Document:

Exhibit

Exhibit 10.19

 Execution

CREDIT AGREEMENT
dated as of December 8, 2016

among
Prime Ondeck receivable trust II, llc,
as Borrower

VARIOUS LENDERS,

and

CREDIT SUISSE AG, NEW YORK BRANCH,
as Administrative Agent 

and

WELLS FARGO BANK, N.A.,
as Paying Agent and Collateral Agent

________________________________________________________

$200,000,000 Credit Facility
________________________________________________________

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TABLE OF CONTENTS
Page
SECTION 1.    DEFINITIONS AND INTERPRETATION...................................    1
		
	1.1
	Definitions............................................................................................    1

		
	1.2
	Accounting Terms................................................................................36

		
	1.3
	Interpretation, etc...............................................................................    36

SECTION 2.    LOANS..............................................................................................    37
		
	2.1
	Loans....................................................................................................    37

		
	2.2
	Pro Rata Shares...................................................................................    41

		
	2.3
	Use of Proceeds    ...................................................................................    41

		
	2.4
	Evidence of Debt; Register; Lenders’ Books and Records; Notes..    41

		
	2.5
	Interest on Loans.................................................................................    42

		
	2.6
	Default Interest    ...................................................................................    43

		
	2.7
	Fees.......................................................................................................    43

		
	2.8
	Repayment on or Before Commitment Termination Date..............    44

		
	2.9
	Voluntary Commitment Reductions/Increases.................................    44

		
	2.10
	Borrowing Base Deficiency................................................................    44

		
	2.11
	Controlled Accounts............................................................................    44

		
	2.12
	Application of Proceeds......................................................................    48

		
	2.13
	General Provisions Regarding Payments.........................................    51

		
	2.14
	Ratable Sharing...................................................................................    52

		
	2.15
	Increased Costs; Capital Adequacy...................................................    53

		
	2.16
	Taxes; Withholding, etc......................................................................    55

		
	2.17
	Obligation to Mitigate.........................................................................    57

		
	2.18
	Defaulting Lenders.............................................................................    58

		
	2.19
	Removal or Replacement of a Lender..............................................    58

		
	2.20
	The Paying Agent................................................................................    59

		
	2.21
	Duties of Paying Agent.......................................................................    64

		
	2.22
	Collateral Agent..................................................................................    67

		
	2.23
	Intention of Parties.............................................................................    68

		
	2.24
	Increase Option...................................................................................    68

SECTION 3.    CONDITIONS PRECEDENT........................................................    69
		
	3.1
	Closing Date........................................................................................    69

		
	3.2
	Conditions to Each Credit Extension................................................    73

SECTION 4.    REPRESENTATIONS AND WARRANTIES...............................    74
		
	4.1
	Organization; Requisite Power and Authority; Qualification; Other Names...................................................................................................    74

		
	4.2
	Capital Stock and Ownership............................................................    74

		
	4.3
	Due Authorization...............................................................................    74

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	4.4
	No Conflict...........................................................................................    74

		
	4.5
	Governmental Consents.....................................................................    75

		
	4.6
	Binding Obligation..............................................................................    75

		
	4.7
	Eligible Receivables............................................................................    75

		
	4.8
	Historical Financial Statements.........................................................    75

		
	4.9
	No Material Adverse Effect................................................................    75

		
	4.10
	Adverse Proceedings, etc....................................................................    75

		
	4.11
	Payment of Taxes................................................................................    76

		
	4.12
	Title to Assets.......................................................................................    76

		
	4.13
	No Indebtedness..................................................................................    76

		
	4.14
	No Defaults..........................................................................................    76

		
	4.15
	Material Contracts..............................................................................    76

		
	4.16
	Government Contracts.......................................................................    76

		
	4.17
	Governmental Regulation..................................................................    76

		
	4.18
	Margin Stock.......................................................................................    77

		
	4.19
	Employee Benefit Plans......................................................................    77

		
	4.20
	Solvency; Fraudulent Conveyance....................................................    77

		
	4.21
	Compliance with Statutes, etc............................................................    77

		
	4.22
	Matters Pertaining to Related Agreements......................................    77

		
	4.23
	Disclosure.............................................................................................    78

		
	4.24
	Patriot Act............................................................................................    78

		
	4.25
	Remittance of Collections...................................................................    78

		
	4.27
	LCR......................................................................................................    78

SECTION 5.    AFFIRMATIVE COVENANTS.....................................................    79
		
	5.1
	Financial Statements and Other Reports.........................................    79

		
	5.2
	Existence..............................................................................................    82

		
	5.3
	Payment of Taxes and Claims    ...........................................................    82

		
	5.4
	Insurance.............................................................................................    82

		
	5.5
	Inspections; Compliance Audits........................................................    83

		
	5.6
	Compliance with Laws.......................................................................    83

		
	5.7
	Separateness........................................................................................    84

		
	5.8
	Further Assurances............................................................................    84

		
	5.9
	Communication with Accountants....................................................    84

		
	5.10
	Acquisition of Receivables from Holdings.......................................    84

		
	5.11
	Class B Lender Information Rights..................................................    85

SECTION 6.    NEGATIVE COVENANTS............................................................    85
		
	6.1
	Indebtedness........................................................................................    85

		
	6.2
	Liens.....................................................................................................    85

		
	6.3
	Equitable Lien.....................................................................................    85

		
	6.4
	No Further Negative Pledges.............................................................    85

		
	6.5
	Restricted Junior Payments...............................................................    85

		
	6.6
	Subsidiaries..........................................................................................    85

		
	6.7
	Investments..........................................................................................    86

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	6.8
	Fundamental Changes; Disposition of Assets; Acquisitions...........    86

		
	6.9
	Sales and Lease‐Backs.......................................................................    86

		
	6.10
	Transactions with Shareholders and Affiliates................................    86

		
	6.11
	Conduct of Business............................................................................    86

		
	6.12
	Fiscal Year...........................................................................................    86

		
	6.13
	Servicer; Backup Servicer; Custodian.............................................    86

		
	6.14
	Acquisitions of Receivables...............................................................    87

		
	6.15
	Independent Manager........................................................................    87

		
	6.16
	Organizational Agreements...............................................................    88

		
	6.17
	Changes in Underwriting or Other Policies.....................................    88

		
	6.18
	Receivable Program Agreements......................................................    89

SECTION 7.    EVENTS OF DEFAULT.................................................................    89
		
	7.1
	Events of Default.................................................................................    89

SECTION 8.    AGENTS...........................................................................................    93
		
	8.1
	Appointment of Agents.......................................................................    93

		
	8.2
	Powers and Duties...............................................................................    94

		
	8.3
	General Immunity...............................................................................    94

		
	8.4
	Agents Entitled to Act as Lender.......................................................    95

		
	8.5
	Lenders’ Representations, Warranties and Acknowledgment........    95

		
	8.6
	Right to Indemnity..............................................................................    96

		
	8.7
	Successor Administrative Agent and Collateral Agent....................    96

		
	8.8
	Collateral Documents.........................................................................    98

SECTION 9.    MISCELLANEOUS........................................................................    99
		
	9.1
	Notices.................................................................................................    99

		
	9.2
	Expenses..............................................................................................    99

		
	9.3
	Indemnity............................................................................................    100

		
	9.4
	Class B Transfer Restrictions.............................................................    101

		
	9.5
	Amendments and Waivers.................................................................    101

		
	9.6
	Successors and Assigns; Participations.............................................    103

		
	9.7
	Independence of Covenants...............................................................    107

		
	9.8
	Survival of Representations, Warranties and Agreements.............    107

		
	9.9
	No Waiver; Remedies Cumulative....................................................    107

		
	9.10
	Marshalling; Payments Set Aside......................................................    107

		
	9.11
	Severability..........................................................................................    107

		
	9.12
	Obligations Several; Actions in Concert...........................................    108

		
	9.13
	Headings..............................................................................................    108

		
	9.14
	APPLICABLE LAW..........................................................................    108

		
	9.15
	CONSENT TO JURISDICTION......................................................    108

		
	9.16
	WAIVER OF JURY TRIAL..............................................................    109

		
	9.17
	Confidentiality....................................................................................    110

		
	9.18
	Usury Savings Clause.........................................................................    111

		
	9.19
	Counterparts.......................................................................................    111

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	9.20
	Effectiveness........................................................................................    111

		
	9.21
	Patriot Act...........................................................................................    112

		
	9.22
	Nonpetition..........................................................................................    112

		
	9.23
	Limited Recourse................................................................................    112

		
	9.24  
	Notice to Rating Agencies...................................................................    112

APPENDICES:     A Commitments 
B Notice Addresses 
C Eligibility Criteria 
D Excess Concentration Amounts 
E Portfolio Performance Covenants 

SCHEDULES:     1.1 Financial Covenants 

EXHIBITS:        A-1 Form of Funding Notice (35 Day) 
A-2 Form of Funding Notice (Overnight) 
B-1 Form of Class A Loan Note 
B-2 Form of Class B Loan Note 
C-1 Form of Compliance Certificate 
C-2 Form of Borrowing Base Report and Certificate 
D Form of Assignment Agreement 
E Form of Certificate Regarding Non-Bank Status 
F-1 Form of Closing Date Certificate 
F-2 Form of Solvency Certificate 
G Form of Controlled Account Voluntary Payment Notice 
H Form of Receivables Purchase Agreement 

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CREDIT AGREEMENT
This CREDIT AGREEMENT, dated as of December 8, 2016, is entered into by and among PRIME ONDECK RECEIVABLE TRUST II, LLC, a Delaware limited liability company (“Company”), the Lenders party hereto from time to time and CREDIT SUISSE AG, NEW YORK BRANCH, as Administrative Agent for the Class A Lenders (in such capacity, “Administrative Agent”) and WELLS FARGO BANK, N.A., as Paying Agent (in such capacity, “Paying Agent”) and as Collateral Agent for the Secured Parties (in such capacity, “Collateral Agent”).
RECITALS:
WHEREAS, capitalized terms used in these Recitals shall have the respective meanings set forth for such terms in Section 1.1 hereof;
WHEREAS, the Class A Lenders (i) have agreed to extend revolving credit facilities to Company consisting of up to $125,000,000 aggregate principal amount of Class A Commitments, and (ii) may also in their sole and absolute discretion from time to time extend additional Class A Loans to Company on an uncommitted basis so that, at any time, the aggregate principal amount of all outstanding Class A Loans does not exceed $200,000,000 (such amount, the “Maximum Class A Loan Amount”), in each case the proceeds of which will be used to (a) acquire Eligible Receivables, (b) purchase Subsidiary Receivables from Holdings, and (c) pay Transaction Costs related to the foregoing;
WHEREAS, after the Closing Date, subject to and in accordance with Section 2.24, Class B Lenders may also agree to extend revolving credit facilities to Company consisting of up to $18,072,289 aggregate principal amount of Class B Commitments, the proceeds of which will be used to (a) acquire Eligible Receivables, (b) purchase Subsidiary Receivables from Holdings, and (c) pay Transaction Costs related to the foregoing;
WHEREAS, Company has agreed to secure all of its Obligations by granting to Collateral Agent, for the benefit of Secured Parties, a First Priority Lien on all of its assets; 
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto agree as follows:
		
	SECTION 1.
	DEFINITIONS AND INTERPRETATION

1.1    Definitions.  The following terms used herein, including in the preamble, recitals, exhibits and schedules hereto, shall have the following meanings:
“10-15 Day Delinquent Receivable” means, as of any date of determination, any Receivable with a Missed Payment Factor of (x) with respect to Daily Pay Receivables, more than ten (10) but less than sixteen (16) and a Payment has been received on such Receivable on at least one of the last seven (7) calendar days, and (y) with respect to Weekly Pay Receivables, more than two (2) but less than or equal to three (3), and a Payment has been received on such Receivable on at least one of the last seven (7) calendar days.  Notwithstanding the foregoing, any Daily Pay Receivable regarding which a Payment has been received on each of the last five (5) consecutive 

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Payment Dates, and any Weekly Pay Receivable regarding which a Payment has been received on each of the last three (3) consecutive Payment Dates, shall not be deemed a 10-15 Day Delinquent Receivable hereunder even if such Receivable would otherwise satisfy the requirements set forth in the immediately preceding sentence.  
“2016 Consolidated Net Income” means the Consolidated Net Income of Holdings and its Subsidiaries for the Fiscal Year ending December 31, 2016.
“2017 Consolidated Net Income” means the Consolidated Net Income of Holdings and its Subsidiaries for the Fiscal Year ending December 31, 2017.
“Accrued Interest Amount” means, as of any day, the aggregate amount of all accrued and unpaid interest on the Loans payable hereunder. 
“ACH Agreement” has the meaning set forth in the Servicing Agreement.
“ACH Receivable” means each Receivable with respect to which the underlying Receivables Obligor has entered into an ACH Agreement.
“Act” has the meaning set forth in Section 4.25.
“Adjusted EPOB” means, as of any date of determination, the excess of (a) the Eligible Portfolio Outstanding Principal Balance as of such date over (b) the sum of, without duplication, (i) the aggregate Excess Concentration Amounts as of such date and (ii) the product of 70% and the aggregate Eligible Portfolio Outstanding Principal Balance of all 10-15 Day Delinquent Receivables as of such date.  
“Adjusted Eurodollar Rate” means, on any day, an interest rate per annum equal to the quotient, expressed as a percentage and rounded upwards, if necessary, to the nearest 1/100 of 1%, obtained by dividing (i) the LIBO Rate by (ii) 100% minus the Eurodollar Reserve Percentage.
“Adjusted Interest Collections” means, with respect to any Monthly Period, an amount equal to the excess (if any) of: 
(i) the sum of:
(A) an amount equal to the product of (X) all Collections received during the related Monthly Period in respect of Daily Pay Receivables that were not applied by the Servicer to reduce the Outstanding Principal Balances of such Daily Pay Receivables in accordance with the Servicing Agreement, including all recoveries with respect to Charged-Off Receivables that were Daily Pay Receivables (net of amounts, if any, retained by any third party collection agent) and (Y) the quotient of 21 divided by the number of Business Days in the related Monthly Period; and
(B) an amount equal to the sum, with respect to each weekday, of the product of (X) all Collections received during the related Monthly Period in respect of Weekly Pay Receivables with Payment Dates on such weekday that were not applied by the Servicer to reduce the Outstanding Principal Balances of such Weekly Pay Receivables in accordance with the Servicing Agreement, 

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including all recoveries with respect to Charged-Off Receivables that were Weekly Pay Receivables with Payment Dates on such weekday (net of amounts, if any, retained by any third party collection agent) and (Y) the quotient of 4.3333 divided by the number of Payment Dates in respect of such Weekly Pay Receivables occurring during the related Monthly Period;
over
(ii) the aggregate amount paid by Company on the related Interest Payment Date pursuant to Sections 2.12(a)(i), (a)(ii), (a)(iii), (a)(v) and (a)(vi) or Sections 2.12(b)(i), (b)(ii), (b)(iii), (b)(v) and (b)(vi), as applicable.
“Administrative Agent” has the meaning set forth in the preamble hereto.     
“Adverse Effect” means, with respect to any action, that such action will (a) result in the occurrence of an Event of Default or (b) materially and adversely affect the amount or timing of payments to be made to the Lenders pursuant to this Agreement. 
“Adverse Proceeding” means any non-frivolous action, suit, proceeding (whether administrative, judicial or otherwise), governmental investigation or arbitration (whether or not purportedly on behalf of Company or Holdings) at law or in equity, or before or by any Governmental Authority, domestic or foreign, whether pending or, to the knowledge of Company or Holdings, threatened in writing against Company or Holdings, or any of their respective property (it being acknowledged that any action, suit, proceeding, governmental investigation or arbitration by a Governmental Authority against Company and/or Holdings, as applicable, will not be considered frivolous for purposes of this definition).
“Affected Party” means any Lender, Credit Suisse AG, New York Branch, in its individual capacity and in its capacity as Administrative Agent, Paying Agent and, with respect to each of the foregoing, the parent company or holding company that controls such Person.
“Affiliate” means, with respect to any specified Person, another Person that directly, or indirectly through one or more intermediaries, controls or is controlled by or is under common control with the Person specified.  For purposes of this definition, “control” means the power to direct the management and policies of a Person, directly or indirectly, whether through ownership of voting securities, by contract or otherwise; and “controlled” and “controlling” have meanings correlative to the foregoing.
“Agent” means each of the Administrative Agent, the Paying Agent and the Collateral Agent.
“Aggregate Amounts Due” has the meaning set forth in Section 2.14.
“Agreement” means this Credit Agreement, dated as of December 8, 2016, as it may be amended, supplemented or otherwise modified from time to time.

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“Alternative Rate” means a per annum interest rate equal to the Adjusted Eurodollar Rate plus 1.0%; provided, however, that the Alternative Rate shall be the Prime Rate if the Adjusted Eurodollar Rate is unavailable.
“Amortization Period” means the period beginning on the Early Amortization Start Date and ending on the Commitment Termination Date.
“Applicable Class A Advance Rate” means 83%. 
“Applicable Class B Advance Rate” means 95%.
“Approved Fund” means any Person that, in the ordinary course of its business, is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit that generally have an original par amount in excess of $10,000,000 and that is administered or managed by an entity that is not included in the list of entities set forth in clause (b) of the definition of Direct Competitor or any Affiliate thereof.
“Approved State” shall mean each of the 50 United States of America and the District of Columbia.
“Asset Purchase Agreement” means that certain Asset Purchase Agreement dated as of the date hereof, by and between Company, as Purchaser, and the Seller, as amended, modified or supplemented from time to time, whereby the Seller has agreed to sell and Company has agreed to purchase Eligible Receivables from time to time.
“Asset Sale” means a sale, lease or sub lease (as lessor or sublessor), sale and leaseback, assignment, conveyance, transfer, license or other disposition to, or any exchange of property with, any Person, in one transaction or a series of transactions, of all or any part of Holdings’ businesses, assets or properties of any kind, whether real, personal, or mixed and whether tangible or intangible, whether now owned or hereafter acquired.
“Assignment Agreement” means an Assignment and Assumption Agreement substantially in the form of Exhibit D, with such amendments or modifications as may be approved by Administrative Agent. 
“Augmenting Lender” has the meaning set forth in Section 2.24.
“Authorized Officer” means, as applied to any Person, any individual holding the position of chairman of the board (if an officer), chief executive officer, president, chief financial officer, general counsel, treasurer, corporate secretary or controller (or, in each case, the equivalent thereof). 
“Availability” means Class A Availability or Class B Availability, as applicable.
“Backup Servicer” means Portfolio Financial Servicing Company or any replacement thereof appointed pursuant to the Backup Servicing Agreement.

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“Backup Servicing Agreement” means one or more agreements entered into from time to time between Company, the Administrative Agent and Backup Servicer, as it may be amended, modified or supplemented from time to time.
“Backup Servicing Fee” shall have the meaning attributed to such term in the Backup Servicing Agreement.
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or any successor statute. 
“Blocked Account Control Agreement” shall have the meaning attributed to such term in the Security Agreement.
“Borrowing Base Certificate” means a certificate substantially in the form of Exhibit C-2, executed by an Authorized Officer of Company and delivered to Administrative Agent, Paying Agent, Collateral Agent and each Lender, which sets forth the calculation of the Class A Borrowing Base and the Class B Borrowing Base, including a calculation of each component thereof.
“Borrowing Base Deficiency” means either a Class A Borrowing Base Deficiency or a Class B Borrowing Base Deficiency, as applicable.
“Borrowing Base Report” means a report substantially in the form of Exhibit C-2, executed by an Authorized Officer of Company and delivered to Administrative Agent, Paying Agent, Collateral Agent and each Lender, which attaches a Borrowing Base Certificate.
“Business Day” means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or is a day on which banking institutions located in New York are authorized or required by law or other governmental action to close.
“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person (i) as lessee that, in conformity with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person or (ii) as lessee which is a transaction of a type commonly known as a “synthetic lease” (i.e., a transaction that is treated as an operating lease for accounting purposes but with respect to which payments of rent are intended to be treated as payments of principal and interest on a loan for Federal income tax purposes).
“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation), including, without limitation, partnership interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing.
“Cash” means money, currency or a credit balance in any demand, securities account or deposit account; provided, however, that notwithstanding anything to the contrary contained herein, “Cash” shall exclude any amounts that would not be considered “cash” under GAAP or “cash” as recorded on the books of Holdings and its Subsidiaries.

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“Cash Equivalents” means, as of any day, (a) marketable securities (i) issued or directly and unconditionally guaranteed as to interest and principal by the United States Government or (ii) issued by any agency of the United States the obligations of which are backed by the full faith and credit of the United States, in each case maturing within one year after such day; (b) marketable direct obligations issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof, in each case maturing within one year after such day and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P, at least P-1 from Moody’s or at least R-1 from DBRS; (c) commercial paper maturing no more than one year from the date of creation thereof and having, at the time of the acquisition thereof, a rating of at least A-1 from S&P or at least P-1 from Moody’s; (d) certificates of deposit or bankers’ acceptances maturing within one year after such day and issued or accepted by any Lender or by any commercial bank organized under the laws of the United States or any state thereof or the District of Columbia that (i) is at least “adequately capitalized” (as defined in the regulations of its primary Federal banking regulator) and (ii) has Tier 1 capital (as defined in such regulations) of not less than $100,000,000; (e) shares of any money market mutual fund that (i) has substantially all of its assets invested continuously in the types of investments referred to in clauses (a) and (b) above, (ii) has net assets of not less than $500,000,000 and (iii) has the highest rating obtainable from either S&P or Moody’s.
“Certificate Regarding Non‐Bank Status” means a certificate substantially in the form of Exhibit E.
“Change of Control” means, at any time:  (a) any “person” or “group” of related persons (as such terms are given meaning in the Exchange Act and the rules of the SEC thereunder) is or becomes the owner, beneficially or of record, directly or indirectly, of more than 40% of the economic and voting interests (including the right to elect directors or similar representatives) in the Capital Stock of Holdings; (b) the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the assets of Holdings and its Subsidiaries taken as a whole to any “person” (as such term is given meaning in the Exchange Act and the rules of the SEC thereunder); (c) at any time during any consecutive two-year period after the Closing Date, individuals who at the beginning of such period constituted the board of directors of Holdings (together with any new directors whose election or appointment by the board of directors of Holdings or whose nomination for election by the shareholders of Holdings was approved by a vote of a majority of the directors of Holdings then still in office who were either directors at the beginning of such period or whose election, appointment or nomination for election was previously so approved) cease for any reason to constitute a majority of the board of directors of Holdings then in office; or (d) Holdings shall cease to beneficially own and control 100% on a fully diluted basis of the economic and voting interest in the Capital Stock of Company free and clear of any Lien (other than any Lien as to which the holder thereof (such holder, an “Equity Lienholder”) has provided the Administrative Agent, for the benefit of the Lenders, a Protective Undertakings Certification). 
 “Charged-Off Receivable” means a Receivable which, in each case, consistent with the Underwriting Policies, has or should have been written off Company’s books as uncollectable.

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“Chattel Paper” means any “chattel paper”, as such term is defined in the UCC, including electronic chattel paper, now owned or hereafter acquired by the Company.
“Class” means a class of Loans hereunder, designated Class A Loans or Class B Loans. 
“Class A Applicable Margin” means with respect to each Class A Lender, the “Class A Applicable Margin” described in the Fee Letter between Company and such Class A Lender.
“Class A Availability” means, as of any date of determination, the amount, if any, by which the Class A Borrowing Base exceeds the Total Utilization of Class A Commitments.
“Class A Borrowing Base” means, as of any day, an amount equal to the lesser of:
(a)     (i) the Applicable Class A Advance Rate multiplied by the Adjusted EPOB at such time, plus (ii) the aggregate amount of Collections in the Lockbox Account and the Collection Account to the extent such Collections and other funds have already been applied to reduce the Eligible Portfolio Outstanding Principal Balance minus (iii) 105% of the sum of the Accrued Interest Amount as of such day and the aggregate amount of all accrued and unpaid fees and expenses due hereunder and under the Servicing Agreement, the Backup Servicing Agreement, the Custodial Agreement and the Successor Servicing Agreement; and
(b)    the Class A Commitments on such day.
With respect to any calculation of the Class A Borrowing Base with respect to any Credit Date solely for the purpose of determining Class A Availability for a requested Class A Loan, the Class A Borrowing Base will be calculated on a pro forma basis giving effect to the Eligible Receivables to be purchased with the proceeds of such Loan.  With respect to any calculation of the Class A Borrowing Base for any other purpose, the Class A Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Collateral Agent and the Administrative Agent, Paying Agent and each Lender with such adjustments as the Paying Agent identifies pursuant to Section 2.21.
“Class A Borrowing Base Deficiency” means, as of any day, the amount, if any, by which the Total Utilization of Class A Commitments exceeds the Class A Borrowing Base.
“Class A Commitment” means the commitment of a Class A Committed Lender to make or otherwise fund any Class A Loan and “Class A Commitments” means such commitments of all Class A Committed Lenders in the aggregate.  The amount of each Class A Committed Lender’s Class A Commitment, if any, is set forth on Appendix A or in the applicable Assignment Agreement, subject to any adjustment or reduction pursuant to the terms and conditions hereof.  The Administrative Agent shall update Appendix A from time to time to reflect any changes in Class A Commitments.  The aggregate amount of the Class A Commitments as of the Closing Date is $125,000,000.  The Class A Commitment of each Class A Committed Lender will be equal to zero on the Commitment Termination Date.

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“Class A Committed Lender” means each financial institution listed on the signature pages hereto as a Class A Committed Lender, and any other Person that becomes a party hereto as a Class A Committed Lender pursuant to an Assignment Agreement.
“Class A Conduit Lender” means each financial institution listed on the signature pages hereto as a Class A Conduit Lender, and any other Person that becomes a party hereto as a Class A Conduit Lender pursuant to an Assignment Agreement.
 “Class A Exposure” means, with respect to any Class A Lender as of any date of determination, (i) prior to the termination of the Class A Commitments, that Lender’s Class A Commitment; and (ii) after the termination of the Class A Commitments, the aggregate outstanding principal amount of the Class A Loans of that Lender.
“Class A Indemnitee” means an Indemnitee who is a Class A Lender, an Affiliate of a Class A Lender or an officer, partner, director, trustee, employee or agent of a Class A Lender.
“Class A Lender” means each Class A Committed Lender and each Class A Conduit Lender.
“Class A Loan” means a Loan made by a Class A Lender to Company pursuant to Section 2.1.
“Class A Loan Note” means a promissory note in the form of Exhibit B-1 hereto, as it may be amended, supplemented or otherwise modified from time to time.
“Class A Loans (35-Day)” has the meaning set forth in Section 2.1(e).
“Class A Loans (Overnight)” has the meaning set forth in Section 2.1(e).
“Class A Register” has the meaning set forth in Section 2.4(b)(i).
“Class B Agent” has the meaning set forth in Section 8.1.
“Class B Applicable Margin” means with respect to each Class B Lender the “Class B Applicable Margin” described in any Fee Letter between Company and such Class B Lender.
“Class B Availability” means, as of any date of determination, the amount, if any, by which the Class B Borrowing Base exceeds the Total Utilization of Class B Commitments.
“Class B Borrowing Base” means, as of any day, an amount equal to the lesser of:
(a)    (i) the Applicable Class B Advance Rate multiplied by the Adjusted EPOB at such time, plus (ii) the aggregate amount of Collections in the Lockbox Account and the Collection Account to the extent such Collections and other funds have already been applied to reduce the Eligible Portfolio Outstanding Principal Balance, minus (iii) 105% of the sum of the Accrued Interest Amount as of such day and the aggregate amount of all accrued and unpaid fees and expenses due hereunder and under the Servicing Agreement, the Backup Servicing Agreement, 

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the Custodial Agreement and the Successor Servicing Agreement, minus (iv) the aggregate outstanding principal amount of the Class A Loans as of such date; and
(b)    the Class B Commitments on such day.
With respect to any calculation of the Class B Borrowing Base with respect to any Credit Date solely for the purpose of determining Class B Availability for a requested Class B Loan, the Class B Borrowing Base will be calculated on a pro forma basis giving effect to the Eligible Receivables to be purchased with the proceeds of such Loan.  With respect to any calculation of the Class B Borrowing Base for any other purpose, the Class B Borrowing Base at any time shall be determined by reference to the most recent Borrowing Base Certificate delivered to the Collateral Agent, the Administrative Agent, Paying Agent and each Lender, as adjusted to reflect any adjustments identified by the Paying Agent pursuant to Section 2.21.
“Class B Borrowing Base Deficiency” means, as of any day, the amount, if any, by which the Total Utilization of Class B Commitments exceeds the Class B Borrowing Base.
“Class B Commitment” means the commitment of a Class B Lender to make or otherwise fund any Class B Loan and “Class B Commitments” means such commitments of all Class B Lenders in the aggregate.  The aggregate amount of the Class B Commitments as of the Closing Date is $0.  The amount of any Class B Lender’s Class B Commitment after the Closing Date will be set forth in a Joinder Agreement.  The Administrative Agent shall update Appendix A from time to time to reflect any changes in Class B Commitments.  The Class B Commitment of each Class B Lender will be equal to zero on the Commitment Termination Date.
“Class B Exposure” means, with respect to any Class B Lender as of any date of determination, (i) prior to the termination of the Class B Commitments, that Lender’s Class B Commitment; and (ii) after the termination of the Class B Commitments, the aggregate outstanding principal amount of the Class B Loans of that Lender.
“Class B Indemnitee” means an Indemnitee who is a Class B Lender, an Affiliate of a Class B Lender or an officer, partner, director, trustee, employee or agent of a Class B Lender.
“Class B Lender” means each financial institution listed on the signature pages hereto as a Class B Lender, and any other Person that becomes a party hereto as a Class B Lender pursuant to an Assignment Agreement.
“Class B Loan” means a Loan made by a Class B Lender to Company pursuant to Section 2.1.
“Class B Loan Note” means a promissory note in the form of Exhibit B-2, as it may be amended, supplemented or otherwise modified from time to time.
“Class B Register” has the meaning set forth in Section 2.4(b)(ii).
“Closing Date” means the date of this Agreement.

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“Closing Date Certificate” means a Closing Date Certificate substantially in the form of Exhibit F‐1.
“Collateral” means, collectively, all of the real, personal and mixed property (including Capital Stock) in which Liens are purported to be granted pursuant to the Collateral Documents as security for the Obligations.
“Collateral Agent” has the meaning set forth in the preamble hereto, and any successors or assigns thereto.
“Collateral Documents” means the Security Agreement, the Control Agreements and all other instruments, documents and agreements delivered by, or on behalf or at the request of, Company or Holdings pursuant to this Agreement or any of the other Credit Documents, as the case may be, in order to grant to, or perfect in favor of, Collateral Agent, for the benefit of Secured Parties, a Lien on any real, personal or mixed property of Company as security for the Obligations or to protect or preserve the interests of Collateral Agent or the Secured Parties therein.
“Collateral Receipt and Exception Report” shall mean the “Trust Receipt” as defined in the Custodial Agreement.
“Collection Account” means a Securities Account with account number 77159900 maintained with the Controlled Account Bank in the name of Company. 
“Collections” means, with respect to each Pledged Receivable, any and all cash collections and other cash proceeds of such Pledged Receivable (whether in the form of cash, checks, wire transfers, electronic transfers or any other form of cash payment), including, without limitation, all prepayments, all overdue payments, all prepayment penalties and early termination penalties, all finance charges, if any, all amounts collected as interest, fees (including, without limitation, any servicing fees, any origination fees, any loan guaranty fees and, any platform fees), or charges for late payments with respect to such Pledged Receivable, all recoveries with respect to each Charged-Off Receivable (net of amounts, if any, retained by any third party collection agent), all investment proceeds and other investment earnings (net of losses and investment expenses) on Collections as a result of the investment thereof pursuant to Section 6.7, all proceeds of any sale, transfer or other disposition of any Pledged Receivable by Company and all deposits, payments or recoveries made in respect of any Pledged Receivable to any Controlled Account, or received by Company in respect of a Pledged Receivable, and all payments representing a disposition of any Pledged Receivable.
“Commitment” means a Class A Commitment or Class B Commitment, as applicable.
“Commitment Period” means the period from the Closing Date to but excluding the Commitment Termination Date.
“Commitment Termination Date” means the earliest to occur of (i) the date that is the second anniversary of the Closing Date; (ii) the date the Commitments are permanently 

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reduced to zero pursuant to Section 2.9(a); and (iii) the date of the termination of the Commitments pursuant to Section 7.1.
“Company” has the meaning set forth in the preamble hereto.
“Compliance Certificate” means a Compliance Certificate substantially in the form of Exhibit C-1.
“Compliance Review” has the meaning set forth in Section 5.5(b). 
“Connection Income Taxes” means Other Connection Taxes that are imposed  on or measured by net income (however denominated) or that are franchise Taxes or branch  profits Taxes.
“Consolidated Liquidity” means, as of any day, an amount determined for Holdings and its Subsidiaries, on a consolidated basis, equal to the sum of (i) unrestricted Cash and Cash Equivalents of Holdings and its Subsidiaries (other than any special-purpose, bankruptcy-remote Subsidiary of Holdings formed for the sole purpose of owning and financing a portfolio of Receivables), as of such day, (ii) amounts (if any) in the Reserve Account as of such date, (iii) the sum of the Class A Availability and the Class B Availability as of such day and (iv) the aggregate amount of all unused and available credit commitments under any credit facilities of Holdings and its Subsidiaries, as of such day; provided, that, as of such day, all of the conditions to funding such amounts under clause (iii) and (iv), as the case may be, have been fully satisfied (other than delivery of prior notice of funding and pre-funding notices, opinions and certificates that are reasonably capable of delivery as of such day) and no lender under such credit facilities shall have refused to make a loan or other advance thereunder at any time after a request for a loan was made thereunder.  
“Consolidated Net Income” means, for any period, the greater of (x) $0, and (y) (i) the net income (or loss) of Holdings and its Subsidiaries on a consolidated basis for such period taken as a single accounting period determined in conformity with GAAP, minus (ii) the sum of (a) the income (or loss) of any Person (other than a Subsidiary of Holdings) in which any other Person (other than Holdings or any of its Subsidiaries) has a joint interest, plus (b) the income (or loss) of any Person accrued prior to the date it becomes a Subsidiary of Holdings or is merged into or consolidated with Holdings or any of its Subsidiaries or that Person’s assets are acquired by Holdings or any of its Subsidiaries, plus (c) the income of any Subsidiary of Holdings to the extent that the declaration or payment of dividends or similar distributions by that Subsidiary of that income is not at the time permitted by operation of the terms of its Organizational Documents or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Subsidiary, plus (d) any gains or losses attributable to Asset Sales or returned surplus assets of any Pension Plan, plus (e) (to the extent not included in clauses (a) through (d) above) any net extraordinary gains or net extraordinary losses.
“Consolidated Total Debt” means, as at any date of determination, the aggregate stated balance sheet amount of all Indebtedness of Holdings and its Subsidiaries determined on a consolidated basis in accordance with GAAP, including all accrued and unpaid interest on the foregoing, provided, that accounts payable, accrued expenses, liabilities for leasehold improvements 

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and deferred revenue of Holdings and its Subsidiaries shall not be included in any determination of Consolidated Total Debt. 
“Contractual Obligation” means, as applied to any Person, any provision of any Security issued by that Person or of any indenture, mortgage, deed of trust, contract, undertaking, agreement or other instrument to which that Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.
“Control Agreements” means collectively, the Lockbox Account Control Agreement, the Securities Account Control Agreement and the Blocked Account Control Agreement.
“Controlled Account” means each of the Reserve Account, the Collection Account and the Lockbox Account, and the “Controlled Accounts” means all of such accounts.
“Controlled Account Bank” means Wells Fargo Bank, N.A., and its successors and assigns.
“Convertible Indebtedness” means any Indebtedness of Holdings that (a) is convertible to equity, including convertible preferred stock, (b) requires no payment of principal thereof or interest thereon and (c) is fully subordinated to all Indebtedness for borrowed money of Holdings, as to right and time of payment and as to any other rights and remedies thereunder, including, an agreement on the part of the holders of such Indebtedness that the maturity of such Indebtedness cannot be accelerated prior to the maturity date of such Indebtedness for borrowed money. 
“CP Rate” means, with respect to any Class A Conduit Lender on any day, the per annum rate equivalent to the weighted average cost (as reasonably determined by such Class A Conduit Lender, and which shall include (without duplication), the fees and commissions of placement agents and dealers, incremental carrying costs incurred with respect to commercial paper maturing on dates other than those on which corresponding funds are received by such Class A Conduit Lender, other borrowings by such Class A Conduit Lender and any other costs associated with the issuance of commercial paper) to the extent related to the issuance of commercial paper that is allocated, in whole or in part, by such Class A Conduit Lender to fund or maintain a Class A Loan (or portion thereof) on such day; provided, however, that if any component of any such rate is a discount rate, in calculating the “CP Rate” for such Interest Period, the related Class A Conduit Lender shall for such component use the rate resulting from converting such discount rate to an interest bearing equivalent rate per annum.
“Credit Date” means the date of a Credit Extension.
“Credit Document” means any of this Agreement, the Loan Notes, if any, the Collateral Documents, the Asset Purchase Agreement, any Receivables Purchase Agreement, the Servicing Agreement, the Backup Servicing Agreement, the Custodial Agreement, the Undertakings Agreement and all other documents, instruments or agreements executed and delivered by Company or Holdings for the benefit of any Agent or any Lender in connection herewith.

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“Credit Extension” means the making of a Loan.
“Custodial Agreement” means the Custodial Services Agreement to be executed by Company, Servicer, Custodian, Collateral Agent and Administrative Agent, as it may be amended, supplemented or otherwise modified from time to time.
“Custodian” means Wells Fargo Bank, N.A., in its capacity as the provider of services under the Custodial Agreement, or any successor thereto in such capacity appointed in accordance with the Custodial Agreement.
“Daily Pay Receivable” means any Receivable for which a Payment is generally due on every Business Day.
    
“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

“Default” means a condition or event that, after notice or lapse of time or both, would constitute an Event of Default.
“Default Excess” means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s Pro Rata Share of the aggregate outstanding principal amount of Loans of all Lenders (calculated as if all Defaulting Lenders (other than such Defaulting Lender) had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of such Defaulting Lender.
“Default Interest Rate” has the meaning set forth in Section 2.6.
 “Default Period” means, with respect to any Defaulting Lender, the period commencing on the date of the applicable Funding Default, and ending on the earliest of the following dates:  (i) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or become immediately due and payable, (ii) the date on which (a) the Default Excess with respect to such Defaulting Lender shall have been reduced to zero (whether by the funding by such Defaulting Lender of any Defaulted Loans of such Defaulting Lender or by the non‐pro rata application of any payments of the Loans in accordance with the terms of this Agreement), and (b) such Defaulting Lender shall have delivered to Company and Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its Commitments, and (iii) the date on which Company, Administrative Agent and Requisite Lenders waive all Funding Defaults of such Defaulting Lender in writing.
“Defaulted Loan” has the meaning set forth in Section 2.18.
“Defaulted Receivable” means, with respect to any date of determination, a Receivable which (i) is a Charged-Off Receivable or (ii) has a Missed Payment Factor of (x) with 

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respect to Daily Pay Receivables, sixty (60) or higher or (y) with respect to Weekly Pay Receivables, twelve (12) or higher.  
“Defaulting Lender” has the meaning set forth in Section 2.18.
“Delinquent Receivable” means, as of any date of determination, any Receivable with a Missed Payment Factor of one (1) or higher as of such date.
“Delinquency Ratio” means, as of any Determination Date, the percentage equivalent of a fraction (a) the numerator of which is the aggregate Outstanding Principal Balance of all Pledged Receivables (that are not Defaulted Receivables) that had a Missed Payment Factor of (x) with respect to Daily Pay Receivables, fifteen (15) or higher, or (y) with respect to Weekly Pay Receivables, three (3) or higher, in each case, as of such Determination Date, and (b) the denominator of which is the aggregate Outstanding Principal Balance of all Pledged Receivables (that are not Defaulted Receivables) as of such Determination Date.
“Deposit Account” means a “deposit account” (as defined in the UCC), including a demand, time, savings, passbook or like account with a bank, savings and loan association, credit union or like organization, other than an account evidenced by a negotiable certificate of deposit.
“Designated Officer” means, with respect to Company, any Person with the title of Chief Executive Officer, Chief Financial Officer or General Counsel.
“Determination Date” means the last day of each Monthly Period. 
“Direct Competitor” means (a) any Person engaged in the same or similar line of business as Holdings, (b) any Person that is a direct competitor of Holdings or any Subsidiary of Holdings and is identified as such by the Company to the Administrative Agent prior to the Closing Date (as such list is updated by the Company from time to time, and acknowledged in writing by the Administrative Agent (such acknowledgment not to be unreasonably withheld)) or (c) any Affiliate of any such Person; provided that, any Person (other than any Person listed in clause (b) and their Affiliates) that either (i) both (A) has a market capitalization equal to or greater than $5 billion and (B) that is in the business of investing in commercial loans that generally have an original par amount in excess of $10,000,000 or (ii) that is an Approved Fund, shall in either case not be deemed a “Direct Competitor” hereunder.  
“Document Checklist” shall have the meaning attributed to such term in the Custodial Agreement.
“Dollars” and the sign “$” mean the lawful money of the United States.
“Domestic Subsidiary” means any Subsidiary that is organized under the laws of the United States of America, any State or territory thereof or the District of Columbia.
“E-Sign Receivable” means any Receivable for which the signature or record of agreement of the Receivables Obligor is obtained through the use and capture of electronic signatures, click-through consents or other electronically recorded assents. 

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“Early Amortization Start Date” means the occurrence, on any Interest Payment Date beginning with March 2017, of the Three-Month Average Excess Spread being less than 7.00%.    
“Eligible Assignee” means (i) any Lender or any Lender Affiliate (other than a natural person), and (ii) any other Person (other than a natural Person) approved by Company, so long as (A) no Default or Event of Default has occurred and is continuing, and (B) the Commitment Termination Date shall not have occurred, and Administrative Agent (each such approval not to be unreasonably withheld); provided, that (x) neither Holdings nor any Affiliate of Holdings shall, in any event, be an Eligible Assignee, (y) no Direct Competitor shall be an Eligible Assignee so long as no Specified Event of Default has occurred and is continuing, and (z) at any time the Commitments are outstanding, any Class A Committed Lender may only assign to another Person who would be a “Class A Committed Lender” hereunder.
“Eligible Portfolio Outstanding Principal Balance” means, as of any date of determination, the sum of the Outstanding Principal Balance for all Eligible Receivables as of such date.
“Eligible Product” means the following Receivable product type:  On Deck Core Loans.
“Eligible Receivable” means a Receivable with respect to which the Eligibility Criteria are satisfied as of the applicable date of determination.
“Eligible Receivables Obligor” means a Receivables Obligor that satisfies the criteria specified in Appendix C hereto under the definition of “Eligible Receivables Obligor”, subject to any changes agreed to by the Requisite Class A Lenders, the Requisite Class B Lenders and Company from time to time after the Closing Date.  
“Eligibility Criteria” means the criteria specified in Appendix C hereto under the definition of “Eligibility Criteria”, subject to any changes agreed to by the Requisite Class A Lenders, the Requisite Class B Lenders and Company from time to time after the Closing Date.  
“Employee Benefit Plan” means any “employee benefit plan” as defined in Section 3(3) of ERISA which is or was sponsored, maintained or contributed to by, or required to be contributed by, Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates.
“Equity Lienholder” has the meaning set forth in the definition of “Change of Control”.
“ERISA” means the Employee Retirement Income Security Act of 1974, as amended to the date hereof and from time to time hereafter, and any successor statute.
“ERISA Affiliate” means, as applied to any Person, (i) any corporation which is a member of a controlled group of corporations within the meaning of Section 414(b) of the Internal Revenue Code of which that Person is a member; (ii) any trade or business (whether or not incorporated) which is a member of a group of trades or businesses under common control within 

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the meaning of Section 414(c) of the Internal Revenue Code of which that Person is a member; and (iii) any member of an affiliated service group within the meaning of Section 414(m) or (o) of the Internal Revenue Code of which that Person, any corporation described in clause (i) above or any trade or business described in clause (ii) above is a member.  Any former ERISA Affiliate of a Person shall continue to be considered an ERISA Affiliate of such Person within the meaning of this definition with respect to the period such entity was an ERISA Affiliate of such Person and with respect to liabilities arising after such period, but only to the extent that such Person could be liable under the Internal Revenue Code or ERISA as a result of its relationship with such former ERISA Affiliate.
“ERISA Event” means (i) a “reportable event” within the meaning of Section 4043 of ERISA and the regulations issued thereunder with respect to any Pension Plan (excluding those for which the provision for thirty (30) day notice to the PBGC has been waived by regulation); (ii) the failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code with respect to any Pension Plan (whether or not waived in accordance with Section 412(c) of the Internal Revenue Code) or the failure to make by its due date a required installment under Section 430(j) of the Internal Revenue Code with respect to any Pension Plan or the failure to make any required contribution to a Multiemployer Plan; (iii) the provision by the administrator of any Pension Plan pursuant to Section 4041(a)(2) of ERISA of a notice of intent to terminate such plan in a distress termination described in Section 4041(c) of ERISA; (iv) the withdrawal by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates from any Pension Plan with two or more contributing sponsors or the termination of any such Pension Plan resulting in liability to Holdings, any of its Subsidiaries or any of their respective Affiliates pursuant to Section 4063 or 4064 of ERISA; (v) the institution by the PBGC of proceedings to terminate any Pension Plan, or the occurrence of any event or condition which might constitute grounds under ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (vi) the imposition of liability on Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates pursuant to Section 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (vii) the withdrawal of Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates in a complete or partial withdrawal (within the meaning of Sections 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential liability therefor, or the receipt by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates of notice from any Multiemployer Plan that it is in reorganization or insolvency pursuant to Section 4241 or 4245 of ERISA, or that it intends to terminate or has terminated under Section 4041A or 4042 of ERISA; (viii) the occurrence of an act or omission which could give rise to the imposition on Holdings, any of its Subsidiaries or, with respect to any Pension Plan or Multiemployer Plan, any of their respective ERISA Affiliates of fines, penalties, taxes or related charges under Chapter 43 of the Internal Revenue Code or under Section 409, Section 502(c), (i) or (l), or Section 4071 of ERISA in respect of any Employee Benefit Plan; (ix) the assertion of a material claim (other than routine claims for benefits) against any Employee Benefit Plan of Holdings, any of its Subsidiaries, or, with respect to any Pension Plan or Multiemployer Plan, any of their respective ERISA Affiliates, or the assets thereof, or against Holdings, any of its Subsidiaries or, with respect to any Pension Plan or Multiemployer Plan, any of their respective ERISA Affiliates in connection with any Employee Benefit Plan; (x) receipt from the Internal Revenue Service of notice of the failure of any Pension Plan (or any other Employee Benefit Plan intended to be qualified under Section 401(a) of the Internal Revenue Code) to qualify 

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under Section 401(a) of the Internal Revenue Code, or the failure of any trust forming part of any Pension Plan to qualify for exemption from taxation under Section 501(a) of the Internal Revenue Code; or (xi) the imposition of a Lien pursuant to Section 430(k) of the Internal Revenue Code or pursuant to Section 303(k) of ERISA with respect to any Pension Plan.
“Eurodollar Reserve Percentage” means, on any day, the applicable reserve percentage (expressed as a decimal) prescribed by the Federal Reserve Board for determining reserve requirements for “Eurocurrency Liabilities” pursuant to Regulation D or any other applicable regulation of the Federal Reserve Board that prescribes reserve requirements applicable to “Eurocurrency Liabilities” as presently defined in Regulation D.
“Event of Default” means each of the events set forth in Section 7.1.
“Excess Concentration Amounts” means the amounts set forth on Appendix D hereto. 
“Excess Spread” means, with respect to any Determination Date for any Monthly Period, the product of (a) 12 times (b) the percentage equivalent of a fraction (i) the numerator of which is the excess, if any, of (x) the Adjusted Interest Collections for such Monthly Period over (y) the aggregate Outstanding Principal Balance of all Pledged Receivables that became Defaulted Receivables during such Monthly Period and (ii) the denominator of which is the average daily Outstanding Principal Balance of Pledged Receivables for such Monthly Period.
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Lender or required to be withheld or deducted from a payment to a Lender, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Lender being organized under the laws of, or having its principal office or its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment or (ii) such Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.16(b), amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient's failure to comply with Section 2.16(d)(i) or Section 2.16(d)(ii) and (d) any U.S. federal withholding Taxes imposed under FATCA.
“Exposure” means, (a) with respect to any Class A Lender as of any date of determination, such Class A Lender’s Class A Exposure and (b) with respect to any Class B Lender as of any date of determination, such Class B Lender's Class B Exposure.  

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“FAP Certification Program” means the procedures maintained by Holdings that are designed to monitor third-party originating brokers that are part of Holding’s “Funding Advisor Program channel” based upon qualification parameters set by Holdings.  
“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended, as of the date of this agreement (or any amended or successor version that is substantially comparable and not materially more onerous to comply with), and any current or future regulations promulgated thereunder or official interpretations thereof.
“Fee Letters” means (a) each letter agreement dated as of the Closing Date between the Company and each Secured Party party thereto (as such Fee Letters are amended, modified or supplemented from time to time), and (b) each letter agreement entered into thereafter between the Company and any Class B Lender (or agent thereof) a party thereto (as such Fee Letters are amended, modified or supplemented from time to time).
“Financial Covenants” means the financial covenants set forth on Schedule 1.1 hereto.
“Financial Officer Certification” means, with respect to the financial statements for which such certification is required, the certification of the chief financial officer (or the equivalent thereof) of Holdings that such financial statements fairly present, in all material respects, the financial condition of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject to changes resulting from audit and normal year‐end adjustments.
“First Priority” means, with respect to any Lien purported to be created in any Collateral pursuant to any Collateral Document, that such Lien is perfected and is the only Lien to which such Collateral is subject.
“Fiscal Quarter” means a fiscal quarter of any Fiscal Year.
“Fiscal Year” means the fiscal year of Holdings and its Subsidiaries ending on December 31 of each calendar year.
“Funding Account” has the meaning set forth in Section 2.11(a). 
“Funding Default” has the meaning set forth in Section 2.18.
“Funding Notice” means, as the context may require, either a Funding Notice (35-Day) or Funding Notice (Overnight).
“Funding Notice (35-Day)” has the meaning set forth in Section 2.1(e).
“Funding Notice (Overnight)” has the meaning set forth in Section 2.1(e).

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“GAAP” means, subject to the limitations on the application thereof set forth in Section 1.2, United States generally accepted accounting principles in effect as of the date of determination thereof.
“Governmental Authority” means any federal, state, municipal, national or other government, governmental department, commission, board, bureau, court, agency or instrumentality or political subdivision thereof or any entity or officer exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to any government or any court, in each case whether associated with a state of the United States, the United States, or a foreign entity or government.
“Governmental Authorization” means any permit, license, authorization, plan, directive, consent order or consent decree of or from any Governmental Authority.
“Highest Concentration Industry Code” means, on any date of determination, the Industry Code shared by Receivables Obligors of Eligible Receivables having the highest aggregate Outstanding Principal Balance.
“Highest Lawful Rate” means the maximum lawful interest rate, if any, that at any time or from time to time may be contracted for, charged, or received under the laws applicable to any Lender which are presently in effect or, to the extent allowed by law, under such applicable laws which may hereafter be in effect and which allow a higher maximum nonusurious interest rate than applicable laws now allow.
“Historical Financial Statements” means as of the Closing Date, (i) the audited financial statements of Holdings and its Subsidiaries, for the Fiscal Year ended 2015, consisting of balance sheets and the related consolidated statements of income, stockholders’ equity and cash flows for such Fiscal Year, and (ii) for the interim period from January 1, 2016 to the Closing Date, internally prepared, unaudited financial statements of Holdings and its Subsidiaries, consisting of a balance sheet and the related consolidated statements of income, stockholders’ equity and cash flows for each quarterly period completed prior to forty-six (46) days before the Closing Date, in the case of clauses (i) and (ii), certified by the chief financial officer (or the equivalent thereof) of Holdings that they fairly present, in all material respects, the financial condition of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated, subject, if applicable, to changes resulting from audit and normal year-end adjustments.
“Holdings” means On Deck Capital, Inc., a Delaware corporation.
“Increased-Cost Lenders” has the meaning set forth in Section 2.19.
“Increasing Lender” has the meaning set forth in Section 2.24.
“Indebtedness” as applied to any Person, means, without duplication, (i) all indebtedness for borrowed money; (ii) that portion of obligations with respect to Capital Leases that is properly classified as a liability on a balance sheet in conformity with GAAP; (iii) notes 

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payable and drafts accepted representing extensions of credit whether or not representing obligations for borrowed money; (iv) any obligation owed for all or any part of the deferred purchase price of property or services (excluding trade payables incurred in the ordinary course of business that are unsecured and not overdue by more than six (6) months unless being contested in good faith and any such obligations incurred under ERISA); (v) all indebtedness secured by any Lien on any property or asset owned or held by that Person regardless of whether the indebtedness secured thereby shall have been assumed by that Person or is nonrecourse to the credit of that Person; (vi) the face amount of any letter of credit issued for the account of that Person or as to which that Person is otherwise liable for reimbursement of drawings; (vii) the direct or indirect guaranty, endorsement (otherwise than for collection or deposit in the ordinary course of business), co‐making, discounting with recourse or sale with recourse by such Person of the obligation of another; (viii) any obligation of such Person the primary purpose or intent of which is to provide assurance to an obligee that the obligation of the obligor thereof will be paid or discharged, or any agreement relating thereto will be complied with, or the holders thereof will be protected (in whole or in part) against loss in respect thereof; (ix) any liability of such Person for an obligation of another through any Contractual Obligation (contingent or otherwise) (a) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of loans, advances, stock purchases, capital contributions or otherwise) or (b) to maintain the solvency or any balance sheet item, level of income or financial condition of another if, in the case of any agreement described under subclauses (a) or (b) of this clause (ix), the primary purpose or intent thereof is as described in clause (viii) above; and (x) all obligations of such Person in respect of any exchange traded or over the counter derivative transaction, whether entered into for hedging or speculative purposes.
“Indemnified Liabilities” means, collectively, any and all liabilities, obligations, losses, damages, penalties, claims, costs, expenses and disbursements of any kind or nature whatsoever (excluding any amounts not otherwise payable by Company under Section 2.16(b)(iii) but including the reasonable and documented fees and disbursements of one (1) counsel for Class A Indemnitees, one counsel for Class B Indemnitees and one (1) counsel for the Collateral Agent and Paying Agent in connection with any investigative, administrative or judicial proceeding commenced or threatened by any Person, whether or not any such Indemnitee shall be designated as a party or a potential party thereto, and any reasonable and documented fees or expenses incurred by Indemnitees in enforcing this indemnity), whether direct, indirect or consequential and whether based on any federal, state or foreign laws, statutes, rules or regulations (including securities and commercial laws, statutes, rules or regulations), on common law or equitable cause or on contract or otherwise, that may be imposed on, incurred by, or asserted against any such Indemnitee, in any manner relating to or arising out of this Agreement or the other Credit Documents, any Related Agreement, or the transactions contemplated hereby or thereby (including the Lenders’ agreement to make Credit Extensions or the use or intended use of the proceeds thereof, or any enforcement of any of the Credit Documents (including any sale of, collection from, or other realization upon any of the Collateral)).
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Company under any Credit Document and (b) to the extent not otherwise described in (a), Other Taxes.

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“Indemnitee” has the meaning set forth in Section 9.3.
“Indemnitee Agent Party” has the meaning set forth in Section 8.6.
“Independent Manager” has the meaning set forth in Section 6.15.
“Industry Code” means, with respect to any Receivables Obligor of an Eligible Receivable, the NAIC industry code under which the business of such Receivables Obligor has been classified by Holdings.
“Intangible Assets” means assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development costs.
“Interest Payment Date” means the fifteenth calendar day after the end of each Monthly Period, and if such date is not a Business Day, the next succeeding Business Day.  
“Interest Period” means an interest period (i) initially, commencing on and including the Closing Date and ending on and including the last day of the calendar month in which the Closing Date occurs; and (ii) thereafter, commencing on and including the first day of each calendar month and ending on and excluding the first day of the immediately succeeding calendar month.
“Interest Rate Determination Date” means, with respect to any Interest Period, the date that is four (4) Business Days prior to the next Interest Payment Date occurring after the end of such Interest Period.
“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended to the date hereof and from time to time hereafter, and any successor statute.
“Investment” means (i) any direct or indirect purchase or other acquisition by Company of, or of a beneficial interest in, any of the Securities of any other Person; (ii) any direct or indirect redemption, retirement, purchase or other acquisition for value, from any Person, of any Capital Stock of such Person; and (iii) any direct or indirect loan, advance (other than advances to employees for moving, entertainment and travel expenses, drawing accounts and similar expenditures in the ordinary course of business) or capital contributions by Company to any other Person, including all indebtedness and accounts receivable from that other Person that are not current assets or did not arise from sales to that other Person in the ordinary course of business. The amount of any Investment shall be the original cost of such Investment plus the cost of all additions thereto, without any adjustments for increases or decreases in value, or write‐ups, write‐downs or write‐offs with respect to such Investment.
“Joinder Agreement” has the meaning set forth in Section 2.24.

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“Joint Venture” means a joint venture, partnership or other similar arrangement, whether in corporate, partnership or other legal form; provided, in no event shall any corporate Subsidiary of any Person be considered to be a Joint Venture to which such Person is a party.
“Lender” means each Class A Lender and each Class B Lender.  
“Lender Affiliate” means, as applied to any Lender or Agent, any Related Fund and any Person directly or indirectly controlling (including any member of senior management of such Person), controlled by, or under common control with, such Lender or Agent. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power (i) to vote 10% or more of the Securities having ordinary voting power for the election of directors of such Person or (ii) to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise.
“Lender Group” means a group of Class A Lenders designated as a “Lender Group” on their signature pages hereto or in an Assignment Agreement.
“Leverage Ratio” means the ratio as of any day of (a) Consolidated Total Debt, excluding Subordinated Indebtedness and Convertible Indebtedness, as of such day, to (b) the sum of (i) Holdings’ total stockholders’ equity as of such day, (ii) Warrant Liability as of such day and (iii) the sum of Subordinated Indebtedness and Convertible Indebtedness as of such day.  
“LIBO Rate” means, for any Loan (or portion thereof) for any day, the rate per annum determined by, with respect to the (i) Class A Loans, the Administrative Agent, and (ii) Class B Loans, the Class B Agent, in each case at approximately 11:00 a.m., London time, on such day by reference to the 30-day ICE Benchmark Administration Limited London interbank offered rate per annum for deposits in Dollars for a period equal to one month (as set forth by the Bloomberg Information Service or any successor thereto or any other service selected by the Administrative Agent or the Paying Agent, as applicable, in its sole discretion); provided, that if such rate is not available at such time for any reason, then the “LIBO Rate” shall be the rate per annum (rounded upward to the nearest 1/16th of 1%) listed in The Wall Street Journal, “Money Rates” table at or about 10:00 a.m., New York City time, on such day (or, if no such rate is listed on such day, the rate listed on the Business Day on which such rate was last listed) and provided, further, that in no event shall the “LIBO Rate” be a rate per annum less than zero.
“Lien” means (i) any lien, mortgage, pledge, assignment, security interest, charge or encumbrance of any kind (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement, and any lease in the nature thereof) and any option, trust or other preferential arrangement having the practical effect of any of the foregoing, and (ii) in the case of Securities, any purchase option, call or similar right of a third party with respect to such Securities.
“Limited Liability Company Agreement” means the Amended and Restated Limited Liability Company Agreement of the Company, dated as of December 8, 2016.

