower Notice requesting an Advance and including the items
required by Clause 5.1.

 

 

	 	 	“GAAP” means (i) in the case of any Person organised or incorporated in the United States,
the generally accepted accounting principles in the United States, (ii) in the case of a
Borrower, the generally accepted accounting principles in its country of incorporation or the
United States or applicable international accounting standards and (iii) in the case of any
other Person, the generally accepted accounting principles in accordance with which such
Person prepares its audited accounts. All ratios and computations based on GAAP contained in
this Agreement shall be computed in conformity with GAAP as in effect on the date hereof.
	 
	 	 	“Governmental Authority” means any nation or government, any state or other political
subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof,
any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, any court or arbitrator and any accounting board or
authority (whether or not a part of the government) which is responsible for the
establishment or interpretation of national or international accounting principles.
	 
	 	 	“Grant” shall mean to grant, bargain, sell, warrant, alienate, remise, demise, release,
convey, assign, transfer, mortgage, pledge, create and grant a security interest in and right
of set-off against, deposit, set over and confirm. A Grant of any instrument, shall include
all rights, powers and options (but none of the obligations) of the granting party
thereunder, including without limitation, the immediate and continuing right to claim for,
collect, receive and give receipt for principal and interest payments in respect thereof, and
all other monies payable thereunder, to give and receive notices and other communications, to
make waivers or other agreements, to exercise all rights and options, to bring any suit in
equity, action at law or other judicial or administrative proceeding in the name of the
granting party or otherwise, and generally to do and receive anything that the granting party
may be entitled to do or receive thereunder or with respect thereto.
	 
	 	 	“Group I Country” means Canada, the Channel Islands, the Isle of Man, the Netherlands, the
United Kingdom and the United States.
	 
	 	 	“Group II Country” means Germany, Ireland, Sweden and Switzerland.
	 
	 	 	“Group III Country” means Austria, Belgium, Denmark, Finland, France, Italy, Liechtenstein,
Luxembourg, Norway, Portugal and Spain and any other member of the European Economic and
Monetary Union which has a foreign currency issuer credit rating of at least AA from S&P or
Aa2 from Moody’s and which is not a Group I Country or a Group II Country.
	 
	 	 	“Guarantor” means, in respect of each Borrower, the other Borrower pursuant to the Borrower
Cross-Guarantee;
	 
	 	 	“Hedge Amount” means an amount equal to the product of (i) the Weighted Average Advance Rate
with respect to Eligible Loans that are Fixed Rate Loans as of such date and (ii) the portion
of the Outstanding Loan Balance of all Eligible Loans that are Fixed Rate Loans in excess of
the Hedge Floor included in the Collateral as of such date. The Hedge Amount for Eligible
Loans that are Floating Rate Loans is €0.

 

 

	 	 	“Hedge Breakage Costs” means with respect to each Hedge Counterparty upon the early
termination of any Hedge Transaction with such Hedge Counterparty, the net amount, if any,
payable by the relevant Borrower to such Hedge Counterparty for the early termination of that
Hedge Transaction or any portion thereof.
	 
	 	 	“Hedge Counterparty” means any entity (which may include Wachovia Bank, N.A.) that (i) on the
date of entering into any Hedge Transaction (x) is an interest rate swap dealer that has been
approved in writing by the Administrative Agent (such approval not to be unreasonably
withheld) and (y) has a long-term unsecured debt rating of not less than “A” by S&P, not less
than “A-2” by Moody’s and not less than “A” by Fitch (if such entity is rated by Fitch) (the
“Long-term Rating Requirement”) and a short-term unsecured debt rating of not less than “A-1”
by S&P, not less than “P-1” by Moody’s and not less than F-1 by Fitch (if such entity is
rated by Fitch) (the “Short-term Rating Requirement”), and (ii) in a Hedging Agreement (x)
consents to the assignment of the relevant Borrower’s rights under such Hedging Agreement to
the Administrative Agent on behalf of the Secured Parties pursuant to Clause 19.2. and (y)
agrees that in the event that Moody’s, S&P or Fitch reduces its long-term unsecured debt
rating below the Long-term Rating Requirement or reduces its short-term debt rating below the
Short-Term Rating Requirement, it shall either collateralise its obligations in a manner
satisfactory to the Administrative Agent or transfer its rights and obligations under each
Hedging Agreement (excluding, however, any right to net payments or Hedge Breakage Costs
under any Hedge Transaction, to the extent accrued to such date or to accrue thereafter and
owing to the transferring Hedge Counterparty as of the date of such transfer) to another
entity that meets the requirements of paragraphs (b)(i) and (b)(ii) hereof and has entered
into a Hedging Agreement with the relevant Borrower on or prior to the date of such transfer.
	 
	 	 	“Hedge Floor” means (i) €30,000,000 or (ii) at any time the Weighted Average Spread Test is
not satisfied, €0.
	 
	 	 	“Hedge Notional Amount” means for any Advance, the aggregate notional amount in effect on any
day under all Hedge Transactions entered into pursuant to Clause 19.2 for that Advance.
	 
	 	 	“Hedge Transaction” means each interest rate swap, index rate swap or interest rate cap
transaction or comparable derivative arrangements as the Administrative Agent may approve in
its discretion between a Borrower and a Hedge Counterparty that is entered into pursuant to
Clause 19.2 and is governed by a Hedging Agreement.
	 
	 	 	“Hedging Agreement” means the agreement between a Borrower and a Hedge Counterparty that
governs one or more Hedge Transactions entered into by such Borrower and such Hedge
Counterparty pursuant to Clause 19.2, which agreement shall consist of a “Master Agreement”
in a form published by the International Swaps and Derivatives Association, Inc., together
with a “Schedule” thereto substantially in such form as the Required Lenders shall approve in
writing.
	 
	 	 	“Holding Company” means, in relation to a company or corporation, any other company or
corporation in respect of which it is a Subsidiary.
	 
	 	 	“Increased Costs” means any amounts required to be paid by a Borrower to an Affected Party
pursuant to Clause 14.

 

 

	 	 	“Indebtedness” means with respect to any Person as of any date, whether or not reflected on
the balance sheet or comparable statement of financial position of such Person, (a) all
indebtedness of such Person for borrowed money or for the deferred purchase price of property
or services (other than current liabilities incurred in the ordinary course of business and
payable in accordance with customary trade practices) or that is evidenced by a note, bond,
debenture or similar instrument, (including, without limitation, any note, bond, debenture or
similar instrument issued in connection with a securitisation transaction), (b) all
obligations of such Person under capital leases, (c) all obligations of such Person in
respect of acceptances issued or created for the account of such Person, (d) all liabilities
secured by any Security on any property owned by such Person even though such Person has not
assumed or otherwise become liable for the payment thereof, (e) all indebtedness, obligations
or liabilities of that Person in respect of Derivatives, determined as of such date on a net
mark-to-market basis in accordance with customary market practice and (f) obligations under
direct or indirect guaranties in respect of obligation (contingent or otherwise) to purchase
or otherwise acquire, or to otherwise assure a creditor against loss in respect of, clauses
(a) through (e) above.
	 
	 	 	“Indemnified Amounts” shall have the meaning given in Clause 16.1.1.
	 
	 	 	“Indemnified Parties” shall have the meaning given in Clause 16.1.1.
	 
	 	 	“Independent Director” shall have the meaning given in Clause 17.19.16.
	 
	 	 	“Industry” means the industry of an Obligor as determined, in the reasonable discretion of
the relevant Borrower, by reference to the two-digit standard industry classification or
North American Industry Classification System codes.
	 
	 	 	“Initial Advance” means the first Advance made under this Agreement.
	 
	 	 	“Insolvency Laws” means the insolvency laws of any country, and all other applicable
liquidation, conservatorship, bankruptcy, moratorium, rearrangement, receivership,
insolvency, reorganisation, suspension of payments, or similar debtor relief laws from time
to time in effect affecting the rights of creditors generally.
	 
	 	 	“Insolvency Proceeding” means
	 
	 	 	Any corporate action, legal proceedings or other procedure or step is taken by any person in
relation to:

	 	(a)	 	the suspension of payments, a moratorium of any indebtedness, winding-up,
dissolution, administration or reorganisation (by way of voluntary arrangement, scheme
of arrangement or otherwise) of any Borrower;
	 
	 	(b)	 	a composition, compromise, assignment or arrangement with any creditor of any
Borrower;
	 
	 	(c)	 	the appointment of a liquidator, receiver, administrator, administrative
receiver, compulsory manager or other similar officer in respect of any Borrower or any
of its assets; or
	 
	 	(d)	 	enforcement of any Security over any assets of any Borrower,

 

 

	 	 	or any analogous procedure or step is taken in any jurisdiction.
	 
	 	 	“Insolvent” means, in relation to any person, (i) such person is unable or admits inability
to pay its debts as they fall due or is deemed to or declared to be unable to pay its debts
under applicable law; (ii) such person suspends or threatens to suspend making payments on
any of its debts or, by reason of actual or anticipated financial difficulties; (iii) such
person commences negotiations with one or more of its creditors with a view to rescheduling
any of its indebtedness; (iv) the value of the assets of such person is less than its
liabilities (taking into account contingent and prospective liabilities); (v) a moratorium is
declared in respect of any indebtedness of such person; or (vi) such person is engaged in a
business or a transaction or is about to engage in a business or a transaction for which such
person’s property would constitute unreasonably small capital.
	 
	 	 	“Institutional Lender” means each Lender designated as such on its signatures page hereto and
each financial institution other than a commercial paper conduit which may from time to time
become a Lender hereunder by executing and delivering a Transfer Certificate to the
Administrative Agent and the Borrowers as contemplated by Clause 22.1, and in each case
identified as such on Annex B hereto.
	 
	 	 	“Insurance Policy” means with respect to any Loan, an insurance policy covering physical
damage to or loss to any assets or Related Property of the Obligor securing such Loan.
	 
	 	 	“Insurance Proceeds” means any amounts payable or any payments made to the relevant Borrower
or to the Servicer on its behalf under any Insurance Policy.
	 
	 	 	“Interest” means for each Accrual Period and each Advance and each Swingline Advance
outstanding during such Accrual Period, an amount equal to:

	 	Where 
	 
	 	 	N 	= the number of days in the Accrual Period;
	 
	 	 	IRi  	= the Interest Rate applicable on day i of the Accrual Period;
	 
	 	 	Pi  	= the principal amount of such Advance or Swingline Advance on day i of the
Accrual Period; and
	 
	 	 	D 	= 360 days or, where an Advance is denominated in Pounds Sterling, 365 or 366
days, as applicable;

	 	 	provided that (i) no provision of this Agreement shall require or permit the collection of
Interest in excess of the maximum permitted by Applicable Law and (ii) Interest shall not be
considered paid by any distribution if at any time such distribution is rescinded or must
otherwise be returned for any reason.

 

 

	 	 	“Interest Collections” means any and all amounts received on a Loan from or on behalf of any
Obligors that are deposited into the Collection Accounts, or received by a Borrower or by the
Servicer on behalf of a Borrower in respect of Loans, not constituting Principal Collections.
	 
	 	 	“Interest Period” means (i) with respect to an Advance or Swingline Advance accruing Interest
at the Base Rate, each day, and (ii) with respect to an Advance accruing Interest at the
LIBOR Rate or the EURIBOR Rate, each calendar month; provided that the initial Interest
Period with respect to such an Advance will be the period from and including the date of such
Advance to and including the last day of the calendar month in which such Advance is made.
Notwithstanding the foregoing, if any Interest Period pertaining to an Advance would
otherwise end on a day that is not a Business Day, such Interest Period shall be extended to
the next succeeding Business Day, unless the result of such extension would be to carry such
Interest Period into another month, in which event such Interest Period shall end on the
immediately preceding Business Day, and any Interest Period in respect of any Advance that
would otherwise extend beyond the Termination Date shall end on the Termination Date.
	 
	 	 	“Interest Rate” shall be calculated pursuant to Clause 8.1.
	 
	 	 	“Investment” means with respect to any Person, any direct or indirect loan, advance or
investment by such Person in any other Person, whether by means of share purchase, capital
contribution, loan or otherwise, excluding commission, travel and similar advances to
officers, employees and directors made in the ordinary course of business.
	 
	 	 	“Lender Agent” means with respect to each Conduit Lender which may from time to time become
party hereto, the Person designated as the “Lender Agent” with respect to such Lender in the
applicable Transfer Certificate and identified as such on Annex B from time to time; provided
that each Lender designated as an Institutional Lender on its signature page hereto, or as
such for the limited purposes of Clause 33.19, and each other Institutional Lender which may
from time to time become a party hereto, shall be deemed to be its own Lender Agent.
	 
	 	 	“Lender Group” means, (i) with respect to any Conduit Lender, such Conduit Lender and each
Institutional Lender identified as being part of such Conduit Lender’s Lender Group, and each
assignee of any of the foregoing that is otherwise permitted under this Agreement, and (ii)
with respect to any Institutional Lender that is not part of a Conduit Lender’s Lender Group,
such Institutional Lender, in each case as identified as such on Annex B from time to time.
	 
	 	 	“LIBOR” means for any Currency, the rate at which deposits denominated in such Currency are
offered to leading banks in the London interbank market.
	 
	 	 	“LIBOR Market Index Rate” means for any day during a specified Accrual Period, the one-month
rate for LIBOR for Dollar deposits as reported on Reuters Page 3750 as of 11:00 a.m., London
time, on such day, or if such day is not a Business Day, then the immediately preceding
Business Day (or if not so reported, then as determined by the Administrative Agent or (in
the case of a Swingline Advance) the Swingline Lender from another recognised source for
interbank quotation).

 

 

	 	 	“LIBOR Rate” means for any Interest Period for any Advance in any Alternative Currency, an
interest rate per annum equal to:

	 	(i)	 	the rate appearing on the Screen as LIBOR for deposits in such Alternative
Currency at approximately 11:00 a.m. two Business Days before the applicable Funding
Date (with respect to the initial Interest Period for such Advance) and as of the second
Business Day before the first day of the applicable Interest Period (with respect to all
subsequent Interest Periods for such Advance);
	 
	 	(ii)	 	if no such rate appears on the Screen at such time and day, then the LIBOR Rate
for such Alternative Currency shall be equal to the arithmetic mean (calculated by the
Administrative Agent) of the offered quotations of four Reference Banks in the Relevant
Interbank Market for deposits in such Alternative Currency as of 11:00 a.m. Brussels
time two Business Days before the applicable Funding Date (with respect to the initial
Interest Period for such Advance) and two Business Days before the first day of the
applicable Interest Period (with respect to all subsequent Interest Periods for such
Advance); provided that if, on any such date, at least two of the Reference Banks
provide such quotations, LIBOR shall equal such arithmetic mean of such quotations; or
	 
	 	(iii)	 	with respect to any Interest Period having a designated maturity of less than
one month, (a) for any Advance in an Alternative Currency other than Dollars, LIBOR will
be determined through the use of straight-line interpolation by reference to two rates
calculated in accordance with paragraphs (i) or (ii) above, one of which will be
determined as if the maturity of the deposits in such Alternative Currency referred to
therein were the period of time for which rates are available next shorter than such
Interest Period and the other of which will be determined as if the maturity were the
period of time for which rates are available next longer than such Interest Period, and
(ii) for any Advance in Dollars, the LIBOR Rate shall be the LIBOR Market Index Rate.

	 	 	“LIBOR Rate Disruption Event” means:

	 	(i)	 	at or about noon on the Quotation Day for the relevant Interest Period, the rate
appearing on the Screen as LIBOR Rate for deposits in Pounds Sterling is not available
and none or only one of the Reference Banks supplies a rate to the Administrative Agent
to determine the LIBOR Rate for the relevant currency and Interest Period; or
	 
	 	(ii)	 	before close of business in London on the Quotation Day for the relevant Interest
Period, the Administrative Agent receives notifications from any Institutional Lender
representing, in aggregate, more than 50% of the aggregate Commitment of the Lenders
then in effect, that the cost to it of obtaining matching deposits in the Relevant
Interbank Market would be in excess of LIBOR.

	 	 	“Liquidation Expenses” means with respect to any Delinquent Loan or Charged-Off Loan, the
aggregate amount of all out-of-pocket expenses reasonably incurred by the Borrower or on
behalf of the Borrower by the Servicer (including amounts paid to any

 

 

	 	 	subservicer) in connection with the repossession, refurbishing and disposition of any related
assets securing such Loan including the attempted collection of any amount owing pursuant to
such Loan.

	 	 	“Loan” means any commercial loan, note or bond (being a borrowing structured in the form of
privately-placed bonds for tax or regulatory reasons but not publicly listed high-yield bonds
or any equivalent thereof) or, as the case may be, the portion thereof comprised in the
Collateral (and includes, for the avoidance of doubt, any Sub-Participation Loan and any
Regulatory Sub-Participation Loan) in any Currency originated by or assigned or otherwise
transferred by way of a transaction pursuant to which the Borrower has acquired full legal
and beneficial title at fair market value and on arm’s length terms and available as
Collateral for the Lenders arising from the extension of credit to an Obligor in the ordinary
course of such Borrower’s business, in each case including monies due and owing and all
Interest Collections, Principal Collections and other amounts received from time to time with
respect to such loan (or portion thereof forming part of the Collateral) and all Proceeds
thereof provided that the foregoing shall exclude any Retained Interest.
	 
	 	 	“Loan Documents” means with respect to any Loan, any related loan agreement, security
agreement, mortgage, assignment of Loans, guarantee, intercreditor and/or subordination
agreement and all amendments or modifications thereof executed by the Obligor thereof or by
another Person on the Obligor’s behalf in respect of such Loan including, without limitation,
any promissory note, bond subscription or other instruments which evidence a Borrower’s
interest in a Loan, general or limited guaranties and, for each Loan secured by real property
and evidenced by a mortgage, debenture, charge, standard security, deed of trust, or other
security agreement or similar instruments or documents.
	 
	 	 	“Loan File” means with respect to any Loan, each of the Loan Documents related thereto.
	 
	 	 	“Loan List” means the Loan List provided by the Borrower to the Administrative Agent and the
Security Trustee in connection with each Advance or Swingline Advance or as new Eligible
Loans are funded by the Lenders, as set out in the Monthly Report delivered one Business Day
prior to the date of the Initial Advance, as the same may be amended, modified or
supplemented from time to time in accordance with the provisions hereof.
	 
	 	 	“Loan Rate” means for each Loan in a Collection Period, the current cash pay interest rate
for such Loan in such period, as specified in the related Loan Documents.
	 
	 	 	“LTV” shall be defined as (a) the sum of the commitment amount of the applicable Loan and any
other more senior or pari passu indebtedness for borrowed money of the Obligor, divided by
(b) the enterprise value of the Obligor determined in good faith by the Servicer at the time
of the Loan’s acquisition by the Borrower and in an amount consistent with third-party
transactions of a similar nature.
	 
	 	 	“Mandatory Advance” shall have the meaning given in Clause 7.4.2.
	 
	 	 	“Mandatory Costs” means the costs calculated in accordance with ANNEX C.

 

 

	 	 	“Market Servicing Fee” shall have the meaning given in the Servicing Agreement.
	 
	 	 	“Market Servicing Fee Differential” means, on any date of determination, an amount equal to
the excess, if any, of the Market Servicing Fee over the Servicing Fee.
	 
	 	 	“Market Value” means as of any date in respect of any Loan, the lesser of (i) the price at
which such Loan could readily be sold as determined in the Administrative Agent’s sole good
faith discretion, which price may be determined to be zero; and (ii) 100% of the par amount
of the Loan. The Administrative Agent’s determination of Market Value shall be conclusive
upon the parties.
	 
	 	 	“Material Adverse Change” means with respect to any Person, any material adverse change in
the business, condition, operations, performance, properties or prospects of such Person.
	 
	 	 	“Material Adverse Effect” means with respect to any event or circumstance, a material adverse
effect on, as applicable, (a) the business, condition, operations, performance, properties or
prospects of the Servicer, a Parent or a Borrower (b) the validity, enforceability or
collectibility of this Agreement or any other Transaction Document or the validity,
enforceability or collectibility of the Loans generally or any material portion of the Loans,
(c) the rights and remedies of the Administrative Agent, the Security Trustee, or any other
Secured Party under this Agreement or any Transaction Document or (d) the ability of the
Servicer or a Borrower to perform its obligations under this Agreement or any other
Transaction Document, or (e) the status, existence, perfection (where perfection may be
required under the Transaction Documents), priority, or enforceability of the Administrative
Agent’s, the Security Trustee’s or Secured Parties’ interest in the Collateral.
	 
	 	 	“Material Modification” means any amendment or waiver of, or modification or supplement to,
an Underlying Instrument governing a Loan executed or effected on or after the date on which
the relevant Borrower originated or acquired the Loan, that:

	 	(a)	 	reduces or forgives any or all of the principal amount due under such Loan;
	 
	 	(b)	 	waives one or more interest payments, or reduces the spread over the applicable
LIBOR, EURIBOR Rate or Prime Rate comprising the interest rate on such Loan; provided
that the spread may be reduced by not more than 1.5% applicable to the spread of such
Loan on the related Funding Date, so long as the interest coverage ratio (howsoever
defined in the related Underlying Instruments) is greater than 2.0:1 at the time of such
reduction;
	 
	 	(c)	 	contractually or structurally subordinates such Loan by operation of a priority
of payments, turnover provisions, the transfer of assets in order to limit recourse to
the related Obligor or the Granting of Security (other than Permitted Security) on any
of the Related Property securing such Loan;
	 
	 	(d)	 	substitutes, alters or releases the Related Property securing such Loan, if such
substitution, alteration or release could reasonably be expected to have a material
adverse effect on the collectibility of the Loan, unless in the Servicer’s determination
(to be made in accordance with the Credit and Collection

 

 

	 	 	 	Policy), the value of any new or remaining Related Property obtained as security for
such Loan equals or exceeds the Outstanding Loan Balance; or

	 	(e)	 	provides an increased commitment to the Obligor of such Loan with the intent of
keeping that Loan current;

	 	 	provided that no Material Modification will be deemed to have occurred with respect to any
publicly rated Loan if after the occurrence of any of the events listed in the paragraphs
(a)-(e) of this definition either S&P or Moody’s (or, if such Loan is rated by both S&P and
Moody’s each of S&P and Moody’s) has affirmed its public rating of such Loan or, if such Loan
is not publicly rated, the amendment, waiver or modification has been approved as not
material by the Administrative Agent acting in its sole discretion.
	 
	 	 	“Materially Modified Loan” means any Loan subject to a Material Modification, but shall not
include any loan and/or extension of credit provided solely for refinancing purposes at such
Loan’s original scheduled maturity date.
	 
	 	 	“Maximum Availability” shall mean, at any time, an amount equal to the least of (i) the
Facility Amount, (ii) the product of the Borrowing Base and the weighted average Advance
Rate, plus the amount of Principal Collections on deposit in the Collection Accounts received
in reduction of the Outstanding Loan Balance of any Loan; or (iii) the Borrowing Base minus
the Minimum Overcollateralization Amount plus the amount of Collections on deposit in the
Principal Collection Accounts received in reduction of the Outstanding Loan Balance of any
Loan.
	 
	 	 	“Minimum Overcollateralisation Amount” shall mean the lesser of (i) 2 multiplied by the
aggregate Outstanding Loan Balance of Loans to the Obligor comprising the largest percentage
of AOLB and (ii) €60 million.
	 
	 	 	“Minimum Weighted Average Spread” shall be calculated as of any date of determination by
taking the weighted average (based on Outstanding Loan Balance) of each Loan’s minimum spread
based on the table below:

	 	 	 	 	 	 	 	 	 
	Eligible Loan Type	 	Floating	 	Fixed
	Senior Secured Loans

	 	 	2.85	%	 	 	7.5	%
	Subordinated Loans

	 	 	5.00	%	 	 	9.5	%

	 	 	“Monthly Report” shall mean the monthly report in the form set out in Schedule 2 to the
Amended Servicing Agreement.
	 
	 	 	“Moody’s” means Moody’s Investors Service, Inc., or any successor to its ratings business.
	 
	 	 	“National Currency” means the currency, other than the Euro, of a Participating Member State.
	 
	 	 	“Norwegian Krone” or “NOK” means the lawful currency of Norway.

 

 

	 	 	“Obligations” means all loans, advances, debts, liabilities and obligations, for monetary
amounts owing by the relevant Borrower(s) to the Secured Parties, the Servicer, any Successor
Servicer and the Account Bank or any of their assigns, as the case may be, whether due or to
become due, matured or unmatured, liquidated or unliquidated, contingent or non-contingent,
and all covenants and duties regarding such amounts, of any kind or nature, present or
future, arising under or in respect of any of this Agreement, any other Transaction Document
(including any Hedging Agreement), as amended or supplemented from time to time, whether or
not evidenced by any separate note, agreement or other instrument. This term “Obligations”
includes, without limitation, all Advances Outstanding, any accrued and payable Cost of
Funds, Breakage Costs, Hedge Breakage Costs, fees, including, without limitation, any and all
arrangement fees, loan fees, Commitment Fees, and any and all other fees, expenses, costs or
other sums (including legal costs) and indemnity payments chargeable to the relevant
Borrower(s) under any of the Transaction Documents (including under any Hedging Agreement).
	 
	 	 	“Obligor” means with respect to any Loan, any Person or Persons obligated to make payments
pursuant to or in respect of such Loan, including any guarantor thereof. For purposes of
calculating compliance with (1) the Concentration Limits and (2) the definition of Eligible
Obligor, Loans or loans to become Loans the Obligor of which is an Affiliate of another
Obligor (excluding any financial sponsor or Obligors that are Affiliates solely because of
common ownership or control by a financial sponsor) shall be aggregated with all Loans (other
than because of a common financial sponsor), of such other Obligor; for example, if company A
is an Affiliate of company B; and the aggregate Outstanding Loan Balance of all of company
A’s Loans constitutes 10% of the Aggregate Outstanding Loan Balance and the aggregate
Outstanding Loan Balance of all company B’s Loans constitute 10% of the Aggregate Outstanding
Loan Balance, the combined Obligor concentration for company A and company B would be 20%.
	 
	 	 	“Officer’s Certificate” means a certificate signed by any Responsible Officer of a Borrower
or the Servicer, as the case may be, and delivered to the Administrative Agent.
	 
	 	 	“Opinion of Counsel” means a written opinion of external counsel, who may be external counsel
for a Borrower, the Lenders or the Servicer, as the case may be, and who shall be reasonably
acceptable to the Administrative Agent.
	 
	 	 	“Other Costs” shall have the meaning given in Clause 33.9.3.
	 
	 	 	“Outstanding Loan Balance” means (i) when referring to an individual Loan purchased at no
less than 95% of par or originated directly by CSEL or an Affiliate, the principal balance
outstanding (excluding any PIK component or accrued interest payable) of such individual
Loan, (ii) when referring to an individual Loan purchased at less than 95% of par, the
purchase price (excluding any PIK component or accrued interest payable) of such individual
Loan and (iii) when referring to more than one Loan, the aggregate of the amounts referenced
in (i) and (ii) above as applicable for such referenced Loans, provided that, the Outstanding
Loan Balance of any Loan denominated in an Alternative Currency shall be calculated by
reference to the Euro Equivalent of such amount on such date of determination.

 

 

	 	 	“Parent” means each of CapitalSource UK Limited (the parent company of CS UK Finance Limited)
and CapitalSource Europe Limited (the parent company of CS Europe Finance Limited.
	 
	 	 	“Participating Member State” means a member state of the European Community which has adopted
the single currency in accordance with the Treaty of Rome of 25 March 1957, as amended, inter
alia, by the Single European Act and the Treaty of European Union of 7 February 1992,
establishing the European Union.
	 
	 	 	“Paying Agent” means CapitalSource Finance LLC in its capacity as Servicer and any Successor
Servicer.
	 
	 	 	“Payment Date” means the 20th day of each April, July, October and January, and if such day
is not a Business Day, the next succeeding Business Day, except that the first Payment Date
shall be 22 January 2008.
	 
	 	 	“Permitted Activities” has the meaning given in Clause 17.19.1.
	 
	 	 	“Permitted Country” means any country with outstanding marketable obligations of its
government or central bank having a rating of “Aaa” from Moody’s or “AAA” from S&P.
	 
	 	 	“Permitted Indebtedness” means any intra-group loan which has been made to a Borrower by
CapitalSource Europe Limited. (in the case of CSEF) or CapitalSource UK Limited (in the case
of CSUF) and which has been subordinated pursuant to the Deed of Subordination and any
Indebtedness pursuant to the Transaction Documents.
	 
	 	 	“Permitted Investments” means negotiable instruments or securities or other investments that,
as of any date of determination, mature by their terms on or prior to the Business Day
immediately preceding the next Payment Date immediately following such date of determination
and which may include one or more of the following types of investments:

	 	(a)	 	marketable obligations of the government or central bank of the United Kingdom,
the United States or any Permitted Country the full and timely payment of which are
backed by the full faith and credit of the United Kingdom, the United States or such
Permitted Country as the case may be;
	 
	 	(b)	 	marketable obligations, the full and timely payment of which are directly and
fully guaranteed by the full faith and credit of the United Kingdom, the United States
or any Permitted Country as the case may be;
	 
	 	(c)	 	bankers’ acceptances and certificates of deposit and other interest-bearing
obligations denominated and payable in an Alternative Currency and issued by any
domestic office of any commercial bank with capital, surplus and undivided profits
aggregating at least €100,000,000 organised under the laws of a Group I Country or any
state thereof the short-term obligations of which are rated “A-1” by S&P and “P-1” by
Moody’s; provided that such bankers’ acceptances, certificates of deposit and other
interest-bearing obligations are held in a securities account located in the United
Kingdom and that the

 

 

	 	 	 	Security Trustee benefits from a valid, first ranking charge, pledge or security
interest over such security account and/or such assets;

	 	(d)	 	repurchase obligations for underlying securities of the types described in
paragraphs (a), (b) and (c) above entered into with any bank of the type described in
paragraph (c) above;
	 
	 	(e)	 	commercial paper rated at least “A-1” by S&P and “P-1” by Moody’s;
	 
	 	(f)	 	investments in money market funds rated in the highest investment category or
otherwise approved in writing by S&P or Moody’s; and
	 
	 	(g)	 	demand deposits, time deposits or certificates of deposit (having original
maturities of no more than 365 days of depository institutions or trust companies
incorporated under the laws of the United States or any state thereof, or domestic
branches of any foreign bank) and subject to supervision and examination by banking or
depository institution authorities; provided that at the time such investment, or the
commitment to make such investment, is entered into, the short-term debt rating of such
depository institution or trust company shall be at least “A-1” by S&P and “P-1” by
Moody’s.

	 	 	Each of the Permitted Investments may be purchased by or through the Account Bank or an
Affiliate of the Account Bank.
	 
	 	 	“Permitted Payment” has the meaning given to such term in the Deed of Subordination.
	 
	 	 	“Permitted Security” means (a) in relation to a Loan, (i) any Security in favour of the
Security Trustee, acting on behalf of the Secured Parties, created pursuant to this Agreement
or any Security Document, (ii) any right of set-off or liens arising by operation of law only
in the ordinary course of business for sums not due or sums that are being contested in good
faith and (b) in relation to the Related Property of an Obligor securing a Borrower’s
interest in a Loan, (i) any Security granted by such Obligor in favour of the relevant
Borrower as security for the relevant Loan, (ii) any Security granted to a senior creditor
pursuant to the relevant Loan Documents as contemplated in the definition of Subordinated
Loan, (iii) any other security interest identified as permitted security under the related
Loan Documents in accordance with market practice for the relevant type of loan, (iv) any
right of set-off or liens arising by operation of law only in the ordinary course of business
for sums not due or sums that are being contested in good faith, (v) Security for state,
municipal and other local taxes if such taxes are not at the time due and payable or if the
Obligor shall currently be contesting the validity thereof in good faith by appropriate
proceedings, (vi) purchase money security interests in equipment and, with respect to
subordinated Loans made to an Obligor or with respect to senior Loans made to an Obligor any
turnover trust or analogous agreement under any intercreditor agreement entered into with
other lenders to such Obligor, and (vii) the rights of a Hedge Counterparty under its Hedging
Agreement, and as to which no enforcement, collection, execution, levy or foreclosure
proceedings shall have been commenced.
	 
	 	 	“Permitted Security Release” shall have the meaning given in Clause 20.1.1.

 

 

	 	 	“Permitted Security Release Date” means the date specified as such by the relevant Borrower
in a Transfer Certificate delivered by it in relation to a Permitted Transfer, which date may
be any Business Day, provided written notice is given in accordance with Clause 20.1.1(a).
	 
	 	 	“Permitted Transfer” means (i) any securitisation or other financing transaction undertaken
by a Borrower or an Affiliate of a Borrower that is secured, directly or indirectly, by loans
which have previously formed part of the Collateral (or any portion thereof or interest
therein), including any collateralized loan or collateralized debt obligation transaction or
(ii) any transfer by a Borrower pursuant to Clause 6.
	 
	 	 	“Person” means an individual, partnership, corporation (including a business or statutory
trust), limited liability company, limited liability partnership, joint stock company, trust,
unincorporated association, sole proprietorship, joint venture, government (or any agency or
political subdivision thereof) or other entity.
	 
	 	 	“PIK Loan” means a Loan to an Obligor, which provides for a portion of the interest that
accrues thereon to be added to the principal amount of such Loan for some period of the time
prior to such Loan requiring the current cash payment of interest on a monthly or quarterly
basis, which cash payment shall be treated as Interest Collections at the time it is
received.
	 
	 	 	“Pool Charged-Off Ratio” means, as of any Determination Date, the percentage equivalent of a
fraction, (i) the numerator of which is equal to the sum of the Outstanding Loan Balances of
all Loans that became Charged-Off Loans during the calendar month relating to such
Determination Date and each of the 11 preceding Determination Dates (or such lesser number of
Determination Dates as shall have elapsed since the date of the Initial Advance) net of
Recoveries in respect thereof during such period, and (ii) the denominator of which is equal
to the weighted average of the Aggregate Outstanding Loan Balance measured as of the first
day of the calendar month relating to such Determination Date and as of each of the 11
preceding Determination Dates (or such lesser number of Determination Dates as shall have
elapsed since the date of the Initial Advance) plus the amount described in paragraph (i)
above.
	 
	 	 	“Portfolio Investment” means an Investment made by a Borrower in the ordinary course of
business in a Person that is accounted for under GAAP as a portfolio investment of such
Borrower.
	 
	 	 	“Pounds Sterling” or “£” means the lawful currency of the United Kingdom.
	 
	 	 	“Pounds Sterling Collection Account” means, in relation to a Borrower, the account specified
in Schedule 6 of the Servicing Agreement, maintained in the name of such Borrower for the
purpose of receiving Collections in Pounds Sterling at the Account Bank or any replacement
account designated as the “Pounds Sterling Collection Account” which such Borrower (or the
Servicer on behalf of such Borrower) may open with the Account Bank in accordance with clause
5.3 of the Servicing Agreement.
	 
	 	 	“Pre-Funded Advance” has the meaning given in Clause 5.6.1.

 

 

	 	 	“Prime Rate” means, at any time, the rate of interest per annum publicly announced or
otherwise identified to the Borrowers from time to time by Wachovia Bank, N.A., London Branch
as its prime commercial lending rate. The parties hereto acknowledge that the rate announced
publicly by the Wachovia Bank, N.A., London Branch as its Prime Rate is an index or base rate
and shall not necessarily be its lowest or best rate charged to its customers or other banks.
	 
	 	 	“Principal Collections” means, in relation to a Borrower, any and all amounts received in
respect of any principal due and payable under any Loan from or on behalf of Obligors that
are deposited into the Collection Accounts of such Borrower, or received by such Borrower, or
by the Servicer on behalf of such Borrower, in respect of Loans and applied to reduce the
Outstanding Loan Balance of a Loan in accordance with the Credit and Collection Policy.
	 
	 	 	“Principal Financial Centre” means in the case of any Currency, the principal financial
centre where such Currency is cleared and settled, as determined by the Administrative Agent.
	 
	 	 	“Proceeds” means with respect to any Collateral, whatever is receivable or received when such
Collateral is sold, collected, liquidated, foreclosed, exchanged, or otherwise disposed of,
whether such disposition is voluntary or involuntary, and includes all rights to payment with
respect to any Insurance Policy relating to such Collateral.
	 
	 	 	“Projected Advances Outstanding” shall mean an amount equal to the sum of (a) the Advances
Outstanding as of the most recent Determination Date and (b) the amount by which Advances
Outstanding are expected to increase during the following month as determined by the Servicer
in good faith.
	 
	 	 	“Pro Rata Share” means with respect to each Advance, the percentage obtained for each Conduit
Lender and each Institutional Lender by dividing each such Lender’s Commitment (in each case
as determined under paragraph (a) of the definition of “Commitment”, and excluding the
Commitments of the Swingline Lenders) by the aggregate Commitments of all Conduit Lenders and
Institutional Lenders.
	 
	 	 	“Protected Party” has the meaning given in Clause 13.
	 
	 	 	“Qualified Institution” shall have the meaning given in Clause 6.3 of the Servicing
Agreement.
	 
	 	 	“Qualifying Lender” means:

	 	(a)	 	a Lender (other than a Lender within sub-paragraph (ii) below)
which is beneficially entitled to interest payable to that Lender in respect of
an advance under a Transaction Document and is:

	 	(i)	 	a Lender:

	 	(1)	 	which is a bank (as defined for the
purpose of section 879 of ITA) making an advance under a
Transaction Document; or

 

 

	 	(2)	 	in respect of an advance made under a
Transaction Document by a person that was a bank (as defined for
the purpose of section 879 of ITA) at the time that that advance
was made,

	 	 	 	and which is within the charge to United Kingdom corporation tax as respects
any payments of interest made in respect of that advance; or

	 	(ii)	 	a Lender which is:

	 	(1)	 	a company resident in the United
Kingdom for United Kingdom tax purposes;
	 
	 	(2)	 	a partnership each member of which is:

	 	(a)	 	a company so resident in the
United Kingdom; or
	 
	 	(b)	 	a company not so resident in
the United Kingdom which carries on a trade in the United
Kingdom through a permanent establishment and which brings
into account in computing its chargeable profits (for the
purposes of section 11(2) of the Taxes Act) the whole of any
share of interest payable in respect of that advance that
falls to it by reason of sections 114 and 115 of the Taxes
Act; or

	 	(3)	 	a company not so resident in the United
Kingdom which carries on a trade in the United Kingdom through a
permanent establishment and which brings into account interest
payable in respect of that advance in computing the chargeable
profits (for the purposes of section 11(2) of the Taxes Act) of
that company; or

	 	(iii)	 	a Treaty Lender; or

	 	(b)	 	a Lender which is a building society (as defined for the
purpose of section 880 of ITA) making an advance under a Transaction Document.

	 	 	“Quotation Date” means, in relation to any period for which an interest rate is to be
determined:

	 	(i)	 	(if the Currency is Pounds Sterling) the first day of that period;
	 
	 	(ii)	 	(if the Currency is Euro) two TARGET Days before the first day of that period; or
	 
	 	(iii)	 	(for any other Currency) two Business Days before the first day of that period,

	 	 	unless market practice differs in the Relevant Interbank Market for a Currency, in which case
the Quotation Day for that Currency will be determined by the Administrative Agent in
accordance with market practice in the Relevant Interbank Market (and if quotations would
normally be given by leading banks in the Relevant

 

 

	 	 	Interbank Market on more than one day, the Quotation Day will be the last of those days).

	 	 	“Rating Agency” means each of S&P, Moody’s and any other rating agency that has issued a
rating with respect to the commercial paper issued by a Conduit Lender.
	 
	 	 	“Records” means with respect to any Loans, all documents, books, records and other
information (including without limitation, computer programs, tapes, disks, punch cards, data
processing software and related property and rights) maintained with respect to any item of
Collateral and the related Obligors, other than the Loan Documents.
	 
	 	 	“Recoveries” means with respect to any Delinquent Loan or Charged-Off Loan, proceeds of the
sale of any Related Property, proceeds of any related Insurance Policy, and any other
recoveries with respect to such Loan and Related Property, and amounts representing late fees
and penalties, net of Liquidation Expenses and amounts, if any, received that are required to
be refunded to the Obligor on such Loan.
	 
	 	 	“Reference Banks” means, with respect to the determination of LIBOR or EURIBOR, any four
major banks in the Relevant Interbank Market, selected by the Administrative Agent.
	 
	 	 	“Regulatory Sub-Participation Loans” means Eligible Loans which for regulatory and/or tax
reasons cannot be acquired by a Borrower directly but where the relevant Borrower is entitled
to acquire a sub-participation. All Regulatory Sub-Participation Loans shall be originated by
CSEL and appropriate security satisfactory to the Administrative Agent shall be granted by
CSEL in respect of the loan in which it has an interest, provided that any such Loan shall
exclude any Retained Interest.
	 
	 	 	“Related Property” means with respect to any Loan, any property or other assets of the
Obligor thereunder (together with, where relevant, the issued share capital of the Obligor)
on which such Obligor (and/or its parent and/or its Affiliate) has Granted or purported to
Grant a Security to a Borrower (in its capacity as lender under such Loan) to secure the
repayment of such Loan.
	 
	 	 	“Release Amount” has the meaning given in Clause 5.6.5.
	 
	 	 	“Relevant Interbank Market” means (i) in relation to Euro, the European interbank market and,
in relation to any Alternative Currency, the London interbank market.
	 
	 	 	“Repeating Representation” has the meaning given in Clause 17.
	 
	 	 	“Replaced Loan” has the meaning given in Clause 6.2.1.
	 
	 	 	“Reporting Date” shall mean the earlier of the 16th calendar day of each month or
3 Business Days prior to the next Payment Date.
	 
	 	 	“Required Advance Reduction Amount” means, on any Payment Date, the amount of Advances
Outstanding required to be repaid in order to cause the Availability to be no less than €0.

 

 

	 	 	“Required Equity Contribution” means €30,000,000, as may be comprised of fully paid up share
capital and/or subordinated loans.
	 
	 	 	“Required Interest Reserve Amount” means, as of the date of the Initial Advance and as of
each Determination Date immediately preceding each Payment Date, an amount equal to:

	 	 	 	 	 	 	 
	 

	 	Where	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	PAO
	 	=
	 	Projected Advances Outstanding;
	 
	 	 	 	 	 	 
	 

	 	Euribor
	 	=
	 	The Euribor Rate, determined as of the date of the Initial Advance and as of each
Determination Date immediately preceding each Payment Date;
	 
	 	 	 	 	 	 
	 

	 	UFR
	 	=
	 	The Usage Fee;
	 
	 	 	 	 	 	 
	 

	 	CFR
	 	=
	 	The Commitment Fee Rate; and
	 
	 	 	 	 	 	 
	 

	 	D
	 	=
	 	30 in the case of a one-month Required Interest Reserve Amount;
	 

	 	 	 	 	 	60 in the case of a two-month Required Interest Reserve Amount; or
	 

	 	 	 	 	 	90 in the case of a three-month Required Interest Reserve Amount.

	 	 	“Required Lenders” means the Lender Groups representing in aggregate more than 66.67% of the
aggregate Commitments of the Lender Groups then in effect (excluding, for the avoidance of
doubt, any Commitments of the Swingline Lenders); provided that for the purposes of
determining the Required Lenders, in the event that a Lender Group fails to provide funding
for an Advance hereunder for which all conditions precedent have been satisfied, such Lender
Group shall not constitute a Required Lender hereunder (and the Commitment of such Lender
Group shall be disregarded for purposes of determining whether the consent of the Required
Lenders has been obtained).
	 
	 	 	“Reserve Fund” means the account specified in Annex F, as amended from time to time.
	 
	 	 	“Responsible Officer” means as to any Person, any officer of such Person with direct
responsibility for the administration of this Agreement and also, with respect to a
particular matter, any other officer to whom such matter is referred because of such
officer’s knowledge of and familiarity with the particular subject and with respect to any
certificate required to be signed by a Responsible Officer, an authorised signatory.
	 
	 	 	“Restricted Payments” shall have the meaning given in Clause 19.1.1(r).
	 
	 	 	“Retained Interest” means (A) with respect to any Revolving Loan, Delayed Draw Term Loan
(until such time as it becomes a Term Loan), or any Loan that is transferred in part to a
Borrower, all of the obligations, if any, to provide additional funding with respect to such
Loan, and (B) with respect to any Loan that is transferred by an originator to the Borrowers,
(i) all of the obligations, if any, of the agent(s),

 

 

	 	 	administrative agent, arranger, security trustee or security agent under the documentation
evidencing such Loan and (ii) the applicable portion of the interests, rights and obligations
under the documentation evidencing such Loan that relate to such portion(s) of the
indebtedness that is owned by another lender or is being retained by the originator pursuant
to clause (A) of this definition.

	 	 	“Retransfer Price” shall have the meaning given in Clause 6.1.2.
	 
	 	 	“Revolving Loan” means any Loan that is a line of credit or other similar extension of credit
by a Borrower where such Borrower’s commitment under such Loan is not fully funded and/or the
proceeds of such Loan may be repaid and reborrowed provided that any such Loan shall exclude
any Retained Interest.
	 
	 	 	“Revolving Period” means the period commencing on the Closing Date and ending on the day
immediately preceding the Termination Date.
	 
	 	 	“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc., or any successor to its ratings business.
	 
	 	 	“Scheduled Debt Amortisation” means the principal amount of Indebtedness scheduled to be
amortised in any period on Indebtedness other than revolving Indebtedness.
	 
	 	 	“Scheduled Payment” means, as of any Determination Date, with respect to any Loan, each
monthly, quarterly or semi-annual payment (whether principal, interest or principal and
interest) scheduled to be made by the Obligor thereof after such Determination Date under the
terms of such Loan.
	 
	 	 	“Screen” means (a) for Euro, the relevant display page for EURIBOR Rate (as determined by the
Administrative Agent) appearing on Reuters Page 248 and 249, as applicable (or if such page
is replaced or service ceases to be available, another page as agreed between the Borrower
and the Administrative Agent), (b) for Dollars and Pounds Sterling, the LIBOR offered rate
appearing on Reuters Page 3750 (or if such page is replaced or service ceases to be
available, another page as agreed between the Borrower and the Administrative Agent) and (c)
for any other Alternative Currency, the relevant display page for LIBOR for such Currency (as
determined by the Administrative Agent) on the Reuters Service; provided that, if the
Administrative Agent determines that there is no such relevant display page for EURIBOR Rate
or LIBOR for such Currency, “Screen” means the relevant display page for EURIBOR Rate or
LIBOR for such Currency (as determined by the Administrative Agent) on the Reuters Monitor
Money Rates Service.
	 
	 	 	“Second Currency” has the meaning given in Clause 15.
	 
	 	 	“Secured Obligations” means all obligations owing to the Secured Parties or to the Security
Trustee (whether for its own account or as trustee for the Secured Parties) by the Borrowers
under or pursuant to the Transaction Documents including any liability in respect of any
Advances made under the Transaction Documents, whether present or future, actual or
contingent (and whether incurred by the Borrowers alone or jointly, and whether as principal
or surety or in some other capacity) except for any obligation

 

 

	 	 	or liability which, if it were included, would cause that obligation or liability or any of
the Security in respect thereof, to be unlawful or prohibited by any applicable law.

	 	 	“Secured Party” means (a) each Lender; (b) each Successor Servicer; (c) the Administrative
Agent, the Account Bank, and the Security Trustee; and (d) each Hedge Counterparty that, at
the time of execution of the relevant Hedge Agreement, is a Lender, an Affiliate of such
Lender or an Affiliate of the Administrative Agent, that executes a counterpart of this
Agreement or a Transfer Certificate hereto, as applicable, agreeing to be bound by the terms
of this Agreement applicable to a Secured Party.
	 
	 	 	“Security” means, with respect to any Collateral, (a) any mortgage, lien, pledge, charge,
security interest or encumbrance of any kind in respect of such Collateral, or (b) the
interest of a vendor or lessor under any conditional sale agreement, financing Loan or other
title retention agreement relating to such Collateral.
	 
	 	 	“Security Documents” means the Debenture and any Agreed Form Pledge Agreement or other
documents or instruments Granting Security to the Security Trustee over the issued share
capital in, and the property, accounts and assets of a Borrower that may be executed by a
Borrower from time to time.
	 
	 	 	“Security Trustee” means Wachovia, or any replacement Security Trustee appointed pursuant to
the terms of the Debenture.
	 
	 	 	“Selling Institution” means a financial institution with a public rating from (i) Moody’s of
“A2” or better and (ii) S&P of “A” or better from which the Borrower acquires a
Sub-Participation Loan.
	 
	 	 	“Senior Secured Loans” shall mean a Loan (or participation therein) that is a senior secured
obligation as determined by the Servicer in its reasonable business judgment, provided that:

	 	(a)	 	such Loan is secured by (i) fixed assets of the Obligor or guarantor thereof if
and to the extent that a pledge of fixed assets is permissible under any applicable law
(save in the case of assets so numerous that the failure to take such security is
consistent with reasonable secured lending practices as determined by the Servicer in
its reasonable discretion) and otherwise (ii) 100% of the equity interests in the stock
of an entity owning directly or indirectly, such fixed assets.
	 
	 	(b)	 	no other obligation of any lender of the Obligor or guarantor thereof has any
higher priority security interest in such fixed assets and/or stock referred to in (a)
above and the Servicer has received assurances to such effect that are (so far as
possible) customary in the secured loan market.
	 
	 	(c)	 	such Loan is at an LTV not greater than 60%; and
	 
	 	(d)	 	such Loan has an original term to stated maturity that does not exceed 102
months.

	 	 	“Servicer” means CapitalSource Finance LLC or any replacement servicer appointed pursuant to
the Servicing Agreement.

 

 

	 	 	“Servicer Termination Event” shall have the meaning given in the Servicing Agreement.
	 
	 	 	“Servicer’s Certificate” shall have the meaning given in the Servicing Agreement.
	 
	 	 	“Servicing Agreement” means the Servicing Agreement dated on or about the date hereof and
made between, among others, the Servicer and the Borrowers.
	 
	 	 	“Servicing Fee” means for each Payment Date, an amount equal to the sum of the products, for
each day during the related Collection Period, of (a) a fraction, the numerator of which is
the sum of (i) the Aggregate Outstanding Loan Balance as of the first day of such Collection
Period plus (ii) the Aggregate Outstanding Loan Balance as of the last day of such Collection
Period, and the denominator of which is two, (b) the Servicing Fee Rate, and (c) a fraction,
the numerator of which is 1 and the denominator of which is 360.
	 
	 	 	“Servicing Fee Rate” means a rate equal to 0.50% per annum.
	 
	 	 	“Servicing Standard” has the meaning given in the Servicing Agreement.
	 
	 	 	“Share Pledge Agreements” means the share pledge agreements dated the date of this agreement
and entered into between each Parent and the Security Trustee, whereby each Parent has
granted a first fixed charge, in favour of the Security Trustee, over the shares of the
relevant Borrower, as continuing security for the payment and discharge of the Secured
Obligations.
	 
	 	 	“Sub-Participation Loan” means the sub-participation interest in a Loan that has been granted
to a Borrower by another person (other than any Affiliate) in accordance with the Credit and
Collection Policy and such transaction has been fully consummated, pursuant to commercially
reasonable documentation consistent with the Credit and Collection Policy, prior to such Loan
becoming an Eligible Loan. All Sub-Participation Loans must be originated by a counterparty
rated ‘A2/A’ or better by Moody’s and S&P, respectively, unless appropriate security
satisfactory to the Administrative Agent is granted in respect of the loan in which the
person granting the sub-participation interest has itself a participation provided that any
such Loan shall exclude any Retained Interest.
	 
	 	 	“Subordinated Debt” means any debt that is subordinated in right of payment to the
obligations of a Borrower under this Agreement.
	 
	 	 	“Subordinated Loan” means a second (or third) ranking secured Loan or unsecured loan (or
participation therein) that is a second or lower ranking Obligation (or first ranking
obligation which fails to satisfy one or more of the criteria set forth in paragraphs (a)
through (d) of the definition of Senior Secured Loan), provided that (a) such Loan is at an
LTV not greater than 85% and (b) such Loan has an original term to stated maturity that does
not exceed 130 months.
	 
	 	 	“Subservicer” means CapitalSource Europe Limited, CapitalSource Bank, or such other person as
may be appointed subservicer pursuant to the Servicing Agreement.
	 
	 	 	“Subsidiary” means, in the case of a company incorporated in England and Wales, a subsidiary
within the meaning of Section 736 of the Companies Act 1985 and with

 

 

	 	 	respect to any other Person, means any corporation, partnership, joint venture, limited
liability company, trust or estate of which (or in which) more than 50% of (a) the issued and
outstanding share capital having ordinary voting power to elect a majority of the board of
directors of such entity (irrespective of whether at the time share capital of any other
class or classes of such entity shall or might have voting power upon the occurrence of any
contingency), (b) the interest in the capital or profits of such partnership, limited
liability company or joint venture or (c) the beneficial interest in such trust or estate
that is at the time directly or indirectly owned or controlled by such Person, or such Person
and one or more of its other Subsidiaries or by one or more of such Person’s other
Subsidiaries.

	 	 	“Substitute Loan” has the meaning given in Clause 6.2.1.
	 
	 	 	“Successor Servicer” shall have the meaning given in the Servicing Agreement.
	 
	 	 	“Successor Servicer Expenses” means the reasonable out-of-pocket expenses to be paid to the
Successor Servicer under and in accordance with the Servicing Agreement.
	 
	 	 	“Sum” has the meaning given in Clause 15.
	 
	 	 	“Swedish Krona” or “SEK” means the lawful currency of Sweden.
	 
	 	 	“Swingline Advance” shall have the meaning given in Clause 5.2.
	 
	 	 	“Swingline Advance Cut-Off” means 11:00 a.m. (London time) on the day falling two Business
Days after the Funding Date in respect of a Swingline Advance.
	 
	 	 	“Swingline Funding Request” has the meaning given in Clause 5.2.
	 
	 	 	“Swingline Lender” means each of the Conduit Lenders and Institutional Lenders from time to
time party hereto as a swingline lender and identified as such on Annex B from time to time.
	 
	 	 	“Swingline Lender Agent” means each of the swingline lender agents from time to time party
hereto as a swingline lender agent and identified as such in Annex B from time to time;
	 
	 	 	“Swingline Release Amount” has the meaning given in Clause 5.5.4.
	 
	 	 	“Syndication” means any syndication of all or any part of the Commitments of the Lenders as
contemplated by Clause 20.
	 
	 	 	“Tape” shall have the meaning given thereto in the Servicing Agreement.
	 
	 	 	“TARGET Day” means a day on which the TARGET System is operating.
	 
	 	 	“TARGET System” means the Trans-European Automated Real-Time Gross Settlement Express
Transfer (TARGET) System or any successor thereto.
	 
	 	 	“Tax Credit” has the meaning given in Clause 13.
	 
	 	 	“Tax Deduction” has the meaning given in Clause 13.

 

 

	 	 	“Tax Payment” has the meaning given in Clause 13.
	 
	 	 	“Taxes” means any present or future taxes, levies, imposts, duties, charges, assessments or
fees of any nature (including interest, penalties, and additions thereto) that are imposed by
any Governmental Authority.
	 
	 	 	“Termination Date” means the earliest to occur of: (a) the date of the termination of the
entire Facility Amount pursuant to Clause 7.2.1, (b) the Business Day designated by the
Borrowers to the Administrative Agent as the Termination Date at any time upon at least 5
Business Days’ prior written notice, (c) 23 September 2009 (unless extended in accordance
with Clause 5.3.1), and (d) the date declared as such upon the occurrence of an Event of
Default.
	 
	 	 	“Term Loan” means a Loan that is a term loan that has been fully funded and does not contain
any unfunded commitment arising from an extension of credit to an Obligor.
	 
	 	 	“Third Parties Act” has the meaning given in Clause 1.3.1.
	 
	 	 	“Transaction Documents” means this Agreement, the Servicing Agreement, the Deed of
Subordination, the Share Pledge Agreements, the Debentures, the Fee Letter, the Charged
Account Control Deed, any Custody Agreement (all as amended and restated from time to time)
and any other document designated as a “Transaction Document” by the Administrative Agent and
the Borrowers.
	 
	 	 	“Transfer Certificate” means the form of document attached hereto as SCHEDULE 1.
	 
	 	 	“Transition Costs” means the reasonable costs and expenses incurred by any Successor Servicer
in transitioning to Servicer; provided that in no event shall such Transition Costs exceed
€50,000 in the aggregate.
	 
	 	 	“Underlying Instruments” means the loan agreement, credit agreement or other agreement
pursuant to which a Loan has been issued or created and each other agreement that governs the
terms of or secures the obligations represented by such Loan or of which the holders of such
Loan are the beneficiaries.
	 
	 	 	“United States” means the United States of America.
	 
	 	 	“Usage Fee” shall mean the applicable percentage rate per annum (calculated by reference to a
year of 360 days except for Advances denominated in Pounds Sterling which are calculated by
reference to a year of 365/366 days) over the applicable Interest Rate (together the “Cost of
Funds”), payable to the Administrative Agent in arrears on each Payment Date, based upon the
Advances Outstanding and payable in the applicable currency of each Advance or Swingline
Advance as provided in the Fee Letter;
	 
	 	 	“Wachovia” means Wachovia Bank, N.A.
	 
	 	 	“Warranty Event” means, as to any Loan, the discovery that as of the related Borrower Cut-Off
Date there existed a breach of any representation or warranty relating to such Loan (other
than any representation or warranty that the Loan satisfies the criteria of the definition of
Eligible Loan) and the failure of the relevant Borrower

 

 

	 	 	to cure such breach, or cause the same to be cured, within 30 days after the earlier occur of
the relevant Borrower’s receipt of notice thereof from the Administrative Agent or such
Borrower becoming aware thereof.

	 	 	“Warranty Loan” means any Loan with respect to which a Warranty Event has occurred, and
including any Loan deemed a Warranty Loan pursuant to Clause 6.1.2(b).
	 
	 	 	“Weighted Average Advance Rate” means for any Advances Outstanding on any day, the weighted
average of the Advance Rates applicable to the Eligible Loans backing such Advances or
Swingline Advances on such day, weighted according to the proportion of the Aggregate
Outstanding Loan Balance that each type of Loan (determined according to Approved Country)
forming a part of the Collateral represents.
	 
	 	 	“Weighted Average Spread” means as of any Determination Date, the weighted average (based on
Outstanding Loan Balance) of (i) the sum of (a) the cash coupon and (b) 25% of the PIK coupon
(if any) of each Floating Rate Loan that is not a Charged-Off Loan excluding 1-month
LIBOR/EURIBOR; and (ii) the sum of (a) the cash coupon and (b) 25% of the PIK coupon (if any)
of each fixed rate Loan that is not a Charged-Off Loan.
	 
	 	 	“Weighted Average Spread Test” means, a test that will be satisfied if the Weighted Average
Spread exceeds Minimum Weighted Average Spread.

	1.2	 	Construction

	 	1.2.1	 	In each Transaction Document, unless a contrary indication appears any reference
to:

	 	(a)	 	the “the Administrative Agent”, “the Security Trustee”, any
“Conduit Lender”, any “Institutional Lender”, any “Lender Agent”, any
“Swingline Lender”, any “Swingline Lender Agent”, any “Secured Party”,
“Servicer”, “Successor Servicer”, “Account Bank”, “Hedge Counterparty”, any
“the Lender” or any “Obligor” shall be construed so as to include its
successors in title, permitted assigns and permitted transferees;
	 
	 	(b)	 	“Collateral” includes present and future properties, revenues
and rights of every description;
	 
	 	(c)	 	a “Transaction Document” or any other agreement or instrument
is a reference to that Transaction Document or other agreement or instrument as
amended or novated;
	 
	 	(d)	 	a provision of law is a reference to that provision as amended
or re-enacted;
	 
	 	(e)	 	reference to any “gender” includes each other gender;

 

 

	 	(f)	 	all accounting terms not specifically defined herein shall be
construed in accordance with the appropriate GAAP;
	 
	 	(g)	 	reference to day or days without further qualification means
calendar days;
	 
	 	(h)	 	in the computation of a period of time from a specified date to
a later specified date, the word “from” means “from and including” and the
words “to” and “until” each mean “to but excluding”;
	 
	 	(i)	 	“writing” include printing, typing, lithography, electronic or
other means of reproducing words in a visible form;
	 
	 	(j)	 	reference to any agreement (including any Transaction
Document), document or instrument means such agreement, document or instrument
as amended, modified, waived, supplemented or restated and in effect from time
to time in accordance with the terms thereof and, if applicable, the terms of
the other Transaction Documents;
	 
	 	(k)	 	reference to any Applicable Law or provision of law means such
Applicable Law or provision of law as amended, modified, codified, replaced or
re-enacted, in whole or in part, and in effect from time to time, including
rules and regulations promulgated thereunder and reference to any Clause or
other provision of any Applicable Law or provision of law means that provision
of such Applicable Law or provision of law from time to time in effect and
constituting the substantive amendment, modification, codification, replacement
or re-enactment of such Clause or other provision;
	 
	 	(l)	 	all Clause references shall be to Clauses in this Agreement;
and
	 
	 	(m)	 	unless otherwise specified, a time of day is a reference to
London time.

	 	1.2.2	 	Clause, Exhibits, Annexes and Schedule headings are for ease of reference only.
	 
	 	1.2.3	 	Unless a contrary indication appears, a term used in any other Transaction
Document or in any notice given under or in connection with any Transaction Document has
the same meaning in that Transaction Document or notice as in this Agreement.
	 
	 	1.2.4	 	A Default (other than an Event of Default) is “continuing” if it has not been
remedied or waived and an Event of Default is “continuing” if it has not been remedied
or waived.
	 
	 	1.2.5	 	Unless a contrary intention appears words importing the singular shall include
the plural and vice versa.

	1.3	 	Third party rights

	 	1.3.1	 	Unless expressly provided to the contrary in a Transaction Document, a person
who is not a party (save for Hedge Counterparties and the Account Bank) has

 

 

	 	 	 	no right under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties
Act”) to enforce or enjoy the benefit of any term of any Transaction Document.

	 	1.3.2	 	Notwithstanding any term of any Transaction Document, the consent of any person
who is not a party is not required to rescind or vary any Transaction Document at any
time.

	2.	 	THE FACILITY
	 
	2.1	 	The Facility
	 
	 	 	Subject to the terms of this Agreement, the Lenders make available to the Borrowers as joint
and several principal obligors a multicurrency revolving loan facility in a maximum aggregate
amount from time to time outstanding equal to the Maximum Availability.
	 
	2.2	 	Secured Parties’ rights and obligations

	 	2.2.1	 	The obligations of each Secured Party under the Transaction Documents are
several. Failure by a Secured Party to perform its obligations under the Transaction
Documents shall not affect the obligations of any other party under the Transaction
Documents. No Secured Party is responsible for the obligations of any other Secured
Party under the Transaction Documents.
	 
	 	2.2.2	 	Subject to the terms and conditions of this Agreement, during the Revolving
Period the Borrower may borrow, repay and reborrow hereunder, provided that,
notwithstanding the foregoing, no Lender shall have any obligation to make an Advance to
the Borrower in excess of its Commitment.
	 
	 	2.2.3	 	The rights of each Secured Party under or in connection with the Transaction
Documents are separate and independent rights and any debt arising under the Transaction
Documents to a Secured Party from the Borrower shall be a separate and independent debt.
	 
	 	2.2.4	 	A Secured Party may, except as otherwise stated in the Transaction Documents,
separately enforce its rights under the Transaction Documents.

	2.3	 	Borrowers obligations
	 
	 	 	The obligations of the Borrowers under the Transaction Documents are joint and several.
	 
	3.	 	PURPOSE
	 
	3.1	 	Purpose
	 
	 	 	Each Borrower shall apply all amounts borrowed by it under the Facility:

	 	3.1.1	 	towards the acquisition, financing or refinancing of Eligible Loans;

	 	 	and/or

 

 

	 	3.1.2	 	towards the payment of fees, costs and expenses under the Transaction Documents.

	3.2	 	Monitoring
	 
	 	 	No Secured Party is bound to monitor or verify the application of any amount borrowed
pursuant to this Agreement.
	 
	4.	 	CONDITIONS OF LOANS
	 
	4.1	 	Initial conditions precedent
	 
	 	 	No Lender shall be obligated to make any Advance or any Swingline Advance hereunder on the
occasion of the Initial Advance, nor shall any Lender, the Administrative Agent or the
Security Trustee be obligated to take, fulfil or perform any other action hereunder, until
the following conditions have been satisfied:

	 	4.1.1	 	this Agreement and all other Transaction Documents (including, for the avoidance
of doubt, the Servicing Agreement) or counterparts hereof or thereof shall have been
duly executed by, and delivered to, the parties hereto and thereto and the
Administrative Agent shall have received such other documents, instruments, agreements
and legal opinions as the Administrative Agent may reasonably request in connection with
the transactions contemplated by this Agreement, including all those listed in the
Schedule of Documents, attached hereto as SCHEDULE 2, as due on the Closing Date, each
in form and substance satisfactory to the Administrative Agent and each Lender Agent;
	 
	 	4.1.2	 	each Borrower and the Servicer shall each be in compliance in all material
respects with all Applicable Laws;
	 
	 	4.1.3	 	each Borrower shall have complied with Clause 10.5; and
	 
	 	4.1.4	 	each Borrower shall have paid all fees required to be paid by it hereunder and
under the Transaction Documents to be paid as of the Closing Date, and shall have
reimbursed each Lender and the Administrative Agent for all fees, costs and expenses of
closing the transactions contemplated hereunder and under the other Transaction
Documents, including the reasonable legal and other document preparation costs incurred
by any Lender and the Administrative Agent.

	4.2	 	Further conditions precedent
	 
	 	 	Each Advance (including the Initial Advance), each Swingline Advance and each reinvestment of
Available Funds made pursuant to Clause 9 shall be subject to the further conditions
precedent that:

	 	4.2.1	 	the Required Equity Contribution has been subscribed and paid in full or
received in full, as appropriate;
	 
	 	4.2.2	 	the Administrative Agent shall have received the documents listed in the
Schedule of Documents, attached hereto as SCHEDULE 2,

 

 

	 	 	 	as due as a pre-condition to the Initial Advance, each in form and substance satisfactory to the
Administrative Agent and each Lender Agent;
	 
	 	4.2.3	 	on the related Funding Date or date of reinvestment, the Borrower and the
Servicer shall have certified in the related Borrower Notice (including any Borrowing
Base Certificate), that all conditions precedent to the requested Advance or Swingline
Advance have been satisfied;
	 
	 	4.2.4	 	on the related Funding Date or date of reinvestment:

	 	(a)	 	the representations and warranties set out in Clause 17 that
are Repeating Representations are true and correct on and as of such date by
reference to the facts or circumstances then subsisting, before and after
giving effect to such borrowing and to the application of the proceeds
therefrom, as though made on and as of such date;
	 
	 	(b)	 	no event has occurred, and which is continuing, or would result
from such Advance, such Swingline Advance or from the application of the
proceeds therefrom, that constitutes a Default or an Event of Default;
	 
	 	(c)	 	no event has occurred and which is continuing that constitutes
a Servicer Termination Event; and
	 
	 	(d)	 	after giving effect to the requested Advance, no more than 10
LIBOR Rate Advances and/or EURIBOR Rate Advances in the aggregate shall be
outstanding; provided that no more than 5 of such Advances shall be denominated
in the same Currency; provided further that for purposes hereof, LIBOR Rate or
EURIBOR Rate Advances with different Interest Periods shall be considered as
separate LIBOR Rate or EURIBOR Rate Advances, even if they shall be made on the
same date; provided further that borrowings, extensions and conversions may, in
accordance with the provisions hereof, be combined at the end of existing
Interest Periods to constitute a new LIBOR Rate or EURIBOR Rate Advance with a
single Interest Period and shall thereafter constitute one LIBOR Rate or
EURIBOR Rate Advance for purposes of the preceding proviso.

	 	4.2.5	 	on any date on which Available Funds are reinvested pursuant to Clause 9, the
Administrative Agent shall have received a certification in the form of Exhibit H;
	 
	 	4.2.6	 	the Termination Date shall not have occurred;
	 
	 	4.2.7	 	in the case of each Advance, on and as of the applicable Funding Date, before
and after giving effect to such Advance and to the application of proceeds therefrom,
the Availability is equal to or greater than €0;
	 
	 	4.2.8	 	in the case of each Swingline Advance, on and as of the applicable Funding Date,
before and after giving effect to such Swingline Advance and to the application of
proceeds therefrom, such Swingline Advance does not exceed the lesser of (i) the
Swingline Lender’s unused Commitment then in effect or (ii) the Availability on such
Funding Date;

 

 

	 	4.2.9	 	in the case of each Advance and Swingline Advance, each Loan submitted by the
relevant Borrower for funding on the related Funding Date or date of reinvestment of
Available Funds pursuant to Clause 9, in each case as set forth on the Loan List from
time to time, is an Eligible Loan;
	 
	 	4.2.10	 	after giving effect to applicable Advance or Swingline Advance or reinvestment of
Available Funds, the Weighted Average Spread Test is satisfied; provided that if
immediately prior to such date, the Weighted Average Spread Test was not satisfied, such
test is maintained or improved after giving effect to such Advance or Swingline Advance
or reinvestment of Available Funds; and
	 
	 	4.2.11	 	in respect of each Loan (together with any warrant, preferential right to subscribe,
convertible or other instrument representing remuneration for the relevant Loan but, for
the avoidance of doubt, excluding any such equity-linked instruments for which an
Affiliate has subscribed and paid in full at arm’s length commercial consideration)
acquired or originated by the relevant Borrower, a first ranking security interest
created under relevant applicable law has been granted to the Security Trustee and, in
each case where the Security Trustee is entitled to perfect such security interest
pursuant to the Transaction Documents, the validity of such security interest is
confirmed by a legal opinion of a reputable law firm in the relevant jurisdiction.

	5.	 	PROCEDURE FOR LOANS
	 
	5.1	 	Completion of Funding Request — Advances
	 
	 	 	During the Revolving Period, each Borrower may, at its option, request the Conduit Lenders
and the Institutional Lenders to make advances of funds (each, an “Advance”), in Euro or in
any Alternative Currency, each such Funding Request to be substantially in the form of
Exhibit A-1 hereto, in an aggregate amount up to the Availability, in each case as of the
date of the proposed Advance. Following the receipt of a Funding Request, subject to the
terms and conditions hereinafter set out, during the Revolving Period, (x) the Conduit
Lenders may at their option elect to fund such Advance and (y) the Institutional Lenders
(except to the extent an Advance has been funded by its related Conduit Lender, if any) shall
fund such Advance. Notwithstanding anything to the contrary contained herein, no Lender shall
be obligated to provide the Administrative Agent or a Borrower with aggregate funds in
connection with an Advance that would exceed (a) such Lender’s unused Commitment then in
effect, (b) the aggregate unused Commitments then in effect, or (c) the Availability, in each
case on the date such Advance is to be made. Each Advance made by a Lender hereunder is
subordinated to the interests of the Hedge Counterparties under Clauses 9.1.1 and 9.3.1 of
this Agreement. Each Advance shall be made entirely in one Currency having one Interest Rate.
	 
	5.2	 	Completion of Swingline Funding Request — Swingline Advances
	 
	 	 	During the Revolving Period, each Borrower may, at its option, request a Swingline Lender to
make advances of funds on an expedited basis (each such request, a “Swingline Funding
Request”), each such Swingline Funding Request to be substantially in the form of Exhibit A-2
hereto. Subject to the terms and conditions

 

 

	 	 	hereinafter set out, during the Revolving Period, the relevant Swingline Lender shall advance
to the relevant Borrower the amount requested under a Swingline Funding Request (each, a
“Swingline Advance”). Notwithstanding anything to the contrary contained herein, a Swingline
Lender shall not be obligated to provide a Borrower with aggregate funds in connection with a
Swingline Advance that would exceed the least of (i) the Swingline Lender’s unused Commitment
then in effect, (ii) the aggregate unused Commitments then in effect or (iii) the
Availability on the date such Swingline Advance is to be made. Swingline Advances shall be
made only in Euro (or in any Alternative Currency, calculated as of the date of the
applicable Swingline Funding Request) and shall have one Interest Rate. Each Swingline
Advance made by a Swingline Lender hereunder is subordinated to the interests of the Hedge
Counterparties under Clauses 9.1.1 and 9.3.1 of this Agreement.
	 