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“Loan” means a Class A Loan or a Class B Loan, as applicable.
“Loan Note” means Class A Loan Note or a Class B Loan Note, as applicable.
“Lockbox Account” means a Deposit Account with account number 1370010618 at MB Financial Bank, N.A.  in the name of Company.
“Lockbox Account Control Agreement” shall have the meaning attributed to such term in the Security Agreement.
“Lockbox System” has the meaning set forth in Section 2.11(d).
“Margin Stock” has the meaning set forth in Regulation U of the Board of Governors of the Federal Reserve System as in effect from time to time.
“Master Record” has the meaning set forth in the Custodial Agreement.
“Material Adverse Effect” means, with respect to any event or circumstance and any Person, a material adverse effect on:  (i)    the business, assets, financial condition or results of operations of such Person and its consolidated Subsidiaries, if any, taken as a whole;  (ii)    the ability of such Person to perform its material obligations under the Credit Documents; (iii) the validity or enforceability of any Credit Document to which such Person is a party; or (iv)    the existence, perfection, priority or enforceability of any security interest in a material amount of the Pledged Receivables taken as a whole or in any material part.  
“Material Contract” means any contract or other arrangement to which Company is a party (other than the Credit Documents or the Related Agreements) for which breach, nonperformance, cancellation or failure to renew could reasonably be expected to have a Material Adverse Effect.
“Material Modification” means, with respect to any Receivable, a reduction in the interest rate, an extension of the term, a reduction in, or change in frequency of, any required Payment or extension of a Payment Date (other than a temporary modification made in accordance with the Underwriting Policies) or a reduction in the Outstanding Principal Balance.
“Materials” has the meaning set forth in Section 5.5(b).
“Maximum Class B Interest Rate” means a rate per annum equal to the LIBO Rate plus 6.00%, as the same may be increased from time to time with the consent of the Administrative Agent in writing.
“Maximum Class A Loan Amount” has the meaning set forth in the Recitals hereto.
“Maximum Upfront Fee” means, with respect to each Receivable, the greater of (a) $695 and (b) 5.0% of the original aggregate unpaid principal balance of such Receivable.  

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“Missed Payment Factor” means, in respect of any Receivable, an amount equal to the sum of (a) the amount equal to (i) the total past due amount of Payments in respect of such Receivable, divided by (ii) the required periodic Payment in respect of such Receivable as set forth in the related Receivables Agreement and (b) the number of Payment Dates, if any, past the Receivable maturity date on which a Payment was due but not received.
“Monthly Period” means the period from and including the first day of a calendar month to and including the last day of such calendar month, provided, however, that the initial Monthly Period will commence on the date hereof and end on the last day of the calendar month in which the Closing Date occurred.
“Monthly Reporting Date” means the third Business Day prior to each Interest Payment Date.  
“Monthly Servicing Report” shall have the meaning attributed to such term in the Servicing Agreement.
“Moody’s” means Moody’s Investor Services, Inc.
“Multiemployer Plan” means any Employee Benefit Plan which is a “multiemployer plan” as defined in Section 3(37) of ERISA.
“NAIC” means The National Association of Insurance Commissioners, and any successor thereto.
“Net Asset Sale Proceeds” means, with respect to any Permitted Asset Sale, an amount equal to:  (i) Cash payments received by, or on behalf of, Company from such Permitted Asset Sale, minus (ii) any bona fide direct costs incurred in connection with such Permitted Asset Sale to the extent paid or payable to non-Affiliates, including (a) income or gains taxes payable by the seller as a result of any gain recognized in connection with such Permitted Asset Sale during the tax period the sale occurs and (b) a reasonable reserve for any recourse for a breach of the representations and warranties made by Company to the purchaser in connection with such Permitted Asset Sale; provided that upon release of any such reserve, the amount released shall be considered Net Asset Sale Proceeds.
“Net Cash Proceeds” shall mean with respect to any equity issuance, the cash proceeds thereof, net of all taxes and reasonable investment banker’s fees, underwriting discounts or commissions, reasonable legal fees and other reasonable costs and other expenses incurred in connection therewith.
“Non-Consenting Lender” has the meaning set forth in Section 2.19.
“Non-Creditworthy Lender” has the meaning set forth in Section 2.19.
“Non‐US Lender” has the meaning set forth in Section 2.16(d)(i).

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“Obligations” means all obligations of every nature of Company from time to time owed to the Agents (including former Agents), the Lenders or any of them, in each case under any Credit Document, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect to Company, would have accrued on any Obligation, whether or not a claim is allowed against Company for such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise.
“On Deck Core Loan” means a Receivable designated as “Core” or “Select” in the Underwriting Policies.
“On Deck Score” means that numerical value that represents Holdings’ evaluation of the creditworthiness of a business and its likelihood of default on a commercial loan or other similar credit arrangement generated by “version 5” of the proprietary methodology developed and maintained by Holdings, as such methodology is applied in accordance with the other aspects of the Underwriting Policies, as such methodology may be revised and updated from time to time in accordance with Section 6.17.  
“Organizational Documents” means (i) with respect to any corporation, its certificate or articles of incorporation or organization, as amended, and its by‐laws, as amended, (ii) with respect to any limited partnership, its certificate of limited partnership, as amended, and its partnership agreement, as amended, (iii) with respect to any general partnership, its partnership agreement, as amended, and (iv) with respect to any limited liability company, its articles of organization or certificate of formation, as amended, and its operating agreement, as amended.  In the event any term or condition of this Agreement or any other Credit Document requires any Organizational Document to be certified by a secretary of state or similar governmental official, the reference to any such “Organizational Document” shall only be to a document of a type customarily certified by such governmental official.
“Original Borrowing Base Certificate” has the meaning set forth in Section 2.1(c)(ii).
“Other Connection Taxes” means, with respect to any Lender, Taxes imposed as a result of a present or former connection between such Lender and the jurisdiction imposing such Tax (other than connections arising from such Lender having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Credit Document, or sold or assigned an interest in any Loan or Credit Document).
“Other Taxes” means all present or future stamp, court or documentary,  intangible, recording, filing or similar Taxes that arise from any payment made under, from the  execution, delivery, performance, enforcement or registration of, from the receipt or perfection of  a security interest under, or otherwise with respect to, any Loan Document, except any such  Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an  assignment made pursuant to Section 2.19).

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“Outstanding Principal Balance” means, as of any date with respect to any Receivable, the unpaid principal balance of such Receivable as set forth on the Servicer’s books and records as of the close of business on the immediately preceding Business Day; provided, however, that the Outstanding Principal Balance of any Pledged Receivable that has become a Charged-Off Loan will be zero.  
“Participant Register” has the meaning set forth in Section 9.6(h).
“Paying Agent” has the meaning set forth in the preamble hereto, and any of its successors and assigns.
“Payment” means, with respect to any Receivable, the required scheduled loan payment in respect of such Receivable, as set forth in the applicable Receivable Agreement.  
“Payment Dates” means, with respect to any Receivable, the date a scheduled payment is due in accordance with the Receivable Agreement with respect to such Receivable as in effect as of the date of determination.
“PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.
“Pension Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to Section 412 of the Internal Revenue Code or Section 302 of ERISA.
“Permitted Asset Sale” means so long as all Net Asset Sale Proceeds are contemporaneously remitted to the Collection Account, (a) the sale by Company of Receivables to Holdings pursuant to any repurchase obligations of Holdings under the Asset Purchase Agreement, (b) the sale by the Servicer on behalf of Company of Charged-Off Receivables to any third party in accordance with the Servicing Standard, provided, that such sales are made without representation, warranty or recourse of any kind by Company (other than customary representations regarding title and absence of liens on the Charged-Off Receivables, and the status of Company, due authorization, enforceability, no conflict and no required consents in respect of such sale), (c) the sale by Company of Receivables to Holdings who immediately thereafter sells such Receivables to a special-purpose Subsidiary of Holdings, so long as, (i) the amount received by Company therefore and deposited into the Collection Account is no less than the aggregate Outstanding Principal Balances of such Receivables, (ii) such sale is made without representation, warranty or recourse of any kind by Company (other than customary representations regarding title, absence of liens on the Receivables, status of Company, due authorization, enforceability, no conflict and no required consents in respect of such sale), (iii) the manner in which such Receivables were selected by Company does not adversely affect the Lenders and (iv) the agreement pursuant to which such Receivables were sold to Holdings or such special-purpose Subsidiary, as the case may be, contains an obligation on the part of Holdings or such special-purpose Subsidiary to not file or join in filing any involuntary bankruptcy petition against Company prior to the end of the period that is one year and one day after the payment in full of all Obligations of Company under this Agreement and not to cooperate with or encourage others to file involuntary bankruptcy petitions against Company during the same period, and (d) the sale by Company of Receivables with the written consent of the Requisite Class A Lenders and the Requisite Class B Lenders.

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“Permitted CP Disclosure Information” means with respect to any Class A Conduit Lender  as of any date in connection with any disclosure of information permitted by Section 9.17(g), (i) the outstanding exposure of such Class A Conduit Lender to assets consisting of Class A Loans as of such date, (ii) with respect to the Class A Loans owned by such Lender, the nature of the underlying receivables as small business loans, and (iii) with respect to the Class A Loans owed by such Lender, the number of underlying obligors or contracts.
“Permitted Discretion” means, with respect to any Person, a determination or judgment made by such Person in good faith in the exercise of reasonable (from the perspective of a secured lender) credit or business judgment.
“Permitted Investments” means the following, subject to qualifications hereinafter set forth: (i) obligations of, or obligations guaranteed as to principal and interest by, the U.S. government or any agency or instrumentality thereof, when such obligations are backed by the full faith and credit of the United States of America; (ii) federal funds, unsecured certificates of deposit and time deposits of any bank, the short-term debt obligations of which are rated A-1+ (or the equivalent) by each of the rating agencies and, if it has a term in excess of three months, the long-term debt obligations of which are rated AAA (or the equivalent) by each of the Moody’s and S&P; (iii) deposits that are fully insured by the Federal Deposit Insurance Corp. (FDIC); (iv) only to the extent permitted by Rule 3a-7 under the Investment Company Act of 1940, investments in money market funds (including funds for which the Paying Agent or any of its affiliates is investment manager or advisor) which invest substantially all their assets in securities of the types described in clauses (i) through (iii) above that are rated in the highest rating category by Moody’s or S&P; and (v) such other investments as to which the Administrative Agent consent in its sole discretion.  Each of the Permitted Investments may be purchased by the Paying Agent or Collateral Agent through an affiliate of the Paying Agent or Collateral Agent.
Notwithstanding the foregoing, “Permitted Investments” (i) shall exclude any security with the S&P’s “r” symbol (or any other rating agency’s corresponding symbol) attached to the rating (indicating high volatility or dramatic fluctuations in their expected returns because of market risk), as well as any mortgage-backed securities and any security of the type commonly known as “strips”; (ii) shall not have maturities in excess of one year; (iii) shall be limited to those instruments that have a predetermined fixed dollar of principal due at maturity that cannot vary or change; and (iv) shall exclude any investment where the right to receive principal and interest derived from the underlying investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment.  Interest may either be fixed or variable, and any variable interest must be tied to a single interest rate index plus a single fixed spread (if any), and move proportionately with that index.  No investment shall be made which requires a payment above par for an obligation if the obligation may be prepaid at the option of the issuer thereof prior to its maturity.  All investments shall mature or be redeemable upon the option of the holder thereof on or prior to the earlier of (x) three months from the date of their purchase or (y) the Business Day preceding the day before the date such amounts are required to be applied hereunder.
“Person” means and includes natural persons, corporations, limited partnerships, general partnerships, partnerships, limited liability companies, limited liability partnerships, joint 

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stock companies, Joint Ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental Authorities.
“Pledged Receivables” shall have the meaning attributed to such term in the Servicing Agreement. 
“Portfolio” means the Receivables purchased by Company from Holdings pursuant to the Asset Purchase Agreement.
“Portfolio Performance Covenant” means the portfolio performance covenants specified in Appendix E.  
“Portfolio Weighted Average Receivable Yield” means as of any date of determination, the quotient, expressed as a percentage, obtained by dividing (a) the sum, for all Eligible Receivables, of the product of (i) the Receivable Yield for each such Receivable multiplied by (ii) the Outstanding Principal Balance of such Receivable as of such date, by (b) the Eligible Portfolio Outstanding Principal Balance as of such date. 
“Prime Rate” means, as of any day, the rate of interest per annum equal to the prime rate publicly announced by the majority of the eleven largest commercial banks chartered under United States Federal or State banking law as its prime rate (or similar base rate) in effect at its principal office.  The determination of such eleven largest commercial banks shall be based upon deposits as of the prior year-end, as reported in the American Banker or such other source as may be reasonably selected by the Paying Agent.
“Principal Office” means, for Administrative Agent, Administrative Agent’s “Principal Office” as set forth on Appendix B, or such other office as Administrative Agent may from time to time designate in writing to Company and each Lender; provided, however, that for the purpose of making any payment on the Obligations or any other amount due hereunder or any other Credit Document, the Principal Office of Administrative Agent shall be as set forth on Appendix B (or such other location within the City and State of New York as Administrative Agent may from time to time designate in writing to Company and each Lender).
“Pro Rata Share” means with respect to (i) any Class A Lender, the percentage obtained by dividing (a) the Class A Exposure of that Lender’s Lender Group by (b) the aggregate Class A Exposure of all Lenders, and (ii) any Class B Lender, the percentage obtained by dividing (a) the Class B Exposure of that Lender by (b) the aggregate Class B Exposure of all Lenders.
“Protective Undertaking Certification” means a certification provided by an Equity Lienholder to the Administrative Agent, for the benefit of the Lenders, in form and substance reasonably satisfactory to the Administrative Agent, whereby such Equity Lienholder certifies that such Equity Lienholder will not (a) cause the Company to commence a voluntary or involuntary proceeding under any Debtor Relief Law, (b) in connection with any such proceeding, challenge the “true sale” characterization of any sale of Receivables by Holdings to the Company, or (c) in connection with any such proceeding, attempt to cause the Company to be “substantively consolidated” with Holdings or any other Person.

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“Rated Final Maturity Date” means the Interest Payment Date falling in the 30th month following the Commitment Termination Date.
“Rating Agency Condition” means, with respect to any action subject to such condition, the delivery by the Borrower of written (including in the form of e-mail) notice of the proposed action to DBRS, Inc. at least ten Business Days prior to the effective date of such action (or if ten Business Days prior notice is impractical, such advance notice as is practicable).
“Re-Aged” means returning a delinquent, open-end account to current status without collecting the total amount of principal, interest, and fees that are contractually due.
“Receivable” means any loan or similar contract with a Receivables Obligor pursuant to which Holdings or the Receivables Account Bank extends credit to such Receivables Obligor including all rights under any and all security documents or supporting obligations related thereto, including the applicable Receivable Agreements. 
“Receivable Agreements” means, collectively, with respect to any Receivable, a Business Loan and Security Agreement, a Business Loan and Security Agreement Supplement or Loan Summary, the Authorization Agreement for Direct Deposit (ACH Credit) and Direct Payments (ACH Debit), in each case, in substantially the form provided to the Administrative Agent on or prior to the Closing Date and as may be amended, supplemented or modified from time to time in accordance with the terms of this Agreement and the other documents related thereto to which the Receivables Obligor is a party.
“Receivable File” means, with respect to any Receivable, (i)  copies of each applicable document listed in the definition of “Receivable Agreements,” (ii) the UCC financing statement, if any, filed against the Receivables Obligor in connection with the origination of such Receivable and (iii) copies of each of the documents required by, and listed in, the Document Checklist attached to the Custodial Agreement, each of which may be in electronic form. 
“Receivable Yield” means, with respect to any Receivable, the imputed interest rate that is calculated on the basis of the expected aggregate annualized rate of return (calculated inclusive of all interest and fees (other than any Upfront Fees)) of such Receivable over the life of such Receivable.  
Such calculation shall assume:
(a)       52 Payment Dates per annum, for Weekly Pay Receivables; and
(b)    252 Payment Dates per annum, for Daily Pay Receivables.
 “Receivables Account Bank” means, with respect to any Receivable, (i) Celtic Bank, a Utah chartered industrial bank, or (ii) upon notice to the Administrative Agent, any other institution organized under the laws of the United States of America or any State thereof and subject to supervision and examination by federal or state banking authorities that originates and owns Receivables for the Seller pursuant to a Receivables Program Agreement.  

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“Receivables Guarantor” means with respect to any Receivables Obligor, (a) each holder of the Capital Stock (or equivalent ownership or beneficial interest) of such Receivables Obligor in the case of a Receivables Obligor which is a corporation, partnership, limited liability company, trust or equivalent entity, who has agreed to unconditionally guarantee all of the obligations of the related Receivables Obligor under the related Receivable Agreements or (b) the natural person operating as the Receivables Obligor, if the Receivables Obligor is a sole proprietor.
“Receivables Obligor” means with respect to any Receivable, the Person or Persons obligated to make payments with respect to such Receivable, excluding any Receivables Guarantor referred to in clause (a) of the definition of “Receivables Guarantor.”
“Receivables Program Agreement” means, in each case, for so long as each such agreement shall remain in effect in accordance with its terms, the (i) Business Loan Marketing, Servicing and Purchase Agreement, dated as of June 6, 2014, between Holdings and Celtic Bank Corporation, a Utah industrial bank (as amended, modified or supplemented from time to time), and (ii) any other agreement, in form and substance reasonably satisfactory to the Administrative Agent, between Holdings and a Receivables Account Bank, pursuant to which Holdings may refer applicants for small business loans conforming to the Underwriting Policies to such Receivables Account Bank and such Receivables Account Bank has the discretion to fund or not fund a loan to such applicant based on its own evaluation of such applicant and containing those provisions as are reasonably necessary to ensure that the transfer of small business loans by such Receivables Account Bank to Holdings thereunder are treated as absolute sales.
“Receivables Purchase Agreement” means a Bill of Sale and Assignment of Assets, by and between Holdings and any Subsidiary of Holdings, in substantially the form of Exhibit H hereto.  
“Register” means a Class A Register or Class B Register, as applicable.
“Regulation D” means Regulation D of the Board of Governors of the Federal Reserve System, as in effect from time to time.
“Related Agreements” means, collectively the Organizational Documents of Company and each Receivables Program Agreement.
“Related Fund” means, with respect to any Lender that is (a) an investment fund, any other investment fund that invests in commercial loans and that is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor, or (b) a commercial paper conduit, any other commercial paper conduit that is managed, advised, sponsored or provided with liquidity support by the same Person as such commercial paper conduit or by an Affiliate of such Person.
“Related Security” shall have the meaning attributed to such term in the Asset Purchase Agreement. 

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“Replacement Borrowing Base Certificate” has the meaning set forth in Section 2.1(c)(ii).
“Renewal Receivable” means a Receivable the proceeds of which were used to satisfy in full an existing Receivable.
“Replacement Lender” has the meaning set forth in Section 2.19.
“Requirements of Law” means as to any Person, any law (statutory or common), treaty, rule, ordinance, order, judgment, Governmental Authorization, or regulation or determination of an arbitrator or of a Governmental Authority, in each case applicable to or binding upon the Person or any of its property or to which the Person or any of its property is subject. 
“Requisite Class A Lenders” means one or more Class A Lenders having or holding Class A Exposure and representing more than 50% of the sum of the aggregate Class A Exposure of all Class A Lenders.
“Requisite Class B Lenders” means one or more Class B Lenders having or holding Class B Exposure and representing more than 50% of the sum of the aggregate Class B Exposure of all Class B Lenders.
“Requisite Lenders” means (a) until the Commitment Termination Date shall have occurred and all Class A Loans and all other Obligations owing to the Class A Lenders have been paid in full in cash, the Requisite Class A Lenders and (b) thereafter, the Requisite Class B Lenders.
“Reserve Account” means a Deposit Account with account number 77159901 maintained with the Controlled Account Bank in the name of Company. 
“Reserve Account Funding Amount” means, on any day, the excess, if any, of (a) the product of (i) 1.00% and (ii) the aggregate principal balance of the Class A Loans, over (b) the amount then on deposit in the Reserve Account.
“Responsible Officer” means, when used with respect to any Person, any officer of such Person (who, in the case of the Paying Agent, Collateral Agent and Custodian, is in the corporate trust office of such Person), including any president, vice president, executive vice president, assistant vice president, treasurer, secretary, assistant secretary or any other officer thereof customarily performing functions similar to those performed by the individuals who at the time shall be such officers, respectively, or to whom any matter is referred because of such officer’s knowledge of or familiarity with the particular subject and, in each case, having direct responsibility for the administration of this Agreement and the other Credit Documents to which such Person is a party.
“Restricted Junior Payment” means (i) any dividend or other distribution, direct or indirect, on account of any shares of any class of Capital Stock of Company now or hereafter outstanding, except a dividend payable solely in shares of Capital Stock to the holders of that class; (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for 

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value, direct or indirect, of any shares of any class of Capital Stock of Company now or hereafter outstanding; and (iii) any payment made to retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire shares of any class of Capital Stock of Company now or hereafter outstanding.
“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor's Financial Services LLC business, and its permitted successors and assigns.
“Second Highest Concentration Industry Code” means, on any date of determination, the Industry Code (excluding the Highest Concentration Industry Code) shared by Receivables Obligors of Eligible Receivables having the highest aggregate Outstanding Principal Balance.
“Secured Parties” shall have the meaning attributed to such term in the Security Agreement. 
“Securities” means any stock, shares, partnership interests, voting trust certificates, certificates of interest or participation in any profit‐sharing agreement or arrangement, options, warrants, bonds, debentures, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing. 
“Securities Account” means a “securities account” (as defined in the UCC).
“Securities Account Control Agreement” shall have the meaning attributed to such term in the Security Agreement. 
“Securities Act” means the Securities Act of 1933, as amended from time to time, and any successor statute.
“Security Agreement” means that certain Security Agreement dated as of the date hereof between Company and the Collateral Agent, as it may be amended, restated or otherwise modified from time to time.
 “Seller” has the meaning set forth in the Asset Purchase Agreement.
“Servicer” means Holdings, in its capacity as the “Servicer” under the Servicing Agreement, and, after any removal or resignation of Holdings as the “Servicer” in accordance with the Servicing Agreement, any Successor Servicer.
“Servicer Default” shall have the meaning attributed to such term in the Servicing Agreement.
“Servicing Agreement” means that certain Servicing Agreement dated as of the date hereof between Company, Holdings and the Administrative Agent, as it may be amended, 

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restated or otherwise modified from time to time, and, after the appointment of any Successor Servicer, the Successor Servicing Agreement to which such Successor Servicer is a party, as it may be amended, restated or otherwise modified from time to time.
“Servicing Fees” shall have the meaning attributed to such term in the Servicing Agreement; provided, however that, after the appointment of any Successor Servicer, the Servicing Fees shall mean the Successor Servicer Fees payable to such Successor Servicer.
“Servicing Fee Payment Amount” means, with respect to any Interest Payment Date, the sum of (a) the aggregate amount of Servicing Fees payable on such Interest Payment Date pursuant to Section 2.12(a)(i)(B) or Section 2.12(b)(i)(B), and (b) the aggregate amount of Backup Servicing Fees payable on such Interest Payment Date pursuant to Section 2.12(a)(ii)(A) or Section 2.12(b)(ii)(A).
“Servicing Reports” means the Servicing Reports delivered pursuant to the Servicing Agreement, including the Monthly Servicing Report.
“Servicing Standard” shall have the meaning attributed to such term in the Servicing Agreement.
“Servicing Transition Expenses” means all reasonable, out-of-pocket costs and expenses actually incurred by the Successor Servicer in connection with the assumption of servicing of the Pledged Receivables by a Successor Servicer after the delivery of a Termination Notice to the Servicer.
“Servicing Transition Period” means the period commencing on the giving of a Termination Notice and ending such number of days thereafter as shall be determined by the Administrative Agent in its Permitted Discretion.
“Solvency Certificate” means a Solvency Certificate of the chief financial officer (or the equivalent thereof) of each of Holdings and Company substantially in the form of Exhibit F‐2.
“Solvent” means, with respect to Company or Holdings, that as of the date of determination, both (i) (a) the sum of such entity’s debt (including contingent liabilities) does not exceed the present fair saleable value of such entity’s present assets; (b) such entity’s capital is not unreasonably small in relation to its business as contemplated on the Closing Date; and (c) such entity has not incurred and does not intend to incur, or believe (nor should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due (whether at maturity or otherwise); and (ii) such entity is “solvent” within the meaning given that term and similar terms under laws applicable to it relating to fraudulent transfers and conveyances.  For purposes of this definition, the amount of any contingent liability at any time shall be computed as the amount that, in light of all of the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability (irrespective of whether such contingent liabilities meet the criteria for accrual under Statement of Financial Accounting Standard No. 5).

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“Specified Event of Default” means any Event of Default occurring under Sections 7.1(a), (g) or (h).
“Subordinated Indebtedness” means any Indebtedness of Holdings that is fully subordinated to all senior indebtedness for borrowed money of Holdings, as to right and time of payment and as to any other rights and remedies thereunder, including, an agreement on the part of the holders of such Indebtedness that the maturity of such Indebtedness cannot be accelerated prior to the maturity date of such senior indebtedness for borrowed money.  
“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company, association, or other business entity of which more than 50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing similar functions) having the power to direct or cause the direction of the management and policies thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; provided, in determining the percentage of ownership interests of any Person controlled by another Person, no ownership interest in the nature of a “qualifying share” of the former Person shall be deemed to be outstanding. 
“Subsidiary Receivables” means certain Receivables (i) owned by any Subsidiary of Holdings, and (ii) sold by such Subsidiary of Holdings to Holdings pursuant to a Receivables Purchase Agreement, and immediately thereafter sold by Holdings to Company, in each case, on one or more Transfer Dates.  
“Successor Servicer” shall have the meaning attributed to such term in the Servicing Agreement.
“Successor Servicing Agreement” shall have the meaning attributed to such term in the Servicing Agreement.
“Successor Servicer Fees” means the servicing fees payable to a Successor Servicer pursuant to a Successor Servicing Agreement.
“Tangible Net Worth” means, as of any day, the total of (a) Holdings’ total stockholders’ equity, minus (b) all Intangible Assets of Holdings, minus (c) all amounts due to Holdings from its Affiliates, plus (d) any Convertible Indebtedness, plus (e) any Warrant Liability.
“Tax” means any present or future tax, levy, impost, duty, assessment, charge, fee, deduction or withholding of any nature and whatever called, by whomsoever, on whomsoever and wherever imposed, levied, collected, withheld or assessed, including any interest, additions to tax or penalties applicable thereto.
“Terminated Lender” has the meaning set forth in Section 2.19.

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“Termination Date” means the date on, and as of, which (a) all Loans have been repaid in full in cash, (b) all other Obligations (other than contingent indemnification obligations for which demand has not been made) under this Agreement and the other Credit Documents have been paid in full in cash or otherwise completely discharged, and (c) the Commitment Termination Date shall have occurred.
“Termination Notice” shall have the meaning attributed to such term in the Servicing Agreement.
“Third Highest Concentration Industry Code” means, on any date of determination, the Industry Code (excluding the Highest Concentration Industry Code and the Second Highest Concentration Industry Code) shared by Receivables Obligors of Eligible Receivables having the highest aggregate Outstanding Principal Balance.
“Three-Month Average Delinquency Ratio” means, on any Interest Payment Date, the average of the Delinquency Ratios as of the three Determination Dates immediately preceding such Interest Payment Date. 
“Three-Month Average Excess Spread” means, on any Interest Payment Date, the average of the Excess Spreads as of the three Determination Dates immediately preceding such Interest Payment Date.
“Total Utilization of Class A Commitments” means, as at any date of determination, the aggregate principal amount of all outstanding Class A Loans.
“Total Utilization of Class B Commitments” means, as at any date of determination, the aggregate principal amount of all outstanding Class B Loans.
“Transaction Costs” means the fees, costs and expenses payable by Holdings or  Company on or within ninety (90) days after the Closing Date in connection with the transactions contemplated by the Credit Documents.
“Transfer Date” has the meaning assigned to such term in the Asset Purchase Agreement.
“UCC” means the Uniform Commercial Code (or any similar or equivalent legislation) as in effect in any applicable jurisdiction.
“UCC Agent” means Corporation Service Company, a Delaware corporation, in its capacity as agent for Holdings or other entity providing secured party representation services for Holdings from time to time.
“Undertakings Agreement” means that certain agreement, dated as of the date hereof, by and among Holdings, the Company, the lenders party thereto and the Administrative Agent.

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“Underwriting Policies” means the credit policies and procedures of Holdings, including the underwriting guidelines and OnDeck Score methodology, and the collection policies and procedures of Holdings, in each case in effect as of the Closing Date and in substantially the form provided to the Administrative Agent on or prior to the Closing Date, as such policies, procedures, guidelines and methodologies may be amended from time to time in accordance with Section 6.17.  
“Upfront Fees” means, with respect to any Receivable, the sum of any fees charged by Holdings or the Receivables Account Bank, as the case may be, to a Receivables Obligor in connection with the disbursement of a loan, as set forth in the Receivables Agreement related to such Receivable, which are deducted from the initial amount disbursed to such Receivables Obligor, including the “Origination Fee” set forth on the applicable Receivable Agreement.
“Volcker Rule” means the common rule entitled “Proprietary Trading and Certain Interests and Relationships with Covered Funds” published at 79 Fed. Reg. 5779 et seq.
 “Warrant Liability” means, as of any day, the aggregate stated balance sheet fair value of all outstanding warrants exercisable for redeemable convertible preferred shares of Holdings determined in accordance with GAAP.
“Weekly Pay Receivable” means any Receivable for which a Payment is generally due once per week.
1.2    Accounting Terms.  Except as otherwise expressly provided herein, all accounting terms not otherwise defined herein shall have the meanings assigned to them in conformity with GAAP.  Financial statements and other information required to be delivered by Company to Lenders pursuant to Section 5.1(a) and Section 5.1(b) shall be prepared in accordance with GAAP as in effect at the time of such preparation (and delivered together with the reconciliation statements provided for in Section 5.1(d), if applicable).  If at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Credit Document, and either Company, the Requisite Lenders or the Administrative Agent shall so request, the Administrative Agent, the Lenders and Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP; provided that, until so amended, (a) such ratio or requirement shall continue to be computed in accordance with GAAP and accounting principles and policies in conformity with those used to prepare the Historical Financial Statements and (b) Company shall provide to the Administrative Agent and each Lender financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.  If Administrative Agent, Company and the Administrative Agent cannot agree upon the required amendments within thirty (30) days following the date of implementation of any applicable change in GAAP, then all financial statements delivered and all calculations of financial covenants and other standards and terms in accordance with this Agreement and the other Credit Documents shall be prepared, delivered and made without regard to the underlying change in GAAP. 

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1.3    Interpretation, etc.
 Any of the terms defined herein may, unless the context otherwise requires, be used in the singular or the plural, depending on the reference.  References herein to any Section, Appendix, Schedule or Exhibit shall be to a Section, an Appendix, a Schedule or an Exhibit, as the case may be, hereof unless otherwise specifically provided.  The use herein of the word “include” or “including,” when following any general statement, term or matter, shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not no limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter.
		
	SECTION 2.
	LOANS

2.1    Loans.
(a)    Commitments.  
(i)    During the Commitment Period and provided the Amortization Period is not then occurring, subject to the terms and conditions hereof, including, without limitation delivery of an updated Borrowing Base Certificate and Borrowing Base Report pursuant to Section 3.2(a)(i), each Lender Group severally agrees to make Class A Loans to Company in an aggregate amount up to but not exceeding such Lender Group’s aggregate Class A Commitments; provided that, (A) each Class A Conduit Lender may, but shall not be obligated to fund such Class A Loan (and if any Class A Conduit Lender elects not to fund any such Class A Loan, the Class A Committed Lender in its related Lender Group hereby commits to, and shall, fund such Class A Loan), and (B) no Class A Lender shall make any such Class A Loan or portion thereof to the extent that, after giving effect to such Class A Loan:  
(a)    the Total Utilization of Class A Commitments exceeds the Class A Borrowing Base; 
(b)    the aggregate outstanding principal amount of the Class A Loans funded by such Lender Group under this Section 2.1(a)(i) shall exceed the aggregate Class A Commitments of such Lender Group’s Class A Committed Lenders; or
(c)    with respect to each Class A Committed Lender, the aggregate outstanding principal amount of the Class A Loans funded by such Class A Committed Lender under this Section 2.1(a)(i) shall exceed an amount equal to such Class A Committed Lender's ratable percentage of the Class A Commitments of such Class A Committed Lender’s Lender Group.
(ii)    During the Commitment Period, subject to the terms and conditions hereof, including, without limitation delivery of an updated Borrowing Base Certificate and Borrowing Base Report pursuant to Section 3.2(a)(i), each Class B Lender severally agrees to make Class B Loans to Company in an aggregate amount up to but not exceeding such Lender’s Class B 

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Commitment; provided that no Class B Lender shall make any such Class B Loan or portion thereof to the extent that, after giving effect to such Class B Loan:
(a)     the Total Utilization of Class B Commitments exceeds the Class B Borrowing Base; or
(b)    the aggregate outstanding principal amount of the Class B Loans funded by such Class B Lender hereunder shall exceed its Class B Commitment.
(iii)    During the Commitment Period, subject to the terms and conditions hereof, including, without limitation delivery of an updated Borrowing Base Certificate and Borrowing Base Report pursuant to Section 3.2(a)(i), each Lender Group may, in its sole and absolute discretion on an uncommitted basis, severally make additional Class A Loans to Company in an aggregate amount so that, after giving effect to such Class A Loans, the aggregate principal amount of all outstanding Class A Loans does not exceed the Maximum Class A Loan Amount.
(b)    Amounts borrowed pursuant to Sections 2.1(a)(i), (ii) and (iii) may be repaid and reborrowed during the Commitment Period, and any repayment of the Loans (other than (i) pursuant to Section 2.10 (which circumstance shall be governed by Section 2.10), (ii) on any Interest Payment Date upon which no Event of Default has occurred and is continuing (which circumstance shall be governed by Section 2.12(a)) or (iii) on a date during the Amortization Period or upon which an Event of Default has occurred and is continuing (which circumstances shall be governed by Section 2.12(b))) shall be applied as directed by Company, provided that the Company (A) may not repay the Loans more than three (3) times per week, (B) must deliver to the Administrative Agent, the Paying Agent and each Class B Lender a Controlled Account Voluntary Payment Notice pursuant to Section 2.11(c)(vii) in connection with such repayment and (C) each repayment of the Class A Loans or Class B Loans shall be in a minimum amount of $1,000,000.  Each Lender’s Commitment, if any, shall expire on the Commitment Termination Date and all Loans and all other amounts owed hereunder with respect to the Loans and the Commitments shall be paid in full no later than such date.  For the avoidance of doubt, the Company may also at any time or from time to time during the Amortization Period voluntarily prepay the Loans in whole or in part.
(c)    Borrowing Mechanics for Loans.  
(i)    Class A Loans shall be made in an aggregate minimum amount of $1,000,000, and Class B Loans shall be made in an aggregate minimum amount of $50,000.
(ii)    Subject to Section 2.1(e), whenever Company desires that Lenders make Loans, Company shall deliver to Administrative Agent, each Class A Lender, each Class B Lender, the Paying Agent and the Custodian a fully executed and delivered Funding Notice no later than 11:00 a.m. (New York City time) at least two (2) Business Days in advance of the proposed Credit Date; provided, that (x) the Company shall review such Funding Notice on the Business Day immediately preceding the proposed Credit Date and (y) if following such review it has determined that a  Receivable  would not qualify as an Eligible Receivable by virtue of clause (h) of the Eligibility Criteria not being satisfied then (1) such Receivable shall be deemed to be excluded from the Borrowing Base Certificate 

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included in such Funding Notice (each, an “Original Borrowing Base Certificate”) (and any certification related thereto contained therein or in the Credit Documents) and (2) the Company shall deliver to Administrative Agent, each Class A Lender, each Class B Lender, the Custodian and the Paying Agent a revised Funding Notice no later than 1:00 p.m. (New York City time) at least one (1) Business Day in advance of the proposed Credit Date and such revised Funding Notice (and the corresponding Borrowing Base Certificate) (each, a “Replacement Borrowing Base Certificate”) shall be modified solely to make adjustments necessary to exclude any such Receivable that would not qualify as an Eligible Receivable by virtue of  clause (h) of the Eligibility Criteria including any reductions due to any resulting Excess Concentration Amounts, if any. Each such Funding Notice shall be delivered with a Borrowing Base Certificate reflecting sufficient Class A Availability and Class B Availability, as applicable, for the requested Loans and a Borrowing Base Report.
(iii)    Each Class A Conduit Lender receiving a Funding Notice may reject such request by no later than 2:00 p.m. (New York City time) on the Business Day in advance of the proposed Credit Date notifying Company and the related Class A Committed Lenders of such rejection.  If a Class A Conduit Lender declines to fund any portion of a Funding Notice, Company may cancel and rescind such Funding Notice in its entirety upon notice thereof received by Administrative Agent, each Class A Lender, each Class B Lender, the Paying Agent and the Custodian prior to the close of business on the Business Day immediately prior to the proposed Credit Date.  At no time will a Class A Conduit Lender be obligated to make Loans hereunder regardless of any notice given or not given pursuant to this Section.
(iv)     If a Class A Conduit Lender rejects a Funding Notice and Company has not cancelled such Funding Notice in accordance with clause (iii) above, or if there is no Class A Conduit Lender in a Lender Group, any Loan requested by Company in such Funding Notice shall be made by the related Class A Committed Lenders in such Lender Group on a pro rata basis.  The obligations of any Class A Committed Lender to make Loans hereunder are several from the obligations of any other Class A Committed Lenders (whether or not in the same Lender Group).  The failure of any Class A Committed Lender to make Loans hereunder shall not release the obligations of any other Class A Committed Lender (whether or not in the same Lender Group) to make Loans hereunder, but no Class A Committed Lender shall be responsible for the failure of any other Class A Committed Lender to make any Loan hereunder.
(v)     Subject to clause (e) below, each Lender Group and Class B Lender shall make the amount of its Loan available to the Paying Agent not later than 1:00 p.m. (New York City time) on the applicable Credit Date by wire transfer of same day funds in Dollars to the Funding Account, and the Paying Agent shall remit such funds to the Company not later than 3:00 p.m. (New York City time) by wire transfer of same day funds in Dollars from the Funding Account to another account of Company designated in the related Funding Notice.

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(iv)    Company may borrow Class A Loans pursuant to this Section 2.1, purchase Eligible Receivables pursuant to Section 2.11(c)(vii)(C) and/or repay Class A Loans pursuant to Section 2.11(c)(vii)(B) no more than three (3) times per week. Company may borrow Class B Loans pursuant to this Section 2.1 no more than three (3) times a week. 
(d)    Deemed Requests for Loans to Pay Required Payments.  All payments of principal, interest, fees and other amounts payable to Lenders of any Class under this Agreement or any Credit Document, and amounts required to be funded into the Reserve Account to maintain the then applicable Reserve Account Funding Amount, may be paid from the proceeds of Loans of such Class, made pursuant to a Funding Notice from Company pursuant to Section 2.1(c).
(e)    Certain Borrowing Limitations.  Notwithstanding the other provision of this Agreement:
(i)    For purposes of this Agreement, (i) each Funding Notice requesting Class A Loans in the form of Exhibit A-1 shall constitute a “Funding Notice (35-Day)”, and each Funding Notice requesting Class A Loans in the form of Exhibit A-2 shall constitute a “Funding Notice (Overnight)”, (ii) each Funding Notice (35-Day) shall specify a Credit Date which is thirty-five (35) or more days following the date of such Funding Notice (subject, in each case, to the right of the Company to request a waiver to such minimum thirty-five (35)-day notice requirement), and (iii) Class A Loans made pursuant to a Funding Notice (35-Day) shall, for long as they remain outstanding (as determined pursuant to this Section 2.1(e)), constitute “Class A Loans (35-Day)”, and any Class A Loans made pursuant to a Funding Notice (Overnight) shall, for long as they remain outstanding (as determined pursuant to this Section 2.1(e)), constitute “Class A Loans (Overnight).”  Company shall not submit a Funding Notice (Overnight) and no Class A Lender shall be required to make any Class A Loans (Overnight) if, solely as a result of making such Class A Loans (Overnight), the aggregate outstanding principal amount of the Class A Loans (Overnight) would exceed 20% of the aggregate Class A Commitments.  In determining the aggregate outstanding principal amount of the Class A Loans (Overnight) for purposes of this Section 2.1(e), repayments of Class A Loans shall be deemed to be allocated first to the reduction of outstanding principal amount of Class A Loans (Overnight).
(ii)    Upon submission of a Funding Notice (35-Day), Company may request by marking the applicable “waiver request” box that the applicable Class A Lenders waive the minimum thirty-five (35)-day notice requirement for Class A Loans (35-Day) and fund the Class A Loans requested under such Funding Notice (35-Day) on the Business Day proposed by Company in such written request (which Business Day shall be at least two (2) Business Days after the date of delivery of such Funding Notice (35-Day) if such Funding Notice (35-Day) was delivered by 11:00 a.m. (New York City time), or at least three (3) Business Days after the date of delivery of such Funding Notice (35-Day) if such Funding Notice (35-Day) was delivered after 11:00 a.m. (New York City time)).  Each Class A Lender receiving such a written request may accept such request and such earlier funding date, in its sole and absolute discretion, no later than 5:00 p.m. (New York City time) on the Business Day of its receipt of such written request (or no later than 5:00 p.m. (New York City time) 

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on the next Business Day if it receives such written request after noon (New York City time)), and if not so accepted by each applicable Class A Lender, such request and such earlier funding date shall be deemed to have been rejected.  If such waiver request and such earlier funding date are so accepted (as conclusively evidenced by the funding of the requested Class A Loans on such earlier funding date), then such earlier date shall be deemed to be the Credit Date for such Funding Notice (35-Day).  Notwithstanding anything herein to the contrary, Class A Loans made pursuant to a Funding Notice (35-Day) following such acceptance by the applicable Class A Lenders, shall nonetheless constitute Class A Loans (35-Day) for as long as they remain outstanding (as determined pursuant to this Section 2.1(e)).
(iii)    The acceptance by a Class A Lender of an earlier Credit Date for a Class A Loan (35-Day) on one or more occasions shall not constitute a waiver, amendment or impairment of, or otherwise affect, the absolute right of such Class A Lender to receive at least thirty-five (35) days’ prior written notice before such Class A Lender is obligated to make any subsequent Class A Loans (35-Day) pursuant to, and in accordance with, the terms hereof.
2.2    Pro Rata Shares.  All Loans of each Class shall be made by Class A Lenders or Class B Lenders, as applicable, simultaneously and proportionately to their respective Pro Rata Shares, it being understood that no Lender shall be responsible for any default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder nor shall any Commitment of any Lender be increased or decreased as a result of a default by any other Lender in such other Lender’s obligation to make a Loan requested hereunder.
2.3    Use of Proceeds.  The proceeds of Loans, if any, made on the Closing Date shall be applied by Company to (a) acquire Eligible Receivables from Holdings pursuant to the Asset Purchase Agreement and (b) pay Transaction Costs and to fund the Reserve Account. The proceeds of the Loans made after the Closing Date shall be applied by Company to (a) finance the acquisition of Eligible Receivables from Holdings pursuant to the Asset Purchase Agreement, (b) pay Transaction Costs and ongoing fees and expenses of Company hereunder, (c) make other payments in accordance with Section 2.12, and (d) in the case of Loans made pursuant to Section 2.1(d), to make payments of principal, interest, fees and other amounts owing to the Lenders under the Credit Documents or to fund the Reserve Account.  No portion of the proceeds of any Credit Extension shall be used in any manner that causes or might cause such Credit Extension or the application of such proceeds to violate Regulation T, Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or any other regulation thereof or to violate the Exchange Act.
2.4    Evidence of Debt; Register; Lenders’ Books and Records; Notes.
(a)    Lenders’ Evidence of Debt.  Each Lender shall maintain on its internal records an account or accounts evidencing the Obligations of Company to such Lender, including the amounts of the Loans made by it and each repayment and prepayment in respect thereof.  Any such recordation shall be conclusive and binding on Company, absent manifest error; provided, that the failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Commitments or Company’s Obligations in respect of any applicable Loans; and provided further, 

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in the event of any inconsistency between the Registers and any Lender’s records, the recordations in the Registers shall govern absent manifest error.
(b)    Registers.  
(i)    Class A Register.  The Administrative Agent, acting for this purpose as an agent of the  Company, shall maintain at its Principal Office a register for the recordation of the names and addresses of the Class A Lenders and the Class A Commitments and Class A Loans of each Class A Lender from time to time (the “Class A Register”).  The Class A Register shall be available for inspection by Company or any Class A Lender at any reasonable time and from time to time upon reasonable prior notice.  The Administrative Agent shall record in the Class A Register the Class A Commitments and the Class A Loans, and each repayment or prepayment in respect of the principal amount of the Class A Loans, and any such recordation shall be conclusive and binding on Company and each Class A Lender, absent manifest error; provided, failure to make any such recordation, or any error in such recordation, shall not affect any Class A Lender’s Class A Commitments or Company’s Obligations in respect of any Class A Loan.  Company hereby designates the entity serving as the Administrative Agent to serve as Company’s agent solely for purposes of maintaining the Class A Register as provided in this Section 2.4, and Company hereby agrees that, to the extent such entity serves in such capacity, the entity serving as the Administrative Agent and its officers, directors, employees, agents and affiliates shall constitute “Indemnitees.”
(ii)    Class B Register.  The Class B Agent, acting for this purpose as an agent of the  Company, shall maintain at its Principal Office a register for the recordation of the names and addresses of the Class B Lenders and the Class B Commitments and Class B Loans of each Class B Lender from time to time (the “Class B Register”).  The Class B Register shall be available for inspection by Company or any Class B Lender at any reasonable time and from time to time upon reasonable prior notice.  The Class B Agent shall record in the Class B Register the Class B Commitments and the Class B Loans, and each repayment or prepayment in respect of the principal amount of the Class B Loans, and any such recordation shall be conclusive and binding on Company and each Class B Lender, absent manifest error; provided, failure to make any such recordation, or any error in such recordation, shall not affect any Class B Lender’s Class B Commitments or Company’s Obligations in respect of any Class B Loan.  Company hereby designates the entity serving as the Class B Agent to serve as Company’s agent solely for purposes of maintaining the Class B Register as provided in this Section 2.4, and Company hereby agrees that, to the extent such entity serves in such capacity, the entity serving as the Class B Agent and its officers, directors, employees, agents and affiliates shall constitute “Indemnitees.”
(c)    Loan Notes.  If so requested by any Lender by written notice to Company (with a copy to Administrative Agent) at least two (2) Business Days prior to the Closing Date, or at any time thereafter, Company shall execute and deliver to such Lender (and/or, if applicable and if so specified in such notice, to any Person who is an assignee of such Lender pursuant to Section 9.6) on the Closing Date (or, if such notice is delivered after the Closing Date, promptly after 

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Company’s receipt of such notice) a Class A Loan Note or Class B Loan Note, as applicable, to evidence such Lender’s Loans.
2.5    Interest on Loans.
(a)    Except as otherwise set forth herein, (i) the Class A Loans shall accrue interest daily in an amount equal to the product of (A) the unpaid principal amount thereof as of such day and (B) the sum of (1) the Class A Applicable Margin and (2) if such Class A Loan shall have been funded by (x) a Class A Conduit Lender through the issuance of commercial paper, the CP Rate for such day, (y) a bank supporting a Class A Conduit Lender in its role as a liquidity provider to such Class A Conduit Lender, the Alternative Rate for such day and (z) otherwise, the Adjusted Eurodollar Rate for such day (or if such day is not a Business Day, for the immediately preceding Business Day) or, if the Adjusted Eurodollar Rate is not available for such day, the Prime Rate for such day, and (ii) the Class B Loans shall accrue interest daily in an amount equal to the lesser of (A) the rate set forth in any Fee Letter between the Company and any Class B Lender and (B) the Maximum Class B Interest Rate.  
 (b)    In computing interest on any Loan, the date of the making of such Loan or the first day of an Interest Period applicable to such Loan shall be included, and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan shall be excluded; provided, if a Loan is repaid on the same day on which it is made, one (1) day’s interest shall be paid on that Loan.  Each Lender shall provide an invoice of the interest accrued and to accrue to each Interest Payment Date on its Loans not later than 3:00 p.m. (New York city time) on the Interest Rate Determination Date immediately preceding such Interest Payment Date.
(c)    Except as otherwise set forth herein, interest on each Loan shall be payable in arrears (i) on and to each Interest Payment Date; (ii) upon the request of the Administrative Agent, upon any prepayment of that Loan, whether voluntary or mandatory, to the extent accrued on the amount being prepaid; and (iii) at maturity.
2.6    Default Interest.  Subject to Section 9.18, upon the occurrence and during the continuance of an Event of Default, the principal amount of all Loans outstanding and, to the extent permitted by applicable law, any interest payments on the Loans not paid on the Interest Payment Date for the Interest Period in which such interest accrued or any fees or other amounts owed hereunder, shall thereafter bear interest (including post‐petition interest in any proceeding under the Bankruptcy Code or other applicable bankruptcy laws) payable in accordance with Section 2.12(b) at a rate that is 2.0% per annum in excess of the interest rate otherwise payable hereunder with respect to the applicable Loans (or, in the case of any such fees and other amounts, at a rate which is 2.0% per annum in excess of the interest rate otherwise payable hereunder) (the “Default Interest Rate”).  Payment or acceptance of the increased rates of interest provided for in this Section 2.6 is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Administrative Agent or any Lender.

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2.7    Fees.  
(a)    Company agrees to pay to each Person entitled to payment thereunder, in the amounts and at the times set forth in the Fee Letters.  
(b)    All fees (other than any fees payable on the Closing Date) referred to in Section 2.7(a) shall be calculated on the basis of a 360‐day year and the actual number of days elapsed and shall be payable monthly in arrears on (i) each Interest Payment Date commencing on the first such date to occur after the Closing Date, and (ii) on the Commitment Termination Date.
2.8    Repayment on or Before Commitment Termination Date.  Company shall repay (i) the Loans and (ii) all other Obligations (other than contingent indemnification obligations for which demand has not been made) under this Agreement and the other Credit Documents, in each case, in full in cash on or before the Commitment Termination Date.
2.9    Voluntary Commitment Reductions/Increases.  
(a)    Company may, upon not less than three (3) Business Days’ prior written notice to Administrative Agent and each Class B Lender, at any time and from time to time terminate in whole or permanently reduce in part the Commitments in an amount up to the amount by which the Class A Commitments exceed the Total Utilization of Class A Commitments or the Class B Commitments exceed the Total Utilization of Class B Commitments, as applicable, in each case at the time of such proposed termination or reduction; provided, any such partial reduction of the Class A Commitments shall be in an aggregate minimum amount of $500,000 and integral multiples of $100,000 in excess of that amount and any such partial reduction of the Class B Commitments shall be in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess of that amount.  
(b)    Company’s notice shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Commitments shall be effective on the date specified in Company’s notice and shall reduce the Commitment of each applicable Class A Lender and/or Class B Lender proportionately to its applicable Pro Rata Share thereof.
(c)    Company may, on any Business Day upon written notice given to the Administrative Agent and each of the Lenders, request an increase, on a pro rata basis, of the Commitments of the Class A Committed Lender(s) in each Lender Group; provided, however, that any increase shall be at least equal to $5,000,000 or an integral multiple thereof but shall in no event cause the aggregate Class A Commitment to exceed the Maximum Class A Loan Amount. Each Class A Committed Lender shall, within five Business Days of receipt of such request, notify the Administrative Agent and the Administrative Agent shall in turn notify Company in writing (with copies to the other members of the applicable Lender Group) whether or not such Class A Committed Lender has, in its sole discretion, agreed to increase its Commitment. If a Class A Committed Lender does not send any notification to the Administrative Agent within such five Business Day period, such Class A Committed Lender shall be deemed to have declined to increase its Class A Commitment. 

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2.10    Borrowing Base Deficiency.  Company shall prepay the Loans within two (2) Business Days of the earlier of (i) an Authorized Officer or the Chief Financial Officer (or in each case, the equivalent thereof) of Company becoming aware that a Borrowing Base Deficiency exists and (ii) receipt by Company of notice from any Agent or any Lender that a Borrowing Base Deficiency exists, in each case in an amount equal to such Borrowing Base Deficiency, which shall be applied first, to prepay the Class A Loans as necessary to cure any Class A Borrowing Base Deficiency, and, second, to prepay the Class B Loans as necessary to cure any Class B Borrowing Base Deficiency.
2.11    Controlled Accounts. 
(a)    Company shall establish and maintain cash management systems reasonably acceptable to the Administrative Agent, including, without limitation, with respect to blocked account arrangements.  Other than a segregated trust account (the “Funding Account”) maintained at the Paying Agent into which proceeds of Loans may be funded at the direction of Company, Company shall not establish or maintain a Deposit Account or Securities Account other than a Controlled Account and Company shall not, and shall cause Servicer not to deposit Collections or proceeds thereof in a Securities Account or Deposit Account which is not a Controlled Account (provided, that, inadvertent and non-reoccurring errors by Servicer in applying such Collections or proceeds that are promptly, and in any event within two (2) Business Days after Servicer or Company has (or should have had in the exercise of reasonable diligence) knowledge thereof, cured shall not be considered a breach of this covenant).  All Collections and proceeds of Collateral shall be subject to an express trust for the benefit of Collateral Agent on behalf of the Secured Parties and shall be delivered to Lenders for application to the Obligations or any other amount due under any other Credit Document as set forth in this Agreement.
(b)    On or prior to the date hereof, Company shall cause to be established and maintained, (i) a trust account (or sub-accounts) in the name of Company and under the sole dominion and control of, the Collateral Agent designated as the “Collection Account” in each case bearing a designation clearly indicating that the funds and other property credited thereto are held for Collateral Agent for the benefit of the Secured Parties and subject to the applicable Securities Account Control Agreement and (ii) a Deposit Account into which the proceeds of all Pledged Receivables, including by automatic debit from Receivables Obligors’ operating accounts, shall be deposited in the name of Company designated as the “Lockbox Account” as to which the Collateral Agent has sole dominion and control over such account for the benefit of the Secured Parties within the meaning of Section 9-104(a)(2) of the UCC pursuant to the Lockbox Account Control Agreement.  The Lockbox Account Control Agreement will provide that all funds in the Lockbox Account will be swept daily into the Collection Account.
(c)    Lockbox System. 
(i)    Company has established pursuant to the Lockbox Account Control Agreement and the other Control Agreements for the benefit of the Collateral Agent, on behalf of the Secured Parties, a system of lockboxes and related accounts or deposit accounts as described in Sections 2.11(a) and (b) (the “Lockbox System”) into which (subject to the proviso in Section 2.11(a)) all Collections shall be deposited.