	5.3	 	Extension Option

	 	5.3.1	 	The Borrowers may, within 60 days but not less than 45 days prior to the
Termination Date then in effect pursuant to paragraph (c) of the definition thereof,
request by written notice to (i) each Lender Agent with respect to a Conduit Lender
(other than the Committed Conduit Lender) and, (ii) each Lender Agent or Swingline
Lender Agent, as applicable, for each Lender, to extend the date then in effect pursuant
to paragraph (c) of the definition of Termination Date for an additional period of no
more than 364 days; provided that, in no event shall the Borrowers request such an
extension of the Termination Date that would result in the remaining term of the
Revolving Period being more than 364 days in duration.
	 
	 	5.3.2	 	Each Lender Agent and Swingline Lender Agent, as applicable, will give prompt
notice to the related Lender, as applicable, of its receipt of any request referred to
in Clause 5.3.1 above, and each Lender shall make a determination, each in its
respective sole discretion, not less than 15 days prior to the Termination Date then in
effect pursuant to paragraph (c) of the definition thereof, as to whether or not it will
agree to the extension(s) requested. The failure of a Lender to provide timely notice of
its decision to the Borrowers shall be deemed to constitute a refusal by the applicable
Lender to extend the Termination Date then in effect pursuant to paragraph (c) of the
definition thereof. Each of the Borrowers confirms that each Lender, in its sole and
absolute discretion, without regard to the value or performance of the Collateral or any
other factor, may elect not to extend Termination Date then in effect pursuant to
paragraph (c) of the definition thereof.

	5.4	 	Commitment Increase
	 
	 	 	For so long as no Event of Default has occurred and is continuing, the Borrowers may, with
the written consent of the Administrative Agent, request that an existing Lender increase its
Commitment in connection with a corresponding increase in the Facility Amount or, with the
written consent of the Administrative Agent, add additional Persons as Lenders; provided
that: (i) if the addition of any Lender or the increase of any Lender’s Commitment would
cause the aggregate Commitments of the Conduit Lenders and the Institutional Lenders to
exceed €750,000,000, such addition or increase may be effected only with the consent of the
Administrative Agent, each Lender Agent and each Swingline Lender Agent; (ii) the Commitment
of any Lender

 

 

	 	 	may only be increased with the prior written consent of such Lender; (iii) if any Conduit
Lender is added as a new Lender, an Institutional Lender able to make Advances on a committed
basis simultaneously shall become a party to this Agreement; and (iv) upon any such increase
of an existing Lender’s Commitment or the addition of a new Lender, Annex B hereto shall be
replaced with a revised Annex B reflecting the revised Commitments and/or list of Lenders.
Each new Lender and Lender Agent or Swingline Lender Agent shall become a party hereto by
executing and delivering to the Administrative Agent and the Borrowers a Transfer
Certificate.
	 
	5.5	 	Procedures for Swingline Advances

	 	5.5.1	 	Subject to the limitations set out in Clause 5.2, each Borrower may request a
Swingline Advance from a Swingline Lender by delivering to the Administrative Agent and
the relevant Swingline Lender Agent for such Swingline Lender the information and
documents at the times set out in Clause 5.5.2.
	 
	 	5.5.2	 	No later than 10:00 a.m. (London time) on the proposed Funding Date, the
relevant Borrower (or the Servicer on its behalf) shall deliver:

	 	(a)	 	to the Swingline Lender (with a copy to the Administrative
Agent), a Swingline Funding Request substantially in the form of Exhibit A-2
hereto specifying inter alia the currency of such Swingline Advance. If no
specific currency is demanded the Swingline Advance shall be made in Euro;
	 
	 	(b)	 	to the Administrative Agent (which shall promptly notify each
Conduit Lender and Institutional Lender thereof) and the Swingline Lender, a
duly completed Funding Request, substantially in the form of Exhibit A-1
hereto, for an Advance in at least the same amount and Currency as the related
Swingline Advance, plus interest accrued on such Swingline Advance in respect
of which the Funding Date is within 5 Business Days of the Funding Date of the
relevant Swingline Advance;
	 
	 	(c)	 	to the Swingline Lender (with a copy to the Administrative
Agent), a duly completed Borrowing Base Certificate and Tape updated to such
date; and
	 
	 	(d)	 	(i) in the case of a Loan originated by CSEL or the relevant
Borrower and which is either a bilateral loan or a syndicated loan for which
CSEL is the agent, written confirmation from independent legal counsel
confirming the closing of such Loan to be funded with the proceeds of such
Advance;
	 
	 		 	(ii) in the case of a syndicated loan in which CSEL or the relevant Borrower
is involved in the primary syndication written confirmation from independent
legal counsel or the facility agent (provided that such agent is not CSEL or
an Affiliate of CSEL), confirming the closing of such loan to be funded with
the proceeds of such Advance; or

 

 

	 		 	(iii) in the case of a Loan acquired in the secondary market, a copy of the
transfer certificate or other similar document contemplated by the related
Loan Documents evidencing the acquisition of such Loan by the Borrower to be
funded with the proceeds of such Advance.

	 	5.5.3	 	Each such Swingline Funding Request shall (i) specify the aggregate amount of
the requested Swingline Advance, which shall be in an amount equal to at least €500,000
or a multiple of €100,000 (or the Alternative Currency Equivalent) in excess thereof and
(together with the aggregate principal amount of any Pre-Funded Advances and the
aggregate principal amount of any Swingline Advances outstanding as of the proposed
Funding Date) up to 10% of the Facility Amount (or the Alternative Currency Equivalent
amount in Dollars or Pounds Sterling, calculated as of the date of the applicable
Swingline Funding Request), (ii) specify the proposed Funding Date and Swingline Advance
Cut-Off for such requested Swingline Advance, (iii) specify the amount of Advances
Outstanding (prior to giving effect to each requested Swingline Advance), (iv) specify
the Interest Rate option provided that Swingline Advances shall always bear interest at
the relevant Base Rate, (v) include a representation that all conditions precedent for a
funding as set out in Clause 4 herein have been met, (vi) include a calculation of the
Borrowing Base as of the date the Swingline Advance is requested and after giving effect
to the Swingline Advance requested therein and the use of proceeds thereof, (vii)
include a wire disbursement and authorisation form, (viii) specify whether the proceeds
of the Swingline Advance will be deposited with an Escrow Agent and (ix) include an
updated Loan List. Any Swingline Funding Request shall be irrevocable. If any Swingline
Funding Request is received by a Swingline Lender after 10:00 a.m. (London time) on the
Business Day for which such Swingline Advance is requested or on a day that is not a
Business Day, such Swingline Funding Request shall be deemed to be received by such
Swingline Lender at 9:00 a.m. (London time) on the following Business Day.
	 
	 	5.5.4	 	On the relevant Funding Date, the Swingline Lender shall, subject to the
limitations set out in Clause 5.2, and upon satisfaction of the applicable conditions
set out in Clause 4, make available to the Administrative Agent, in same day funds, an
amount (the “Swingline Release Amount”) equal to the least of (i) the amount requested
by the relevant Borrower for such Swingline Advance (ii) the Swingline Lender’s unused
Commitment then in effect, (iii) the aggregate unused Commitments then in effect or (iv)
the Availability on such Funding Date and the Administrative Agent shall retain such
amounts pending satisfaction of the conditions in Clause 6.5.2(a) or 6.5.2(b) of the
Servicing Agreement or the occurrence of the Swingline Advance Cut-Off.
	 
	 	5.5.5	 	No Swingline Release Amount shall be released to the Borrower or, as the case
may be, any Escrow Agent, until the conditions set forth in Clause 6.5.2(a) or Clause
6.5.2(b) of the Servicing Agreement have been satisfied. If such conditions have not
been satisfied by the Swingline Advance Cut-Off, or if the Borrower (or, as the case may
be, any Escrow Agent on its behalf) receives or retains any portion of a Swingline
Release Amount after the applicable Swingline Advance Cut-Off, the Borrower shall
immediately notify

 

 

	 	 	 	the Administrative Agent and the Swingline Lender and repay or cause to be repaid to
the Administrative Agent (on behalf of the Swingline Lender) in same day funds the
sum of (i) such Swingline Release Amount or portion thereof, (ii) any interest
accrued on such Swingline Release Amount or portion thereof at the applicable
Interest Rate from the Funding Date of the Swingline Advance to the date on which
such Swingline Release Amount or portion thereof are paid to the Swingline Lender,
and (iii) such Breakage Costs as are notified to the Borrower by the Administrative
Agent.

	5.6	 	Procedures for Advances by the Conduit Lenders and Institutional Lenders

	 	5.6.1	 	Subject to the limitations set out in Clause 5.1, each of the Borrowers may
request an Advance (which may, if requested by the Borrower, be in the form of a
pre-funded Advance (a “Pre-Funded Advance”)) in Euro or in an Alternative Currency from
the Conduit Lenders and the Institutional Lenders by delivering to the Administrative
Agent at certain times the information and documents set out in this Clause 5.6.
	 
	 	5.6.2	 	No later than 10:00 a.m. (London time) three Business Days prior to the proposed
Funding Date, the relevant Borrower (or the Servicer on its behalf) shall deliver:

	 	(a)	 	to the Administrative Agent (which shall promptly notify each
Lender thereof), a duly completed Funding Request (including a Borrowing Base
Certificate) substantially in the form of Exhibit A-1 hereto; and
	 
	 	(b)	 	with respect to an Advance other than a Pre-Funded Advance, to
the Administrative Agent, subject to the relevant Borrower’s (or the Servicer
on its behalf) receipt of a written request from the Administrative Agent.

	 	 	Each Funding Request shall (i) specify the aggregate amount and Currency of the requested
Advance, which shall be in an amount equal to at least €500,000 or a multiple of €100,000 (or
the Alternative Currency Equivalent) in excess thereof, provided that any Pre-Funded Advance
shall be in an amount not exceeding (together with the aggregate principal amount of any
Pre-Funded Advances Outstanding and the aggregate principal amount of any Swingline Advances
outstanding as of the proposed Funding Date) €40,000,000, (ii) specify the Interest Rate
option, (iii) specify the proposed Funding Date of the requested Advance and, in the case of
a Pre-Funded Advance, the Advance Cut-Off, (iv) specify the amount of Advances Outstanding,
(v) include a representation that all conditions precedent for a funding set out in Clause 4
hereof have been met, (vi) include a calculation of the Borrowing Base as of the date the
Advance is requested, and after giving effect to the Advance requested therein and the use of
proceeds thereof, (vii) specify whether the proceeds of the Pre-Funded Advance will be
deposited with an Escrow Agent and (viii) include an updated Loan List. If no election as to
the Currency of an Advance is specified, then the requested Advance shall be denominated in
Euro. Any Funding Request shall be irrevocable. If any Funding Request is received by the
Administrative Agent after 10:00 a.m. (London time) on the Business Day that is 3 Business
Days prior to the Business Day for which such Advance is requested or on a day that is not a
Business Day, such Funding Request shall be deemed to be received by the Administrative Agent
at 9:00 a.m. (London time) on the next Business Day. For purposes of calculating Availability

 

 

	 	 	pursuant to Clause 5.6.5, the Administrative Agent shall calculate the Euro Equivalent of all
Advances Outstanding in Alternative Currencies plus the Euro Equivalent of the requested
Advance.

	 	5.6.3	 	No later than 11:00 a.m. (London time) on the proposed Funding Date relating to
an Advance other than a Pre-Funded Advance, the relevant Borrower (or the Servicer on
its behalf) shall deliver to the Administrative Agent:

	 	(a)	 	in the case of a Loan originated by CSEL or the relevant
Borrower and which is either a bilateral loan or a syndicated loan for which
CSEL is the agent, written confirmation from independent legal counsel
confirming the closing of such Loan to be funded with the proceeds of such
Advance;
	 
	 	(b)	 	in the case of a syndicated loan in which CSEL or the relevant
Borrower is involved in the primary syndication, written confirmation from
independent legal counsel or the facility agent (provided that such agent is
not CSEL or an Affiliate of CSEL) confirming the closing of such loan to be
funded with the proceeds of such Advance; or
	 
	 	(c)	 	in the case of a Loan acquired in the secondary market, a copy
of the transfer certificate or other similar document contemplated by the
related Loan Documents evidencing the acquisition of such Loan by the Borrower
to be funded with the proceeds of such Advance.

	 	5.6.4	 	Upon receipt of a Funding Request from a Borrower in accordance with this Clause
5.6, the Administrative Agent shall, on the date such Funding Request is received by the
Administrative Agent, notify each Lender of the contents thereof and of such Lender’s
share of such Advance, of the Interest Rate determined pursuant thereto and the Interest
Period(s) (if different from those requested by such Borrower) and such Funding Request
shall not thereafter be revocable by the Borrower, unless such Borrower shall pay any
applicable expenses pursuant to Clause 11.1.
	 
	 	5.6.5	 	Not later than 11:00 a.m. (London time) on the Funding Date, each Conduit Lender
may, and each Institutional Lender (except to the extent that its related Conduit
Lender, if any, has made its Pro Rata Share of the amounts described below available to
the Administrative Agent on such Funding Date) shall make available to the
Administrative Agent in same day funds to the accounts set out in Annex E an amount
equal to such Lender’s Pro Rata Share of the lesser of (x) the amount requested by the
relevant Borrower for such Advance and (y) an amount equal to the Availability on such
Funding Date; provided that if the Advance requested by the relevant Borrower is an
Advance in an Alternative Currency, each Lender shall make available to the
Administrative Agent an amount equal to such Lender’s Pro Rata Share of the lesser of
(x) the amount requested by such Borrower for such Advance and (y) an amount equal to
the Availability on such Funding Date. The Administrative Agent shall calculate each
Lender’s Pro Rata Share of each such funding. Subject to the limitations set out in
Clause 5.1, and upon satisfaction of the applicable conditions set out in Clause 4, the
Administrative Agent shall (i) make available to the relevant Borrower in same day
funds, at such bank or other location reasonably

 

 

	 	 	 	designated by such Borrower in the Funding Request given pursuant to this Clause
5.6, the aggregate amount calculated as set out above or (ii) in the case of a
Pre-Funded Advance, retain such amount (the “Release Amount”) until the conditions
referred to in Clause 6.5.2(a) or Clause 6.5.2(b) of the Servicing Agreement are
satisfied or the occurrence of the Advance Cut-Off.
	 
	 	5.6.6	 	On each Funding Date, the obligation of each Lender to remit its Pro Rata Share
of any such Advance shall be several from that of each other Lender and the failure of a
Lender to so make such amount available to the Administrative Agent shall not relieve
any other Lender of its obligation hereunder. Furthermore, unless the Administrative
Agent shall have received notice from a Lender prior to the date of any Advance that
such Lender will not make available to the Administrative Agent such Lender’s share of
such Advance, the Administrative Agent may assume that such Lender has made such share
available to the Administrative Agent on the date of such Advance in accordance with
this Clause 5.6 and the Administrative Agent may, in reliance upon such assumption, but
shall not be obligated to, make available to the relevant Borrower on such date a
corresponding amount on behalf of such Lender. If and to the extent that such Lender
shall not have so made such share available to the Administrative Agent, such Lender
agrees to repay to the Administrative Agent forthwith on demand such corresponding
amount together with interest thereon, for each day from the date such amount is made
available to the relevant Borrower until the date such amount is repaid to the
Administrative Agent, at the rate of interest applicable to such Advance hereunder. If
such Lender does not repay to the Administrative Agent such corresponding amount after
reasonable attempts are made by the Administrative Agent to collect such amounts from
such Lender, each Borrower agrees to repay to the Administrative Agent forthwith on
demand such corresponding amounts together with interest thereto, for each day from the
date such amount is made available to the relevant Borrower until the date such amount
is repaid to the Administrative Agent, at the interest rate applicable thereto one
Business Day after demand. Nothing contained in this Clause 5.6 shall be deemed to
reduce the Commitment of any Lender or in any way affect the rights of the relevant
Borrower with respect to any defaulting Lender or Administrative Agent. The failure of
any Lender to make available to the Administrative Agent such Lender’s share of any
Borrowing in accordance with this Clause 5.6 shall not relieve any other Lender of its
obligations to fund its Commitment in accordance with the provisions hereof.
	 
	 	5.6.7	 	No Release Amount shall be released to the Borrower or, as the case may be, any
Escrow Agent, until the conditions set forth in Clause 6.6.2(a) or Clause 6.6.2(b) of
the Servicing Agreement have been satisfied. If such conditions have not been satisfied
by the Advance Cut-Off, or if the Borrower (or, as the case may be, any Escrow Agent on
its behalf) receives or retains any portion of a Release Amount after the applicable
Advance Cut-Off, the Borrower shall immediately notify the Administrative Agent and
repay or cause to be repaid to the Account Bank (on behalf of the Administrative Agent
in same day funds the sum of (i) such Release Amount or portion thereof, (ii) any
interest accrued on such Release Amount or portion thereof at the applicable Interest
Rate from the Funding Date of the Pre-Funded Advance to the date on which such

 

 

	 	 	 	Release Amount or portion thereof are paid to the Administrative Agent, and (iii)
such breakage costs as are notified to the Borrower by the Administrative Agent.

	6.	 	LOAN TRANSFERS
	 
	6.1	 	Substitution of Loans; Repurchase or Substitutions of Warranty Loans

	 	6.1.1	 	Substitution of Loans
	 
	 	 	 	Provided that there has not occurred an Event of Default (including after the
Termination Date but before the Collection Date at the discretion of the
Administrative Agent), a Borrower may, subject to the conditions set forth in this
Clause 6.1 and subject to the other restrictions contained herein, replace any Loan
with one or more Eligible Loans (each, a “Substitute Loan”); provided that no such
replacement shall occur unless each of the following conditions is satisfied as of
the date of such replacement and substitution:

	 	(a)	 	the relevant Borrower has recommended to the Administrative
Agent in writing that the Loan to be replaced should be replaced (each a
“Replaced Loan”);
	 
	 	(b)	 	each Substitute Loan is an Eligible Loan on the date of
substitution;
	 
	 	(c)	 	the aggregate Outstanding Loan Balance of such Substitute Loans
shall be equal to or greater than the aggregate Outstanding Loan Balance of the
Replaced Loans;
	 
	 	(d)	 	all Representations of the Borrowers contained in Clause 17
shall be true and correct as of the date of substitution of any such Substitute
Loan;
	 
	 	(e)	 	the substitution of any Substitute Loan does not cause a
Default or an Event of Default to occur;
	 
	 	(f)	 	as of any date of determination, the sum of the Outstanding
Loan Balances of all Loans which are Substitute Loans does not exceed 20% of
the highest Aggregate Outstanding Loan Balance of any month during the 12-month
period immediately preceding such date of determination; provided that the
amount of such Substitute Loans together with all such Loans transferred or
substituted during the same 12-month period pursuant to Clauses 6.1 and 6.2.1
and, in each case, consisting of Delinquent Loans and Charged-Off Loans may not
exceed 10% of the highest Aggregate Outstanding Loan Balance of any month
during such 12-month period;
	 
	 	(g)	 	the remaining maturity of the Substitute Loan is less than or
equal to the remaining maturity of the Replaced Loan;
	 
	 	(h)	 	the Substitute Loan, together with the related Loan Documents,
is capable of being assigned or transferred by way of security to the Security
Trustee (or its successor, provided that such successor is a bank) or another
bank or financial institution nominated by the Security

 

 

	 	 	 	Trustee, subject only to customary requirements for the consent of the
relevant Obligor;
	 
	 	(i)	 	the Eligible Risk Rating of the Obligor relating to the
Substitute Loan is equal to or better than that of the Obligor relating to the
Replaced Loan;
	 
	 	(j)	 	the Loan Rate on the Substitute Loan is not less than the Loan
Rate on the Loan to be replaced ;
	 
	 	(k)	 	the total interest rate (inclusive of any deferred interest
component) of the Substitute Loan is greater than or equal to the total
interest rate on the Loan to be replaced; and
	 
	 	(l)	 	the Borrower shall deliver to the Administrative Agent on the
date of such substitution (i) a certificate of a Responsible Officer certifying
that each of the foregoing is true and correct as of such date and (ii) a
Borrowing Base Certificate (including a calculation of Borrowing Base after
giving effect to such substitution).

	 	 	 	In addition, the Borrower shall in connection with such substitution, pay to the
Administrative Agent, for the account of each Conduit Lender, each Institutional
Lender and each Hedge Counterparty, as applicable, all Breakage Costs or Hedge
Breakage Costs, if any, incurred in connection with the substitution of such Loan
pursuant to this Clause 6.1 and the termination of any Hedge Transactions, in whole
or in part, in connection therewith. In connection with any such substitution, the
Administrative Agent, as agent for the Secured Parties, shall, automatically and
without further action (unless otherwise necessary or requested by the relevant
Borrower or the Servicer), be deemed to transfer to the relevant Borrower, free and
clear of any Lien created by the Administrative Agent, all of the right, title and
interest of the Administrative Agent, as agent for the Secured Parties, in, to and
under such Replaced Loan, but without any representation and warranty of any kind,
express or implied.
	 
	 	6.1.2	 	Repurchase or Substitution of Warranty Loans

	 	(a)	 	No later than 3 Business Days after the occurrence of a
Warranty Event which is continuing, the relevant Borrower shall either (1)
repay Advances Outstanding in an amount equal to the aggregate Retransfer Price
of the applicable Warranty Loan(s) to which such Warranty Event relates on the
terms and conditions set forth below, or (2) substitute for such Warranty Loan
a Substitute Loan. Notwithstanding anything contained in this Clause 6.1 to
the contrary, no later than 3 Business Days after the occurrence of a Warranty
Event, and provided that it is continuing, the relevant Borrower shall repay
Advances Outstanding in an amount equal to the sum of (I) the portion of the
Advances Outstanding to be repaid that are attributable to the relevant
Warranty Loan(s), (II) any accrued and unpaid interest thereon, (III) all Hedge
Breakage Costs owed to any relevant Hedge Counterparty for any termination of
one or more Hedge Transactions, in whole or in part, as required by the terms
of any Hedge Agreement and (IV) any Breakage

 

 

	 	 	 	Costs incurred in connection with the retransfer of such Warranty Loan
pursuant to this Clause 6.1.2 and the termination of any Hedge Transactions in
whole or in part in connection therewith, (collectively, the “Retransfer
Price”), and the Security Trustee on behalf of the Secured Parties shall
release to the relevant Borrower any such Warranty Loan(s) and any other
Collateral related to such Warranty Loan(s) and relinquish any Security
created pursuant to the Debenture or otherwise, and the Secured Parties shall,
in connection with such conveyance and without further action, be deemed to
represent and warrant that they have the corporate authority and have taken
all necessary corporate action to accomplish such release, but without any
other representation or warranty, express or implied. In the foregoing
instances, the relevant Borrower shall make such repayment and on and after
the date of such repayment, each Warranty Loan so repaid shall not be included
in the Collateral. In consideration of any such release by the Secured
Parties, the relevant Borrower shall, on the date of such repayment, remit to
the Administrative Agent, on behalf of the Secured Parties, in immediately
available funds an amount equal to the Retransfer Price therefor. Upon each
such repayment, the Administrative Agent, on behalf of the Secured Parties,
shall automatically and without further action be deemed to release to the
relevant Borrower all the right, title and interest of the Secured Parties in,
to and under such Warranty Loan(s) and all monies due or to become due with
respect thereto, all proceeds thereof and all rights to security for any such
Warranty Loan, and all proceeds and products of the foregoing and any other
Collateral related to such Warranty Loan(s). The Administrative Agent and the
Security Trustee shall, at the sole expense of the relevant Borrower, execute
such documents and instruments of transfer as may be prepared by such Borrower
and take such other actions as shall reasonably be requested by such Borrower
to effect the transfer of such Warranty Loan free of the Security under the
Debenture pursuant to this Clause 6.1.2. (including, if so requested, to
confirm the non-crystallization of the floating charge created under the
Debenture).

	 	(b)	 	Each of the Borrowers hereby agrees that (x) if any real
property collateral securing any Loan becomes the subject of any claims,
proceedings, Liens or encumbrances with respect to any material violation or
claimed material violation of any applicable environmental laws or regulations
or (y) in the event of a breach of the representation and warranty in Clause
17.21, such Loan shall for all purposes hereunder be, at and following the time
of discovery by the Servicer of such fact, the relevant Borrower, the
Administrative Agent or any other Secured Party, deemed a Warranty Loan and the
relevant Borrower shall either repay Advances Outstanding in an amount equal to
the aggregate Retransfer Price of such Warranty Loan or substitute for such
Warranty Loan a Substitute Loan. Such Warranty Loan shall otherwise be treated
in accordance with Clause 6.1.2 and shall be subject to the same remedial and
recourse provisions hereunder as other Loans determined to be Warranty Loans
hereunder.

 

 

	 	(c)	 	If any Transferred Loan is replaced by one or more Substitute
Loans pursuant to Clause 6.1.1, such Substitute Loans shall be denominated in
the same Currency as the Replaced Loan. If any Advance Outstanding required to
be repaid pursuant to Clause 6.1.2 is an Advance in an Alternative Currency,
such Advance Outstanding shall be repaid in the same Alternative Currency. If
any Warranty Loan is replaced with one or more Substitute Loans pursuant to
Clause 6.1.2, such Substitute Loans shall be denominated in the same Currency
as the Warranty Loan.

	6.2	 	Discretionary Sales

	 	6.2.1	 	Prior to the occurrence of a Default or an Event of Default, on any
Discretionary Sale Date, a Borrower shall have the right to prepay all or a portion of
the Advances Outstanding in connection with the sale and assignment to such Borrower by
the Administrative Agent, on behalf of the Secured Parties, of all or part of the
Collateral (each, an “Discretionary Sale”), subject to the following terms and
conditions:

	 	(a)	 	At least two Business Days prior to each Discretionary Sale
Date, the relevant Borrower shall have given the Administrative Agent and each
Hedge Counterparty written notice of its intent to effect a Discretionary Sale
(each such notice a “Discretionary Sale Notice”), specifying the Discretionary
Sale Date and including a list of all Loans to be sold and assigned pursuant to
such Discretionary Sale, and a revised Borrowing Base Certificate;
	 
	 	(b)	 	Any Discretionary Sale shall be made by the relevant Borrower
to an unaffiliated third party purchaser in a transaction (i) reflecting
arms-length market terms and (ii) in which such Borrower makes no
representations, warranties or covenants and provides no indemnification for
the benefit of any other party to the Discretionary Sale; provided that the
Borrower may make a Discretionary Sale to an Affiliate for a purchase price
equal to the Market Value of the Loans to be sold and assigned pursuant to such
Discretionary Sale;
	 
	 	(c)	 	After giving effect to the Discretionary Sale and the
assignment to the relevant Borrower of the Collateral on any Discretionary Sale
Date, (i) the remaining Advances Outstanding shall not exceed the lesser of the
Facility Amount and the Maximum Availability, (ii) the Repeating
Representations contained in Clause 17 hereof shall continue to be correct in
all material respects, except to the extent relating to an earlier date and
(iii) neither a Default nor an Event of Default shall have occurred;
	 
	 	(d)	 	On the related Discretionary Sale Date, the Administrative
Agent, on behalf of the Secured Parties, shall have received, as applicable, in
immediately available funds, an amount equal to the sum of (i) the portion of
the Advances Outstanding to be repaid (that are attributable to the Collateral
to be sold by the Borrower(s) in connection with such Discretionary Sale), (ii)
an amount equal to all unpaid Interest to the extent reasonably determined by
the Administrative Agent to be

 

 

	 	 	 	attributable to that portion of the Advances Outstanding to be repaid in
connection with the Discretionary Sale and (iii) an aggregate amount equal to
the sum of all other Aggregate Unpaids due and owing to the Secured Parties
under this Agreement and the other Transaction Documents, to the extent
accrued to such date; provided that the Administrative Agent and each
Purchaser Agent shall have the right to determine whether the amount paid (or
proposed to be paid) by the relevant Borrower on the Discretionary Sale Date
is sufficient to satisfy the requirements of clauses (i) through (iii) and is
sufficient to reduce the Advances Outstanding to the extent requested by the
relevant Borrower in connection with the Discretionary Sale;

	 	(e)	 	The Outstanding Loan Balance of the Loan(s) which are the
subject of the proposed Discretionary Sale, together with the sum of the
Outstanding Loan Balances of the Loans sold in all other Discretionary Sales
made in the preceding 12-month period shall not exceed 20% of the highest
Aggregate Outstanding Loan Balance of any month during such 12-month period;
provided that all such Loans together with all such Loans substituted by the
Borrower(s) pursuant to Clause 6.2.1 during the same 12-month period and, in
each case consisting of Delinquent Loans and Charged-Off Loans may not exceed
10% of the highest Aggregate Outstanding Loan Balance of any month during such
12-month period; and
	 
	 	(f)	 	On the related Discretionary Sale Date, the proceeds from such
Discretionary Sale have been sent directly into the applicable Collection
Account.

	 	6.2.2	 	Subject to the provisions of Clause 6.2.1(d) above, upon the proceeds of a
Discretionary Sale being credited to the Collection Account, the Administrative Agent,
on behalf of the Secured Parties, shall automatically and without further action be
deemed to release to the relevant Borrower all the right, title and interest of the
Secured Parties in, to and under the Loan(s) subject to the Discretionary Sale and all
monies due or to become due with respect thereto, all proceeds thereof and all rights to
security for any such Loan(s), and all proceeds and products of the foregoing and any
other Collateral related to such Loan(s). The Administrative Agent and the Security
Trustee shall, at the sole expense of the relevant Borrower, execute such documents and
instruments of transfer as may be prepared by such Borrower and take such other actions
as shall reasonably be requested by such Borrower to effect the transfer of such Loan
free of the Security under the Debenture pursuant to this Clause 6.1.2. (including, if
so requested, to confirm the non-crystallization of the floating charge under the
Debenture).

	7.	 	REPAYMENT, PRE-PAYMENT 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:

 

 

	 	7.1.1	 	that Lender shall promptly notify the Administrative Agent upon becoming aware
of that event and the Administrative Agent shall promptly notify the Lenders of such
event;
	 
	 	7.1.2	 	upon the Administrative Agent notifying the relevant Borrower, the relevant Loan
of that Lender will be immediately cancelled; and
	 
	 	7.1.3	 	the relevant Borrower shall repay that Lender’s participation in the relevant
Loan made to the relevant Borrower on the date specified by the Lender in the notice
delivered to the Administrative Agent (being no earlier than the last day of any
applicable grace period permitted by law).

	7.2	 	Voluntary pre-payment of Advances

	 	7.2.1	 	The Borrowers shall be entitled at their option, at any time prior to the
occurrence of an Event of Default which is continuing, to terminate in whole or reduce
in part the portion of the Facility Amount that exceeds the Advances Outstanding;
provided that the Borrowers (or the Servicer on their behalf) shall give prior written
notice in the form of Exhibit A-3 of such reduction to the Administrative Agent as
provided in Clause 7.2.2 and that any partial reduction of the Facility Amount shall be
in an amount equal to €5,000,000 and integral multiples of €1,000,000 in excess thereof.
Any request for a reduction or termination pursuant to this Clause 7.2.1 shall be
irrevocable. The Commitment of each Lender Group shall be reduced by an amount equal to
its Pro Rata Share (prior to giving effect to any reduction of Commitments hereunder) of
the aggregate amount of any reduction under this Clause 7.2.1. The Administrative Agent
shall calculate each Lender’s new Pro Rata Share of the Commitments.
	 
	 	7.2.2	 	Prior to the occurrence of an Event of Default which is continuing, the
Borrowers may, upon three Business Days’ prior written notice (such notice to be
received by the Administrative Agent and each applicable Hedge Counterparty no later
than 11:00 a.m. (London time) on such day) to the Administrative Agent and each
applicable Hedge Counterparty, prepay the Advances Outstanding by remitting to the
Administrative Agent, for payment to the respective Lenders (i) cash, in the Currency of
such Advances, in an amount equal to the amount of such Advances Outstanding to be
prepaid, accrued Interest on the amount of Advances Outstanding to be prepaid, any
Breakage Costs and any Hedge Breakage Costs and (ii) instructions to reduce such
Advances Outstanding by the amount of such prepayment. Any prepayment of the Advances
Outstanding (other than with respect to payments of the Required Advance Reduction
Amount) shall be in a minimum amount of €1,000,000 and (a) with respect to the first
€500,000 of any prepayment hereunder, integral multiples of €100,000 in excess thereof
and (b) thereafter, with respect to any such prepayment, integral multiples of €1. Any
such prepayment will occur only if sufficient funds have been remitted to pay all of the
following amounts in full: upon receipt of such funds, the Administrative Agent shall
apply such amounts (i) to the payment of any Hedge Breakage Costs, (ii) to the pro rata
prepayment of the Advances Outstanding to the respective Lenders, (iii) to the payment
of accrued Interest on the amount of the Advances Outstanding to be prepaid by paying
such amounts to the

 

 

	 	 	 	respective Lenders and (iv) to the payment of any Breakage Costs. Any Advances
Outstanding so prepaid may, subject to the terms and conditions hereof, be
reborrowed during the Revolving Period. Any Borrower Notice relating to any
prepayment pursuant to this Clause 7.2.2 shall be irrevocable.

	 	7.2.3	 	If on any day (i) the Security Trustee, on behalf of the Secured Parties, does
not own or have a valid and effective security interest in any Loan and Related Property
(subject to Permitted Security) or (ii) any Loan which has been represented by a
Borrower to be an Eligible Loan is later determined not to have been an Eligible Loan at
the time such representation was made by such Borrower, upon the earlier of such
Borrower’s receipt of notice from the Security Trustee or such Borrower becoming aware
thereof and such Borrower’s failure to cure or procure the cure of such breach within 30
days (if cure is reasonably possible and otherwise immediately upon receipt of such
notice or upon such Borrower becoming aware of such breach), such Loan shall cease to be
an Eligible Loan for all purposes hereunder, including, without limitation, the
calculation of the Borrowing Base.

	7.3	 	Mandatory Repayment
	 
	 	 	The Borrowers or the Servicer on behalf of the Borrowers shall calculate the Euro Equivalent
amount of all Advances Outstanding denominated in an Alternative Currency (a) at the time of
each Advance and (b) on each Determination Date. The Administrative Agent may calculate the
Euro Equivalent amount of all Advances Outstanding denominated in an Alternative Currency at
such times as may be deemed necessary by the Administrative Agent in its sole discretion. If
(i) at any such time the Euro Equivalent Amount of all Advances Outstanding (excluding, prior
to the applicable Advance Cut-Off or Swingline Advance Cut-Off, any Release Amount or
Swingline Release Amount), so determined by the Administrative Agent, the Borrowers or the
Servicer, in the aggregate, exceeds an amount equal to 100% of the Maximum Availability, the
Administrative Agent shall notify each Lender and may request that the Borrowers (and the
Borrowers shall, upon receipt of such request), immediately prepay all or a portion of such
Advances Outstanding, in such amount so that, following the making of such payment, the Euro
Equivalent amount of such Advances Outstanding does not exceed the Maximum Availability. In
addition, if on any day the Euro Equivalent of the aggregate amount of all Advances
Outstanding denominated in an Alternative Currency shall exceed the Currency-Specific Maximum
Availability, the Administrative Agent shall notify each Lender and may request that the
Borrowers (and the Borrowers shall, upon receipt of such request), within three Business Days
prepay Advances Outstanding denominated in such Alternative Currency in an amount sufficient
to reduce the Euro Equivalent of the aggregate amount of all Advances Outstanding in such
Alternative Currency in such amounts as shall be necessary to cause the aggregate amounts of
all Advances Outstanding that are denominated in such Alternative Currency to be less than
the Currency-Specific Maximum Availability. All prepayments under this Clause 7.3 shall be
accompanied by (i) Cost of Funds on the principal amount of the Advances Outstanding prepaid
through the date of prepayment, (ii) any Commitment Fees (ii) any and all Breakage Costs, and
(iv) any Hedge Breakage Costs and any other amounts payable by the Borrowers under or with
respect to any Hedging Agreement. Upon receipt of such amounts, the Administrative Agent
shall apply such amounts to the pro rata reduction

 

 

	 	 	of the Advances Outstanding of the Lenders in the related Alternative Currencies and to the
payment of accrued Interest and any other amounts owed on such Advances Outstanding by paying
such amounts to the respective Lenders.

	7.4	 	Principal Repayments

	 	7.4.1	 	Unless sooner prepaid pursuant to Clauses 6, 7.2.1, 7.2.2, 7.3, 20 or 21, the
Advances Outstanding shall be repaid in full in the Currency of such Advances on the
Termination Date. In addition, Advances Outstanding shall be repaid in the Currency of
such Advances as and when necessary to cause the Availability to equal or exceed €0. Any
amount so repaid may, subject to the terms and conditions hereof, be reborrowed
hereunder during the Revolving Period.
	 
	 	7.4.2	 	Each Conduit Lender and each Institutional Lender hereby agrees that if a
Swingline Lender funds any Swingline Advance, each Conduit Lender may, and each
Institutional Lender (except to the extent that its related Conduit Lender, if any, has
reimbursed the Swingline Lender for its Pro Rata Share of the amounts described below)
shall reimburse the Swingline Lender for such Swingline Advance, not later than three
Business Days after the delivery to such Conduit Lender and Institutional Lender of a
Funding Request pursuant to Clause 5.5.2(b), by remitting to the Administrative Agent by
way of an Advance such Conduit Lender’s and such Institutional Lender’s Pro Rata Share
of such Swingline Advance (each such Lender’s Pro Rata Share having been previously
notified to it by the Administrative Agent in writing, and each such Advance being
hereinafter referred to as a “Mandatory Advance”), whereupon the relevant Borrower shall
be deemed to have requested such a Mandatory Advance in the amount of such Swingline
Advance. Each Institutional Lender irrevocably agrees to make such Mandatory Advances
promptly on the due date therefor, notwithstanding (1) the amount of such Mandatory
Advance may not comply with the minimum amount for Advances otherwise required
hereunder, (2) whether any conditions specified in Clause 4 are then satisfied, (3)
whether a Default or an Event of Default then exists, (4) failure of any such request or
deemed request for a Mandatory Advance to be made by the time otherwise required in
Clause 5.6, (5) the date of such Mandatory Advance, or (6) any reduction in the Facility
Amount or termination of the Commitments immediately prior to such Mandatory Advance or
contemporaneously therewith. In the event that any Mandatory Advance cannot for any
reason be made on the date otherwise required above (including, without limitation, as a
result of the commencement of a proceeding in bankruptcy), then each Conduit Lender may
purchase, and each Institutional Lender hereby agrees that (except to the extent that
its related Conduit Lender, if any, has made its Pro Rata Share of the amounts described
below available to the Swingline Lender) it shall forthwith purchase (as of the date the
Mandatory Advance would otherwise have occurred, but adjusted for any payments received
from the relevant Borrower on or after such date and prior to such purchase) from the
Swingline Lender such participations in the outstanding Swingline Advances as shall be
necessary to cause each such Institutional Lender and/or Conduit Lender to share in such
Swingline Advances ratably based upon its respective Pro Rata Share of such Swingline

 

 

	 	 	 	Advances; provided that (x) all Cost of Funds payable on the Swingline Advances
shall be for the account of the Swingline Lender until the date as of which the
respective participation is purchased, (y) at the time any purchase of
participations pursuant to this sentence is actually made, the purchasing
Institutional Lender or Conduit Lender, as applicable, shall be required to pay to
the Swingline Lender Cost of Funds on the principal amount of such participation
purchased for each day from and including the day upon which the Mandatory Advance
would otherwise have occurred to but excluding the date of payment for such
participation, at the rate equal to, if paid within two Business Days of the date of
the Mandatory Advance, the Base Rate and (z) no Lender shall be obliged to
contribute funds in respect of such Mandatory Advances that would result in that
Lender’s unused Commitment being exceeded.
	 
	 	7.4.3	 	All repayments of any Advance, Swingline Advance or any portion thereof shall be
made together with payment of (i) all Cost of Funds accrued and unpaid on the amount
repaid to the date of such repayment, (ii) any Commitment Fees, and (iii) any and all
Breakage Costs, (iv) any Hedge Breakage Costs and any other amounts payable by the
relevant Borrower under or with respect to any Hedging Agreement.
	 
	 	7.4.4	 	With respect to any Swingline Advances, (i) all Cost of Funds accrued and unpaid
on the amount repaid to the date of such repayment, (ii) any Commitment Fees, and (iii)
any and all Hedge Breakage Costs and any other amounts payable by the relevant Borrower
under or with respect to any Hedging Agreement, shall be paid to the Swingline Lender
and any applicable Hedge Counterparty from the Euro Collection Account or the Pounds
Sterling Collection Account, as applicable, on each Payment Date, quarterly in arrears,
in accordance with Clause 9.

	7.5	 	Release of Security Interest
	 
	 	 	Upon the termination of this Agreement and the repayment by the Borrowers of all Obligations
and the performance and discharge in full of all of the Borrowers’ other obligations under
the Transaction Documents and related documents in accordance with the Debenture and the
Security Documents the Security Trustee shall release its security interest in any remaining
Collateral.
	 
	8.	 	INTEREST
	 
	8.1	 	Calculation of Interest

	 	8.1.1	 	Advances denominated in Euro or Pounds Sterling shall bear interest, at the
relevant Borrower’s option, at (i) the applicable Base Rate, or (ii) in the case of
Advances denominated in Euro, the applicable EURIBOR Rate (except that in the case of
Interest Periods of less than one month, the EURIBOR Rate shall be determined in
accordance with clause (iii) of the definition thereof), or (iii) in the case of
Advances denominated in Pounds Sterling, the applicable LIBOR Rate (except that in the
case of Interest Periods of less than one month, the LIBOR Rate shall be determined in
accordance with clause (iii) of the definition thereof), plus Mandatory Costs, if any;
provided that for so long as a

 

 

	 	 	 	EURIBOR Rate Disruption Event or a LIBOR Rate Disruption Event is continuing, all
such Advances shall bear interest at the Base Rate.

	 	8.1.2	 	Advances denominated in Dollars shall bear interest, at the relevant Borrower’s
option, at (i) the applicable Base Rate, or (ii) the applicable LIBOR Rate plus
Mandatory Costs, if any; provided that for so long as a LIBOR Rate Disruption Event is
continuing, all such Advances shall bear interest at the Base Rate.
	 
	 	8.1.3	 	Swingline Advances shall bear interest at the applicable Base Rate, plus
Mandatory Costs, if any.
	 
	 	8.1.4	 	In addition to the Interest calculated in accordance with Clauses 8.1.1 —
8.1.3, a Usage Fee shall be payable by the Borrower(s), such Usage Fee to be calculated,
on any date of determination, on the basis of the aggregate principal amount of the
Advances Outstanding on such date, as provided in the Fee Letter.

	8.2	 	Payment of Interest
	 
	 	 	Interest shall accrue on each Advance or Swingline Advance, as applicable, during each
Accrual Period at the applicable Interest Rate. The relevant Borrower shall pay Interest on
the unpaid principal amount of each Advance or Swingline Advance, as applicable, for the
period commencing on and including the Funding Date of such Advance or Swingline Advance, as
applicable, through but excluding the date that such Advance or Swingline Advance, as
applicable, shall be paid in full. Accrued and unpaid Interest shall be payable on each
Advance and each Swingline Advance on each Payment Date, unless earlier paid pursuant to (i)
a prepayment in accordance with Clause 7.2 or (ii) a reimbursement or repayment in accordance
with Clause 7.3 or 7.4, as applicable.
	 
	8.3	 	Default Interest

	 	8.3.1	 	If a Borrower fails to pay any amount payable by it under a Transaction Document
on its due date, interest shall accrue on the overdue amount from the due date up to the
date of actual payment (both before and after judgment) at a rate which, subject to
Clause 8.4, is 2.0% higher than the rate which would have been payable if the overdue
amount had, during the period of non-payment, constituted a Loan in the currency of the
overdue amount for successive Interest Periods, each of a duration selected by the
Administrative Agent in its reasonable discretion. Any interest accruing under this
Clause 8.3 shall be immediately payable by the relevant Borrower on demand by the
Administrative Agent.
	 
	 	8.3.2	 	Default interest (if unpaid) arising on an overdue amount will be compounded
with the overdue amount at the end of each Accrual Period applicable to that overdue
amount but will remain immediately due and payable.

	8.4	 	Notification of rates of interest

 

 

	 	8.4.1	 	Each Lender Agent and Swingline Lender Agent shall determine the amount of any
Breakage Costs due to such Lender Agent or Swingline Lender Agent on each Payment Date
and shall inform the Administrative Agent of the amount of such Breakage Costs no later
than 6 Business Days before such Payment Date. Any Breakage Costs not notified by such
time shall be payable on the next following Payment Date.
	 
	 	8.4.2	 	The Administrative Agent shall determine: (i) the Interest Rate on each
Quotation Date and shall advise each Lender Agent, Swingline Lender Agent and Servicer
of such Interest Rate promptly thereafter and (ii) Interest (including unpaid Interest,
if any, due and payable on a prior Payment Date) to be paid by the relevant Borrower
with respect to each Advance and each Swingline Advance on each Payment Date and shall
advise each Lender Agent, Swingline Lender Agent and the Servicer on behalf of the
relevant Borrower thereof five Business Days prior to each Payment Date.

	9.	 	PAYMENT MECHANICS
	 
	9.1	 	Payments during the Revolving Period.
	 
	 	 	Provided that no Event of Default has occurred which is continuing and subject to Clause
10.4, on each Payment Date during the Revolving Period, the Administrative Agent shall pay to
the following Persons, pursuant to the most recent Monthly Report, from amounts released by
the Account Bank (with the consent of the Security Trustee) from each Collection Account and
the Reserve Fund, to the extent of Available Funds in such Collection Account and the Reserve
Fund, the following amounts, provided that the consent of the Security Trustee to the release
of amounts from each Collection Account and Reserve Fund shall be deemed to be given for the
purpose of this Clause provided such amounts are in accordance with the Monthly Report and
the Monthly Report provides for the application of funds to be made in accordance with the
following order of priority such that no funds are applied to an item in the order of
priority until all sums due (in whatever currency) in respect of items with a higher ranking
in the order of priority are paid in full:

	 	9.1.1	 	pro rata to each Hedge Counterparty, any amounts, (other than Hedge Breakage
Costs and any payments due in respect of the termination of any Hedge Transactions)
owing to that Hedge Counterparty under its respective Hedging Agreement in respect of
any Hedge Transaction(s), for the payment thereof;
	 
	 	9.1.2	 	to any party owed, administrative fees (if any) (not to exceed €5,000 in any
trailing 12-month period);
	 
	 	9.1.3	 	to the Servicer, (or Successor Servicer, as the case may be) in an amount equal
to its accrued and unpaid Servicing Fees to the end of the preceding Collection Period,
for the payment thereof;
	 
	 	9.1.4	 	to each Lender Agent and Swingline Lender Agent (and, with respect to any
accrued and unpaid Breakage Costs, the relevant Borrower(s)), pro rata in accordance
with the amount of Advances Outstanding and Swingline

 

 

	 	 	 	Advances outstanding hereunder, in an amount equal to any accrued and unpaid Cost of
Funds, Commitment Fee and Breakage Costs;
	 
	 	9.1.5	 	to each Lender Agent and Swingline Lender Agent, if the Required Advance
Reduction Amount is greater than zero, an amount necessary to reduce the Required
Advance Reduction Amount to zero, pro rata in accordance with the amount of Advances
Outstanding hereunder, for the payment thereof;
	 
	 	9.1.6	 	pro rata, to each Hedge Counterparty, in an amount equal to the amount of any
Hedge Breakage Costs, for the payment thereof;
	 
	 	9.1.7	 	to the Administrative Agent, for the account of the applicable Affected Party,
to be paid pro rata to such Affected Parties in accordance with the amount owed to such
Person under this Clause 9.1.7, in an amount equal to any unpaid Increased Costs, Taxes
and any Other Costs, for the payment thereof;
	 
	 	9.1.8	 	to the Administrative Agent, the Swingline Lenders, each Conduit Lender and each
Institutional Lender, the Affected Parties and the Indemnified Parties, pro rata in
accordance with the amount owed to such Person under this Clause 9.1.8, all other
amounts (other than Advances Outstanding) then due under this Agreement, for the payment
thereof;
	 
	 	9.1.9	 	at the option of the Borrower(s), to the Reserve Fund, an amount, if any, which,
when so deposited, causes the balance of the Reserve Fund to equal the one-month
Required Interest Reserve Amount, the two-month Required Interest Reserve Amount or the
three-month Required Interest Reserve Amount;
	 
	 	9.1.10	 	to the extent not paid by the Servicer, to any Successor Servicer, pro rata in
accordance with the amount owed to such Person under this Clause 9.1.10, in an amount
equal to any accrued and unpaid Transition Costs, Successor Servicer Expenses and Market
Servicing Fee Differential, for the payment thereof;
	 
	 	9.1.11	 	€1,500 to the Borrower in respect of its retained profit referred to in Recital C;
	 
	 	9.1.12	 	at the option of the Borrower(s): (i) to be invested in additional Eligible Loans that
become part of the Collateral within two Business Days of such date or distributed to
the Borrower(s); and (ii) to be invested in Permitted Investments in accordance with
Clause 10.2; and (iii) to make (or reserve towards making) payments relating to the
Permitted Indebtedness; provided that the following conditions are satisfied following
such payment(s) as determined by the Administrative Agent: (a) the Availability is
greater than or equal to €0; and (b) neither a Default, an Event of Default nor a
Servicer Termination Event has occurred or would result from the actions set forth in
clauses (i) — (iii) above; and
	 
	 	9.1.13	 	the surplus to the Borrower, provided that the conditions to be satisfied under Clause
9.1.12 above are also satisfied following payment of such surplus.

 

 

	9.2	 	Re-Investment during the Revolving Period. On the terms and conditions hereinafter set out,
provided that no Event of Default has occurred which is continuing and subject to Clause 10.4,
from time to time during the Revolving Period, a Borrower or the Servicer on its behalf, may,
to the extent of any Principal Collections on deposit in any Collection Account:

	 	9.2.1	 	request that the Account Bank (with the consent of the Security Trustee,
provided that the consent of the Security Trustee to the release of amounts from each
Collection Account and Reserve Fund shall be deemed to be given for the purpose of this
Clause provided such amounts are in accordance with the Monthly Report and the Monthly
Report provides for the application of funds to be made in accordance with the priority
of payments provided in Clause 9.1 above), release such funds to the Servicer for the
purpose of reinvesting in additional Eligible Loans, provided the following conditions
are satisfied:

	 	(a)	 	all conditions precedent set out in Clause 4 have been
satisfied;
	 
	 	(b)	 	the Servicer provides same day written notice to the
Administrative Agent by facsimile (to be received no later than 11:00 a.m.
(London time) on such day) of such request and the amount thereof;
	 
	 	(c)	 	the notice required in Clause 9.2.1(b) above shall be
accompanied by a Borrower Notice in the form of Exhibit A-3 and a Borrowing
Base Certificate and the same are executed by the relevant Borrower and at
least one Responsible Officer of the Servicer;
	 
	 	(d)	 	the Account Bank provides to the Administrative Agent by
facsimile or email (to be received no later than 11:00 a.m. (London time) on
that same date) a statement reflecting the total amount of Principal
Collections on deposit on such day in such Collection Account; and
	 
	 	(e)	 	upon the satisfaction of the conditions set out in Clauses
9.2.1(a) through 9.2.1(d) above, and the Account Bank’s confirmation of
available funds, the Account Bank shall, with the consent of the Security
Trustee, release funds consisting of Principal Collections from such Collection
Account to the Servicer in an amount not to exceed the lesser of (A) the amount
requested by the Servicer and (B) the amount of Principal Collections on
deposit in such Collection Account on such day; or request that such funds be
applied to make payments in respect of the Advances Outstanding at such time in
accordance with and subject to the terms of Clause 7.2.2, in which case the
Account Bank shall deposit such funds into the appropriate Administrative
Agent’s Account and the Administrative Agent shall apply such funds in
accordance with Clause 7.2.2.

	9.3	 	During the Amortisation Period. Provided that no Event of Default has occurred which is
continuing and subject to Clause 10.4, on each Payment Date during the Amortisation Period,
the Administrative Agent shall pay to the following Persons, pursuant to the most recent
Monthly Report, from amounts transferred by the Account Bank (with the consent of the Security
Trustee) from each Collection Account and the

 

 

	 	 	Reserve Fund to the corresponding Administrative Agent’s Account, to the extent of Available
Funds in such Collection Account and the Reserve Fund, the following amounts, provided that
the consent of the Security Trustee to the release of amounts from each Collection Account
and Reserve Fund shall be deemed to be given for the purpose of this Clause provided such
amounts are in accordance with the Monthly Report and the Monthly Report provides for the
application of funds to be made in accordance with the following order of priority such that
no funds are applied to an item in the order of priority until all sums due (in whatever
currency) in respect of items with a higher ranking in the order of priority are paid in full
in the following order of priority are paid in full:

	 	9.3.1	 	pro rata to each Hedge Counterparty, any amounts (other than Hedge Breakage
Costs) owing to that Hedge Counterparty under its respective Hedging Agreement in
respect of any Hedge Transaction(s), for the payment thereof;
	 
	 	9.3.2	 	to any party owed, administrative fees (if any) (not to exceed €5,000 in any
trailing 12 month period);
	 
	 	9.3.3	 	to the extent not paid by the Servicer, to the Successor Servicer in an amount
equal to any accrued and unpaid currently due Successor Servicer Fees, for the payment
thereof;
	 
	 	9.3.4	 	to the Servicer, in an amount equal to its accrued and unpaid Servicing Fees to
the end of the preceding Collection Period, for the payment thereof;
	 
	 	9.3.5	 	to each Lender Agent (and, with respect to any accrued and unpaid Breakage
Costs, the relevant Borrower(s)), pro rata in accordance with the amount of Advances
Outstanding hereunder, in an amount equal to any accrued and unpaid Interest, Commitment
Fee and Breakage Costs;
	 
	 	9.3.6	 	first, to each Swingline Lender Agent, pro rata in accordance with the amount of
Swingline Advances outstanding hereunder, for the account of the applicable Swingline
Lender, in an amount necessary to reduce the Swingline Advances and Obligations due to
such Swingline Lender to zero, for the payment thereof; and
	 
	 	 	 	second, to each Lender Agent, pro rata in accordance with the amount of Advances
Outstanding hereunder, for the account of the applicable Lender, in an amount
necessary to reduce the Advances Outstanding and Obligations due to such Lender to
zero, for the payment thereof;
	 
	 	9.3.7	 	pro rata, to each Hedge Counterparty, any Hedge Breakage Costs and any payments
due in respect of the termination of any Hedge Transactions, in that order, for the
payment thereof;
	 
	 	9.3.8	 	to the Administrative Agent and each Lender Agent, for the account of the
applicable Affected Party, to be paid pro rata to such Affected Parties in accordance
with the amount owed to such Person under this Clause 9.3.8, in an amount equal to any
unpaid Increased Costs, Taxes and any Other Costs, for the payment thereof;

 

 

	 	9.3.9	 	to each Lender Agent, the Lenders, the Affected Parties and the Indemnified
Parties, pro rata in accordance with the amount owed to such Person under this Clause,
all other amounts (other than Advances Outstanding) then due under this Agreement, for
the payment thereof;
	 
	 	9.3.10	 	to the extent not paid by the Servicer, to any Successor Servicer, pro rata in
accordance with the amount owed to such Person under this Clause, in an amount equal to
any accrued and unpaid Transition Costs, Successor Servicer Expenses and Market
Servicing Fee Differential, for the payment thereof;
	 
	 	9.3.11	 	pro rata, to each Borrower, an amount of not more than €6,000 per annum in respect of
that Borrower’s retained profit as referred to in Recital C;
	 
	 	9.3.12	 	to each Person entitled thereto, pro rata, an amount equal to all outstanding
Obligations owed to such Person; and
	 
	 	9.3.13	 	any remaining amounts shall be distributed to the Borrowers.

	9.4	 	Consolidated Orders of Priorities. For the avoidance of doubt, given the joint and several
liabilities of the Borrowers under this Agreement, the orders of priority shall be applied on
a consolidated basis regardless of whether the moneys in question are in an account in the
name of one or the other Borrower and regardless of whether the moneys represent amounts
received or collected by one Borrower rather than the other.
	 
	10.	 	COLLECTIONS AND ALLOCATIONS
	 
	10.1	 	On or before the date on which a Borrower originates or otherwise acquires a Loan, such
Borrower, or the Servicer on behalf of such Borrower, shall have instructed the related
Obligor to make all payments in respect of such Loan to the Collection Account corresponding
to the Currency in which such Loan is denominated. The relevant Borrower, or the Servicer on
behalf of the relevant Borrower, shall promptly (but in no event later than two Business Days
after the receipt thereof) identify any Collections received in the Collection Accounts as
being Interest Collections or Principal Collections.
	 
	10.2	 	Until the occurrence of an Event of Default, to the extent there are uninvested amounts
deposited in the Euro Collection Account, Dollar Collection Account, Pounds Sterling
Collection Account and/or Alternative Currency Account and/or the Reserve Fund, as the case
may be, all amounts shall be invested in Permitted Investments selected by the Servicer on
behalf of the Borrowers; from and after the occurrence of an Event of Default, to the extent
there are uninvested amounts deposited in the Euro Collection Account, Dollar Collection
Account, Pounds Sterling Collection Account and/or Alternative Currency Account and/or the
Reserve Fund, as the case may be, all amounts may be invested in Permitted Investments
selected by the Servicer that mature no later than the next Business Day.
	 
	10.3	 	Notwithstanding anything to the contrary contained herein or in any other Transaction
Document, all payments required to be made by a Borrower hereunder shall be made by such
Borrower through the Servicer acting as its Paying Agent. In addition, each Borrower
authorises the Servicer to execute on such Borrower’s behalf, all Funding

 

 

	 	 	Requests, Swingline Funding Requests, notices given pursuant to Clause 7.2 and each
Borrower’s certification to be delivered pursuant to Clause 4.2.5.

	10.4	 	The Servicer shall allocate and apply Collections in each Collection Account to the payment
of amounts payable in the Currency deposited into such Collection Account. To the extent that
aggregate amounts payable or to become payable in any Currency exceed the amount of
Collections denominated in such Currency on deposit in any Collection Account for such
Currency and available for such payment, and Collections denominated in any other Currency on
deposit in any Collection Account are available for such payment, then the Servicer shall
allocate such other Collections to the payment of such amount, and on the Payment Date the
Servicer, in consultation with the Administrative Agent, shall instruct the Account Bank to
cause such other Collections to be converted to the Currency of payment using the spot selling
rate as of the related Determination Date and shall apply the amounts so converted to the
making of such payment such that no item in the orders of priority is paid unless and until
items due (in whatever currency) which have a higher ranking in the order of priority have
been paid in full.
	 
	10.5	 	If on the date of the Initial Advance or the date of any Permitted Transfer the sum of the
Outstanding Loan Balances of Eligible Loans in the Collateral that pay interest less
frequently than quarterly exceeds the greater of 20% or €80,000,000, the Borrowers or the
Servicer on their behalf shall deposit into the Reserve Fund an amount equal to one-month
Required Interest Reserve Amount or two-month Required Interest Reserve Amount or three-month
Required Interest Reserve Amount, as provided in Clause (i) of the “Concentration Limits”
definition. In the event that the amount of Collections in the Collection Accounts is
insufficient to make payment of amounts due and payable on any Payment Date, the Servicer
shall allocate and apply amounts in the Reserve Fund in accordance with the orders of
priority.
	 
	10.6	 	With respect to any Revolving Loans or Delayed Draw Term Loans (until such time as they
become Term Loans) subject to the Retained Interest provisions of this Agreement, Principal
Collections and Interest Collections received by the Servicer will be allocated between the
portion owned by the Borrower(s) and to the portion not owned by the Borrower(s) (if any) on a
pro rata basis according to the outstanding principal amount of such portion.
	 
	11.	 	PAYMENTS, COMPUTATIONS, ETC.
	 
	11.1	 	Unless otherwise expressly provided herein, all amounts to be paid or deposited by a Borrower
or the Servicer on behalf of a Borrower or which are transferred by the Account Bank from the
Collection Accounts and the Reserve Fund shall be paid or deposited in accordance with the
terms hereof no later than 12:00 p.m. (or 10:00 a.m. local time in the Principal Financial
Centre of the Alternative Currency), on the day when due in immediately available funds to the
applicable Administrative Agent’s Account as set out in Annex E. All amounts to be made
available by any Lender, Lender Agent or Swingline Lender Agent to the Administrative Agent in
connection with the making of any Advance or Swingline Advance, whether in Euro or in an
Alternative Currency, shall be sent to the Administrative Agent on the date when due in
immediately available funds to an account designated by the Administrative Agent to each such
Lender or Lender Agent or Swingline Lender Agent, which amounts, if in an Alternative
Currency, shall be made available to the Administrative Agent no later than

 

 

	 	 	12:00 p.m. (or 10:00 a.m. local time in the Principal Financial Centre of the Alternative
Currency) on the date when due. If, under any provisions of this Agreement, any Lender or
Lender Agent is owed any amount in respect of Breakage Costs, each such Lender or Lender
Agent, as the case may be, shall send a statement to the Administrative Agent listing each
such amount in accordance with Clause 8.4.
	 
	11.2	 	Whenever any payment hereunder shall be stated to be due on a day other than a Business Day,
such payment shall be made on the next succeeding Business Day, and such extension of time
shall in such case be included in the computation of payment of Interest, other interest or
any fee payable hereunder, as the case may be.
	 
	11.3	 	All payments hereunder shall be made without set-off or counterclaim and in such Currency and
in such amounts as may be necessary in order that all such payments shall not be less than the
amounts otherwise specified to be paid under this Agreement (after withholding for or on
account of any Taxes).
	 
	11.4	 	Except to the extent otherwise provided herein or in any other Transaction Document, all
amounts owing under this Agreement or under any such other Transaction Document are payable in
Euro, except for the principal of, and Cost of Funds on, any Advance denominated in any
Alternative Currency and Breakage Costs and Hedge Breakage Costs relating thereto, which are
payable in such Alternative Currency. If a Borrower shall fail to pay any principal of, or any
Interest on, any Advance when due (whether at stated maturity, by acceleration, by mandatory
prepayment or otherwise), the unpaid portion of such Advance shall, if such Advance is not
denominated in Euro, automatically be redenominated in Euro on the due date thereof (or, if
such due date is a day other than the last day of the Accrual Period therefor, on the last day
of such Accrual Period) in an amount equal to the Euro Equivalent thereof using the spot
selling rate as of such date.
	 
	12.	 	FEES
	 
	12.1	 	The Borrowers shall pay to each Lender Agent and Swingline Lender Agent, quarterly in
arrears, in accordance with Clauses 9.1.4 and 9.3.5, to the extent of Available Funds:

	 	12.1.1	 	from the Collection Accounts and the Reserve Fund on each Payment Date, the Commitment
Fee; and
	 
	 	12.1.2	 	from (i) the Collection Account corresponding to the currency of each Advance
Outstanding and (ii) the Reserve Fund, the Usage Fee.

	12.2	 	The Borrower(s) shall pay to the Administrative Agent, in accordance with Clause 33.9, (i) on
the Closing Date, an amount equal to the estimated reasonable legal fees and itemised
out-of-pocket expenses of the Administrative Agent’s counsel as of such date, and (ii) all
additional reasonable fees and out-of-pocket expenses of such counsel within 30 Business Days
after receiving an invoice for such amounts.
	 
	12.3	 	If, in respect of the next Payment Date, the Administrative Agent determines that there would
be an insufficient amount of Collections available in any Currency to pay the amounts to be
paid under Clauses 12.1 and 12.2 denominated in such Currency at a particular level of the
Priority of Payments on such Payment Date, then the Administrative Agent shall exchange an
amount of Collections available in any other

 

 

	 	 	Currency (as selected by the Administrative Agent in a commercially reasonable manner) equal
to such shortfall at the spot selling rate determined by the Administrative Agent for
delivery two Business Days after such date of determination, which amounts shall be applied
on the next Payment Date in accordance with the Priority of Payments, and (ii) if such
Collections are insufficient to fully pay the shortfall, apply the Reserve Fund to such
shortfall. If any item at a particular level of the Priority of Payments remains unpaid
after such application then, with respect to the item (or if more than one item, those items
ranking pari passu in priority of payment) which will not be paid in full, the relevant
shortfall shall be borne proportionately between such items of the same priority.

	13.	 	TAX GROSS UP AND INDEMNITIES
	 
	13.1	 	Definitions
	 
	 	 	In this Agreement:
	 
	 	 	“Protected Party” means a Lender which is or will be subject to any liability or required to
make any payment for or on account of Tax in relation to a sum received or receivable (or any
sum deemed for the purposes of Tax to be received or receivable) under a Transaction
Document.
	 
	 	 	“Tax Confirmation” means a confirmation by a Lender that the person beneficially entitled to
interest payable to that Lender in respect of an advance under a Transaction Document is
either:

	 	(i)	 	a company resident in the United Kingdom for United Kingdom tax purposes; or
	 
	 	(ii)	 	a partnership each member of which is:

	 	(A)	 	a company so resident in the United Kingdom; or
	 
	 	(B)	 	a company not so resident in the United Kingdom which carries
on a trade in the United Kingdom through a permanent establishment and which
brings into account in computing its chargeable profits (for the purposes of
section 11(2) of the Taxes Act) the whole of any share of interest payable in
respect of that advance that falls to it by reason of sections 114 and 115 of
the Taxes Act; or
	 
	 	(C)	 	a company not so resident in the United Kingdom which carries
on a trade in the United Kingdom through a permanent establishment and which
brings into account interest payable in respect of that advance in computing
the chargeable profits (for the purposes of section 11(2) of the Taxes Act) of
that company.

	 	 	“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 Transaction Document.

 

 

	 	 	“Tax Payment” means either the increase in a payment made by an Obligor to a Lender under
Clause 13.2 or a payment under Clause 13.3.
	 
	 	 	“Treaty Lender” means a Lender which:

	 	13.1.1	 	is treated as a resident of a Treaty State for the purposes of the Treaty and under
the terms of that Treaty is entitled to receive payment of interest (subject to the
completion of any necessary procedural formalities) without any deduction or withholding
on account of Tax; and
	 
	 	13.1.2	 	does not carry on a business in the United Kingdom through a permanent establishment
with which that Lender’s participation in the Loan is effectively connected.

	 
	 	 	“Treaty State” means a jurisdiction having a double taxation agreement (a “Treaty”) with the
United Kingdom which makes provision for full exemption from withholding tax imposed by the
United Kingdom on interest.
	 
	 	 	Unless a contrary indication appears, in this Clause 13 a reference to “determines” or
“determined” means a determination made in the sole discretion of the person making the
determination acting in good faith.
	 
	13.2	 	Tax gross-up

	 	13.2.1	 	The Borrowers shall make all payments to be made by them under any Transaction
Document without any Tax Deduction, unless a Tax Deduction is required by law.
	 
	 	13.2.2	 	Each Borrower shall promptly upon becoming aware that it must make a Tax Deduction (or
that there is any change in the rate or the basis of a Tax Deduction) notify the
Administrative Agent accordingly. Each Lender shall promptly notify the Administrative
Agent on becoming so aware in respect of a payment payable to that Lender. If the
Administrative Agent receives such notification from a Lender, it shall promptly notify
the relevant Borrower.
	 
	 	13.2.3	 	If a Tax Deduction is required by law to be made by a Borrower the amount of the
payment due from such Borrower shall be increased to an amount necessary to ensure that
(after making such Tax Deduction) it leaves an amount equal to the payment which would
have been due if no Tax Deduction had been required.
	 
	 	13.2.4	 	A Borrower is not required to make an increased payment to a Lender under Clause
13.2.3 above for a Tax Deduction in respect of tax imposed by the United Kingdom from a
payment of interest on a Loan, if on the date on which the payment falls due:

	 	(a)	 	the payment could have been made to the relevant Lender without
a Tax Deduction if it was a Qualifying Lender, but on that date that Lender is
not or has ceased to be a Qualifying Lender other than as a result of any
change after the date it became a Lender under this Agreement in (or in the
generally published interpretation, administration, or application of) any law or Treaty, or any generally published practice or concession of any
relevant taxing authority; or

 

 

	 	(b) 	 	

	 	(A)	 	the relevant Lender is a Qualifying Lender solely
under sub-paragraph (a)(ii) of the definition of Qualifying Lender;
	 
	 	(B)	 	an officer of HM Revenue & Customs has given (and
not revoked) a direction (a “Direction”) under section 931 of the Income
Tax Act (as that provision has effect on the date on which the relevant
Lender became a Party) which relates to that payment and that Lender has
received from that Borrower or the Company a certified copy of that
Direction; and
	 
	 	(C)	 	the payment could have been made to the Lender
without any Tax Deduction in the absence of that Direction; or

	 	(c)	 	the relevant Lender is a Qualifying Lender solely under
sub-paragraph (a)(ii) of the definition of Qualifying Lender and it has not,
other than by reason of any change after the date of this Agreement in (or in
the generally published interpretation, administration or application of) any
law, or any generally published practice or concession of any relevant taxing
authority, given a Tax Confirmation to the Company; or
	 
	 	(d)	 	the relevant Lender is a Treaty Lender and the Borrower making
the payment is able to demonstrate that the payment could have been made to the
Lender without the Tax Deduction had that Lender complied with its obligations
under Clause 13.2.7 below ; or
	 
	 	(e)	 	the increased payment is due as a result of any assignment or
transfer of the Loans by an Existing Lender to a New Lender pursuant to Clause
22.

	 	13.2.5	 	If a Borrower is required to make a Tax Deduction as a result of a change in the
Applicable Law, such Borrower 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.
	 
	 	13.2.6	 	Within 30 days of making either a Tax Deduction or any payment required in connection
with that Tax Deduction, the relevant Borrower shall deliver to the Administrative
Agent, for the Lender entitled to the payment, evidence reasonably satisfactory to that
Lender that the Tax Deduction has been made or (as applicable) any appropriate payment
paid to the relevant taxing authority.
	 
	 	13.2.7	 	A Treaty Lender and the relevant Borrower, to the extent a Borrower makes a payment to
which that Treaty Lender is entitled, shall co-operate in completing any procedural
formalities (including the completion and submission of any relevant form) necessary for
such Borrower to obtain authorisation to make that payment without a Tax Deduction and
in particular each Treaty Lender shall, as soon as reasonably practicable, submit an
application for gross payment to its local tax authority and provide a copy of such
application to the Administrative Agent and the relevant Borrower.

 

 

	13.3	 	Tax indemnity

	 	13.3.1	 	The relevant Borrower shall (within three Business Days of demand by the
Administrative Agent) pay (or procure payment) to a Protected Party an amount equal to
the loss, liability or cost which that Protected Party determines, acting in good faith,
will be or has been (directly or indirectly) suffered for or on account of Tax by that
Protected Party in respect of a Transaction Document. A copy of a certificate confirming
the amount and date of the loss, liability or Tax suffered or to be suffered shall
accompany the demand for payment.
	 
	 	13.3.2	 	Clause 13.3.1 above shall not apply:

	 	(a)	 	with respect to any Tax assessed on a Protected Party:

	 	(i)	 	under the law of the jurisdiction in which that
Protected Party is incorporated or, if different, the jurisdiction (or
jurisdictions) in which that Protected Party is treated as resident for
tax purposes; or
	 
	 	(ii)	 	under the law of the jurisdiction in which that
Protected Party’s Facility Office is located in respect of amounts
received or receivable in that jurisdiction,

	 	(b)	 	if that Tax is imposed on or calculated by reference to the net
income received or receivable (but not any sum deemed to be received or
receivable) by that Protected Party; or
	 
	 	(c)	 	to the extent a loss, liability or cost:

	 	(i)	 	is compensated for by an increased payment under
Clause 13.2;
	 
	 	(ii)	 	would have been compensated for by an increased
payment under Clause 13.2 but was not (or will not be) so compensated
solely because one of the exclusions in sub-clause 13.2.4 of Clause 13.2
applied (or will apply); or
	 
	 	(iii)	 	arises as a result of wilful misconduct by such
Protected Party.