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(ii)    Company shall have identified a method reasonably satisfactory to Administrative Agent to grant Backup Servicer (and its delegates) access to the Lockbox Account when the Backup Servicer has become the Successor Servicer in accordance with the Credit Documents, for purposes of initiating ACH transfers from Receivables Obligors’ operating accounts after the date hereof.
(iii)    Company shall not establish any lockbox or lockbox arrangement without the consent of the Administrative Agent in its sole discretion, and prior to establishing any such lockbox or lockbox arrangement, Company shall cause each bank or financial institution with which it seeks to establish such a lockbox or lockbox arrangement, to enter into a control agreement with respect thereto in form and substance satisfactory to the Administrative Agent in its sole discretion.
(iv)    Without the prior written consent of the Administrative Agent, Company shall not (A) change the general instructions given to the Servicer in respect of payments on account of Pledged Receivables to be deposited in the Lockbox System or (B) change any instructions given to any bank or financial institution which in any manner redirects any Collections or proceeds thereof in the Lockbox System to any account which is not a Controlled Account.
(v)    Company acknowledges and agrees that (A) the funds on deposit in the Lockbox System shall continue to be collateral security for the Obligations secured thereby, and (B) upon the occurrence and during the continuance of an Event of Default, at the election of the Requisite Lenders, the funds on deposit in the Lockbox System may be applied as provided in Section 2.12(b).
(vi)    Company has directed, and will at all times hereafter direct, the Servicer to direct payment from each of the Receivables Obligors on account of Pledged Receivables directly to the Lockbox System.  Company agrees (A) to instruct the Servicer to instruct each Receivables Obligor to make all payments with respect to Pledged Receivables directly to the Lockbox System and (B) promptly (and, except as set forth in the proviso to this Section 2.11(c)(vi), in no event later than two (2) Business Days following receipt) to deposit all payments received by it on account of Pledged Receivables, whether in the form of cash, checks, notes, drafts, bills of exchange, money orders or otherwise, in the Lockbox System in precisely the form in which they are received (but with any endorsements of Company necessary for deposit or collection), and until they are so deposited to hold such payments in trust for and as the property of the Collateral Agent; provided, however, that with respect to any payment received that does not contain sufficient identification of the account number to which such payment relates or cannot be processed due to an act beyond the control of the Servicer, such deposit shall be made no later than the second Business Day following the date on which such account number is identified or such payment can be processed, as applicable.
(vii)    So long as no Event of Default has occurred and shall be continuing, Company or its designee shall be permitted to direct the investment of the funds from time to time held in the Collection Account (and, with respect to clause (B) and (C) below, the 

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Reserve Account) (A) in Permitted Investments and to sell or liquidate such Permitted Investments and reinvest proceeds from such sale or liquidation in other Permitted Investments (but none of the Collateral Agent, the Administrative Agent or the Lenders shall have liability whatsoever in respect of any failure by the Paying Agent to do so), with all such proceeds and reinvestments to be held in the Collection Account; provided, however, that the maturity of the Permitted Investments on deposit in the Collection Account shall be no later than the Business Day immediately preceding the date on which such funds are required to be withdrawn therefrom pursuant to this Agreement, (B) to repay the Loans in accordance with Section 2.1(b), provided, however, that (w) in order to effect any such repayment from a Controlled Account, Company shall deliver to the Administrative Agent, the Paying Agent and each Class B Lender a Controlled Account Voluntary Payment Notice in substantially the form of Exhibit G hereto no later than 12:00 p.m. (New York City time) on the Business Day prior to the date of any such repayment specifying the date of prepayment, the amount to be repaid per Class and the Controlled Account from which such repayment shall be made, (x) no more than three (3) repayments of Class A Loans pursuant to Section 2.1 may be made in any calendar week, (y) the minimum amount of any such repayment on the Loans shall be $1,000,000, and (z) after giving effect to each such repayment, an amount equal to not less than the sum of (i) any Reserve Account Funding Amount and (ii) the aggregate of 105% of the aggregate pro forma amount of interest, fees and expenses projected to be due hereunder and under the Servicing Agreement, the Backup Servicing Agreement, the Custodial Agreement and the Successor Servicing Agreement, if any, for the remainder of the applicable Interest Period, based on the Accrued Interest Amount on such date and a projection of the interest to accrue on the Loans during the remainder of the applicable Interest Period using the same assumptions as are contained in the calculation of the Accrued Interest Amount, and the Total Utilization of Class A Commitments and the Total Utilization of Class B Commitments on such date (after giving effect to such repayments), shall remain in the Controlled Accounts, or (C) to purchase additional Eligible Receivables pursuant to the terms and conditions of the Asset Purchase Agreement, provided, that a Borrowing Base Certificate (evidencing sufficient Availability after giving effect to the release of Collections and the making of any Loan being made on such date and that after giving effect to the release of Collections, no event has occurred and is continuing that constitutes, or would result from such release that would constitute, a Borrowing Base Deficiency, Default or Event of Default) and a Borrowing Base Report shall be delivered to the Administrative Agent, the Paying Agent, the Custodian and each Class B Lender no later than 11:00 a.m. (New York City time) at least two (2) Business Days in advance of any such proposed purchase or release, (x) if such purchase of Eligible Receivables were being funded with Loans, the conditions for making such Loans on such date contained in Section 3.2(a)(iii) and Section 3.2(a)(vi) would be satisfied as of such date, and provided further, that if such withdrawal from the applicable Controlled Account does not occur simultaneously with the making of a Loan by the Lenders hereunder pursuant to the delivery of a Funding Notice, such withdrawal shall be considered a “Loan” solely for purposes of Section 2.1(c)(iv), (y) no more than three (3) borrowings of each of Class A Loans and Class B Loans pursuant to Section 2.1 may be made in any calendar week and (z) after giving effect to such release, an amount equal to not less than the sum of (i) any Reserve Account Funding Amount and (ii) the aggregate of 105% of the aggregate pro forma amount of 

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interest, fees and expenses projected to be due hereunder and under the Servicing Agreement, the Backup Servicing Agreement, the Custodial Agreement and the Successor Servicing Agreement, if any, for the remainder of the applicable Interest Period, based on the Accrued Interest Amount on such date and a projection of the interest to accrue on the Loans during the remainder of the applicable Interest Period using the same assumptions as are contained in the calculation of the Accrued Interest Amount, and the Total Utilization of Class A Commitments and the Total Utilization of Class B Commitments on such date shall remain in the Controlled Accounts.  Notwithstanding the foregoing clauses (B) and (C), the Company shall not instruct that funds be withdrawn from the Reserve Account on any date for the purposes described therein unless, after giving effect to such withdrawal, the Reserve Account shall contain an amount not less than the Reserve Account Funding Amount as of such date.    
(viii)    All income and gains from the investment of funds in the Collection Account shall be retained in the Collection Account, until each Interest Payment Date, at which time such income and gains shall be applied in accordance with Section 2.12(a) or (b) (or, if sooner, until utilized for a repayment pursuant to Section 2.11(c)(vii)(B) or a purchase of additional Eligible Receivables pursuant to Section 2.11(c)(vii)(C)), as the case may be.  As between Company and Collateral Agent, Company shall treat all income, gains and losses from the investment of amounts in the Collection Account as its income or loss for federal, state and local income tax purposes.  Each of the Company and the Administrative Agent acknowledges that upon its written request and at no additional cost, it has the right to receive notification after the completion of each purchase and sale of Permitted Investments or Paying Agent’s receipt of a broker’s confirmation. Each of the Company and the Administrative Agent agrees that such notifications shall not be provided by the Paying Agent hereunder, and the Paying Agent shall make available, upon request and in lieu of notifications, periodic account statements that reflect such investment activity. No statement need be made available for any fund/account if no activity has occurred in such fund/account during such period.
(d)    Reserve Account.  On or prior to the date hereof, Company shall cause to be established and maintained a Deposit Account in the name of Company designated as the “Reserve Account” as to which the Collateral Agent has control over such account for the benefit of the Lenders within the meaning of Section 9-104(a)(2) of the UCC pursuant to the Blocked Account Control Agreement.  The Reserve Account will be funded with (i) funds available therefor pursuant to Section 2.12(a), and (ii) at the written direction of Company, proceeds of Loans as described in Section 2.1(d).  At any time after the giving of a Termination Notice by the Administrative Agent, the Paying Agent shall, at the written direction of the Administrative Agent, withdraw up to $100,000 from the Reserve Account to pay Servicing Transition Expenses during the Servicing Transition Period (provided, for the avoidance of doubt, only one such withdrawal may be made from the Reserve Account to pay Servicing Transition Expenses).  If any Interest Payment Date is during the continuance of an Event of Default, the Paying Agent shall, at the written direction of the Administrative Agent, transfer into the Collection Account for application on such Interest Payment Date in accordance with Section 2.12(b) all amounts in the Reserve Account.    

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2.12    Application of Proceeds. 
(a)    Application of Amounts in the Collection Account.  So long as no Event of Default has occurred and is continuing (after giving effect to the application of funds in accordance herewith on the relevant date), the Termination Date has not yet occurred and the Amortization Period is not then occurring, on each Interest Payment Date, all amounts in the Collection Account and all amounts (if any) in the Reserve Account in excess of the Reserve Account Funding Amount as of such day shall be applied by the Paying Agent based on the Monthly Servicing Report as follows:
(i)    first, to Company, on a pari passu basis, (A) amounts sufficient for Company to maintain its limited liability company existence and to pay similar expenses up to an amount not to exceed $1,000 in any Fiscal Year, and only to the extent not previously distributed to Company during such Fiscal Year pursuant to clause (xi) below, and (B) to pay any accrued and unpaid Servicing Fees; 
(ii)    second, on a pari passu basis, (A) to the Backup Servicer to pay any accrued and unpaid Backup Servicing Fees; (B) to the Custodian to pay any costs, fees and indemnities then due and owing to the Custodian; and (C) to the Controlled Account Bank to pay any costs, fees and indemnities then due and owing to the Controlled Account Bank (in respect of the Controlled Accounts), (D) to Administrative Agent to pay any costs, fees or indemnities then due and owing to Administrative Agent under the Credit Documents; (E) to Collateral Agent to pay any costs, fees or indemnities then due and owing to Collateral Agent under the Credit Documents; and (F) to Paying Agent to pay any costs, fees or indemnities then due and owing to Paying Agent under the Credit Documents; provided, however, that the aggregate amount of costs, fees or indemnities payable to the Backup Servicer, Administrative Agent, the Custodian, the Collateral Agent, the Controlled Account Bank (in respect of the Controlled Accounts) and the Paying Agent pursuant to this clause (ii) shall not exceed $350,000 in any Fiscal Year; 
 (iii)    third, on a pro rata basis, to the Administrative Agent for further distribution to the Class A Lenders to pay costs, fees, and accrued interest for the Interest Period most recently ended (calculated in accordance with Section 2.5(a)) on the Class A Loans and expenses payable pursuant to the Credit Documents; provided, however, that the aggregate amount of accrued costs, fees, accrued interest and expenses payable pursuant to this clause (iii) for any Interest Period shall not exceed an amount equal to the amount of interest that would have accrued on the Class A Loans during such Interest Period at a rate equal to the Alternative Rate and the Class A Applicable Margin for such Interest Period;
(iv)    fourth, on a pro rata basis, to the Administrative Agent for further distribution to the Class A Lenders in an amount necessary to reduce any Class A Borrowing Base Deficiency to zero;
(v)    fifth, on a pro rata basis, to the Administrative Agent for further distribution to the Class A Lenders to pay all costs, fees, and accrued and unpaid interest on 

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the Class A Loans and expenses payable pursuant to the Credit Documents not otherwise paid pursuant to clause (iii) above;
(vi)    sixth, on a pro rata basis, to the Class B Agent for further distribution to the Class B Lenders to pay costs, fees, and accrued interest for the Interest Period most recently ended (calculated in accordance with Section 2.5(a)) on the Class B Loans and expenses payable pursuant to the Credit Documents;
(vii)    seventh, on a pro rata basis, to the Class B Agent for further distribution to the Class B Lenders in an amount necessary to reduce any Class B Borrowing Base Deficiency to zero;
(viii)    eighth, to pay to (A) Administrative Agent, Backup Servicer, Custodian, Paying Agent, Collateral Agent, and the Controlled Account Bank any costs, fees or indemnities not paid in accordance with clause (ii) above or (B) to any successor Servicer, any accrued and unpaid Servicer Transition Expenses;
(ix)    ninth, to the Reserve Account an amount (if any) equal to any Reserve Account Funding Amount;
(x)    tenth, to pay all other Obligations or any other amount then due and payable hereunder;
(xi)    eleventh, at the election of Company, on a pro rata basis, to the Administrative Agent for further distribution to the Class A Lenders and the Class B Lenders, as applicable, to repay the principal of the Loans; and
(xii)    twelfth, provided that no Borrowing Base Deficiency would occur after giving effect to such distribution, any remainder to Company or as Company shall direct consistent with Section 6.5.
(b)    Notwithstanding anything herein to the contrary, upon the occurrence and during the continuance of an Event of Default or during the Amortization Period, on each Interest Payment Date, all amounts in the Collection Account and Reserve Account shall be applied by the Paying Agent based on the Monthly Servicing Report as follows: 
(i)    first, to Company, on a pari passu basis, (A) amounts sufficient for Company to maintain its limited liability company existence and to pay similar expenses up to an amount not to exceed $1,000 in any Fiscal Year, and only to the extent not previously distributed to Company during such Fiscal Year pursuant to Section 2.12(a)(i) or 2.12(a)(xii) above, and (B) to pay any accrued and unpaid Servicing Fees; 
(ii)    second, on a pari passu basis, (A) to the Backup Servicer to pay any accrued and unpaid Backup Servicing Fees; (B) to the Custodian to pay any costs, fees and indemnities then due and owing to the Custodian; and (C) to the Controlled Account Bank to pay any costs, fees and indemnities then due and owing to the Controlled Account Bank 

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(in respect of the Controlled Accounts), (D) to Administrative Agent to pay any costs, fees or indemnities then due and owing to Administrative Agent under the Credit Documents; (E) to Collateral Agent to pay any costs, fees or indemnities then due and owing to Collateral Agent under the Credit Documents; and (F) to Paying Agent to pay any costs, fees or indemnities then due and owing to Paying Agent under the Credit Documents; provided, however, that during any Amortization Period or during the continuance of the occurrence of an Event of Default under Section 7(a)(i), the aggregate amount of costs, fees or indemnities payable to the Backup Servicer, Administrative Agent, the Custodian, the Collateral Agent, the Controlled Account Bank (in respect of the Controlled Accounts) and the Paying Agent pursuant to this clause (ii) shall not exceed $350,000 in any Fiscal Year;
 (iii)    third, on a pro rata basis, to the Administrative Agent for further distribution to the Class A Lenders to pay costs, fees, and accrued interest (calculated in accordance with Section 2.5(a)) on the Class A Loans and expenses payable pursuant to the Credit Documents; provided, however, that the aggregate amount of accrued costs, fees, accrued interest and expenses payable pursuant to this clause (iii) for any Interest Period shall not exceed an amount equal to the amount of interest that would have accrued during such Interest Period on the Class A Loans at a rate equal to the Alternative Rate and the Class A Applicable Margin for such Interest Period;
(iv)    fourth, on a pro rata basis, to the Administrative Agent for further distribution to the Class A Lenders until the Class A Loans are paid in full;
(v)    fifth, on a pro rata basis, to the Administrative Agent for further distribution to the Class A Lenders to pay all costs, fees, and accrued and unpaid interest on the Class A Loans and expenses payable pursuant to the Credit Documents not otherwise paid pursuant to clause (iii) above;
(vi)    sixth, on a pro rata basis, to the Class B Agent for further distribution to the Class B Lenders to pay costs, fees, and accrued interest (calculated in accordance with Section 2.5(a)) on the Class B Loans and expenses payable pursuant to the Credit Documents;
(vii)    seventh, on a pro rata basis, to the Class B Agent for further distribution to the Class B Lenders until the Class B Loans are paid in full;
(viii)    eighth, to pay to (A) Administrative Agent, Backup Servicer, Custodian, Paying Agent, Collateral Agent, and the Controlled Account Bank any costs, fees or indemnities not paid in accordance with clause (ii) above or (B) to any successor Servicer, any accrued and unpaid Servicer Transition Expenses;
(ix)    ninth, to pay all other Obligations or any other amount then due and payable hereunder; and
(x)    tenth, any remainder to Company.

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2.13    General Provisions Regarding Payments.
(a)    All payments by Company of principal, interest, fees and other Obligations shall be made in Dollars in immediately available funds, without defense, recoupment, setoff or counterclaim, free of any restriction or condition, and paid not later than 12:00 p.m. (New York City time) on the date due via wire transfer of immediately available funds.  Funds received after that time on such due date shall be deemed to have been paid by Company on the next Business Day (provided, that any repayment made pursuant to Section 2.11(c)(vii)(B) or any application of funds by Paying Agent pursuant to Section 2.12 on any Interest Payment Date shall be deemed for all purposes to have been made in accordance with the deadlines and payment requirements described in this Section 2.13).
(b)    All payments in respect of the principal amount of any Loan (other than, unless requested by the Administrative Agent, voluntary prepayments of Loans or payments pursuant to Section 2.10) shall be accompanied by payment of accrued interest on the principal amount being repaid or prepaid.
(c)    Paying Agent shall promptly distribute to each Class A Lender and each Class B Lender, at such address as such Lender shall indicate in writing, the applicable Pro Rata Share of each such Lender of all payments and prepayments of principal and interest due hereunder, together with all other amounts due with respect thereto, including, without limitation, all fees payable with respect thereto, to the extent received by Paying Agent.  
(d)    Whenever any payment to be made hereunder shall be stated to be due on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest hereunder or of the commitment fees hereunder.
(e)    Except as set forth in the proviso to Section 2.13(a), Paying Agent shall deem any payment by or on behalf of Company hereunder to them that is not made in same day funds prior to 12:00 p.m. (New York City time) to be a non‐conforming payment.  Any such payment shall not be deemed to have been received by Paying Agent until the later of (i) the time such funds become available funds, and (ii) the applicable next Business Day.  Paying Agent shall give prompt notice via electronic mail to Company and Administrative Agent if any payment is non‐conforming.  Any non‐conforming payment may constitute or become a Default or Event of Default in accordance with the terms of Section 7.1(a).  Interest shall continue to accrue on any principal as to which a non-conforming payment is made until such funds become available funds (but in no event less than the period from the date of such payment to the next succeeding applicable Business Day) at the rate otherwise applicable to such paid amount from the date such amount was due and payable until the date such amount is paid in full.  
2.14    Ratable Sharing.  Lenders hereby agree among themselves that, except as otherwise provided herein or in the Collateral Documents with respect to amounts realized from the exercise of rights with respect to Liens on the Collateral, if any of them shall, whether by voluntary payment (other than a voluntary prepayment of Loans made and applied in accordance with the terms hereof), through the exercise of any right of set‐off or banker’s lien, by counterclaim or cross action or by 

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the enforcement of any right under the Credit Documents, or otherwise, or as adequate protection of a deposit treated as cash collateral under the Bankruptcy Code, receive payment or reduction of a proportion of the aggregate amount of principal, interest, fees and other amounts then due and owing to such Lender hereunder or under the other Credit Documents (collectively, the “Aggregate Amounts Due” to such Lender) which is greater than such Lender would be entitled pursuant to this Agreement (after giving effect to the priority of payments determining application of payments to the Class A Lenders and the Class B Lenders, respectively), then the Lender receiving such proportionately greater payment shall (a) notify Administrative Agent, Paying Agent and each Lender of the receipt of such payment and (b) apply a portion of such payment to purchase participations (which it shall be deemed to have purchased from each seller of a participation simultaneously upon the receipt by such seller of its portion of such payment) in the Aggregate Amounts Due to the other Lenders so that the recovery of such Aggregate Amounts Due shall be shared by the applicable Lenders in proportion to the Aggregate Amounts Due to them pursuant to this Agreement; provided, if all or part of such proportionately greater payment received by such purchasing Lender is thereafter recovered from such Lender upon the bankruptcy or reorganization of Company or otherwise, those purchases shall be rescinded and the purchase prices paid for such participations shall be returned to such purchasing Lender ratably to the extent of such recovery, but without interest.  Company expressly consents to the foregoing arrangement and agrees that any holder of a participation so purchased may exercise any and all rights of banker’s lien, setoff or counterclaim with respect to any and all monies owing by Company to that holder with respect thereto as fully as if that holder were owed the amount of the participation held by that holder.
2.15    Increased Costs; Capital Adequacy. 
(a)    Compensation for Increased Costs and Taxes.  Subject to the provisions of Section 2.16 (which shall be controlling with respect to the matters covered thereby), in the event that any Affected Party shall determine (which determination shall, absent manifest error, be final and conclusive and binding upon all parties hereto) that any law, treaty or governmental rule, regulation or order, or any change therein or in the interpretation, administration or application thereof (including the introduction of any new law, treaty or governmental rule, regulation or order), or any determination of a court or Governmental Authority, in each case that becomes effective after the date hereof, or compliance by such Affected Party with any guideline, request or directive issued or made after the date hereof (or with respect to any Lender which becomes a Lender after the date hereof, effective after such date) by any central bank or other Governmental Authority or quasi‐Governmental Authority (whether or not having the force of law):  (i) subjects such Affected Party (or its applicable lending office) to any additional Tax (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) with respect to this Agreement or any of the other Credit Documents or any of its obligations hereunder or thereunder or any payments to such Affected Party (or its applicable lending office) of principal, interest, fees or any other amount payable hereunder; (ii) imposes, modifies or holds applicable any reserve (including any marginal, emergency, supplemental, special or other reserve), special deposit, compulsory loan, FDIC or other insurance or charge or similar requirement against assets held by, or deposits or other liabilities in or for the account of, or advances or loans by, or other credit extended by, or any other acquisition of funds by, any office of such Affected Party; or (iii) imposes any other condition (other than with respect 

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to a Tax matter) on or affecting such Affected Party (or its applicable lending office) or its obligations hereunder; and the result of any of the foregoing is to increase the cost to such Affected Party of agreeing to make, making or maintaining Loans hereunder or to reduce any amount received or receivable by such Affected Party (or its applicable lending office) with respect thereto; then, in any such case, if such Affected Party deems such change to be material, Company shall promptly pay to such Affected Party, upon receipt of the statement referred to in the next sentence, such additional amount or amounts (in the form of an increased rate of, or a different method of calculating, interest or otherwise as such Affected Party in its sole discretion shall determine) as may be necessary to compensate such Affected Party for any such increased cost or reduction in amounts received or receivable hereunder and any reasonable expenses related thereto.  Such Affected Party shall deliver to Company (with a copy to Administrative Agent and Paying Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Affected Party under this Section 2.15(a), which statement shall be conclusive and binding upon all parties hereto absent manifest error. 
(b)    Capital Adequacy Adjustment.  In the event that any Affected Party shall have determined in its sole discretion (which determination shall, absent manifest effort, be final and conclusive and binding upon all parties hereto) that (i) the adoption, effectiveness, phase‐in or applicability of any law, rule or regulation (or any provision thereof) regarding capital adequacy, or any change therein or in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof, or (ii) compliance by any Affected Party (or its applicable lending office) or any company controlling such Affected Party with any guideline, request or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, in each case after the Closing Date, has or would have the effect of reducing the rate of return on the capital of such Affected Party or any company controlling such Affected Party as a consequence of, or with reference to, such Affected Party’s Loans or Commitments, or participations therein or other obligations hereunder with respect to the Loans to a level below that which such Affected Party or such controlling company could have achieved but for such adoption, effectiveness, phase‐in, applicability, change or compliance (taking into consideration the policies of such Affected Party or such controlling company with regard to capital adequacy), then from time to time, within five (5) Business Days after receipt by Company from such Affected Party of the statement referred to in the next sentence, Company shall pay to such Affected Party such additional amount or amounts as will compensate such Affected Party or such controlling company on an after‐tax basis for such reduction. Such Affected Party shall deliver to Company (with a copy to Administrative Agent and Paying Agent) a written statement, setting forth in reasonable detail the basis for calculating the additional amounts owed to such Affected Party under this Section 2.15(b), which statement shall be conclusive and binding upon all parties hereto absent manifest error.  For the avoidance of doubt, subsections (i) and (ii) of this Section 2.15 shall apply, without limitation, to all requests, rules, guidelines or directives concerning liquidity and capital adequacy issued by any Governmental Authority (x) under or in connection with the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended to the date hereof and from time to time hereafter, and any successor statute and (y) in connection with the implementation of the recommendations of the Bank for International Settlements or the Basel 

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Committee on Banking Regulations and Supervisory Practices (or any successor or similar authority), regardless of the date adopted, issued, promulgated or implemented.
(c)    Delay in Requests.  Failure or delay on the part of any Affected Party to demand compensation pursuant to the foregoing provisions of this Section 2.15 shall not constitute a waiver of such Affected Party's right to demand such compensation, provided that Company shall not be required to compensate an Affected Party pursuant to the foregoing provisions of this Section 2.15 for any increased costs incurred or reductions suffered more than ninety (90) days prior to the date that such Affected Party notifies Company of the matters giving rise to such increased costs or reductions and of such Affected Party's intention to claim compensation therefor.
Notwithstanding anything to the contrary in this Section 2.15, with respect to any Affected Party, the Company shall not be required to pay any increased costs under this Section 2.15 if the payment of such increased cost would cause the Company’s all-in cost of borrowing hereunder, for the applicable period to be in excess of the Adjusted Eurodollar Rate plus 10%.  
2.16    Taxes; Withholding, etc. 
(a)    Payments to Be Free and Clear.  Subject to Section 2.16(b), all sums payable by Company hereunder and under the other Credit Documents shall (except to the extent required by law) be paid free and clear of, and without any deduction or withholding on account of, any Tax imposed, levied, collected, withheld or assessed by or within the United States or any political subdivision in or of the United States or any other jurisdiction from or to which a payment is made by or on behalf of Company or by any federation or organization of which the United States or any such jurisdiction is a member at the time of payment.
(b)    Withholding of Taxes.  If Company or any other Person is required by law to make any deduction or withholding on account of any such Tax from any sum paid or payable by Company to an Affected Party under any of the Credit Documents:  (i) Company shall notify Paying Agent of any such requirement or any change in any such requirement as soon as Company becomes aware of it; (ii) Company or the Paying Agent shall make such deduction or withholding and pay any such Tax to the relevant Governmental Authority before the date on which penalties attach thereto, such payment to be made (if the liability to pay is imposed on Company) for its own account or (if that liability is imposed on Paying Agent or such Affected Party, as the case may be) on behalf of and in the name of Paying Agent or such Affected Party; (iii) if such Tax is an Indemnified Tax, the sum payable by Company in respect of which the relevant deduction, withholding or payment is required shall be increased to the extent necessary to ensure that, after the making of that deduction, withholding or payment (and any withholdings imposed on additional amounts payable under this paragraph), such Affected Party receives on the due date a net sum equal to what it would have received had no such deduction, withholding or payment been required or made; and (iv) within thirty (30) days after paying any sum from which it is required by law to make any deduction or withholding, and within thirty (30) days after the due date of payment of any Tax which it is required by clause (ii) above to pay, Company shall deliver to Paying Agent evidence satisfactory to the other Affected Parties of such deduction, withholding or payment and of the remittance thereof to the relevant taxing or other authority.  Each party hereto agrees that the Paying Agent and Company have the right to withhold on payments (without any corresponding 

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gross-up) where a party fails to comply with the documentation requirements set forth in Section 2.16(d). Upon request from the Paying Agent, the Company will provide such additional information that it may have to assist the Paying Agent in making any withholdings or informational reports.
(c)    Indemnification by Company.  Company shall indemnify each Affected Party, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes payable or paid by such Affected Party or required to be withheld or deducted from a payment to such Affected Party and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority.  A certificate as to the amount of such payment or liability delivered to Company by an Affected Party (with a copy to the Paying Agent), or by the Paying Agent on its own behalf or on behalf of an Affected Party, shall be conclusive absent manifest error.
(d)    Evidence of Exemption or Reduced Rate From U.S. Withholding Tax.  
(i)    Each Lender and the Administrative Agent that is not a United States Person (as such term is defined in Section 7701(a)(30) of the Internal Revenue Code) for U.S. federal income tax purposes (a “Non-US Lender”) shall, to the extent it is legally entitled to do so, deliver to Paying Agent and the Company, on or prior to the Closing Date (in the case of each Lender listed on the signature pages hereof on the Closing Date) or on or prior to the date of the Assignment Agreement pursuant to which it becomes a Lender (in the case of each other Lender), and at such other times as may be necessary in the determination of Company or Paying Agent (each in the reasonable exercise of its discretion), (A) two original copies of Internal Revenue Service Form W‐8BEN, W-8BEN-E, W-8ECI or W-8IMY, as applicable (with appropriate attachments) (or any successor forms), properly completed and duly executed by such the Administrative Agent or such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by Company or the Paying Agent to establish that the Administrative Agent or such Lender is not subject to, or is eligible for a reduction in the rate of, deduction or withholding of United States federal income tax with respect to any payments to Administrative Agent or such Lender of principal, interest, fees or other amounts payable under any of the Credit Documents, or (B) if such the Administrative Agent or such Lender is not a “bank” or other Person described in Section 881(c)(3) of the Internal Revenue Code and cannot deliver Internal Revenue Service Form W-8IMY or W‐8ECI pursuant to clause (A) above and is relying on the so called “portfolio interest exception”, a Certificate Regarding Non-Bank Status together with two original copies of Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable (or any successor form), properly completed and duly executed by the Administrative Agent or such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by Company or the Paying Agent to establish that the Administrative Agent or such Lender is not subject, or is eligible for a reduction in the rate of, to deduction or withholding of United States federal income tax with respect to any payments to the Administrative Agent or such Lender of interest payable under any of the Credit Documents.  The Administrative Agent and each Lender required to deliver any forms, certificates or other evidence with respect to United States federal 

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income tax withholding matters pursuant to this Section 2.16(d)(i) or Section 2.16(d)(ii) hereby agrees, from time to time after the initial delivery by the Administrative Agent or such Lender of such forms, certificates or other evidence, whenever a lapse in time or change in circumstances renders such forms, certificates or other evidence obsolete or inaccurate in any material respect, that the Administrative Agent or such Lender shall promptly deliver to Company and the Paying Agent two new original copies of Internal Revenue Service Form W‐8BEN, W-8BEN-E, W‐8IMY, or W‐8ECI, or, if relying on the “portfolio interest exception”, a Certificate Regarding Non-Bank Status and two original copies of Internal Revenue Service Form W‐8BEN or W-8BEN-E, as applicable (or any successor form), as the case may be, properly completed and duly executed by the Administrative Agent or such Lender, and such other documentation required under the Internal Revenue Code and reasonably requested by Company or Paying Agent to confirm or establish that the Administrative Agent or such Lender is not subject to, or is eligible for a reduction in the rate of, deduction or withholding of United States federal income tax with respect to payments to the Administrative Agent or such Lender under the Credit Documents, or notify Paying Agent and Company of its inability to deliver any such forms, certificates or other evidence.  
(ii)    Any Lender and the Administrative Agent that is a U.S. Person shall deliver to Company and the Paying Agent on or prior to the date on which such Lender becomes a Lender under this Agreement on the Closing Date or pursuant to an Assignment Agreement (and from time to time thereafter upon the reasonable request of Company or the Paying Agent), executed originals of IRS Form W-9 certifying that such Lender is a U.S. Person and exempt from U.S. federal backup withholding tax.
(iii)    If a payment made to the Administrative Agent or a Lender under any Credit Document would be subject to U.S. federal withholding Tax imposed by FATCA if the Administrative Agent or such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), the Administrative Agent or such Lender shall deliver to Company and the Paying Agent at the time or times reasonably requested by Company or the Paying Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Company or the Paying Agent as may be necessary for Company and the Paying Agent to comply with their obligations under FATCA and to determine that the Administrative Agent or such Lender has complied with the Administrative Agent’s or such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.16(d)(iii), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(iv)    To the extent that a Class B Agent is appointed hereunder, the Class B Agent shall deliver to the Paying Agent and the Company such information as is required to be delivered by the Administrative Agent pursuant to this Section 2.16.

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 (e)    Payment of Other Taxes by the Company. The Company shall timely pay  to the relevant Governmental Authority in accordance with applicable law, or at the option of  the Administrative Agent timely reimburse it for the payment of, any Other Taxes.
2.17    Obligation to Mitigate.  Each Lender agrees that, as promptly as practicable after the officer of such Lender responsible for administering its Loans becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under Section 2.15 and/or Section 2.16, it will, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts to (a) make, issue, fund or maintain its Credit Extensions through another office of such Lender, or (b) take such other measures as such Lender may deem reasonable, if as a result thereof the additional amounts which would otherwise be required to be paid to such Lender pursuant to 2.15 and/or 2.16 would be materially reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of such Commitments or Loans through such other office or in accordance with such other measures, as the case may be, would not otherwise adversely affect such Commitments or Loans or the interests of such Lender; provided, such Lender will not be obligated to utilize such other office pursuant to this Section 2.17 unless Company agrees to pay all reasonable and incremental expenses incurred by such Lender as a result of utilizing such other office as described above.  A certificate as to the amount of any such expenses payable by Company pursuant to this Section 2.17 (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to Company (with a copy to Administrative Agent) shall be conclusive absent manifest error.
2.18    Defaulting Lenders.  Anything contained herein to the contrary notwithstanding, in the event that other than at the direction or request of any regulatory agency or authority, any Class A Committed Lender or Class B Lender defaults (in each case, a “Defaulting Lender”) in its obligation to fund (a “Funding Default”) any Loan (in each case, a “Defaulted Loan”), then (a) during any Default Period with respect to such Defaulting Lender, such Defaulting Lender shall be deemed not to be a “Lender” for purposes of voting on any matters (including the granting of any consents or waivers) with respect to any of the Credit Documents; (b) to the extent permitted by applicable law, until such time as the Default Excess, if any, with respect to such Defaulting Lender shall have been reduced to zero, (i) any voluntary prepayment of the Loans shall be applied to the Loans of other Lenders of the applicable Class as if such Defaulting Lender had no Loans outstanding and the Exposure of such Defaulting Lender were zero, and (ii) any mandatory prepayment of the Loans of the applicable Class shall be applied to the Loans of other Lenders (but not to the Loans of such Defaulting Lender) of such Class as if such Defaulting Lender had funded all Defaulted Loans of such Class of such Defaulting Lender, it being understood and agreed that Company shall be entitled to retain any portion of any mandatory prepayment of the Loans of the applicable Class that is not paid to such Defaulting Lender solely as a result of the operation of the provisions of this clause (b); and (c) the Total Utilization of Class A Commitments or the Total Utilization of Class B Commitments, as applicable, as at any date of determination shall be calculated as if such Defaulting Lender had funded all Defaulted Loans of such Defaulting Lender.  No Commitment of any Lender shall be increased or otherwise affected, and, except as otherwise expressly provided in this Section 2.18, performance by Company of its obligations hereunder and the other Credit Documents shall not be excused or otherwise modified as a result of any Funding 

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Default or the operation of this Section 2.18.  The rights and remedies against a Defaulting Lender under this Section 2.18 are in addition to other rights and remedies which Company may have against such Defaulting Lender with respect to any Funding Default and which Administrative Agent or any Lender may have against such Defaulting Lender with respect to any Funding Default or violation of Section 8.5(c).
2.19    Removal or Replacement of a Lender.  Anything contained herein to the contrary notwithstanding, in the event that: (a) (i) any Lender (an “Increased‐Cost Lender”) shall give notice to Company that such Lender is entitled to receive payments under Section 2.15 and/or Section 2.16, (ii) the circumstances which entitle such Lender to receive such payments shall remain in effect, and (iii) such Lender shall fail to withdraw such notice within five (5) Business Days after Company’s request for such withdrawal; or (b) (i) any Lender shall become a Defaulting Lender, (ii) the Default Period for such Defaulting Lender shall remain in effect, and (iii) such Defaulting Lender shall fail to cure the default as a result of which it has become a Defaulting Lender within five (5) Business Days after Company’s request that it cure such default; or (c) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 9.5(b), the consent of Administrative Agent and Requisite Lenders shall have been obtained but the consent of one or more of such other Lenders (each a “Non‐Consenting Lender”) whose consent is required shall not have been obtained; or (d) (i) any Lender fails to be a creditworthy entity (in terms of its remaining funding obligations under this Agreement) (a “Non‐Creditworthy Lender”) and (ii) no Default or Event of Default shall then exist;  then, with respect to each such Increased‐Cost Lender, Defaulting Lender, Non‐Consenting Lender or Non-Creditworthy Lender (the “Terminated Lender”), Company may, by giving written notice to any Terminated Lender of its election to do so, elect to cause such Terminated Lender together with, if applicable, each Lender in such Terminated Lender’s Lender Group (and such Terminated Lender and, if applicable, each other such Lender hereby irrevocably agrees) to assign its outstanding Loans and its Commitments, if any, in full to one or more Eligible Assignees identified by Company (each a “Replacement Lender”) in accordance with the provisions of Section 9.6; provided, (1) on the date of such assignment, the Replacement Lender shall pay to the Terminated Lender and, if applicable, such other Lenders,  an amount equal to the sum of (A) an amount equal to the principal of, and all accrued interest on, all outstanding Loans of the Terminated Lender and, if applicable, such other Lenders, and (B) an amount equal to all accrued, but theretofore unpaid fees owing to such Terminated Lender and, if applicable, such other Lenders, pursuant to Section 2.7; (2) on the date of such assignment, Company shall pay any amounts payable to such Terminated Lender and, if applicable, such other Lenders pursuant to Section 2.15 and/or Section 2.16 and any other amounts due to such Terminated Lender and, if applicable, such other Lenders; and (3) in the event such Terminated Lender is an Increased-Cost Lender, such assignment will result in a reduction in any claims for payments under Section 2.15 and/or Section 2.16, as applicable, and (4) in the event such Terminated Lender is a Non‐Consenting Lender, each Replacement Lender shall consent, at the time of such assignment, to each matter in respect of which such Terminated Lender was a Non‐Consenting Lender.  Upon the prepayment of all amounts owing to any Terminated Lender and, if applicable, such other Lenders and the termination of such Terminated Lender’s Commitments and, if applicable, the Commitments of such other Lenders, such Terminated Lender and, if applicable, such other Lenders shall no longer constitute a “Lender” for purposes hereof; provided, any rights of such Terminated Lender and, if applicable, such other 

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Lenders to indemnification hereunder shall survive as to such Terminated Lender and such other Lenders.  
2.20    The Paying Agent.  The Lenders hereby appoint Wells Fargo Bank, N.A. as the initial Paying Agent.  All payments of amounts due and payable in respect of the Obligations that are to be made from amounts withdrawn from the Collection Account pursuant to Section 2.12 shall be made by the Paying Agent based on the Monthly Servicing Report (upon which the Paying Agent shall be entitled to conclusively rely).
(b)    The Paying Agent hereby agrees that, subject to the provisions of this Section, it shall:
(i)    hold any sums held by it for the payment of amounts due with respect to the Obligations in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;
(ii)    give the Administrative Agent and each Class B Lender notice of any default by the Company in the making of any payment required to be made with respect to the Obligations of which it has actual knowledge;
(iii)    comply with all requirements of the Internal Revenue Code and any applicable State law with respect to the withholding from any payments made by it in respect of any Obligations of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith; and
(iv)    provide to the Agents such information as is required to be delivered under the Internal Revenue Code or any State law applicable to the particular Paying Agent, relating to payments made by the Paying Agent under this Agreement.
(c)    Each Paying Agent (other than the initial Paying Agent) shall be appointed by the Lenders with the prior written consent of the Company (if required), in accordance with Section 2.20(r).

(d)    The Company shall indemnify the Paying Agent and its officers, directors, employees and agents for, and hold them harmless against any loss, liability or expense incurred, other than in connection with the willful misconduct, fraud, gross negligence or bad faith on the part of the Paying Agent, arising out of or in connection with the performance of its obligations under and in accordance with this Agreement, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties under this Agreement.  All such amounts shall be payable in accordance with Section 2.12 and such indemnity shall survive the termination of this Agreement and the resignation or removal of the Paying Agent.

(e)    The Paying Agent undertakes to perform such duties, and only such duties, as are expressly set forth in this Agreement.  No implied covenants or obligations shall be read into this Agreement against the Paying Agent.  The Paying Agent may conclusively rely on the truth of 

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the statements and the correctness of the opinions expressed in any certificates or opinions furnished to the Paying Agent pursuant to and conforming to the requirements of this Agreement.

(f)    The Paying Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the direction or request of Requisite Lenders or the Administrative Agent or other relevant instructing party expressly permitted hereunder, or (ii) in the absence of its own fraud, gross negligence or willful misconduct as determined by a court of competent jurisdiction, no longer subject to appeal or review.

(g)     The Paying Agent shall not be charged with knowledge of any event or information, including any Default or Event of Default, unless a Responsible Officer of the Paying Agent obtains actual knowledge or receives written notice of such event from the Company, the Servicer or the Administrative Agent, as the case may be.  The receipt and/or delivery of reports and other information under this Agreement by the Paying Agent, and any publicly-available information, shall not constitute notice or actual or constructive knowledge of any such event or information, including any Default or Event of Default, contained therein.

(h)    The Paying Agent shall not be required to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be reasonable grounds for believing that the repayment of such funds or adequate indemnity against such risk or liability shall not be reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require the Paying Agent to perform, or be responsible for the manner of performance of, any of the obligations of the Company under this Agreement.

(i)    The Paying Agent may conclusively rely and shall be protected in acting or refraining from acting upon any resolution, certificate of an Authorized Officer, any Monthly Servicing Report, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties.

(j)    The Paying Agent may consult with counsel of its choice with regard to legal questions arising out of or in connection with this Agreement and the advice or opinion of such counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered by the Paying Agent in good faith and in accordance therewith.

(k)    The Paying Agent shall be under no obligation to exercise any of the rights, powers or remedies vested in it by this Agreement or to institute, conduct or defend any litigation under this Agreement or in relation to this Agreement, at the request, order or direction of the Administrative Agent, any Lender or any Agent pursuant to the provisions of this Agreement, unless the Administrative Agent, on behalf of the Secured Parties, such Lender or such Agent shall have offered to the Paying Agent security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred therein or thereby.

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(l)    Except as otherwise expressly set forth in Section 2.21, the Paying Agent shall not be bound to make any investigation into the facts of matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by the Administrative Agent; provided, that if the payment within a reasonable time to the Paying Agent of the costs, expenses or liabilities likely to be incurred by it in the making of such investigation shall be, in the opinion of the Paying Agent, not reasonably assured by the Company, the Paying Agent may require reasonable indemnity against such cost, expense or liability as a condition to so proceeding.  The reasonable expense of every such examination shall be paid by the Company or, if paid by the Paying Agent, shall be reimbursed by the Company to the extent of funds available therefor pursuant to Section 2.12.

(m)    The Paying Agent shall not be responsible for the acts or omissions of the Administrative Agent, the Company, the Servicer, any Agent, any Lender or any other Person, and may assume compliance by such parties with their obligations, unless a Responsible Officer of the Paying Agent shall have received written notice to the contrary.

(n)    Any Person into which the Paying Agent may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which to Paying Agent shall be a party, or any Person succeeding to the business of the Paying Agent, shall be the successor of the Paying Agent under this Agreement, without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

(o)    The Paying Agent shall not be liable for ensuring that the Secured Parties’ interest in the Collateral is valid or enforceable, and does not assume and shall have no responsibility for, and makes no representation as to, monitoring the status of any lien or performance or value of any Collateral.

(p)    If the Paying Agent shall at any time receive conflicting instructions from the Administrative Agent and the Company or the Servicer or any other party to this Agreement and the conflict between such instructions cannot be resolved by reference to the terms of this Agreement, the Paying Agent shall follow the instructions of the Administrative Agent.  The Paying Agent may rely upon the validity of documents delivered to it, without investigation as to their authenticity or legal effectiveness, and the parties to this Agreement will hold the Paying Agent harmless from any claims that may arise or be asserted against the Paying Agent because of the invalidity of any such documents or their failure to fulfill their intended purpose.

(q)    The Paying Agent is authorized, in its sole discretion, to disregard any and all notices or instructions given by any other party hereto or by any other person, firm or corporation, except only such notices or instructions as are herein provided for and orders or process of any court entered or issued with or without jurisdiction.  If any property subject hereto is at any time attached, garnished or levied upon under any court order or in case the payment, assignment, transfer, conveyance or delivery of any such property shall be stayed or enjoined by any court order, or in case any order, judgment or decree shall be made or entered by any court affecting such property 

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or any part hereof, then and in any of such events the Paying Agent is authorized, in its sole discretion, to rely upon and comply with any such order, writ, judgment or decree, and if it complies with any such order, writ, judgment or decree it shall not be liable to any other party hereto or to any other person, firm or corporation by reason of such compliance even though such order, writ, judgment or decree maybe subsequently reversed, modified, annulled, set aside or vacated.

(r)    The Paying Agent may:  (i) terminate its obligations as Paying Agent under this Agreement (subject to the terms set forth herein) upon at least 30 days’ prior written notice to the Company, the Servicer and the Administrative Agent; provided, however, that, without the consent of the Administrative Agent, such resignation shall not be effective until a successor Paying Agent reasonably acceptable to the Administrative Agent and, so long as no Event of Default is then existing, the Company (such consent not to be unreasonably withheld or delayed) shall have accepted appointment by the Lenders as Paying Agent, pursuant hereto and shall have agreed to be bound by the terms of this Agreement; or (ii) be removed at any time upon thirty (30) days’ written notice by the Administrative Agent (acting at the direction of the Requisite Lenders), delivered to the Paying Agent, the Company and the Servicer.  In the event of such termination or removal, the Lenders with, so long as no Event of Default is then existing, the consent of the Company (such consent not to be unreasonably withheld or delayed) shall appoint a successor paying agent.  If, however, a successor paying agent is not appointed by the Lenders within sixty (60) days after the giving of notice of resignation or removal, the Paying Agent may petition a court of competent jurisdiction for the appointment of a successor Paying Agent.

(s)    Any successor Paying Agent appointed pursuant hereto shall (i) execute, acknowledge, and deliver to the Company, the Servicer, the Administrative Agent, and to the predecessor Paying Agent an instrument accepting such appointment under this Agreement.  Thereupon, the resignation or removal of the predecessor Paying Agent shall become effective and such successor Paying Agent, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor as Paying Agent under this Agreement, with like effect as if originally named as Paying Agent.  The predecessor Paying Agent shall upon payment of its fees and expenses deliver to the successor Paying Agent all documents and statements and monies held by it under this Agreement; and the Company and the predecessor Paying Agent shall execute and deliver such instruments and do such other things as may reasonably be requested for fully and certainly vesting and confirming in the successor Paying Agent all such rights, powers, duties, and obligations.

(t)    The Company shall reimburse the Paying Agent for the reasonable out-of-pocket expenses of the Paying Agent actually incurred in connection with the succession of any successor Paying Agent including in transferring any funds in its possession to the successor Paying Agent.

(u)    The Paying Agent shall have no obligation to invest and reinvest any cash held in the Collection Account or any other moneys held by the Paying Agent pursuant to this Agreement in the absence of timely and specific written investment direction from Company.  In no event shall the Paying Agent be liable for the selection of investments or for investment losses incurred thereon.  The Paying Agent shall have no liability in respect of losses incurred as a result 

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of the liquidation of any investment prior to its stated maturity or the failure of the Company to provide timely written investment direction.

(v)    If the Paying Agent shall be uncertain as to its duties or rights hereunder or under any other Credit Documents or shall receive instructions from any of the parties hereto pursuant to this Agreement which, in the reasonable opinion of the Paying Agent, are in conflict with any of the provisions of this Agreement or another Credit Document to which it is a party, the Paying Agent shall be entitled (without incurring any liability therefor to the Company or any other Person) to (i) consult with counsel of its choosing and act or refrain from acting based on the advice of such counsel and (ii) refrain from taking any action until it shall be directed otherwise in writing by all of the parties hereto or by final order of a court of competent jurisdiction.

(w)    The Paying Agent shall incur no liability nor be responsible to Company or any other Person for delays or failures in performance resulting from acts beyond its control that significantly and adversely affect the Paying Agent’s ability to perform with respect to this Agreement.  Such acts shall include, but not be limited to, acts of God, strikes, work stoppages, acts of terrorism, civil or military disturbances, nuclear or natural catastrophes, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility.

(x)    The Paying Agent may execute any of its powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys, provided that the Paying Agent shall remain obligated and liable for the administration of its duties hereunder, to the same extent and under the same terms and conditions as if it alone were acting as Paying Agent.

(y)    The Paying Agent shall not be required to take any action that is not in accordance with applicable law. The right of the Paying Agent to perform any permissive or discretionary act enumerated in this Agreement or any related document shall not be construed as a duty.

(z)    Knowledge of the Paying Agent shall not be attributed or imputed to Wells Fargo’s other roles in the transaction and knowledge of the Custodian, Collateral Agent or Controlled Account Bank shall not be attributed or imputed to the Paying Agent (other than those where the roles are performed by the same group or division within Wells Fargo or otherwise share the same Responsible Officers), or any affiliate, line of business, or other division of Wells Fargo (and vice versa).

(aa)    The Paying Agent shall not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting any security interest in the Collateral. It is expressly agreed, to the maximum extent permitted by applicable law, that the Paying Agent shall have no responsibility for (A) monitoring the perfection, continuation of perfection or the sufficiency or validity of any security interest in or related to the Collateral, (B) taking any necessary steps to preserve rights against any Person with respect to any Collateral, or (C) taking any action to protect against any diminution in value of the Collateral.

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(bb)    The Lenders hereby authorize and direct the Paying Agent and the Collateral Agent, as applicable, to execute and deliver the Undertakings Agreement, the Security Agreement and any other Credit Document to which the Paying Agent or the Collateral Agent is a party.

2.21    Duties of Paying Agent.
(a)    Borrowing Base Reports.  Upon receipt of any Borrowing Base Report and the related Borrowing Base Certificate delivered pursuant to Section 2.1(c)(ii), Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), Paying Agent shall, on the Business Day following receipt of such Borrowing Base Report, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i)    compare the ending Eligible Portfolio Outstanding Principal Balance set forth in such Borrowing Base Report with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii)    compare the number of Pledged Receivables listed in the Master Record with the number of Pledged Receivables provided to the Paying Agent by the Servicer pursuant to Section 4.2 of the Custodial Agreement as the number of Pledged Receivables for which the Custodian holds a Receivables File pursuant to the Custodial Agreement and identify any discrepancy; 
(iii)    confirm that each Pledged Receivable listed in the Master Record has a unique loan identification number;
(iv)    compare the amount set forth in such Borrowing Base Report as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Borrowing Base Report and identify any discrepancy; 
(v)    in the case of a Borrowing Base Report delivered pursuant to Section 2.11(c)(vii)(B) or Section 2.11(c)(vii)(C), recalculate the amount set forth in such Borrowing Base Report as the amount that will be on deposit in the Collection Account after giving effect to the related repayment of Loans or the related purchase of Eligible Receivables set forth therein and identify any discrepancy;
(vi)    confirm that the Accrued Interest Amount and an estimate of accrued fees as of the date of repayment or the Transfer Date, as the case may be, multiplied by 105%, is the amount set forth in such Borrowing Base Request as 105% of the estimated amount of accrued interest and fees and identify any discrepancy; 
(vii)    recalculate the Class A Availability and the Class B Availability, based on the Class A Borrowing Base and the Class B Borrowing Base set forth in such Borrowing Base Report and the Total Utilization of Class A Commitments and the Total Utilization of Class B Commitments set forth in the Paying Agent’s records and identify any discrepancies; 

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(viii)    in the case of a Borrowing Base Report delivered pursuant to Section 3.2(a)(i), (A) confirm that the Class A Loans requested in the related Funding Request are not greater than the Class A Availability and the amount of Class B Loans requested in the related Funding Request are not greater than the Class B Availability and (B) confirm that, after giving effect to such Loans, the Total Utilization of Class A Loans will not exceed the Class A Commitments and the Total Utilization of Class B Loans will not exceed the Class B Commitments; and
(ix)    notify the Administrative Agent and the Lenders of the results of such review. 
(b)    Monthly Servicing Reports.  Upon receipt of any Monthly Servicing Report delivered pursuant to Section 5.1(f), Paying Agent shall, to the extent that Paying Agent has access to all information necessary to perform the duties set forth herein:
(i)    compare the Eligible Portfolio Outstanding Principal Balance set forth therein with the aggregate Outstanding Principal Balance of the Eligible Receivables listed in the Master Record and identify any discrepancy;
(ii)    confirm the aggregate repayments of Loans during the period covered by the Monthly Servicing Report set forth therein with the Borrowing Base Reports delivered to Paying Agent pursuant to Section 2.11(c)(vii)(B) during such period and identify any discrepancies;
(iii)    compare the amount set forth therein as the amount on deposit in the Collection Account with the amount shown on deposit in the Collection Account as of the date of such Monthly Servicing Report and identify any discrepancy; 
(iv)    compare the amount of accrued and unpaid interest and unused fees payable to the Class A Lenders and the amount of accrued and unpaid interest and unused fees payable to the Class B Lenders, respectively, set forth therein to the amounts set forth in the related invoices received by Paying Agent and identify any discrepancies; 
(v)    compare the amount of Servicing Fees payable to the Servicer set forth therein to the amount set forth in the related invoice received by Paying Agent and identify any discrepancy; 
(vi)    compare the amount of Backup Servicing Fees and expenses payable to the Backup Servicer set forth therein to the amounts set forth in the related invoice received by Paying Agent and identify any discrepancy; 
(vii)    compare the amount of fees and expenses payable to the Custodian set forth therein to the amounts set forth in the related invoice received by Paying Agent and identify any discrepancy; 

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(viii)    compare the amount of fees and expenses payable to the Collateral Agent set forth therein to the amounts set forth in the related invoice received by Paying Agent and identify any discrepancy; 
(ix)    compare the amount of fees and expenses payable to the Paying Agent set forth therein to the amounts set forth in the related invoice submitted by Paying Agent and identify any discrepancy; 
(x)    recalculate the Class A Availability and the Class B Availability based on the Class A Borrowing Base and the Class B Borrowing Base set forth therein and the Total Utilization of Class A Commitments and the Total Utilization of Class B Commitments set forth in the Paying Agent’s records and identify any discrepancies; and
(xi)    notify the Administrative Agent and the Lenders of the results of such review. 
(c)    For the avoidance of doubt, Paying Agent’s sole responsibility with respect to the obligations set forth in Section 2.21 is to compare or confirm information in the Borrowing Base Report or Monthly Servicing Report, as applicable, in accordance with Section 2.21 based on the information indicated therein received by Paying Agent from Company, the Servicer or the Custodian, as the case may be.
2.22    Collateral Agent.
(a)    The Collateral Agent shall be entitled to the same rights, protections, indemnities and immunities as the Paying Agent hereunder.

(b)    In addition to Section 2.22(a), the Collateral Agent shall be entitled to the following additional protections:

(i)    The Collateral Agent shall have no duty (A) to see to any recording, filing, or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation statement evidencing a security interest, or to see to the maintenance of any such recording or filing or depositing or to any rerecording, re-filing or re-depositing of any thereof, (B) to see to any insurance, or (C) to see to the payment or discharge of any tax, assessment, or other governmental charge or any lien or encumbrance of any kind owing with respect to, assessed or levied against, any part of the Collateral;

(ii)    The Collateral Agent shall be authorized to, but shall not be responsible for, filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting any security interest in the Collateral. It is expressly agreed, to the maximum extent permitted by applicable law, that the Collateral Agent shall have no responsibility for (A) monitoring the perfection, continuation of perfection or the sufficiency or validity of any security interest in or related to the Collateral, (B) taking any necessary steps to preserve rights against any 

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Person with respect to any Collateral, or (C) taking any action to protect against any diminution in value of the Collateral;

(iii)    The Collateral Agent shall be fully justified in failing or refusing to take any action under this Agreement and any other Credit Document (A) if such action would, in the reasonable opinion of the Collateral Agent, in good faith (which may be based on the advice or opinion of counsel), be contrary to applicable law, this Agreement or any other Credit Document, (B) if such action is not provided for in this Agreement or any other Credit Document, (C) if, in connection with the taking of any such action hereunder, under any other Credit Document that would constitute an exercise of remedies, it shall not first be indemnified to its satisfaction by the Administrative Agent and/or the Lenders against any and all risk of nonpayment, liability and expense that may be incurred by it, its agents or its counsel by reason of taking or continuing to take any such action, or (D) if the Collateral Agent would be required to make payments on behalf of the Lenders pursuant to its obligations as Collateral Agent hereunder, it does not first receive from the Lenders sufficient funds for such payment;

(iv)    The Collateral Agent shall not be required to take any action under this or any other Credit Document if taking such action (A) would subject the Collateral Agent to a tax in any jurisdiction where it is not then subject to a tax, or (B) would require the Collateral Agent to qualify to do business in any jurisdiction where it is not then so qualified;

(v)    Neither the Collateral Agent nor its respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the request of the Administrative Agent or the Lenders, or to take any other action whatsoever with regard to the Collateral or any part thereof.  The powers conferred on the Collateral Agent hereunder are solely to protect the Collateral Agent’s and the Lenders’ interests in the Collateral and shall not impose any duty upon the Collateral Agent to exercise any such powers. The Collateral Agent 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 Administrative Agent or the Lenders for any act or failure to act hereunder, except for its own fraud, gross negligence or willful misconduct.

2.23    Intention of Parties.
It is the intention of the parties that the Loans be characterized as indebtedness for federal income tax purposes.  The terms of the Loans shall be interpreted to further this intention and neither the Lenders nor Company will take an inconsistent position on any federal, state or local tax return.
2.24    Increase Option.

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As set forth in the definition of “Class B Commitment”, the aggregate amount of the Class B Commitments as of the Closing Date is $0.  Subject to Section 9.4, the Company may from time to time elect to increase the Class B Commitment, so long as, after giving effect thereto, the aggregate amount of all such increases does not exceed $18,072,289.  Each existing Class B Lender (if any) shall have the right to provide its Pro Rata Share of such increase within ten (10) Business Days of the Company’s increase election pursuant to this Section 2.24 (each such consenting Lender, an “Increasing Lender”).  If one or more of the Class B Lenders fail to consent or collectively fail to commit to fund the full amount of such increase, the Company may arrange for any such increase to be provided by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an “Augmenting Lender”); provided that each Augmenting Lender shall be subject to the reasonable approval of the Administrative Agent.  No consent of any Lender (other than any Class B Lender participating in the increase) shall be required for any increase in Class B Commitments pursuant to this Section.  Increased and new Class B Commitments pursuant to this Section 2.24 shall become effective on the date agreed by the Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, as applicable, pursuant to a joinder agreement (each, a “Joinder Agreement”) in form and substance reasonably satisfactory to Company, Administrative Agent and such Increasing Lender or Augmenting Lender, as applicable, whereby each such Increasing Lender or Augmenting Lender, as applicable, assumes the rights and obligations of a Class B Lender hereunder.  Each Joinder Agreement shall also set forth any other applicable terms of the Class B Commitments being provided thereby, including without limitation the Applicable Class B Advance Rate (which shall be identical among all Class B Lenders), other than pricing terms described in a separate Fee Letter.  The Administrative Agent shall notify each Class A Lender, and the Company shall notify each Class B Lender, of each increase in Class B Commitments made pursuant to this Section 2.24.  Notwithstanding the foregoing, no increase in the Commitment, (or in the Class B Commitment of any Lender) shall become effective under this paragraph if on the proposed date of the effectiveness of such increase, an Event of Default has occurred and is continuing.  On the effective date of any increase in the Commitment, each relevant Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent determines, for the benefit of the other Class B Lenders, as being required to cause, after giving effect to such increase and paying such amounts to such other Class B Lenders, each Class B Lender’s portion of the outstanding Class B Loans of all the Class B Lenders to equal its Pro Rata Share of such outstanding Class B Loans.  For so long as Class B Commitments are $0, all provisions in this Agreement (other than this Section 2.24) relating to Class B Commitments, Class B Loans, Class B Lenders and related matters shall be without effect.   
		
	SECTION 3.
	CONDITIONS PRECEDENT

3.1    Closing Date.  The obligation of each Lender to make a Credit Extension on the Closing Date is subject to the satisfaction, or waiver in accordance with Section 9.5, of the following conditions on or before the Closing Date:
(a)    Credit Documents and Related Agreements.  The Administrative Agent shall have received copies of each Credit Document, originally executed and delivered by each applicable Person and copies of each Related Agreement.