	 	13.3.3	 	A Protected Party making, or intending to make a claim pursuant to Clause 13.3.1 above
shall promptly notify the Administrative Agent of the event which will give, or has
given, rise to the claim, following which the Administrative Agent shall notify the
relevant Borrower.
	 
	 	13.3.4	 	A Protected Party shall, on receiving a payment from a Borrower under this Clause
13.3, notify the Administrative Agent.
	 
	 	13.3.5	 	This Clause 13.3 shall not apply to the extent any loss, liability, cost or Tax is
attributable to the wilful misconduct of the relevant Protected Party or any of its
affiliates or agents.

	13.4	 	Tax Credit

 

 

	 	 	If a Borrower makes a Tax Payment and the relevant Secured Party determines that:

	 	13.4.1	 	a Tax Credit is either attributable to that Tax Payment or to the Tax Deduction to
which that Tax Payment relates; and
	 
	 	13.4.2	 	that Secured Party has obtained, utilised and fully retained that Tax Credit on an
affiliated group basis,

	 	 	the Secured Party shall pay an amount to the relevant Borrower which that Secured 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 made by the relevant Borrower.
	 
	13.5	 	Stamp Taxes
	 
	 	 	Each Borrower shall pay and, within three Business Days of demand, indemnify each Lender
against any cost, loss or liability that Lender incurs in relation to all stamp duty,
registration and other similar Taxes payable in respect of any Transaction Document.
	 
	13.6	 	Value Added Tax

	 	13.6.1	 	All consideration expressed to be payable under a Transaction Document by any party to
a Lender shall be deemed to be exclusive of any VAT. If VAT is chargeable on any supply
made by any Lender to any party in connection with a Transaction Document, that party
shall pay to the Lender (in addition to and at the same time as paying the
consideration) an amount equal to the amount of the VAT and such Lender shall promptly
provide an appropriate VAT invoice to such Party.
	 
	 	13.6.2	 	Where a Transaction Document requires any party to reimburse a Secured Party for any
costs or expenses, that party shall also at the same time pay and indemnify that Secured
Party against all VAT incurred by the Secured Party in respect of the costs or expenses
to the extent that the Secured Party reasonably determines that neither it, nor any
other member of any group of which it is a member for VAT purposes, is entitled to
credit or repayment from the relevant tax authority in respect of the VAT.

	14.	 	INCREASED COSTS
	 
	14.1	 	Increased costs

	 	14.1.1	 	If either (i) the introduction of or any change in or in the interpretation of any
Applicable Law, guideline, rule, regulation, directive or request (including the
implementation of the Basel II Framework by national authorities) or (ii) compliance by
any Affected Party with any Applicable Law, guideline, rule, regulation, directive or
request from any central bank or other Governmental Authority (whether or not having the
force of law) (including any national regulation which implements the Basel II
Framework), including, without limitation, compliance by an Affected Party with any
request or directive regarding capital adequacy, has or would have the effect of (i)
reducing the rate of return on the capital of any Affected Party or any Lender’s Holding
Company, (ii) imposing an additional or increased cost, or (iii) reducing any

 

 

	 	 	 	amount due and payable under any Transaction Document, in each case as a consequence
of its obligations hereunder or arising in connection herewith or an additional or
increased cost of any Affected Party to the extent that it is attributable to that
Affected Party having entered into its Commitment or funding or performing an
obligation in connection herewith to a level below or above, as applicable, that
which any such Affected Party or such Lender’s Holding Company could have achieved
but for such introduction, change or compliance (taking into consideration the
policies of such Affected Party or such Lender’s Holding Company with respect to
capital adequacy) by an amount deemed by such Affected Party or such Lender’s
Holding Company to be material, then from time to time, within 10 days after demand
by such Affected Party (which demand shall be accompanied by a statement setting out
the basis for such demand), the relevant Borrower(s) shall pay directly to such
Affected Party or the Lender with respect to such Holding Company such additional
amount or amounts as will compensate such Affected Party for such reduction.

	 	14.1.2	 	If as a result of any event or circumstance similar to those described in Clause
14.1.1, any Affected Party is required to compensate a bank or other financial
institution providing liquidity support, credit enhancement or other similar support to
such Affected Party in connection with this Agreement or the funding or maintenance of
Advances or Swingline Advances hereunder, then within 10 days after demand by such
Affected Party, the relevant Borrower(s) shall pay to such Affected Party such
additional amount or amounts as may be necessary to reimburse such Affected Party for
any such amounts paid by it.
	 
	 	14.1.3	 	In determining any amount provided for in this Clause 14.1, the Affected Party may use
any reasonable averaging and attribution methods. Any Affected Party making a claim
under this Clause 14.1 shall submit to the relevant Borrower(s) a certificate as to such
additional or increased cost or reduction, which certificate shall calculate in
reasonable detail any such charges and shall be conclusive absent demonstrable error.
	 
	 	14.1.4	 	If a Lender or Swingline Lender shall notify the Administrative Agent that a
Eurocurrency Disruption Event as described in paragraph (a) of the definition of
“Eurocurrency Disruption Event” has occurred, the Administrative Agent shall in turn so
notify the Borrowers, whereupon all Advances in respect of which Interest accrues at the
LIBOR Rate shall immediately be converted into Advances in respect of which Interest
accrues at the applicable Base Rate.
	 
	 	14.1.5	 	Failure or delay on the part of any Affected Party to demand compensation pursuant to
this Clause 14.1 shall not constitute a waiver of such Affected Party’s right to demand
such compensation.

	14.2	 	Exceptions

	 	14.2.1	 	Clause 14.1 does not apply to the extent any Increased Cost is:

	 	(a)	 	Attributable to a Tax Deduction required by law to be made by a
Borrower;

 

 

	 	(b)	 	compensated for by Clause 13.2 or 13.3 (or would have been
compensated for under Clause 13.2 or 13.3 but was not so compensated solely
because any of the exclusions in Clause 13.2 or 13.3.2 applied); or
	 
	 	(c)	 	compensated for by the payment of the Mandatory Cost.

	 	14.2.2	 	In this Clause 14.3, a reference to a “Tax Deduction” has the same meaning given to
the term in Clause 13.1.

	15.	 	OTHER INDEMNITIES
	 
	15.1	 	Currency indemnity

	 	15.1.1	 	If any sum due from a Borrower under the Transaction 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:

	 	(a)	 	making or filing a claim or proof against such Borrower;
	 
	 	(b)	 	obtaining or enforcing an order, judgment or award in relation
to any litigation or arbitration proceedings,

	 	 	 	such Borrower 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.
	 
	 	15.1.2	 	Each of the Borrowers waives any right it may have in any jurisdiction to pay any
amount under the Transaction Documents in a currency or currency unit other than that in
which it is expressed to be payable.

	16.	 	INDEMNIFICATION AND EXPENSES
	 
	16.1	 	Indemnification and Expenses

	 	16.1.1	 	Without limiting any other rights that any such Person may have hereunder or under
Applicable Law, each of the Borrowers hereby agrees to indemnify the Administrative
Agent, the Successor Servicer (if it is not an Affiliate of the Borrower), the Security
Trustee, any other Secured Party or its assignee and each of their respective Affiliates
and officers, directors, employees and agents thereof (collectively, the “Indemnified
Parties”), forthwith on demand, from and against any and all damages, losses, claims,
liabilities and related costs and expenses, including reasonable legal fees and
disbursements to the extent expressly set forth below (all of the foregoing being
collectively referred to as “Indemnified Amounts”) awarded against or incurred by, any
such Indemnified Party arising out of or as a result of this Agreement, excluding,
however, Indemnified Amounts to the extent resulting from (i) fraud, gross negligence or
wilful misconduct on the part of such Indemnified Party or (ii) Indemnified Amounts to
the extent already compensated for under Clause 13,

 

 

	 	 	 	14, 15, 16, or 34. Without limiting the foregoing, each of the Borrowers shall
indemnify the Indemnified Parties for Indemnified Amounts relating to or resulting
from:

	 	(a)	 	any Loan treated as or represented by the relevant Borrower to
be an Eligible Loan that is not at the applicable time an Eligible Loan;
	 
	 	(b)	 	reliance on any representation or warranty made or repeated by
the Borrowers, the Servicer or any of their respective officers under or in
connection with this Agreement, which shall have been false or incorrect in any
material respect when made or repeated;
	 
	 	(c)	 	the failure by the relevant Borrower to comply with any term,
provision or covenant contained in this Agreement or any other Transaction
Document, or with any Applicable Law with respect to any Loan comprising a
portion of the Collateral, or the nonconformity of any Loan or any Related
Property with any such Applicable Law or any breach by the relevant Borrower
thereof to perform its obligations under the Loans included as a part of the
Collateral;
	 
	 	(d)	 	the failure to vest and maintain vested in the Security
Trustee, on behalf of the Secured Parties a valid, effective and first ranking
security interest in the Collateral in accordance with the Transaction
Documents;
	 
	 	(e)	 	the failure to file, or any delay in filing, security
registrations or other similar instruments or documents of any applicable
jurisdiction or other Applicable Laws with respect to any Collateral, or to
place any loan note or Loan Documents in the possession of the Collateral
Custodian as required by the Transaction Documents;
	 
	 	(f)	 	any dispute, claim, offset or defence (other than the discharge
in bankruptcy) of the relevant Obligor to the payment of any Loan included as
part of the Collateral that is, or is purported to be, an Eligible Loan
(including, without limitation, a defence based on the Loan not being a legal,
valid and binding obligation of the relevant Obligor enforceable against it in
accordance with its terms);
	 
	 	(g)	 	any failure of a Borrower or the Servicer to perform its duties
or obligations in accordance with the provisions of this Agreement or any
failure by the Servicer, a Borrower or any Affiliate thereof to perform its
respective duties under the Loans;
	 
	 	(h)	 	any products liability claim or environmental liability claim
or personal injury or property damage suit or other similar or related claim or
action of whatever sort arising out of or in connection with the Related
Property, merchandise or services that are the subject of any Loan included as
part of the Collateral or the Related Property included as part of the
Collateral;

 

 

	 	(i)	 	the failure by a Borrower to pay when due any Taxes for which
such Borrower is liable, including without limitation, sales, excise or
personal property taxes payable in connection with the Collateral;
	 
	 	(j)	 	any repayment by the Administrative Agent or another Secured
Party of any amount previously distributed in reduction of Advances
Outstanding, the Swingline Advances outstanding or payment of Cost of Funds or
any other amount due hereunder or under any Hedging Agreement, in each case
which amount the Administrative Agent or another Secured Party believes in good
faith is required to be repaid;
	 
	 	(k)	 	any investigation, litigation or proceeding related to this
Agreement or the use of proceeds of Advances, Swingline Advances or in respect
of any Loan included as part of the Collateral or the Related Property included
as part of the Collateral;
	 
	 	(l)	 	any failure by a Borrower to give reasonably equivalent value
to any transferor in consideration for the transfer by such Person to such
Borrower of any Loan or the Related Property or any attempt by any Person to
void or otherwise avoid any such transfer under any statutory provision or
common law or equitable action;
	 
	 	(m)	 	the failure of a Borrower, any of its agents or representatives
to remit to the Servicer or the Administrative Agent, Collections on the
Collateral remitted to such Borrower or any such agent or representative in
accordance with the terms hereof or the commingling by a Borrower or any
Affiliate of any collections;
	 
	 	(n)	 	the failure to maintain, as of the close of business on each
Business Day prior to the Termination Date, an amount of Advances Outstanding
that is less than or equal to the lesser of (x) the Facility Amount and (y) the
Maximum Availability on such Business Day;
	 
	 	(o)	 	the failure by a Borrower to comply with any of the covenants
relating to the Hedging Agreements in accordance with the Transaction
Documents; or
	 
	 	(p)	 	fluctuations in a Currency which a Lender may sustain as a
consequence of the payment of any Advance Outstanding in that Currency
(including as a result of any mandatory prepayment hereunder or the occurrence
of an Event of Default that is continuing or the Termination Date) other than
in the Currency in which such Advance was made.

	 	16.1.2	 	Any amounts subject to the indemnification provisions of this Clause 16.1 shall be
paid by the relevant Borrower to the applicable Indemnified Party within five Business
Days following such Person’s demand therefor.
	 
	 	16.1.3	 	If for any reason the indemnification provided above in this Clause 16.1 is
unavailable to the Indemnified Party or is insufficient to hold an Indemnified Party
harmless, then the relevant Borrower(s) shall contribute to the amount paid or payable
by such Indemnified Party as a result of such loss, claim,

 

 

	 	 	 	damage or liability in such proportion as is appropriate to reflect not only the
relative benefits received by such Indemnified Party on the one hand and the
relevant Borrower(s), on the other hand but also the relative fault of such
Indemnified Party as well as any other relevant equitable considerations.
	 
	 	16.1.4	 	The obligations of the Borrowers under this Clause 16.1 shall survive the removal of
the Administrative Agent, the Servicer, the Successor Servicer or the Security Trustee
and the termination of this Agreement.

	17.	 	REPRESENTATIONS AND WARRANTIES
	 
	 	 	The Borrowers jointly and severally make the representations and warranties set out in this
Clause 17 to each Secured Party on the Closing Date and on the date of the Initial Advance
and in addition, the Repeating Representations are deemed to be made by each Borrower with
reference to the facts and circumstances then existing on each Funding Date. For the purpose
of this Clause and this Agreement, “Repeating Representations” means each of the
representations set out in this Clause 17 except for those in Clauses 17.9 and 17.25 (to the
extent it applies to the date of the Initial Advance, but which shall otherwise be repeated
by reference to the circumstances existing on each date on which it is repeated).
	 
	17.1	 	Organisation; Power and Authority. Each of the Borrowers is a private limited company duly
organised and validly existing under the laws of the jurisdiction of its formation and has
full power, authority and legal right to own its assets and conduct its business as such
business is presently conducted and to enter into and perform its obligations under this
Agreement and each other Transaction Document to which it is a party.
	 
	17.2	 	Due Qualification. Each of the Borrowers is duly qualified to do business as a private
limited company in its country of incorporation and in each jurisdiction where it conducts
business.
	 
	17.3	 	Due Authorisation. The execution and delivery of this Agreement and each Transaction Document
to which each Borrower is a party and the consummation of the transactions provided for herein
and therein have been duly authorised by the relevant Borrower by all necessary action on the
part of such Borrower.
	 
	17.4	 	No Conflict. The execution and delivery of this Agreement and each Transaction Document to
which each Borrower is a party, the performance by each Borrower of the transactions
contemplated hereby and thereby and the fulfilment of the terms hereof and thereof will not
conflict with or result in any breach of any of the terms and provisions of, and will not
constitute (with or without notice or lapse of time or both) a default under, the relevant
Borrower’s articles of incorporation or any Contractual Obligation of the relevant Borrower.
	 
	17.5	 	No Violation. The execution and delivery of this Agreement and each Transaction Document to
which each Borrower is a party, the performance of the transactions contemplated hereby and
thereby and the fulfilment of the terms hereof and thereof will not conflict with or violate
any Applicable Law.

 

 

	17.6	 	No Proceedings. Except as previously disclosed to the Administrative Agent and each Lender
Agent in writing, there are no proceedings or investigations (formal or informal) pending or,
to the best knowledge of the Borrowers, threatened against either Borrower, before any
Governmental Authority:

	 	17.6.1	 	asserting the invalidity of this Agreement or any Transaction Document to which either
Borrower is a party,
	 
	 	17.6.2	 	seeking to prevent the consummation of any of the transactions contemplated by this
Agreement or any Transaction Document to which either Borrower is a party, or
	 
	 	17.6.3	 	seeking any determination or ruling that could reasonably be expected to have a
Material Adverse Effect.

	17.7	 	All Consents Required. All approvals, authorisations, consents, orders or other actions of
any Person or of any Governmental Authority (if any) required in connection with the due
execution, delivery and performance by each Borrower of this Agreement and by each Borrower of
any Transaction Document to which such Borrower is a party, have been obtained.
	 
	17.8	 	EU Insolvency Regulation. Each Borrower:

	 	17.8.1	 	has its “centre of main interests” (within the meaning of Article 3(l) of the EU
Insolvency Regulation) in England and Wales; and
	 
	 	17.8.2	 	has no “establishment” (as that term is used in Article 2(h) of the EU Insolvency
Regulation) or branch office in any jurisdiction outside England and Wales ; and
	 
	 	17.8.3	 	has no Subsidiaries, no employees and, except as previously disclosed to the
Administrative Agent, no premises.

	17.9	 	Insolvency, Etc. The transactions contemplated under this Agreement and each Transaction
Document to which each Borrower is a party do not and will not render such Borrower Insolvent.
Neither of the Borrowers is Insolvent or subject to any Insolvency Proceeding.
	 
	17.10	 	Selection Procedures. No procedures believed by either Borrower to be materially adverse to
the interests of the Secured Parties were utilised by such Borrower in identifying and/or
selecting the Loans that are part of the Collateral.
	 
	17.11	 	Taxes.

	 	17.11.1	 	Each Borrower has filed or caused to be filed all Tax returns required to be filed by
it. Each Borrower has paid all Taxes and all assessments made against it or any of its
property (other than any amount of Tax the validity of which is currently being
contested in good faith by appropriate proceedings and with respect to which reserves in
accordance with GAAP have been provided on the books of such Borrower), and no Tax lien
has been filed and, to each Borrower’s knowledge, no claim is being asserted, with
respect to any such Tax, fee or other charge.

 

 

	 	17.11.2	 	Neither Borrower has engaged nor will it engage in any course of conduct (whether by
act, omission or otherwise) which has given rise to or might reasonably be expected to
give rise to any liability of such Borrower under section 767A or section 767AA ICTA;
	 
	 	17.11.3	 	Neither Borrower has acquired any right or title to, or interest in, any asset (or
any part of an asset) in circumstances in which, were it to cease to be a member of the
same group of companies (for any relevant tax purposes) as the company from which it
acquired that right or title to, or interest in, that asset (or part thereof), it could
have a liability to pay tax under section 179 TCGA, paragraphs 3, 9 or 11 Schedule 7 FA
2003, paragraph 12A Schedule 9 FA 1996, paragraph 30A Schedule 26 FA 2002, or otherwise;
	 
	 	17.11.4	 	No steps have been taken by either Borrower, nor will any steps be taken by either
Borrower which could cause such Borrower to be a member of a VAT group with any company
that is not a Borrower.

	17.12	 	Agreements Enforceable. This Agreement and each Transaction Document to which each Borrower
is a party constitutes the legal, valid and binding obligation of such Borrower enforceable
against such Borrower in accordance with their respective terms, except as such enforceability
may be limited by applicable Insolvency Laws and except as such enforceability may be limited
by general principles of equity (whether considered in a suit at law or in equity).
	 
	17.13	 	Reports Accurate. All Monthly Reports and information furnished or to be furnished by a
Borrower or the Servicer to the Administrative Agent or any Lender in connection with this
Agreement are true, complete and accurate.
	 
	17.14	 	Location of Offices. Since its formation, no Borrower has changed its name, identity,
structure, existence or state of formation, whether by an amendment of its constitutional
documents, by reorganisation or otherwise.
	 
	17.15	 	Tradenames. Other than ‘CapitalSource’, neither of the Borrowers has any trade names,
fictitious names, assumed names or “doing business as” names or other names under which it has
done or is doing business.
	 
	17.16	 	Management. Each Borrower is centrally managed and tax resident in the United Kingdom and
neither Borrower is tax resident in any other jurisdiction.
	 
	17.17	 	Value Given. Each Borrower has given reasonably equivalent value to any transferor in
consideration for the transfer by such Person to such Borrower of the Loans, no such transfer
was made for or on account of an antecedent debt owed by such Person to such Borrower, and no
such transfer is voidable or subject to avoidance under any Insolvency Law.
	 
	17.18	 	Articles of Incorporation. The articles of incorporation of each of the Borrowers are in
the forms attached as Exhibit B hereto.
	 
	17.19	 	Separate Entity. Neither of the Borrowers has:

	 	17.19.1	 	engaged in any business or activity other than (a) entering into the Transaction
Documents to which it is a party, (b) making, purchasing, owning, originating,

 

 

	 	 	 	holding, selling, exchanging, redeeming, pledging, contracting for the management of
and otherwise dealing with Loans and Related Property in the Collateral as
contemplated by the terms of the Transaction Documents, and (c) such other
activities as are incidental or related thereto (together, the “Permitted
Activities”);

	 	17.19.2	 	merged into or consolidated with any Person or dissolved, terminated or liquidated in
whole or in part, transferred or otherwise disposed of all or substantially all of its
assets or changed its legal structure, without in each case first obtaining the consent
of the Administrative Agent and each Lender Agent other than as contemplated in the
Transaction Documents;
	 
	 	17.19.3	 	failed to preserve its existence as an entity duly organised and validly existing
under the laws of the jurisdiction of its organisation or formation, or without the
prior written consent of the Administrative Agent or each Lender Agent, amended,
modified, terminated or failed to comply with the provisions of its articles of
incorporation (except in relation to the issue of shares, which shares are subject to
Security in favour of the Secured Parties), or failed to comply with any formalities
applicable to its form of incorporation;
	 
	 	17.19.4	 	except as permitted by this Agreement and the other Transaction Documents, commingled
its assets with the assets of any of its Affiliates, or of any other Person;
	 
	 	17.19.5	 	incurred any debt, secured or unsecured, direct or contingent, other than (A)
Indebtedness to the Secured Parties hereunder or in conjunction with a repayment of all
Advances and Swingline Advances owed to any of the Lenders, (B) obligations in respect
of Hedging Agreements or any other Transaction Documents, (C) liabilities incidental to
the maintenance of its existence, or (D) Indebtedness approved by the Administrative
Agent and the Lenders (in their sole discretion) that is either non-recourse to the
relevant Borrower or Permitted Indebtedness;
	 
	 	17.19.6	 	failed to maintain its records, books of account and bank accounts separate and apart
from those of any other Person;
	 
	 	17.19.7	 	entered into any contract or agreement with any Person, other than (i) the
transactions permitted or contemplated by this Agreement, any other Transaction Document
and any Hedging Agreements, and (ii) other transactions (including, without limitation,
transactions related to the use of office space or computer equipment or software by the
Borrower to or from an Affiliate) (A) in the ordinary course of business, (B) pursuant
to the reasonable requirements of the Borrower’s business and (C) upon fair and
reasonable terms that are no less favourable to the Borrower than could be obtained in a
comparable arm’s-length transaction with third parties;
	 
	 	17.19.8	 	failed to correct any known misunderstandings regarding the separate identity of
either of the Borrowers and CapitalSource Europe Limited., CapitalSource Finance LLC,
CapitalSource UK Limited, CapitalSource Inc. or any principal or Affiliate thereof or
any other Person;

 

 

	 	17.19.9	 	guaranteed, become obligated for, or held itself out to be responsible for the debt
of another Person other than pursuant to the Transaction Documents;
	 
	 	17.19.10	 	failed either to hold itself out to the public as a legal entity separate and
distinct from any other Person or to conduct its business solely in its own name in
order not (a) to mislead others as to the identity with which such other party is
transacting business, or (b) to suggest that it is responsible for the debts of any
third party (including any of its principals or Affiliates);
	 
	 	17.19.11	 	except as may be required by any Insolvency Laws, shared any common logo with or
held itself out as or been considered as a department or division of (a) any of its
principals or Affiliates, (b) any Affiliate of a principal or (c) any other Person;
	 
	 	17.19.12	 	failed to maintain separate financial statements, showing its assets and liabilities
separate and apart from those of any other Person;
	 
	 	17.19.13	 	failed to pay its own liabilities and expenses only out of its own funds;
	 
	 	17.19.14	 	acquired the obligations or securities of its Affiliates or shareholders;
	 
	 	17.19.15	 	if applicable, failed to use separate invoices and checks bearing its own name;
	 
	 	17.19.16	 	failed at any time to have appointed at least one independent director (each, an
“Independent Director”), which is not and, for the immediately preceding two year
period, was not (a) a director (other than an Independent Director), officer or employee
of either Borrower; (b) a director, officer or employee of CapitalSource Europe
Limited. or any of its Affiliates; (c) a supplier, independent contractor or any other
Person who derives more than 15% of its gross revenues from its activities with a
Parent, the Servicer, CapitalSource TRS Inc., CapitalSource Inc. and/or any Affiliate
of the foregoing; or (d) a member of the immediate family of any person meeting the
criteria set fourth in paragraphs (a), (b) or (c) of this Clause 17.19.16; provided that
any such Independent Director may be an Independent Director of another special purpose
entity affiliated with the relevant Borrower;
	 
	 	17.19.17	 	failed to provide that the consent of a majority of the directors (including the
consent of all of the Independent Directors) where a majority of the directors and all
of the Independent Directors of the relevant Borrower in attendance is required for a
Borrower to (a) dissolve or liquidate, in whole or part, or institute proceedings to be
adjudicated bankrupt or insolvent, (b) institute or consent to the institution of
bankruptcy or insolvency proceedings against it, (c) file a petition seeking or consent
to reorganisation or relief under any applicable federal or state law relating to
bankruptcy or insolvency, (d) seek or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator, custodian or any similar official for the
relevant Borrower, (e) make any assignment for the benefit of the relevant Borrower’s
creditors, (f) admit in writing its inability to pay its debts generally as they become
due, or (g) take any action in furtherance of any of the foregoing.

 

 

	17.20	 	Accuracy of Representations and Warranties. Without prejudice to the terms and effect of
any other representation or warranty, each representation or warranty by the Borrowers
contained herein or in any certificate or other document furnished by a Borrower pursuant
hereto or in connection herewith is true and correct in all material respects.
	 
	17.21	 	Environmental. As of the Borrower Cut-Off Date with respect to any Loan where mortgaged
property that is material to the operations of the related business constitutes Related
Property securing such Loan, as far as the relevant Borrower is aware, the related mortgaged
property was free of contamination from toxic substances or hazardous wastes requiring action
under Applicable Law or is subject to ongoing environmental rehabilitation approved by the
Servicer, and, as of the related Borrower Cut-Off Date of such Loan, the relevant Borrower has
no knowledge of any such contamination from toxic substances or hazardous waste material on
any such mortgaged property unless such items are below action levels.
	 
	17.22	 	Material Adverse Change. (i) as of the Closing Date, there has been no Material Adverse
Change with respect to the Servicer, CapitalSource Europe Limited, CapitalSource UK Limited or
any Borrower and (ii) as of each Funding Date, there has been no Material Adverse Change with
respect to the Servicer, CapitalSource Europe Limited, CapitalSource UK Limited or any
Borrower since the Closing Date.
	 
	17.23	 	No Default

	 	17.23.1	 	No Default exists or would result from the making of any Advance.
	 
	 	17.23.2	 	No other event or circumstance is outstanding which constitutes a default under any
other agreement or instrument which is binding on either Borrower or to which its assets
are subject which would reasonably be expected to have a Material Adverse Effect.

	17.24	 	Pari Passu Ranking
	 
	 	 	Each of the Borrower’s payment obligations under the Transaction Documents rank at least pari
passu with the claims of all its other unsecured and unsubordinated creditors, except for
obligations preferred by law applying to companies generally.
	 
	17.25	 	Representations and Warranties of the Borrowers Relating to the Agreement and the Loans

	 	17.25.1	 	Each of the Borrowers hereby represents and warrants to the Administrative Agent and
each other Secured Party that:

	 	(a)	 	Eligibility of Loans. As of the date of the Initial Advance
and on each Funding Date, (i) the Loan List and the information contained in
the Borrower Notice delivered under this Agreement is an accurate and complete
listing in all material respects of all the Loans that are part of the
Collateral as of such date, and the information contained therein with respect
to the identity of such Loans and the amounts owing thereunder is true and
correct in all material respects as of such date, (ii) each such Loan satisfies
the criteria of the definition of Eligible Loan, (iii) each

 

 

	 	 	 	such Loan and the Related Property is free and clear of any Security (other
than Permitted Security). In addition, on each Funding Date, each Borrower
shall also be deemed to represent and warrant that (i) any additional Loan
referenced on the related Borrower Notice delivered under this Agreement is an
Eligible Loan, (ii) each such Loan is free and clear of any Security (other
than Permitted Security), and (iii) the representations and warranties set out
in Clause 17.27 are true and correct with respect to each Loan transferred on
such day as if made on such day.

	 	(b)	 	No Fraud. Each Loan was originated without any fraud or
material misrepresentation by the relevant Borrower or, to the best of the
relevant Borrower’s knowledge, on the part of any transferor of such Loan or
the Obligor.

	17.26	 	Collateral; Collateral Security

	 	17.26.1	 	Save for any Permitted Security, neither of the Borrowers (in its capacity as a
lender) has assigned, pledged, or otherwise conveyed or encumbered the Eligible Loans or
any of its other assets to any Person.
	 
	 	17.26.2	 	The provisions of the Debentures and the other Transaction Documents are effective to
create in favour of the Security Trustee the security interests which the Debentures and
such other Transaction Documents purport to create, and those security interests are
valid and effective, in each case subject to any filing, registration or notarisation
(including registration of the Debenture) necessary to perfect (where perfection may be
required in accordance with the Transaction Documents) such Security interests and make
such Security interests enforceable and effective.

	17.27	 	True and Complete Disclosure
	 
	 	 	The information, reports, financial statements, exhibits and schedules furnished in writing
by or on behalf of each Borrower to the Administrative Agent in connection with the
negotiation, preparation or delivery of this Agreement and the other Transaction Documents or
included herein or therein or delivered pursuant hereto or thereto, when taken as a whole, do
not contain any untrue statement of material fact or omit to state any material fact
necessary to make the statements herein or therein, in light of the circumstances under which
they were made, not misleading, it being understood and agreed that, for the purposes of this
Clause 17.27, such information shall not include projections and pro forma financial
information. All written information (other than any pro forma financial information)
furnished after the date hereof by or on behalf of each Borrower to the Administrative Agent
in connection with this Agreement and the other Transaction Documents and the transactions
contemplated hereby and thereby will be true, complete and accurate in every material
respect, or (in the case of any projections) based on reasonable estimates, on the date as of
which such information is stated or certified. There is no fact known to a Responsible
Officer of either Borrower, after due inquiry, that could reasonably be expected to have a
Material Adverse Effect that has not been disclosed herein, in the other Transaction
Documents or in a report, financial statement, exhibit, schedule, disclosure letter or other
writing furnished to the Administrative Agent for use in connection with the transactions
contemplated hereby or thereby.

 

 

	17.28	 	Employees/Defined Benefit Scheme
	 
	 	 	Neither of the Borrowers has any employees or maintains a pension scheme.

	 
	17.29	 	 Subsidiaries

	 	17.29.1	 	Neither of the Borrowers has any Subsidiaries.

	17.30	 	Business Affairs

	 	17.30.1	 	The business and affairs of each Borrower have at all times been, and will at all
times be, managed, controlled and conducted in its own name as an identifiable business,
separate, independent and identifiable from the business of any other Person.
	 
	 	17.30.2	 	The records, books, accounts and minutes of each Borrower have at all times been, and
will continue at all future times to be, maintained separate and distinct from those of
any other Person.
	 
	 	17.30.3	 	The assets and liabilities and the funds of each Borrower have at all times been, and
will continue at all future times to be, kept separate and distinct from any other
Person; and each Borrower has received, deposited, withdrawn, paid and disbursed, and
will at all future times receive, deposit, withdraw, pay and disburse, all monies, funds
and receivables in the ordinary course of its business and in a manner separate and
distinct from any other Person.
	 
	 	17.30.4	 	Neither Borrower has paid nor will it pay nor is it or will it become liable for, any
debt of any other Person except as contemplated under the Transaction Documents.
	 
	 	17.30.5	 	All dealings and transactions of each Borrower with all other persons have at all
times been and will continue at all times to be at arms-length.
	 
	 	17.30.6	 	Any Contractual Obligation of a Borrower (other than any Loans originated or
otherwise acquired by such Borrower and the related Loan transfer documents) shall
contain an agreement by each of the other parties thereto not to institute against, or
join any other Person in instituting against, such Borrower any Insolvency Proceeding so
long as there shall not have elapsed a period of one year and one day (or such longer
preference period as shall then be in effect) since the Collection Date.

	17.31	 	The representations and warranties in this Clause 17 shall survive the termination of this
Agreement.
	 
	18.	 	INFORMATION UNDERTAKINGS
	 
	 	 	The undertakings in this Clause remain in force from the date of this Agreement until the
Collection Date.

 

 

	18.1	 	Financial statements
	 
	 	 	Each Borrower shall supply, to the extent not supplied by the other Borrower or the Servicer
hereunder or under the Servicing Agreement, to each of the Lenders:

	 	18.1.1	 	as soon as available and in any event within 60 days after the end of each of the
first three quarterly fiscal periods of each fiscal year of (i) the Borrower and (ii)
the relevant Parent, the unaudited balance sheet of (i) the Borrower and (ii) the
relevant Parent, as at the end of such period, and the related unaudited statement of
income and retained earnings and statement of equity for (i) the Borrower and (ii) the
relevant Parent, for such period and the portion of the fiscal year through the end of
such period, setting out in each case in comparative form the figures for the previous
year (if any), accompanied by a certificate of a Responsible Officer of (i) the Borrower
and (ii) the relevant Parent, which certificate shall state that said financial
statements fairly present the financial condition and results of operations of (i) the
Borrower and (ii) the relevant Parent, in accordance with GAAP, consistently applied, as
at the end of, and for, such period (subject to normal year-end audit adjustments),
provided that such balance sheets and statements in respect of CapitalSource UK Limited
shall be required to be provided only upon it having commenced its operations;
	 
	 	18.1.2	 	as soon as available and in any event within 120 days after the end of each fiscal
year of (i) the Borrower and (ii) the relevant Parent, the audited balance sheet of (i)
the Borrower and (ii) the relevant Parent, as at the end of such fiscal year and the
related audited statement of income and retained earnings and audited statement of
equity for (i) the Borrower and (ii) the relevant Parent, for such year, setting out in
each case in comparative form the figures for the previous year (if any), accompanied by
an opinion thereon of independent certified public accountants of recognised national
standing, which opinion shall not be qualified as to scope of audit or going concern and
shall state that said financial statements fairly present the financial condition and
results of operations of (i) the Borrower and (ii) the relevant Parent as at the end of,
and for, such fiscal year in accordance with GAAP, provided that such audited balance
sheets and statements in respect of CapitalSource UK Limited shall be required to be
provided only upon it having commenced its operations and provided further that if no
such audited balance sheets or statements are available at the relevant time, unaudited
balance sheets and statements shall be provided;
	 
	 	18.1.3	 	(i) within 45 days after the end of each of its first three fiscal quarters, a copy of
the quarterly report on Form 10-Q of CapitalSource Inc. for the most recent fiscal
quarter and unaudited consolidating statements, and (ii) within 90 days after the end of
each fiscal year, a copy of the annual report on Form 10-K of CapitalSource Inc., in
each case in the form as filed with the Securities and Exchange Commission and unaudited
consolidating statements;
	 
	 	18.1.4	 	within 15 Business Days after the Administrative Agent’s request, such other
information regarding the operation of or the Collateral, or the financial condition,
operations, or business of the Borrower as may be reasonably

 

 

	 	 	 	requested by the Administrative Agent, including all business plans prepared by or
for the Borrower; and
	 
	 	18.1.5	 	upon the Administrative Agent’s request, a copy of any financial or other report the
Borrower shall receive from any Obligor with respect to an item of Collateral within 15
days after the Borrower’s receipt thereof.