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(b)    Formation of Company.  The Administrative Agent shall have received evidence satisfactory to it in its reasonable discretion that Company was formed as a bankruptcy remote, special purpose entity in the state of Delaware as a limited liability company.
(c)    Organizational Documents; Incumbency.  The Administrative Agent shall have received (i) copies of each Organizational Document executed and delivered by Company and Holdings, as applicable, and, to the extent applicable, (x) certified as of the Closing Date or a recent date prior thereto by the appropriate governmental official and (y) certified by its secretary or an assistant secretary as of the Closing Date, in each case as being in full force and effect without modification or amendment; (ii) signature and incumbency certificates of the officers of such Person executing the Credit Documents to which it is a party; (iii) resolutions of the Board of Directors or similar governing body of each of Company and Holdings approving and authorizing the execution, delivery and performance of this Agreement and the other Credit Documents to which it is a party or by which it or its assets may be bound as of the Closing Date, certified as of the Closing Date by its secretary or an assistant secretary as being in full force and effect without modification or amendment; (iv) a good standing certificate from the applicable Governmental Authority of each of Company and Holdings’ jurisdiction of incorporation, organization or formation and, with respect to Company, in each jurisdiction in which it is qualified as a foreign corporation or other entity to do business, each dated a recent date prior to the Closing Date; and (v) such other documents as the Administrative Agent may reasonably request.
(d)    Organizational and Capital Structure.  The capital structure of Company shall be as described in Section 4.2.
(e)    Transaction Costs.  On or prior to the Closing Date, Company shall have delivered to Administrative Agent, Company’s reasonable best estimate of the Transaction Costs (other than fees payable to any Agent).
(f)    Governmental Authorizations and Consents.  Company and Holdings shall have obtained all Governmental Authorizations and all consents of other Persons, in each case that are necessary or advisable to be obtained by them, in connection with the transactions contemplated by the Credit Documents and each of the foregoing shall be in full force and effect and in form and substance reasonably satisfactory to the Administrative Agent.  All applicable waiting periods shall have expired without any action being taken or threatened by any competent authority which would restrain, prevent or otherwise impose adverse conditions on the transactions contemplated by the Credit Documents or the financing thereof and no action, request for stay, petition for review or rehearing, reconsideration, or appeal with respect to any of the foregoing shall be pending, and the time for any applicable agency to take action to set aside its consent on its own motion shall have expired.
(g)    Collateral.  In order to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid, perfected First Priority security interest in the Collateral, Company shall deliver:
(i)    evidence satisfactory to the Administrative Agent of the compliance by Company of its obligations under the Security Agreement and the other Collateral 

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Documents (including, without limitation, its obligations to authorize or execute, as the case may be, and deliver UCC financing statements, originals of securities, instruments and chattel paper and any agreements governing deposit and/or securities accounts as provided therein);
(ii)    the results of a recent search, by a Person satisfactory to Administrative Agent, of all effective UCC financing statements (or equivalent filings) made with respect to any personal or mixed property of Company in the jurisdictions specified by Administrative Agent, together with copies of all such filings disclosed by such search, and UCC termination statements (or similar documents) duly authorized by all applicable Persons for filing in all applicable jurisdictions as may be necessary to terminate any effective UCC financing statements (or equivalent filings) disclosed in such search;
(iii)    opinions of counsel (which counsel shall be reasonably satisfactory to the Administrative Agent) with respect to the creation and perfection of the security interests in favor of Collateral Agent in such Collateral and such other matters governed by the laws of each jurisdiction in which Company or any personal property Collateral is located as the Administrative Agent may reasonably request, in each case in form and substance reasonably satisfactory to the Administrative Agent;
(iv)    opinions of counsel (which counsel shall be reasonably satisfactory to the Administrative Agent) with respect to the creation and perfection of the security interest in favor of Purchaser in the Pledged Receivables and Related Security under the Asset Purchase Agreement, in each case in form and substance reasonably satisfactory to the Administrative Agent; and
(v)    evidence that Company and Holdings shall have each taken or caused to be taken any other action, executed and delivered or caused to be executed and delivered any other agreement, document and instrument and made or caused to be made any other filing and recording (other than as set forth herein) reasonably required by the Administrative Agent.
(h)    Financial Statements.  The Administrative Agent shall have received from Company the Historical Financial Statements.
(i)    Evidence of Insurance.  The Administrative Agent shall have received a certificate from Holdings’ insurance broker, or other evidence satisfactory to the Administrative Agent that all insurance required to be maintained under the Servicing Agreement and Section 5.4 is in full force and effect.
(j)    Opinions of Counsel to Company and Holdings.  The Administrative Agent and counsel to Administrative Agent shall have received originally executed copies of the favorable written opinions of DLA Piper LLP, counsel for Company and Holdings, as to such matters (including the true sale of Pledged Receivables, bankruptcy remote nature of Company and covered fund matters under the Volcker Rule) as the Administrative Agent may reasonably request, dated as of the Closing Date and otherwise in form and substance reasonably satisfactory to the 

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Administrative Agent (and Company hereby instructs, and Holdings shall instruct, such counsel to deliver such opinions to Agents and Lenders).  The Administrative Agent and counsel to the Administrative Agent shall have received an originally executed copy of a favorable written opinion of counsel to Holdings acceptable to the Administrative Agent to the effect that the Receivables Agreements governed by the law of Virginia are valid and enforceable obligations under the laws of Virginia in form and substance reasonably satisfactory to the Administrative Agent (and Company hereby instructs, and Holdings shall instruct, such counsel to deliver such opinions to the Administrative Agent and Lenders).
(k)    Solvency Certificate.  On the Closing Date, Administrative Agent, the Administrative Agent shall have received a Solvency Certificate from Holdings and Company dated as of the Closing Date and addressed to the Administrative Agent, and in form, scope and substance satisfactory to the Administrative Agent, with appropriate attachments and demonstrating that after giving effect to the consummation of the Credit Extensions to be made on the Closing Date, Holdings and Company are and will be Solvent.
(l)    Closing Date Certificate.  Holdings and Company shall have delivered to the Administrative Agent an originally executed Closing Date Certificate, together with all attachments thereto.
(m)    No Litigation.  There shall not exist any action, suit, investigation, litigation or proceeding or other legal or regulatory developments, pending or threatened in any court or before any arbitrator or Governmental Authority that, in the reasonable discretion of the Administrative Agent, singly or in the aggregate, materially impairs any of the transactions contemplated by the Credit Documents or that would reasonably be expected to result in a Material Adverse Effect.
(n)    No Material Adverse Change.  Since December 31, 2015, no event, circumstance or change shall have occurred that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect.
(o)    Rating of Loans.  The Administrative Agent shall have received a letter from DBRS, Inc. to the effect that the Class A Loans are rated “A (low).”  
(p)    Completion of Proceedings.  All partnership, corporate and other proceedings taken or to be taken in connection with the transactions contemplated hereby and all documents incidental thereto shall be satisfactory in form and substance to the Administrative Agent and counsel to Administrative Agent, and the Administrative Agent, and counsel to Administrative Agent shall have received all such counterpart originals or certified copies of such documents as they may reasonably request.
(q)    Independent Manager.  On the Closing Date, the Administrative Agent shall have received evidence satisfactory to it that Company has appointed an Independent Manager who is acceptable to it in its sole discretion. 

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(r)    Payment of Fees.  On the Closing Date, the Administrative Agent shall have received all fees and expenses due and payable by the Company and Holdings on or prior to the Closing Date under the Credit Documents; provided that such fees and expenses shall have been invoiced to the Company or Holdings, as applicable not less than one Business Day prior to the Closing Date.
(s)    KYC; Diligence.  On the Closing Date, the Administrative Agent shall have completed all required “know-your-customer” procedures and shall have received satisfactory due diligence results in connection with any such diligence information as they may have requested.
The Administrative Agent and each Lender, by delivering its signature page to this Agreement, shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document and each other document required to be approved by the Administrative Agent, Requisite Lenders or Lenders, as applicable on the Closing Date.
3.2    Conditions to Each Credit Extension.  
(a)    Conditions Precedent.  The obligation of each Lender to make any Loan on any Credit Date, including if applicable the Closing Date, is subject to the satisfaction, or waiver in accordance with Section 9.5, of the following conditions precedent:
(i)    Administrative Agent, the Paying Agent, Custodian and each Class B Lender shall have received a fully executed and delivered Funding Notice together with a Borrowing Base Certificate, evidencing sufficient Availability with respect to the requested Loans, and a Borrowing Base Report;
(ii)    both before and after making any Loans requested on such Credit Date, the Total Utilization of Class A Commitments shall not exceed the Class A Borrowing Base and the Total Utilization of Class B Commitments shall not exceed the Class B Borrowing Base; 
 (iii) as of such Credit Date, the representations and warranties contained herein and in the other Credit Documents shall be true and correct in all material respects on and as of that Credit Date to the same extent as though made on and as of that date, other than those representations and warranties which are qualified by materiality, in which case, such representation and warranty shall be true and correct in all respects on and as of that Credit Date, except, in each case, to the extent such representations and warranties specifically relate to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects, or true and correct in all respects, as the case may be on and as of such earlier date, provided, that the representations and warranties in any Original Borrowing Base Certificate shall be excluded from the certification in this Section 3.2(a)(iii) to the extent a Replacement Borrowing Base Certificate has been delivered in substitute thereof in accordance with Section 2.1(c)(ii);

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(iv)    as of such Credit Date, no event shall have occurred and be continuing or would result from the consummation of the applicable Credit Extension that would constitute an Event of Default or a Default; 
(v)    the Administrative Agent, the Paying Agent and each Class B Lender shall have received the Borrowing Base Report for the Business Day prior to the Credit Date which shall be delivered on a pro forma basis for the first Credit Date hereunder;
(vi)    in accordance with the terms of the Custodial Agreement, Company has delivered, or caused to be delivered to the Custodian, the Receivable File related to each Receivable that is, on such Credit Date, being transferred and delivered to Company pursuant to the Asset Purchase Agreement, and the Administrative Agent has received a Collateral Receipt and Exception Report from the Custodian, which Collateral Receipt and Exception Report is acceptable to the Administrative Agent in its Permitted Discretion; and
(vii)    as of such Credit Date, the Reserve Account shall have been (or will be, out of the proceeds of the Loan to be made on such date), funded so that it contains funds in an amount not less than the Reserve Account Funding Amount as of such date.
Notwithstanding anything contained herein to the contrary, neither the Paying Agent nor the Collateral Agent shall be responsible or liable for determining whether any conditions precedent to making a Loan have been satisfied.
(b)    Notices.  Any Funding Notice shall be executed by an Authorized Officer in a writing delivered to Administrative Agent, the Paying Agent and each Class B Lender.  
		
	SECTION 4.
	REPRESENTATIONS AND WARRANTIES

In order to induce Agents and Lenders to enter into this Agreement and to make each Credit Extension to be made thereby, Company represents and warrants to each Agent and Lender, on the Closing Date, on each Credit Date and on each Transfer Date, that the following statements are true and correct:
4.1    Organization; Requisite Power and Authority; Qualification; Other Names.  Company (a) is duly organized or formed, validly existing and in good standing under the laws of the State of Delaware, (b) has all requisite power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Credit Documents to which it is a party and to carry out the transactions contemplated thereby, and (c) is qualified to do business and in good standing in every jurisdiction where its assets are located and wherever necessary to carry out its business and operations, except in jurisdictions where the failure to be so qualified or in good standing has not had, and would not reasonably be expected to result in a Material Adverse Effect.  Company does not operate or do business under any assumed, trade or fictitious name.  Company has no Subsidiaries.
4.2    Capital Stock and Ownership.  The Capital Stock of Company has been duly authorized and validly issued and is fully paid and non‐assessable.  As of the date hereof, there is no existing option, warrant, call, right, commitment or other agreement to which Company is a 

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party requiring, and there is no membership interest or other Capital Stock of Company outstanding which upon conversion or exchange would require, the issuance by Company of any additional membership interests or other Capital Stock of Company or other Securities convertible into, exchangeable for or evidencing the right to subscribe for or purchase, a membership interest or other Capital Stock of Company.  All membership interests in the Company as of the Closing Date are owned by Holdings. 
4.3    Due Authorization.  The execution, delivery and performance of the Credit Documents to which Company is a party have been duly authorized by all necessary action of Company.
4.4    No Conflict.  The execution, delivery and performance by Company of the Credit Documents to which it is party and the consummation of the transactions contemplated by the Credit Documents do not and will not (a) violate in any material respect any provision of any law or any governmental rule or regulation applicable to Company, any of the Organizational Documents of Company, or any order, judgment or decree of any court or other Governmental Authority binding on Company; (b) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any Contractual Obligation of Company; (c) result in or require the creation or imposition of any Lien upon any of the properties or assets of Company (other than any Liens created under any of the Credit Documents in favor of Collateral Agent, on behalf of Secured Parties); or (d) require any approval of stockholders, members or partners or any approval or consent of any Person under any Contractual Obligation of Company, except as would not reasonably be expected to result in a Material Adverse Effect.
4.5    Governmental Consents.  The execution, delivery and performance by Company of the Credit Documents to which Company is a party and the consummation of the transactions contemplated by the Credit Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any Governmental Authority except for filings and recordings with respect to the Collateral to be made, or otherwise delivered to the Administrative Agent for filing and/or recordation, as of the Closing Date other than (a) those that have already been obtained and are in full force and effect, or (b) any consents or approvals the failure of which to obtain will not have a Material Adverse Effect.
4.6    Binding Obligation.  Each Credit Document to which Company is a party has been duly executed and delivered by Company and is the legally valid and binding obligation of Company, enforceable against Company in accordance with its respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.
4.7    Eligible Receivables.  Each Receivable that is identified by Company as an Eligible Receivable in a Borrowing Base Certificate satisfies all of the criteria set forth in the definition of Eligibility Criteria (other than any Receivable identified as an Eligible Receivable in any Original Borrowing Base Certificate to the extent a Replacement Borrowing Base Certificate has been delivered in substitute thereof in accordance with Section 2.1(c)(ii)).

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4.8    Historical Financial Statements.  The Historical Financial Statements were prepared in conformity with GAAP and fairly present, in all material respects, the financial position, on a consolidated basis, of the Persons described in such financial statements as at the respective dates thereof and the results of operations and cash flows, on a consolidated basis, of the entities described therein for each of the periods then ended, subject, in the case of any such unaudited financial statements, to changes resulting from audit and normal year‐end adjustments.
4.9    No Material Adverse Effect.  Since December 31, 2015, no event, circumstance or change has occurred that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect.
4.10    Adverse Proceedings, etc. There are no Adverse Proceedings (other than counter claims relating to ordinary course collection actions by or on behalf of Company) pending against Company that challenges Company’s right or power to enter into or perform any of its obligations under the Credit Documents to which it is a party or that would reasonably be expected to result in a Material Adverse Effect.  Company is not (a) in violation of any applicable laws in any material respect, or (b) subject to or in default with respect to any judgments, writs, injunctions, decrees, rules or regulations of any court or any federal, state, municipal or other Governmental Authority, except as would not reasonably be expected to result in a Material Adverse Effect.
4.11    Payment of Taxes.  Except as otherwise permitted under Section 5.3, all material tax returns and reports of Company required to be filed by it have been timely filed, and all material taxes shown on such tax returns to be due and payable and all assessments, fees and other governmental charges upon Company and upon its properties, assets, income, businesses and franchises which are due and payable have been paid when due and payable except those which are being contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP.  Company knows of no proposed tax assessment against Company which is not being actively contested by Company in good faith and by appropriate proceedings; provided, such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor.
4.12    Title to Assets.  Company has no fee, leasehold or other property interests in any real property assets. Company has good and valid title to all of its assets reflected in the most recent financial statements delivered pursuant to Section 5.1.  Except as permitted by this Agreement, all such properties and assets are free and clear of Liens.  All Liens purported to be created in any Collateral pursuant to any Collateral Document in favor of Collateral Agent are First Priority Liens.
4.13    No Indebtedness.  Company has no Indebtedness, other than Indebtedness incurred under (or contemplated by) the terms of this Agreement or otherwise permitted hereunder.
4.14    No Defaults.  Company is not in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any of its Contractual Obligations, and no condition exists which, with the giving of notice or the lapse of time or both, could constitute such a default, except where the consequences, direct or indirect, of such default or defaults, if any, would not reasonably be expected to result in a Material Adverse Effect.

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4.15    Material Contracts.  Company is not a party to any Material Contracts.
4.16    Government Contracts.  Company is not a party to any contract or agreement with any Governmental Authority, and the Pledged Receivables are not subject to the Federal Assignment of Claims Act (31 U.S.C. Section 3727) or any similar state or local law.
4.17    Governmental Regulation.  Company is not subject to regulation under the Public Utility Holding Company Act of 2005, the Federal Power Act or the Investment Company Act of 1940 or under any other federal or state statute or regulation which may limit its ability to incur Indebtedness or which may otherwise render all or any portion of the Obligations unenforceable. Company is not a “registered investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment Company Act of 1940.  The Loans do not constitute an “ownership interest” as such term is defined under the Volcker Rule.   
4.18    Margin Stock.  Company is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock.  No part of the proceeds of the Loans made to Company will be used to purchase or carry any such Margin Stock or to extend credit to others for the purpose of purchasing or carrying any such Margin Stock or for any purpose that violates, or is inconsistent with, the provisions of Regulation T, U or X of the Board of Governors of the Federal Reserve System.
4.19    Employee Benefit Plans.  No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect.  Company does not maintain or contribute to any Employee Benefit Plan.
4.20    Solvency; Fraudulent Conveyance.  Company is and, upon the incurrence of any Credit Extension by Company on any date on which this representation and warranty is made, will be, Solvent.  Company is not transferring any Collateral with any intent to hinder, delay or defraud any of its creditors.  Company shall not use the proceeds from the transactions contemplated by this Agreement to give preference to any class of creditors.  Company has given fair consideration and reasonably equivalent value in exchange for the sale of the Receivables by Holdings under the Asset Purchase Agreement.
4.21    Compliance with Statutes, etc.
  Company is in compliance in all material respects with all applicable statutes, regulations and orders of, and all applicable restrictions imposed by, all Governmental Authorities, in respect of the conduct of its business and the ownership of its property, except as would not reasonably be expected to result in a Material Adverse Effect.
4.22    Matters Pertaining to Related Agreements. 
(a)    Delivery.  Company has delivered, or caused to be delivered, to each Agent and each Lender complete and correct copies of (i) each Related Agreement and of all exhibits and 

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schedules thereto as of the Closing Date, and (ii) copies of any material amendment, restatement, supplement or other modification to or waiver of each Related Agreement entered into after the date hereof.
(b)    The Asset Purchase Agreement creates a valid transfer and assignment to Company of all right, title and interest of Holdings in and to all Pledged Receivables and all Related Security conveyed to Company thereunder and Company has a First Priority perfected security interest therein.  Company has given reasonably equivalent value to Holdings in consideration for the transfer to Company by Holdings of the Pledged Receivables and Related Security pursuant to the Asset Purchase Agreement.
(c)    Each Receivables Program Agreement creates a valid transfer and assignment to Holdings of all right, title and interest of the Receivables Account Bank in and to all Receivables and Related Security conveyed or purported to be conveyed to Holdings thereunder.  Holdings has given reasonably equivalent value to the Receivables Account Bank in consideration for the transfer to Holdings by the Receivables Account Bank of the Receivables and Related Security pursuant to the applicable Receivables Program Agreement.
4.23    Disclosure.  No documents, certificates, written statements or other written information furnished to Lenders by or on behalf of Holdings or Company for use in connection with the transactions contemplated hereby, taken as a whole, contains any untrue statement of a material fact, or taken as a whole, omits to state a material fact (known to Holdings or Company, in the case of any document not furnished by either of them) necessary in order to make the statements contained therein not misleading in light of the circumstances in which the same were made, provided, that, projections and pro forma financial information contained in such materials were prepared based upon good faith estimates and assumptions believed by the preparer thereof to be reasonable at the time made, it being recognized by Lenders that such projections as to future events are not to be viewed as facts and that actual results during the period or periods covered by any such projections may differ from the projected results and such differences may be material.  
4.24    Patriot Act.  To the extent applicable, Company and Holdings are in compliance, in all material respects, with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001) (the “Act”).  No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended to the date hereof and from time to time hereafter, and any successor statute. 
4.25    Remittance of Collections.
  Company represents and warrants that each remittance of Collections by it hereunder to any Agent or any Lender hereunder is and will have been, at all relevant times hereunder, (a) in 

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payment of a debt incurred by Company in the ordinary course of business or financial affairs of Company and (b) made in the ordinary course of business or financial affairs.
4.26    Tax Status.
(a)Company is, and shall at all relevant times continue to be, a “disregarded  
entity” within the meaning of U.S. Treasury Regulation § 301.7701-3. 
(b)Company is not and will not at any relevant time become an association  
(or a publicly traded partnership) taxable as a corporation for U.S. federal income tax purposes.
    
4.27    LCR.
In connection with this Agreement, Company represents, warrants and agrees that it has not, does not and will not during the term of the Agreement (x) issue any obligations that (a) constitute asset-backed commercial paper,  or (b) are securities required to be registered under the Securities Act of 1933 or that may be offered for sale under Rule 144A of the Securities and Exchange Commission thereunder,  or (y) issue any other debt obligations or equity interests other than (i) Class A Loans, Class B Loans or other debt obligations substantially similar to the obligations of Company under this Agreement that are (A) issued to other banks or asset-backed commercial paper conduits in privately negotiated transactions, and (B) subject to transfer restrictions substantially similar to the transfer restrictions set forth in Section 9.6 of this Agreement, and (ii) equity interests issued to Holdings under the terms of Company’s Organizational Documents.  The assets and liabilities of Company are consolidated with the assets and liabilities of Holdings under GAAP.
		
	SECTION 5.
	AFFIRMATIVE COVENANTS

Company covenants and agrees that until the Termination Date, Company shall perform (or cause to be performed, as applicable) all covenants in this Section 5.
5.1    Financial Statements and Other Reports.  Unless otherwise provided below, Company or its designee will deliver to each Agent and each Lender:
(a)    Quarterly Financial Statements.  Promptly after becoming available, and in any event within forty-five (45) days after the end of each Fiscal Quarter (other than the fourth Fiscal Quarter) of each Fiscal Year, the consolidated balance sheet of Holdings as at the end of such Fiscal Quarter and the related consolidated statements of income, stockholders’ equity and cash flows of Holdings for such Fiscal Quarter and for the period from the beginning of the then current Fiscal Year to the end of such Fiscal Quarter, setting forth in each case in comparative form the corresponding figures for the corresponding periods of the previous Fiscal Year, all in reasonable detail, together with a Financial Officer Certification with respect thereto;
(b)    Annual Financial Statements.  Promptly after becoming available, and in any event within ninety (90) days after the end of each Fiscal Year, (i) the consolidated balance sheets of Holdings as at the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows of Holdings for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year, in reasonable detail, together with a Financial Officer Certification with respect thereto; and (ii) with respect to such consolidated financial statements a report thereon of Ernst & Young LLP or other independent 

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certified public accountants of recognized national standing as to going concern and scope of audit, and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated financial position of Holdings as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards) and (iii) the balance sheets of Company as at the end of such Fiscal Year and the related consolidated statements of income, stockholders’ equity and cash flows of Company for such Fiscal Year, setting forth in each case in comparative form the corresponding figures for the previous Fiscal Year, in reasonable detail, together with a Financial Officer Certification with respect thereto;
(c)    Compliance Certificates.  Together with each delivery of financial statements of Holdings pursuant to Sections 5.1(a) and 5.1(b), a duly executed and completed Compliance Certificate;
(d)    Statements of Reconciliation after Change in Accounting Principles.  If, as a result of any change in accounting principles and policies from those used in the preparation of the Historical Financial Statements, the consolidated financial statements of (i) Holdings and (ii) Company delivered pursuant to Section 5.1(a) or 5.1(b) will differ in any material respect from the consolidated financial statements that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial statements in form and substance reasonably satisfactory to Administrative Agent;
(e)    Public Reporting.  The obligations in Sections 5.1(a) and (b) may be satisfied by furnishing, at the option of Holdings, the applicable financial statements as described above or an Annual Report on Form 10-K or Quarterly Report on Form 10-Q for Holdings for any Fiscal Year, as filed with the U.S. Securities and Exchange Commission.  
(f)    Collateral Reporting.
(i)    On each Monthly Reporting Date, with each Funding Notice, and at such other times as any Agent or Lender shall request in its Permitted Discretion, a Borrowing Base Certificate (calculated as of the close of business of the previous Monthly Period or as of a date no later than three (3) Business Days prior to such request), together with a reconciliation to the most recently delivered Borrowing Base Certificate and Borrowing Base Report, in form and substance reasonably satisfactory to Administrative Agent and each Class B Lender.  Each Borrowing Base Certificate delivered to Administrative Agent, Paying Agent and each Class B Lender shall bear a signed statement by an Authorized Officer certifying the accuracy and completeness in all material respects of all information included therein.  The execution and delivery of a Borrowing Base Certificate (other than any Original Borrowing Base Certificate to the extent a Replacement Borrowing Base Certificate has been delivered in substitute thereof in accordance with Section 2.1(c)(ii)) shall in each instance constitute a representation and warranty by Company to Administrative Agent, 

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Paying Agent and each Class B Lender that each Receivable included therein as an “Eligible Receivable” is, in fact, an Eligible Receivable as of the date thereof.  For avoidance of doubt, and without derogation of the Company’s obligations hereunder, in the event any request for a Loan, or a Borrowing Base Certificate or other information required by this Section 5.1(f) is delivered to Administrative Agent, Paying Agent and each Class B Lender by Company electronically or otherwise without signature, such request, or such Borrowing Base Certificate or other information shall, upon such delivery, be deemed to be signed and certified on behalf of Company by an Authorized Officer and constitute a representation to Administrative Agent, Paying Agent and each Class B Lender as to the authenticity thereof.  The Administrative Agent shall have the right to review and adjust any such calculation of the Borrowing Base to reflect exclusions from Eligible Receivables or such other matters as are necessary to determine the Borrowing Base, but in each case only to the extent the Administrative Agent is expressly provided such discretion by this Agreement.
(ii)    On each Monthly Reporting Date, the Master Record and the Monthly Servicing Report to Administrative Agent, Paying Agent and each Class B Lender on the terms and conditions set forth in the Servicing Agreement.
(g)    Notice of Default.  Promptly upon an Authorized Officer of Company obtaining knowledge (i) of any condition or event that constitutes a Default or an Event of Default or that notice has been given to Holdings or Company with respect thereto; (ii) that any Person has given any notice to Holdings or Company or taken any other action with respect to any event or condition set forth in Section 7.1(b); or (iii) of the occurrence of any event or change that has caused or evidences, either in any case or in the aggregate, a Material Adverse Effect, a certificate of its Authorized Officers specifying the nature and period of existence of such condition, event or change, or specifying the notice given and action taken by any such Person and the nature of such claimed Event of Default, default, event or condition, and what action Holdings or Company, as applicable, has taken, is taking and proposes to take with respect thereto;
(h)    Notice of Litigation.  Promptly upon any Authorized Officer of Company obtaining knowledge of an Adverse Proceeding that is reasonably likely to have a Material Adverse Effect, written notice thereof together with such other information as may be reasonably available to Company or Holdings to enable Lenders and their counsel to evaluate such matters;
(i)    ERISA.  (i) Promptly upon any Authorized Officer of Company becoming aware of the occurrence of or forthcoming occurrence of any ERISA Event, a written notice specifying the nature thereof, what action Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates has taken, is taking or proposes to take with respect thereto and, when known, any action taken or threatened by the Internal Revenue Service, the Department of Labor or the PBGC with respect thereto; and (ii) with reasonable promptness, copies of (1) each Schedule SB (Actuarial Information) to the annual report (Form 5500 Series) filed by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates with the Internal Revenue Service with respect to each affected Pension Plan; (2) all notices received by Holdings, any of its Subsidiaries or any of their respective ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event; and (3) copies of such other documents or governmental reports or filings relating 

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to any affected Employee Benefit Plan of Holdings or any of its Subsidiaries thereof, or, with respect to any affected Pension Plan or affected Multiemployer Plan, any of their respective ERISA Affiliates (with respect to an affected Multiemployer Plan, to the extent that Holdings or the Subsidiary or ERISA Affiliate, as applicable, has rights to access such documents, reports or filings), as any Agent or Lender shall reasonably request;
(j)    Information Regarding Collateral.  Prior written notice to Collateral Agent and Administrative Agent of any change (i) in Company’s corporate name, (ii) in Company’s identity, corporate structure or jurisdiction of organization, or (iii) in Company’s Federal Taxpayer Identification Number.  Company agrees not to effect or permit any change referred to in the preceding sentence unless all filings have been made under the UCC or otherwise that are required in order for Collateral Agent to continue at all times following such change to have a valid, legal and perfected security interest in all the Collateral and for the Collateral at all times following such change to have a valid, legal and perfected security interest as contemplated in the Collateral Documents; 
(k)    Other Information.
(i)    not later than Friday of each week (or if such day is not a Business Day, the immediately preceding Business Day) in which a Borrowing Base Report has not otherwise been delivered hereunder, a Borrowing Base Report; and  
(ii)    such material information and data with respect to Holdings or any of its Subsidiaries as from time to time may be reasonably requested by any Agent or Lender, in each case, which relate to Company’s or Holdings’ financial or business condition or the Collateral.
5.2    Existence.  Except as otherwise permitted under Section 6.8, Company will at all times preserve and keep in full force and effect its existence and all rights and franchises, licenses and permits material to its business.
5.3    Payment of Taxes and Claims.  Company will pay all material Taxes imposed upon it or any of its properties or assets or in respect of any of its income, businesses or franchises before any penalty or fine accrues thereon, and all claims (including claims for labor, services, materials and supplies) for sums that have become due and payable and that by law have or may become a Lien upon any of its properties or assets, prior to the time when any penalty or fine shall be incurred with respect thereto; provided, no such Tax or claim need be paid if it is being contested in good faith by appropriate proceedings promptly instituted and diligently conducted, so long as (a) adequate reserve or other appropriate provision, as shall be required in conformity with GAAP shall have been made therefor, and (b) in the case of a Tax or claim which has or may become a Lien against any of the Collateral, such contest proceedings conclusively operate to stay the sale of any portion of the Collateral to satisfy such Tax or claim.  Company will not file or consent to the filing of any consolidated income tax return with any Person (other than Holdings or any of its Subsidiaries). In addition, Company agrees to pay to the relevant Governmental Authority in accordance with applicable law any current or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies (including, without limitation, mortgage recording taxes, 

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transfer taxes and similar fees) imposed by any Governmental Authority that arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement or any Credit Document.
5.4    Insurance.  Company shall cause Holdings to maintain or cause to be maintained, with financially sound and reputable insurers, (a) all insurance required to be maintained under the Servicing Agreement, (b) business interruption insurance reasonably satisfactory to Administrative Agent, and (c) casualty insurance, such public liability insurance, third party property damage insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of Holdings and its Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of established reputation engaged in similar businesses, in each case in such amounts (giving effect to self‐insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall be customary for such Persons.  Each Agent and Lender hereby agrees and acknowledges that the insurance maintained by Holdings on the Closing Date satisfies the requirements set forth in this Section 5.4.
5.5    Inspections; Compliance Audits.  
(a)    At any time during the existence of an Event of Default and otherwise not more than one time during any Fiscal Year, Company will, upon reasonable advance notice by the Administrative Agent, permit or cause to be permitted, as applicable, one or more authorized representatives designated by the Administrative Agent to visit and inspect (a “Compliance Review”) during normal working hours any of the properties of Company or Holdings to (i) inspect, copy and take extracts from relevant financial and accounting records, and to discuss its affairs, finances and accounts with any Person, including, without limitation, employees of Company or Holdings and Holdings’ independent  public accountants and counsel, and (ii) verify the compliance by Company or Holdings with the Credit Agreement, the other Credit Documents and/or the Underwriting Policies, as applicable, provided that, other than during the existence of an Event of Default, Company shall not be obligated to pay more than $100,000 in the aggregate during any Fiscal Year in connection with any Compliance Review, inspection pursuant to Section 2.4 of the Custodial Agreement or other inspection required by the Credit Documents.  In connection with any such Compliance Review or other inspection, Company will permit any authorized representatives designated by the Administrative Agent to review Company’s form of Receivable Agreements, Underwriting Policies, information processes and controls, and compliance practices and procedures (“Materials”).  Such authorized representatives may make written recommendations regarding Company’s compliance with applicable Requirements of Law, and Company shall consult in good faith with the Administrative Agent regarding such recommendations.  The Administrative Agent agrees to use a single independent certified public accountants or other third-party provider in connection with any Compliance Review pursuant to this Section 5.5.
(b)    If the Administrative Agent engages any independent certified public accountants or other third-party provider to prepare any report in connection with the Compliance Review, the Administrative Agent shall make such report available to any Lender, upon request, provided, that delivery of any such report may be conditioned on prior receipt by such independent 

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certified public accountants or other third party provider of the acknowledgements and agreements that such independent certified public accountants or third party provider customarily requires of recipients of reports of that kind.
(c)    In connection with a Compliance Review, the Administrative Agent or its designee may contact a Receivables Obligor as reasonably necessary to perform such inspection or Compliance Review, as the case may be, provided, however, such contact shall be made in the name of, and in cooperation with, Holdings and Company.  
5.6    Compliance with Laws.  Company shall, and shall cause Holdings to, comply with the Requirements of Law, noncompliance with which could reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.
5.7    Separateness. The Company shall at all times comply with the separateness covenants set forth in the Company’s Limited Liability Company Agreement.
5.8    Further Assurances.  At any time or from time to time upon the request of any Agent or Lender, Company will, at its expense, promptly execute, acknowledge and deliver such further documents and do such other acts and things as such Agent or Lender may reasonably request in order to effect fully the purposes of the Credit Documents, including providing Lenders with any information reasonably requested pursuant to Section 9.21.  In furtherance and not in limitation of the foregoing, Company shall take such actions as the Administrative Agent may reasonably request from time to time to ensure that the Obligations are secured by substantially all of the assets of Company.

5.9    Communication with Accountants.  
(a)At any time during the existence of an Event of Default, Company authorizes Administrative Agent to communicate directly with Company’s independent certified public accountants and authorizes and shall instruct such accountants to communicate directly with Administrative Agent and authorizes such accountants to (and, upon Administrative Agent’s request therefor (at the request of any Agent), shall request that such accountants) communicate to Administrative Agent information relating to Company with respect to the business, results of operations and financial condition of Company (including the delivery of audit drafts and letters to management), provided that advance notice of such communication is given to Company, and Company is given a reasonable opportunity to cause an officer to be present during any such communication.  
(b)If the independent certified public accountants report delivered in connection with Section 5.1(b) is qualified, then the Company authorizes the Administrative Agent to communicate directly with the Company’s independent certified public accountants with respect to such qualification, provided that advance notice of such communication is given to the Company, and the Company is given a reasonable opportunity to cause an officer to be present during any such communication.

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(c)The failure of the Company to be present during any communication permitted under Section 5.9(a) and/or Section 5.9(b) after the Company has been given a reasonable opportunity to cause an officer to be present shall in no way impair the rights of the Administrative Agent under Section 5.9(a) and/or Section 5.9(b).

5.10    Acquisition of Receivables from Holdings.  With respect to each Pledged Receivable, Company shall (a) acquire such Receivable pursuant to and in accordance with the terms of the Asset Purchase Agreement, (b) take all actions necessary to perfect, protect and more fully evidence Company’s ownership of such Receivable, including, without limitation, executing or causing to be executed (or filing or causing to be filed) such other instruments or notices as may be necessary or appropriate and (c) take all additional action that the Administrative Agent may reasonably request to perfect, protect and more fully evidence the respective interests of Company, the Agents and the Lenders.
5.11    Class B Lender Information Rights.  Company shall provide to each Class B Lender (a) substantially contemporaneously with its provision to the Administrative Agent any written information required to be provided to the Administrative Agent under any Credit Document, and (b) prompt written notice of (i) any Event of Default under this Agreement and (ii) any written waiver or consent provided under, or any amendment of, any Credit Document.
		
	SECTION 6.
	NEGATIVE COVENANTS

Company covenants and agrees that, until the Termination Date, Company shall perform (or cause to be performed, as applicable) all covenants in this Section 6.
6.1    Indebtedness.  Company shall not directly or indirectly, create, incur, assume or guaranty, or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, except the Obligations.
6.2    Liens.  Company shall not directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of Company, whether now owned or hereafter acquired, or any income or profits therefrom, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income or profits under the UCC of any State or under any similar recording or notice statute, except Liens in favor of Collateral Agent for the benefit of Secured Parties granted pursuant to any Credit Document.
6.3    Equitable Lien.  If Company shall create or assume any Lien upon any of its properties or assets, whether now owned or hereafter acquired, other than Liens created under the Credit Documents, it shall make or cause to be made effective provisions whereby the Obligations will be secured by such Lien equally and ratably with any and all other Indebtedness secured thereby as long as any such Indebtedness shall be so secured; provided, notwithstanding the foregoing, this covenant shall not be construed as a consent by Requisite Lenders to the creation or assumption of any such Lien not otherwise permitted hereby.

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6.4    No Further Negative Pledges.  Except pursuant to the Credit Documents Company shall not enter into any Contractual Obligation prohibiting the creation or assumption of any Lien upon any of its properties or assets, whether now owned or hereafter acquired.
6.5    Restricted Junior Payments.  Company shall not through any manner or means or through any other Person to, directly or indirectly, declare, order, pay, make or set apart, or agree to declare, order, pay, make or set apart, any sum for any Restricted Junior Payment except that, Restricted Junior Payments may be made by Company from time to time with respect to any amounts distributed to Company (i) in accordance with Section 2.12(a)(xii) or (ii) from and after the occurrence and during the continuation of an Event of Default, in accordance with Section 2.12(b)(x) only.
6.6    Subsidiaries.  Company shall not form, create, organize, incorporate or otherwise have any Subsidiaries.
6.7    Investments.  Company shall not, directly or indirectly, make or own any Investment in any Person, including without limitation any Joint Venture, except Investments in Cash, Permitted Investments and Receivables (and property received from time to time in connection with the workout or insolvency of any Receivables Obligor), and Permitted Investments in the Collection Account.
6.8    Fundamental Changes; Disposition of Assets; Acquisitions.  Company shall not enter into any transaction of merger or consolidation, or liquidate, wind‐up or dissolve itself (or suffer any liquidation or dissolution), or convey, sell, lease or sub lease (as lessor or sublessor), exchange, transfer or otherwise dispose of, in one transaction or a series of transactions, all or any part of its business, assets or property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, whether now owned or hereafter acquired (other than, provided no Event of Default pursuant to Section 7.1(a), 7.1(g), 7.1(h) or 7.1(p) has occurred and is continuing, Permitted Asset Sales, provided, that Permitted Asset Sales under clause (d) of the definition thereof shall be permitted at all times subject to receipt of the consent required therein), or acquire by purchase or otherwise (other than acquisitions of Eligible Receivables, or Permitted Investments in a Controlled Account (and property received from time to time in connection with the workout or insolvency of any Receivables Obligor)) the business, property or fixed assets of, or stock or other evidence of beneficial ownership of, any Person or any division or line of business or other business unit of any Person. 
6.9    Sales and Lease‐Backs.  Company shall not, directly or indirectly, become or remain liable as lessee or as a guarantor or other surety with respect to any lease of any property (whether real, personal or mixed), whether now owned or hereafter acquired, which Company (a) has sold or transferred or is to sell or to transfer to any other Person, or (b) intends to use for substantially the same purpose as any other property which has been or is to be sold or transferred by Company to any Person in connection with such lease.
6.10    Transactions with Shareholders and Affiliates.  Company shall not, directly or indirectly, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any holder of ten percent (10%) or more of 

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any class of Capital Stock of Holdings or any of its Subsidiaries or with any Affiliate of Holdings or of any such holder other than the transactions contemplated or permitted by the Credit Documents and the Related Agreements.
6.11    Conduct of Business.  From and after the Closing Date, Company shall not engage in any business other than the businesses engaged in by Company on the Closing Date.
6.12    Fiscal Year.  Company shall not change its Fiscal Year‐end from December 31st.
6.13    Servicer; Backup Servicer; Custodian.  Company shall use its commercially reasonable efforts to cause Servicer, the Backup Servicer and the Custodian respectively, to comply at all times with the applicable terms of the Servicing Agreement, the Backup Servicing Agreement and the Custodial Agreement respectively. The Company may not (i) terminate, remove, replace Servicer, Backup Servicer or the Custodian or (ii) subcontract out any portion of the servicing or permit third party servicing other than the Backup Servicer, except, in each case, as expressly set forth in the applicable Credit Document and subject to satisfaction of the related requirements therein. The Administrative Agent may not terminate, remove, replace Servicer, Backup Servicer or the Custodian except as expressly set forth in the applicable Credit Document and subject to satisfaction of the related requirements therein.
6.14    Acquisitions of Receivables.  Company may not acquire Receivables from any Person other than Holdings pursuant to the Asset Purchase Agreement. 
6.15    Independent Manager. Company shall not fail at any time to have at least one independent manager (an “Independent Manager”) who: 
(a)    is provided by a nationally recognized provider of independent directors;
(b)    is not and has not been employed by Company or Holdings or any of their respective Subsidiaries or Affiliates as an officer, director, partner, manager, member (other than as a special member in the case of single member Delaware limited liability companies), employee, attorney or counsel of, Company or Holdings or any of their respective Affiliates within the five years immediately prior to such individual’s appointment as an Independent Manager, provided that this paragraph (b) shall not apply to any person who serves as an independent director or an independent manager for any Affiliate of any of Company or Holdings;
(c)    is not, and has not been within the five years immediately prior to such individual’s appointment as an Independent Manager, a customer or creditor of, or supplier to, Company or Holdings or any of their respective Affiliates who derives any of its purchases or revenue from its activities with Company or Holdings or any of their respective Affiliates thereof (other than a de minimis amount);
(d)    is not, and has not been within the five years immediately prior to such individual’s appointment as an Independent Manager, a person who controls or is under common control with any Person described by clause (b) or (c) above;

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(e)    does not have, and has not had within the five years immediately prior to such individual’s appointment as an Independent Manager, a personal services contract with Company or Holdings or any of their respective Subsidiaries or Affiliates, from which fees and other compensation received by the person pursuant to such personal services contract would exceed 5% of his or her gross revenues during the preceding calendar year;
(f)    is not affiliated with a tax-exempt entity that receives, or has received within the five years prior to such appointment as an Independent Manager, contributions from Company or Holdings or any of their respective Subsidiaries or Affiliates, in excess of the lesser of (i) 3% of the consolidated gross revenues of Holdings and its Subsidiaries during such fiscal year and (ii) 5% of the contributions received by the tax-exempt entity during such fiscal year;
(g)    is not and has not been a shareholder (or other equity owner) of any of Company or Holdings or any of their respective Affiliates within the five years immediately prior to such individual’s appointment as an Independent Manager;
(h)    is not a member of the immediate family of any Person described by clause (b) through (g) above; 
(i)    is not, and was not within the five years prior to such appointment as an Independent Manager, a financial institution to which Company or Holdings or any of their respective Subsidiaries or Affiliates owes outstanding Indebtedness for borrowed money in a sum exceeding more than 5% of Holdings’ total consolidated assets;
(j)    has prior experience as an independent director or manager for a corporation or limited liability company whose charter documents required the unanimous consent of all independent directors thereof before such corporation or limited liability company could consent to the institution of bankruptcy or insolvency proceedings against it or could file a petition seeking relief under any applicable federal or state law relating to bankruptcy; and
(k)    has at least three (3) years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements or securities.
Upon Company learning of the death or incapacity of an Independent Manager, Company shall have ten (10) Business Days following such death or incapacity to appoint a replacement Independent Manager.  Any replacement of an Independent Manager will be permitted only upon (a) two (2) Business Days’ prior written notice to each Agent and Lender, (b) Company’s certification that any replacement manager will satisfy the criteria set forth in clauses (a)-(i) of this Section 6.15 and (c) the Administrative Agent’ written consent to the appointment of such replacement manager.  For the avoidance of doubt, other than in the event of the death or incapacity of an Independent Manager, Company shall at all times have an Independent Manager and may not terminate any Independent Manager without the prior written consent of the Administrative Agent, which consent the Administrative Agent may withhold in its sole discretion.

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6.16    Organizational Agreements.  Except as otherwise expressly permitted by other provisions of this Agreement or any other Credit Document, Company shall not (a) amend, restate, supplement or modify, or permit any amendment, restatement, supplement or modification to, its Organizational Documents, without obtaining the prior written consent of the Requisite Lenders to such amendment, restatement, supplement or modification, as the case may be; (b) agree to any termination, amendment, restatement, supplement or other modification to, or waiver of, or permit any termination, amendment, restatement, supplement or other modification to, or waivers of, any of the provisions of any Credit Document without the prior written consent of the Requisite Lenders; or (c) amend, restate, supplement or modify in any material respect, or permit any amendments, restatements, supplements or modifications in any material respect, to any Receivables Program Agreement in a manner that could reasonably be expected to be materially adverse to the Lenders.
6.17    Changes in Underwriting or Other Policies.  Company shall provide the Administrative Agent and the Requisite Class B Lenders with prior written notice of any change or modification to the Underwriting Policies that would reasonably be expected to be adverse to the Lenders.  Without the prior consent of the Administrative Agent and the Requisite Class B Lenders, such consent not to be unreasonably withheld, conditioned or delayed (with any such consent being deemed to be automatically granted by the Administrative Agent and the Requisite Class B Lenders on the fifteenth (15th) calendar day after the Administrative Agent and the Requisite Class B Lenders receives notice of the applicable change unless the Administrative Agent or the Requisite Class B Lenders shall have notified the Company in writing that the requested consent is not being provided and its rationale therefor), the  Company shall not agree to, and shall cause Holdings not to, (a) make any change to (i) the forms of Business Loan and Security Agreement, Business Loan and Security Agreement Supplement and Loan Summary used to originate Receivables from the form provided to the Administrative Agent prior to the Closing Date, or (ii) the form of Authorization Agreement for Direct Deposit (ACH Credit) and Direct Payments (ACH Debit) used in connection with the origination of Loans in substantially the form provided to the Administrative Agent on or prior to the Closing Date that, in any such case, would reasonably be expected to result in an Adverse Effect, or (b) make any change to the Underwriting Policies that would reasonably be expected to be materially adverse to the Lenders (provided, that any change to the Underwriting Policies which has the effect of modifying the Eligibility Criteria in a manner which changes the calculation of the Class A Borrowing Base and the Class B Borrowing Base shall be deemed to be materially adverse to the Lenders for purposes of this Section 6.17).
6.18    Receivable Program Agreements.  The Company shall enforce the rights and remedies afforded to it against the Receivables Account Bank under the Receivables Program Agreements, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in an Adverse Effect.
		
	SECTION 7.
	EVENTS OF DEFAULT

7.1    Events of Default.  If any one or more of the following conditions or events shall occur.
(a)    Failure to Make Payments When Due.  Other than with respect to a Borrowing Base Deficiency, failure by Company to pay (i) when due, the principal on any Loan whether at 

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stated maturity, by acceleration or otherwise; (ii) within two (2) Business Days after its due date, any interest on any Loan or any fee due hereunder;  (iii) within thirty (30) days after its due date, any other amount due hereunder; or (iv) the amounts required to be paid pursuant to Section 2.8 on or before the Commitment Termination Date; or 
(b)    Default in Other Agreements.  
(i)    Failure of Company to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness (other than Indebtedness referred to in Section 7.1(a)), in each case beyond the grace period, if any, provided therefor; or (ii) breach or default by Company with respect to any other material term of (1) one or more items of Indebtedness referred to in clause (i) above, or (2) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness, in each case beyond the grace period, if any, provided therefore, if the effect of such breach or default is to cause, or to permit the holder or holders of that Indebtedness (or a trustee on behalf of such holder or holders), to cause, that Indebtedness to become or be declared due and payable (or subject to a compulsory repurchase or redeemable) prior to its stated maturity or the stated maturity of any underlying obligation, as the case may be; 
(ii)    (A) Failure of Holdings or any Domestic Subsidiary of Holdings (other than Company) to pay when due any principal of or interest on or any other amount payable in respect of one or more items of Indebtedness for borrowed money with a principal amount in excess of $1,000,000, in each case beyond the grace period, if any, provided therefor; or (B) breach or default by Holdings or any Domestic Subsidiary of Holdings (other than Company) with respect to any other material term of (1) one or more items of Indebtedness for borrowed money with a principal amount in excess of $1,000,000, or (2) any loan agreement, mortgage, indenture or other agreement relating to such item(s) of Indebtedness for borrowed money, and, in each case, such failure, breach or default, as the case may be, results in the acceleration of amounts owed thereunder, provided that any such failure, breach or default, as the case may be, and acceleration shall constitute an Event of Default hereunder only after the Administrative Agent shall have provided written notice to Company that such failure, breach or default constitutes an Event of Default hereunder; or 
(c)    Breach of Certain Covenants.  Failure of Company to perform or comply with any term or condition contained in Section 2.3, Section 2.11, Section 5.1(h), Section 5.1(j), Section 5.2, Section 5.7 or Section 6, or failure to distribute Collections in accordance with Section 2.12; or
(d)    Breach of Representations, etc.  Any representation or warranty, certification or other statement made or deemed made by Company or Holdings (or Holdings as Servicer) in any Credit Document or in any statement or certificate at any time given by Company or Holdings (or Holdings as Servicer) in writing pursuant hereto or thereto or in connection herewith or therewith shall be false in any material respect, other than any representation, warranty, certification or other statement which is qualified by materiality or “Material Adverse Effect”, in which case, such representation, warranty, certification or other statement shall be true and correct in all respects, 

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in each case, as of the date made or deemed made and such default shall not have been remedied or waived within thirty (30) days after the earlier of (i) an Authorized Officer of Company or Holdings becoming aware of such default, or (ii) receipt by Company of notice from any Agent or Lender of such default; or
(e)    Other Defaults Under Credit Documents.  Company or Holdings shall default in the performance of or compliance with any term contained herein or any of the other Credit Documents other than any such term referred to in any other Section of this Section 7.1 and such default shall not have been remedied or waived within thirty (30) days after the earlier of (i) an Authorized Officer of Company or Holdings becoming aware of such default, or (ii) receipt by Company or Holdings of notice from Administrative Agent or any Lender of such default; or
(f)    Breach of Portfolio Performance Covenants.  A breach of any Portfolio Performance Covenant shall have occurred and the Administrative Agent shall have provided written notice to the Company that an Event of Default under this Section 7.1(f) has occurred and is continuing; or
(g)    Involuntary Bankruptcy; Appointment of Receiver, etc.  (i) A court of competent jurisdiction shall enter a decree or order for relief in respect of Company or Holdings in an involuntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law; or (ii) an involuntary case shall be commenced against Company or Holdings under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Company or Holdings, or over all or a substantial part of its respective property, shall have been entered; or there shall have occurred the involuntary appointment of an interim receiver, trustee or other custodian of Company or Holdings for all or a substantial part of its respective property; or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of Company or Holdings, and any such event described in this clause (ii) shall continue for sixty (60) days without having been dismissed, bonded or discharged; or
(h)    Voluntary Bankruptcy; Appointment of Receiver, etc.  (i) Company or Holdings shall have an order for relief entered with respect to it or shall commence a voluntary case under the Bankruptcy Code or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its respective property; or Company or Holdings shall make any assignment for the benefit of creditors; or (ii) Company or Holdings shall be unable, or shall fail generally, or shall admit in writing its inability, to pay its debts as such debts become due; or the board of directors (or similar governing body) of Company or Holdings (or any committee thereof) shall adopt any resolution or otherwise authorize any action to approve any of the actions referred to herein or in Section 7.1(g); or

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(i)    Judgments and Attachments.  
(i)    Any money judgment, writ or warrant of attachment or similar process (to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed against Company or any of its assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of thirty (30) days; or
(ii)    Any money judgment, writ or warrant of attachment or similar process involving (i) in any individual case an amount in excess of $2,000,000 or (ii) in the aggregate at any time an amount in excess of $5,000,000 (in either case to the extent not adequately covered by insurance as to which a solvent and unaffiliated insurance company has acknowledged coverage) shall be entered or filed against Holdings (or Holdings as Servicer) or any of its assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of sixty (60) days; or
(iii)    Any tax lien or lien of the PBGC shall be entered or filed against Company or Holdings (involving, with respect to Holdings only, an amount in excess of $1,000,000) or any of their respective assets and shall remain undischarged, unvacated, unbonded or unstayed for a period of ten (10) days;
(j)    Dissolution.  Any order, judgment or decree shall be entered against Company or Holdings decreeing the dissolution or split up of Company or Holdings, as the case may be, and such order shall remain undischarged or unstayed for a period in excess of thirty (30) days; or
(k)    Employee Benefit Plans. (i) There shall occur one or more ERISA Events which individually or in the aggregate results in or might reasonably be expected to result in a Material Adverse Effect during the term hereof or result in a Lien being imposed on the Collateral; or (ii) Company shall establish or contribute to any Employee Benefit Plan; or
(l)    Change of Control.  A Change of Control shall occur; or
(m)    Collateral Documents and other Credit Documents. Company or Holdings shall contest the validity or enforceability of any Credit Document in writing or deny in writing that it has any further liability, including with respect to future advances by Lenders, under any Credit Document to which it is a party; or
(n)    Servicing Agreement.  A Servicer Default shall have occurred and be continuing; or
(o)    Backup Servicer Default.  The Backup Servicing Agreement shall terminate for any reason and, provided that the Administrative Agent shall have used commercially reasonable efforts to timely engage a replacement Backup Servicer following such termination, within ninety (90) days of such termination no replacement agreement with an alternative backup servicer shall be effective; or

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(p)    Borrowing Base Deficiency; Repurchase Failure.  (i) Failure by Company to cure any Borrowing Base Deficiency within two (2) Business Days after the due date thereof, or (ii) failure of Holdings to repurchase any Receivable as and when required under the Asset Purchase Agreement; or
(q)    Collateral Documents and other Credit Documents.  At any time after the execution and delivery thereof, (i) this Agreement or any Collateral Document ceases to be in full force and effect (other than in accordance with its terms) or shall be declared null and void by a court of competent jurisdiction or the enforceability thereof shall be impaired in any material respect, or the Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any Collateral purported to be covered by the Collateral Documents with the priority required by the relevant Collateral Document (in each case, other than (A) by reason of a release of Collateral in accordance with the terms hereof or thereof or (B) the satisfaction in full of the Obligations and any other amount due hereunder or any other Credit Document in accordance with the terms hereof); or (ii) any of the Credit Documents for any reason, other than the satisfaction in full of all Obligations and any other amount due hereunder or any other Credit Document (other than contingent indemnification obligations for which demand has not been made), shall cease to be in full force and effect (other than in accordance with its terms) or shall be declared to be null and void by a court of competent jurisdiction or a party thereto, as the case may be, or Holdings shall repudiate its obligations thereunder or shall contest the validity or enforceability of any Credit Document in writing; or
(r)    Breach of Financial Covenants.  A breach of any Financial Covenant shall have occurred; or 
(s)    Investment Company Act.   Holdings or Company become subject to any federal or state statute or regulation which may render all or any portion of the Obligations unenforceable, or Company becomes a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the Investment Company Act of 1940; 
THEN, upon the occurrence of any Event of Default, the Administrative Agent may, and shall, at the written request of the Requisite Lenders, take any of the following actions: (w) upon notice to the Company, terminate the Commitments, if any, of each Lender having such Commitments, (x) upon notice to the Company, declare the unpaid principal amount of and accrued interest on the Loans and all other Obligations immediately due and payable, in each case without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by Company; (y) expressly direct the Collateral Agent in writing the manner in which to enforce any and all Liens and security interests created pursuant to the Collateral Documents and (z) take any and all other actions and exercise any and all other rights and remedies of the Administrative Agent under the Credit Documents; provided that upon the occurrence of any Event of Default described in Section 7.1(g) or 7.1(h), the unpaid principal amount of and accrued interest on the Loans and all other Obligations shall immediately become due and payable, and  the Commitments shall automatically and immediately terminate, in each case without presentment, 

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demand, protest or other requirements of any kind, all of which are hereby expressly waived by Company. 
		
	SECTION 8.
	AGENTS

8.1    Appointment of Agents.  Each Class A Lender hereby authorizes Credit Suisse AG, New York Branch to act as Administrative Agent to the Class A Lenders hereunder and under the other Credit Documents and each Class A Lender hereby authorizes Credit Suisse AG, New York Branch to act as its agent in accordance with the terms hereof and the other Credit Documents.  Each Lender hereby authorizes Wells Fargo Bank N.A., to act as the Collateral Agent and Paying Agent on its behalf under the Credit Documents.  Each Agent hereby agrees to act upon the express conditions contained herein and the other Credit Documents, as applicable.  The provisions of this Section 8 are solely for the benefit of Agents and Lenders and neither Company or Holdings shall have any rights as a third party beneficiary of any of the provisions thereof.  In performing its functions and duties hereunder, each Agent (other than Administrative Agent) shall act solely as an agent of Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for Holdings or any of its Subsidiaries.  In performing its functions and duties hereunder, Administrative Agent shall act solely as an agent of the Class A Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for any Class B Lender, Holdings or any of its Subsidiaries.  On or prior to the first date upon which any Class B Lender makes a Class B Loan to Company pursuant to Section 2.1(a)(ii), each Class B Lender hereby agrees to appoint an agent to act in accordance with the terms hereof and the other Credit Documents (the “Class B Agent”).  In performing its functions and duties hereunder, the Class B Agent shall act solely as an agent of the Class B Lenders and does not assume and shall not be deemed to have assumed any obligation towards or relationship of agency or trust with or for any Class A Lender, Holdings or any of its Subsidiaries.  
8.2    Powers and Duties.  Each Lender irrevocably authorizes each Agent (other than Administrative Agent) to take such action on such Lender’s behalf and to exercise such powers, rights and remedies hereunder and under the other Credit Documents as are specifically delegated or granted to such Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto.  Each Class A Lender irrevocably authorizes Administrative Agent to take such action on such Class A Lender’s behalf and to exercise such powers, rights and remedies hereunder and under the other Credit Documents as are specifically delegated or granted to Administrative Agent by the terms hereof and thereof, together with such powers, rights and remedies as are reasonably incidental thereto.  Each Agent shall have only those duties and responsibilities that are expressly specified herein and the other Credit Documents.  Each such Agent may exercise such powers, rights and remedies and perform such duties by or through its agents or employees.  No such Agent shall have, by reason hereof or any of the other Credit Documents, a fiduciary relationship in respect of any Lender; and nothing herein or any of the other Credit Documents, expressed or implied, is intended to or shall be so construed as to impose upon any such Agent any obligations in respect hereof or any of the other Credit Documents except as expressly set forth herein or therein.
8.3    General Immunity.

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(a)    No Responsibility for Certain Matters.  No Agent shall be responsible to any Lender for the execution, effectiveness, genuineness, validity, enforceability, collectability or sufficiency hereof or any other Credit Document or for any representations, warranties, recitals or statements made herein or therein or made in any written or oral statements or in any financial or other statements, instruments, reports or certificates or any other documents furnished or made by any Agent to Lenders or by or on behalf of Company or Holdings to any Agent or any Lender in connection with the Credit Documents and the transactions contemplated thereby or for the financial condition or business affairs of Company or Holdings or any other Person liable for the payment of any Obligations or any other amount due hereunder or any other Credit Document, nor shall any Agent be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained in any of the Credit Documents or as to the use of the proceeds of the Loans or as to the existence or possible existence of any Event of Default or Default or to make any disclosures with respect to the foregoing.  Anything contained herein to the contrary notwithstanding, neither the Paying Agent nor the Administrative Agent shall not have any liability arising from confirmations of the amount of outstanding Loans or the component amounts thereof.
(b)    Exculpatory Provisions Relating to Agents.  No Agent nor any of its officers, partners, directors, employees or agents shall be liable to Lenders for any action taken or omitted by any Agent under or in connection with any of the Credit Documents except to the extent caused by such Agent’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final, non-appealable order.  Each such Agent shall be entitled to refrain from any act or the taking of any action (including the failure to take an action) in connection herewith or any of the other Credit Documents or from the exercise of any power, discretion or authority vested in it hereunder or thereunder unless and until such Agent shall have received instructions in respect thereof from the Administrative Agent or the Requisite Lenders (or such other Lenders as may be required to give such instructions under Section 9.5) and, upon receipt of such instructions from the Administrative Agent or Requisite Lenders, as applicable (or such other Lenders, as the case may be), such Agent shall be entitled to act or (where so instructed) refrain from acting, or to exercise such power, discretion or authority, in accordance with such instructions.  Without prejudice to the generality of the foregoing, (i) each such Agent shall be entitled to rely, and shall be fully protected in relying, upon any communication, instrument or document believed by it to be genuine and correct and to have been signed or sent by the proper Person or Persons, and shall be entitled to rely and shall be protected in relying on opinions and judgments of attorneys (who may be attorneys for Holdings and Company), accountants, experts and other professional advisors selected by it; and (ii) no Lender shall have any right of action whatsoever against any such Agent as a result of such Agent acting or (where so instructed) refraining from acting hereunder or any of the other Credit Documents in accordance with the instructions of Requisite Lenders (or such other Lenders as may be required to give such instructions under Section 9.5). For the avoidance of doubt, the Paying Agent and the Collateral Agent shall take direction hereunder only in accordance with the written direction of the Administrative Agent (and  not at the direction of any Lender or the Requisite Lenders).
8.4    Agents Entitled to Act as Lender.  Any agency hereby created shall in no way impair or affect any of the rights and powers of, or impose any duties or obligations upon, any Agent 

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in its individual capacity as a Lender hereunder.  With respect to its participation in the Loans, each Agent shall have the same rights and powers hereunder as any other Lender and may exercise the same as if it were not performing the duties and functions delegated to it hereunder, and the term “Lender” shall, unless the context clearly otherwise indicates, include each Agent in its individual capacity.  Any Agent and its Affiliates may accept deposits from, lend money to, own securities of, and generally engage in any kind of banking, trust, financial advisory or other business with Holdings or any of its Affiliates as if it were not performing the duties specified herein, and may accept fees and other consideration from Company for services in connection herewith and otherwise without having to account for the same to Lenders.
8.5    Lenders’ Representations, Warranties and Acknowledgment.
(a)    Each Lender represents and warrants that it has made its own independent investigation of the financial condition and affairs of Holdings and Company in connection with Credit Extensions hereunder and that it has made and shall continue to make its own appraisal of the creditworthiness of Holdings and Company.  No Agent shall have any duty or responsibility, either initially or on a continuing basis, to make any such investigation or any such appraisal on behalf of Lenders or to provide any Lender with any credit or other information with respect thereto, whether coming into its possession before the making of the Loans or at any time or times thereafter, and no Agent shall have any responsibility with respect to the accuracy of or the completeness of any information provided to Lenders.
(b)    Each Lender, by delivering its signature page to this Agreement, shall be deemed to have acknowledged receipt of, and consented to and approved, each Credit Document and each other document required to be approved by any Agent, Requisite Lenders or Lenders, as applicable on the Closing Date.
8.6    Right to Indemnity.  Each Lender (other than any Class A Conduit Lender), in proportion to its Pro Rata Share, severally agrees to indemnify each Agent, their Affiliates and their respective officers, partners, directors, trustees, employees and agents of each Agent (each, an “Indemnitee Agent Party”), to the extent that such Indemnitee Agent Party shall not have been reimbursed by Company or Holdings, for and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (including counsel fees and disbursements) or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against such Indemnitee Agent Party in exercising its powers, rights and remedies or performing its duties hereunder or under the other Credit Documents or otherwise in its capacity as such Indemnitee Agent Party in any way relating to or arising out of this Agreement or the other Credit Documents, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE, CONTRIBUTORY, OR SOLE NEGLIGENCE OF SUCH INDEMNITEE AGENT PARTY; provided, no Lender shall be liable for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from such Indemnitee Agent Party’s gross negligence or willful misconduct, as determined by a court of competent jurisdiction in a final non-appealable order.  If any indemnity furnished to any Indemnitee Agent Party for any purpose shall, in the opinion of such Indemnitee Agent Party, be insufficient or become impaired, such 

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Indemnitee Agent Party may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished; provided, in no event shall this sentence require any Lender to indemnify any Indemnitee Agent Party against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement in excess of such Lender’s Pro Rata Share thereof; and provided further, this sentence shall not be deemed to require any Lender to indemnify any Indemnitee Agent Party against any liability, obligation, loss, damage, penalty, action, judgment, suit, cost, expense or disbursement described in the proviso in the immediately preceding sentence.
8.7    Successor Administrative Agent and Collateral Agent.  
(a)    Administrative Agent. 
(i)    Administrative Agent may resign at any time by giving thirty (30) days’ prior written notice thereof to the Class A Lenders and Company.  Upon any such notice of resignation, the Requisite Class A Lenders shall have the right, upon five (5) Business Days’ notice to Company, to appoint a successor Administrative Agent provided, that the appointment of a successor Administrative Agent shall require (so long as no Default or Event of Default has occurred and is continuing) Company’s approval, which approval shall not be unreasonably withheld, delayed or conditioned.  Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, that successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent and the retiring Administrative Agent shall promptly (i) transfer to such successor Administrative Agent all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Administrative Agent under the Credit Documents, and (ii) take such other actions, as may be necessary or appropriate in connection with the appointment of such successor Administrative Agent, whereupon such retiring Administrative Agent shall be discharged from its duties and obligations hereunder.  After any retiring Administrative Agent’s resignation hereunder as Administrative Agent, the provisions of this Section 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent hereunder.  If Administrative Agent is a Class A Lender or an Affiliate thereof on the date on which the Commitment Termination Date shall have occurred and all Class A Loans and all other Obligations owing to the Class A Lender Groups have been paid in full in cash, such Administrative Agent shall provide immediate notice of resignation to the Company, and the Requisite Class B Lenders shall have the right, upon five (5) Business Days’ notice to the Company, to appoint a successor Administrative Agent; provided, that the appointment of any successor Administrative Agent that is not a Class B Lender or an Affiliate thereof shall require (so long as no Default or Event of Default has occurred and is continuing) Company’s approval, which approval shall not be unreasonably withheld, delayed or conditioned.  
(ii)    Notwithstanding anything herein to the contrary, Administrative Agent may assign its rights and duties as Administrative Agent hereunder to one of its Affiliates without the prior written consent of, or prior written notice to, Company or the 

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Lenders; provided that Company and the Lenders may deem and treat such assigning Administrative Agent as Administrative Agent for all purposes hereof, unless and until such assigning Administrative Agent provides written notice to Company and the Lenders of such assignment.  Upon such assignment such Affiliate shall succeed to and become vested with all rights, powers, privileges and duties as Administrative Agent hereunder and under the other Credit Documents.
(b)    Collateral Agent. 
(i)    Collateral Agent may resign at any time by giving thirty (30) days’ prior written notice thereof to Lenders and Company. Upon any such notice of resignation, the Requisite Lenders shall have the right, upon five (5) Business Days’ notice to Company, to appoint a successor Collateral Agent provided, that the appointment of a successor Collateral Agent shall require (so long as no Default or Event of Default has occurred and is continuing) Company’s approval, which approval shall not be unreasonably withheld, delayed or conditioned.  If, however, a successor Collateral Agent is not appointed within sixty (60) days after the giving of notice of resignation, the Collateral Agent may petition a court of competent jurisdiction for the appointment of a successor Collateral Agent.  Upon the acceptance of any appointment as Collateral Agent hereunder by a successor Collateral Agent, that successor Collateral Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Collateral Agent and the retiring Collateral Agent shall promptly (i) transfer to such successor Collateral Agent all sums, Securities and other items of Collateral held under the Collateral Documents, together with all records and other documents necessary or appropriate in connection with the performance of the duties of the successor Collateral Agent under the Credit Documents, and (ii) execute and deliver to such successor Collateral Agent such amendments to financing statements, and take such other actions, as may be necessary or appropriate in connection with the appointment of such successor Collateral Agent and the assignment to such successor Collateral Agent of the security interests created under the Collateral Documents, whereupon such retiring Collateral Agent shall be discharged from its duties and obligations hereunder.  After any retiring Collateral Agent’s resignation hereunder as Collateral Agent, the provisions of this Section 8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Collateral Agent hereunder.
(ii)    Notwithstanding anything herein to the contrary, Collateral Agent may assign its rights and duties as Collateral Agent hereunder to one of its Affiliates without the prior written consent of, or prior written notice to, Company or the Lenders; provided that Company and the Lenders may deem and treat such assigning Collateral Agent as Collateral Agent for all purposes hereof, unless and until such assigning Collateral Agent provides written notice to Company and the Lenders of such assignment.  Upon such assignment such Affiliate shall succeed to and become vested with all rights, powers, privileges and duties as Collateral Agent hereunder and under the other Credit Documents.
8.8    Collateral Documents.

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(a)    Collateral Agent under Collateral Documents.  Each Lender hereby further authorizes Collateral Agent, on behalf of and for the benefit of the Secured Parties, to be the agent for and representative of the Secured Parties with respect to the Collateral and the Collateral Documents.  Subject to Section 9.5, without further written consent or authorization from Lenders, Collateral Agent may execute any documents or instruments necessary to release any Lien encumbering any item of Collateral that is the subject of a sale or other disposition of assets permitted hereby or to which Requisite Lenders (or such other Lenders as may be required to give such consent under Section 9.5) have otherwise consented.  Anything contained in any of the Credit Documents to the contrary notwithstanding, Company, the Agents and each Lender hereby agree that (i) no Lender shall have any right individually to realize upon any of the Collateral, it being understood and agreed that all powers, rights and remedies hereunder may be exercised solely by Collateral Agent acting at the written direction of the Administrative Agent (unless otherwise expressly set forth herein or in another Credit Document), on behalf of the Secured Parties in accordance with the terms hereof and all powers, rights and remedies under the Collateral Documents may be exercised solely by Collateral Agent acting at the written direction of the Administrative Agent, and (ii) in the event of a foreclosure by Collateral Agent (acting at the written direction of the Administrative Agent) on any of the Collateral pursuant to a public or private sale, Collateral Agent or any Lender may be the purchaser of any or all of such Collateral at any such sale and Collateral Agent, as agent for and representative of Secured Parties (but not any Lender or Lenders in its or their respective individual capacities unless Requisite Lenders shall otherwise agree in writing) shall be entitled, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Obligations or any other amount due hereunder as a credit on account of the purchase price for any collateral payable by Collateral Agent at such sale.  Notwithstanding any other provision of the Credit Documents, prior to consummating any such public or private sale, the Collateral Agent shall provide the Class B Lenders with the right (exercisable for a period of one (1) Business Day after written notice) to purchase any such Collateral for cash in immediately available funds at a price equal to $0.03125 higher than the next highest legitimate and observable third-party bid (as designated to the Collateral Agent by the Administrative Agent).  

		
	SECTION 9.
	MISCELLANEOUS

9.1    Notices.  Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given to Company, Collateral Agent, Paying Agent or Administrative Agent shall be sent to such Person’s address as set forth on Appendix B or in the other relevant Credit Document, and in the case of any Lender, the address as indicated on Appendix B or otherwise indicated to Administrative Agent in writing.  Each notice hereunder shall be in writing and may be personally served, telexed or sent by telefacsimile or United States mail or courier service and shall be deemed to have been given when delivered in person or by courier service and signed for against receipt thereof, upon receipt of telefacsimile or telex, or three (3) Business Days after depositing it in the United States mail with postage prepaid and properly addressed; provided, no notice to any Agent shall be effective until received by such Agent, provided, however, that Company may deliver, or cause to be delivered, the Borrowing Base Certificate, Borrowing Base Report and any financial statements or reports (including any collateral 

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performance tests) by electronic mail pursuant to procedures approved by the Administrative Agent until any Agent or Lender notifies Company that it can no longer receive such documents using electronic mail.  Any Borrowing Base Certificate, Borrowing Base Report or financial statements or reports sent to an electronic mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, if available, return electronic mail or other written acknowledgement), provided, that if such document is sent after 5:00 p.m. Eastern Standard time, such document shall be deemed to have been sent at the opening of business on the next Business Day.
9.2    Expenses.  Whether or not the transactions contemplated hereby shall be consummated, Company agrees to pay promptly (a) (i) all the Administrative Agent’s actual, reasonable and documented out-of-pocket costs and expenses (including reasonable and customary fees and expenses of counsel to the Administrative Agent of negotiation, preparation, execution and administration of the Credit Documents and any consents, amendments, waivers or other modifications thereto, (ii) reasonable and customary fees and expenses of a single counsel to the Lenders in connection with any consents, amendments, waivers or other modifications to the Credit Documents, and (iii) the reasonable and customary fees and expenses payable to a single nationally recognized statistical rating organization rating the transaction documented hereunder at the request of the Class A Lenders; (b) all the actual, documented out-of-pocket costs and reasonable out-of-pocket expenses of creating, perfecting and enforcing Liens in favor of Collateral Agent, for the benefit of Secured Parties, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, title insurance premiums and reasonable and documented out-of-pocket fees, expenses and disbursements of a single counsel for all Lenders; (c) subject to the terms of this Agreement (including any limitations set forth in Section 5.5), all the Administrative Agent’s actual, reasonable and documented out-of-pocket costs and reasonable fees, expenses for, and disbursements of any of Administrative Agent’s, auditors, accountants, consultants or appraisers incurred by Administrative Agent; (d) subject to the terms of this Agreement, all the actual, reasonable and documented out-of-pocket costs and expenses (including the reasonable fees, expenses and disbursements of any appraisers, consultants, advisors and agents employed or retained by Collateral Agent and its counsel) in connection with the custody or preservation of any of the Collateral; (e) subject in all cases to any express limitations set forth in any Credit Document, all other actual, reasonable and documented out-of-pocket costs and expenses incurred by each Agent in connection with the syndication of the Loans and Commitments and the negotiation, preparation and execution of the Credit Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby; and (f) after the occurrence of a Default or an Event of Default, all documented, out-of-pocket costs and expenses, including reasonable attorneys’ fees, and costs of settlement, incurred by any Agent or any Lender in enforcing any Obligations of or in collecting any payments due from Company or Holdings hereunder or under the other Credit Documents by reason of such Default or Event of Default (including in connection with the sale of, collection from, or other realization upon any of the Collateral) or in connection with any refinancing or restructuring of the credit arrangements provided hereunder in the nature of a “work out” or pursuant to any insolvency or bankruptcy cases or proceedings.

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9.3    Indemnity. 
(a)    In addition to the payment of expenses pursuant to Section 9.2, whether or not the transactions contemplated hereby shall be consummated, Company agrees to defend (subject to Indemnitees’ selection of counsel), indemnify, pay and hold harmless, each Affected Party and each Agent, their Affiliates and their respective officers, partners, directors, trustees, employees and agents (each, an “Indemnitee”), from and against any and all Indemnified Liabilities, in all cases, whether or not caused by or arising, in whole or in part, out of the comparative, contributory, or sole negligence of such INDEMNITEE excluding any amounts not otherwise payable by Company under Section 2.16(b)(iii); provided, Company shall not have any obligation to any Indemnitee hereunder with respect to any Indemnified Liabilities to the extent such Indemnified Liabilities arise from the gross negligence, bad faith or willful misconduct, as determined by a court of competent jurisdiction in a final non-appealable order of that Indemnitee.  To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in this Section 9.3 may be unenforceable in whole or in part because they are violative of any law or public policy, Company shall contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them. 
(b)    To the extent permitted by applicable law, no party hereto shall assert, and all parties hereto hereby waive, any claim against any other parties and their respective Affiliates, directors, employees, attorneys or agents, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) (whether or not the claim therefor is based on contract, tort or duty imposed by any applicable legal requirement) arising out of, in connection with, as a result of, or in any way related to, this Agreement or any Credit Document or any agreement or instrument contemplated hereby or thereby or referred to herein or therein, the transactions contemplated hereby or thereby, any Loan or the use of the proceeds thereof or any act or omission or event occurring in connection therewith, and all parties hereto hereby waive, release and agree not to sue upon any such claim or any such damages, whether or not accrued and whether or not known or suspected to exist in its favor.
9.4    Class B Transfer Restrictions.  Notwithstanding anything herein to the contrary, no Class B Lender may become party to this Agreement, whether pursuant to a joinder, an Assignment Agreement or otherwise, nor may any Class B Lender sell, assign, transfer, or sell a participation in, any Commitment, funded Loans or any other interests hereunder, in each case, without the written consent of the Administrative Agent and each Class A Lender.
9.5    Amendments and Waivers.
(a)    Requisite Lenders’ Consent.  Subject to Sections 9.5(b) and 9.5(c), no amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by Company or Holdings therefrom, shall in any event be effective without the written concurrence of Company, Administrative Agent and the Requisite Lenders, and, with respect to each of the following, unless the Rating Agency Condition is satisfied: (i) any amendment of or modification to the definitions (or any definition used therein) of “Eligible Receivable”, “Eligible Receivables Obligor”, “Excess Concentration Amounts”, “Missed Payment Factor”, 

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“Portfolio Weighted Average Receivable Yield”, “Delinquency Ratio”, “Defaulted Receivable”, “Delinquent Receivable”, “Servicing Fees”, “Early Amortization Start Date”, “Amortization Period” or “Alternative Rate”, and (ii) any waiver of the occurrence of the Early Amortization Start Date.
(b)    Affected Lenders’ Consent.  Without the written consent of each Lender (other than a Defaulting Lender) that would be affected thereby, and (except with respect to clause (iii) below) unless the Rating Agency Condition is satisfied, no amendment, modification, termination, or consent shall be effective if the effect thereof would:
(i)    extend the scheduled final maturity of any Loan or Loan Note;
(ii)    waive, reduce or postpone any scheduled repayment (but not prepayment);
(iii)    reduce the rate of interest on any Loan (other than any waiver of any increase in the interest rate applicable to any Loan pursuant to Section 2.8) or any fee payable hereunder;
(iv)    extend the time for payment of any such interest or fees;
(v)    reduce the principal amount of any Loan;
(vi)    (x) amend the definition of “Class A Borrowing Base” or “Class B Borrowing Base” or (y) amend, modify, terminate or waive Section 2.12, Section 2.13 or Section 2.14 or any provision of this Section 9.5(b) or Section 9.5(c);
(vii)    amend the definition of “Requisite Lenders”, “Requisite Class A Lenders,” “Requisite Class B Lenders,” “Class A Exposure,” “Class B Exposure,” “Pro Rata Share,” “Applicable Class A Advance Rate,” “Applicable Class B Advance Rate,” “Class A Availability,” “Class B “Availability” or any definition used therein; provided, with the consent of Administrative Agent, Company and the Requisite Lenders, additional extensions of credit pursuant hereto may be included in the determination of “Requisite Lenders” or “Pro Rata Share” on substantially the same basis as the Commitments and the Loans are included on the Closing Date;
(viii)    release all or substantially all of the Collateral except as expressly provided in the Credit Documents; or
(ix)    consent to the assignment or transfer by Company or Holdings of any of its respective rights and obligations under any Credit Document.
(c)    Other Consents.  No amendment, modification, termination or waiver of any provision of the Credit Documents, or consent to any departure by Company or Holdings therefrom, shall:

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(i)    increase any Commitment of any Lender over the amount thereof then in effect without the consent of such Lender; provided, no amendment, modification or waiver of any condition precedent, covenant, Default or Event of Default shall constitute an increase in any Commitment of any Lender;
(ii)    amend, modify, terminate or waive any provision of Section 3.2(a) with regard to any Credit Extension of the Class A Lenders without the consent of the Class A Requisite Lenders; or amend, modify, terminate or waive any provision of Section 3.2(a) with regard to any Credit Extension of the Class B Lenders without the consent of the Requisite Class B Lenders;
(iii)    amend the definitions of “Eligibility Criteria” or “Eligible Receivables Obligor” or amend any portion of Appendix C, (A) without the consent of each of the Requisite Class A Lenders and the Requisite Class B Lenders, and (B) unless the Rating Agency Condition is satisfied; 
(iv)    amend or modify any provision of Sections 2.11, other than Sections 2.11(c)(vii) and 2.11(d), (A) without the consent of each of the Requisite Class A Lenders and the Requisite Class B Lenders; provided, however, that, notwithstanding the foregoing, any such amendment or modification during the continuance of any Hot Backup Servicer Event (as such term is defined in the Backup Servicer Agreement), Event of Default or Servicer Default shall only require the consent of the Requisite Lenders, and (B) unless the Rating Agency Condition is satisfied;
(v)    amend or modify any provision of Section 7.1 (A) without the consent of each of the Requisite Class A Lenders and the Requisite Class B Lenders; provided, however, that, notwithstanding the foregoing, any waiver of the occurrence of a Default or an Event of Default shall only require the consent of the Requisite Lenders, and (B) unless the Rating Agency Condition is satisfied; or 
(vi)    amend, modify, terminate or waive any provision of Section 8 as the same applies to any Agent, or any other provision hereof as the same applies to the rights or obligations of any Agent, in each case without the consent of such Agent.  In the event of any amendment or waiver of this Agreement without the consent of the Collateral Agent or Paying Agent, the Company shall promptly deliver a copy of such amendment or waiver to the Collateral Agent and the Paying Agent upon the execution thereof.  
(d)    Execution of Amendments, etc.  Administrative Agent may, but shall have no obligation to, with the concurrence of the Class A Requisite Lenders or any Class A Lender, execute amendments, modifications, waivers or consents on behalf of the Requisite Class A Lenders or such Class A Lender.  Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given.  No notice to or demand on Company or Holdings in any case shall entitle Company or Holdings to any other or further notice or demand in similar or other circumstances.  Any amendment, modification, termination, waiver or consent effected in accordance with this Section 9.5 shall be binding upon each Lender at the time outstanding, each future Lender and, if signed by Company, on Company.  Notwithstanding anything to the contrary 

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contained in this Section 9.5, if the Administrative Agent and Company shall have jointly identified an obvious error or any error or omission of a technical nature, in each case that is immaterial (as determined by the Administrative Agent in its sole discretion), in any provision of the Credit Documents, then the Administrative Agent (as applicable, and in its respective capacity thereunder, the Administrative Agent or Collateral Agent) and Company shall be permitted to amend such provision and such amendment shall become effective without any further action or consent by the Requisite Lenders if the same is not objected to in writing by the Requisite Lenders within five (5) Business Days following receipt of notice thereof.
9.6    Successors and Assigns; Participations.
(a)    Generally.  This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the parties hereto and the successors and assigns of Lenders.  Neither Company’s rights or obligations hereunder nor any interest therein may be assigned or delegated by it without the prior written consent of all Lenders.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, Indemnitee Agent Parties under Section 8.6, Indemnitees under Section 9.3, their respective successors and assigns permitted hereby and, to the extent expressly contemplated hereby, Affiliates of each of the Agents and Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)    Register.  Company, the Paying Agent, Administrative Agent, Class B Agent and Lenders shall deem and treat the Persons listed as Lenders in the Registers as the holders and owners of the corresponding Commitments and Loans listed therein for all purposes hereof, and no assignment or transfer of any such Commitment or Loan shall be effective, in each case, unless and until an Assignment Agreement effecting the assignment or transfer thereof shall have been delivered to and accepted by Administrative Agent and recorded in the Registers as provided in Section 9.6(e).  Prior to such recordation, all amounts owed with respect to the applicable Commitment or Loan shall be owed to the Lender listed in the Registers as the owner thereof, and any request, authority or consent of any Person who, at the time of making such request or giving such authority or consent, is listed in the Registers as a Lender shall be conclusive and binding on any subsequent holder, assignee or transferee of the corresponding Commitments or Loans.
 (c)    Right to Assign.  Subject to Section 9.4 above, each Lender shall have the right at any time to sell, assign or transfer all or a portion of its rights and obligations under this Agreement, including, without limitation, all or a portion of its Commitment or Loans owing to it or other Obligations (provided, however, that each such assignment shall be of a uniform, and not varying, percentage of all rights and obligations under and in respect of any Loan and any related Commitments) to any Person constituting an Eligible Assignee.  Each such assignment pursuant to this Section 9.6(c) (other than an assignment to any Person meeting the criteria of clause (i) of the definition of the term of “Eligible Assignee”)  shall be in an aggregate amount of not less than $1,000,000 (or such lesser amount as may be agreed to by Company and Administrative Agent or as shall constitute the aggregate amount of the Commitments and Loans of the assigning Lender) with respect to the assignment of the Commitments and Loans.  

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(d)    Mechanics.  The assigning Lender and the assignee thereof shall execute and deliver to Administrative Agent an Assignment Agreement, together with such forms, certificates or other evidence, if any, with respect to United States federal income tax withholding matters as the assignee under such Assignment Agreement may be required to deliver to Administrative Agent pursuant to Section 2.16(d).
(e)    Notice of Assignment.  Upon the Administrative Agent’s or Class B Agent’s, as applicable, receipt and acceptance of a duly executed and completed Assignment Agreement and any forms, certificates or other evidence required by this Agreement in connection therewith, Administrative Agent or Class B Agent, as applicable, shall (i) record the information contained in such notice in the Class A Register or the Class B Register, as applicable, (ii) give prompt notice thereof to Company and the Paying Agent, and (iii) maintain a copy of such Assignment Agreement.
 (f)    Representations and Warranties of Assignee.  Each Lender, upon execution and delivery hereof or upon executing and delivering an Assignment Agreement, as the case may be, represents and warrants as of the Closing Date or as of the applicable Effective Date (as defined in the applicable Assignment Agreement) that (i) it is an Eligible Assignee; (ii) it has experience and expertise in the making of or investing in commitments or loans such as the applicable Commit-ments or Loans, as the case may be; and (iii) it will make or invest in, as the case may be, its Commitments or Loans for its own account in the ordinary course of its business and without a view to distribution of such Commitments or Loans within the meaning of the Securities Act or the Exchange Act or other federal securities laws (it being understood that, subject to the provisions of this Section 9.6, the disposition of such Commitments or Loans or any interests therein shall at all times remain within its exclusive control).
(g)    Effect of Assignment. Subject to the terms and conditions of this Section 9.6, as of the “Effective Date” specified in the applicable Assignment Agreement:  (i) the assignee thereunder shall have the rights and obligations of a “Lender” hereunder to the extent such rights and obligations hereunder have been assigned to it pursuant to such Assignment Agreement and shall thereafter be a party hereto and a “Lender” for all purposes hereof; (ii) the assigning Lender thereunder shall, to the extent that rights and obligations hereunder have been assigned thereby pursuant to such Assignment Agreement, relinquish its rights (other than any rights which survive the termination hereof under Section 9.8) and be released from its obligations hereunder (and, in the case of an Assignment Agreement covering all or the remaining portion of an assigning Lender’s rights and obligations hereunder, such Lender shall cease to be a party hereto; provided, anything contained in any of the Credit Documents to the contrary notwithstanding, such assigning Lender shall continue to be entitled to the benefit of all indemnities hereunder as specified herein with respect to matters arising prior to the effective date of such assignment; (iii) the Commitments shall be modified to reflect the Commitment of such assignee and any Commitment of such assigning Lender, if any; and (iv) if any such assignment occurs after the issuance of any Note hereunder, the assigning Lender shall, upon the effectiveness of such assignment or as promptly thereafter as practicable, surrender its applicable Loan Notes to Administrative Agent for cancellation, and thereupon Company shall issue and deliver new Loan Notes, if so requested by the assignee and/or assigning Lender, to such assignee and/or to such assigning Lender, with 

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appropriate insertions, to reflect the new Commitments and/or outstanding Loans of the assignee and/or the assigning Lender. 
(h)    Participations.  Each Lender shall have the right at any time to sell one or more participations to any Person (other than Holdings, any of its Subsidiaries or any of its Affiliates or a Direct Competitor) in all or any part of its Commitments, Loans or in any other Obligation.  The holder of any such participation, other than an Affiliate of the Lender granting such participation, shall not be entitled to require such Lender to take or omit to take any action hereunder except with respect to any amendment, modification or waiver that would (i) extend the final scheduled maturity of any Loan or Loan Note in which such participant is participating, or reduce the rate or extend the time of payment of interest or fees thereon (except in connection with a waiver of applicability of any post‐default increase in interest rates) or reduce the principal amount thereof, or increase the amount of the participant’s participation over the amount thereof then in effect (it being understood that a waiver of any Default or Event of Default or of a mandatory reduction in the Commitment shall not constitute a change in the terms of such participation, and that an increase in any Commitment or Loan shall be permitted without the consent of any participant if the participant’s participation is not increased as a result thereof), (ii) consent to the assignment or transfer by Company of any of its rights and obligations under this Agreement, or (iii) release all or substantially all of the Collateral under the Collateral Documents (except as expressly provided in the Credit Documents) supporting the Loans hereunder in which such participant is participating.  Company agrees that each participant shall be entitled to the benefits of Sections 2.15 or 2.16 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to clause (c) of this Section; provided, (i) a participant shall not be entitled to receive any greater payment under Sections 2.15 or 2.16 than the applicable Lender would have been entitled to receive with respect to the participation sold to such participant, except to the extent such entitlement to receive a greater payment results from a change in law that occurs after the participant acquired the applicable participation, unless the sale of the participation to such participant is made with Company’s prior written consent, and (ii) a participant that would be a Non‐US Lender if it were a Lender shall not be entitled to the benefits of Section 2.16 unless Company (through a Designated Officer) is notified of the participation at the time it is sold to such participant and such participant agrees, for the benefit of Company, to comply with Section 2.16 as though it were a Lender.  To the extent permitted by law, each participant also shall be entitled to the benefits of Section 9.4 as though it were a Lender, provided such Participant agrees to be subject to Section 2.14 as though it were a Lender.  Any Lender that sells such a participation shall, acting solely for this purpose as an agent of the Company, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in such participation and other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person other than Company (through a Designated Officer), including the identity of any Participant or any information relating to a Participant’s interest or obligations under any Credit Document, except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement 

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notwithstanding any notice to the contrary.  For the avoidance of doubt, the Paying Agent (in its capacity as Paying Agent) shall have no responsibility for maintaining a Participant Register.  The Participant Register shall be available for inspection by Company at any reasonable time and from time to time upon reasonable prior notice.  Company shall not disclose the identity of any Participant of any Lender or any information relating to such Participant's interest or obligation to any Person, provided that Company may make (1) disclosures of such information to Affiliates of such Lender and to their agents and advisors provided that such Persons are informed of the confidential nature of the information and will be instructed to keep such information confidential, and (2) disclosures required or requested by any Governmental Authority or representative thereof or by the NAIC or pursuant to legal or judicial process or other legal proceeding; provided, that unless specifically prohibited by applicable law or court order, Company shall make reasonable efforts to notify the applicable Lender of any request by any Governmental Authority or representative thereof (other than any such request in connection with any examination of the financial condition or other routine examination of Company by such Governmental Authority) for disclosure of any such non‐public information prior to disclosure of such information.  
(i)    Certain Other Assignments.  In addition to any other assignment permitted pursuant to this Section 9.6 any Lender may assign, pledge and/or grant a security interest in, all or any portion of its Loans, the other Obligations owed by or to such Lender, and its Loan Notes, if any, to secure obligations of such Lender including, without limitation, any Federal Reserve Bank as collateral security pursuant to Regulation A of the Board of Governors of the Federal Reserve System and any operating circular issued by such Federal Reserve Bank; provided, no Lender, as between Company and such Lender, shall be relieved of any of its obligations hereunder as a result of any such assignment and pledge, and provided further, in no event shall the applicable Federal Reserve Bank, pledgee or trustee be considered to be a “Lender” or be entitled to require the assigning Lender to take or omit to take any action hereunder.
9.7    Independence of Covenants.  All covenants hereunder shall be given independent effect so that if a particular action or condition is not permitted by any of such covenants, the fact that it would be permitted by an exception to, or would otherwise be within the limitations of, another covenant shall not avoid the occurrence of a Default or an Event of Default if such action is taken or condition exists.
9.8    Survival of Representations, Warranties and Agreements.  All representations, warranties and agreements made herein shall survive the execution and delivery hereof and the making of any Credit Extension.  Notwithstanding anything herein or implied by law to the contrary, the agreements of Company set forth in Sections 2.15, 2.16, 9.2, 9.3, 9.10, 9.22 and 9.23, the agreements of Lenders set forth in Sections 2.14 and 8.6, and the agreement of each Agent and Lenders set forth in Section 9.17 shall survive the payment of the Loans and the termination or assignment hereof, and resignation or removal of any party.
9.9    No Waiver; Remedies Cumulative.  No failure or delay on the part of any Agent or any Lender in the exercise of any power, right or privilege hereunder or under any other Credit Document shall impair such power, right or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right or privilege 

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preclude other or further exercise thereof or of any other power, right or privilege.  The rights, powers and remedies given to each Agent and each Lender hereby are cumulative and shall be in addition to and independent of all rights, powers and remedies existing by virtue of any statute or rule of law or in any of the other Credit Documents.  Any forbearance or failure to exercise, and any delay in exercising, any right, power or remedy hereunder shall not impair any such right, power or remedy or be construed to be a waiver thereof, nor shall it preclude the further exercise of any such right, power or remedy.
9.10    Marshalling; Payments Set Aside.  Neither any Agent nor any Lender shall be under any obligation to marshal any assets in favor of Company or any other Person or against or in payment of any or all of the Obligations or any other amount due hereunder.  To the extent that Company makes a payment or payments to Administrative Agent or Lenders (or to Administrative Agent, on behalf of Lenders), or Administrative Agent, Collateral Agent or Lenders enforce any security interests or exercise their rights of setoff, and such payment or payments or the proceeds of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other state or federal law, common law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof originally intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred.
9.11    Severability.  In case any provision in or obligation hereunder or any Loan Note or other Credit Document 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.
9.12    Obligations Several; Actions in Concert.  The obligations of Lenders hereunder are several and no Lender shall be responsible for the obligations or Commitment of any other Lender hereunder.  Nothing contained herein or in any other Credit Document, and no action taken by Lenders pursuant hereto or thereto, shall be deemed to constitute Lenders as a partnership, an association, a joint venture or any other kind of entity. Anything in this Agreement or any other Credit Document to the contrary notwithstanding, each Lender hereby agrees with each other Lender that no Lender shall take any action to protect or enforce its rights arising out of this Agreement or any Loan Note or otherwise with respect to the Obligations without first obtaining the prior written consent of the Administrative Agent or the Class B Agent or Requisite Lenders (as applicable), it being the intent of Lenders that any such action to protect or enforce rights under this Agreement and any Loan Note or otherwise with respect to the Obligations shall be taken in concert and at the direction or with the consent of the Administrative Agent or Class B Agent or Requisite Lenders (as applicable).
9.13    Headings.  Section headings herein are included herein for convenience of reference only and shall not constitute a part hereof for any other purpose or be given any substantive effect.
9.14    APPLICABLE LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND 

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SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
9.15    CONSENT TO JURISDICTION.
(A)    ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO OR ANY OTHER CREDIT DOCUMENT, OR ANY OF THE OBLIGATIONS, MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK.  BY EXECUTING AND DELIVERING THIS AGREEMENT, COMPANY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (a) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NONEXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (b) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (c) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO COMPANY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 9.1 AND TO ANY PROCESS AGENT APPOINTED BY IT IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER COMPANY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (d) AGREES THAT AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST COMPANY IN THE COURTS OF ANY OTHER JURISDICTION.
(B)    COMPANY HEREBY AGREES THAT PROCESS MAY BE SERVED ON IT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE ADDRESSES PERTAINING TO IT AS SPECIFIED IN SECTION 9.1 OR ON HOLDINGS, WHICH COMPANY HEREBY APPOINTS AS ITS AGENT FOR SERVICE OF PROCESS HEREUNDER.  ANY AND ALL SERVICE OF PROCESS AND ANY OTHER NOTICE IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE EFFECTIVE AGAINST COMPANY IF GIVEN BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANY OTHER MEANS OR MAIL WHICH REQUIRES A SIGNED RECEIPT, POSTAGE PREPAID, MAILED AS PROVIDED ABOVE.  IN THE EVENT HOLDINGS  SHALL NOT BE ABLE TO ACCEPT SERVICE OF PROCESS AS AFORESAID AND IF COMPANY SHALL NOT MAINTAIN AN OFFICE IN NEW YORK CITY, COMPANY SHALL PROMPTLY APPOINT AND MAINTAIN AN AGENT QUALIFIED TO ACT AS AN AGENT FOR SERVICE OF PROCESS WITH RESPECT TO THE COURTS SPECIFIED IN THIS SECTION 9.15 ABOVE, AND ACCEPTABLE TO THE ADMINISTRATIVE AGENT, AS COMPANY’S AUTHORIZED AGENT TO ACCEPT AND ACKNOWLEDGE ON COMPANY’S BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH ACTION, SUIT OR PROCEEDING.
9.16    WAIVER OF JURY TRIAL.  EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY 

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OF THE OTHER CREDIT DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS LOAN TRANSACTION OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL‐ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.  EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 9.16 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER CREDIT DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE REVOLVING LOANS MADE HEREUNDER.  IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
9.17    Confidentiality.  Each Agent and Lender shall hold all non‐public informa-tion regarding Holdings and its Affiliates and their businesses obtained by such Lender or Agent confidential and shall not disclose information of such nature, it being understood and agreed by Company that, in any event, a Lender or Agent may make (a) disclosures of such information to Affiliates of such Lender or Agent and to their agents, auditors, attorneys and advisors (and to other persons authorized by a Lender or Agent to organize, present or disseminate such information in connection with disclosures otherwise made in accordance with this Section 9.17) provided that such Persons are informed of the confidential nature of the information and agree to keep, or with respect to the Collateral Agent and Paying Agent will be instructed to keep, such information confidential, provided, further that no disclosure shall be made to any Person that is a Direct Competitor or, with respect to the Collateral Agent and Paying Agent only, any Person that the Collateral Agent and/or Paying Agent has actual knowledge is a Direct Competitor, (b) disclosures of such information reasonably required by any bona fide or potential assignee, transferee or participant in connection with the contemplated assignment, transfer or participation by such Lender of any Loans or any participations therein, provided that such Persons are informed of the confidential nature of the information and agree to keep such information confidential pursuant to a non-disclosure agreement, (c) disclosure to any rating agency when required by it provided that such Persons are informed of the confidential nature of the information and agree to keep, or with respect to the Collateral Agent and Paying Agent will be instructed to keep, such information confidential, (d) disclosures required by any applicable statute, law, rule or regulation or requested 

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by any Governmental Authority or representative thereof or by any regulatory body or by the NAIC or pursuant to legal or judicial process or other legal proceeding; provided, that unless specifically prohibited by applicable law or court order, each Lender or Agent shall make reasonable efforts to notify Company of any request by any Governmental Authority or representative thereof (other than any such request in connection with any examination of the financial condition or other routine examination of such Lender or Agent by such Governmental Authority) for disclosure of any such non‐public information prior to disclosure of such information, (e) to any collateral trustee appointed by any Lender to comply with Rule 3a-7 under the Investment Company Act, provided such collateral trustee is informed of the confidential nature of such information and agrees in writing to keep such information confidential, (f) to any nationally recognized statistical rating organization for the purpose of  assisting  in  the  negotiation,  completion,  administration  and  evaluation  of  the transaction documented under this Agreement or the commercial paper program of any Class A Conduit Lender or in compliance with Rule 17g-5 under the Exchange Act (or to any other rating agency in compliance with any similar rule or regulation in any relevant jurisdiction), (g) disclosures to credit enhancers, dealers and investors in respect of commercial paper of any Class A Conduit Lender in accordance with the customary practices of such Lender for disclosures to credit enhancers, dealers or investors, provided that any such disclosure to dealers or investors (i) shall inform such dealers or investors of the confidential nature of such information, (ii) shall be made on a  basis which does not specifically identify Company or its Affiliates, and (iii) shall only include Permitted CP Disclosure Information, and (h) any other disclosure authorized by the Company in writing in advance.  Notwithstanding the foregoing, (i) the foregoing shall not be construed to prohibit the disclosure of any information that is or becomes publicly known or information obtained by a Lender or Agent from sources other than the Company other than as a result of a disclosure by an Agent or Lender in violation of this Section 9.17, and (ii) on or after the Closing Date, the Administrative Agent may, at its own expense issue news releases and publish “tombstone” advertisements and other announcements generally describing this transaction in newspapers, trade journals and other appropriate media (which may include use of logos of Company or Holdings) (collectively, “Trade Announcements”).  Company shall not issue, and shall cause Holdings not to issue, any Trade Announcement using the name of any Agent or Lender, or their respective Affiliates or referring to this Agreement or the other Credit Documents, or the transactions contemplated thereunder except (x) disclosures required by applicable law, regulation, legal process or the rules of the Securities and Exchange Commission or (y) with the prior approval of Administrative Agent (such approval not to be unreasonably withheld).
9.18    Usury Savings Clause.  Notwithstanding any other provision herein, the aggregate interest rate charged or agreed to be paid with respect to any of the Obligations, including all charges or fees in connection therewith deemed in the nature of interest under applicable law shall not exceed the Highest Lawful Rate.  If the rate of interest (determined without regard to the preceding sentence) under this Agreement at any time exceeds the Highest Lawful Rate, the outstanding amount of the Loans made hereunder shall bear interest at the Highest Lawful Rate until the total amount of interest due hereunder equals the amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect.  In addition, if when the Loans made hereunder are repaid in full the total interest due hereunder (taking into account the increase provided for above) is less than the total amount of interest which would have been due hereunder if the stated rates of interest set forth in this Agreement had at all times been in effect, 

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then to the extent permitted by law, Company shall pay to Administrative Agent an amount equal to the difference between the amount of interest paid and the amount of interest which would have been paid if the Highest Lawful Rate had at all times been in effect.  Notwithstanding the foregoing, it is the intention of Lenders and Company to conform strictly to any applicable usury laws.  Accordingly, if any Lender contracts for, charges, or receives any consideration which constitutes interest in excess of the Highest Lawful Rate, then any such excess shall be cancelled automatically and, if previously paid, shall at such Lender’s option be applied to the outstanding amount of the Loans made hereunder or be refunded to Company.  In determining whether the interest contracted for, charged, or received by Administrative Agent or a Lender exceeds the Highest Lawful Rate, such Person may, to the extent permitted by applicable law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest, throughout the contemplated term of the Obligations hereunder.
9.19    Counterparts.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument.  
9.20    Effectiveness.  This Agreement shall become effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by Company and Administrative Agent of written or telephonic notification of such execution and authorization of delivery thereof.
9.21    Patriot Act.  Each Lender and Agent (for itself and not on behalf of any Lender) hereby notifies the parties hereto that pursuant to the requirements of the Act, it is required to obtain, verify and record information that identifies Company and any other applicable party, which information includes the name and address of such person and other information that will allow such Lender or Agent, as applicable, to identify such Person in accordance with the Act.
9.22    Nonpetition.  (a)  Each of the parties hereto hereby covenants and agrees that, prior to the date that is one year and one day after the payment in full of all outstanding commercial paper of any Class A Conduit Lender, it will not institute against, or join any other Person in instituting against, any Class A Conduit Lender any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar proceeding under the laws of the United States or any state of the United States.
(a)The  provisions  of  this  Section  9.22  shall  survive  the  termination  of  this Agreement.
9.23    Limited Recourse.  (a) Notwithstanding anything to the contrary contained in this Agreement, each of the parties hereto hereby acknowledge and agree that all transactions with any Class A Conduit Lender hereunder shall be without recourse of any kind to such Class A Conduit Lender.   No Class A Conduit Lender shall  have  any  liability  or  obligation  hereunder  unless  and  until  such  Class A Conduit  Lender  has received such amounts pursuant to this Agreement.  In addition, the parties hereto hereby agree that no Class A Conduit Lender shall have any obligation to pay any amounts constituting fees, reimbursement for expenses or indemnities (collectively, “Expense Claims”) and such Expense Claims shall not constitute a claim (as defined in Section 101 of Title 11 of the United States Bankruptcy  Code)  against  such  Class A Conduit  Lender,  unless  

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or  until  such  Class A Conduit  Lender  has received amounts sufficient to pay such Expense Claims pursuant to this Agreement and such amounts are not required to pay the outstanding indebtedness of such Class A Conduit Lender.
(b)No recourse under any obligation, covenant or agreement of a Class A Conduit Lender, as applicable, contained in this Agreement shall be had against any member, manager, officer, director, employee or agent of any such Lender, any credit support provider or any of its Affiliates (solely by virtue of such capacity) by the enforcement of any assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise.
(c)The provisions of this Section 9.23 shall survive termination of this Agreement.
9.24      Notice to Rating Agencies.  
The Borrower shall provide to DBRS, Inc. prompt notice of the occurrence of any of the following:
(i)    the appointment of any new institution as a “Receivables Account Bank” pursuant to clause (iii) of the definition thereof;
(ii)    any changes to the Lockbox System;
(iii)    any termination, resignation or replacement of any of the Backup Servicer, the Paying Agent, the Collateral Agent, the Custodian or the Independent Manager;
(iv)    any increase in Class B Commitments hereunder;
(v)    any amendment to the Company’s Organizational Documents; and
(vi)    any amendment, modification, termination or consent under Section 9.5(b)(ix).
(d)Each such notice shall be sent to DBRS Inc., Attention Surveillance, E-mail: ABS_Surveillance@dbrs.com, 140 Broadway, New York, NY 10005.

[Remainder of page intentionally left blank]

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

PRIME ONDECK RECEIVABLE TRUST II, LLC, as Company

By:    /s/ Howard Katzenberg    
Name:    Howard Katzenberg
Title:    Chief Financial Officer

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CREDIT SUISSE AG, NEW YORK BRANCH, 
as Administrative Agent 

By:    /s/ Patrick J. Hart    
Name:    Patrick J. Hart
Title:    Vice President

By:    /s/ Jason D. Muncy    
Name:    Jason D. Muncy
Title:    Vice President

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
as a Class A Committed Lender in the Credit Suisse Lender Group

By:    /s/ Patrick J. Hart        
Name:    Patrick J. Hart
Title:    Authorized Signatory

By:    /s/ Jason D. Muncy    
Name:    Jason D. Muncy
Title:    Authorized Signatory

GIFS CAPITAL COMPANY, LLC,
as a Class A Conduit Lender in the Credit Suisse Lender Group 

By:    /s/ Thomas J. Irvin        
Name:    Thomas J. Irvin
Title:    Manager

WELLS FARGO BANK, N.A., 
as Paying Agent and Collateral Agent

By:    /s/ Adam Holzemer    
Name:     Adam Holzemer
Title:    Vice President

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-116-EX-4.(a)(I)

 Exhibit 4(a)(i) 

11 August 2016 

INTERCONTINENTAL HOTELS GROUP PLC 

(the Issuer) 

and 
 SIX CONTINENTS
LIMITED 
 and 

INTERCONTINENTAL HOTELS LIMITED 

(together, the Guarantors) 

and 
 HSBC CORPORATE
TRUSTEE COMPANY (UK) LIMITED 
 (the Trustee) 

 
  

AMENDED AND RESTATED TRUST DEED 

relating to a £2,000,000,000 

EURO MEDIUM TERM NOTE PROGRAMME 
  

 
  

 
 Freshfields Bruckhaus Deringer LLP 

65 Fleet Street 
 London EC4Y 1HS

 CONTENTS 
  

							
	CLAUSE	  	PAGE	 
			
	1.	  	DEFINITIONS AND INTERPRETATION	  	 	1	  
			
	2.	  	AMOUNT AND ISSUE OF THE NOTES	  	 	10	  
			
	3.	  	COVENANT TO REPAY	  	 	11	  
			
	4.	  	GUARANTEE	  	 	13	  
			
	5.	  	THE NOTES	  	 	15	  
			
	6.	  	CANCELLATION OF NOTES AND RECORDS	  	 	17	  
			
	7.	  	COVENANT TO COMPLY WITH THE TRUST DEED	  	 	18	  
			
	8.	  	COVENANTS BY THE ISSUER AND THE GUARANTORS	  	 	19	  
			
	9.	  	AMENDMENTS AND SUBSTITUTION	  	 	24	  
			
	10.	  	BREACH	  	 	28	  
			
	11.	  	ENFORCEMENT	  	 	28	  
			
	12.	  	APPLICATION OF MONEYS	  	 	29	  
			
	13.	  	TERMS OF APPOINTMENT	  	 	31	  
			
	14.	  	COSTS AND EXPENSES	  	 	39	  
			
	15.	  	APPOINTMENT AND RETIREMENT	  	 	42	  
			
	16.	  	NOTICES	  	 	44	  
			
	17.	  	LAW AND JURISDICTION	  	 	45	  
			
	18.	  	SEVERABILITY	  	 	45	  
			
	19.	  	CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999	  	 	45	  
			
	20.	  	COUNTERPARTS	  	 	46	  
		
	SCHEDULE 1 TERMS AND CONDITIONS OF THE NOTES	  	 	47	  
		
	SCHEDULE 2 FORM OF GLOBAL NOTES	  	 	92	  
		
	SCHEDULE 3 PROVISIONS FOR MEETINGS OF NOTEHOLDERS	  	 	121	  

  

  
 Page I 

 THIS AMENDED AND RESTATED TRUST DEED is made on 11 August 2016 (this TRUST
DEED) 
 BETWEEN 
  

	(1)	 INTERCONTINENTAL HOTELS GROUP PLC (the Issuer); 

 

	(2)	 SIX CONTINENTS LIMITED (Six Continents); 

 

	(3)	 INTERCONTINENTAL HOTELS LIMITED (InterContinental, and together with Six Continents, the
Guarantors); and 

  

	(4)	 HSBC CORPORATE TRUSTEE COMPANY (UK) LIMITED (the Trustee, which expression includes,
where the context admits, all persons for the time being the trustee or trustees of this Trust Deed). 

WHEREAS 

(A) The Issuer, the Guarantors and the Trustee are party to a trust deed dated 27 November 2009, as supplemented by the first supplemental
trust deed dated 7 July 2011, the second supplemental trust deed dated 9 November 2012 and the third supplemental trust deed dated 16 June 2015 (the Principal Trust Deed) relating to the Euro Medium Term Note Programme
established by the Issuer, pursuant to which, the Issuer may issue from time to time Notes as set out herein (the Programme). The Issuer, the Guarantors and the Trustee desire to amend and restate the Principal Trust Deed in its
entirety as set forth in this Trust Deed. 
 (B) The Trustee has agreed to act as trustee of this Trust Deed on the following terms and
conditions. 
 (C) Notes up to a maximum nominal amount from time to time outstanding of £2,000,000,000 (subject to increase as
provided in the Dealer Agreement (as defined below)) (the Authorised Amount) may be issued pursuant to the Programme. Any Notes issued under the Programme on or after the date hereof shall be issued pursuant to this Trust Deed. This
does not affect any Notes issued under the Programme or any rights or obligations accrued or incurred under the Principal Trust Deed prior to the date of this Trust Deed. 

NOW THIS TRUST DEED WITNESSES AND IT IS HEREBY DECLARED as follows: 

 

	1.	 DEFINITIONS AND INTERPRETATION 

 

	1.1	 Definitions 

In this Trust Deed the following expressions have the following meanings: 

Additional Rating Agency means Moody’s and Fitch; 

  
 Page 1 

 Agency Agreement means, in relation to the Notes of any Series, the amended and
restated agency agreement dated 11 August 2016 (as further amended, modified and restated from time to time) between the Issuer, the Guarantors, the Trustee and HSBC Bank plc as Principal Paying Agent appointing the initial Paying Agent and the
Calculation Agent in relation to such Series and any other agreement for the time being in force appointing Successor paying agents or a Successor calculation agent in relation to such Series, together with any agreement for the time being in force
amending or modifying with the prior written approval of the Trustee any of the aforesaid agreements in relation to such Series; 

Agents means, in relation to the Notes of any Series, the Principal Paying Agent, the other Paying Agents, the Calculation Agent
or any of them; 
 Appointee means any attorney, manager, agent, delegate, nominee, custodian, receiver or other person
appointed by the Trustee under this Trust Deed; 
 Auditors means the auditors for the time being of the Issuer or, as the
case may be, a Guarantor and, in the event of any of them being unable or unwilling to carry out any action requested of them pursuant to this Trust Deed, means such other firm of chartered accountants in England as may be nominated in writing by
the Trustee for the purpose; 
 Authorised Signatory means any person who (a) is a Director of the Issuer or, as the case
may be, the relevant Guarantor or (b) has been notified to the Trustee by any such Director as being an Authorised Signatory pursuant to sub-clause 8(p) (Authorised Signatories); 

Calculation Agent means, in relation to the Notes of any Series, the institution at its Specified Office initially appointed as
calculation agent in relation to such Notes pursuant to the Agency Agreement and/or, if applicable, Successor calculation agent in relation to such Notes at its Specified office; 

CGN Permanent Global Note means a Permanent Global Note representing Notes for which the relevant Final Terms specify that the
New Global Note form is not applicable; 
 CGN Temporary Global Note means a Temporary Global Note representing Notes for
which the relevant Final Terms specify that the New Global Note form is not applicable; 
 Change of Control has the meaning
given to such term in Condition 2(a) (Interpretation - Definitions); 
 Clearstream
means Clearstream Banking SA; 
 the Code means the U.S. Internal Revenue Code of 1986, as amended; 

Common Safekeeper means an ICSD in its capacity as common safekeeper or a person nominated by the ICSDs to perform the role of
common safekeeper; 

  
 Page 2 

 Conditions means the terms and conditions to be endorsed on, or incorporated by
reference in, the Notes of any Series, in the form set out in Schedule 1 or in such other form, having regard to the terms of the Notes of the relevant Series, as may be agreed between the issuer, the Principal Paying Agent, the Trustee and the
relevant Dealer(s) as modified and supplemented by the Final Terms(s) applicable to such Series, as any of the same may from time to time be modified in accordance with this Trust Deed and any reference in this Trust Deed to a particular numbered
Condition shall be construed in relation to the Notes of such Series accordingly; 
 Contractual Currency means, in relation
to any payment obligation of any Note, the currency in which that payment obligation is expressed and, in relation to Clause 14.1 (Remuneration), pounds sterling or such other currency as may be agreed between the Issuer and the Trustee from
time to time; 
 Couponholder means the holder of a Coupon; 

Coupons means any bearer interest coupons in or substantially in the form set out in Part E of Schedule 2 appertaining to the
Notes of any Series and for the time being outstanding or, as the context may require, a specific number thereof and includes any replacement Coupons issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons) and, where the
context so permits, the Talons appertaining to the Notes of such Series; 
 Dealer Agreement means the agreement between the
Issuer and the Dealers named therein concerning the purchase of Notes to be issued pursuant to the Programme as amended from time to time or any restatement thereof for the time being in force; 

Dealers means any person appointed as a Dealer by the Dealer Agreement and any other person which the Issuer may appoint as a
Dealer and notice of whose appointment has been given to the Principal Paying Agent and the Trustee by the Issuer in accordance with the provisions of the Dealer Agreement but excluding any entity whose appointment has been terminated in accordance
with the terms of the Dealer Agreement and notice of whose termination has been given to the Principal Paying Agent and the Trustee by the Issuer in accordance with the provisions of the Dealer Agreement and references to the relevant Dealer(s)
mean, in relation to any Note, the Dealer(s) with whom the Issuer has agreed the issue and purchase of such Note; 
 Director
means any Director of the Issuer or, as the case may be, a Guarantor, from time to time; 
 Drawdown Prospectus means a
prospectus specific to a Tranche of Notes which may be constituted either (a) by a single document or (b) by a registration document, a securities note and, if applicable, a summary; 

Euroclear means Euroclear Bank SA/NV; 

Event of Default means any one of the circumstances described in Condition 12 (Events of Default); 

Extraordinary Resolution has the meaning set out in Schedule 3 (Provisions for Meetings of Noteholders); 

  
 Page 3 

 FATCA means Sections 1471 through 1474 of the Code (including any regulations
thereunder or official interpretation thereof), intergovernmental agreements between the United States and other jurisdictions facilitating the implementation thereof, and any law implementing any such intergovernmental agreement; 

FATCA Information has the meaning given to it in Clause 8(ff); 

FATCA Withholding means any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the
Code or otherwise imposed pursuant to FATCA; 
 Final Terms has the meaning ascribed to it in the Dealer Agreement; 

Fitch means Fitch Ratings Ltd or any successor; 

Fixed Rate Note means a Note on which interest is calculated at a fixed rate payable in arrear on a fixed date or dates in each
year and on redemption or on such other dates as may be agreed between the Issuer, the Guarantors and the relevant Dealer(s) (as indicated in the relevant Final Terms); 

Floating Rate Note means a Note on which interest is calculated at a floating rate payable at intervals of one, two, three, six
or twelve months or at such other intervals as may be agreed between the Issuer, the Guarantors and the relevant Dealer(s) (as indicated in the relevant Final Terms); 

FSMA means the Financial Services and Markets Act 2000; 

Global Note means a CGN Temporary Global Note, a CGN Permanent Global Note, an NGN Temporary Global Note or an NGN Permanent
Global Note; 
 ICSDs means Clearstream and Euroclear; 

Issue Date means, in relation to any Note, the date of issue of such Note pursuant to the Dealer Agreement or any other relevant
agreement between the Issuer and the relevant Dealer(s); 
 Interest Commencement Date means, in relation to any
interest-bearing Note, the date specified in the relevant Final Terms from which such Note bears interest or, if no such date is specified therein, the Issue Date; 

Liabilities or Liability means any loss, damage, cost, charge, claim, demand, expense, judgment, action,
proceeding or other liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and including any value added tax or similar tax charged or chargeable in respect thereof and legal fees and
expenses on a full indemnity basis; 
 London Stock Exchange means the London Stock Exchange plc; 

Material Subsidiary has the meaning set out in Condition 2(a) (Interpretation -
Definitions); 

  
 Page 4 

 Moody’s means Moody’s Investors Service, Inc. or any successor; 

NGN Permanent Global Note means a Permanent Global Note representing Notes for which the relevant Final Terms specify that the
New Global Note form is applicable; 
 NGN Temporary Global Note means a Temporary Global Note representing Notes for which
the relevant Final Terms specify that the New Global Note form is applicable; 
 Noteholder and (in relation to a Note)
holder means the bearer of a Note; 
 Notes means the bearer notes of each Series constituted in relation to or
by this Trust Deed which shall be in or substantially in the form set out in Schedule 2 and, for the time being outstanding or, as the case may be, a specific number thereof and includes any replacement Notes of such Series issued pursuant to
Condition 14 (Replacement of Notes, Coupons and Talons) and (except for the purposes of Clause 5.1 (Global Notes) and 5.3 (Signature)) each Global Note in respect of such Series for so long as it has not been exchanged in
accordance with the terms thereof; 
 outstanding means, in relation to the Notes of any Series, all the Notes of such Series other than: 

 

	(a)	 those which have been redeemed in accordance with this Trust Deed; 

 

	(b)	 those in respect of which the date for redemption in accordance with the provisions of the Conditions has
occurred and for which the redemption moneys (including all interest accrued thereon to the date for such redemption) have been duly paid to the Trustee or the Principal Paying Agent in the manner provided for in the Agency Agreement (and, where
appropriate, notice to that effect has been given to the Noteholders in accordance with Condition 18 (Notices)) and remain available for payment in accordance with the Conditions; 

 

	(c)	 those which have been purchased and surrendered for cancellation as provided in Condition 9(k) (Redemption
and Purchase - Cancellation) and notice of the cancellation of which has been given to the Trustee; 

  

	(d)	 those which have become void under Condition 13 (Prescription); 

 

	(e)	 those mutilated or defaced Notes which have been surrendered or cancelled and in respect of which replacement
Notes have been issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons); or 

  

	(f)	 (for the purpose only of ascertaining the aggregate nominal amount of Notes outstanding and without prejudice
to the status for any other purpose of the relevant Notes) those Notes which are alleged to have been lost, stolen or destroyed and in respect of which replacements have been issued pursuant to Condition 14 (Replacement of Notes, Coupons and
Talons); 

  
 Page 5 

 provided that for each of the following purposes, namely: 

 

	 	(i)	 the right to attend and vote at any meeting of the holders of Notes of any Series; 

 

	 	(ii)	 the determination of how many and which Notes of any Series are for the time being outstanding for the
purposes of Clauses 11.1 (Legal Proceedings) and 9.1 (Waiver), Conditions 12 (Events of Default) and 16 (Meetings of Noteholders; Modification and Waiver) and Schedule 3 (Provisions for Meetings of
Noteholders); 

  

	 	(iii)	 any discretion, power or authority, whether contained in this Trust Deed or provided by law, which the Trustee
is required to exercise in or by reference to the interests of the holders of the Notes of any Series or any of them; and 

  

	 	(iv)	 the determination by the Trustee whether any event, circumstance, matter or timing is, in its opinion,
materially prejudicial to the interests of the holders of the Notes of any Series; 

 those Notes (if any) of the relevant
Series which are for the time being held by any person (including but not limited to the Issuer, any Guarantor or any Subsidiary) for the benefit of the Issuer, any Guarantor or any Subsidiary shall (unless and until ceasing to be so held) be deemed
not to remain outstanding; 
 Paying Agents means, in relation to the Notes of any Series, the several institutions
(including, where the context permits, the Principal Paying Agent) at their respective Specified Offices appointed pursuant to the relative Agency Agreement and/or, if applicable, any additional and/or Successor paying agents in relation to such
Series at their respective Specified Offices; 
 Permanent Global Note means, in relation to any Series, a Global Note to be
issued pursuant to Clause 5.1 (Global Notes) in the form or substantially in the form set out in Part B of Schedule 2; 

Potential Event of Default means an event or circumstance which could, with the giving of notice, lapse of time, the issuing of
a certificate and/or fulfilment of any other requirement provided for in Condition 12 (Events of Default), become an Event of Default; 

Principal Paying Agent means, in relation to the Notes of any Series, the institution at its Specified Office initially
appointed as issuing and principal paying agent in relation to such Series pursuant to the relative Agency Agreement or, if applicable, any Successor principal paying agent in relation to such Series at its Specified Office; 

Put Option has the meaning given to such term in Condition 9(f) (Redemption and Purchase – Redemption at the option of
Noteholders); 
 Rating Agency means S&P or any of its respective successors or any Substitute Rating Agency and, for
the purposes of Condition 9(g) (Redemption and Purchase – Change of Control Redemption), includes any Additional Rating Agency; 

  
 Page 6 

 Relevant Date has the meaning ascribed to it in Condition 2(a) (Interpretation - Definitions); 
 Reserved Matter has the meaning set out in paragraph 1 of
Schedule 3 (Provisions for Meetings of Noteholders); 
 repay includes redeem and vice versa
and repaid, repayable, repayment, redeemed, redeemable and redemption shall be construed accordingly; 

Series means a Tranche of Notes together with any further Tranche or Tranches of Notes expressed to be consolidated and form a
single series with the Notes of the original Tranche and the terms of which are identical (save for the issue Date and/or the Interest Commencement Date but including as to whether or not the Notes are listed); 

Specified Office means, in relation to any Agent in respect of any Series, either the office identified with its name in
Condition 2(a) (Interpretation - Definitions) of such Series or any other office notified to any relevant parties pursuant to the Agency Agreement; 

Subsidiary has the meaning set out in Condition 2(a) (Interpretation -
Definitions); 
 Substitute Rating Agency means any rating agency of international standing substituted for the Rating
Agency by the Issuer from time to time with the prior written approval of the Trustee, such approval not to be unreasonably withheld or delayed; 

Successor means, in relation to the Paying Agents, such other or further person as may from time to time be appointed pursuant
to the Agency Agreement as a Paying Agent; 
 Successor in Business means in respect of a company (the Original
Company): 
  

	(a)	 a company or other entity to whom the Original Company validly and effectually, in accordance with all
enactments, orders and regulations in force for the time being and from time to time, transfers the whole or substantially the whole of its business, undertaking and assets for the purpose of assuming and conducting the business of the Original
Company in its place; or 

  

	(b)	 any other entity which acquires in any other manner the whole or substantially the whole of the undertaking,
property and assets of the Original Company and carries on as a successor to the Original Company the whole or substantially the whole of the business carried on by the Original Company prior thereto; 

S&P means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies Inc. or any successor;

 Talonholder means the holder of a Talon; 

  
 Page 7 

 Talons means any bearer talons appertaining to the Notes of any Series or, as the
context may require, a specific number thereof and includes any replacement Talons issued pursuant to Condition 14 (Replacement of Notes, Coupons and Talons); 

Temporary Global Note means, in relation to any Series, a Global Note to be issued pursuant to Clause 5.1 (Global Notes)
in the form or substantially in the form set out in Part A of Schedule 2; 
 this Trust Deed means this Trust Deed
and the Schedules (as from time to time modified in accordance with the provisions contained herein) and (unless the context requires otherwise) includes any deed or other document executed in accordance with the provisions hereof (as from time to
time modified as aforesaid) and expressed to be supplemental hereto; 
 Tranche means all Notes of the same Series with the
same Issue Date and Interest Commencement Date; 
 Trustee Acts means both the Trustee Act 1925 and the Trustee Act 2000 of
England and Wales; 
 Written Resolution means, in relation to any Series, a resolution in writing signed by or on behalf of
the holders of 75 per cent. of the aggregate principal amount of the Notes of such Series for the time being outstanding, whether contained in one document or several documents in like form, each signed by or on behalf of one or more such
Noteholders; and 
 Zero Coupon Note means a Note on which no interest is payable. 