	18.2	 	Information; Miscellaneous
	 
	 	 	The Borrower shall supply to the Administrative Agent (in sufficient copies for all the
Lenders, if the Administrative Agent so requests, and the Administrative Agent shall promptly
send to each Lender):

	 	18.2.1	 	promptly, and in any event within 10 days after service of process on any of the
following, the notice of all litigation, actions, suits, arbitrations, investigations
(including, without limitation, any of the foregoing which are pending or, to Borrower’s
knowledge threatened) and copies of any and all notices, certificates or documents
delivered to the Borrower in connection therewith or any other legal or arbitration
proceedings affecting the Borrower or affecting any of the property of the Borrower
before any Governmental Authority that (i) questions or challenges the validity or
enforceability of any of the Transaction Documents or any action to be taken in
connection with the transactions contemplated hereby; (ii) makes a claim or claims in an
aggregate amount greater than €5,000,000; or (iii) individually or in the aggregate, if
adversely determined, could reasonably be expected to have a Material Adverse Effect and
copies of any and all notices, certificates or documents delivered to the Borrower in
connection therewith; and
	 
	 	18.2.2	 	promptly, such further information regarding the financial condition, business and
operations of any shareholder of the Borrower as the Administrative Agent may reasonably
request.

	18.3	 	Notification of Default

	 	18.3.1	 	Each Borrower will furnish to the Administrative Agent and each Lender Agent, as soon
as possible and in any event within three Business Days after the occurrence of each
Event of Default and each Default, a written statement setting out the details of such
event and the action that the Borrower proposes to take with respect thereto.
	 
	 	18.3.2	 	Promptly upon a request by the Administrative Agent, each Borrower shall supply to the
Administrative Agent (and the Administrative Agent shall promptly send to each Lender) a
certificate signed by a Responsible Officer 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.	 	GENERAL UNDERTAKINGS
	 
	 	 	The undertakings in this Clause which relate to the Borrowers remain in force from the date
of this Agreement until the Collection Date.

	 	19.1.1	 	Each of the Borrowers hereby covenants that:

 

 

	 	(a)	 	Compliance with Laws. The Borrower will comply in all material
respects with all Applicable Laws, including those with respect to the Loans in
the Collateral and any Related Property.
	 
	 	(b)	 	Preservation of Corporate Existence. The Borrower will
preserve and maintain its existence, rights, franchises and privileges in the
jurisdiction of its formation, and qualify and remain qualified to do business
in each jurisdiction where the failure to maintain such existence, rights,
franchises, privileges and qualification could reasonably be expected to have a
Material Adverse Effect.
	 
	 	(c)	 	Security. Except as contemplated in this Agreement and except
in the case of any Permitted Security, the Borrower will not sell, pledge,
assign or transfer to any other Person, or Grant, create, incur, assume or
suffer to exist any Security on any part of the Collateral, whether now
existing or hereafter transferred hereunder, or any interest therein. The
Borrower will promptly notify the Administrative Agent of the existence of any
Security on any part of the Collateral and the Borrower shall defend the right,
title and interest of the Administrative Agent as agent for the Secured Parties
in, to and under any part of the Collateral, against all claims of third
parties; provided that nothing in this Clause (c) shall prevent or be deemed to
prohibit the Borrower from suffering to exist Permitted Security upon any part
of the Collateral.
	 
	 	(d)	 	Activities of the Borrower. The Borrower shall not engage in
any business or activity other than Permitted Activities.
	 
	 	(e)	 	Indebtedness. The Borrower shall not create, incur, assume or
suffer to exist any Indebtedness or other liability whatsoever, except (i)
Indebtedness to the Secured Parties hereunder or in connection with a repayment
of all Advances and Swingline Advances owed to any of the Lenders, (ii)
obligations in respect of Hedging Agreements or any other Transaction Document,
(iii) liabilities incidental to the maintenance of its existence, or (iv)
Indebtedness approved by the Administrative Agent and the Lenders (in their
sole discretion) that is either non-recourse to the Borrower or Permitted
Indebtedness.
	 
	 	(f)	 	Guarantees. Save for the “Borrower Cross-Guarantee” or in
connection with any Sub-Participation Loan or Revolving Loan, the Borrower
shall not become obligated for, or hold itself out as being responsible for the
debt of another Person other than pursuant to the Transaction Documents.
	 
	 	(g)	 	Merger; Sales. The Borrower shall not enter into any
transaction of merger or consolidation, or liquidate or dissolve itself or
dispose of all or substantially all of its assets or change its legal
structure, except as provided for in this Agreement or any other Transaction
Document.
	 
	 	(h)	 	Distributions. The Borrower may not declare or pay or make,
directly or indirectly, any distribution (whether in cash or other property)
with respect to the assets of the Borrower or any Person’s interest therein

 

 

	 	 	 	(collectively, a “Distribution”); provided that if no Event of Default has
occurred which is continuing or will occur as a result thereof, the Borrower
may make Distributions.
	 
	 	(i)	 	Agreements. The Borrower shall not amend or modify the
provisions of its articles of incorporation or other constitutional documents
(except in relation to the issue of shares, which shares are subject to
Security in favour of the Secured Parties), without the consent of the
Administrative Agent and each Lender Agent or issue any power of attorney other
than to the Administrative Agent, the Servicer, or a director, officer or
senior employee of the Borrower, CapitalSource UK Limited or CapitalSource
Europe Limited. or as otherwise contemplated in the Transaction Documents.
	 
	 	(j)	 	Separate Existence. The Borrower shall not take any action or
permit or acquiesce in any action to be taken which would have the effect,
directly or indirectly, of causing the representations and warranties made
pursuant to Clause 17.19 to be inaccurate in any respect.
	 
	 	(k)	 	Collateral Originated or Acquired by the Borrower. With
respect to each item of Collateral originated or acquired by the Borrower, the
Borrower will (i) take all action necessary to protect the Borrower’s ownership
of such Collateral, including, without limitation, (A) filing and maintaining,
effective security registrations statements in all necessary or appropriate
filing offices, and filing continuation statements, amendments or assignments
with respect thereto in such filing offices and (B) executing or causing to be
executed such other instruments or notices as may be necessary or appropriate,
and (ii) take all additional action that the Administrative Agent may
reasonably request to protect the respective interests of the parties to this
Agreement in the Collateral and to enable the Security Trustee to perfect and
enforce such interests. In circumstances where the Security Trustee is entitled
in accordance with the Transaction Documents to perfect any security interest
in the Collateral, the Security Trustee shall have the right to make filings,
notifications and to take any other steps in accordance with the laws of the
relevant jurisdiction in order to perfect such security interest under local
law (where such perfection is required in accordance with the Transaction
Documents). If any US Loans are acquired or held by a Borrower, such Borrower
or the Servicer on its behalf shall procure that the loan notes or other Loan
Documents relating thereto are transferred into the possession of the
Collateral Custodian in accordance with the provisions of the Custody
Agreement.
	 
	 	(l)	 	Transactions with Affiliates. The Borrower will not enter
into, or be a party to, any transaction with any of its Affiliates, except (i)
the transactions permitted or contemplated by this Agreement, any other
Transaction Document and any Hedging Agreements, and (ii) other transactions
(including, without limitation, transactions related to the use of office space
or computer equipment or software by the Borrower to or from an Affiliate) (A)
in the ordinary course of business, (B) pursuant to the reasonable requirements
of the Borrower’s business and (C) upon fair

 

 

	 	 	 	and reasonable terms that are no less favourable to the Borrower than could be
obtained in a comparable arm’s-length transaction with a Person not an
Affiliate of the Borrower.
	 
	 	(m)	 	Change in the Transaction Documents. The Borrower shall
provide notice of any proposed amendment, modification, waiver or termination
of any terms or conditions of the Transaction Documents other than this
Agreement to the Administrative Agent and each Lender Agent. The Borrower will
not amend, modify, waive or terminate any terms or conditions of any of the
Transaction Documents other than this Agreement to which it is a party, without
the prior written consent of the Required Lenders (subject to Clauses 34.3 and
34.4). For the avoidance of doubt, the amendment, modification or waiver of
this Agreement is governed by Clause 34.
	 
	 	(n)	 	Credit and Collection Policy and Servicing Standard. The
Borrower will (a) timely and fully comply in all material respects with the
Credit and Collection Policy and Servicing Standard in regard to each Loan, the
related Loan Documents and the Related Property and (b) furnish to the
Administrative Agent and each Lender Agent, prior to its effective date, prompt
written notice of any material changes in the Credit and Collection Policy.
The Borrower will not agree to or otherwise permit to occur any material change
in the Credit and Collection Policy or Servicing Standard that would adversely
affect the enforceability or impair the collectibility of any of the Collateral
or otherwise adversely affect the interests or remedies of the Administrative
Agent, each Lender Agent or the Secured Parties under this Agreement or any of
the Transaction Documents, without prior written consent of the Administrative
Agent and each Lender Agent (which consent shall not be unreasonably withheld).
	 
	 	(o)	 	Inspection of Records. The Borrower will, at any time and from
time to time during regular business hours, as requested by the Administrative
Agent and any Lender Agent upon giving reasonable notice, permit the
Administrative Agent and any Lender Agent, or its agents or representatives at
the Borrower’s expense, (i) to examine and make copies of and take abstracts
from all books, records, Loan Files, investment committee memoranda, other
underwriting materials and documents (including electronic storage media)
relating to the Loans and the related Loan Documents and (ii) to visit the
offices and properties of the Borrower, or the Servicer, as applicable, for the
purpose of examining such materials described in paragraph (i); provided that
the Administrative Agent and any Lenders’ Agent shall not be entitled to
conduct such visit more than twice (in aggregate) each calendar year; provided,
further, that upon the occurrence and continuation of an Event of Default the
ability of the Administrative Agent and any Lenders’ Agent to conduct such
visit shall be unlimited, and to discuss matters relating to the Loans or the
Borrower’s or the Servicer’s performance hereunder or pursuant to the Servicing
Agreement as applicable, under the Loan Documents and under the other
Transaction Documents to

 

 

	 	 	 	which such Person is a party with any of the officers, directors, employees or
independent public accountants of the Borrower or the Servicer, as applicable,
having knowledge of such matters.

	 	(p)	 	Keeping of Records. The Borrower will maintain and implement
administrative and operating procedures (including an ability to recreate
records evidencing Loans and the related Loan Documents in the event of the
destruction of the originals thereof), and keep and maintain, all documents,
books, computer tapes, disks, records and other information reasonably
necessary or advisable for the collection of all Loans (including records
adequate to permit the daily identification of each new Loan and all
Collections of and adjustments to each existing Loan).
	 
	 	(q)	 	Compliance with Loans. The Borrower will, at its own expense,
timely and fully perform and comply with all material provisions, covenants and
other promises required to be observed by it under the Loans and the related
Loan Documents.
	 
	 	(r)	 	Restricted Payments. The Borrower shall not (i) purchase or
redeem any shares of its capital stock, (ii) prepay, purchase or redeem any
Indebtedness, (iii) lend or advance any funds or (iv) repay any loans or
advances to, for or from any of its Affiliates (the amounts described in
paragraphs (i) through (iv) being referred to as “Restricted Payments”), except
that the Borrower may make Restricted Payments if, no Event of Default has
occurred which is continuing or would result therefrom.
	 
	 	(s)	 	EU Insolvency Regulation. Unless the Administrative Agent and
each of the Lender Agents otherwise agree (such agreement not to be
unreasonably withheld), each of the Borrowers shall maintain its “centre of
main interests” (within the meaning of Article 3(l) of the EU Insolvency
Regulation) in England and Wales, and each Borrower will not transfer such
centre of main interests to another jurisdiction. The Borrowers shall not
establish any “establishment” (as that term is used in Article 2(h) of the EU
Insolvency Regulation) outside England and Wales.
	 
	 	(t)	 	Consents. The Borrower shall use all reasonable efforts to
obtain any consents required under the terms of Loan Documents so as to allow
the Administrative Agent or any Secured Party to exercise their rights under
this Agreement and the other Transaction Documents.
	 
	 	(u)	 	Material Modifications. In the event that any Loan becomes a
Materially Modified Loan as a result of a substitution, alteration or release
of the Related Property securing such Loan, the Borrower shall procure that the
Servicer recalculates the LTV on such Loan for purposes of determining the
Eligible Loan Type of such Loan.

	19.2	 	Hedging Agreement

	 	19.2.1	 	If at any time the sum of the Outstanding Loan Balances of all Fixed Rate Loans
exceeds €30,000,000, one or both of the Borrowers shall enter into one

 

 

	 	 	 	or more Hedge Transactions within 10 Business Days; provided that each such Hedge
Transaction shall:

	 	(a)	 	be entered into with a Hedge Counterparty and governed by a
Hedging Agreement;
	 
	 	(b)	 	have a schedule of periodic monthly (or quarterly, as
applicable) calculation periods the first of which commences on the Funding
Date of the applicable Advance and the last of which ends on the date of the
last Scheduled Payment due to occur under the Fixed Rate Loans to which that
Advance relates;
	 
	 	(c)	 	have an amortising notional amount such that the Hedge Notional
Amount in effect on each day during the term of such Hedge Transactions shall
be at least equal to the portion of the Hedge Amount represented by such
Advance;
	 
	 	(d)	 	provide, in the case of any interest rate swap, for two series
of monthly (or quarterly, as applicable) payments to be netted against each
other, one such series being payments to be made by the Borrowers to a Hedge
Counterparty by reference to a fixed rate for that Hedge Transaction, and the
other such series being payments to be made by the applicable Hedge
Counterparty at a floating rate selected by the Administrative Agent and the
Borrowers, the net amount of which shall be paid into the relevant Collection
Account (if payable by such Hedge Counterparty) or, to the extent of Available
Funds from the Collection Account under Clauses 9.1.1 and 9.3.1 of this
Agreement (if payable by the Borrower); and
	 
	 	(e)	 	be entered into on market terms.

	 	19.2.2	 	Each of the Borrowers shall, promptly upon execution thereof, provide to the
Administrative Agent and each Lender Agent, a copy of each Hedging Agreement entered
into by it in connection with this Agreement.

	20.	 	PERMITTED TRANSFER AND SYNDICATION
	 
	20.1	 	Permitted Security Release

	 	20.1.1	 	Notwithstanding any provision contained in this Agreement to the contrary, provided
there is not then existing an Event of Default, on a Permitted Security Release Date, a
Borrower may request that and, if so requested, the Administrative Agent and the
Security Trustee, on behalf of the Secured Parties, shall release their Security as to a
portion of the Loans or portions thereof (each, a “Permitted Security Release”), subject
to the satisfaction of the following terms and conditions:

	 	(a)	 	The relevant Borrower and the Servicer shall have given the
Administrative Agent at least two Business Days’ prior written notice of their
intent to effectuate a Permitted Security Release, unless such notice is waived
by the Administrative Agent;

 

 

	 	(b)	 	Any Permitted Security Release shall only be in connection with
a Permitted Transfer;
	 
	 	(c)	 	After giving effect to the Permitted Security Release on the
Permitted Security Release Date, (1) the Availability is greater than or equal
to €0, (2) the Repeating Representations and warranties contained in Clause 18
hereof shall continue to be correct in all material respects, except to the
extent relating to an earlier date, (3) the eligibility of any Loan remaining
as part of the Collateral after the Permitted Security Release will be
redetermined as of the Permitted Security Release Date, (4) the Concentration
Limits will be redetermined as of the Permitted Security Release Date, (5)
neither a Default, an Event of Default nor a Servicer Termination Event shall
have resulted and (6) no claim has been asserted or proceeding commenced
challenging the enforceability or validity of any of the Transaction Documents;
	 
	 	(d)	 	Such Permitted Security Release must be in compliance with
Applicable Law and may not (1) be made with the intent to hinder, delay or
defraud any creditor of the relevant Borrower or (2) leave the relevant
Borrower, immediately after giving effect to the Permitted Security Release,
(a) insolvent, (b) with insufficient funds to pay its obligations as and when
they become due or (c) with inadequate capital for its present and anticipated
business and transactions;
	 
	 	(e)	 	On or prior to the Permitted Security Release Date, the
relevant Borrower shall have (1) delivered to each of the Administrative Agent
and the Security Trustee a list specifying all Loans or portions thereof to be
transferred pursuant to such Permitted Security Release and the Administrative
Agent and the Security Trustee shall have signed the release in relation to
such Loans and (2) obtained all authorisations, consents and approvals required
to effectuate the Permitted Security Release (and the Security Trustee shall
sign such release if conditions for a Permitted Transfer have been fulfilled);
	 
	 	(f)	 	A portion of a Loan may be transferred pursuant to a Permitted
Security Release; provided that (1) such transfer does not have an adverse
effect (and for the avoidance of doubt, the effect of the relevant Borrower no
longer being a majority lender under the relevant Loan shall not constitute an
‘adverse effect’ under this Clause) on the portion of such Loan remaining as a
part of the Collateral, any other Collateral, the Lenders, the Administrative
Agent, the Security Trustee or the other Secured Parties, (2) the Loan
Documents for such portion of the Loan remaining as a part of the Collateral
have been amended, if necessary, to contain customary pro rata sharing,
intercreditor and, if applicable, subordination provisions and (3) unless the
Security Trustee is otherwise satisfied that alternative arrangements
reasonably satisfactory to it are in place, if such Loan is evidenced by a
promissory note, a new promissory note for the portion of the Loan remaining as
a part of the Collateral has been executed, and the original thereof has been
endorsed and delivered to the Security Trustee;

 

 

	 	(g)	 	The relevant Borrower shall deliver a Borrowing Base
Certificate (including a calculation of the Borrowing Base after giving effect
to such Permitted Security Release) to the Administrative Agent (and the
Administrative Agent shall promptly send a copy of such Borrowing Base
Certificate to each Lender Agent); and
	 
	 	(h)	 	The relevant Borrower shall have paid in full an aggregate
amount equal to the sum of all amounts due and owing to the Administrative
Agent, the Security Trustee, the Lenders and any Hedge Counterparty, as
applicable, under this Agreement and the other Transaction Documents, to the
extent accrued to such date (including, without limitation, Breakage Costs and
Hedge Breakage Costs) with respect to the Loans to be released pursuant to such
Permitted Security Release and incurred in connection with the transfer of such
Loans pursuant to such Permitted Security Release and the termination of any
Hedge Transactions, in whole or in part, in connection therewith.

	 	20.1.2	 	In connection with the Permitted Security Release, the Loans or portions thereof so
released (together with, in the case of the release of the Loans but not portions
thereof, any related Collateral) shall be released from the Security of this Agreement
(subject to the requirements above).
	 
	 	20.1.3	 	Each of the Borrowers hereby agrees to pay the reasonable legal fees and expenses of
the Administrative Agent, the Security Trustee and the other Secured Parties in
connection with any Permitted Security Release (including, but not limited to, expenses
incurred in connection with the release of the Security of the Security Trustee, on
behalf of the Secured Parties, and any other party having an interest in the Loans in
connection with such Permitted Security Release).
	 
	 	20.1.4	 	In connection with any Permitted Security Release, on the related Permitted Security
Release Date, the Security Trustee, on behalf of the Secured Parties, shall, at the
expense of the relevant Borrower (i) execute such instruments of release with respect to
the Loans or portions thereof to be released to such Borrower (together with, in the
case of the release of the Loans but not portions thereof, any related Collateral), in
recordable form if necessary, in favour of the relevant Borrower as such Borrower may
reasonably request, (ii) deliver any portion of the Loans or portions thereof to be
released to the relevant Borrower (together with, in the case of the release of the
Loans but not portions thereof, any related Collateral) in its possession to such
Borrower and (iii) otherwise take such actions, and cause or permit the Security Trustee
to take such actions, as are necessary and appropriate to release the Security of the
Security Trustee on behalf of the Secured Parties on the Loans or portions thereof to be
released to the relevant Borrower (together with, in the case of the release the Loans
but not portions thereof, any related Collateral).

	21.	 	EVENTS OF DEFAULT
	 
	21.1	 	Each of the events or circumstances set out in this Clause 21.1 is an Event of Default.

 

 

	 	21.1.1	 	A Borrower shall default in the payment of any amount required to be made under the
terms of this Agreement and such failure continues unremedied for a period of two
Business Days after the due date set out herein for such payment, or if no due date is
specified, such failure continues for a period of 30 days after written request for such
payment has been made; or
	 
	 	21.1.2	 	The amount described in paragraph (ii) of the definition of Availability shall exceed
the amount described in paragraph (i) of the definition of Availability for more than
three Business Days; or
	 
	 	21.1.3	 	A Borrower shall fail to perform or observe in any material respect any other covenant
or other agreement of such Borrower set out in this Agreement or any other Transaction
Document to which it is a party, when such failure continues unremedied for more than 30
days after the earlier of (a) the date on which written notice thereof shall have been
given by the Administrative Agent or any other Secured Party to such Borrower or (b) the
date on which a Responsible Officer of either such Borrower or the Servicer becomes
aware thereof; or
	 
	 	21.1.4	 	Any representation or warranty made or repeated hereunder shall prove to be incorrect
as of the time when the same shall have been made, and such incorrect representation or
warranty shall not have been eliminated or otherwise cured within a period of 30 days
after written notice thereof shall have been given by the Administrative Agent to the
relevant Borrower(s), and in any such case only where such event could reasonably be
expected to have a material adverse effect upon the Lenders or the value or the
recoverability of the Loans or the ability of a Borrower to service its debt obligations
hereunder, provided that any incorrect representation as to the eligibility of an
Eligible Loan shall not of itself constitute an Event of Default or a Default; or.
	 
	 	21.1.5	 	A Borrower becomes Insolvent or becomes subject to any Insolvency Proceeding; or
	 
	 	21.1.6	 	A Servicer Termination Event occurs and is continuing; or
	 
	 	21.1.7	 	A Borrower fails to make any payment of any principal of or any interest on any debt
or other obligations (other than that arising under this Agreement) when due and payable
(after giving effect to any periods of grace) which is outstanding in a principal amount
of more than €500,000 in the aggregate, or such debt or other obligation is accelerated;
or
	 
	 	21.1.8	 	(a) The Security Trustee, on behalf of the Lenders and the Hedge Counterparty, shall
fail for any reason to have a valid and effective security interest in any of the
Collateral (including, without limitation, any Collateral pledged pursuant to the Pledge
Agreement or any Agreed Form Pledge Agreement that may be executed) pledged pursuant to
any Security Document or other instrument purporting to create such security interest
and in accordance with the terms thereof and such failure is not cured within two
Business Days of the earlier to occur of: (i) the date on which written notice of such
failure is given or (ii) the date a Responsible Officer of the relevant Borrower becomes
aware thereof or (b) the relevant Borrower shall fail to

 

 

	 	 	 	have taken such additional timely actions as the Security Trustee shall have
reasonably requested under the Transaction Documents and believes are or would be
necessary or customary to enable the Security Trustee to perfect (where perfection
is required in accordance with the Transaction Documents) such security interest and
make such security interest enforceable and effective; or
	 
	 	21.1.9	 	(i) A final judgment or judgments for the payment of money in excess in aggregate of
€2,000,000 shall have been rendered against either or both Borrowers by a court of
competent jurisdiction and such judgment has not been paid, discharged or the execution
thereof has not been stayed pending appeal (ii) a Borrower shall have failed to make
payments of amounts, in excess of €2,000,000 in aggregate, in settlement of any
litigation, claim or dispute; or
	 
	 	21.1.10	 	The occurrence or existence of any event or circumstance which has caused a Material
Adverse Effect; or
	 
	 	21.1.11	 	As of any Determination Date, the Pool Charged-Off Ratio exceeds 3.0%; or
	 
	 	21.1.12	 	A Borrower or the Borrowers agree(s) or consent(s) to, or otherwise permit(s) to
occur, any amendment, modification, change, supplement or recession of or to the Credit
and Collection Policy in whole or in part that could reasonably be expected to have a
Material Adverse Effect, without the prior written consent of the Administrative Agent
and the Lenders; or
	 
	 	21.1.13	 	On any day, either (i) the aggregate Hedge Notional Amount is less than the Hedge
Amount on that day, or (ii) any Hedge Transaction fails to meet the requirements set out
in Clause 20.2 and, in each case, the relevant Borrower fails to remedy the same (to the
extent possible) before the next Reporting Date; or
	 
	 	21.1.14	 	Either: (i) the authorisation of CapitalSource Europe Limited. as a credit
institution is revoked or becomes subject to further restriction as a result of
regulatory enforcement action by the Financial Services Authority; or (ii) following a
demand by the Financial Services Authority, CapitalSource Europe Limited. surrenders its
authorisation as a credit institution; or (iii) the Financial Services Authority
petitions for an insolvency proceeding in relation to CapitalSource Europe Limited; or
	 
	 	21.1.15	 	A Change in Control occurs; or
	 
	 	21.1.16	 	The Servicer or a Borrower changes the jurisdiction in which it is incorporated
without the prior consent of the Administrative Agent; or
	 
	 	21.1.17	 	The Facility has not been repaid in full on or prior to the Termination Date.
	 
	 	21.1.18	 	HM Revenue & Customs asserts a claim that either:

	 	(a)	 	a Borrower is liable for tax other than under the Taxation of
Securitisation Companies Regulations 2006; or

 

 

	 	(b)	 	a Borrower is liable for tax as a result of the breach of the
undertakings of the Borrowers provided in Clauses 17.11.2 to 17.11.4 of this
Agreement or Clause 9.2 of the Servicing Agreement,

	 	 	 	and, in either case, (i) a tax opinion in form and substance satisfactory to the
Administrative Agent to the effect that the Borrower is not so liable to the
relevant tax; or (ii) an indemnity or guarantee in form and substance satisfactory
to the Administrative Agent in respect of the tax liability that would arise in the
relevant Borrower if the asserted claim was successful, is not provided to the
Administrative Agent within 30 days of such claim being asserted.

	 	 	Upon the occurrence of an Event of Default, the Administrative Agent may, with the consent of
the Required Lenders, and shall, at the direction of the Required Lenders, by notice to the
Borrowers, declare the Termination Date to have occurred, without demand, protest or future
notice of any kind, all of which are hereby expressly waived by the Borrowers, and all
Obligations owing by the Borrowers under this Agreement shall be accelerated and become
immediately due and payable. Upon any such declaration of the Termination Date, no Advances
or Swingline Advances will be made, and the Administrative Agent and the other Secured
Parties shall have, in addition to all other rights and remedies under this Agreement or
otherwise, all rights and remedies provided under each applicable jurisdiction and other
Applicable Laws, including the right to sell the Collateral, which rights and remedies shall
be cumulative; provided that if the Administrative Agent proposes to sell the Collateral or
any part thereof in one or more parcels at a public or private sale, the Servicer and its
Affiliates shall have the right of first refusal to purchase the Collateral, in whole but not
in part, prior to such sale at a price not less than the Obligations as of the date of such
proposed repurchase. The aforementioned rights and remedies shall be without limitation, and
shall be in addition to all other rights and remedies of the Administrative Agent, the
Servicer, the Security Trustee and the Secured Parties otherwise available under any
provision of this Agreement by operation of law, at equity or otherwise, each of which are
expressly preserved.
	 
	21.2	 	No Duty Of The Security Trustee
	 
	 	 	The powers conferred on the Security Trustee hereunder are solely to protect the Security
Trustee’s interests in the Collateral and shall not impose any duty upon it to exercise any
such powers. The Security Trustee shall be accountable only for amounts that it actually
receives as a result of the exercise of such powers, and neither it nor any of its officers,
directors, employees or agents shall be responsible to the Borrowers for any act or failure
to act hereunder, except for its or their own gross negligence or wilful misconduct.
	 
	22.	 	CHANGES TO THE LENDERS
	 
	22.1	 	Assignments and transfers by the Lenders

	 	22.1.1	 	Each Lender (the “Existing Lender”) may (subject, in the case of transfer by a Lender
to a person which is not an Affiliate, to the prior written consent of the Borrowers and
of the Administrative Agent, which consents shall not be unreasonably withheld) at any
time assign, or Grant a security interest or sell a

 

 

	 	 	 	sub-participation interest in, any Advance (or portion thereof) to any other bank or
financial institution (the “New Lender”); provided that (i) no such consent of the
relevant Borrower shall be required following the occurrence of an Event of Default
which is continuing, (ii) in the case of an assignment of any of its rights or
obligations under this Agreement with respect to such Lender, the assignee (other
than any assignee described in the following provision) executes and delivers to the
Servicer and the Administrative Agent a fully-executed Transfer Certificate in the
form of Schedule 1 attached hereto, and (iii) any Institutional Lender shall not
need prior consent to at any time assign, or Grant a security interest or sell a
sub-participation interest in, any Advance (or portion thereof) to an Affiliate of
its related Lender Agent and (iv) any Conduit Lender shall not need prior consent
(x) to at any time assign all of its right, title and interest in and to this
Agreement to a Conduit Assignee or an Affiliate of its related Lender Agent or (y)
to at any time assign, or Grant a security interest or sell a sub-participation
interest in, any Advance (or portion thereof) to a Conduit Assignee or an Affiliate
of its related Lender Agent. A Swingline Lender may at any time assign, or Grant a
security interest or sell a participation interest in, any Swingline Advance (or any
portion thereof) to any Person; provided that in the case of an assignment of the
Swingline Advance, the assignee executes and delivers to the Servicer and the
Administrative Agent a fully-executed Transfer Certificate substantially in the form
of Schedule I attached hereto. The parties to any such assignment, Grant or sale of
a participation interest by a Lender shall execute and deliver to the Administrative
Agent, for its acceptance and recording in its books and records, such agreement or
document as may be satisfactory to such parties and the Administrative Agent. The
Borrowers shall not assign or delegate, or Grant any interest in, or permit any
Security to exist upon, any of the Borrowers’ rights, obligations or duties under
this Agreement without the prior written consent of the Administrative Agent and
each Hedge Counterparty.
	 
	 	22.1.2	 	Without limiting the foregoing, each Conduit Lender may, from time to time, with prior
or concurrent notice to the relevant Borrower and the Servicer, in one transaction or a
series of transactions, assign all or a portion of any Advance and its rights and
obligations under this Agreement and any other Transaction Documents to which it is a
party to a Conduit Assignee. Upon and to the extent of such assignment by the Conduit
Lender to a Conduit Assignee, (i) such Conduit Assignee shall be the owner of the
assigned portion of such Advance, (ii) the related administrator for such Conduit
Assignee will act as the Lender Agent for such Conduit Assignee, with all corresponding
rights and powers, express or implied, granted to a Lender Agent hereunder or under the
other Transaction Documents, (iii) such Conduit Assignee (and any related commercial
paper issuer, if such Conduit Assignee does not itself issue commercial paper) and their
respective liquidity support provider(s) and credit support provider(s) and other
related parties shall have the benefit of all the rights and protections provided to the
Conduit Lender herein and in the other Transaction Documents (including any limitation
on recourse against such Conduit Assignee or related parties, any agreement not to file
or join in the filing of a petition to commence an insolvency proceeding against such
Conduit Assignee, and the right to assign to another Conduit Assignee as provided in
this paragraph), (iv) such Conduit Assignee shall assume all (or

 

 

	 	 	 	the assigned or assumed portion) of the Conduit Lender’s obligations, if any,
hereunder or under any other Transaction Document, and the Conduit Lender shall be
released from such obligations, in each case to the extent of such assignment, and
the obligations of the Conduit Lender and such Conduit Assignee shall be several and
not joint, (v) all distributions in respect of the Advances shall be made to the
applicable agent or Lender Agent, as applicable, on behalf of the Conduit Lender and
such Conduit Assignee on a pro rata basis according to their respective interests,
(vi) the definition of the term “CP Rate” with respect to the portion of the
Advances funded with commercial paper issued by the Conduit Lender (or the related
commercial paper issuer, if such Conduit Assignee does not itself issue commercial
paper) from time to time shall be determined in the manner set out in the definition
of “CP Rate” applicable to the Conduit Lender on the basis of the interest rate or
discount applicable to commercial paper issued by such Conduit Assignee (rather than
the Conduit Lender), (vii) the defined terms and other terms and provisions of this
Agreement and the other Transaction Documents shall be interpreted in accordance
with the foregoing, (viii) if such Conduit Assignee takes an assignment of all of
the rights and obligations of the Conduit Lender, such Conduit Assignee shall become
such “Conduit Lender” for purposes hereof and, if such Conduit Assignee takes an
assignment of only a portion of the rights and obligations of the Conduit Lender,
such Conduit Assignee shall, together with such Conduit Lender, each be a “Conduit
Lender” and the Institutional Lender relating to each such Conduit Lender shall be
the Institutional Lender paired with such Conduit Lender in Annex A for purposes
hereof (including for purposes of Clause 5.1), and (ix) if requested by the
Administrative Agent or Lender Agent with respect to the Conduit Assignee, the
parties will execute and deliver such further agreements and documents and take such
other actions as the Administrative Agent or such Lender Agent may reasonably
request to evidence and give effect to the foregoing.

	22.2	 	In the event that a Conduit Lender makes an assignment to a Conduit Assignee in accordance
with Clause 22.1.2 above, the Institutional Lenders for such Conduit Lender: (i) if requested
by the applicable Lender Agent, shall terminate their participation in the applicable
Liquidity Purchase Agreement to the extent of such assignment, (ii) if requested by the
applicable Lender Agent, shall execute (either directly or through a participation agreement,
as determined by the applicable Lender Agent) the program support agreement related to such
Conduit Assignee, to the extent of such assignment, the terms of which shall be substantially
similar to those of the participation or other agreement entered into by such Institutional
Lender with respect to the applicable program support agreement (or which shall be otherwise
reasonably satisfactory to the applicable Lender Agent and the applicable Institutional
Lenders), (iii) if requested by such Conduit Lender, shall enter into such agreements as
requested by such Conduit Lender pursuant to which they shall be obligated to provide funding
to the Conduit Assignee on substantially the same terms and conditions as provided for in this
Agreement in respect of such Conduit Lender (or which agreements shall be otherwise reasonably
satisfactory to such Conduit Lender and the Institutional Lenders), and (iv) shall take such
actions as the Administrative Agent shall reasonably request in connection therewith.
	 
	22.3	 	Limitation of responsibility of Existing Lenders

 

 

	 	22.3.1	 	Unless expressly agreed to the contrary, an Existing Lender makes no representation or
warranty and assumes no responsibility to a New Lender for:

	 	(a)	 	the legality, validity, effectiveness, adequacy or
enforceability of the Transaction Documents or any other documents;
	 
	 	(b)	 	the financial condition of either Borrower;
	 
	 	(c)	 	the performance and observance by either Borrower of its
obligations under the Transaction Documents or any other documents; or
	 
	 	(d)	 	the accuracy of any statements (whether written or oral) made
in or in connection with any Transaction Document or any other document,

	 	 	and any representations or warranties implied by law are excluded.

	 	22.3.2	 	Each New Lender confirms to the Existing Lender and the other Secured Parties that it:

	 	(a)	 	has made (and shall continue to make) its own independent
investigation and assessment of the financial condition and affairs of each
Borrower 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(s) in connection with any Transaction Document; and
	 
	 	(b)	 	will continue to make its own independent appraisal of the
creditworthiness of each Borrower and its related entities whilst any amount is
or may be outstanding under the Transaction Documents or any Commitment is in
force.

	 	22.3.3	 	Nothing in any Transaction Document obliges an Existing Lender to:

	 	(a)	 	accept a re-transfer from a New Lender of any of the rights and
obligations assigned or transferred under this Clause 22; or
	 
	 	(b)	 	support any losses directly or indirectly incurred by the New
Lender by reason of the non-performance by a Borrower of its obligations under
the Transaction Documents or otherwise.

	22.4	 	Procedure for transfer

	 	22.4.1	 	Subject to the conditions set out in Clause 22.1, a transfer is effected in accordance
with this Clause 22.4 when the Administrative Agent executes an otherwise duly completed
Transfer Certificate delivered to it by the Existing Lender and the New Lender. The
Administrative Agent shall, subject to this Clause 22.4, 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.

 

 

	 	22.4.2	 	The Administrative Agent shall only be obliged to execute a Transfer Certificate
delivered to it by the Existing Lender and the New Lender once it is satisfied it has
complied with all necessary “know your customer” or other similar checks under all
applicable laws and regulations in relation to the transfer to such New Lender.
	 