 

	1.2	 Principles of interpretation 

In this Trust Deed: 
  

	(a)	 Statutory modification: a provision of any statute shall be deemed also to refer to any statutory
modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment; 

  

	(b)	 Additional amounts: principal and/or interest in respect of the Notes of any Series shall be deemed
also to include references to any additional amounts, any redemption amounts and any premium which may be payable under the Conditions; 

  

	(c)	 Relevant Currency: relevant currency shall be construed as a reference to the currency in which
payments in respect of the Notes and/or Coupons of the relevant Series are to be made as indicated in the relevant Final Terms; 

  

	(d)	 Tax: costs, charges or expenses shall include any value added tax or similar tax charged or chargeable
in respect thereof; 

  
 Page 8 

	(e)	 Enforcement of rights: an action, remedy or method of judicial proceedings for the enforcement of
rights of creditors shall include, in respect of any jurisdiction other than England, references to such action, remedy or method of judicial proceedings for the enforcement of rights of creditors available or appropriate in such jurisdictions as
shall most nearly approximate thereto; 

  

	(f)	 Clauses and Schedules: a Schedule or a Clause, sub-clause, paragraph or sub-paragraph is, unless
otherwise stated, to a schedule hereto or a clause, sub-clause, paragraph or sub-paragraph hereof respectively; 

  

	(g)	 Clearing systems: Euroclear and/or Clearstream shall, wherever the context so admits (but not in the
case of any Notes in NGN form), be deemed to include references to any additional or alternative clearing system approved by the Issuer and the Trustee; 

  

	(h)	 Trust corporation: a trust corporation denotes a corporation entitled by rules made under the Public
Trustee Act 1906 to act as a custodian trustee or entitled pursuant to any other legislation applicable to a trustee in any jurisdiction other than England to act as trustee and carry on trust business under the laws of the country of its
incorporation; 

  

	(i)	 Gender: words denoting the masculine gender shall include the feminine gender also, words denoting
individuals shall include companies, corporations and partnerships, words importing the singular number shall include the plural and, in each case, vice versa; 

 

	(j)	 Records: any reference to the records of an ICSD shall be to the records that each of the ICSDs holds
for its customers which reflect the amount of such customers’ interests in the Notes (but excluding any interest in any Notes of one ICSD shown in the records of another ICSD); 

 

	(k)	 Drawdown Prospectus: each reference to Final Terms shall, in the case of a Series of Notes which is the
subject of a Drawdown Prospectus be read and construed as a reference to the final terms of the Notes set out in such Drawdown Prospectus; 

  

	(l)	 Guarantees: all references in this Trust Deed to guarantees or to an obligation being guaranteed shall
be deemed to include respectively references to indemnities or to an indemnity being given in respect thereof; and 

  

	(m)	 Proceedings: all references in these presents to taking proceedings against the Issuer and/or the
Guarantors shall be deemed to include references to proving in the winding up of the Issuer and/or any Guarantor (as the case may be). 

  

	1.3	 The Conditions 

In this Trust Deed, unless the context requires or the same are otherwise defined, words and expressions defined in the Conditions and not
otherwise defined herein shall have the same meaning in this Trust Deed. 

  
 Page 9 

	1.4	 Headings 

The headings and sub-headings are for ease of reference only and shall not affect the construction of this Trust Deed. 

 

	1.5	 The Schedules 

The schedules are part of this Trust Deed and shall have effect accordingly. 

 

	1.6	 Written Notices/Approvals 

Any reference to a written notice or approval being given by the Trustee shall, for the avoidance of doubt, be deemed to include such notice
being given by email. 
  

	2.	 AMOUNT AND ISSUE OF THE
NOTES 

  

	2.1	 Amount of the Notes 

The Notes will be issued in Series in an aggregate nominal amount from time to time outstanding not exceeding the Authorised Amount and, for
the purpose of determining such aggregate nominal amount, Clause 14 of the Dealer Agreement shall apply. 
  

	2.2	 Prior to each Issue Date 

By not later than 3.00 p.m. (London time) on the fourth business day in London (which for this purpose shall be a day on which commercial banks
are open for business in London) preceding each proposed Issue Date, the Issuer shall: 
  

	(a)	 deliver or cause to be delivered to the Trustee a draft of the relevant Final Terms and, if applicable, notify
the Trustee of any proposed changes to the draft Final Terms delivered to the Trustee; and 

  

	(b)	 notify the Trustee in writing without delay of the Issue Date and the nominal amount of the Notes of the
relevant Tranche. 

 For the avoidance of doubt, the Trustee shall not be required in any case to approve such Final
Terms. 
  

	2.3	 Constitution of Notes 

Upon the issue of the Temporary Global Note, initially representing the Notes of any Tranche, such Notes shall become constituted by this Trust
Deed without further formality. 
  

	2.4	 Further legal opinions 

After each anniversary of this Trust Deed and prior to the first issue of any Notes, on each occasion when a legal opinion is delivered to a
Dealer pursuant to Clause 5.11 of the Dealer Agreement and on such other occasions as the Trustee so requests, the Issuer will procure, at no cost to the Trustee, that further legal opinions in such form and with such content as the Trustee may
require from the legal advisers specified in 

  
 Page 10 

 
the Dealer Agreement or in the relevant jurisdiction approved by the Trustee are delivered to the Trustee, provided that the Trustee shall not be required to approve the applicable legal
opinions. In each such case, receipt by the Trustee of the relevant opinion shall be a condition precedent to the issue of Notes pursuant to this Trust Deed. 
  

	3.	 COVENANT TO REPAY 

 

	3.1	 Covenant to repay 

The Issuer covenants with the Trustee that it shall, as and when the Notes of any Series or any of them become due to be redeemed or any
principal on the Notes of any Series or any of them becomes due to be repaid in accordance with the Conditions, unconditionally pay or procure to be paid to or to the order of the Trustee in immediately available freely transferable funds in the
relevant currency the principal amount of the Notes of such Series or any of them becoming due for payment on that date and shall (subject to the provisions of the Conditions and except in the case of Zero Coupon Notes), until all such payments
(both before and after judgment or other order of a court of competent jurisdiction) are duly made, unconditionally pay or procure to be paid to or to the order of the Trustee as aforesaid on the dates provided for in the Conditions interest (which
shall accrue from day to day) on the principal amount (or such other amount as may be specified in the Final Terms) of the Notes or any of them of such Series outstanding from time to time as set out in the Conditions (subject to Clause 3.3
(Interest on Floating Rate Notes following Event of Default)) provided that: 
  

	(a)	 every payment of principal, interest or other sum due in respect of such Notes or any of them made to the
Principal Paying Agent in the manner provided in the Agency Agreement shall satisfy pro tanto, to the extent of such payment, the relevant covenant by the Issuer contained in this Clause except to the extent that there is default in the
subsequent payment thereof to the relevant Noteholders or Couponholders (as the case may be) in accordance with the Conditions; 

  

	(b)	 if any payment of principal or interest in respect of such Notes or any of them is made after the due date,
payment shall be deemed not to have been made until either the full amount is paid to the relevant Noteholders or Couponholders (as the case may be) or, if earlier, the seventh day after notice has been given to the relevant Noteholders in
accordance with the Conditions that the full amount has been received by the Principal Paying Agent or the Trustee except, in the case of payment to the Principal Paying Agent, to the extent that there is failure in the subsequent payment to the
Noteholders or Couponholders (as the case may be) under the Conditions; and 

  

	(c)	 in any case where payment of the whole or any part of the principal amount due in respect of any Note is
improperly withheld or refused upon due presentation of the relevant Note interest shall accrue on the whole or such part of such principal amount (except in the case of Zero Coupon Notes, to which the provision of Condition 8 (Zero Coupon Note
Provisions) shall apply) from the date of such withholding or refusal until the date either on 

  
 Page 11 

	 	 
which such principal amount due is paid to the relevant Noteholders or, if earlier, the seventh day after which notice is given to the relevant Noteholders in accordance with the Conditions that
the full amount payable in respect of the said principal amount is available for collection by the relevant Noteholders provided that on further due presentation of the relevant Note such payment is in fact made. 

The Trustee will hold the benefit of this covenant and the other covenants in this Trust Deed on trust for the Noteholders in accordance with
their respective interests. 
  

	3.2	 Following an Event of Default 

At any time after any Event of Default or Potential Event of Default shall have occurred or the Notes of all or any Series shall otherwise have
become due and repayable or the Trustee shall have received any money which it proposes to pay under Clause 12 (Application of Moneys) to the relevant Noteholders and/or Couponholders, the Trustee may: 

 

	(a)	 by notice in writing to the Issuer, the Guarantors, the Principal Paying Agent and the other Agents require
the Principal Paying Agent and the other Agents or any of them: 

  

	 	(i)	 to act thereafter, until otherwise instructed by the Trustee, as Agents of the Trustee under the provisions of
this Trust Deed on the terms provided in the Agency Agreement (with consequential amendments as necessary and save that the Trustee’s liability under any provisions thereof for the indemnification, remuneration and payment of out-of-pocket
expenses of the Agents shall be limited to amounts for the time being held by the Trustee on the trusts of this Trust Deed in relation to the Notes on the terms of this Trust Deed and available to the Trustee for such purpose) and thereafter to hold
all Notes and Coupons and all sums, documents and records held by them in respect of Notes and Coupons on behalf of the Trustee; and/or 

  

	 	(ii)	 to deliver up all Notes and Coupons and all sums, documents and records held by them in respect of Notes and
Coupons to the Trustee or as the Trustee shall direct in such notice provided that such notice shall be deemed not to apply to any document or record which the relevant Agent is obliged not to release by any law or regulation; and

  

	(b)	 by notice in writing to the Issuer and the Guarantors require each of them to make all subsequent payments in
respect of Notes and Coupons to or to the order of the Trustee and, with effect from the issue of any such notice until such notice is withdrawn, proviso 3.1(a) to Clause 3.1 (Covenant to repay) and (so far as it concerns payments by the
Issuer and the Guarantors) Clause 12.4 (Payments to Noteholders and Couponholders) shall cease to have effect. 

  
 Page 12 

	3.3	 Interest on Floating Rate Notes following Event of Default 

If Floating Rate Notes become immediately due and repayable under Condition 12 (Events of Default) the rate and/or amount of interest
payable in respect of them will be calculated at the same intervals as if such Notes had not become due and repayable, the first of which will commence on the expiry of the Interest Period (as defined in the Conditions) during which the Notes of the
relevant Series become so due and repayable in accordance with Condition 12 (Events of Default) (with consequential amendments as necessary) except that the rates of interest need not be published. 

 

	3.4	 Currency of payments 

All payments in respect of, under and in connection with this Trust Deed and the Notes to the relevant Noteholders and Couponholders shall be
made in the relevant currency as required by the Conditions. 
  

	3.5	 Separate Series 

The Notes of each Series shall form a separate Series of Notes and accordingly, unless for any purpose the Trustee in its absolute discretion
shall otherwise determine, all the provisions of this Trust Deed shall apply mutatis mutandis separately and independently to the Notes of each Series and in such Clauses and Schedule the expressions “Notes”,
“Noteholders”, “Coupons”, “Couponholders”, “Talons” and “Talonholders” shall be construed accordingly. 

 

	4.	 GUARANTEE 

4.1 The Guarantors hereby irrevocably and unconditionally and on a joint and several basis, and notwithstanding the release of any other
guarantor or any other person under the terms of any composition or arrangement with any creditors of the Issuer, guarantee to the Trustee: 
  

	(a)	 the due and punctual payment in accordance with the provisions of this Trust Deed of the principal of and
premium (if any) and interest on the Notes and of any other amounts payable by the Issuer under this Trust Deed; and 

  

	(b)	 the due and punctual performance and observance by the Issuer of each of the other provisions of this Trust
Deed on the Issuer’s part to be performed or observed. 

 4.2 If the Issuer fails for any reason whatsoever
punctually to pay any such principal, premium, interest or other amount, the Guarantors shall cause each and every such payment to be made as if the Guarantors instead of the Issuer were expressed to be the primary obligor under this Trust Deed and
not merely as surety (but without affecting the nature of the Issuer’s obligations) to the intent that the holder of the relevant Note or Coupon or the Trustee (as the case may be) shall receive the same amounts in respect of principal,
premium, interest or such other amount as would have been receivable had such payments been made by the Issuer. 

  
 Page 13 

 4.3 If any payment received by the Trustee or any Noteholder or Couponholder under the provisions
of this Trust Deed shall (whether on the subsequent bankruptcy, insolvency or corporate reorganisation of the Issuer or, without limitation, on any other event) be avoided or set aside for any reason, such payment shall not be considered as
discharging or diminishing the liability of the Guarantors and this guarantee shall continue to apply as if such payment had at all times remained owing by the Issuer and the Guarantors shall indemnify the Trustee and the Noteholders and/or
Couponholders (as the case may be) in respect thereof provided that the obligations of the Issuer and/or the Guarantors under this sub-clause shall, as regards each payment made to the Trustee or any
Noteholder or Couponholder which is avoided or set aside, be contingent upon such payment being reimbursed to the Issuer or other persons entitled through the Issuer. 

4.4 Each of the Guarantors hereby agrees that its obligations under this Clause shall be unconditional and that it shall be fully liable
irrespective of the validity, regularity, legality or enforceability against the Issuer of, or of any defence or counter-claim whatsoever available to the Issuer in relation to, its obligations under this
Trust Deed, whether or not any action has been taken to enforce the same or any judgment obtained against the Issuer, whether or not any of the other provisions of this Trust Deed have been modified, whether or not any time, indulgence, wavier,
authorisation or consent has been granted to the Issuer by or on behalf of the Noteholders or the Couponholders or the Trustee, whether or not any determination has been made by the Trustee pursuant to Clause 9 (Amendments and
Substitution) whether or not there have been any dealings or transactions between the Issuer, any of the Noteholders or Couponholders or the Trustee, whether or not the Issuer has been dissolved, liquidated, merged, consolidated, bankrupted or
has changed its status, functions, control or ownership, whether or not the Issuer has been prevented from making payment by foreign exchange provisions applicable at its place of registration or incorporation and whether or not any other
circumstances have occurred which might otherwise constitute a legal or equitable discharge of or defence to any guarantor. Accordingly, the validity of this guarantee shall not be affected by reason of any invalidity, irregularity, illegality or
unenforceability of all or any of the obligations of the Issuer under this Trust Deed and this guarantee shall not be discharged nor shall the liability of a Guarantor under this Trust Deed be affected by any act, thing or omission or means whatever
whereby its liability would not have been discharged if it had been the principal debtor. 
 4.5 Without prejudice to the provisions of
Clause 11 (Enforcement) the Trustee may determine from time to time whether or not it will enforce this guarantee which it may do without making any demand of or taking any proceedings against the Issuer and may from time to time make
any arrangement or compromise with the Guarantors in relation to this guarantee which the Trustee may consider expedient in the interests of the Noteholders. 

4.6 The Guarantors waive diligence, presentment, demand of payment, filing of claims with a court in the event of dissolution, liquidation,
merger or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest or notice with respect to this Trust Deed or the indebtedness evidenced thereby and all demands whatsoever and covenants that this guarantee
shall be a continuing guarantee, shall 

  
 Page 14 

 
extend to the ultimate balance of all sums payable and obligations owed by the Issuer under this Trust Deed, shall not be discharged except by complete performance of the obligations in this
Trust Deed and is additional to, and not instead of, any security or other guarantee or indemnity at any time existing in favour of any person, whether from the Guarantors or otherwise. 

4.7 If any moneys shall become payable by the Guarantors under this guarantee the Guarantors shall not, so long as the same remain unpaid,
without the prior written consent of the Trustee: 
  

	(a)	 in respect of any amounts paid by it under these guarantees, exercise any rights of subrogation or
contribution or, without limitation, any other right or remedy which may accrue to it in respect of or as a result of any such payment; or 

  

	(b)	 in respect of any other moneys for the time being due to the Guarantors by the Issuer, claim payment thereof
or exercise any other right or remedy. 

 (including in either case claiming the benefit of any security or right of set-off or, on the liquidation of the Issuer, proving in competition with the Trustee). If, notwithstanding the foregoing, upon the bankruptcy, insolvency or liquidation of the Issuer, any payment or distribution of
assets of the Issuer of any kind or character, whether in cash, property or securities, shall be received by the Guarantors before payment in full of all amounts payable under this Trust Deed shall have been made to the Noteholders, the
Couponholders and the Trustee, such payment or distribution shall be received by the Guarantors on trust to pay the same over immediately to the Trustee for application in or towards the payment of all sums due and unpaid under this Trust Deed in
accordance with Clause 12 (Application of Moneys). 
 4.8 Until all amounts which may be or become payable by the Issuer under
this Trust Deed have been irrevocably paid in full, the Trustee may: 
  

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

 

	(b)	 hold in a suspense account any moneys received from the Guarantors or an account of the Guarantors’
liability under this guarantee, without liability to pay interest on those moneys. 

  

	5.	 THE NOTES 

 

	5.1	 Global Notes 

  

	(a)	 The Notes of each Tranche will initially be together represented by a Temporary Global Note. Each Temporary
Global Note shall (save as may be specified in the relevant Final Terms) be exchangeable, in accordance with its terms, for interests in a Permanent Global Note or Notes in definitive form together with, where applicable, (except in the case of Zero
Coupon Notes) Coupons, and where applicable Talons attached. 

  
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	(b)	 Each Permanent Global Note shall be exchangeable, in accordance with its terms, for Notes in definitive form.

 All Global Notes shall be prepared, completed and delivered to a common depositary (in the case of a CGN) or common
safekeeper (in the case of a NGN) for Euroclear and Clearstream in accordance with the provisions of the Dealer Agreement or to another appropriate depositary in accordance with any other agreement between the Issuer and the relevant Dealer(s) and,
in each case, the Agency Agreement. 
  

	5.2	 Notes in definitive form 

Notes in definitive form will be security printed in accordance with applicable legal and stock exchange requirements substantially in the form
set out in Part C of 0. Any Coupons and Talons will also be security printed in accordance with the same requirements and will be attached to the Notes in definitive form at the time of issue. Notes in definitive form will be endorsed with the
Conditions and shall have endorsed thereon or attached thereto a copy of the applicable Final Terms (or the relevant provisions thereof). 
  

	5.3	 Signature 

The Global Notes and the Notes in definitive form will be signed manually or in facsimile by a duly authorised person designated by the Issuer
and will be authenticated manually by or on behalf of the Principal Paying Agent and if applicable, will be effectuated manually by or on behalf of the Common Safekeeper. The Issuer may use the facsimile signature of a person who at the date such
signature was originally produced was such a duly authorised person even if at the time of issue of any Global Note or Note in definitive form he is no longer so authorised. Global Notes and Notes in definitive form so executed, duly authenticated
and, if applicable, duly effectuated will be binding and valid obligations of the Issuer and title thereto shall pass by delivery. 
  

	5.4	 Entitlement to treat holder as owner 

The Issuer, the Guarantors, the Trustee and any Paying Agent may deem and treat the holder of any Note and the holder of any Coupon as the
absolute owner of such Note or Coupon, as the case may be, free of any equity, set-off or counterclaim on the part of the Issuer or any Guarantor against the original or any intermediate holder of such Note or Coupon (whether or not such Note or
Coupon shall be overdue and notwithstanding any notation of ownership or other writing thereon or any notice of previous loss or theft of such Note or Coupon) for all purposes and, except as ordered by a court of competent jurisdiction or as
required by applicable law, the Issuer, the Guarantors, the Trustee and any Paying Agent shall not be affected by any notice to the contrary. All payments made to any such holder shall be valid and, to the extent of the sums so paid, effective to
satisfy and discharge the liability for the moneys payable upon the Notes. 

  
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	5.5	 Further Notes 

The Issuer shall be at liberty from time to time (but subject always to the provisions of this Trust Deed) without the consent of the
Noteholders or Couponholders to create and issue further Notes having terms and conditions the same as the Notes of any Series (or the same in all respects save for the amount and date of the first payment of interest thereon) and so that the same
shall be consolidated and form a single series with the outstanding Notes of a particular Series. 
  

	6.	 CANCELLATION OF NOTES AND
RECORDS 

 6.1 The Issuer shall procure that all Notes issued by it which are (a) redeemed or
(b) purchased by or on behalf of the Issuer, a Guarantor or any Subsidiary and surrendered for cancellation or (c) which, being mutilated or defaced, have been surrendered and replaced pursuant to Condition 14 (Replacement of Notes,
Coupons and Talons) (together in each case, in the case of Definitive Notes, with all unmatured Coupons attached thereto or delivered therewith), and all Coupons paid in accordance with the relevant Conditions or which, being mutilated or
defaced, have been surrendered and replaced pursuant to Condition 14 (Replacement of Notes, Coupons and Talons), shall forthwith be cancelled by or on behalf of the Issuer and a certificate stating: 

 

	 	(i)	 the aggregate nominal amount of Notes which have been redeemed and the aggregate amounts in respect of Coupons
which have been paid; 

  

	 	(ii)	 the serial numbers of such Notes in definitive form; 

 

	 	(iii)	 the total numbers (where applicable, of each denomination) by maturity date of such Coupons;

  

	 	(iv)	 the aggregate amount of interest paid (and the due dates of such payments) on Global Notes;

  

	 	(v)	 the aggregate nominal amount of Notes (if any) which have been purchased by or on behalf of the Issuer, any
Guarantor or any Subsidiary and cancelled and the serial numbers of such Notes in definitive form and, in the case of Notes in definitive form, the total number (where applicable, of each denomination) by maturity date of the Coupons and Talons
attached thereto or surrendered therewith; 

  

	 	(vi)	 the aggregate nominal amounts of Notes and the aggregate amounts in respect of Coupons which have been so
surrendered and replaced and the serial numbers of such Notes in definitive form and the total number (where applicable, of each denomination) by maturity date of such Coupons and Talons; 

 

	 	(vii)	 the total number (where applicable, of each denomination) by maturity date of the unmatured Coupons missing
from Notes in definitive form bearing interest at a fixed rate which have been redeemed or surrendered and replaced and the serial numbers of the Notes in definitive form to which such missing unmatured Coupons appertained; and

  
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	 	(viii)	 the total number (where applicable, of each denomination) by maturity date of Talons which have been exchanged
for further Coupons, 

 shall be given to the Trustee by or on behalf of the Issuer as soon as possible and in any event
within one month after the end of each calendar quarter during which any such redemption, purchase, payment, exchange or replacement (as the case may be) takes place. The Trustee may accept such certificate as conclusive evidence of redemption,
purchase, payment, exchange or replacement pro tanto of the Notes or payment of interest thereon or exchange of the relative Talons respectively and of cancellation of the relative Notes and Coupons. 

6.2 The Issuer shall procure (a) that the Principal Paying Agent shall keep a full and complete record of all Notes, Coupons and Talons
issued by it (other than serial numbers of Coupons) and of their redemption, any cancellation or any payment (as the case may be) and of all replacement notes, coupons or talons issued in substitution for lost, stolen, mutilated, defaced or
destroyed Notes, Coupons or Talons, (b) that the Principal Paying Agent shall in respect of the Coupons of each maturity retain (in the case of Coupons other than Talons) until the expiry of ten years from the Relevant Date in respect of such
Coupons and (in the case of Talons indefinitely) either all paid or exchanged Coupons of that maturity or a list of the serial numbers of Coupons of that maturity still remaining unpaid or unexchanged and (c) that such records and Coupons (if
any) shall be made available to the Trustee at all reasonable times. 
  

	7.	 COVENANT TO COMPLY WITH THE
TRUST DEED 

  

	7.1	 Covenant to comply with the Trust Deed 

Each of the Issuer and each Guarantor severally covenants with the Trustee to comply with those provisions of this Trust Deed and the
Conditions which are expressed to be binding on it and to perform and observe the same. The Notes and the Coupons are subject to the provisions contained in this Trust Deed, all of which shall be binding upon the Issuer, the Guarantors, the
Noteholders, the Couponholders and all persons claiming through or under them respectively. The Trustee shall hold the benefit of this covenant upon trust for itself and the Noteholders and the Couponholders according to its and their respective
interests. 
  

	7.2	 Trustee may enforce Conditions 

The Trustee shall itself be entitled to enforce the obligations of the Issuer and each Guarantor under the Notes and the Conditions as if the
same were set out and contained in this Trust Deed which shall be read and construed as one document with the Notes. 

  
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	8.	 COVENANTS BY THE ISSUER AND
THE GUARANTORS 

 So long as any of the Notes remains outstanding, the Issuer and the
Guarantors will each: 
  

	(a)	 Books of account: at all times keep and procure that all its Subsidiaries keep such books of account as
may be necessary to comply with all applicable laws and so as to enable the financial statements of the Issuer or, as the case may be, the relevant Guarantor to be prepared and, if the Trustee, in its sole opinion, determines that it is necessary to
request access to such books of account, allow the Trustee and any person appointed by it, to whom the Issuer, the relevant Guarantor or the relevant Subsidiary (as the case may be) shall have no reasonable objection, free access to the same at all
reasonable times during normal business hours and to discuss the same with responsible officers of the Issuer; 

  

	(b)	 Event of Default: give notice in writing to the Trustee forthwith of the coming into existence of any
security interest which would require any security to be given to the Notes pursuant to Condition 5 (Negative Pledge) or of the occurrence of any Event of Default, Potential Event of Default, Change of Control or Change of Control Put
Event and without waiting for the Trustee to take any further action; 

  

	(c)	 Certificate of Compliance: provide to the Trustee within seven days of any request by the Trustee and
at the time of the despatch to the Trustee of its annual balance sheet and profit and loss account, and in any event not later than 180 days after the end of its financial year, a certificate, signed by two Authorised Signatories of the Issuer or,
as the case may be, the relevant Guarantor certifying that up to a specified date not earlier than seven days prior to the date of such certificate (the Certified Date) the Issuer or, as the case may be, the relevant Guarantor has
complied with its obligations under this Trust Deed and the Notes (or, if such is not the case, giving details of the circumstances of such non-compliance) and that as at such date there did not exist nor had there existed at any time prior thereto
since the Certified Date in respect of the previous such certificate (or, in the case of the first such certificate, since the date of this Trust Deed) any Event of Default, Potential Event of Default, Change of Control Put Event, Change of Control
or other matter which could affect the ability of the Issuer or, as the case may be, the relevant Guarantor to perform its obligations under this Trust Deed or (if such is not the case) specifying the same; 

 

	(d)	 Financial statements: send to the Trustee and to the Principal Paying Agent (if the same are produced)
as soon as practicable after their date of publication and in the case of annual financial statements in any event not more than 180 days after the end of each financial year, two copies of the Issuer’s or, as the case may be, the relevant
Guarantor’s consolidated annual balance sheet and profit and loss account and of every balance sheet, profit and loss account, report or other notice, statement or circular issued (or which under any legal or contractual obligation should be
issued) to the members or holders of debentures or creditors (or any class of them) of the Issuer or, as the case may be, the relevant Guarantor in their capacity as such at the time of the actual (or legally or contractually required) issue or
publication thereof and procure that the same are made available for inspection by Noteholders and Couponholders at the Specified Offices of the Paying Agents as soon as practicable thereafter; 

  
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	(e)	 Information: so far as permitted by applicable law, at all times give to the Trustee such information,
opinions, certificates and other evidence as it shall require in accordance with its fiduciary duties and obligations to the Noteholders and in such form as it shall require (including, without limitation, the certificates called for by the Trustee
pursuant to Clause 8(c) (Certificate of Compliance) for the exercise of its duties, trusts, powers, authorities and discretions vested in it under this Trust Deed or by operation of law; 

 

	(f)	 Notes held by Issuer and the Guarantors: send to the Trustee forthwith upon being so requested in
writing by the Trustee a certificate of the Issuer or, as the case may be, the relevant Guarantor (signed on its behalf by two Authorised Signatories) setting out the total number of Notes of each Series which at the date of such certificate are
held by or for the benefit of the Issuer, the relevant Guarantor or any Subsidiary; 

  

	(g)	 Execution of further Documents: so far as permitted by applicable law, at all times execute all such
further documents and do all such further acts and things as may be necessary at any time or times in the opinion of the Trustee to give effect to the provisions of this Trust Deed; 

 

	(h)	 Notices to Noteholders: send or procure to be sent to the Trustee not less than three business days in
London prior to the date of publication, for the Trustee’s approval, one copy of each notice to be given to the Noteholders in accordance with Condition 18 (Notices) and not publish such notice without such approval (such approval
not to be unreasonably withheld or delayed) and, upon publication, send to the Trustee two copies of such notice (such approval, unless so expressed, not to constitute approval of such notice for the purpose of Section 21 of the Financial
Services and Markets Act 2000); 

  

	(i)	 Notification of non-payment: use its reasonable endeavours to procure that the Principal Paying Agent
notifies the Trustee forthwith in the event that it does not, on or before the due date for payment in respect of the Notes or Coupons of any Series or any of them receive unconditionally the full amount in the relevant currency of the moneys
payable on such due date on all such Notes or Coupons; 

  

	(j)	 Notification of late payment: in the event of the unconditional payment to the Principal Paying Agent
or the Trustee of any sum due in respect of any of the Notes or the Coupons or any of them being made after the due date for payment thereof, forthwith give notice to the Noteholders that such payment has been made in accordance with Condition 18
(Notices); 

  

	(k)	 Notification of redemption or payment: not less than the number of days specified in the relevant
Condition prior to the redemption or payment date in respect of any Note or Coupon give to the Trustee notice in writing of the amount of such redemption or payment pursuant to the Conditions and duly proceed to redeem or pay such Notes or Coupons
accordingly; 

  
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	(l)	 Tax or optional redemption: if the Issuer gives notice to the Trustee that it intends to redeem the
Notes pursuant to Conditions 9(b) (Redemption and Purchase – Redemption for tax reasons) and 9(c) (Redemption and Purchase – Redemption at the option of the Issuer (Issuer Call Option)) and prior to the Issuer giving such
notice to the Noteholders, provide such information to the Trustee as the Trustee requires in order to satisfy itself of the matters referred to in such Condition; 

 

	(m)	 Obligations of Agents: observe and comply with its obligations and use all reasonable endeavours to
procure that the Agents observe and comply with all their obligations under the Agency Agreement and notify the Trustee immediately it becomes aware of any material breach or failure by an Agent in relation to the Notes or Coupons and at all times
maintain Paying Agents and a Calculation Agent in accordance with the Conditions; 

  

	(n)	 Change of taxing jurisdiction: if before the Relevant Date for any Note or Coupon the Issuer or any
Guarantor shall become subject generally to the taxing jurisdiction of any territory or any political sub-division thereof or any authority therein or thereof having power to tax other than or in addition to the United Kingdom, immediately upon
becoming aware thereof notify the Trustee of such event and (unless the Trustee otherwise agrees) enter forthwith into a trust deed supplemental hereto, giving to the Trustee an undertaking or covenant in form and manner satisfactory to the Trustee
in terms corresponding to the terms of Condition 11 (Taxation) with the substitution for (or, as the case may be, the addition to) the references therein to the United Kingdom of references to that other or additional territory to whose
taxing jurisdiction, or that of a political subdivision thereof or an authority therein or thereof, the Issuer or, as the case may be, the relevant Guarantor shall have become subject as aforesaid, such trust deed also to modify Condition 11
(Taxation) so that such Condition shall make reference to that other or additional territory; 

  

	(o)	 Listing: at all times use reasonable endeavours to maintain the admission to listing, trading and/or
quotation of the Notes of each Series by the relevant competent authority, stock exchange and/or quotation system on which they are admitted to listing, trading and/or quotation on issue as indicated in the relevant Final Terms or, if it is unable
to do so having used all reasonable endeavours or, if the Trustee considers that the maintenance of such admission to listing, trading and/or quotation is agreed by the Trustee to be unduly burdensome or impractical and the Trustee is of the opinion
that to do so would not be materially prejudicial to the interests of the Noteholders, use reasonable endeavours to obtain and maintain admission to listing, trading and/or quotation of the Notes on such other competent authority, stock exchange
and/or quotation system as the Issuer and the Guarantors may (with the approval of the Trustee decide and give notice of the identity of such other competent authority, stock exchange or quotation system to the Noteholders; 

 

	(p)	 Authorised Signatories: upon the execution hereof and thereafter forthwith upon any change of the same,
deliver to the Trustee (with a copy to the Principal Paying Agent) a list of the Authorised Signatories of the Issuer and each Guarantor, together with certified specimen signatures of the same; 

  
 Page 21 

	(q)	 Payments: pay moneys payable by it to the Trustee hereunder without set off, counterclaim, deduction or
withholding, unless otherwise compelled by law and in the event of any deduction or withholding compelled by law pay such additional amount as will result in the payment to the Trustee of the amount which would otherwise have been payable by it to
the Trustee hereunder; and 

  

	(r)	 Notification of amendment to agreements: notify the Trustee of any amendment to the Dealer Agreement,
and any amendment(s) to or waiver(s) of the terms of this Trust Deed and the Agency Agreement; 

  

	(s)	 Auditor’s certificates: cause to be prepared and certified by the Auditors in respect of each
financial accounting period accounts in such form as will comply with all relevant legal and accounting requirements and all requirements for the time being of the relevant stock exchange; 

 

	(t)	 Further documents: at all times execute and do all such further documents, acts and things as may be
necessary at any time or times in the reasonable opinion of the Trustee to give effect to this Trust Deed; 

  

	(u)	 Appointment and removal of Agents: give notice to the Noteholders in accordance with Condition 18
(Notices) of any appointment, resignation or removal of any Paying Agent or Calculation Agent (other than the appointment of the initial Agents and Calculation Agent) after having obtained the prior written approval of the Trustee thereto or
any change of any Paying Agent’s specified office and (except as provided by the Agency Agreement or the Conditions) at least 30 days prior to such event taking effect; provided always that so long as any of the Notes remains outstanding
in the case of the termination of the appointment of the Calculation Agent or so long as any of the Notes or Coupons remains liable to prescription in the case of the termination of the appointment of the Principal Paying Agent no such termination
shall take effect until a new Calculation Agent or Principal Paying Agent (as the case may be) has been appointed on terms previously approved in writing by the Trustee; 

 

	(v)	 Subsidiaries: procure its Subsidiaries to comply with all applicable provisions of Condition 9
(Redemption and Purchase); 

  

	(w)	 Documents available for inspection: use reasonable endeavours to procure that each Paying Agent makes
available for inspection by Noteholders and Couponholders at its specified office copies of this Trust Deed, the Agency Agreement and the then latest audited balance sheet and profit and loss account (consolidated if applicable) of the Issuer and
the Guarantors; 

  

	(x)	 U.S. Paying Agent: if, in accordance with the provisions of the Conditions, interest in respect of the
Notes becomes payable at the specified office of any Paying Agent in the United States of America promptly give notice thereof to the relative Noteholders in accordance with Condition 18 (Notices); 

 

	(y)	 Dealer Agreement: promptly provide the Trustee with copies of all supplements and/or amendments and/or
restatements of the Dealer Agreement; 

  
 Page 22 

	(z)	 List of Material Subsidiaries: give to the Trustee (i) on the date hereof and (ii) at the
same time as sending to it the certificates referred to in paragraph (c) above, a certificate signed by two Authorised Signatories of the Issuer addressed to the Trustee (with a form and content satisfactory to the Trustee) listing those
Subsidiaries of the Issuer which as at the date hereof, as at the Certified Date (as defined in paragraph (c) above) of the relevant certificate given under paragraph (c) above or, as the case may be, as at the first day on which the then
latest audited consolidated accounts of the Issuer became available were Material Subsidiaries for the purposes of Condition 12 (Events of Default); 

  

	(aa)	 Change in Material Subsidiaries: give to the Trustee, as soon as reasonably practicable after the
acquisition or disposal of any company which thereby becomes or ceases to be a Material Subsidiary or after any transfer is made to any Subsidiary of the Issuer which thereby becomes a Material Subsidiary, a certificate by two Authorised Signatories
of the Issuer addressed to the Trustee (with a form and content satisfactory to the Trustee) to such effect; 

  

	(bb)	 Coupons: upon due surrender in accordance with the Conditions, pay the face value of all Coupons
(including Coupons issued in exchange for Talons) appertaining to all Notes purchased by the Issuer, the Guarantors or any other Subsidiary of the Issuer; 

  

	(cc)	 Legal Opinions: prior to making any modification or amendment or supplement to this Trust Deed, procure
the delivery of (a) legal opinion(s) as to English and any other relevant law, addressed to the Trustee, dated the date of such modification or amendment or supplement, as the case may be, and in a form acceptable to the Trustee from legal
advisers acceptable to the Trustee; 

  

	(dd)	 Euroclear and Clearstream: use all reasonable endeavours to procure that Euroclear and/or Clearstream
(as the case may be) issue(s) any record, certificate or other document requested by the Trustee as soon as practicable after such request; 

  

	(ee)	 Notice of rating downgrade: promptly notify the Trustee upon becoming aware that any of the ratings
assigned to the Notes has been downgraded or withdrawn; 

  

	(ff)	 FATCA Information: to the extent it is legally permissible to do so to take commercially reasonable
efforts to provide upon request by the Trustee to the Trustee, and consents to the collection and processing by the Trustee of, any authorisations, waivers, forms, documentation and other information relating to its status and required to be
collected or reported by the Trustee under FATCA (FATCA Information). The Trustee shall treat such forms, documentation or other information relating to or provided by the Issuer as confidential, but the Issuer consents, solely to the
extent required for or in connection with the Trustee’s compliance with FATCA, to the disclosure, transfer and reporting of such FATCA Information to any relevant government or taxing authority, any member of the Trustee’s Group, any
sub-contractors, agents, service providers or associates of the Trustee’s Group, and a member 

  
 Page 23 

	 	 
of the Trustee’s Group, including transfers to jurisdictions which do not have strict data protection or similar laws. The Issuer agrees to inform the Trustee promptly in writing if there
are any changes to the FATCA Information supplied to the Trustee from time to time; and 

  

	(gg)	 FATCA Withholding: use commercially reasonable efforts to provide to the Trustee, upon reasonable
request by the Trustee, with information necessary and required for the Trustee to determine whether it is required by applicable law to make any FATCA Withholding from a payment it makes under this Agreement. 

 

	9.	 AMENDMENTS AND SUBSTITUTION 

 

	9.1	 Waiver 

Without prejudice to Clause 9.4 (Rating Confirmations), the Trustee may, without any consent or sanction of the Noteholders or
Couponholders and without prejudice to its rights in respect of any subsequent breach, Event of Default or Potential Event of Default, from time to time and at any time, but only if and in so far as in its opinion the interests of the Noteholders
shall not be materially prejudiced thereby, authorise or waive, on such terms and conditions (if any) as shall seem expedient to it, any breach or proposed breach by the Issuer or any Guarantor of any of the covenants or provisions contained in this
Trust Deed or the Notes or Coupons (other than a proposed breach or breach relating to the subject of a Reserved Matter) or determine that any Event of Default or Potential Event of Default shall not be treated as such for the purposes of this Trust
Deed; any such authorisation, waiver or determination shall be binding on the Noteholders and the Couponholders and, if, but only if, the Trustee shall so require, the Issuer shall cause such authorisation, waiver or determination to be notified to
the Noteholders as soon as practicable thereafter in accordance with the Conditions; provided that the Trustee shall not exercise any powers conferred upon it by this Clause in contravention of any express direction by an Extraordinary
Resolution or of a request in writing made by the holders of not less than 20 per cent. in aggregate principal amount of the Notes then outstanding (but so that no such direction or request shall affect any authorisation, waiver or
determination previously given or made) or so as to authorise or waive any such breach or proposed breach relating to any of the matters the subject of the Reserved Matters as specified and defined in Schedule 3 (Provisions for Meetings of
Noteholders). 
  

	9.2	 Modifications 

Without prejudice to Clause 9.4 (Rating Confirmations), the Trustee may from time to time and at any time without any consent or
sanction of the Noteholders or Couponholders concur with the Issuer and the Guarantors in making (a) any modification to this Trust Deed (other than in respect of Reserved Matters as specified and defined in Schedule 3 or any provision of
this Trust Deed referred to in that specification) or the Notes which in the opinion of the Trustee it may be proper to make provided the Trustee is of the opinion that such modification will not be materially prejudicial to the interests of the
Noteholders or (b) any modification to this Trust Deed or the Notes if in the opinion of the Trustee such modification is of a formal, minor or technical nature or made to correct a manifest error or an error which

  
 Page 24 

 
is, in the opinion of the Trustee, proven. Any such modification shall be binding on the Noteholders and the Couponholders and, unless the Trustee otherwise agrees, the Issuer shall cause such
modification to be notified to the Noteholders as soon as practicable thereafter in accordance with Condition 18 (Notices). 
  

	9.3	 Substitution 

  

	(a)	 Procedure: Without prejudice to Clause 9.4 (Rating Confirmations), the Trustee may
(1) without the consent of the Noteholders or the Couponholders, agree to the substitution, in place of the Issuer (or of any previous substitute under this Clause) of a Guarantor or its successor in business or any Subsidiary of the Issuer
(hereinafter called the Substituted Obligor) as the principal debtor under this Trust Deed in relation to the Notes and Coupons of any Series and under the Notes and Coupons of that Series and (2) without the consent of the
Noteholders or the Couponholders, agree to the substitution of any Subsidiary of any Guarantor (also a Substituted Obligor) in place of a Guarantor (or any previous substitute under this Clause) as the guarantor under this Trust Deed
in relation to the Notes and Coupons of any Series and under the Notes and Coupons of that Series, in each case provided that: 

  

	 	(i)	 a trust deed is executed or some other written form of undertaking is given by the Substituted Obligor to the
Trustee, in form and manner satisfactory to the Trustee, agreeing to be bound by the terms of this Trust Deed, the Notes and the Coupons (with any consequential amendments which the Trustee may deem appropriate) as fully as if the Substituted
Obligor had been named in this Trust Deed and on the Notes and the Coupons as the principal debtor in place of the Issuer or, as the case may be, as the guarantor in place of the relevant Guarantor (or of any previous substitute under this Clause);

  

	 	(ii)	 the Issuer, the Guarantors and the Substituted Obligor execute such other deeds, documents and instruments (if
any) as the Trustee may require in order that the substitution is fully effective and comply with such other requirements as the Trustee may direct in the interests of the Noteholders and the Couponholders; 

 

	 	(iii)	 an unconditional and irrevocable guarantee in form and substance satisfactory to the Trustee shall have been
given (x) in the case of the substitution of the Issuer as provided in (1) above, by the Issuer and each of the Guarantors or, if one of the Guarantors or its successor in business has become the Substituted Obligor, by the Issuer and the
remaining Guarantor or (y) in the case of the substitution of a Guarantor as provided in (2) above, by each of the Guarantors, of the obligations of the Substituted Obligor under this Trust Deed and the Notes; 

 

	 	(iv)	 the Trustee is satisfied that (i) the Substituted Obligor has obtained all governmental and regulatory
approvals and consents necessary for its assumption of liability as principal debtor or, as the case may be, as a guarantor in respect of this Trust Deed and the Notes and the Coupons

  
 Page 25 

	 	 
in place of the Issuer and/or, as the case may be, the Guarantors or the relevant Guarantor (or such previous substitute as aforesaid) and (ii) the Issuer and/or, as the case may be, the
Guarantors or the relevant Guarantor has obtained all governmental and regulatory approvals and consents necessary for the guarantee to be fully effective as referred to in sub-clause 9.3(c) and (iii) such approvals and consents are at the time
of substitution in full force and effect; 

  

	 	(v)	 (without prejudice to the generality of the preceding sub-clauses of this sub-clause 9.3(a)) where the
Substituted Obligor is incorporated, domiciled or resident in or is otherwise subject generally to the taxing jurisdiction of any territory or any political sub-division thereof or any authority of or in such territory having power to tax (the
Substituted Territory) other than or in addition to the territory, the taxing jurisdiction of which (or to any such authority of or in which) the Issuer or, as the case may be, the relevant Guarantor is subject generally (the
Issuer’s Territory), the Substituted Obligor will (unless the Trustee otherwise agrees) give to the Trustee an undertaking in form and manner satisfactory to the Trustee in terms corresponding to the terms of Condition 11
(Taxation) with the substitution for the reference in that Condition to the Issuer’s Territory of references to the Substituted Territory and in such event the Trust Deed and Notes and Coupons will be interpreted accordingly;

  

	 	(vi)	 without prejudice to the rights of reliance of the Trustee under sub-clause 9.3(d) (Directors’
certification) the Trustee is satisfied that the said substitution is not materially prejudicial to the interests of the Noteholders; 

  

	 	(vii)	 the Rating Agency has confirmed in writing to the Trustee that the substitution of the Substituted Obligor
will not result in: 

  

	 	(A)	 in respect of any Series of Notes which is not specifically rated by any rating agency, a downgrading of the
then current credit rating of any rating agency applicable to the class of debt represented by the Notes; or 

  

	 	(B)	 in respect of any Series of Notes which is specifically rated by any rating agency, a downgrading of the then
current credit rating applicable to such Series of Notes by such rating agency; 

  

	(b)	 Change of law: in connection with any proposed substitution of the Issuer or any Guarantor or any
previous substitute, the Trustee may, in its absolute discretion and without the consent of the Noteholders or the Couponholders agree to a change of the law from time to time governing the Notes and the Coupons and this Trust Deed provided
that such change of law, in the opinion of the Trustee, would not be materially prejudicial to the interests of the Noteholders; 

  
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	(c)	 Extra duties: the Trustee shall be entitled to refuse to approve any Substituted Obligor if, pursuant
to the law of the country of incorporation of the Substituted Obligor, the assumption by the Substituted Obligor of its obligations hereunder imposes responsibilities on the Trustee over and above those which have been assumed under this Trust Deed;

  

	(d)	 Directors’ certification: if any two directors of the Substituted Obligor certify that immediately
prior to the assumption of its obligations as Substituted Obligor under this Trust Deed the Substituted Obligor is solvent after taking account of all prospective and contingent liabilities resulting from its becoming the Substituted Obligor, the
Trustee need not have regard to the financial condition, profits or prospects of the Substituted Obligor or compare the same with those of the Issuer or, as the case may be, the relevant Guarantor (or of any previous substitute under this Clause);

  

	(e)	 Interests of Noteholders: in connection with any proposed substitution, the Trustee shall not have
regard to, or be in any way liable for, the consequences of such substitution for individual Noteholders or the Couponholders resulting from their being for any purpose domiciled or resident in, or otherwise connected with, or subject to the
jurisdiction of, any particular territory and no Noteholder or Couponholder shall, in connection with any such substitution, be entitled to claim from the Issuer or, as the case may be, the relevant Guarantor any indemnification or payment in
respect of any tax consequence of any such substitution upon individual Noteholders or Couponholders; 

  

	(f)	 Release of Issuer or, as the case may be, the relevant Guarantor: any agreement by the Trustee pursuant
to sub-clause 9.3(a) (Procedure) shall, if so expressed, operate to release the Issuer or, as the case may be, the relevant Guarantor (or such previous substitute as aforesaid) from any or all of its obligations as principal debtor or, as the
case may be, as guarantor, in respect of the Notes and Coupons and this Trust Deed (but without prejudice to its liabilities under any guarantee given pursuant to sub-clause 9.3(c) (Extra duties)). Not later than fourteen days after the
execution of any such documents as aforesaid and after compliance with the said requirements of the Trustee, the Substituted Obligor shall cause notice thereof to be given to the Noteholders; and 

 

	(g)	 Completion of substitution: upon the execution of such documents and compliance with the said
requirements, the Substituted Obligor shall be deemed to be named in this Trust Deed and the Notes and Coupons as the principal debtor in place of the Issuer or, as the case may be, the guarantor in place of the relevant Guarantor (or in each case
of any previous substitute under this Clause) and this Trust Deed, the Notes and the Coupons shall thereupon be deemed to be amended in such manner as shall be necessary to give effect to the substitution and without prejudice to the generality of
the foregoing any references in this Trust Deed, in the Notes and Coupons to the Issuer or, as the case may be, the relevant Guarantor shall be deemed to be references to the Substituted Obligor. 

  
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	9.4	 Rating Confirmations 

For the purposes of determining whether or not the exercise by the Trustee of any of its trusts, powers, authorities, duties and discretions
under this Trust Deed (including, without limitation, any modification, waiver, authorisation, determination or substitution), is materially prejudicial to the interests of the Noteholders of any Series of Notes, the Trustee shall be entitled to
rely on (but is not bound by) any S&P or any Substituted Rating Agency confirmation received in respect thereof. 
  

	10.	 BREACH 

Any breach of or failure to comply by the Issuer or the Guarantors with any such terms and conditions as are referred to in Clauses 8
(Covenants by the Issuer and the Guarantors) and 9 (Amendments and Substitution) shall constitute a default by the Issuer or the Guarantors (as the case may be) in the performance or observance of a covenant or provision binding on it
under or pursuant to this Trust Deed. 
  

	11.	 ENFORCEMENT 

 

	11.1	 Legal proceedings 

The Trustee may at any time, at its discretion and without further notice, institute such proceedings against the Issuer and the Guarantors as
it may think fit to recover any amounts due in respect of the Notes which are unpaid or to enforce any of its rights under this Trust Deed or the Conditions but it shall not be bound to take any such proceedings or any other action under this Trust
Deed or the Notes unless (a) it shall have been so directed by an Extraordinary Resolution or so requested in writing by the holders of at least one-fifth in principal amount of the outstanding Notes and (b) it shall have been indemnified
and/or secured and/or prefunded to its satisfaction against all Liabilities to which it may thereby become liable and all Liabilities incurred by it in connection therewith and provided that the Trustee shall not be held liable for the
consequence of taking any such action and may take such action without having regard to the effect of such action on individual Noteholders or Couponholders. Only the Trustee may enforce the provisions of the this Trust Deed and the Notes and
Coupons and no Noteholder or Couponholder shall be entitled to proceed directly against the Issuer and/or any Guarantor unless the Trustee, having become bound so to proceed, fails to do so within a reasonable time and such failure is continuing.

  

	11.2	 Evidence of default 

Proof that: 
  

	(a)	 as regards any specified Note the Issuer has made default in paying any principal due in respect of such Note
shall (unless the contrary be proved) be sufficient evidence that the Issuer has made the like default as regards all other Notes in respect of which a corresponding payment is then due; 

 

	(b)	 as regards any specified Coupon the Issuer has made default in paying any interest due in respect of such
Coupon shall (unless the contrary be proved) be sufficient evidence that the Issuer has made the like default as regards all other Coupons in respect of which a corresponding payment is then due; and 

  
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	(c)	 as regards any Talon, the Issuer has made default in exchanging such Talon for further Coupons and a further
Talon as provided by its terms shall (unless the contrary be proved) be sufficient evidence that the Issuer has made the like default as regards all other Talons which are then available for exchange, 

and for the purposes of Subclauses 11.2(a) and 11.2(b) a payment shall be a “corresponding” payment notwithstanding
that it is due in respect of a Note of a different denomination from that in respect of the above specified Note. 
  

	12.	 APPLICATION OF MONEYS 

 

	12.1	 Application of moneys 

All moneys received by the Trustee in respect of the Notes of any Series or amounts payable under this Trust Deed will despite any
appropriation of all or part of them by the Issuer (including any moneys which represent principal or interest in respect of Notes or Coupons which have become void under the Conditions shall, unless and to the extent attributable, in the opinion of
the Trustee, to a particular Series of the Notes, be apportioned pari passu and rateably between each Series of the Notes, and all moneys received by the Trustee under this Trust Deed from the Issuer or, as the case may be, the Guarantors to
the extent attributable in the opinion of the Trustee to a particular Series of the Notes or which are apportioned to such Series as aforesaid, be held by the Trustee on trust to apply them (subject to Clause 12.2 (Investment of moneys): 

 

	(a)	 first, in payment or satisfaction of those Liabilities incurred by the Trustee or any Appointee in the
preparation, maintenance and execution of the trusts of this Trust Deed (including remuneration and any additional remuneration of the Trustee); 

  

	(b)	 secondly, in or towards payment pari passu and rateably of all interest remaining unpaid in respect of
the Notes of the relevant Series and all principal moneys due on or in respect of the Notes of that Series provided that where the Notes of more than one Series become so due and payable, such monies shall be applied as between the amounts
outstanding in respect of the different Series pari passu and rateably (except where, in the opinion of the Trustee, such monies are paid in respect of a specific Series or several specific Series, in which event such monies shall be applied
solely to the amounts outstanding in respect of that Series or those Series respectively); and 

  

	(c)	 thirdly, the balance (if any) in payment to the Issuer (without prejudice to, or liability in respect of, any
question as to how such payments shall be dealt with as between the Issuer and the Guarantors and any other person). 

Without prejudice to this Clause 12, if the Trustee holds any moneys which represent principal or interest in respect of Notes which have
become void or in respect of which claims have been prescribed under Condition 13 (Prescription), the Trustee will hold such moneys on the above trusts. 

  
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	12.2	 Investment of moneys 

If the amount of the moneys at any time available for payment of principal and interest in respect of the Notes of any Series under Clause 12.1
(Application of moneys) shall be less than a sum sufficient to pay at least one-tenth of the principal amount of the Notes of such Series then outstanding, the Trustee may, at its discretion, invest such moneys upon some or one of the
investments hereinafter authorised with power from time to time, with like discretion, to vary such investments; and such investment with the resulting income thereof may be accumulated until the accumulations together with any other funds for the
time being under the control of the Trustee and available for the purpose shall amount to a sum sufficient to pay at least one-tenth of the principal amount of the Notes of such Series then outstanding and such accumulation and funds (after
deduction of any taxes and any other deductibles applicable thereto) shall then be applied in the manner aforesaid. 
  

	12.3	 Authorised Investments 

Any moneys which under this Trust Deed may be invested by the Trustee may be invested in the name or under the control of the Trustee in any of
the investments for the time being authorised by English law for the investment by trustees of trust moneys or in any other investments, whether similar to those aforesaid or not, which may be selected by the Trustee or by placing the same on
deposit in the name or under the control of the Trustee with such bank or other financial institution as the Trustee may think fit and in such currency as the Trustee in its absolute discretion may determine and the Trustee may at any time vary or
transfer any of such investments for or into other such investments or convert any moneys so deposited into any other currency and shall not be responsible for any Liability occasioned by reason of any such investments or such deposit whether by
depreciation in value, fluctuation in exchange rates or otherwise. If that bank or institution is the Trustee or a subsidiary, holding company or associated company of the Trustee, it need only account for an amount of interest equal to the amount
of interest that would be payable by it on such deposit to an independent customer. 
  

	12.4	 Payment to Noteholders and Couponholders 

The Trustee shall give notice to the Noteholders in accordance with Condition 18 (Notices) of the date fixed for any payment under
Clause 12.1 (Application of Moneys). Any payment to be made in respect of the Notes or Coupons of any Series by the Issuer, any Guarantor or the Trustee may be made in the manner provided in Condition 10 (Payments), the Agency
Agreement and this Trust Deed and any payment so made shall be a good discharge of such payment to the extent of such payment by the Issuer, the relevant Guarantor or the Trustee (as the case may be). 

  
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	12.5	 Production of Notes and Coupons 

Upon any payment under Clause 12.4 (Payment to Noteholders and Couponholders) of principal or interest, the Note or Coupon in respect of
which such payment is made shall, if the Trustee so requires, be produced to the Trustee or the Paying Agent by or through whom such payment is made and the Trustee shall in respect of a Note or Coupon (a) in the case of part payment, enface or
cause such Paying Agent to enface a memorandum of the amount and date of payment thereon (or, in the case of part payment of an NGN Temporary Global Note or an NGN Permanent Global Note cause the Principal Paying Agent to procure that the ICSDs make
appropriate entries in their records to reflect such payment) or (b) in the case of payment in full, cause such Note or Coupon to be surrendered or shall cancel or procure the same to be cancelled and shall certify or procure the certification
of such cancellation. 
  

	12.6	 Noteholders to be treated as holding all Coupons 

Wherever in this Trust Deed the Trustee is required or entitled to exercise a power, trust, authority or discretion under this Trust Deed, the
Trustee shall, notwithstanding that it may have express notice to the contrary assume that each Noteholder is the holder of all Coupons and Talons appertaining to each Note of which he is the holder. 

 

	12.7	 Regulated Activities 

Notwithstanding anything in this Trust Deed to the contrary, the Trustee shall not be required to do anything which might constitute a
regulated activity for the purpose of the FSMA, unless it is authorised under the FSMA to do so. 
 The Trustee shall have the discretion at
any time (i) to delegate any of the functions which fall to be performed by an authorised person under the FSMA to any agent or person which has the necessary authorisations and licences and (ii) to apply for authorisation under the FSMA
and perform any or all such functions itself if, in its absolute discretion, it considers it necessary, desirable or appropriate to do so. 

Nothing in this Trust Deed shall require the Trustee to assume an obligation of the Issuer arising under any provision of the listing,
prospectus, disclosure or transparency rules (or equivalent rules of any other competent authority besides the Financial Conduct Authority). 
  

	13.	 TERMS OF APPOINTMENT 

By way of supplement to the Trustee Acts, it is expressly declared as follows: 

 

	13.1	 Reliance on Information 

 

	(a)	 Advice: the Trustee may in relation to this Trust Deed act on the opinion or advice of or a certificate
or any information obtained from any lawyer, banker, valuer, surveyor, broker, auctioneer, accountant or other expert (whether obtained by the Trustee, the Issuer, any Guarantor, any Subsidiary or any Agent) and shall not be responsible for any
Liability occasioned by so acting; any such opinion, advice, certificate or information may be sent or obtained by 

  
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letter, telegram, telex, email or facsimile transmission and the Trustee shall not be liable for acting on any opinion, advice, certificate or information purporting to be so conveyed although
the same shall contain some error or shall not be authentic; 

  

	(b)	 Certificate of Directors or Authorised Signatories: the Trustee may call for and shall be at liberty to
accept a certificate signed by two Directors and/or two Authorised Signatories of the Issuer or any Guarantor, as the case may be, or other person duly authorised on its behalf as to any fact or matter prima facie within the knowledge of the Issuer
or the relevant Guarantor, as the case may be, as sufficient evidence thereof and a like certificate to the effect that any particular dealing, transaction or step or thing is, in the opinion of the person so certifying expedient, as sufficient
evidence that it is expedient and the Trustee shall not be bound in any such case to call for further evidence or be responsible for any Liability that may be occasioned by its failing so to do; 

 

	(c)	 Certificate of Auditors: a certificate of the Auditors of the Issuer that in their opinion a Subsidiary
is or is not or was or was not at any particular time or during any particular period a Material Subsidiary shall, in the absence of manifest error, be conclusive and binding on the Issuer, the Guarantors, the Trustee, the Noteholders and the
Couponholders; 

  

	(d)	 Resolution or direction of Noteholders: the Trustee shall not be responsible for acting upon any
resolution purporting to be a Written Resolution or to have been passed at any meeting of the Noteholders in respect whereof minutes have been made and signed or a direction of a specified percentage of Noteholders, even though it may subsequently
be found that there was some defect in the constitution of the meeting or the passing of the resolution or the making of the directions or in the case of a Written Resolution in writing or a direction or a request it was not signed by the requisite
number of Noteholders or that for any reason the resolution purporting to be a Written Resolution or to have been passed at any Meeting or the making of the directions was not valid or binding upon the Noteholders and the Couponholders;

  

	(e)	 Reliance on certification of clearing system: the Trustee may call for any certificate or other
document issued by Euroclear, Clearstream or any other relevant clearing system in relation to any matter. Any such certificate or other document shall, in the absence of manifest error, be conclusive and binding for all purposes. Any such
certificate or other document may comprise any form of statement or print out of electronic records provided by the relevant clearing system (including Euroclear’s EUCLID or Clearstream’s Cedcom system) in accordance with its usual
procedures and in which the holder of a particular principal or nominal amount of the Notes is clearly identified together with the amount of such holding. The Trustee shall not be liable to any person by reason of having accepted as valid or not
having rejected any certificate or other document to such effect purporting to be issued by Euroclear or Clearstream or any other relevant clearing system and subsequently found to be forged or not authentic; 

  
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	(f)	 Noteholders as a class: whenever in this Trust Deed the Trustee is required in connection with any
exercise of its powers, trusts, authorities or discretions to have regard to the interests of the Noteholders, it shall have regard to the interests of the Noteholders as a class and in particular, but without prejudice to the generality of the
foregoing, shall not be obliged to have regard to the consequences of such exercise for any individual Noteholder resulting from his or its being for any purpose domiciled or resident in, or otherwise connected with, or subject to the jurisdiction
of, any particular territory or any political sub-division thereof and the Trustee shall not be entitled to require, nor shall any Noteholder or Couponholder be entitled to claim, from the Issuer, the Guarantors, the Trustee or any other person any
indemnification or payment in respect of any tax consequence of any such exercise upon individual Noteholders or Couponholders except to the extent already provided for in Condition 11 (Taxation) and/or any undertaking given in addition
thereto or in substitution therefor under this Trust Deed; 

  

	(g)	 Trustee not responsible for investigations: the Trustee shall not be responsible for, or for
investigating any matter which is the subject of, any recital, statement, representation, warranty or covenant of any person contained in this Trust Deed, the Notes or any other agreement or document relating to the transactions herein or therein
contemplated or for the execution, legality, effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence thereof; 

  

	(h)	 No obligation to monitor: the Trustee shall be under no obligation to monitor or supervise the
functions of any other person under the Notes or any other agreement or document relating to the transactions herein or therein contemplated and shall be entitled, in the absence of actual knowledge of a breach of obligation, to assume that each
such person is properly performing and complying with its obligations; 

  

	(i)	 Notes held by the Issuer: in the absence of knowledge or express notice to the contrary, the Trustee
may assume without enquiry (other than requesting a certificate of the Issuer or any Guarantor under sub-clause 8(f) (Notes held by Issuer and the Guarantors), that no Notes are for the time being held by or for the benefit of the Issuer, any
Guarantor or any Subsidiary; 

  

	(j)	 Forged Notes: the Trustee shall not be liable to the Issuer, any Guarantor or any Noteholder or
Couponholder by reason of having accepted as valid or not having rejected any Note or Coupon as such and subsequently found to be forged or not authentic; 

  

	(k)	 Events of Default: the Trustee shall not be bound to give notice to any person of the execution of this
Trust Deed or to take any steps to ascertain whether any Event of Default, Potential Event of Default, Change of Control or Change of Control Put Event has happened and, until it shall have actual knowledge or express notice to the contrary, the
Trustee shall be entitled to assume that no such Event of Default, or Potential Event of Default, Change of Control or Change of Control Put Event has happened and that the Issuer and

  
 Page 33 

	 	 
each Guarantor is observing and performing all the obligations on its part contained in the Notes and Coupons and under this Trust Deed and no event has happened as a consequence of which any of
the Notes may become repayable; 

  

	(l)	 Legal Opinions: the Trustee shall not be responsible to any person for failing to request, require or
receive any legal opinion relating to any Notes or for checking or commenting upon the content of any such legal opinion and shall not be responsible for any Liability incurred thereby; 

 

	(m)	 Authorised Amount: the Trustee shall not be concerned, and need not enquire, as to whether or not any
Notes are issued in breach of the Authorised Amount; 

  

	(n)	 Trustee not Responsible: the Trustee shall not be responsible for the execution, delivery, legality,
effectiveness, adequacy, genuineness, validity, enforceability or admissibility in evidence of this Trust Deed or any other document relating thereto and shall not be liable for any failure to obtain any rating of Notes (where required), any
licence, consent or other authority for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of this Trust Deed or any other document relating thereto. In
addition the Trustee shall not be responsible for the effect of the exercise of any of its powers, duties and discretions hereunder; 

  

	(o)	 Freedom to Refrain: notwithstanding anything else herein contained, the Trustee may refrain from doing
anything which would or might in its opinion be contrary to any law of any jurisdiction or any directive or regulation of any agency or any state of which would or might otherwise render it liable to any person and may do anything which is, in its
opinion, necessary to comply with any such law, directive or regulation; 

  

	(p)	 Right to Deduct or Withhold: notwithstanding anything contained in this Trust Deed, to the extent
required by any applicable law, if the Trustee is or will be required to make any deduction or withholding from any distribution or payment made by it hereunder or if the Trustee is or will be otherwise charged to, or is or may become liable to, tax
as a consequence of performing its duties hereunder whether as principal, agent or otherwise, and whether by reason of any assessment, prospective assessment or other imposition of liability to taxation of whatsoever nature and whensoever made upon
the Trustee, and whether in connection with or arising from any sums received or distributed by it or to which it may be entitled under this Trust Deed (other than in connection with its remuneration as provided for herein) or any investments or
deposits from time to time representing the same, including any income or gains arising therefrom or any action of the Trustee in connection with the trusts of this Trust Deed (other than the remuneration herein specified) or otherwise, then the
Trustee shall be entitled to make such deduction or withholding or, as the case may be, to retain out of sums received by it an amount sufficient to discharge any liability to tax which relates to sums so received or distributed or to discharge any
such other liability of the Trustee to tax from the funds held by the Trustee upon the trusts of this Trust Deed; 

  
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	(q)	 FATCA Withholding: the Trustee shall be entitled to deduct FACTA Withholding and shall have no
obligation to gross-up any payment hereunder or to pay any additional amount as a result of such FACTA Withholding; and 

  

	(r)	 Reliance by Trustee: any certificate or report of the Auditors or any other person called for by or
provided to the Trustee (whether or not addressed to the Trustee) in accordance with or for the purposes of this Trust Deed may be relied upon by the Trustee as sufficient evidence of the facts stated therein notwithstanding that such certificate or
report and/or any engagement letter or other document entered into by the Trustee in connection therewith contains a monetary or other limit on the liability of the Auditors or such other person in respect thereof and notwithstanding that the scope
and/or basis of such certificate or report may be limited by any engagement or similar letter or by the terms of the certificate or report itself. 

  

	13.2	 Trustee’s powers and duties 

 

	(a)	 Trustee’s determination: The Trustee may determine whether or not a default in the performance or
observance by the Issuer or any Guarantor of any obligation under the provisions of this Trust Deed or contained in the Notes or Coupons is capable of remedy and if the Trustee shall certify that any such default is, in its opinion, not capable of
remedy such certificate shall be conclusive and binding upon the Issuer, the Guarantors, the Noteholders and the Couponholders; 

  

	(b)	 Determination of questions: the Trustee as between itself and the Noteholders and the Couponholders
shall have full power to determine all questions and doubts arising in relation to any of the provisions of this Trust Deed and every such determination, whether made upon a question actually raised or implied in the acts or proceedings of the
Trustee, shall be conclusive and shall bind the Trustee, the Noteholders and the Couponholders; 

  

	(c)	 Trustee’s discretion: the Trustee shall (save as expressly otherwise provided herein) as regards
all the trusts, powers, authorities and discretions vested in it by this Trust Deed or by operation of law have absolute and uncontrolled discretion as to the exercise or non-exercise thereof and the Trustee shall not be responsible for any
Liability that may result from the exercise or non-exercise thereof but, whenever the Trustee is under the provisions of this Trust Deed bound to act at the request or direction of the Noteholders, the Trustee shall nevertheless not be so bound
unless first indemnified and/or provided with security and/or prefunded to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and all Liabilities which it may incur by so doing;

  

	(d)	 Trustee’s consent: any consent or approval given by the Trustee for the purposes of this Trust
Deed may be given on such terms and subject to such conditions (if any) as the Trustee may require. The Trustee may give any 

  
 Page 35 

	 	 
consent or approval, exercise any power, authority or discretion or take any similar action (whether or not such consent, approval, power, authority, discretion or action is specifically referred
to in this Trust Deed) if it is satisfied that the interests of the Noteholders will not be materially prejudiced thereby. For any avoidance of doubt, the Trustee shall not have any duty to the Noteholders in relation to such matters other than that
which is contained in the preceding sentence; 

  

	(e)	 Conversion of currency: where it is necessary or desirable for any purpose in connection with this
Trust Deed to convert any sum from one currency to another it shall (unless otherwise provided by this Trust Deed or required by law) be converted at such rate(s) of exchange, in accordance with such method and as at such date for the determination
of such rate(s) of exchange as may be specified by the Trustee in its absolute discretion as relevant and any rate of exchange, method and date so specified shall be binding on the Issuer, the Guarantors, the Noteholders and the Couponholders;

  

	(f)	 Application of proceeds: the Trustee shall not be responsible for the receipt or application by the
Issuer of the proceeds of the issue of the Notes, the exchange of any Temporary Global Note for any Permanent Global Note or Notes in definitive form, the exchange of any Permanent Global Note for Notes in definitive form or the delivery of any Note
or Coupon to the persons entitled to them; 

  

	(g)	 Error of judgment: the Trustee shall not be liable for any error of judgment made in good faith by any
officer or employee of the Trustee assigned by the Trustee to administer its corporate trust matters; 

  

	(h)	 Agents: the Trustee may, in the conduct of the trusts of this Trust Deed instead of acting personally,
employ and pay an agent on any terms, whether or not a lawyer or other professional person, to transact or conduct, or concur in transacting or conducting, any business and to do or concur in doing all acts required to be done by the Trustee
(including the receipt and payment of money) and the Trustee shall not be responsible for any Liability incurred by reason of the misconduct, omission or default on the part of any person appointed by it hereunder or be bound to supervise the
proceedings or acts of any such person; 

  

	(i)	 Delegation: the Trustee may, in the execution and exercise of all or any of the trusts, powers,
authorities and discretions vested in it by this Trust Deed, act by responsible officer(s) for the time being of the Trustee and the Trustee may also whenever it thinks fit, whether by power of attorney or otherwise, delegate to any person(s) or
fluctuating body of persons (whether being a joint trustee of this Trust Deed or not) all or any of the trusts, powers, authorities and discretions vested in it by this Trust Deed and any such delegation may be made upon such terms and conditions
and subject to such regulations (including power to sub-delegate with the consent of the Trustee) as the Trustee may think fit in the interests of the Noteholders and the Trustee shall not be bound to supervise the proceedings or acts of and shall
not in any way or to any extent be responsible for any Liability incurred by reason of the misconduct, omission or default on the part of such delegate or sub-delegate; 

  
 Page 36 

	(j)	 Custodians and nominees: the Trustee may appoint and pay any person to act as a custodian or nominee on
any terms in relation to such assets of the trust as the Trustee may determine, including for the purpose of depositing with a custodian this Trust Deed or any document relating to the trust created hereunder and the Trustee shall not be responsible
for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it hereunder or be bound to supervise the proceedings or acts of any such person;
the Trustee is not obliged to appoint a custodian if the Trustee invests in securities payable to bearer; 

  

	(k)	 Maintenance of ratings: the Trustee shall have no responsibility whatsoever to the Issuer, the
Guarantors, any Noteholder or Couponholder or any other person for the maintenance of or failure to maintain any rating of any of the Notes by any rating agency; 

 

	(l)	 Confidential information: the Trustee shall not (unless required by law or ordered so to do by a court
of competent jurisdiction) be required to disclose to any Noteholder or Couponholder confidential information or other information made available to the Trustee by the Issuer or any Guarantor in connection with this Trust Deed and no Noteholder or
Couponholder shall be entitled to take any action to obtain from the Trustee any such information; and 

  

	(m)	 Responsibility for loss: the Trustee shall not be liable or responsible for any Liabilities or
inconvenience which may result from anything properly done or properly omitted to be done by it in accordance with the provisions of this Trust Deed. 

  

	13.3	 Financial matters 

  

	(a)	 Professional charges: Any trustee being a banker, lawyer, broker or other person engaged in any
profession or business shall be entitled to charge and be paid all usual professional and other charges for business transacted and acts done by him or his partner or firm on matters arising in connection with the trusts of this Trust Deed and also
his properly incurred charges in addition to disbursements for all other work and business done and all time spent by him or his partner or firm on matters arising in connection with this Trust Deed, including matters which might or should have been
attended to in person by a trustee not being a banker, lawyer, broker or other professional person; 

  

	(b)	 Expenditure by the Trustee: nothing contained in this Trust Deed shall require the Trustee to expend or
risk its own funds or otherwise incur any financial liability in the performance of its duties or the exercise of any right, power, authority or discretion hereunder if it has grounds for believing the repayment of such funds or adequate indemnity
against, or security for, such risk or liability is not assured to it; and 

  
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	(c)	 Trustee may enter into financial transactions with the Issuer and Guarantors: no Trustee and no
director or officer of any corporation being a Trustee hereof shall by reason of the fiduciary position of such Trustee be in any way precluded from making any contracts or entering into any transactions in the ordinary course of business with the
Issuer, any Guarantor or any Subsidiary, or any person or body corporate directly or indirectly associated with the Issuer, any Guarantor, or any Subsidiary, or from accepting the trusteeship of any other debenture stock, debentures or securities of
the Issuer or any Subsidiary, any Guarantor or any person or body corporate directly or indirectly associated with the Issuer or any Subsidiary, and neither the Trustee nor any such director or officer shall be accountable to the Noteholders, the
Couponholders, the Issuer, any Guarantor or any Subsidiary, or any person or body corporate directly or indirectly associated with the Issuer, any Guarantor or any Subsidiary, for any profit, fees, commissions, interest, discounts or share of
brokerage earned, arising or resulting from any such contracts or transactions and the Trustee and any such director or officer shall also be at liberty to retain the same for its or his own benefit. 

 

	13.4	 Disapplication 

Section 1 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by this Trust Deed.
Where there are any inconsistencies between the Trustee Acts and the provisions of this Trust Deed, the provisions of this Trust Deed shall, to the extent allowed by law, prevail and, in the case of any such inconsistency with the Trustee Act 2000,
the provisions of this Trust Deed shall constitute a restriction or exclusion for the purposes of that Act. 
  

	13.5	 Trustee Liability 

  

	(a)	 Nothing in this Trust Deed shall in any case in which the Trustee has failed to show the degree of care and
diligence required of it as trustee having regard to the provisions of this Trust Deed conferring on it any trusts, powers, authorities or discretions exempt the Trustee from or indemnify it against any liability for breach of trust of which it may
be guilty in relation to its duties under this Trust Deed. 

  

	(b)	 Notwithstanding any provision of this Trust Deed to the contrary, the Trustee shall not in any event be liable
for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits, goodwill, reputation, business opportunity or anticipated saving), whether or not foreseeable, even if the Trustee has
been advised of the likelihood of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, for breach of contract, breach of trust or otherwise; provided however, that this clause shall not be deemed
to apply in the event of a determination of fraud on the part of the Trustee in a judgement by a court having jurisdiction. 

  
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	14.	 COSTS AND EXPENSES 

 

	14.1	 Remuneration 

  

	(a)	 Normal remuneration: The Issuer shall pay to the Trustee remuneration for its services as trustee as
from the date of this Trust Deed, such remuneration to be at such rate as may from time to time be agreed between the Issuer and the Trustee. Such remuneration shall be payable in advance on the anniversary of the date hereof in each year and the
first payment shall be made on the date hereof. Such remuneration shall accrue from day to day and be payable (in priority to payments to the Noteholders or Couponholders up to and including the date when, all the Notes having become due for
redemption, the redemption moneys and interest thereon to the date of redemption have been paid to the Principal Paying Agent or the Trustee, provided that if upon due presentation (if required pursuant to the Conditions) of any Note or
Coupon or any cheque, payment of the moneys due in respect thereof is improperly withheld or refused, remuneration will be deemed not to have ceased to accrue and will commence again to accrue until payment to such Noteholder or Couponholder is
made). 

  

	(b)	 Extra remuneration: In the event of the occurrence of an Event of Default, a Potential Event of
Default, a Change of Control or a Change of Control Put Event or the Trustee considering it expedient or necessary or being requested by the Issuer or any Guarantor to undertake duties which the Trustee and the Issuer or such Guarantor agree to be
of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under this Trust Deed, the Issuer shall pay to the Trustee such additional remuneration as shall be agreed between them. 

 

	(c)	 Value added tax: The Issuer shall in addition pay to the Trustee an amount equal to the amount of any
value added tax or similar tax chargeable in respect of its remuneration under this Trust Deed. 

  

	(d)	 Failure to agree: In the event of the Trustee and the Issuer failing to agree: 

 

	 	(i)	 (in a case to which sub-clause 14.1(a) (Normal remuneration) applies) upon the amount of the
remuneration; or 

  

	 	(ii)	 (in a case to which sub-clause 14.1(b) (Extra remuneration) applies) upon whether such duties shall be
of an exceptional nature or otherwise outside the scope of the normal duties of the Trustee under this Trust Deed, or upon such additional remuneration, 

such matters shall be determined by a merchant bank (acting as an expert and not as an arbitrator) selected by the Trustee and
approved by the Issuer or, failing such approval, nominated (on the application of the Trustee) by the President for the time being of The Law Society of England and Wales (the expenses involved in such nomination and the fees of such merchant bank
being payable by the Issuer) and the determination of any such merchant bank shall be final and binding upon the Trustee and the Issuer. 

  
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	(e)	 Expenses: The Issuer shall also pay or discharge all costs, charges and expenses properly incurred by
the Trustee in relation to the preparation and execution of, the exercise of its powers and the performance of its duties under, and in any other manner in relation to, this Trust Deed, including but not limited to legal and travelling expenses and
any stamp, issue, registration, documentary and other taxes or duties paid or payable by the Trustee in connection with any action taken or contemplated by or on behalf of the Trustee for enforcing, or resolving any doubt concerning, or for any
other purpose in relation to, this Trust Deed. 

  

	(f)	 Indemnity: Without prejudice to the right of indemnity by law given to trustees, the Issuer shall
indemnify the Trustee and every Appointee and keep it or him indemnified against all Liabilities to which it or he may be or become subject or which may be properly incurred by it or him in the preparation or execution or purported execution of any
of its or his trusts, powers authorities and discretions under this Trust Deed or its or his functions under any such appointment or in respect of any other matter or thing done or omitted in any way relating to the Trust Deed or any such
appointment (including all Liabilities incurred in disputing or defending the foregoing). The Trustee may use reasonable endeavours to provide to the Issuer written evidence of any Liabilities referred to in this Clause. 

 

	(g)	 Payment of amounts due: All amounts due and payable pursuant to sub-clauses 14.1(e) (Expenses)
and 14.1(f) (Indemnity) shall be payable by the Issuer on the date specified in a demand by the Trustee; the rate of interest applicable to such payments shall be one per cent. per annum above the base rate from time to time of HSBC Bank plc
and interest shall accrue: 

  

	 	(i)	 in the case of payments made by the Trustee prior to the date of the demand, from the date on which the
payment was made or such later date as specified in such demand; 

  

	 	(ii)	 in the case of payments made by the Trustee on or after the date of the demand, from the date specified in
such demand, which date shall not be a date earlier than the date such payments are made. 

 All
remuneration payable to the Trustee shall carry interest at the rate specified in this Clause 14.1(g) (Payment of amounts due) from the due date thereof. 
  

	(h)	 Apportionment of expenses: The Trustee shall apportion the costs, charges, expenses and liabilities
incurred by the Trustee in the preparation and execution of the trusts of this Trust Deed (including remuneration of the Trustee) between the several Series of Notes in such manner and in such amounts as it shall, in its absolute discretion,
consider appropriate. 

  

	(i)	 Discharges: Unless otherwise specifically stated in any discharge of this Trust Deed the provisions of
this Clause 14 (Costs and Expenses) shall continue in full force and effect notwithstanding such discharge. 

  
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	(j)	 Payments: All payments to be made by the Issuer to the Trustee under this Trust Deed shall be made free
and clear of, and without withholding or deduction for, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or within any relevant jurisdiction or any authority therein or
thereof having power to tax, unless such withholding or deduction is required by law. In that event, the Issuer shall pay such additional amount as will, after such deduction or withholding has been made, leave the Trustee with the full amount which
would have been received by it had no such withholding or deduction been required. 

  

	14.2	 Stamp duties 

The Issuer will pay all stamp duties, registration taxes, capital duties and other similar fees, duties or taxes (if any), including interest
and penalties, payable on or in connection with (a) the constitution and issue of the Notes and Coupons, (b) the initial delivery of the Notes, (c) any action taken by the Trustee (or any Noteholder or Couponholder where permitted or
required under this Trust Deed so to do) to enforce the provisions of the Notes or this Trust Deed and (d) the execution and delivery of this Trust Deed. If the Trustee (or any Noteholder, or Couponholder where permitted under this Trust Deed
so to do) shall take any proceedings against the Issuer in any other jurisdiction and if for the purpose of any such proceedings this Trust Deed or any Note is taken into any such jurisdiction and any stamp duties or other duties or taxes become
payable thereon in any such jurisdiction, the Issuer will pay (or reimburse the person making payment of) such stamp duties or other duties or taxes (including penalties). 
  

	14.3	 Exchange rate indemnity 

 

	(a)	 Currency of Account and Payment: The Contractual Currency is the sole currency of account and payment
for all sums payable by the Issuer and the Guarantors under or in connection with this Trust Deed, the Notes and the Coupons including damages; 

  

	(b)	 Extent of Discharge: an amount received or recovered in a currency other than the Contractual Currency
(whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding up or dissolution of the Issuer or any Guarantor or otherwise) by the Trustee or any Noteholder or Couponholder in respect of any
sum expressed to be due to it from the Issuer or any Guarantor will only discharge the Issuer or any Guarantor to the extent of the Contractual Currency amount which the recipient is able to purchase with the amount so received or recovered in that
other currency on the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so); 

 

	(c)	 Indemnity: if that Contractual Currency amount is less than the Contractual Currency amount expressed
to be due to the recipient under this Trust Deed or the Notes or the Coupons, the Issuer and the Guarantor will indemnify the Trustee or any Noteholder or Couponholder against any Liability sustained by it as a result. In any event, the Issuer and
the Guarantor will indemnify the recipient against the cost of making any such purchase; and 

  
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	(d)	 any deficiency arising or resulting from any variation in rates of exchange between (i) the date as of
which the local currency equivalent of the amounts due or contingently due under this Trust Deed (other than this Clause) is calculated for the purposes of any bankruptcy, insolvency or liquidation of the Issuer or, as the case may be, the Guarantor
and (ii) the final date for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The amount of such deficiency shall be deemed not to be reduced by any variation in rates of exchange occurring between the said final
date and the date of any distribution of assets in connection with any such bankruptcy, insolvency or liquidation. 

  

	14.4	 Indemnities separate 

The indemnities in this Clause 14 (Costs and Expenses) constitute separate and independent obligations from the other obligations in
this Trust Deed, will give rise to separate and independent causes of action, will apply irrespective of any indulgence granted by the Trustee and/or any Noteholder or Couponholder and will continue in full force and effect despite any judgment,
order, claim or proof for a liquidated amount in respect of any sum due under this Trust Deed or the Notes or the Coupons or any other judgment or order. Any such Liability as referred to in sub-clause 14.3(c) (Indemnity) shall be deemed to
constitute a Liability suffered by the Trustee, the Noteholders and the Couponholders and no proof or evidence of any actual Liability shall be required by the Issuer or any Guarantor or its liquidator or liquidators. 

 

	15.	 APPOINTMENT AND RETIREMENT 

 

	15.1	 Appointment of Trustees 

The power of appointing new trustees of this Trust Deed shall be vested in the Issuer but no person shall be appointed who shall not previously
have been approved by an Extraordinary Resolution of the Noteholders. A trust corporation may be appointed sole trustee hereof but subject thereto there shall be at least two trustees hereof one at least of which shall be a trust corporation. Any
appointment of a new trustee hereof shall as soon as practicable thereafter be notified by the Issuer to the Agents and the Noteholders. The Noteholders shall together have the power, exercisable by Extraordinary Resolution, to remove any trustee or
trustees for the time being hereof. The removal of any trustee shall not become effective unless there remains a trustee hereof (being a trust corporation) in office after such removal. If, in such circumstances, no appointment of such a new trustee
has become effective within 60 days of the date of such Extraordinary Resolution, the Trustee shall be entitled to appoint a Trust Corporation as trustee of this Trust Deed, but no such appointment shall take effect unless previously approved by an
Extraordinary Resolution. 

  
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	15.2	 Co-trustees 

Notwithstanding the provisions of Clause 15.1 (Appointment of Trustees), the Trustee may, upon giving prior notice to the Issuer and the
Guarantors but without the consent of the Issuer or the Guarantors or the Noteholders or the Couponholders, appoint any person established or resident in any jurisdiction (whether a trust corporation or not) to act either as a separate trustee or as
a co-trustee jointly with the Trustee: 
  

	(a)	 if the Trustee considers such appointment to be in the interests of the Noteholders or the Couponholders; or
for the purposes of conforming to any legal requirements, restrictions or conditions in any jurisdiction in which any particular act or acts are to be performed; or 

 

	(b)	 for the purposes of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction either of
a judgment already obtained or of this Trust Deed. 

  

	15.3	 Attorneys 

The Issuer and each Guarantor hereby irrevocably appoints the Trustee to be its attorney in its name and on its behalf to execute any such
instrument of appointment. Such a person shall (subject always to the provisions of this Trust Deed) have such trusts, powers, authorities and discretions (not exceeding those conferred on the Trustee by this Trust Deed) and such duties and
obligations as shall be conferred on such person or imposed by the instrument of appointment. The Trustee shall have power in like manner to remove any such person. Such remuneration as the Trustee may pay to any such person, together with any
attributable Liabilities incurred by it in performing its function as such separate trustee or co-trustee, shall for the purposes of this Trust Deed be treated as Liabilities incurred by the Trustee. 

 

	15.4	 Retirement of Trustees 

Any Trustee for the time being of this Trust Deed may retire at any time upon giving not less than 60 days’ notice in writing to the
Issuer without assigning any reason thereof and without being responsible for any Liabilities occasioned by such retirement. The retirement of any Trustee shall not become effective unless there remains a trustee hereof (being a trust corporation)
in office after such retirement. The Issuer hereby covenants that in the event of the only trustee hereof which is a trust corporation giving notice under this Clause it shall use its reasonable endeavours to procure a new trustee, being a trust
corporation, to be appointed and if the Issuer has not procured the appointment of a new trustee within 30 days of the expiry of the Trustee notice referred to in this Clause 15.4, the Trustee shall be entitled to procure forthwith a new trustee.

  

	15.5	 Competence of a majority of Trustees 

Whenever there shall be more than two trustees hereof the majority of such trustees shall (provided such majority includes a trust corporation)
be competent to execute and exercise all the trusts, powers, authorities and discretions vested by this Trust Deed in the Trustee generally. 

  
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	15.6	 Powers additional 

The powers conferred by this Trust Deed upon the Trustee shall be in addition to any powers which may from time to time be vested in it by
general law or as the holder of any of the Notes or the Coupons. 
  

	15.7	 Merger 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Clause, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

 

	16.	 NOTICES 

 

	16.1	 Addresses for notices 

All notices and other communications hereunder shall be made in writing and in English (by letter, telex or fax) and shall be sent as follows:

  

	(a)	 Issuer: if to the Issuer, to it at: 

InterContinental Hotels Group PLC 

Broadwater Park 
 Denham 

Buckinghamshire UB9 5HR 
 Fax:
01895 512 101 
 Attention: The General Counsel and Company Secretary 

 

	(b)	 Guarantors: if to the Guarantors, to them c/o the Issuer 

 

	(c)	 Trustee: if to the Trustee, to it at: 

HSBC Corporate Trustee Company (UK) Limited 

8 Canada Square 
 London E14 5HQ

 Fax: +44 20 7991 4350 

Attention: CTLA Trustee Service Administration 

  
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	16.2	 Effectiveness 

Every notice or other communication sent in accordance with Clause 16.1 (Addresses for Notices) shall be effective as follows: 

 

	(a)	 Letter or fax: if sent by letter, it shall be deemed to have been delivered 7 days after the time of
despatch and if sent by fax it shall be deemed to have been delivered at the time of despatch; and 

  

	(b)	 Telex: if sent by telex, upon receipt by the sender of the addressee’s answerback at the end of
transmission; 

 provided that any such notice or other communication which would otherwise take effect after 4.00
p.m. on any particular day shall not take effect until 10.00 a.m. on the immediately succeeding business day in the place of the addressee. 
  

	16.3	 No Notice to Couponholders 

Neither the Trustee nor the Issuer nor any Guarantor shall be required to give any notice to the Couponholders for any purpose under this Trust
Deed and the Couponholders shall be deemed for all purposes to have notice of the contents of any notice given to the Noteholders in accordance with Condition 18 (Notices). 

 

	17.	 LAW AND JURISDICTION 

 

	17.1	 Governing law 

This Trust Deed and the Notes, and any non-contractual obligations arising out of or in connection with this Trust Deed and the Notes, are
governed by English law. 
  

	17.2	 English courts 

The courts of England have exclusive jurisdiction to settle any dispute (a Dispute), arising out of or in connection with this
Trust Deed or the Notes (including a dispute regarding the existence, validity or termination of this Trust Deed or the Notes or any non-contractual obligation arising out of or in connection with them) or the consequences of their nullity. 

 

	17.3	 Appropriate forum 

The parties agree that the courts of England are the most appropriate and convenient courts to settle any Dispute and, accordingly, that they
will not argue to the contrary. 
  

	18.	 SEVERABILITY 

In case any provision in or obligation under this Trust Deed 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. 

 

	19.	 CONTRACTS (RIGHTS OF THIRD
PARTIES) ACT 1999 

 No person shall have any right to enforce any provision of this
Trust Deed under the Contracts (Rights of Third Parties) Act 1999, but this does not affect any right or remedy of a third party which exists or is available apart from that Act. 

  
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	20.	 COUNTERPARTS 

This Trust Deed may be executed in any number of counterparts, each of which shall be deemed an original. 

IN WITNESS WHEREOF this Trust Deed has been executed as a deed by the parties hereto and is intended to be and is hereby delivered on
the date first before written. 

  
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 SCHEDULE 1 

TERMS AND CONDITIONS OF THE NOTES 
  

	1.	 Introduction 

 

	(a)	 Programme 

InterContinental Hotels Group PLC (the “Issuer”) has established a Euro Medium Term Note Programme (the
“Programme”) for the issuance of up to £2,000,000,000 in aggregate principal amount of notes (the “Notes”) unconditionally and irrevocably guaranteed by Six Continents Limited (“Six
Continents”) and by InterContinental Hotels Limited (“Intercontinental” and, together with Six Continents, each a “Guarantor” and together, the “Guarantors”). 

 

	(b)	 Final Terms 

Notes issued under the Programme are issued in series (each a “Series”) and each Series may comprise one or
more tranches (each a “Tranche”) of Notes. Each Tranche is the subject of final terms (the “Final Terms”) which supplements these terms and conditions (the “Conditions”). The terms and conditions
applicable to any particular Tranche of Notes are these Conditions as supplemented and amended by the relevant Final Terms. 
  

	(c)	 Trust Deed 

The Notes are constituted by, have the benefit of and are in all respects subject to an amended and restated trust deed dated
11 August 2016 (as amended, restated and/or supplemented from time to time, the “Trust Deed”) between the Issuer, the Guarantors and HSBC Corporate Trustee Company (UK) Limited (the “Trustee”, which expression shall
include all persons for the time being the trustee or trustees under the Trust Deed) as trustee for the Noteholders (as defined below). 
  

	(d)	 Agency Agreement 

The Notes are the subject of an agency agreement dated 11 August 2016 (the “Agency Agreement”) between
the Issuer, the Guarantors, HSBC Bank plc as principal paying agent (the “Principal Paying Agent”, which expression includes any successor principal paying agent appointed from time to time in connection with the Notes) and the
Trustee. 
  

	(e)	 Guarantees 

Each of the Guarantors has in the Trust Deed given an unconditional and irrevocable guarantee (each a
“Guarantee” and together, the “Guarantees”) on a joint and several basis for the due payment of all sums expressed to be payable by the Issuer under the Trust Deed, the Notes and the Coupons. 

  
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	(f)	 The Notes 

All subsequent references in these Conditions to “Notes” are to the Notes which are the subject of the
relevant Final Terms. Copies of the relevant Final Terms are available for viewing during normal business hours and copies may be obtained from the Specified Office(s) of the Paying Agent(s), the initial Specified Office of the Principal Paying
Agent being set out at the end of these Conditions. If the Notes are to be admitted to trading on the regulated market of the London Stock Exchange, the relevant Final Terms will be published on the website of the London Stock Exchange through a
regulatory information service. 
  

	(g)	 Summaries 

Certain provisions of these Conditions are summaries of the Trust Deed and the Agency Agreement and are subject to their
detailed provisions. The holders of the Notes (the “Noteholders”) and the holders of the related interest coupons, if any, (the “Coupon holders” and the “Coupons”, respectively) are entitled to the
benefit of, are bound by, and are deemed to have notice of, all the provisions of the Trust Deed and the Agency Agreement applicable to them. Copies of the Trust Deed and the Agency Agreement are available for inspection by Noteholders during normal
business hours at the Specified Office(s) of the Paying Agent(s). 
  

	2.	 Interpretation 

 

	(a)	 Definitions 

In these Conditions the following expressions have the following meanings: 

“Accrual Yield” has the meaning given in the relevant Final Terms; 

“Additional Business Centre(s)” means the city or cities specified as such in the relevant Final Terms; 

“Additional Financial Centre(s)” means the city or cities specified as such in the relevant Final Terms; 

“Additional Rating Agency” means Moody’s and Fitch; 

“Borrowings” means, as at any particular time, the aggregate outstanding principal, capital or nominal amount
(and any fixed or minimum premium payable on redemption) of the Financial Indebtedness of members of the Group, other than: 
  

	 	(a)	 any indebtedness referred to in paragraph (g) of the definition of Financial Indebtedness;

  

	 	(b)	 any Project Finance Indebtedness; and 

  
 Page 48 

	 	(c)	 any indebtedness referred to in paragraphs (i) and (j) of the definition of Financial Indebtedness
except to the extent any such obligation or liability specified in such paragraphs has been provided for in the annual audited consolidated financial statements or interim unaudited consolidated financial statements of the Group or is disclosed as a
contingency in the notes thereto and is quantified, 

 and deducting, to the extent included, amounts
attributable to interests of third parties in members of the Group. 
 For this purpose, any amount outstanding or repayable
in a currency other than U.S.$ shall on that day be taken into account in its U.S.$ equivalent at the rate of exchange that would have been used had an audited consolidated balance sheet of the Group been prepared as at that day in accordance with
IFRS as applicable to the Original Financial Statements and taking into account the mark-to-market value of any derivative instruments taken out by a member of the Group specifically to hedge currency movements of any Financial Indebtedness
otherwise constituting Borrowings and not denominated in U.S.$; 
 “Business Day” means: 

 

	 	(a)	 in relation to any sum payable in euro, a TARGET Settlement Day and a day on which commercial banks and
foreign exchange markets settle payments generally in each (if any) Additional Business Centre; and 

  

	 	(b)	 in relation to any sum payable in a currency other than euro, a day on which commercial banks and foreign
exchange markets settle payments generally, in the Principal Financial Centre of the relevant currency and in each (if any) Additional Business Centre; 

“Business Day Convention”, in relation to any particular date, has the meaning given in the relevant Final
Terms and, if so specified in the relevant Final Terms, may have different meanings in relation to different dates and, in this context, the following expressions shall have the following meanings: 

 

	 	(a)	 “Following Business Day Convention” means that the relevant date shall be postponed to the
first following day that is a Business Day; 

  

	 	(b)	 “Modified Following Business Day Convention” or “Modified Business Day
Convention” means that the relevant date shall be postponed to the first following day that is a Business Day unless that day falls in the next calendar month in which case that date will be the first preceding day that is a Business Day;

  

	 	(c)	 “Preceding Business Day Convention” means that the relevant date shall be brought forward to
the first preceding day that is a Business Day; 

  
 Page 49 

	 	(d)	 “FRN Convention”, “Floating Rate Convention” or “Eurodollar
Convention” means that each relevant date shall be the date which numerically corresponds to the preceding such date in the calendar month which is the number of months specified in the relevant Final Terms as the Specified Period after the
calendar month in which the preceding such date occurred, provided, however, that: 

  

	 	(i)	 if there is no such numerically corresponding day in the calendar month in which any such date should occur,
then such date will be the last day which is a Business Day in that calendar month; 

  

	 	(ii)	 if any such date would otherwise fall on a day which is not a Business Day, then such date will be the first
following day which is a Business Day unless that day falls in the next calendar month, in which case it will be the first preceding day which is a Business Day; and 

 

	 	(iii)	 if the preceding such date occurred on the last day in a calendar month which was a Business Day, then all
subsequent such dates will be the last day which is a Business Day in the calendar month which is the specified number of months after the calendar month in which the preceding such date occurred; and 

 

	 	(e)	 “No Adjustment” means that the relevant date shall not be adjusted in accordance with any
Business Day Convention; 

 “Calculation Agent” means the Principal Paying Agent or such
other Person specified in the relevant Final Terms as the party responsible for calculating the Rate(s) of Interest and/or Interest Amount(s) and/or Redemption Amount(s); 

“Calculation Amount” has the meaning given in the relevant Final Terms; 

a “Change of Control” will be deemed to have occurred if: 

 

	 	(a)	 any person or any persons acting in concert (as defined in the City Code on Takeovers and Mergers), other than
a holding company (as defined in Section 1159 of the Companies Act 2006) whose shareholders are or are to be substantially similar to the pre-existing shareholders of the Issuer, shall become interested (within the meaning of Part 22 of the
Companies Act 2006) in (A) more than 50 per cent. of the issued or allotted ordinary share capital of the Issuer or (B) shares in the capital of the Issuer carrying more than 50 per cent. of the voting rights normally exercisable
at a general meeting of the Issuer; or 

  
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	 	(b)	 any person or any persons acting in concert (as defined in the City Code on Takeovers and Mergers), other than
a holding company (as defined in Section 1159 of the Companies Act 2006) whose shareholders are or are to be substantially similar to the pre-existing shareholders of any direct or indirect holding company of the Issuer, shall become interested
(within the meaning of Part 22 of the Companies Act 2006) in (A) more than 50 per cent. of the issued or allotted ordinary share capital of any direct or indirect holding company of the Issuer or (B) shares in the capital of any
direct or indirect holding company of the Issuer carrying more than 50 per cent. of the voting rights normally exercisable at a general meeting of any such direct or indirect holding company of the Issuer; 

“Change of Control Optional Redemption Amount” means, in respect of any Note, its principal amount or such
other amount as may be specified in the relevant Final Terms; 
 “Change of Control Optional Redemption
Date” has the meaning given in the relevant Final Terms; 
 “Change of Control Period” means the
period commencing on the Relevant Announcement Date and ending 90 days after the Change of Control (or such longer period for which the Notes are under consideration (such consideration having been announced publicly within the period ending 90 days
after the Change of Control) for rating review or, as the case may be, rating by a Rating Agency, such period not to exceed 60 days after the public announcement of such consideration); 

a “Change of Control Put Event” will be deemed to occur if a Change of Control has occurred and: 

 

	 	(a)	 on the Relevant Announcement Date, the Notes carry from any Rating Agency: 

 

	 	(i)	 an investment grade credit rating (Baa3/BBB-, or equivalent, or better), and such rating from any Rating
Agency is, within the Change of Control Period, either downgraded to a Non-Investment Grade Rating or withdrawn and is not, within the Change of Control Period, subsequently (in the case of a downgrade) upgraded or (in the case of a withdrawal)
reinstated to an investment grade credit rating by such Rating Agency; or 

  

	 	(ii)	 a Non-Investment Grade Rating and such rating from any Rating Agency is, within the Change of Control Period,
either downgraded by one or more notches (by way of example, Ba1 to Ba2 being one notch) or withdrawn and is not, within the Change of Control Period, subsequently (in the case of a downgrade) upgraded or (in the case of a withdrawal) reinstated to
its earlier credit rating or better by such Rating Agency; or 

  

	 	(iii)	 no credit rating and a Negative Rating Event also occurs within the Change of Control Period, provided that
if, at the time of the occurrence of the Change of Control, the Notes carry a credit rating from more than one Rating Agency, at least one of which is investment grade, then subparagraph (i) will apply; and 

  
 Page 51 

	 	(b)	 in making any decision to downgrade or withdraw a credit rating pursuant to paragraphs (i) and
(ii) above or not to award a credit rating of at least investment grade as described in paragraph (ii) of the definition of “Negative Rating Event”, the relevant Rating Agency announces publicly or confirms in writing to the
Issuer or the Trustee that such decision(s) resulted, in whole or in part, from the occurrence of the Change of Control or the Relevant Potential Change of Control Announcement; 

“Change of Control Put Event Notice” means the notice to be given pursuant to Condition 9(f) (Change of
Control redemption) by the Issuer or, as the case may be, the Trustee to the Noteholders in accordance with Condition 18 (Notices) specifying the nature of the Change of Control Put Event and the procedure for exercising the Change of
Control Put Option; 
 “Change of Control Put Option” means the option of the Noteholders exercisable
pursuant to Condition 9(g) (Change of Control redemption); 
 “Change of Control Put Period” means
the period of 45 days after a Change of Control Put Event Notice is given; 
 “Consolidated Gross Assets”
means the consolidated current assets plus consolidated non-current assets of the Group; 
 “Coupon Sheet”
means, in respect of a Note, a coupon sheet relating to the Note; 
 “Day Count Fraction” means, in respect
of the calculation of an amount for any period of time (the “Calculation Period”), such day count fraction as may be specified in these Conditions or the relevant Final Terms and: 

 

	 	(a)	 if “Actual/Actual (ICMA)” is so specified, means: 

 

	 	(i)	 where the Calculation Period is equal to or shorter than the Regular Period during which it falls, the actual
number of days in the Calculation Period divided by the product of (1) the actual number of days in such Regular Period and (2) the number of Regular Periods in any year; and 

 

	 	(ii)	 where the Calculation Period is longer than one Regular Period, the sum of: (A) the actual number of days
in such Calculation Period falling in the Regular Period in which it begins divided by the product of (1) the actual number of days in such Regular Period and (2) the number of Regular Periods in any year; and (B) the actual number of
days in such Calculation Period falling in the next Regular Period divided by the product of (a) the actual number of days in such Regular Period and (2) the number of Regular Periods in any year; 

  
 Page 52 

	 	(b)	 if “Actual/Actual (ISDA)” is so specified, means the actual number of days in the Calculation
Period divided by 365 (or, if any portion of the Calculation Period falls in a leap year, the sum of (A) the actual number of days in that portion of the Calculation Period falling in a leap year divided by 366 and (B) the actual number of
days in that portion of the Calculation Period falling in a non-leap year divided by 365); 

  

	 	(c)	 if “Actual/365 (Fixed)” is so specified, means the actual number of days in the Calculation
Period divided by 365; 

  

	 	(d)	 if “Actual/360” is so specified, means the actual number of days in the Calculation Period
divided by 360; 

  

	 	(e)	 if “30/360” is so specified, the number of days in the Calculation Period divided by 360,
calculated on a formula basis as follows: 

  
 

 
 where: 

“Y1” is the year, expressed as a number, in which the
first day of the Calculation Period falls; 
 “Y2”
is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls; 

“M1” is the calendar month, expressed as a number, in
which the first day of the Calculation Period falls; 

“M2” is the calendar month, expressed as number, in
which the day immediately following the last day included in the Calculation Period falls; 
 “D1” is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1 will
be 30; and 
 “D2” is the calendar day, expressed as
a number, immediately following the last day included in the Calculation Period, unless such number would be 31 and D1 is greater than 29, in which case D2 will be 30”; 
  

	 	(f)	 if “30E/360” or “Eurobond Basis” is so specified, the number of days in the
Calculation Period divided by 360, calculated on a formula basis as follows: 

  
 

 

  
 Page 53 

 where: 

“Y1” is the year, expressed as a number, in which the
first day of the Calculation Period falls; 
 “Y2”
is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls; 

“M1” is the calendar month, expressed as a number, in
which the first day of the Calculation Period falls; 

“M2” is the calendar month, expressed as a number, in
which the day immediately following the last day included in the Calculation Period falls; 
 “D1” is the first calendar day, expressed as a number, of the Calculation Period, unless such number would be 31, in which case D1 will
be 30; and 
 “D2” is the calendar day, expressed as
a number, immediately following the last day included in the Calculation Period, unless such number would be 31, in which case D2 will be 30; and 

 

	 	(g)	 if “30E/360 (ISDA)” is so specified, the number of days in the Calculation Period divided by
360, calculated on a formula basis as follows: 

  
 

 
 where: 

“Y1” is the year, expressed as a number, in which the
first day of the Calculation Period falls; 
 “Y2”
is the year, expressed as a number, in which the day immediately following the last day included in the Calculation Period falls; 

“M1” is the calendar month, expressed as a number, in
which the first day of the Calculation Period falls; 

“M2” is the calendar month, expressed as a number, in
which the day immediately following the last day included in the Calculation Period falls; 

  
 Page 54 

 “D1” is
the first calendar day, expressed as a number, of the Calculation Period, unless (i) that day is the last day of February or (ii) such number would be 31, in which case D1 will be 30;
and 
 “D2” is the calendar day, expressed as a
number, immediately following the last day included in the Calculation Period, unless (i) that day is the last day of February but not the Maturity Date or (ii) such number would be 31, in which case D2 will be 30, 
 PROVIDED, HOWEVER, THAT in each such case the
number of days in the Calculation Period is calculated from and including the first day of the Calculation Period to but excluding the last day of the Calculation Period; 

“Early Redemption Amount (Tax)” means, in respect of any Note, its principal amount or such other amount as
may be specified in the relevant Final Terms; 
 “Early Termination Amount” means, in respect of any Note,
its principal amount or such other amount as may be specified in the relevant Final Terms; 
 “EBITDA”
means, in relation to any Relevant Period, the total consolidated operating profit of the Group for that Relevant Period: 
  

	 	(a)	 before taking into account: 

 

	 	(i)	 Net Interest Payable; 

 

	 	(ii)	 Tax; and 

  

	 	(iii)	 all exceptional items; and 

 

	 	(b)	 after adding back all amounts provided for depreciation and amortisation; and 

 

	 	(c)	 deducting, to the extent included, amounts attributable to interests of third parties in members of the Group;

 “Extraordinary Resolution” has the meaning given in the Trust Deed; 

“Final Redemption Amount” means, in respect of any Note, its principal amount or such other amount as may be
specified in the relevant Final Terms; 
 “Financial Indebtedness” means any indebtedness (without double
counting) for or in respect of: 
 (a) moneys borrowed; 

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

  
 Page 55 

	 	(c)	 any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock,
commercial paper or any similar instrument (entered into or issued primarily as a method of raising finance) PROVIDED THAT Notes from time to time issued and outstanding under the Programme shall at the relevant time be valued as Financial
Indebtedness having regard to the net effect of the marked-to-market value of any related interest and currency hedging arrangements in effect at that time; 

  

	 	(d)	 the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with
IFRS (as at the date of this Base Prospectus), be treated as a finance or capital lease; 

  

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

  

	 	(f)	 any amount raised under any other transaction (including any forward sale or purchase agreement) required by
IFRS to be shown as a borrowing in the audited consolidated balance sheet of the Group: 

  

	 	(g)	 any derivative transaction entered into in connection with protection against or benefit from fluctuation in
any rate or price (and, when calculating the value of any derivative transaction, only the marked-to-market value shall be taken into account); 

  

	 	(h)	 shares which are expressed to be redeemable prior to 20 March 2020; 

 

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

  

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

 but excluding indebtedness owing by a member of the Group to
another member of the Group; 
 “First Interest Payment Date” means the date specified in the relevant Final
Terms; 
 “Fitch” means Fitch Ratings Ltd. or any successor; 

“Fixed Coupon Amount” has the meaning given in the relevant Final Terms; 

“Group” means the Issuer and its Subsidiaries for the time being; 

“Gross Redemption Yield” on the Notes and on the Reference Stock will be expressed as a percentage and will be
calculated by the Calculation Agent on the basis as published by the Treasury Publisher on an annual compounding basis rounded up (if necessary) to three decimal places, 0.0005 being rounded up, or on such other basis as the Trustee may in its sole
discretion approve; 

  
 Page 56 

 “Guarantee” and “Guarantees” have the meaning
stated in Condition 1(e); 
 “Guarantor” and “Guarantors” have the meaning stated in
Condition 1(a); 
 “IFRS” means international accounting standards within the meaning of IAS Regulation
1606/ 2002 to the extent applicable to the relevant financial statements; 
 “Indebtedness” means any
indebtedness (whether being principal, premium, interest or other amounts) for or in respect of any notes, bonds, debentures, debenture stock, loan stock or other securities or any borrowed money or any liability under or in respect of any
acceptance or acceptance credit; 
 “Interest Amount” means, in relation to a Note and an Interest Period,
the amount of interest payable in respect of that Note for that Interest Period; 
 “Interest Commencement
Date” means the Issue Date of the Notes or such other date as may be specified as the Interest Commencement Date in the relevant Final Terms; 

“Interest Determination Date” has the meaning given in the relevant Final Terms; 

“Interest Payment Date” means the First Interest Payment Date and any date or dates specified as such in, or
determined in accordance with the provisions of, the relevant Final Terms and, if a Business Day Convention is specified in the relevant Final Terms: 
  

	 	(a)	 as the same may be adjusted in accordance with the relevant Business Day Convention; or 

 

	 	(b)	 if the Business Day Convention is the FRN Convention, Floating Rate Convention or Eurodollar Convention and an
interval of a number of calendar months is specified in the relevant Final Terms as being the Specified Period, each of such dates as may occur in accordance with the FRN Convention, Floating Rate Convention or Eurodollar Convention at such
Specified Period of calendar months following the Interest Commencement Date (in the case of the first Interest Payment Date) or the previous Interest Payment Date (in any other case); 

“Interest Period” means each period beginning on (and including) the Interest Commencement Date or any
Interest Payment Date and ending on (but excluding) the next Interest Payment Date; 
 “ISDA Definitions”
means the 2006 ISDA Definitions (as amended and updated as at the date of issue of the first Tranche of the Notes of the relevant Series (as specified in the relevant Final Terms) as published by the International Swaps and Derivatives Association,
Inc.); 

  
 Page 57 

 “Issue Date” has the meaning given in the relevant Final Terms;

 “Make Whole Amount” means, in respect of any Note, the higher of: 

 

	 	(a)	 its principal amount; or 

 

	 	(b)	 an amount equal to the product of the Calculation Amount and the price, expressed as a percentage (rounded to
three decimal places, 0.0005 being rounded up), at which the Gross Redemption Yield on the Note, if it were to be purchased at such price on the third dealing day prior to the date of publication of the notice of redemption, would be equal to the
sum of the Make Whole Premium (expressed as a percentage) and the Gross Redemption Yield on such dealing day of the Reference Treasury or, if such stock is no longer in issue, of such other government stock issued by the central government of such
sovereign country that issued the Reference Treasury as the Trustee, with the advice of three leading brokers operating in the Reference Treasury market and/or the Reference Treasury market makers or such other three persons operating in the
Reference Treasury market as the Trustee may approve, shall determine to be appropriate (the “Reference Stock”) on the basis of the middle market price of the Reference Stock prevailing at 11.00 a.m. on such dealing day as
determined by the Calculation Agent; 

 “Make Whole Premium” has the meaning given in the
relevant Final Terms; 
 “Margin” has the meaning given in the relevant Final Terms; 

“Material Subsidiary” means, at any time, any Subsidiary of the Issuer: 

 

	 	(a)	 whose gross assets represent 10 per cent. or more of Consolidated Gross Assets or whose EBITDA represents
5 per cent. or more of consolidated EBITDA of the Group, in each case, as calculated by reference to the latest financial statements of such Subsidiary (which shall be audited if such statements are prepared by that Subsidiary) and the latest
audited consolidated financial statements of the Group adjusted in such manner as the auditors of the Issuer may determine (which determination shall be conclusive in the absence of manifest error) (i) to reflect the gross assets and EBITDA of
any person which has become or ceased to be a member of the Group since the end of the financial year to which the latest audited consolidated financial statements of the Group relate where such adjustment is requested by the Issuer and (ii) so
that for the purposes of this definition, the gross assets of the relevant Subsidiary shall be calculated on the same basis as Consolidated Gross Assets are calculated and/or, as the case may be, EBITDA of the relevant Subsidiary shall be calculated
on the same basis as consolidated EBITDA for the Group (but, in each case, 

  
 Page 58 

	 	 
relating only to the relevant Subsidiary) and making such adjustments and eliminations as are required to show the same as the contribution of the relevant Subsidiary to Consolidated Gross Assets
and/or, as the case may be, consolidated EBITDA of the Group; or 

  

	 	(b)	 to which is transferred all or substantially all of the business, undertaking or assets of a Subsidiary which
immediately prior to such transfer is a Material Subsidiary, whereupon the transferor Subsidiary shall cease to be a Material Subsidiary and the transferee Subsidiary shall become a Material Subsidiary under this sub-paragraph (b) upon the
completion of such transfer; 

 Any determination made by the auditors of the Issuer as to whether a
Subsidiary of the Issuer is or is not a Material Subsidiary at any time shall be conclusive in the absence of manifest error. The Trustee may rely on a report of the auditors of the Issuer, whether or not addressed to the Trustee, that, in their
opinion, a Subsidiary is a Material Subsidiary, without liability to any person and without further enquiry or evidence, notwithstanding that such report and/or any engagement letter or other document entered into by the Trustee in connection
therewith contains a monetary or other limit on the liability of the auditors of the Issuer and notwithstanding that the scope and/or basis of such a report may be limited by any engagement or similar letter or by the terms of the report itself.