	 	22.4.3	 	On the Transfer Date:

	 	(a)	 	to the extent that in the Transfer Certificate the Existing
Lender seeks to transfer by novation its rights and obligations under the
Transaction Documents the relevant Borrower(s) and the Existing Lender shall be
released from further obligations towards one another under the Transaction
Documents and their respective rights against one another under the Transaction
Documents shall be cancelled (being the “Discharged Rights and Obligations”);
	 
	 	(b)	 	the relevant Borrower(s) 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 the
Borrower(s) and the New Lender have assumed and/or acquired the same in place
of the Borrower(s) and the Existing Lender;
	 
	 	(c)	 	the Administrative Agent, the New Lender and other Lenders
shall acquire the same rights and assume the same obligations between
themselves as they would have acquired and assumed had the New Lender been an
original Lender with the rights and/or obligations acquired or assumed by it as
a result of the transfer and to that extent the Administrative Agent, and the
Existing Lender shall each be released from further obligations to each other
under the Transaction Documents; and
	 
	 	(d)	 	the New Lender shall become a party as a “Lender”.

	22.5	 	Copy of Transfer Certificate to the Borrowers
	 
	 	 	The Administrative Agent shall, as soon as reasonably practicable after it has executed a
Transfer Certificate, send to each of the Borrowers a copy of that Transfer Certificate.
	 
	22.6	 	Disclosure of information
	 
	 	 	Any Lender may disclose to any of its Affiliates and any other Person:

	 	22.6.1	 	to (or through) whom that Lender assigns or transfers (or may potentially assign or
transfer) all or any of its rights and obligations under this Agreement;
	 
	 	22.6.2	 	with (or through) whom that Lender enters into (or may potentially enter into) any
participation in relation to, or any other transaction under which payments are to be
made by reference to, this Agreement or a Borrower; or

 

 

	 	22.6.3	 	to whom, and to the extent that, information is required to be disclosed by any
Applicable Law any information about the relevant Borrower(s) and the Transaction
Documents as that Lender shall consider appropriate.

	23.	 	CHANGES TO THE BORROWERS
	 
	 	 	A Borrower may not assign or otherwise transfer any of its rights or transfer any of its
rights or obligations under the Transaction Documents except with the written consent of the
Administrative Agent and each Hedge Counterparty.
	 
	24.	 	ROLE OF THE ADMINISTRATIVE AGENT AND THE SECURITY TRUSTEE
	 
	24.1	 	Appointment of the Administrative Agent and the Security Trustee

	 	24.1.1	 	Each other Secured Party appoints the Administrative Agent to act as its agent under
and in connection with the Transaction Documents. Each other Secured Party appoints the
Security Trustee to act on its behalf under and in connection with the Transaction
Documents.
	 
	 	24.1.2	 	Each other Secured Party authorises the each of the Administrative Agent and the
Security Trustee to exercise the rights, powers, authorities and discretions
specifically given to it under or in connection with the Transaction Documents together
with any other incidental rights, powers, authorities and discretions.

	24.2	 	Duties of the Administrative Agent

	 	24.2.1	 	The Administrative Agent shall promptly forward to a party the original or a copy of
any document which is delivered to the Administrative Agent for that party by any other
party.
	 
	 	24.2.2	 	Except where a Transaction Document specifically provides otherwise, the
Administrative Agent is not obliged to review or check the adequacy, accuracy or
completeness of any document it forwards to another party.
	 
	 	24.2.3	 	If the Administrative 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 Secured Parties.
	 
	 	24.2.4	 	If the Administrative Agent is aware of the non-payment of any principal, interest,
commitment fee or other fee payable to a Secured Party (other than the Administrative
Agent) under this Agreement it shall promptly notify the other Secured Parties.

	24.3	 	No fiduciary duties

	 	24.3.1	 	Nothing in this Agreement constitutes the Administrative Agent as a trustee or
fiduciary of any other Person.
	 
	 	24.3.2	 	The Administrative Agent shall not be bound to account to any Lender for any sum or
the profit element of any sum received by it for its own account.

	24.4	 	Rights and discretions of the Administrative Agent

 

 

	 	24.4.1	 	The Administrative Agent may rely on:

	 	(a)	 	any representation, notice or document believed by it to be
genuine, correct and appropriately authorised; and
	 
	 	(b)	 	any statement made by a director, authorised signatory or
employee of any person regarding any matters which may reasonably be assumed to
be within his knowledge or within his power to verify.

	 	24.4.2	 	The Administrative Agent may assume (unless it has received notice to the contrary in
its capacity as agent for the Lenders) that:

	 	(a)	 	no Default has occurred;
	 
	 	(b)	 	any right, power, authority or discretion vested in any party
or the Required Lenders has not been exercised; and
	 
	 	(c)	 	any notice or request made by a Borrower (other than a Funding
Request) is made on behalf of and with the consent and knowledge of any
Obligor.

	 	24.4.3	 	The Administrative Agent may engage, pay for and rely on the advice or services of any
lawyers, accountants, surveyors or other experts.
	 
	 	24.4.4	 	The Administrative Agent may act in relation to the Transaction Documents through its
personnel and agents.
	 
	 	24.4.5	 	Subject to Clause 33.13, the Administrative Agent may disclose to any other party any
information it reasonably believes it has received as agent under this Agreement.
	 
	 	24.4.6	 	Notwithstanding any other provision of any Transaction Document to the contrary, the
Administrative Agent is not 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.

	24.5	 	Required Lenders’ instructions

	 	24.5.1	 	Unless a contrary indication appears in a Transaction Document, the Administrative
Agent shall (i) exercise any right, power, authority or discretion vested in it as the
Administrative Agent in accordance with any instructions given to it by the Required
Lenders (or, if so instructed by the Required Lenders, refrain from exercising any
right, power, authority or discretion vested in it as the Administrative Agent) and (ii)
not be liable for any act (or omission) if it acts (or refrains from taking any action)
in accordance with an instruction of the Required Lenders.
	 
	 	24.5.2	 	Unless a contrary indication appears in a Transaction Document, any instructions given
by the Required Lenders will be binding on all the Secured Parties.
	 
	 	24.5.3	 	The Administrative Agent may refrain from acting in accordance with the instructions
of the Required Lenders (or, if appropriate, the Lenders) until it

 

 

	 	 	 	has received such security as it may require for any cost, loss or liability
(together with any associated VAT) which it may incur in complying with the
instructions.
	 
	 	24.5.4	 	In the absence of instructions from the Required Lenders, (or, if appropriate, the
Lenders) the Administrative Agent may act (or refrain from taking action) as it
considers to be in the best interest of the Lenders.
	 
	 	24.5.5	 	The Administrative 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
Transaction Document.

	24.6	 	Responsibility for documentation
	 
	 	 	The Administrative Agent is not:

	 	24.6.1	 	responsible for the adequacy, accuracy and/or completeness of any information (whether
oral or written) supplied by the Administrative Agent, an Obligor or any other Person
given in or in connection with any Transaction Document; or
	 
	 	24.6.2	 	responsible for the legality, validity, effectiveness, adequacy or enforceability of
any Transaction Document or any other agreement, arrangement or document entered into,
made or executed in anticipation of or in connection with any Transaction Document.

	24.7	 	Exclusion of liability

	 	24.7.1	 	The Administrative Agent will not be liable for any delay (or any related
consequences) in crediting an account with an amount required under the Transaction
Documents to be paid by the Administrative Agent if the Administrative Agent has taken
all necessary steps as soon as reasonably practicable to comply with the regulations or
operating procedures of any recognised clearing or settlement system used by the
Administrative Agent for that purpose.
	 
	 	24.7.2	 	Nothing in this Agreement shall oblige the Administrative Agent to carry out any “know
your customer” or other checks in relation to any person on behalf of any Lender and
each Lender confirms to the Administrative Agent that it is solely responsible for any
such checks it is required to carry out and that it may not rely on any statement in
relation to such checks made by the Administrative Agent.

	24.8	 	Lenders’ indemnity to the Administrative Agent
	 
	 	 	Each Lender (or, in the case of a Conduit Lender which is not a Committed Conduit Lender, its
Institutional Lender) shall (in proportion to its share of the Maximum Availability or, if
the Maximum Availability is then zero, to its share of the Maximum Availability immediately
prior to its reduction to zero) indemnify the Administrative Agent, within three Business
Days of demand, against any cost, loss or liability (including, without limitation, for
negligence or any other category of liability whatsoever) incurred by the Administrative
Agent (otherwise than by reason of the

 

 

	 	 	Administrative Agent’s gross negligence or wilful misconduct) (or, in the case of any cost,
loss or liability pursuant to Clause 26.9 notwithstanding the Administrative Agent’s
negligence, gross negligence, or any other category of liability whatsoever but not including
any claim based on the fraud of the Administrative Agent) in acting as the Administrative
Agent under the Transaction Documents (unless the Administrative Agent has been reimbursed by
an Obligor pursuant to a Transaction Document).

	24.9	 	Non-Receipt of Funds by the Administrative Agent

	 	24.9.1	 	Except as provided in Clause 24.9.3, unless the Administrative Agent shall have been
notified in writing by a Lender prior to the date an Advance is to be made by such
Lender (which notice shall be effective upon receipt) that such Lender does not intend
to make the proceeds of such Advance available to the Administrative Agent, the
Administrative Agent may assume that such Lender has made such proceeds available to the
Administrative Agent on such date, and the Administrative Agent may in reliance upon
such assumption (but shall not be required to) make available to the relevant
Borrower(s) a corresponding amount. If such corresponding amount is not in fact made
available to the Administrative Agent, the Administrative Agent shall be able to recover
such corresponding amount from such Lender. If such Lender does not pay such
corresponding amount forthwith upon the Administrative Agent’s demand therefore, the
Administrative Agent will promptly notify the relevant Borrower(s), and such Borrower(s)
shall immediately pay such corresponding amount to the Administrative Agent. The
Administrative Agent shall also be entitled to recover from such Lender or Borrower(s),
as the case may be, interest on such corresponding amount in respect of each day from
the date such corresponding amount was made available by the Administrative Agent to the
Borrower(s) to the date such corresponding amount is recovered by the Administrative
Agent at a per annum rate equal to (i) from the Borrower(s) at the Interest Rate
applicable to the Advance requested pursuant to the related Funding Request and (ii)
from a Lender at the Base Rate.
	 
	 	24.9.2	 	A certificate of the Administrative Agent submitted to a Borrower or any Lender with
respect to any amount owing under this Clause 24.9.2 shall be conclusive in the absence
of manifest error.
	 
	 	24.9.3	 	On the date of any borrowing of an Advance in an Alternative Currency, the
Administrative Agent shall make available to the relevant Borrower(s) the proceeds of
such borrowing only upon actual receipt by the Administrative Agent from each Lender of
such Lender’s pro rata portion of such borrowing in such Alternative Currency.

	24.10	 	Resignation of the Administrative Agent

	 	24.10.1	 	The Administrative Agent may resign and appoint one of its Affiliates acting through
an office in the United Kingdom as successor by giving 30 days’ prior written notice to
the other Secured Parties and the Borrowers.
	 
	 	24.10.2	 	Alternatively the Administrative Agent may resign by giving 30 days’ prior written
notice to the other Secured Parties and the Borrowers, in which case

 

 

	 	 	 	the Required Lenders (after consultation with the Borrowers) may appoint a successor
agent.
	 
	 	24.10.3	 	If the Required Lenders have not appointed a successor agent in accordance with
Clause 24.10.2 above within 30 days after notice of resignation was given, the
Administrative Agent (after consultation with the Borrowers) may appoint a successor
agent (acting through an office in the United Kingdom).
	 
	 	24.10.4	 	The Administrative Agent shall, at its own cost, make available to the successor
agent such documents and records and provide such assistance as the successor agent may
reasonably request for the purposes of performing its functions as the Administrative
Agent under the Transaction Documents.
	 
	 	24.10.5	 	The Administrative Agent’s resignation notice shall only take effect upon the
appointment of a successor.
	 
	 	24.10.6	 	Upon the appointment of a successor, the retiring Administrative Agent shall be
discharged from any further obligation in respect of the Transaction Documents but shall
remain entitled to the benefit of this Clause 24. Its successor and each of the other
Parties shall have the same rights and obligations amongst themselves as they would have
had if such successor had been an original party.

	24.11	 	Relationship with the Lenders

	 	24.11.1	 	The Administrative Agent may treat each Lender as a Lender, entitled to payments
under this Agreement and acting through its Facility Office 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.
	 
	 	24.11.2	 	Each Lender shall supply the Administrative Agent with any information required by
the Administrative Agent in order to calculate the Mandatory Cost in accordance with
Annex C (Mandatory Cost formulae).

	24.12	 	Credit appraisal by the Lenders

	 	 	Without affecting the responsibility of a Borrower for information supplied by it or on its
behalf in connection with any Transaction Document, each Lender confirms to the
Administrative 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 Transaction Document including but not limited to:

	 	24.12.1	 	the status and nature of the Collateral;
	 
	 	24.12.2	 	the legality, validity, effectiveness, adequacy or enforceability of any Transaction
Document and any other agreement, arrangement or document entered into, made or executed
in anticipation of, under or in connection with any Transaction Document;
	 
	 	24.12.3	 	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 Transaction
Document, the transactions contemplated by the Transaction

 

 

	 	 	 	Documents or any other agreement, arrangement or document entered into, made or
executed in anticipation of, under or in connection with any Transaction Document;
and
	 
	 	24.12.4	 	the adequacy, accuracy and/or completeness of any information provided by the
Administrative Agent, any party or by any other Person under or in connection with any
Transaction Document, the transactions contemplated by the Transaction Documents or any
other agreement, arrangement or document entered into, made or executed in anticipation
of, under or in connection with any Transaction Document.

	24.13	 	Deduction from amounts payable by the Administrative Agent
	 
	 	 	If any party owes an amount to the Administrative Agent under the Transaction Documents the
Administrative Agent may, after giving notice to that party, deduct an amount not exceeding
that amount from any payment to that party which the Administrative Agent would otherwise be
obliged to make under the Transaction Documents and apply the amount deducted in or towards
satisfaction of the amount owed. For the purposes of the Transaction Documents that party
shall be regarded as having received any amount so deducted.
	 
	24.14	 	The Security Trustee as trustee

	 	24.14.1	 	The Security Trustee declares that it holds all rights, title and interests in, to
and under those Transaction Documents to which it is a party and expressed to be a
trustee (acting as trustee for the Secured Parties), and all proceeds of the enforcement
of such Transaction Documents, on trust for the Secured Parties from time to time. This
trust shall remain in force even if the Security Trustee (in whatever capacity) is at
any time the sole Secured Party.
	 
	 	24.14.2	 	The Security Trustee, in its capacity as trustee or otherwise under any Transaction
Document is not liable for any failure:

	 	(a)	 	to require the deposit with it of any title deed, any
Transaction Document; or any other documents in connection with any Transaction
Document;
	 
	 	(b)	 	in it (or its solicitors) holding any title deed, any
Transaction Document or any other documents in connection with any Transaction
Document in its own possession or to take any steps to protect or preserve the
same including permitting a Borrower to retain any such title deeds, any
Transaction Documents or any other documents;
	 
	 	(c)	 	to obtain any licence, consent or other authority for the
execution, delivery, validity, legality, adequacy, performance, enforceability
or admissibility in evidence of any such Transaction Document;
	 
	 	(d)	 	to effect or ensure registration of or otherwise protect any of
the security created by any such Transaction Document by registering the same
under the Land Registration Act 2002 or any other applicable registration laws

 

 

	 	 	 	in any jurisdiction or otherwise by registering any notice, caution or other
entry prescribed by or pursuant to the provisions of the said Act or laws;
	 
	 	(e)	 	to take or require a Borrower to take any step to render the
security created or purported to be created by or pursuant to any such
Transaction Document effective or to secure the creation of any ancillary
security under the laws of any jurisdiction;
	 
	 	(f)	 	to require any further assurances in relation to any such
Transaction Document; or
	 
	 	(g)	 	to insure any asset or require any other Person to maintain any
such insurance or be responsible for any loss which may be suffered by any
person as a result of the lack, or inadequacy or insufficiency, of any such
insurance.

	 	24.14.3	 	The Security Trustee may accept, without enquiry, any right or title that a Borrower
may (or may purport to) have to any asset which is the subject of any such Transaction
Document and shall not be bound or concerned to investigate or make any enquiry into the
right or title of such Borrower to any such asset or to require such Borrower to remedy
any defect in its right or title to the same.
	 
	 	24.14.4	 	Save as otherwise provided in the Transaction Documents, all moneys, which under the
trusts contained in any Transaction Document are received by the Security Trustee in its
capacity as trustee or otherwise, may be invested in the name of, or under the control
of, the Security Trustee in any investment for the time being authorised by English law
for the investment by a trustee of trust money or in any other investments which may be
selected by the Security Trustee. Additionally, the same may be placed on deposit in
the name of, or under the control of, the Security Trustee at such bank or institution
(including the Security Trustee) and upon such terms as the Administrative Agent may
think fit.
	 
	 	24.14.5	 	Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security
Trustee in relation to the trusts constituted by any Transaction Document. Where there
are any inconsistencies between that Act and the provisions of that Transaction
Document, the provisions of that Transaction Document shall, to the extent allowed by
law, prevail and, in the case of any inconsistency with that Act, the provisions of that
Transaction Document shall constitute a restriction or exclusion for the purposes of
that Act.
	 
	 	24.14.6	 	The perpetuity period for the trusts in this Agreement is 80 years.

	 	24.15	 	Resignation of the Security Trustee
	 
	 	 	 	The Security Trustee may resign as security trustee under the Transaction Documents, and such
resignation shall be subject to Clause 24.10, save that all references to “Administrative
Agent” and “agent” in that Clause shall be understood to be references to “Security Trustee”
and “security trustee”, respectively.

 

 

	25.	 	CONDUCT OF BUSINESS BY THE SECURED PARTIES
	 
	 	 	No provision of this Agreement will:
	 
	25.1	 	interfere with the right of any Secured Party to arrange its affairs (tax or otherwise) in
whatever manner it thinks fit;
	 
	25.2	 	oblige any Secured Party to investigate or claim any credit, relief, remission or repayment
available to it or the extent, order and manner of any claim; or
	 
	25.3	 	oblige any Secured Party to disclose any information relating to its affairs (tax or
otherwise) or any computations in respect of Tax.
	 
	26.	 	PAYMENT MECHANICS
	 
	26.1	 	Payments to the Administrative Agent

	 	26.1.1	 	On each date on which a Borrower or a Lender is required to make a payment under a
Transaction Document, such Borrower or Lender shall make the same available to the
Administrative Agent (unless a contrary indication appears in a Transaction Document)
for value on the due date at the time and in such funds specified by the Administrative
Agent as being customary at the time for settlement of transactions in the relevant
currency in the place of payment.
	 
	 	26.1.2	 	Payment shall be made to such account in the principal financial centre of the country
of that currency (or, in relation to euro, in a principal financial centre in London or
a Participating Member State) with such bank as the Administrative Agent specifies.

	26.2	 	Distributions by the Administrative Agent
	 
	 	 	Each payment received by the Administrative Agent under the Transaction Documents for another
party shall, subject to Clause 26.3 and Clause 26.4 be made available by the Administrative
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 Administrative Agent by not less
than five Business Days’ notice with a bank in the principal financial centre of the country
of that currency (or, in relation to euro, in the principal financial centre of London or a
Participating Member State).
	 
	26.3	 	Distributions to the Borrowers
	 
	 	 	The Administrative Agent may (with the consent of a Borrower or in accordance with Clause
26.9) apply any amount received by it for such Borrower in or towards payment (on the date
and in the currency and funds of receipt) of any amount due from such Borrower under the
Transaction Documents or in or towards purchase of any amount of any currency to be so
applied.
	 
	26.4	 	Clawback

	 	26.4.1	 	Where a sum is to be paid to the Administrative Agent under the Transaction Documents
for another party, the Administrative 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.

	 	26.4.2	 	If the Administrative Agent pays an amount to another party and it proves to be the
case that the Administrative 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
Administrative Agent shall on demand refund the same to the Administrative Agent
together with interest on that amount from the date of payment to the date of receipt by
the Administrative Agent, calculated by the Administrative Agent to reflect its cost of
funds.

	26.5	 	No set-off by the Borrowers
	 
	 	 	All payments to be made by the Borrowers under the Transaction Documents shall be calculated
and be made without (and free and clear of any deduction for) set-off or counterclaim.
	 
	26.6	 	Business Days

	 	26.6.1	 	Any payment which is due to be made on a day that is not a Business Day shall be made
on the next Business Day.
	 
	 	26.6.2	 	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.

	26.7	 	Currency of account

	 	26.7.1	 	Subject to Clauses 26.7.2 to 26.7.5, the Base Currency is the currency of account and
payment for any sum due from a Borrower under any Transaction Document.
	 
	 	26.7.2	 	A repayment of an Advance or Obligation or a part of an Advance or Obligation shall be
made in the currency in which that Advance or Obligation is denominated on its due date.
	 
	 	26.7.3	 	Each payment of interest shall be made in the currency in which the sum in respect of
which the interest is payable was denominated when that interest accrued.
	 
	 	26.7.4	 	Each payment in respect of costs, expenses or Taxes shall be made in the currency in
which the costs, expenses or Taxes are incurred.
	 
	 	26.7.5	 	Any amount expressed to be payable in a currency other than the Base Currency shall be
paid in that other currency.

	26.8	 	Change of currency

	 	26.8.1	 	At any time, any reference in the definition of the term “Alternative Currency” or in
any other provision of this Agreement to the Currency of any particular State means the
lawful currency of such State at such time whether

 

 

	 	 	 	or not the name of such Currency is the same as it was on the date hereof. For
purposes of determining:

	 	(a)	 	whether the amount of any Advance, together with all other
Advances and Swingline Advances then outstanding or to be borrowed at the same
time as such Advance, would exceed the Facility Amount;
	 
	 	(b)	 	whether any Lender’s Pro Rata Share of any Advance, together
with its Pro Rata Share of all other Advances and Swingline Advances then
outstanding or to be borrowed at the same time as such Advance, would exceed
the amount of such Lender’s Commitment; and
	 
	 	(c)	 	whether Advances Outstanding are required to be prepaid, the
outstanding principal amount of any Advance that is denominated in any
Alternative Currency shall be deemed to be the Euro Equivalent of such amount
of Alternative Currency determined as of the date of such Advance.

	 	26.8.2	 	Wherever in this Agreement in connection with an Advance an amount, such as a required
minimum or multiple amount, is expressed in Euro, but such Advance is denominated in an
Alternative Currency, such amount shall be the relevant Alternative Currency Equivalent
of such Euro amount (rounded to the nearest 1,000 units of such Alternative Currency).
	 
	 	26.8.3	 	In addition, for purposes of (A) complying with any requirement of this Agreement
stated in Euro and (B) calculating any ratio or other test set out in this Agreement,
the amount of any Advance that is denominated in an Alternative Currency shall be deemed
to be the Euro Equivalent of such amount of Alternative Currency determined as of the
date of such calculation. Without limitation, the following defined terms used in this
Agreement (together with any defined terms in which such defined terms are used) may
require amounts denominated in an Alternative Currency to be calculated as the Euro
Equivalent of such amounts: “Aggregate Outstanding Loan Balance”, “Borrowing Base”,
“Concentration Limits”, “Interest Collections”, “Outstanding Loan Balance”, “Permitted
Investments”, “Principal Collections”, “Scheduled Payment” and “Servicing Fee”.
	 
	 	26.8.4	 	Each obligation hereunder of any party hereto that is denominated in the National
Currency of a state that is not a Participating Member State on the date hereof shall,
effective from the date on which such state becomes a Participating Member State, be
redenominated in Euro in accordance with the legislation of the European Union
applicable to the European Monetary Union; provided that if and to the extent that any
such legislation provides that any such obligation of any such party payable within such
Participating Member State by crediting an account of the creditor can be paid by the
debtor either in Euro or such National Currency, such party shall be entitled to pay or
repay such amount either in Euro or in such National Currency. If the basis of accrual
of interest or fees expressed in this Agreement with respect to an Alternative Currency
of any country that becomes a Participating Member State after the date on which such
currency becomes an Alternative Currency shall be inconsistent with any convention or
practice in the interbank market

 

 

	 	 	 	for the basis of accrual of interest or fees in respect of the Euro, such convention
or practice shall replace such expressed basis effective as of and from the date on
which such state becomes a Participating Member State; provided that with respect to
any Advance denominated in such currency that is outstanding immediately prior to
such date, such replacement shall take effect at the end of the Interest Period
therefor.

	 	26.8.5	 	Without prejudice to the respective liabilities of the Borrowers to the Lenders and
the Lenders to the Borrowers under or pursuant to this Agreement, each provision of this
Agreement shall be subject to such reasonable changes of construction as the
Administrative Agent may from time to time, in consultation with the Borrowers,
reasonably specify to be necessary or appropriate to reflect the introduction or
changeover to the Euro in any country that becomes a Participating Member State after
the date hereof; provided that the Administrative Agent shall provide the Borrowers and
each Lender Agent with prior notice of the proposed change with an explanation of such
change in sufficient time to permit the Borrowers and the Lenders an opportunity to
respond to such proposed change.

	26.9	 	Disruption to Payment Systems, Etc.
	 
	 	 	If either the Administrative Agent determines (in its discretion) that a Disruption Event has
occurred or the Administrative Agent is notified by a Borrower that a Eurocurrency Disruption
Event has occurred:

	 	26.9.1	 	the Administrative Agent may, and shall (subject to Clause 26.9.2 below) if requested
to do so by a Borrower, consult with the Borrowers with a view to agreeing with the
Borrowers such changes to the operation or administration of this Agreement as the
Administrative Agent may deem necessary in the circumstances;
	 
	 	26.9.2	 	the Administrative Agent shall not be obliged to consult with the Borrowers in
relation to any changes mentioned in Clause 26.9.1 if, in its reasonable opinion, it is
not practicable to do so in the circumstances and, in any event, shall have no
obligation to agree to such changes;
	 
	 	26.9.3	 	the Administrative Agent may consult with the Secured Parties in relation to any
changes mentioned in Clause 26.9.1 but shall not be obliged to do so if, in its opinion,
it is not practicable to do so in the circumstances;
	 
	 	26.9.4	 	any such changes agreed upon by the Administrative Agent and the Borrowers shall
(whether or not it is finally determined that a Eurocurrency Disruption Event has
occurred) be binding upon the parties as an amendment to (or, as the case may be, waiver
of) the terms of the Transaction Documents notwithstanding the provisions of Clause 30;
	 
	 	26.9.5	 	the Administrative Agent shall not be liable for any damages, costs or losses
whatsoever (including, without limitation for negligence, gross negligence or any other
category of liability whatsoever but not including any claim based on the fraud of the
Administrative Agent) arising as a result of its taking, or

 

 

	 	 	 	failing to take, any actions pursuant to or in connection with this Clause 26.9.5;
and

	 	26.9.6	 	the Administrative Agent shall notify the Secured Parties of all changes agreed
pursuant to Clause 26.9.4.

	27.	 	BORROWER CROSS-GUARANTEE AND INDEMNITY
	 
	 	 	Each Guarantor irrevocably and unconditionally jointly and severally:

	 	27.1.1	 	guarantees to the Lenders punctual performance by each Borrower of all that Borrower’s
obligations under the Transaction Documents;
	 
	 	27.1.2	 	undertakes with the Lenders that whenever a Borrower does not pay any amount when due
under or in connection with any Transaction Document, that Guarantor shall immediately
on demand pay that amount as if it was the principal obligor; and
	 
	 	27.1.3	 	indemnifies the Lenders immediately on demand against any cost, loss or liability
suffered by the Lenders if any obligation guaranteed by it is or becomes unenforceable,
invalid or illegal. The amount of the cost, loss or liability shall be equal to the
amount which the Lenders would otherwise have been entitled to recover.

	27.2	 	Continuing guarantee
	 
	 	 	This guarantee is a continuing guarantee and will extend to the ultimate balance of sums
payable by any Borrower under the Transaction Documents, regardless of any intermediate
payment or discharge in whole or in part.
	 
	27.3	 	Reinstatement
	 
	 	 	If any payment by a Borrower or Guarantor or any discharge given by the Lenders (whether in
respect of the obligations of any Borrower or Guarantor or any security for those obligations
or otherwise) is avoided or reduced as a result of insolvency or any similar event:

	 	27.3.1	 	the liability of each Guarantor shall continue as if the payment, discharge, avoidance
or reduction had not occurred; and
	 
	 	27.3.2	 	the Lender shall be entitled to recover the value or amount of that security or
payment from each Guarantor, as if the payment, discharge, avoidance or reduction had
not occurred.

	27.4	 	Waiver of defences
	 
	 	 	The obligations of each Guarantor under this Clause 27 will not be affected by an act,
omission, matter or thing which, but for this Clause, would reduce, release or prejudice any
of its obligations under this Clause 27 (without limitation and whether or not known to it or
the Lenders) including:

	 	27.4.1	 	any time, waiver or consent granted to, or composition with, a Borrower or other
person;

 

 

	 	27.4.2	 	the release of any Borrower or any other person under the terms of any composition or
arrangement with any creditor;
	 
	 	27.4.3	 	the taking, variation, compromise, exchange, renewal or release of, or refusal or
neglect to perfect (where perfection is required in accordance with the Transaction
Documents), take up or enforce, any rights against, or security over assets of, any
Borrower 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;
	 
	 	27.4.4	 	any incapacity or lack of power, authority or legal personality of or dissolution or
change in the members or status of a Borrower or any other person;
	 
	 	27.4.5	 	any amendment, novation, supplement, extension restatement (however fundamental and
whether or not more onerous) or replacement of a Transaction Document or any other
document or security including without limitation any change in the purpose of, any
extension of or any increase in any facility or the addition of any new facility under
any Transaction Document or other document;
	 
	 	27.4.6	 	any unenforceability, illegality or invalidity of any obligation of any person under
any Transaction Document or any other document or security; or
	 
	 	27.4.7	 	any insolvency or similar proceedings.

	27.5	 	Immediate recourse
	 
	 	 	Each Guarantor waives any right it may have of first requiring the Lenders (or the Security
Trustee on their behalf) to proceed against or enforce any other rights or security or claim
payment from any person before claiming from that Guarantor under this Clause 27. This
waiver applies irrespective of any law or any provision of a Transaction Document to the
contrary.
	 
	27.6	 	Appropriations
	 
	 	 	Until all amounts which may be or become payable by the Borrowers under or in connection with
the Transaction Documents have been irrevocably paid in full, the Lenders (or the Security
Trustee on their behalf) may:

	 	27.6.1	 	refrain from applying or enforcing any other moneys, security or rights held or
received by the Lender (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 no Guarantor shall be entitled to the benefit of
the same; and
	 
	 	27.6.2	 	hold in an interest-bearing suspense account any moneys received from any Guarantor or
on account of any Guarantor liability under this Clause 27.

	27.7	 	Deferral of Guarantors’ rights
	 
	 	 	Until all amounts which may be or become payable by the Borrowers under or in connection with
the Finance Documents have been irrevocably paid in full and unless

 

 

	 	 	the Lender otherwise directs, no Guarantor will exercise any rights which it may have by
reason of performance by it of its obligations under the Transaction Documents:

	 	27.7.1	 	to be indemnified by an Borrower;
	 
	 	27.7.2	 	to claim any contribution from any other guarantor of any Borrower’s obligations under
the Finance Documents; and/or
	 
	 	27.7.3	 	to take the benefit (in whole or in part and whether by way of subrogation or
otherwise) of any rights of the Lender under the Finance Documents or of any other
guarantee or security taken pursuant to, or in connection with, the Transaction
Documents by the Lenders.

	 	 	If a Guarantor receives any benefit, payment or distribution in relation to such rights it
shall hold that benefit, payment or distribution to the extent necessary to enable all
amounts which may be or become payable to the Lenders by the Borrowers under or in connection
with the Transaction Documents to be repaid in full on trust for the Lenders and shall
promptly pay or transfer the same to the Lender or as the Lender may direct for application
in accordance with the Transaction Documents.
	 
	27.8	 	Release of Guarantor’s right of contribution
	 
	 	 	If any Guarantor (a “Retiring Guarantor”) ceases to be a Guarantor in accordance with the
terms of the Transaction Documents for the purpose of any sale or other disposal of that
Guarantor then on the date such Guarantor ceases to be a Guarantor:

	 	27.8.1	 	that Retiring Guarantor is released by the other Guarantor from any liability (whether
past, present or future and whether actual or contingent) to make a contribution to any
other Guarantor arising by reason of the performance by such other Guarantor of its
obligations under the Transaction Documents; and
	 
	 	27.8.2	 	each Guarantor waives any rights it may have by reason of the performance of its
obligations under the Transaction Documents to take the benefit (in whole or in part and
whether by way of subrogation or otherwise) of any rights of the Lenders under any
Transaction Document or of any other security taken pursuant to, or in connection with,
any Transaction Document where such rights or security are granted by or in relation to
the assets of the Retiring Guarantor.

	27.9	 	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 the Lenders.
	 
	28.	 	SET-OFF
	 
	 	 	In addition to any rights and remedies of the Lenders provided by this Agreement and by law,
each Lender shall have the right, without prior notice to the Borrowers, and such notice
being expressly waived by the Borrowers to the extent permitted by Applicable Law, upon any
amount becoming due and payable by a Borrower hereunder (whether at the stated maturity, by
acceleration or otherwise) to set-off and appropriate and apply against such amount any and
all deposits of the relevant Borrower (general or special, time or demand, provisional or
final), in any currency,

 

 

	 	 	and any other credits, indebtedness or claims, in any currency, in each case whether direct
or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the
relevant Lender or any Affiliate thereof to or for the credit or the account of the relevant
Borrower, as applicable. Each Lender agrees promptly to notify the relevant Borrower after
any such set-off and application made by the Lender provided that the failure to give such
notice shall not affect the validity of such set-off and application.
	 
	29.	 	NOTICES
	 
	 	 	All notices, requests and demands to or upon the respective parties hereto to be effective
shall be in each case, addressed as follows in the case of the Borrowers, the Servicer, the
Security Trustee and the Administrative Agent, and as set out in annex A in the case of the
Lenders, or to such other address as may be hereafter notified by the respective parties
hereto:
	 
	 	 	The Borrowers and Guarantors
	 
	 	 	CS Europe Finance Limited

c/o CapitalSource Europe Limited

105 Victoria Street, London SW1E 6QT

Attention: Adam Scarrott, Secretary

Telecopier: +44 (0)845 257 6601

Telephone: +44 (0)845 257 6629
	 
	 	 	with a copy to:
	 
	 	 	CapitalSource Finance LLC

4445 Willard Avenue

Chevy Chase, MD 20815

USA
	 
	 	 	Attention: Chief Legal Officer

Facsimile: +(301) 841 2380

Telephone: +(301) 841 2732
	 
	 	 	and to:
	 
	 	 	CapitalSource Finance LLC

4445 Willard Avenue

Chevy Chase, MD 20815

USA
	 
	 	 	Attention: Treasurer and Vice President

Facsimile: +(301) 841 2307

Telephone: +(301) 841 2795
	 
	 	 	CS UK Finance Limited

c/o CapitalSource Europe Limited

105 Victoria Street, London SW1E 6QT

Attention: Adam Scarrott, Secretary

 

 

	 	 	Telecopier: +44 (0)845 257 6601

Telephone: +44 (0)845 257 6629
	 
	 	 	with a copy to:
	 
	 	 	CapitalSource Finance LLC

4445 Willard Avenue

Chevy Chase, MD 20815

USA
	 
	 	 	Attention: Chief Legal Officer

Facsimile: +(301) 841 2380

Telephone: +(301) 841 2732
	 
	 	 	and to:
	 
	 	 	CapitalSource Finance LLC

4445 Willard Avenue

Chevy Chase, MD 20815

USA
	 
	 	 	Attention: Treasurer and Vice President

Facsimile: +(301) 841 2307

Telephone: +(301) 841 2795
	 
	 	 	CapitalSource Finance LLC
	 
	 	 	c/o CapitalSource Finance LLC

4445 Willard Avenue

Chevy Chase, MD 20815

USA
	 
	 	 	Attention: Chief Legal Officer

Facsimile: +(301) 841 2380

Telephone: +(301) 841 2732
	 
	 	 	and to:
	 
	 	 	CapitalSource Finance LLC

4445 Willard Avenue

Chevy Chase, MD 20815

USA
	 
	 	 	Attention: Treasurer and Vice President

Facsimile: +(301) 841 2307

Telephone: +(301) 841 2795

 

 

	 	 	The Swingline Lenders
	 
	 	 	Wachovia Bank, N.A., London Branch

3 Bishopsgate

London EC2N 3AB

England

Attention: Michelle Clark/Ian King

Telecopier: +44 20 7929 4645

Telephone: +44 20 7956 4310/4316

e-mail: loanadmin.london@wachovia.com
	 
	 	 	The Administrative Agent
	 
	 	 	Wachovia Bank, National Association

1525 West WT Harris Boulevard

NC0600

Charlotte, North Carolina 28262

Attention: Syndication Agency Services

Telecopier: +(704) 590-2790

Telephone: +(704) 590-2733

Email: scp.mmloans@wachovia.com
	 
	 	 	With a copy to:
	 
	 	 	Wachovia Bank, N.A.

301 South College Street

NC0600

Charlotte, NC 28288-0600

Attention: Raj Shah

Telecopier: +(704) 715-0067

Telephone: +(704) 374-6230
	 
	 	 	The Lead Arranger and Sole Bookrunner
	 
	 	 	Wachovia Securities International Ltd.

3 Bishopgate

London EC2N 3AB

England

Attention: Michelle Clark/Jonathan Lloyd Gane

Telecopier: +44 20 7929 4645

Telephone: +44 20 7956 4310/4316
	 
	 	 	With a copy to:
	 
	 	 	Wachovia Bank, N.A.

301 South College Street

NC0600

Charlotte, NC 28288-0600

Attention: Raj Shah

 

 

	 	 	Telecopier: +(704) 715-0067

Telephone: +(704) 374-6230
	 
	 	 	provided that a notice given by a Borrower pursuant to this Clause shall be effective only
upon receipt thereof by the Administrative Agent and notices given pursuant to this Clause
shall only be effective upon receipt in the case of any notice sent by mail.
	 
	29.1	 	Addresses
	 
	 	 	The address and fax number (and the department or officer, if any, for whose attention the
communication is to be made) of each party for any communication or document to be made or
delivered under or in connection with the Transaction Documents is:

	 	29.1.1	 	in the case of a Borrower, that identified with its name above;
	 
	 	29.1.2	 	in the case of each Lender, that notified in writing to the Administrative Agent on or
prior to the date on which it becomes a party; and
	 
	 	29.1.3	 	in the case of the Administrative Agent, that identified with its name above,

	 	 	or any substitute address or fax number or department or officer as the party may notify to
the Administrative Agent (or the Administrative Agent may notify to the other Parties, if a
change is made by the Administrative Agent) by not less than five Business Days’ notice.
	 
	29.2	 	Delivery

	 	29.2.1	 	Any communication or document made or delivered by one person to another under or in
connection with the Transaction Documents will only be effective:

	 	(a)	 	if by way of fax, when received in legible form; or
	 
	 	(b)	 	if by way of letter, when it has been left at the relevant
address or five Business Days after being deposited in the post postage prepaid
in an envelope addressed to it at that address,

	 	 	 	and, if a particular department or officer is specified as part of its address
details provided under Clause 29, if addressed to that department or officer.
	 
	 	29.2.2	 	Any communication or document to be made or delivered to the Administrative Agent will
be effective only when actually received by the Administrative Agent and then only if it
is expressly marked for the attention of the department or officer identified with the
Administrative Agent’s signature below (or any substitute department or officer as the
Administrative Agent shall specify for this purpose).
	 
	 	29.2.3	 	All notices from or to a Borrower shall be sent through the Administrative Agent.

	29.3	 	Notification of address and fax number

 

 

	 	 	Promptly upon receipt of notification of an address and fax number or change of address or
fax number pursuant to Clause 29 or changing its own address or fax number, the
Administrative Agent shall notify the other Parties.
	 
	29.4	 	Electronic communication

	 	29.4.1	 	Any communication to be made between the Administrative Agent and a Lender under or in
connection with the Transaction Documents may be made by electronic mail or other
electronic means, if the Administrative Agent and the relevant Lender:

	 	(a)	 	agree that, unless and until notified to the contrary, this is
to be an accepted form of communication;
	 
	 	(b)	 	notify each other in writing of their electronic mail address
and/or any other information required to enable the sending and receipt of
information by that means; and
	 
	 	(c)	 	notify each other of any change to their address or any other
such information supplied by them.

	 	29.4.2	 	Any electronic communication made between the Administrative Agent and a Lender will
be effective only when actually received in readable form and in the case of any
electronic communication made by a Lender to the Administrative Agent only if it is
addressed in such a manner as the Administrative Agent shall specify for this purpose.

	29.5	 	English language

	 	29.5.1	 	Any notice given under or in connection with any Transaction Document must be in
English.
	 
	 	29.5.2	 	All other documents provided under or in connection with any Transaction Document must
be:

	 	(a)	 	in English; or
	 
	 	(b)	 	if not in English, and if so required by the Administrative
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.

	30.	 	CALCULATIONS AND CERTIFICATES
	 
	30.1	 	Accounts
	 
	 	 	In any litigation or arbitration proceedings arising out of or in connection with a
Transaction Document, the entries made in the accounts maintained by a Secured Party are
prima facie evidence of the matters to which they relate.
	 
	30.2	 	Certificates and Determinations

 

 

	 	 	Any certification or determination by a Secured Party of a rate or amount under any
Transaction Document is, in the absence of manifest error, conclusive evidence of the matters
to which it relates.
	 
	31.	 	PARTIAL INVALIDITY
	 
	 	 	If, at any time, any provision of the Transaction Documents is or becomes illegal, invalid or
unenforceable in any respect under any law of any jurisdiction, neither the legality,
validity or enforceability of the remaining provisions nor the legality, validity or
enforceability of such provision under the law of any other jurisdiction will in any way be
affected or impaired.
	 
	32.	 	REMEDIES AND WAIVERS
	 
	 	 	No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any
right or remedy under the Transaction Documents shall operate as a waiver, nor shall any
single or partial exercise of any right or remedy prevent any further or other exercise or
the exercise of any other right or remedy. The rights and remedies provided in this
Agreement are cumulative and not exclusive of any rights or remedies provided by law.
	 
	33.	 	AMENDMENTS AND WAIVERS
	 
	33.1	 	Except as provided in this Clause 33.1, no amendment, waiver or other modification (any such
amendment, waiver or other modification being hereinafter referred to in this Clause 30.1 as a
“modification”) of any provision of this Agreement shall be effective without the written
agreement of the relevant Borrower(s), the Servicer, the Administrative Agent, and the
Required Lenders; provided that any modification of this Agreement that is solely for the
purpose of adding a Lender may be effected with the written consent of (x) the Administrative
Agent at any time when the Aggregate Commitments of the Conduit Lenders and Institutional
Lenders shall be less than or equal to €750,000,000 (after giving effect to the proposed
Commitment of the Lender to be added), and (y) each Lender Agent at any time when the
Aggregate Commitments of the Conduit Lenders and Institutional Lenders shall be greater than
€750,000,000 (after giving effect to the proposed Commitment of the Lender to be added); and
provided further that any modification to this Agreement that would (i) reduce or impair
collections or the payment of interest, principal or fees to the Lenders, (ii) modify any
provisions of this Agreement relating to the timing of payments required to be made by a
Borrower or the application of the proceeds of such payments, including, without limitation,
any provisions of Clause 9, (iii) release any Collateral from the Security (iv) increase the
Facility Amount, any Lender’s Commitment or extend the Termination Date or (v) make any
modification to the definitions of “Advance”, “Advances Outstanding”, “Alternative Currency”,
“Approved Country”, “Availability”, “Borrowing Base”, “Concentration Limits”, “Eligible Loan”,
“Eligible Obligor”, “Required Lenders”, “Facility Amount”, “Maximum Availability”, “Permitted
Transfers”, “Credit and Collection Policy”, “Pro Rata Share”, or “Event of Default” (each of
the modifications described in paragraphs (i) through (v) of this proviso, a “Material
Amendment”), shall not be effective without the written agreement of the Borrowers, the
Administrative Agent and each of the Lenders; provided further that no modification adversely
affecting the rights or

 

 

	 	 	obligations of any Hedge Counterparty shall be effective without the written agreement of
such person.

	33.2	 	No amendment, waiver or other modification (i) affecting the rights or obligations of any
Hedge Counterparty or (ii) having a material adverse effect on the rights or obligations of
the Security Trustee or the Successor Servicer shall be effective against such person without
the written agreement of such person. The Borrowers or the Servicer on their behalf will
deliver a copy of all waivers and amendments to the Security Trustee.
	 
	33.3	 	Replacement of Lenders

	 	33.3.1	 	If at any time any Lender becomes a Non-Consenting Lender (as defined in paragraph
34.3.3 below) then any Borrower may on 5 Business Days’ prior written notice to the
Administrative Agent and that Lender, replace such Lender by requiring such Lender to
(and such Lender shall) transfer pursuant to Clause 23.1 all (and not part only) of its
rights and obligations under this Agreement to a Lender or other bank, financial
institution, trust, fund or other entity (a “Replacement Lender”) selected by the
relevant Borrower, and which is acceptable to the Administrative Agent (acting
reasonably), and which confirms its willingness to assume and does assume all the
obligations of the transferring Lender (including the assumption of the transferring
Lender’s participations on the same basis as the transferring Lender) for a purchase
price in cash payable at the time of transfer equal to the outstanding principal amount
of such Lender’s participation in the outstanding Utilisations and all accrued interest,
Breakage Costs and other amounts payable in relation thereto under the Transaction
Documents.
	 
	 	33.3.2	 	The replacement of a Lender pursuant to this Clause shall be subject to the following
conditions:

	 	(a)	 	the Borrowers shall have no right to replace the Administrative
Agent;
	 
	 	(b)	 	neither the Administrative Agent nor the Non-Consenting Lender
shall have any obligation to the Borrowers to find a Replacement Lender;
	 
	 	(c)	 	in the event of a replacement of a Non-Consenting Lender such
replacement must take place no later than 45 days after the date the
Non-Consenting Lender notifies the Borrowers and the Administrative Agent of
its failure or refusal to agree to any consent, waiver or amendment to the
Finance Documents requested by a Borrower; and
	 
	 	(d)	 	in no event shall the Lender replaced under this paragraph
34.3.2 be required to pay or surrender to such Replacement Lender any of the
fees received by such Lender pursuant to the Transaction Documents.

	 	33.3.3	 	In the event that:

	 	(a)	 	a Borrower or the Administrative Agent (at the request of a
Borrower) has requested the Lenders to consent to a waiver or amendment of any
provisions of the Transaction Documents;

 

 

	 	(b)	 	the waiver or amendment in question requires the consent of all
the Lenders; and
	 
	 	(c)	 	Lenders whose Commitments aggregate more than 66 2/3 per cent.
of the Total Commitments (or, if the Total Commitments have been reduced to
zero, aggregated more than 66 2/3 per cent. of the Commitments prior to that
reduction) have consented to such waiver or amendment,

	 	 	 	then any Lender who does not and continues not to agree to such waiver or amendment
shall be deemed a Non-Consenting Lender.

	33.4	 	Decisions by Required Lenders

	 	33.4.1	 	If, within 15 Business Days (or such longer period as the relevant Borrower and the
Administrative Agent may agree in relation to any particular request) of a written
request and acknowledged receipt in relation to a consent, waiver or amendment which
requires the approval of the Required Lenders:

	 	(a)	 	the Minimum Lenders have explicitly accepted or rejected that
request or explicitly abstain from accepting or rejecting that request; and
	 
	 	(b)	 	a Lender does not explicitly accept or reject that request or
explicitly abstain from accepting or rejecting that request,

	 	 	 	the Commitment and/or participation in the Loan of that Lender shall be treated as a
rejection of the relevant request when calculating whether the approval of the
Required Lenders has been obtained.
	 
	 	33.4.2	 	In this clause, Minimum Lenders means at any time Lenders who are entitled to vote as
a Required Lender:

	 	(a)	 	the aggregate of whose shares in the outstanding Loans and
undrawn Commitments then represents 50 per cent. or more of the aggregate of
the outstanding Loan;
	 
	 	(b)	 	if there is no Loan then outstanding, whose undrawn Commitments
then aggregate 50 per cent. or more of the Total Commitments; or
	 
	 	(c)	 	if there is no Loan then outstanding and the Total Commitment
have been reduced to zero, whose Commitments aggregated 50 per cent. or more of
the Total Commitments immediately before the reduction.

	33.5	 	If a Lender has by notice to the Administrative Agent divided its Commitment into separate
amounts to reflect participation or similar arrangements, and required such separate amounts
to be counted separately, that division will be effective for the purposes of determining the
Minimum Lenders.
	 
	33.6	 	Liabilities to Obligors
	 
	 	 	No obligation or liability to any Obligor under any of the Loans is intended to be assumed by
the Administrative Agent or the other Secured Parties under or as a result of this Agreement
and the transactions contemplated hereby.

 

 

	33.7	 	Binding Effect
	 
	 	 	This Agreement shall be binding upon and inure to the benefit of each Borrower, the
Administrative Agent, the other Secured Parties and their respective Successors and permitted
assigns and, in addition, the provisions of Clauses 9.1.1 and 9.3.1 shall inure to the
benefit of each Hedge Counterparty, whether or not that Hedge Counterparty is a Secured
Party.
	 
	33.8	 	Term of this Agreement
	 
	 	 	This Agreement, including, without limitation, the obligation of each Borrower to observe its
covenants set out herein shall remain in full force and effect until the Collection Date;
provided that the rights and remedies with respect to any breach of any representation and
warranty made or deemed made by a Borrower herein and the indemnification and payment
provisions herein shall be continuing and shall survive any termination of this Agreement.
	 
	33.9	 	Costs, Expenses and Taxes

	 	33.9.1	 	In addition to the rights of indemnification granted to the Administrative Agent, the
other Secured Parties, the Successor Servicer and the Security Trustee and its or their
Affiliates and officers, directors, employees and agents thereof under this Agreement,
each Borrower agrees to pay on demand all reasonable costs and expenses of the
Administrative Agent, the Security Trustee and the other Secured Parties incurred in
connection with the preparation, execution, delivery, administration (including periodic
auditing and expenses for travel and lodging), amendment or modification of, or any
waiver or consent issued in connection with, this Agreement and the other documents to
be delivered hereunder or in connection herewith, (including any Hedging Agreement)
including, without limitation, the reasonable fees and out-of-pocket expenses of counsel
for the Administrative Agent, the Security Trustee and the other Secured Parties with
respect thereto and with respect to advising the Administrative Agent, the Security
Trustee and the other Secured Parties as to their respective rights and remedies under
this Agreement and the other documents to be delivered hereunder or in connection
herewith (including any Hedging Agreement) and all costs and expenses, if any (including
reasonable counsel fees and expenses), incurred by the Administrative Agent, the
Security Trustee or the other Secured Parties in connection with the enforcement of this
Agreement and the other documents to be delivered hereunder or in connection herewith
(including any Hedging Agreement).
	 
	 	33.9.2	 	The Borrowers shall pay on demand any and all stamp, sales, excise and other taxes and
fees payable or determined to be payable in connection with the execution, delivery,
filing and recording of this Agreement, the other documents to be delivered hereunder
or, with respect to any Conduit Lender, any agreement or other document providing
liquidity support, credit enhancement or other similar support in connection with this
Agreement or the funding or maintenance of Advances hereunder.

 

 

	 	33.9.3	 	The Borrowers shall pay within 5 Business days of demand all other costs, expenses and
taxes (excluding income taxes), including, without limitation, all reasonable costs and
expenses incurred by the Administrative Agent, the Security Trustee and each Lender
Agent in connection with periodic audits of the Borrowers’ (subject to the limitations
set out in this Agreement) or the Servicer’s books and records (subject to the
limitations set out in the Servicing Agreement), the cost of rating each Conduit
Lender’s commercial paper by independent financial rating agencies as agreed by the
relevant Borrower(s) and such Conduit Lender, which are incurred as a result of the
execution of the Transaction Documents, and the amount of any taxes and insurance due
and unpaid by an Obligor with respect to any Loan or Related Property (together, the
“Other Costs”).

	33.10	 	Limited Recourse and No Proceedings

	 	33.10.1	 	In the event of enforcement of the Transaction Documents, recourse by the Secured
Parties in respect of the Transaction Documents shall be limited to the aggregate of (a)
the value at such time of the assets of the Borrowers in respect of which they have
granted security under the Transaction Documents, (b) the value of the shares of the
Borrowers which are the object of the Share Pledge Agreement(s) together with (c) any
other rights against the Servicer under the Transaction Documents. If, after realising
and recovering the amounts referred to in (a), (b) and (c), the Security Trustee
certifies that in its sole opinion there is no reasonable likelihood of there being any
further realisations or recoveries in respect of the Secured Obligations (whether
arising from the Security and the Collateral or otherwise) which would be available to
pay amounts outstanding in respect of the Transaction Documents, the Secured Parties
shall have no further claim in respect of such unpaid amounts which shall be deemed to
have been discharged in full.
	 
	 	33.10.2	 	Each of the parties hereto and each Hedge Counterparty hereby agrees that it will not
institute against, or join any other Person in instituting against, any Conduit Lender
any Insolvency Proceeding so long as any commercial paper and other rated obligations
issued by such Conduit Lender shall be outstanding and there shall not have elapsed one
year and one day (or such longer preference period as shall then be in effect) since the
last day on which any such rated obligations shall have been outstanding.
	 
	 	33.10.3	 	Each of the parties hereto (other than the Administrative Agent) hereby agrees that
it will not institute against, or join any other Person in instituting against a
Borrower any Insolvency Proceeding so long as there shall not have elapsed one year and
one day (or such longer preference period as shall then be in effect) since the
Collection Date.

	33.11	 	Recourse Against Certain Parties

	 	33.11.1	 	Save as provided herein and/or in the Transaction Documents, no recourse under any
obligation, covenant or agreement of a Borrower contained in this Agreement shall be had
against any member, shareholder, officer, director, trustee, manager or administrator of
such Borrower in their capacity as such member, shareholder, officer, director, trustee,
manager or administrator, by

 

 

	 	 	 	the enforcement of any assessment or by any legal or equitable proceeding, by virtue
of any statute or otherwise; it being expressly agreed and understood that this
Agreement is solely a corporate obligation of each Borrower, and that no personal
liability whatever shall attach to or be incurred by any member, shareholder,
officer, director, trustee, manager or administrator of a Borrower, as such, or any
of them under or by reason of any of the obligations, covenants or agreements of
such Borrower contained in this Agreement, or implied therefrom, and that any and
all personal liability for breaches by a Borrower of any of such obligations,
covenants or agreements, either at common law or at equity, or by statute or
constitution, of every such member, shareholder, officer, director, trustee, manager
or administrator is hereby expressly waived as a condition of and in consideration
for the execution of this Agreement.

	 	33.11.2	 	The agreements of the Administrative Agent, the Security Trustee, any Lender Agent,
any Lender, any other Secured Party and the Successor Servicer contained in this
Agreement or any other agreement, instrument and document entered into by it pursuant
hereto or in connection herewith are, in each case, solely the corporate obligations of
such Person, and no personal liability whatsoever shall attach to or be incurred by any
incorporator, shareholder, affiliate, officer, employee or director thereof under or by
reason of any of the obligations, covenants or agreements of such Person contained in
this Agreement or in any other such instruments, documents or agreements, or that are
implied therefrom, and any and all personal liability of such Person and each
incorporator, shareholder, affiliate, officer, employee or director thereof for breaches
by such Person of any such obligations, covenants or agreements, which liability may
arise either at common law or at equity, by statute or constitution, or otherwise, is
hereby expressly waived as a condition of and in consideration for the execution of this
Agreement.
	 
	 	33.11.3	 	Notwithstanding anything to the contrary contained herein, the obligations of each
Conduit Lender under this Agreement are solely the obligations of such Conduit Lender
and shall be payable at such time as funds are received by or are available to such
Conduit Lender in excess of funds necessary to pay in full all outstanding commercial
paper or other rated indebtedness of such Conduit Lender and, to the extent funds are
not available to pay such obligations, the claims relating thereto shall not constitute
a claim against such Conduit Lender but shall continue to accrue. Each party hereto
agrees that the payment of any claim of any such party shall be subordinated to the
payment in full of all commercial paper and other rated indebtedness of such Conduit
Lender.
	 
	 	33.11.4	 	The provisions of this Clause 33 shall survive the termination of this Agreement.

	33.12	 	Protection of Security Interest; Appointment of Agent as Attorney-in-Fact

	 	33.12.1	 	The Lenders shall be entitled to convert the floating charge created by the
Transaction Documents into a fixed charge with respect to all or any of the Borrower’s
charged assets at any time if (a) a Default or Event of Default has occurred and is
continuing unwaived or (b) the Security Trustee considers in good faith those assets to
be in danger of being seized or sold by a third party

 

 

	 	 	 	under any form of distress, attachment, execution or other legal process or to be
otherwise in jeopardy. Prior to the occurrence of any event referred to in (a) or
(b) above, a Borrower shall not be required to notify any underlying Obligor of the
security interest granted by such Borrower in relation to any Loan of such Obligor
pursuant to this Agreement.

	 	33.12.2	 	Each Borrower shall, or shall cause the Servicer to, cause this Agreement, all
amendments hereto and/or all financing statements and continuation statements and any
other necessary documents covering the right, title and interest of the Security
Trustee, as agent for the Secured Parties, and of the Secured Parties to the Collateral
to be promptly recorded, registered and filed, and at all times to be kept recorded,
registered and filed, all in such manner and in such places as may be required by law
fully to preserve and protect the right, title and interest of the Security Trustee, as
agent for the Secured Parties, hereunder to all property comprising the Collateral. Each
Borrower shall deliver or, shall cause the Servicer to deliver, to the Security Trustee
file-stamped copies of, or filing receipts for, any document recorded, registered or
filed as provided above, as soon as available following such recording, registration or
filing. Each Borrower shall cooperate fully in connection with the obligations set out
above and will execute any and all documents reasonably required to fulfil the intent of
this Clause 33.12.
	 
	 	33.12.3	 	Each of the Borrowers agrees that from time to time, at its expense, it will promptly
execute and deliver all instruments and documents, and take all actions, that may
reasonably be necessary or desirable, or that the Security Trustee may reasonably
request, to perfect (where perfection is required in accordance with the Transaction
Documents), protect or more fully evidence the security interest Granted to the Security
Trustee under and in accordance with the Security Documents, as agent for the Secured
Parties, in the Collateral, or to enable the Security Trustee or the other Secured
Parties to exercise and enforce their rights and remedies hereunder.
	 
	 	33.12.4	 	If a Borrower fails to perform any of its obligations hereunder, or a Borrower or the
Servicer fails to perform any of its obligations under the Servicing Agreement, after
five Business Days’ notice from the Administrative Agent or any other Secured Party, the
Security Trustee and any other Secured Party may (but shall not be required to) perform,
or cause performance of, such obligation; and the Security Trustee’s or Secured Party’s
reasonable costs and expenses incurred in connection therewith shall be payable by the
relevant Borrower(s) (if the Servicer that fails to so perform is a Borrower or an
Affiliate thereof) as provided hereunder, as applicable. Each of the Borrowers
irrevocably authorises each of the Administrative Agent and the Security Trustee and
irrevocably and by way of security for the performance of its obligations under the
Transaction Documents appoints each of the Administrative Agent and the Security Trustee
as its attorney-in-fact to act on behalf of such Borrower to execute on behalf of such
Borrower such deeds and documents, to carry out such acts and to make such filings,
notifications or registrations as are necessary or desirable in the Administrative
Agent’s and the Security Trustee’s sole discretion to perfect (where perfection is
required in accordance with the Transaction Documents) and to maintain the perfection

 

 

	 	 	 	(as applicable) and priority of the interest of the Secured Parties in the Collateral.

	33.13	 	Confidentiality

	 	33.13.1	 	Each Party shall maintain and shall cause each of its employees and officers to
maintain the confidentiality of this Agreement and the other confidential proprietary
information with respect to the other parties hereto and their respective businesses
obtained by it or them in connection with the structuring, negotiating and execution of
the transactions contemplated herein, except that each such party and its officers and
employees may (i) disclose such information under a duty of confidence to its external
accountants, investigators, auditors, lawyers, investors, potential investors or other
agents engaged by such party in connection with any due diligence or advice or
comparable activities with respect to the transactions and Collateral contemplated
herein and the agents of such Persons, (ii) disclose the existence of this Agreement,
but not the financial terms thereof and (iii) disclose the Agreement and such
information in any suit, action, proceeding or investigation (whether in law or in
equity or pursuant to arbitration) involving any of the Transaction Documents (including
any Hedging Agreement) for the purpose of defending itself, reducing its liability, or
protecting or exercising any of its claims, rights, remedies, or interests under or in
connection with any of the Transaction Documents (including any Hedging Agreement).
	 
	 	33.13.2	 	Anything herein to the contrary notwithstanding, each of the Borrowers hereby
consents to the disclosure of any non-public information with respect to it for use in
connection with the transactions contemplated herein and in the Transaction Documents
(i) to the Administrative Agent or the other Secured Parties by each other, (ii) by the
Administrative Agent or the other Secured Parties to any prospective or actual New
Lender or Conduit Assignee or participant of any of them or (iii) by the Administrative
Agent or the Lenders to any Rating Agency, commercial paper dealer or provider of a
surety, guarantee or credit or liquidity enhancement to a Lender and to any officers,
directors, employees, outside accountants and lawyers of any of the foregoing, provided
that each such Person is informed of the confidential nature of such information and
agrees to be bound hereby or provides a legally binding undertaking containing
substantially similar restrictions as set out in this Clause 33.13. In addition, the
Lenders, the Administrative Agent, each Hedge Counterparty and each Borrower may
disclose any such non-public information pursuant to any law, rule, regulation,
direction, request or order of any judicial, administrative or regulatory authority or
proceedings.
	 
	 	33.13.3	 	Each Party agrees that it shall not (and shall not permit any of its Affiliates to)
issue any news release or make any public announcement or public disclosure pertaining
to the transactions contemplated by this Agreement and the other Transaction Documents
without the prior written consent of the Administrative Agent (which consent shall not
be unreasonably withheld) unless such news release or public announcement or disclosure
is required by law or the rules and regulations of an exchange or by the instructions of
a supervisory authority with whose instructions such Party is required or is accustomed
to comply. A Party may, however, disclose the general terms of the transactions

 

 

	 	 	 	contemplated by this Agreement and the other Transaction Documents to regulators,
trade creditors, suppliers and other similarly situated Persons so long as such
disclosure is not in the form of a news release or public announcement.

	33.14	 	Execution in Counterparts; Severability; Integration
	 
	 	 	This Agreement may be executed in any number of counterparts and by different parties hereto
in separate counterparts, each of which when so executed shall be deemed to be an original
and all of which when taken together shall constitute one and the same agreement. In case any
provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in
any jurisdiction, the validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall not in any
way be affected or impaired thereby. This Agreement contains the final and complete
integration of all prior expressions by the parties hereto with respect to the subject matter
hereof and shall constitute the entire agreement among the parties hereto with respect to the
subject matter hereof, superseding all prior oral or written understandings other than any
fee letter delivered to the Administrative Agent and the Lenders.
	 
	33.15	 	Waiver of Setoff
	 
	 	 	Each of the parties hereto (other than each Conduit Lender) hereby waives any right of setoff
it may have or to which it may be entitled under this Agreement from time to time against any
Conduit Lender or its assets.
	 
	33.16	 	Non-Confidentiality of Tax Treatment
	 
	 	 	All parties hereto agree that each of them and each of their employees, representatives, and
other agents may disclose to any and all persons, without limitation of any kind, the tax
treatment and tax structure of the transactions under the Transaction Documents and all
materials of any kind (including, without limitation, opinions or other tax analyses) that
are provided to any of them relating to such tax treatment and tax structure. “Tax treatment”
and “tax structure” shall have the same meaning as such terms have for purposes of U.S.
Treasury Regulation Section 1.6011-4; provided that with respect to any document or similar
item that in either case contains information concerning the tax treatment or tax structure
of the transactions under the Transaction Documents as well as other information, the
provisions of this Clause 30.13 shall only apply to such portions of the document or similar
item that relate to the tax treatment or tax structure of the transactions contemplated
hereby.
	 
	33.17	 	Conduit Lender as Institutional Lender
	 
	 	 	Notwithstanding anything herein to the contrary, a Conduit Lender may execute this Agreement
as both a Conduit Lender and an Institutional Lender and, in such event, such Conduit Lender
shall have the rights and obligations (without duplication) of both a Conduit Lender and an
Institutional Lender set out herein.
	 
	33.18	 	Institutional Lenders and Conduit Lenders

 

 

	 	33.18.1	 	Notwithstanding anything herein to the contrary, an Institutional Lender may execute
this Agreement without having a related Conduit Lender.
	 
	 	33.18.2	 	Notwithstanding anything herein to the contrary, a Conduit Lender may not execute or
become party to this Agreement without a related Institutional Lender concurrently
executing or becoming party to this Agreement.

	33.19	 	Committed Conduit Lenders
	 
	 	 	Notwithstanding anything herein to the contrary, a Committed Conduit Lender shall have the
rights and obligations of a Conduit Lender for all purposes hereunder, save that, for
purposes of Clauses 5.3, 5.6.5 and 7.4.2, a Committed Conduit Lender shall have the rights
and obligations of an Institutional Lender.
	 
	33.20	 	Judgment Currency
	 
	 	 	This is an international loan transaction in which the specification of Euro or any
Alternative Currency, as the case may be (the “Specified Currency”), and payment in a
specified city or country of the Specified Currency (the “Specified Place”) is of the
essence, and the Specified Currency shall be the currency of account in all events relating
to Advances denominated in the Specified Currency. The payment obligations of the Borrowers
under this Agreement shall not be discharged or satisfied by an amount paid in another
currency or in another place, whether pursuant to a judgment or otherwise, to the extent that
the amount so paid on conversion to the Specified Currency and transfer to the Specified
Place under normal banking procedures does not yield the amount of the Specified Currency at
the Specified Place due hereunder. If for the purpose of obtaining judgment in any court it
is necessary to convert a sum due hereunder in the Specified Currency into another currency
(the “Second Currency”), the rate of exchange that shall be applied shall be the rate at
which in accordance with normal banking procedures the Administrative Agent could purchase
the Specified Currency with the Second Currency on the Business Day next preceding the day on
which such judgment is rendered. The obligation of a Borrower in respect of any such sum due
from it to the Administrative Agent, any Lender or any other Person hereunder or under any
other Transaction Document (in this Clause 33.20 called an “Entitled Person”) shall,
notwithstanding the rate of exchange actually applied in rendering such judgment, be
discharged only to the extent that on the Business Day following receipt by such Entitled
Person of any sum adjudged to be due hereunder in the Second Currency such Entitled Person
may in accordance with normal banking procedures purchase and transfer to the Specified Place
the Specified Currency with the amount of the Second Currency so adjudged to be due; and each
of the Borrowers hereby, as a separate obligation and notwithstanding any such judgment,
agrees to indemnify such Entitled Person against, and to pay such Entitled Person on demand,
in the Specified Currency, the amount (if any) by which the sum originally due to such
Entitled Person in the Specified Currency hereunder exceeds the amount of the Specified
Currency so purchased and transferred.
	 
	34.	 	COUNTERPARTS
	 
	 	 	Each Transaction 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 Transaction
Document.

 

 

	35.	 	GOVERNING LAW
	 
	 	 	This Agreement is governed by English law.
	 
	36.	 	ENFORCEMENT
	 
	36.1	 	Jurisdiction

	 	36.1.1	 	The courts of England have non-exclusive jurisdiction to settle any dispute arising
out of or in connection with this Agreement (including a dispute regarding the
existence, validity or termination of this Agreement) (a “Dispute”).
	 
	 	36.1.2	 	The parties agree that the courts of England are the most appropriate and convenient
courts to settle Disputes and accordingly no party will argue to the contrary.
	 
	 	36.1.3	 	This Clause 36.1 is for the benefit of the Secured Parties only. As a result, no
Secured Party shall be prevented from taking proceedings relating to a Dispute in any
other courts with jurisdiction. To the extent allowed by law, the Secured Parties may
take concurrent proceedings in any number of jurisdictions.

	37.	 	SERVICE OF PROCESS
	 
	 	 	Without prejudice to any other mode of service allowed under any relevant law, each party
(other than a party incorporated in England and Wales) irrevocably appoints the following
Person as its agent for service of process in relation to any proceedings before the English
courts in connection with any Transaction Document, and agrees that failure by an agent for
service of process to notify the relevant party of the process will not invalidate the
proceedings concerned.

	 	 	 	 	 
	 

	 	The Lead Arranger and Sole
Bookrunner
	 	Wachovia Securities International
Ltd.

Wachovia Bank, N.A., London Branch

3 Bishopgate

London EC2N 3AB
	 
	 	 	 	 
	 

	 	The Institutional Lenders
	 	As provided on Annex B
	 
	 	 	 	 
	 

	 	The Conduit Lenders
	 	As provided on Annex B
	 
	 	 	 	 
	 

	 	The Lender Agents
	 	As provided on Annex B
	 
	 	 	 	 
	 

	 	The Swingline Lenders
	 	As provided on Annex B
	 
	 	 	 	 
	 

	 	The Swingline Lender Agents
	 	As provided on Annex B
	 
	 	 	 	 
	 

	 	The Administrative Agent and the
Security Trustee
	 	Wachovia Bank, N.A., London Branch

3 Bishopgate

London EC2N 3AB

 

 

This Agreement has been entered into and delivered on the date stated at the beginning of this
Agreement.

 

 

SIGNATURES

	 	 	 	 	 
	Executed as an Agreement by:

/S/ ADAM SCARROTT
 

Name: Adam Scarrott

Signed under power of attorney dated 10 February 2009

for and on behalf of CS EUROPE FINANCE LIMITED, as a Borrower and Guarantor

 	 	 

Signature Page 1 of 8 of Multicurrency Revolving Facility Agreement

 

 

	 	 	 	 	 
	Executed as an Agreement by:

/S/ ADAM SCARROTT
 
Name: Adam Scarrott

Signed under power of attorney dated 10 February 2009

for and on behalf of CS UK FINANCE LIMITED, as a Borrower and Guarantor

 	 	 

Signature Page 2 of 8 of Multicurrency Revolving Facility Agreement

 

 

	 	 	 	 	 
	Executed as an Agreement by:

/S/ RAJ SHAH
 
Name: Raj Shah

Director/Authorised Signatory for and on behalf of

WACHOVIA BANK, N.A., as the Security Trustee

 	 	 

Signature Page 3 of 8 of Multicurrency Revolving Facility Agreement

 

 

	 	 	 	 	 
	Executed as an Agreement by:

/S/ RAJ SHAH
 
Name: Raj Shah

Director/Authorised Signatory for and on behalf of

WACHOVIA BANK, N.A., as the Administrative

Agent and as a Lender Agent and as a Swingline Lender Agent

 	 	 

Signature Page 4 of 8 of Multicurrency Revolving Facility Agreement

 

 

	 	 	 	 	 
	Executed as an Agreement by:

/S/ RAJ SHAH
 
Name: Raj Shah

Director/Authorised Signatory for and on behalf of

WACHOVIA BANK, N.A.

as an Institutional Lender

 	 	 

Signature Page 5 of 8 of Multicurrency Revolving Facility Agreement

 

 

	 	 	 	 	 
	Executed as an Agreement by:

/S/ JOHN HARVEY
 
Name: John Harvey

Director/Authorised Signatory for and on behalf of

WACHOVIA SECURITIES INTERNATIONAL LTD.,

as Lead Arranger and Sole Bookrunner

 	 	 

Signature Page 6 of 8 of Multicurrency Revolving Facility Agreement

 

 

	 	 	 	 	 
	Executed as an Agreement by:

/S/ RAJ SHAH
 
Name: Raj Shah

Director/Authorised Signatory for and on behalf of

WACHOVIA BANK, N.A., LONDON BRANCH

as a Swingline Lender

 	 	 

Signature Page 7 of 8 of Multicurrency Revolving Facility Agreement

 

 

	 	 	 	 	 
	Executed as an Agreement by:

/S/ JEFFREY A. LIPSON
 
Name: Jeffrey A. Lipson

Signed under power of attorney dated

for and on behalf of CAPITALSOURCE FINANCE LLC,

as Servicer

 	 	 

Signature Page 8 of 8 of Multicurrency Revolving Facility Agreement

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