 “Maturity Date” has the meaning given in the relevant Final Terms; 

“Maximum Redemption Amount” has the meaning given in the relevant Final Terms; 

“Minimum Redemption Amount” has the meaning given in the relevant Final Terms; 

“Moody’s” means Moody’s Investors Service, Inc. or any successor; 

a “Negative Rating Event” shall be deemed to have occurred if at such time as there is no rating assigned to
the Notes by a Rating Agency (i) the Issuer does not, either prior to, or not later than 21 days after, the occurrence of the Change of Control seek, and thereafter throughout the Change of Control Period use all reasonable endeavours to
obtain, a rating of the Notes, or any other unsecured and unsubordinated debt of the Issuer or (ii) if the Issuer does so seek and use such endeavours, it is unable to obtain such a rating of at least investment grade by the end of the Change
of Control Period; 
 “Net Interest Payable” means, in relation to any Relevant Period, the aggregate amount
of interest and any other finance charges accrued by the Group in that Relevant Period in respect of Borrowings including: 
  

	 	(a)	 the interest element of leasing and hire purchase payments; 

 

	 	(b)	 commitment fees, commissions and guarantee fees; and 

  
 Page 59 

	 	(c)	 amounts in the nature of interest payable in respect of any shares other than equity share capital,

 adjusted (but without double counting) by: 

 

	 	(i)	 deducting interest income of the Group in respect of that Relevant Period; 

 

	 	(ii)	 adding back the net amount payable (or deducting the net amount receivable) by members of the Group in that
Relevant Period as a result of close-out or termination of any interest or (so far as they relate to interest) currency hedging activities; 

  

	 	(iii)	 adding back the amount payable as a premium on any bond buy-back by members of the Group in that Relevant
Period; 

  

	 	(iv)	 deducting, to the extent included, the amount payable by members of the Group in that Relevant Period for
arrangement or related fees in respect of Borrowings (to include, for the avoidance of doubt, underwriting, syndication and fees of a similar nature); and 

  

	 	(v)	 deducting, to the extent included, the amount of interest and other finance charges attributable to interests
of third parties in members of the Group and adjusting, as appropriate, the additions or deductions specified in paragraphs (i) to (iv) (inclusive) above as a consequence of interests of third parties in members of the Group,

 but shall exclude in relation to the Relevant Period (A) net mark-to-market gains or losses on
revaluation of financial instruments, and (B) for the avoidance of doubt, any amount of interest paid to the Group’s loyalty programme on the accumulated balance of cash received in advance of the redemption of loyalty points awarded; 

“Non-Investment Grade Rating” means a non-investment grade credit rating (Ba1/BB+, or equivalent, or worse);

 “Optional Redemption Amount (Call)” means, in respect of any Note, its principal amount or, if specified
in the relevant Final Terms, the Make Whole Amount; 
 “Optional Redemption Amount (Put)” means, in respect
of any Note, its principal amount or such other amount as may be specified in the relevant Final Terms; 
 “Optional
Redemption Date (Call)” has the meaning given in the relevant Final Terms; 
 “Optional Redemption Date
(Put)” has the meaning given in the relevant Final Terms; 

  
 Page 60 

 “Original Financial Statements” means the audited consolidated
financial statements of the Group for the financial period ended 31 December 2008; 
 “Participating Member
State” means a Member State of the European Communities which adopts the euro as its lawful currency in accordance with the Treaty; 

“Paying Agents” means the Principal Paying Agent and any substitute or additional paying agents appointed in
accordance with the Agency Agreement and a “Paying Agent” means any of them; 
 “Payment Business
Day” means: 
  

	 	(a)	 if the currency of payment is euro, any day which is: 

 

	 	(i)	 a day on which banks in the relevant place of presentation are open for presentation and payment of bearer
debt securities and for dealings in foreign currencies; and 

  

	 	(ii)	 in the case of payment by transfer to an account, a TARGET Settlement Day and a day on which dealings in
foreign currencies may be carried on in each (if any) Additional Financial Centre; or 

  

	 	(b)	 if the currency of payment is not euro, any day which is: 

 

	 	(i)	 a day on which banks in the relevant place of presentation are open for presentation and payment of bearer
debt securities and for dealings in foreign currencies; and 

  

	 	(ii)	 in the case of payment by transfer to an account, a day on which dealings in foreign currencies may be carried
on in the Principal Financial Centre of the currency of payment and in each (if any) Additional Financial Centre; 

“Person” means any individual, company, corporation, firm, partnership, joint venture, association,
organisation, state or agency of a state or other entity, whether or not having separate legal personality; 

“Principal Financial Centre” means, in relation to any currency, the principal financial centre for that
currency, PROVIDED, HOWEVER, THAT: 
  

	 	(a)	 in relation to euro, it means the principal financial centre of such Participating Member State of the
European Communities as is selected (in the case of a payment) by the payee or (in the case of a calculation) by the Calculation Agent; and 

  

	 	(b)	 in relation to Australian dollars, it means either Sydney or Melbourne and, in relation to New Zealand
dollars, it means either Wellington or Auckland; in each case as is selected (in the case of a payment) by the payee or (in the case of a calculation) by the Calculation Agent; 

  
 Page 61 

 “Project Finance Indebtedness” means Financial Indebtedness (in
respect of which Security has been given) incurred by a member of the Group (a “Project Group Member”) for the purposes of financing the acquisition, construction, development and/or operation of an asset (a “Project
Asset”) where the provider of the Financial Indebtedness has no recourse against any member of the Group, except for recourse to: 
  

	 	(a)	 the Project Asset of the Project Group Member or receivables arising from the Project Asset;

  

	 	(b)	 a Project Group Member for the purpose of enforcing Security given by it so long as: 

 

	 	(i)	 the recourse is limited to recoveries in respect of the Project Asset; and 

 

	 	(ii)	 if the Project Asset does not comprise all or substantially all of the business of that Project Group Member,
the provider of the Financial Indebtedness does not have the right to take any steps towards its winding up or dissolution or the appointment of a liquidator, administrator, receiver or similar officer or person, other than in respect of the Project
Asset or receivables arising therefrom; or 

  

	 	(c)	 a member of the Group to the extent only of its shareholding in a Project Group Member; 

“Project Group Member” has the meaning given to it in the definition of Project Finance Indebtedness
provided that the principal assets and business of such member of the Group is constituted by Project Assets and it has no other Financial Indebtedness except Project Finance Indebtedness; 

“Put Option Notice” means a notice which must be delivered to a Paying Agent by any Noteholder wanting to
exercise a right to redeem a Note at the option of the Noteholder pursuant to Condition 9(f) (Redemption at the option of Noteholders); 

“Put Option Receipt” means a receipt issued by a Paying Agent to a depositing Noteholder upon deposit of a
Note with such Paying Agent by any Noteholder wanting to exercise a right to redeem a Note at the option of the Noteholder; 

“Rate of Interest” means the rate or rates (expressed as a percentage per annum) of interest payable in
respect of the Notes specified in the relevant Final Terms or calculated or determined in accordance with the provisions of these Conditions; 

  
 Page 62 

 “Rating Agency” means S&P or any of its respective
successors or any Substitute Rating Agency and, for the purposes of Condition 9(g) (Change of Control redemption), includes any Additional Rating Agency; 

“Redemption Amount” means, as appropriate, the Final Redemption Amount, the Early Redemption Amount (Tax), the
Optional Redemption Amount (Call), the Residual Call Early Redemption Amount, the Optional Redemption Amount (Put), the Change of Control Optional Redemption Amount, the Early Termination Amount or such other amount in the nature of a redemption
amount as may be specified in the relevant Final Terms; 
 “Redemption of Relevant Debt” means the
redemption in whole of the £400,000,000 3.875 per cent. notes due 28 November 2022 by the Issuer pursuant to their terms; 

“Reference Price” has the meaning given in the relevant Final Terms; 

“Reference Rate” has the meaning given in the relevant Final Terms; 

“Reference Treasury” has the meaning given in the relevant Final Terms; 

“Regular Period” means: 
  

	 	(a)	 in the case of Notes where interest is scheduled to be paid only by means of regular payments, each period
from and including the Interest Commencement Date to but excluding the first Interest Payment Date and each successive period from and including one Interest Payment Date to but excluding the next Interest Payment Date; 

 

	 	(b)	 in the case of Notes where, apart from the first Interest Period, interest is scheduled to be paid only by
means of regular payments, each period from and including a Regular Date falling in any year to but excluding the next Regular Date, where “Regular Date” means the day and month (but not the year) on which any Interest Payment Date falls;
and 

  

	 	(c)	 in the case of Notes where, apart from one Interest Period other than the first Interest Period, interest is
scheduled to be paid only by means of regular payments, each period from and including a Regular Date falling in any year to but excluding the next Regular Date, where “Regular Date” means the day and month (but not the year) on
which any Interest Payment Date falls other than the Interest Payment Date falling at the end of the irregular Interest Period; 

“Relevant Announcement Date” means the date that is the earlier of (a) the date of the first public
announcement of the relevant Change of Control and (b) the date of the earliest Relevant Potential Change of Control Announcement (if any); 

  
 Page 63 

 “Relevant Date” means, in relation to any payment, whichever is
the later of (a) the date on which the payment in question first becomes due and (b) if the full amount payable has not been received in the Principal Financial Centre of the currency of payment by the Principal Paying Agent on or prior to
such due date, the date on which (the full amount having been so received) notice to that effect has been given to the Noteholders; 

“Relevant Financial Centre” has the meaning given in the relevant Final Terms; 

“Relevant Indebtedness” means (a) any present or future indebtedness (whether being principal, premium,
interest or other amounts) for or in respect of any notes, bonds, debentures, debenture stock, loan stock or other securities which have an initial stated maturity of not less than one year and which are or are of a type which is customarily quoted,
listed or ordinarily dealt in on any stock exchange, over-the-counter or other securities market, and (b) any guarantee or indemnity in respect of any such indebtedness; 

“Relevant Period” means: 
  

	 	(a)	 each financial year of the Issuer; and 

 

	 	(b)	 each period beginning on the first day of the second half of a financial year of the Issuer and ending on the
last day of the first half of its next financial year; 

 “Relevant Potential Change of Control
Announcement” means any public announcement or statement by or on behalf of the Issuer, any actual or potential bidder or any adviser acting on behalf of any actual or potential bidder relating to any potential Change of Control where
within 180 days following the date of such announcement or statement, a Change of Control occurs; 
 “Reserved
Matter” means any proposal: 
  

	 	(a)	 to change any date fixed for payment of principal or interest in respect of the Notes, to reduce the amount of
principal or interest payable on any date in respect of the Notes or to alter the method of calculating the amount of any payment in respect of the Notes on redemption or maturity; 

 

	 	(b)	 to effect the exchange or substitution of the Notes for, or the conversion of the Notes into, shares, bonds or
other obligations or securities of the Issuer or any other person or body corporate formed or to be formed (other than as permitted under Clause 7.3 of the Trust Deed); 

 

	 	(c)	 to change the currency in which amounts due in respect of the Notes are payable; 

 

	 	(d)	 to change the quorum required at any meeting of Noteholders or the majority required to pass an Extraordinary
Resolution; or 

  
 Page 64 

	 	(e)	 to amend this definition; 

“Residual Call Early Redemption Amount” has the meaning given in the relevant Final Terms; 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies Inc.
or any successor; 
 “Security” means a mortgage, pledge, lien, hypothecation, security interest or other
charge or encumbrance entered into for the purpose of securing any obligation of any person; 
 “Security
Interest” means any mortgage, charge, pledge, lien or other security interest including, without limitation, anything analogous to any of the foregoing under the laws of any jurisdiction; 

“Specified Currency” has the meaning given in the relevant Final Terms; 

“Specified Denomination(s)” has the meaning given in the relevant Final Terms; 

“Specified Office” has the meaning given in the Agency Agreement; 

“Specified Period” has the meaning given in the relevant Final Terms; 

“Step Down Rating Change” means the first public announcement after a Step Up Rating Change by the Rating
Agency of an increase in, or as the case may be the reinstatement of, the credit rating of the Issuer’s senior unsecured long-term debt with the result that, following such public announcement(s), the Rating Agency rates the Issuer’s
senior unsecured long-term debt as BBB- or higher. For the avoidance of doubt, any further increases in the credit rating of the Issuer’s senior unsecured long-term debt by the Rating Agency above BBB- shall not constitute a Step Down Rating
Change; 
 “Step Up Rating Change” means the first public announcement by the Rating Agency of a decrease in
the credit rating of the Issuer’s senior unsecured long-term debt to below BBB-. For the avoidance of doubt, any further decrease in the credit rating of the Issuer’s senior unsecured long-term debt by the Rating Agency from below BBB-
shall not constitute a Step Up Rating Change; 
 “Step Up/Step Down Margin” has the meaning given in the
relevant Final Terms; 
 “Subsidiary” means any company where the Issuer: 

 

	 	(a)	 holds a majority of the voting rights in the company; or 

 

	 	(b)	 is a member of the company and has the right to appoint or remove a majority of its board of directors; or

  
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	 	(c)	 is a member of the company and controls alone, pursuant to an agreement with other members, a majority of the
voting rights in it, 

 or if the company is a subsidiary of a company that is itself a subsidiary of the
Issuer; 
 “Substitute Rating Agency” means any rating agency of international standing substituted for the
Rating Agency by the Issuer from time to time with the prior written approval of the Trustee, such approval not to be unreasonably withheld or delayed; 

“Talon” means a talon for further Coupons; 

“TARGET2” means the Trans-European Automated Real-Time Gross Settlement Express Transfer payment system which
utilises a single shared platform and which was launched on 19 November 2007; 
 “TARGET Settlement
Day” means any day on which TARGET2 is open for the settlement of payments in euro; 
 “Tax” means
any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure by the Issuer to pay or any delay in paying by the Issuer any of the same); 

“Treasury Publisher” has the meaning given in the relevant Final Terms; 

“Treaty” means the Treaty on the functioning of the European Union, as amended; 

“Wholly-Owned Subsidiary” means any Person in which the Issuer, and/or one or more of its Wholly-Owned
Subsidiaries, controls, directly or indirectly, all of the stock with ordinary voting power to elect the board of directors of that Person; and 

“Zero Coupon Note” means a Note specified as such in the relevant Final Terms. 

 

	(b)	 Interpretation 

In these Conditions: 
  

	 	(i)	 if the Notes are Zero Coupon Notes, references to Coupons and Couponholders are not applicable;

  

	 	(ii)	 if Talons are specified in the relevant Final Terms as being attached to the Notes at the time of issue,
references to Coupons shall be deemed to include references to Talons; 

  
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	 	(iii)	 if Talons are not specified in the relevant Final Terms as being attached to the Notes at the time of issue,
references to Talons are not applicable; 

  

	 	(iv)	 any reference to principal shall be deemed to include the Redemption Amount, any additional amounts in respect
of principal which may be payable under Condition 11 (Taxation), any premium payable in respect of a Note and any other amount in the nature of principal payable pursuant to these Conditions; 

 

	 	(v)	 any reference to interest shall be deemed to include any additional amounts in respect of interest which may
be payable under Condition 11 (Taxation) and any other amount in the nature of interest payable pursuant to these Conditions; 

  

	 	(vi)	 references to Notes being “outstanding” shall be construed in accordance with the Trust Deed;

  

	 	(vii)	 if an expression is stated in Condition 2(a) (Definitions) to have the meaning given in the relevant
Final Terms, but the relevant Final Terms gives no such meaning or specifies that such expression is “not applicable” then such expression is not applicable to the Notes; and 

 

	 	(viii)	 any reference to the Agency Agreement or the Trust Deed shall be construed as a reference to the Agency
Agreement or the Trust Deed, as the case may be, as amended and/or supplemented up to and including the Issue Date of the Notes. 

  

	3.	 Form, Denomination and Title 

The Notes are in bearer form in the Specified Denomination(s) with Coupons and, if specified in the relevant Final Terms, Talons attached at
the time of issue. In the case of a Series of Notes with more than one denomination (the “Specified Denomination”) specified in the relevant Final Terms, Notes of one Specified Denomination will not be exchangeable for Notes of
another Specified Denomination. Title to the Notes and the Coupons will pass by delivery. The holder of any Note or Coupon shall (except as otherwise required by law) be treated as its absolute owner for all purposes (whether or not it is overdue
and regardless of any notice of ownership, trust or any other interest therein, any writing thereon or any notice of any previous loss or theft thereof) and no Person shall be liable for so treating such holder. No Person shall have any right to
enforce any term or condition of any Note or the Trust Deed under the Contracts (Rights of Third Parties) Act 1999 but this does not affect any right or remedy of a third party which exists or is available apart from that Act. 

 

	4.	 Status of the Notes and Guarantees 

The Notes and Coupons constitute direct, general, unsubordinated and unconditional obligations of the Issuer which will at all times rank
pari passu among themselves and at least pari passu with all other present and future unsecured obligations of the Issuer, save for such obligations as may be preferred by provisions of law that are both mandatory and of general
application. 

  
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 The payment obligations of the Guarantors rank pari passu with all other present and
future unsecured obligations of the Guarantors, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application. 
  

	5.	 Negative Pledge 

So long as any of the Notes remains outstanding neither the Issuer nor any Guarantor nor any Material Subsidiary will create or have
outstanding any Security Interest upon, or with respect to, any of the present or future business, undertaking, assets or revenues (including any uncalled capital) of the Issuer or any Guarantor or any Material Subsidiary to secure any Relevant
Indebtedness, unless the Issuer or, as the case may be, such Guarantor or such Material Subsidiary, in the case of the creation of a Security Interest, before or at the same time and, in any other case, promptly, takes any and all action necessary
to ensure that: 
  

	(a)	 all amounts payable by it under the Notes, the Coupons and the Trust Deed are secured by the Security Interest
equally and rateably with the Relevant Indebtedness to the satisfaction of the Trustee; or 

  

	(b)	 such other Security Interest or other arrangement (whether or not it includes the giving of a Security
Interest) is provided either (i) as the Trustee in its absolute discretion deems not materially less beneficial to the interest of the Noteholders or (ii) as is approved by an Extraordinary Resolution (which is defined in the Trust Deed as
a resolution duly passed by a majority of not less than three-quarters of the votes cast thereon at a meeting of the Noteholders or by a resolution in writing signed by or on behalf of the holders of not less than three quarters of the nominal
amount of the Notes) of the Noteholders. 

  

	6.	 Fixed Rate Note Provisions 

 

	(a)	 Application 

This Condition 6 is applicable to the Notes only if the Fixed Rate Note provisions are specified in the relevant Final Terms as
being applicable. 
  

	(b)	 Accrual of interest 

The Notes bear interest from the Interest Commencement Date at the Rate of Interest payable in arrear on each Interest Payment
Date, subject as provided in Condition 10 (Payments). Each Note will cease to bear interest from the due date for final redemption unless, upon due presentation, payment of the Redemption Amount is improperly withheld or refused, in which
case it will continue to bear interest in accordance with this Condition 6 (as well after as before judgment) until whichever is the earlier of (i) the day on which all sums due in respect of such Note up to that day are received by or on
behalf of the relevant Noteholder and (ii) the day which is seven days after the Principal Paying Agent has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that
there is any subsequent default in payment). 

  
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	(c)	 Fixed Coupon Amount 

The amount of interest payable in respect of each Note for any Interest Period shall be the relevant Fixed Coupon Amount and,
if the Notes are in more than one Specified Denomination, shall be the relevant Fixed Coupon Amount in respect of the relevant Specified Denomination. 
  

	(d)	 Calculation of interest amount 

The amount of interest payable in respect of each Note for any period for which a Fixed Coupon Amount is not specified shall be
calculated by applying the Rate of Interest to the Calculation Amount, multiplying the product by the relevant Day Count Fraction, rounding the resulting figure to the nearest sub-unit of the Specified Currency (half a sub-unit being rounded
upwards) and multiplying such rounded figure by a fraction equal to the Specified Denomination of such Note divided by the Calculation Amount. For this purpose a “sub-unit” means, in the case of any currency other than euro, the
lowest amount of such currency that is available as legal tender in the country of such currency and, in the case of euro, means one cent. 
  

	(e)	 Step Up/Step Down provisions 

 

	 	(i)	 If the Step Up/Step Down provisions are specified in the relevant Final Terms as being applicable, the Rate of
Interest payable on the Notes will be subject to adjustment from time to time in the event of a Step Up Rating Change or a Step Down Rating Change, as the case may be, in accordance with the provisions of this Condition 6(e). 

 

	 	(ii)	 From and including the first Interest Payment Date following the date of a Step Up Rating Change, if any, the
Rate of Interest payable on the Notes shall, subject to any adjustment pursuant to a Step Down Rating Change and provided that either Redemption of Relevant Debt is specified in the relevant Final Terms as being not applicable or Redemption of
Relevant Debt is specified in the relevant Final Terms as being applicable but has not yet occurred, be increased by the Step Up/Step Down Margin. 

  

	 	(iii)	 Furthermore, in the event of a Step Down Rating Change following a Step Up Rating Change or, as the case may
be, a Redemption of Relevant Debt having occurred following a Step Up Rating Change where Redemption of Relevant Debt has been specified in the relevant Final Terms as being applicable, with effect from and including the first Interest Payment Date
following the date of such Step Down Rating Change or, as the case may be, Redemption of Relevant Debt, the Rate of Interest payable on the Notes shall be decreased by the Step Up/Step Down Margin. 

  
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	 	(iv)	 The Issuer shall use all reasonable efforts to maintain a credit rating for its senior unsecured long-term
debt from the Rating Agency. If, notwithstanding such reasonable efforts, the Rating Agency fails to or ceases to assign a credit rating to the Issuer’s senior unsecured long-term debt, the Issuer shall use all reasonable efforts to obtain a
credit rating of its senior unsecured long-term debt from a Substitute Rating Agency, and references in this Condition 6(e) to the Rating Agency, or the credit ratings thereof, shall be to such Substitute Rating Agency and, as the case may be, the
equivalent credit ratings thereof. Notwithstanding anything else in this Condition 6(e), if there is at any time no current rating by a Rating Agency for a period of 90 consecutive days, the Rate of Interest accruing to the Notes, with effect from
and including the first Interest Payment Date immediately following such period of 90 consecutive days shall be as though a Step Up Rating Change had occurred unless such a rating is obtained on or prior to such Interest Payment Date. For the
avoidance of doubt, the provisions of this sub-paragraph (iv) remain subject in all cases to the provisions relating to the Step Down Rating Change set out in sub-paragraphs (ii) and (iii) above. 

 

	 	(v)	 The Issuer will cause the occurrence of a Step Up Rating Change or a Step Down Rating Change to be notified to
the Trustee and the Principal Paying Agent and notice thereof to be published in accordance with Condition 18 (Notices) as soon as possible after the occurrence of the Step Up Rating Change or the Step Down Rating Change (whichever the case
may be) but in no event later than the fifth Business Day thereafter. 

  

	 	(vi)	 The Step Up Rating Change may occur only once during the term of the Notes. 

 

	 	(vii)	 The Trustee is under no obligation to ascertain whether a change in the rating assigned to the Notes by the
Rating Agency or any Substitute Rating Agency has occurred or whether there has been a failure or a ceasing by the Rating Agency or any Substitute Rating Agency to assign a credit rating to the Issuer’s senior unsecured long-term debt and until
it shall have actual knowledge or express notice pursuant to the Trust Deed to the contrary, the Trustee may assume that no such change to the credit rating assigned to the Notes has occurred or no such failure or ceasing by the Rating Agency or any
Substitute Rating Agency has occurred. 

  

	 	(viii)	 If the rating designations employed by the Rating Agency are changed from those which are described in the
definitions of “Step Down Rating Change” and “Step Up Rating Change”, or if a rating is procured from a Substitute Rating Agency, the Issuer shall determine, with the agreement of the Trustee (not to be unreasonably
withheld or delayed), the rating designations of the Rating Agency or such Substitute Rating Agency (as appropriate) as are most equivalent to the prior rating designations of the Rating Agency, and this Condition 6(e) shall be construed
accordingly. 

  
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	7.	 Floating Rate Note Provisions 

 

	(a)	 Application 

This Condition 7 is applicable to the Notes only if the Floating Rate Note provisions are specified in the relevant Final Terms
as being applicable. 
  

	(b)	 Accrual of interest 

The Notes bear interest from the Interest Commencement Date at the Rate of Interest payable in arrear on each Interest Payment
Date, subject as provided in Condition 10 (Payments). Each Note will cease to bear interest from the due date for final redemption unless, upon due presentation, payment of the Redemption Amount is improperly withheld or refused, in which
case it will continue to bear interest in accordance with this Condition 7 (as well after as before judgment) until whichever is the earlier of (i) the day on which all sums due in respect of such Note up to that day are received by or on
behalf of the relevant Noteholder and (ii) the day which is seven days after the Principal Paying Agent has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that
there is any subsequent default in payment). 
  

	(c)	 ISDA Determination 

The Rate of Interest applicable to the Notes for each Interest Period will be the sum of the Margin and the relevant ISDA Rate
where “ISDA Rate” in relation to any Interest Period means a rate equal to the Floating Rate (as defined in the ISDA Definitions) that would be determined by the Calculation Agent under an interest rate swap transaction if the
Calculation Agent were acting as Calculation Agent for that interest rate swap transaction under the terms of an agreement incorporating the ISDA Definitions and under which: 
  

	 	(i)	 the Floating Rate Option (as defined in the ISDA Definitions) is as specified in the relevant Final Terms;

  

	 	(ii)	 the Designated Maturity (as defined in the ISDA Definitions) is a period specified in the relevant Final
Terms; and 

  

	 	(iii)	 the relevant Reset Date (as defined in the ISDA Definitions) is either (A) if the relevant Floating Rate
Option is based on the London inter-bank offered rate (LIBOR) for a currency, the first day of that Interest Period or (B) in any other case, as specified in the relevant Final Terms. 

  
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	(d)	 Maximum or Minimum Rate of Interest 

If any Maximum Rate of Interest or Minimum Rate of Interest is specified in the relevant Final Terms, then the Rate of Interest
shall in no event be greater than the maximum or be less than the minimum so specified. 
  

	(e)	 Calculation of Interest Amount 

The Calculation Agent will, as soon as practicable after the time at which the Rate of Interest is to be determined in relation
to each Interest Period, calculate the Interest Amount payable in respect of each Note for such Interest Period. The Interest Amount will be calculated by applying the Rate of Interest for such Interest Period to the Calculation Amount, multiplying
the product by the relevant Day Count Fraction, rounding the resulting figure to the nearest sub-unit of the Specified Currency (half a sub-unit being rounded upwards) and multiplying such rounded figure by a fraction equal to the Specified
Denomination of the relevant Note divided by the Calculation Amount. For this purpose a “sub-unit” means, in the case of any currency other than euro, the lowest amount of such currency that is available as legal tender in the
country of such currency and, in the case of euro, means one cent. 
  

	(f)	 Calculation of other amounts 

If the relevant Final Terms specifies that any other amount is to be calculated by the Calculation Agent, the Calculation Agent
will, as soon as practicable after the time or times at which any such amount is to be determined, calculate the relevant amount. The relevant amount will be calculated by the Calculation Agent in the manner specified in the relevant Final Terms.

  

	(g)	 Publication 

The Calculation Agent will cause each Rate of Interest and Interest Amount determined by it, together with the relevant
Interest Payment Date, and any other amount(s) required to be determined by it together with any relevant payment date(s) to be notified to the Paying Agents and each competent authority, stock exchange and/or quotation system (if any) by which the
Notes have then been admitted to listing, trading and/or quotation as soon as practicable after such determination but (in the case of each Rate of Interest, Interest Amount and Interest Payment Date) in any event not later than the first day of the
relevant Interest Period. Notice thereof shall also promptly be given to the Noteholders. The Calculation Agent will be entitled to recalculate any Interest Amount (on the basis of the foregoing provisions) without notice in the event of an
extension or shortening of the relevant Interest Period. If the Calculation Amount is less than the minimum Specified Denomination the Calculation Agent shall not be obliged to publish each Interest Amount but instead may publish only the
Calculation Amount and the Interest Amount in respect of a Note having the minimum Specified Denomination. 

  
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	(h)	 Notifications etc. 

All notifications, opinions, determinations, certificates, calculations, quotations and decisions given, expressed, made or
obtained for the purposes of this Condition 7 by the Calculation Agent will (in the absence of manifest error) be binding on the Issuer, the Guarantors, the Trustee, the Paying Agents, the Noteholders and the Couponholders and (subject as aforesaid)
no liability to any such Person will attach to the Calculation Agent in connection with the exercise or non-exercise by it of its powers, duties and discretions for such purposes. 

 

	(i)	 Determination or Calculation by Trustee 

If the Calculation Agent fails at any time to determine a Rate of Interest or to calculate an Interest Amount, the Trustee or a
person appointed by the Trustee for that purpose (but without any liability accruing to the Trustee as a result) will determine such Rate of Interest and make such determination or calculation which shall be deemed to have been made by the
Calculation Agent. In doing so, the Trustee or a person appointed by the Trustee for that purpose (but without any liability accruing to the Trustee as a result) shall apply all of the provisions of these Conditions with any necessary consequential
amendments to the extent that, in its sole opinion and with absolute discretion, it can do so and in all other respects it shall do so in such manner as it shall deem fair and reasonable in all the circumstances and will not be liable for any loss,
liability, cost, charge or expense which may arise as a result thereof. Any such determination or calculation made by the Trustee shall be binding on the Issuer, the Guarantors, the Noteholders and the Couponholders. 

 

	8.	 Zero Coupon Note Provisions 

 

	(a)	 Application 

This Condition 8 is applicable to the Notes only if the Zero Coupon Note provisions are specified in the relevant Final Terms
as being applicable. 
  

	(b)	 Late payment on Zero Coupon Notes 

If the Redemption Amount payable in respect of any Zero Coupon Note is improperly withheld or refused, the Redemption Amount
shall thereafter be an amount equal to the sum of: 
  

	 	(i)	 the Reference Price; and 

 

	 	(ii)	 the product of the Accrual Yield (compounded annually) being applied to the Reference Price on the basis of
the relevant Day Count Fraction from (and including) the Issue Date to (but excluding) whichever is the earlier of (A) the day on which all sums due in respect of such Note up to that day are received by or on behalf of the relevant Noteholder
and (B) the day which is seven days after the Principal Paying Agent or, as the case may be, the Trustee has notified the Noteholders that it has received all sums due in respect of the Notes up to such seventh day (except to the extent that
there is any subsequent default in payment). 

  
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	9.	 Redemption and Purchase 

 

	(a)	 Scheduled redemption 

Unless previously redeemed, or purchased and cancelled in accordance with Condition 9(k) (Cancellation), the Notes will
be redeemed at their Final Redemption Amount on the Maturity Date, subject as provided in Condition 10 (Payments). 
  

	(b)	 Redemption for tax reasons 

The Notes may be redeemed at the option of the Issuer in whole, but not in part: 

 

	 	(i)	 at any time (if the Floating Rate Note provisions are not specified in the relevant Final Terms as being
applicable); or 

  

	 	(ii)	 on any Interest Payment Date (if the Floating Rate Note provisions are specified in the relevant Final Terms
as being applicable), 

 on giving not less than 30 nor more than 60 days’ notice to the Noteholders
(which notice shall be irrevocable), at their Early Redemption Amount (Tax), together with interest accrued (if any) to the date fixed for redemption, if: 
  

	 	(A)	 as a result of any change in, or amendment to, the tax laws or regulations of the United Kingdom or any
political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations (including a holding by a court of competent jurisdiction), which change or
amendment becomes effective on or after the date of issue of the first Tranche of the Notes on the next Interest Payment Date either (i) the Issuer would be obliged to pay additional amounts as provided or referred to in Condition 11
(Taxation) or (ii) each Guarantor would be unable for reasons outside its control to procure payment by the Issuer and in making payment itself would be required to pay such additional amounts; and 

 

	 	(B)	 such obligation cannot be avoided by the Issuer or, as the case may be, each of the Guarantors taking
reasonable measures available to it, 

 PROVIDED, HOWEVER, THAT no such notice of redemption shall
be given earlier than: 
  

	 	(I)	 where the Notes may be redeemed at any time, 90 days prior to the earliest date on which the Issuer or,
as the case may be, the relevant Guarantor would be obliged to pay such additional amounts if a payment in respect of the Notes were then due; or 

  
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	 	(II)	 where the Notes may be redeemed only on an Interest Payment Date, 60 days prior to the Interest Payment
Date occurring immediately before the earliest date on which the Issuer or, as the case may be, the relevant Guarantor would be obliged to pay such additional amounts if a payment in respect of the Notes were then due. 

Prior to the publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee (i),
if the Trustee so requests, an opinion of independent legal advisers of recognised standing to the effect that the Issuer or, as the case may be, a Guarantor has or will become obliged to pay such additional amounts as a result of such change or
amendment and (ii) a certificate signed by two authorised officers of the Issuer or, as the case may be, each of the Guarantors, as the case may be, stating that the obligation referred to in (A) above cannot be avoided by the Issuer or,
as the case may be, each of the Guarantors taking reasonable measures available to it and the Trustee shall be entitled to accept such certificate as sufficient evidence of the satisfaction of the condition precedent set out in (B) above in
which event it shall be conclusive and binding on the Noteholders and Couponholders. Upon the expiry of any such notice as is referred to in this Condition 9(b), the Issuer shall be bound to redeem the Notes in accordance with this Condition 9(b).

  

	(c)	 Redemption at the option of the Issuer (Issuer Call Option) 

If Issuer Call Option is specified in the relevant Final Terms as being applicable, the Notes may be redeemed at the option of
the Issuer in whole or, if so specified in the relevant Final Terms, in part on any Optional Redemption Date (Call) at the relevant Optional Redemption Amount (Call) on the Issuer giving not less than 30 nor more than 60 days’ notice (or such
other period of notice as is specified in the relevant Final Terms as being applicable) to the Noteholders and the Trustee (which notice shall be irrevocable and shall oblige the Issuer to redeem the Notes or, as the case may be, the Notes specified
in such notice on the relevant Optional Redemption Date (Call) at the Optional Redemption Amount (Call) plus accrued interest (if any) to such date). 
  

	(d)	 Redemption at the option of the Issuer where Issuer Maturity Par Call Option or Issuer Residual Call
Option is specified 

 The Notes may be redeemed at the option of the Issuer in whole, but not in
part: 
  

	 	i)	 if Issuer Maturity Par Call Option is specified in the relevant Final Terms as being applicable, at any time
during the period commencing on (and including) the day that is 90 days prior to the Maturity Date to (but excluding) the Maturity Date, at the Final Redemption Amount specified in the relevant Final Terms, plus accrued interest (if any) to the date
fixed for redemption, upon the Issuer having given not less 

  
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than 30 nor more than 60 days’ notice (or such other period of notice as is specified in the relevant Final Terms as being applicable) to the Noteholders and the Trustee (which notice shall
be irrevocable and shall specify the date fixed for redemption); or 

  

	 	ii)	 if Issuer Residual Call Option is specified in the relevant Final Terms as being applicable and, at any time,
the outstanding aggregate nominal amount of the Notes is 20 per cent. or less of the aggregate nominal amount of the Series issued, at any time (if this Note is not a Floating Rate Note) or on any Interest Payment Date (if this Note is a
Floating Rate Note), at the Residual Call Early Redemption Amount, plus accrued interest (if any) to the date fixed for redemption, upon the Issuer having given not less than 30 nor more than 60 days’ notice (or such other period of notice as
is specified in the relevant Final Terms as being applicable) to the Noteholders and the Trustee (which notice shall be irrevocable and shall specify the date fixed for redemption). 

 

	(e)	 Partial redemption 

If the Notes are to be redeemed in part only on any date in accordance with Condition 9(c) (Redemption at the option of the
Issuer (Issuer Call Option)), the Notes to be redeemed shall be selected by the drawing of lots in such place and in such manner as the Trustee approves, subject to compliance with applicable law, the rules of each competent authority, stock
exchange and/or quotation system (if any) by which the Notes have then been admitted to listing, trading and/or quotation and the notice to Noteholders referred to in Condition 9(c) (Redemption at the option of the Issuer (Issuer Call
Option)) shall specify the serial numbers of the Notes so to be redeemed. If any Maximum Redemption Amount or Minimum Redemption Amount is specified in the relevant Final Terms, then the Optional Redemption Amount (Call) shall in no event be
greater than the maximum or be less than the minimum so specified. 
  

	(f)	 Redemption at the option of Noteholders 

If Put Option is specified in the relevant Final Terms as being applicable, the Issuer shall, at the option of the holder of
any Note redeem such Note on the Optional Redemption Date (Put) specified in the relevant Put Option Notice at the relevant Optional Redemption Amount (Put) together with interest (if any) accrued to such date. In order to exercise the option
contained in this Condition 9(f), the holder of a Note must, not less than 30 nor more than 60 days before the relevant Optional Redemption Date (Put), deposit with any Paying Agent such Note together with all unmatured Coupons relating thereto and
a duly completed Put Option Notice in the form obtainable from any Paying Agent. The Paying Agent with which such Note is so deposited shall deliver a duly completed Put Option Receipt to the depositing Noteholder. No Note, once deposited with a
duly completed Put Option Notice in accordance with this Condition 9(f), may be withdrawn; PROVIDED, HOWEVER, THAT if, prior to the relevant Optional Redemption Date (Put), any such Note 

  
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becomes immediately due and payable or, upon due presentation of any such Note on the relevant Optional Redemption Date (Put), payment of the redemption moneys is improperly withheld or refused,
the relevant Paying Agent shall mail notification thereof to the depositing Noteholder at such address as may have been given by such Noteholder in the relevant Put Option Notice and shall hold such Note at its Specified Office for collection by the
depositing Noteholder against surrender of the relevant Put Option Receipt. For so long as any outstanding Note is held by a Paying Agent in accordance with this Condition 9(f), the depositor of such Note and not such Paying Agent shall be deemed to
be the holder of such Note for all purposes. 
 If the Note is in definitive form and held through Euroclear or Clearstream,
to exercise the right to require redemption or, as the case may be, purchase of a Note under this Condition 9(f) the holder of the Note must, not less than 30 nor more than 60 days before the relevant Optional Redemption Date (Put), give notice to
the Principal Paying Agent of such exercise in accordance with the standard procedures of Euroclear and Clearstream (which may include notice being given on his instruction by Euroclear or Clearstream or any common depositary for them to the
Principal Paying Agent by electronic means) in a form acceptable to Euroclear and Clearstream from time to time. 
  

	(g)	 Change of Control redemption 

If Change of Control Put Option is specified in the relevant Final Terms as being applicable and a Change of Control Put Event
occurs, the holder of each Note will have the option (unless prior to the giving of the relevant Change of Control Put Event Notice the Issuer has given notice of redemption under Condition 9(b) (Redemption for tax reasons) or 9(c)
(Redemption at the option of the Issuer), if applicable) to require the Issuer to redeem or, at the Issuer’s option, purchase (or procure the purchase of) that Note on the Change of Control Optional Redemption Date at its Change of
Control Optional Redemption Amount together with interest accrued to (but excluding) the Change of Control Optional Redemption Date. 

Promptly upon, and in any event within 14 days after, the Issuer becoming aware that a Change of Control Put Event has occurred
the Issuer shall, and at any time upon the Trustee becoming similarly so aware the Trustee may, and if so requested by the holders of at least one-quarter in principal amount of the Notes then outstanding or if so directed by an Extraordinary
Resolution of the Noteholders, shall, (subject in each case to the Trustee being indemnified, secured and/or prefunded to its satisfaction) give the Change of Control Put Event Notice to the Noteholders. 

To exercise the Change of Control Put Option, the holder of the Note must deliver such Note to the specified office of any
Paying Agent at any time during normal business hours of such Paying Agent falling within the Change of Control Put Period, accompanied by a duly signed and completed notice of exercise in the form (for the time being current) obtainable from the
specified office of any Paying Agent (an “Exercise Notice”). The Note should be 

  
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delivered together with all Coupons appertaining thereto maturing after the Change of Control Optional Redemption Date, failing which the Paying Agent will require payment from or on behalf of
the Noteholder of an amount equal to the face value of any such missing Coupon. Any amount so paid will be reimbursed by the Paying Agent to the Noteholder against presentation and surrender of the relevant missing Coupon (or any replacement issued
therefor pursuant to Condition 14 (Replacement of Notes and Coupons)) at any time after such payment, but before the expiry of the period of ten years from the date on which such Coupon would have become due, but not thereafter. If the Note
is in definitive form and held through Euroclear or Clearstream to exercise the right to require redemption or, as the case may be, purchase of a Note under this Condition 9(g) the holder of the Note must, within the Change of Control Put Period,
give notice to the Principal Paying Agent of such exercise in accordance with the standard procedures of Euroclear and Clearstream (which may include notice being given on his instruction by Euroclear or Clearstream or any common depositary for them
to the Principal Paying Agent by electronic means) in a form acceptable to Euroclear and Clearstream from time to time. The Paying Agent to which such Note and Exercise Notice are delivered will issue to the Noteholder concerned a non-transferable
receipt in respect of the Note so delivered or, in the case of a Note held through Euroclear and/or Clearstream, notice received. Payment in respect of any Note so delivered will be made, if the holder duly specified a bank account in the Exercise
Notice to which payment is to be made, on the Change of Control Optional Redemption Date by transfer to that bank account and, in every other case, on or after the Change of Control Optional Redemption Date against presentation and surrender or (as
the case may be) endorsement of such receipt at the specified office of any Paying Agent. For the purposes of these Conditions, receipts issued pursuant to this Condition 9(g) shall be treated as if they were Notes. The Issuer shall redeem or
purchase (or procure the purchase of) the Notes in respect of which the Change of Control Put Option has been validly exercised in accordance with the provisions of this Condition 9(g) on the Change of Control Optional Redemption Date unless
previously redeemed (or purchased) and cancelled. 
 Any Exercise Notice, once given, shall be irrevocable except where prior
to the Change of Control Optional Redemption Date an Event of Default shall have occurred and the Trustee shall have accelerated the Notes, in which event such holder, at its option, may elect by notice to the Issuer to withdraw the Exercise Notice
and instead to treat its Notes as being forthwith due and payable pursuant to Condition 12 (Events of Default). 
 If
80 per cent. or more in principal amount of the Notes then outstanding have been redeemed or purchased pursuant to this Condition 9(g), the Issuer may, on giving not less than 30 nor more than 60 days’ notice to the Noteholders (such
notice being given within 30 days after the Change of Control Optional Redemption Date), redeem or purchase (or procure the purchase of), at its option, all but not some only of the remaining outstanding Notes at their principal amount, together
with interest accrued to (but excluding) the date fixed for such redemption or purchase. 

  
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 If the rating designations employed by any Rating Agency are changed from those
which are described in paragraph (ii) of the definition of “Change of Control Put Event”, or if a rating is procured from a Substitute Rating Agency, the Issuer shall determine, with the agreement of the Trustee, the rating
designations of such Rating Agency or such Substitute Rating Agency (as appropriate) as are most equivalent to the prior rating designations of the relevant Rating Agency and this Condition 9(g) shall be construed accordingly. 

The Trustee is under no obligation to ascertain whether a Change of Control Put Event or Change of Control or any event which
could lead to the occurrence of or could constitute a Change of Control Put Event or Change of Control has occurred, or to seek any confirmation from any Rating Agency pursuant to the definition of Negative Rating Event below, and, until it shall
have actual knowledge or notice pursuant to the Trust Deed to the contrary, the Trustee may assume that no Change of Control Put Event or Change of Control or other such event has occurred. 

 

	(h)	 No other redemption 

The Issuer shall not be entitled to redeem the Notes otherwise than as provided in Conditions 9(a) (Scheduled
redemption) to 9(g) (Change of control redemption) above. 
  

	(i)	 Early redemption of Zero Coupon Notes 

Unless otherwise specified in the relevant Final Terms, the Redemption Amount payable on redemption of a Zero Coupon Note at
any time before the Maturity Date shall be an amount equal to the sum of: 
  

	 	(i)	 the Reference Price; and 

 

	 	(ii)	 the product of the Accrual Yield (compounded annually) being applied to the Reference Price from (and
including) the Issue Date to (but excluding) the date fixed for redemption or (as the case may be) the date upon which the Note becomes due and payable. 

Where such calculation is to be made for a period which is not a whole number of years, the calculation in respect of the
period of less than a full year shall be made on the basis of such Day Count Fraction as may be specified in the Final Terms for the purposes of this Condition 9(i) or, if none is so specified, a Day Count Fraction of 30E/360. 

 

	(j)	 Purchase 

The Issuer or any of its Subsidiaries may at any time purchase Notes in the open market or otherwise and at any price,
PROVIDED THAT all unmatured Coupons are purchased therewith. 

  
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	(k)	 Cancellation 

All Notes so redeemed or purchased by the Issuer or any of its Subsidiaries and any unmatured Coupons attached to or
surrendered with them shall be cancelled and may not be reissued or resold. 
  

	10.	 Payments 

  

	(a)	 Principal 

Payments of principal shall be made only against presentation and (PROVIDED THAT payment is made in full) surrender of
Notes at the Specified Office of any Paying Agent outside the United States by cheque drawn in the currency in which the payment is due on, or by transfer to an account denominated in that currency (or, if that currency is euro, any other account to
which euro may be credited or transferred) and maintained by the payee with, a bank in the Principal Financial Centre of that currency (in the case of a sterling cheque, a town clearing branch of a bank in the City of London). 

 

	(b)	 Interest 

Payments of interest shall, subject to Condition 10(h) (Payments other than in respect of matured Coupons), be made only
against presentation and (PROVIDED THAT payment is made in full) surrender of the appropriate Coupons at the Specified Office of any Paying Agent outside the United States in the manner described in Condition 10(a) (Principal). 

 

	(c)	 Payments in New York City 

Payments of principal or interest may be made at the Specified Office of a Paying Agent in New York City as specified in Part B
of the relevant Final Terms if (i) the Issuer has appointed Paying Agents outside the United States with the reasonable expectation that such Paying Agents will be able to make payment of the full amount of the interest on the Notes in the
currency in which the payment is due when due, (ii) payment of the full amount of such interest at the offices of all such Paying Agents is illegal or effectively precluded by exchange controls or other similar restrictions and
(iii) payment is permitted by applicable United States law. 
  

	(d)	 Payments subject to fiscal laws 

All payments in respect of the Notes will be subject in all cases to (i) any fiscal or other laws and regulations
applicable thereto in the place of payment, but without prejudice to the provisions of Condition 11 (Taxation) and (ii) any withholding or deduction required pursuant to an agreement described in Section 1471(b) of the U.S. Internal
Revenue Code of 1986 (the “Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official interpretations thereof, or (without prejudice to the provisions of Condition
11 (Taxation)) any law implementing an intergovernmental approach thereto. 

  
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 No commissions or expenses shall be charged to the Noteholders or Couponholders
in respect of such payments. 
  

	(e)	 Deductions for unmatured Coupons 

If the relevant Final Terms specify that the Fixed Rate Note provisions are applicable and a Note is presented without all
unmatured Coupons relating thereto: 
  

	 	(i)	 if the aggregate amount of the missing Coupons is less than or equal to the amount of principal due for
payment, a sum equal to the aggregate amount of the missing Coupons will be deducted from the amount of principal due for payment; PROVIDED HOWEVER, THAT if the gross amount available for payment is less than the amount of principal due for
payment, the sum deducted will be that proportion of the aggregate amount of such missing Coupons which the gross amount actually available for payment bears to the amount of principal due for payment; 

 

	 	(ii)	 if the aggregate amount of the missing Coupons is greater than the amount of principal due for payment:

  

	 	(A)	 so many of such missing Coupons shall become void (in inverse order of maturity) as will result in the
aggregate amount of the remainder of such missing Coupons (the “Relevant Coupons”) being equal to the amount of principal due for payment; PROVIDED HOWEVER, THAT where this sub-paragraph would otherwise require a fraction of
a missing Coupon to become void, such missing Coupon shall become void in its entirety; and 

  

	 	(B)	 a sum equal to the aggregate amount of the Relevant Coupons (or, if less, the amount of principal due for
payment) will be deducted from the amount of principal due for payment; PROVIDED, HOWEVER, THAT, if the gross amount available for payment is less than the amount of principal due for payment, the sum deducted will be that proportion of the
aggregate amount of the Relevant Coupons (or, as the case may be, the amount of principal due for payment) which the gross amount actually available for payment bears to the amount of principal due for payment. 

Each sum of principal so deducted shall be paid in the manner provided in Condition 10(a) (Principal) against
presentation and (PROVIDED THAT payment is made in full) surrender of the relevant missing Coupons. 

  
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	(f)	 Unmatured Coupons void 

If the relevant Final Terms specifies that this Condition 10(f) is applicable or that the Floating Rate Note provisions are
applicable, on the due date for final redemption of any Note or early redemption in whole of such Note pursuant to Condition 9(b) (Redemption for tax reasons), Condition 9(f) (Redemption at the option of Noteholders), Condition 9(c)
(Redemption at the option of the Issuer (Issuer Call Option)) or Condition 12 (Events of Default), all unmatured Coupons relating thereto (whether or not still attached) shall become void and no payment will be made in respect thereof.

  

	(g)	 Payments on business days 

If the due date for payment of any amount in respect of any Note or Coupon is not a Payment Business Day in the place of
presentation, the holder shall not be entitled to payment in such place of the amount due until the next succeeding Payment Business Day in such place and shall not be entitled to any further interest or other payment in respect of any such delay.

  

	(h)	 Payments other than in respect of matured Coupons 

Payments of interest other than in respect of matured Coupons shall be made only against presentation of the relevant Notes at
the Specified Office of any Paying Agent outside the United States (or in New York City if permitted by Condition 10(c) (Payments in New York City) above). 
  

	(i)	 Partial payments 

If a Paying Agent makes a partial payment in respect of any Note or Coupon presented to it for payment, such Paying Agent will
endorse thereon a statement indicating the amount and date of such payment. 
  

	(j)	 Exchange of Talons 

On or after the maturity date of the final Coupon which is (or was at the time of issue) part of a Coupon Sheet relating to the
Notes, the Talon forming part of such Coupon Sheet may be exchanged at the Specified Office of the Principal Paying Agent for a further Coupon Sheet (including, if appropriate, a further Talon but excluding any Coupons in respect of which claims
have already become void pursuant to Condition 13 (Prescription)). Upon the due date for redemption of any Note, any unexchanged Talon relating to such Note shall become void and no Coupon will be delivered in respect of such Talon. 

  
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	11.	 Taxation 

  

	(a)	 Gross up 

All payments of principal and interest in respect of the Notes and the Coupons by or on behalf of the Issuer or any Guarantor
shall be made free and clear of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf
of the United Kingdom or any political subdivision therein or any authority therein or thereof having power to tax, unless the withholding or deduction of such taxes, duties, assessments, or governmental charges is required by law. In that event,
the Issuer or, as the case may be, such Guarantor, shall pay such additional amounts as will result in receipt by the Noteholders and the Couponholders after such withholding or deduction of such amounts as would have been received by them had no
such withholding or deduction been required, except that no such additional amounts shall be payable in respect of any Note or Coupon: 
  

	 	(i)	 presented for payment by or on behalf of a holder which is liable to such taxes, duties, assessments or
governmental charges in respect of such Note or Coupon by reason of its having some connection with the jurisdiction by which such taxes, duties, assessments or charges have been imposed, levied, collected, withheld or assessed other than the mere
holding of the Note or Coupon; or 

  

	 	(ii)	 (iii) presented for payment by or on behalf of a holder who would have been able to avoid such
withholding or deduction by presenting the relevant Note or Coupon to another Paying Agent (if any); or 

  

	 	(iv)	 presented for payment more than 30 days after the Relevant Date except to the extent that the holder of such
Note or Coupon would have been entitled to such additional amounts on presenting such Note or Coupon for payment on the last day of such period of 30 days. 

  

	(b)	 Taxing jurisdiction 

If the Issuer or any Guarantor becomes subject at any time to any taxing jurisdiction other than the United Kingdom, references
in these Conditions to the United Kingdom shall be construed as references to the United Kingdom and/or such other jurisdiction. 
  

	12.	 Events of Default 

If any of the following events occurs and is continuing then the Trustee may at its discretion and shall, if so requested in writing by the
holders of at least one fifth of the aggregate principal amount of the outstanding Notes, or if so directed by an Extraordinary Resolution (subject to the Trustee having been indemnified and/or provided with security and/or prefunded by the
Noteholders to its satisfaction) by written notice to the Issuer, declare the Notes to be immediately due and payable, whereupon they shall become immediately due and payable at their Early Termination Amount together with accrued interest (if any)
without further action or formality: 
  

	(a)	 Non-payment 

the Issuer fails to pay any amount of principal in respect of the Notes within ten days of the due date for payment thereof or
any amount of interest in respect of the Notes within ten days of the due date for payment thereof; or 

  
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	(b)	 Breach of other obligations 

the Issuer or any Guarantor does not comply with any of their other obligations under or in respect of the Notes or the Trust
Deed and (except in any case where, in the opinion of the Trustee, such failure is incapable of remedy in which case no continuation or notice as is hereinafter provided will be required) such failure to comply continues unremedied for 30 days (or
such longer period as the Trustee may permit) after written notice thereof has been delivered by the Trustee to the Issuer or such Guarantor, as the case may be; or 
  

	(c)	 Cross Default 

 

	 	(i)	 any Indebtedness of the Issuer or any Guarantor or any Material Subsidiary becomes due and repayable
prematurely by reason of an event of default (however described); 

  

	 	(ii)	 the Issuer or any Guarantor or any Material Subsidiary fails to make any payment in respect of any
Indebtedness on the due date for payment or, as the case may be, within any applicable grace period as originally provided; 

  

	 	(iii)	 any security given by the Issuer or any Guarantor or any Material Subsidiary for any Indebtedness is enforced;
or 

  

	 	(iv)	 default is made by the Issuer or any Guarantor or any Material Subsidiary in making any payment due under any
guarantee and/or indemnity given by it in relation to any Indebtedness of any other person, 

 provided
that (i) no event described in this Condition 12(c) shall constitute an Event of Default where the Issuer or the relevant Guarantor or the relevant Material Subsidiary, as the case may be, satisfies the Trustee that it is contesting such Event
of Default in good faith and by appropriate action and (ii) no event described in this Condition 12(c) shall constitute an Event of Default unless the Indebtedness or other relative liability, either alone or when aggregated with other
Indebtedness and/or other liabilities relative to all (if any) other events described in this Condition 12(c) which have occurred and are continuing (excluding where the Issuer and/or the relevant Guarantor and/or the relevant Material Subsidiary,
as the case may be, has satisfied the Trustee that it is contesting such event in good faith and by appropriate action), amounts to at least U.S.$50,000,000 (or its equivalent in any other currency); or 

  
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	(d)	 Security enforced 

a secured party takes possession, or a receiver, manager or other similar officer is appointed, of all or substantially all of
the undertaking, assets and revenues of the Issuer, a Guarantor or any Material Subsidiary; or 
  

	(e)	 Creditor’s process 

any expropriation, attachment, sequestration, distress or execution affects any asset or assets of the Issuer, any Guarantor or
a Material Subsidiary having an aggregate value of and in respect of indebtedness aggregating at least U.S.$50,000,000 (or its equivalent in any other currency or currencies) and is not discharged within 30 days; or 

 

	(f)	 Insolvency etc. 

(i) the Issuer, any Guarantor or any Material Subsidiary becomes insolvent or is unable to pay its debts as they fall due,
(ii) an administrator or liquidator of the Issuer, any Guarantor or any Material Subsidiary of all or substantially all of the undertaking, assets and revenues of the Issuer, such Guarantor or such Material Subsidiary is appointed (otherwise
than for the purposes of or pursuant to an amalgamation, reorganisation or restructuring whilst solvent on terms previously approved in writing by the Trustee or by an Extraordinary Resolution); or (iii) the Issuer, any Guarantor or any
Material Subsidiary makes a general assignment or an arrangement or composition with or for the benefit of its creditors generally or declares a moratorium in respect of any of its Indebtedness given by it; or (iv) a person presents a petition
for the winding up, liquidation, dissolution, administration or suspension of payments of the Issuer, any Guarantor or any Material Subsidiary (excluding where the Issuer, such Guarantor or such Material Subsidiary has satisfied the Trustee that it
is contesting such petition in good faith and by appropriate action); or 
  

	(g)	 Winding up etc. 

an order is made or an effective resolution is passed for the winding up, liquidation or dissolution of the Issuer, any
Guarantor or any Material Subsidiary (otherwise than for the purposes of or pursuant to an amalgamation, reorganisation or restructuring whilst solvent on terms previously approved in writing by the Trustee or by an Extraordinary Resolution); or

  

	(h)	 Failure to take action etc. 

any action, condition or thing at any time required to be taken, fulfilled or done in order (i) to enable the Issuer or
the Guarantors lawfully to enter into, exercise their respective rights and perform and comply with their respective obligations under and in respect of the Notes, the Coupons and the Trust Deed, (ii) to ensure that those obligations are legal,
valid, binding and enforceable and (iii) to make the Notes, the Coupons and the Trust Deed admissible in evidence in the courts of England is not taken, fulfilled or done; or 

  
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	(i)	 Cessation of business etc. 

the Issuer, any Guarantor or any Material Subsidiary ceases or threatens to cease to carry on all or substantially all of its
business, save for (i) the purposes of or pursuant to an amalgamation, reorganisation or restructuring neither involving nor arising out of the insolvency of the Issuer or, as the case may be, such Guarantor or Material Subsidiary,
(ii) any transfer of assets by the Issuer, any Guarantor or any Material Subsidiary to any other member of the Group, (iii) any transfer of assets by the Issuer, any Guarantor or any Material Subsidiary to a third party or parties (whether
associated or not) on an arm’s length basis, (iv) any transfer of assets by the Issuer, any Guarantor or any Material Subsidiary whereby the transferee is or immediately upon such transfer becomes a Material Subsidiary, or (v) any
transfer of assets by the Issuer, any Guarantor or any Material Subsidiary the terms of which have been previously approved by the Trustee or by an Extraordinary Resolution of the Noteholders; or 

 

	(j)	 Guarantee etc. 

any Guarantee ceases to be, or is claimed by a Guarantor not to be, in full force and effect; or 

 

	(k)	 Guarantors etc. 

any Guarantor ceases to be a Subsidiary controlled, directly or indirectly, by the Issuer, 

provided that, in the case of Conditions 12(b), (d) and (f) to (i) inclusive, the Trustee shall have certified in writing that
such event is in its opinion materially prejudicial to the interests of the Noteholders. 
  

	13.	 Prescription 

Claims for principal shall become void unless such claims are made within ten years of the appropriate Relevant Date. Claims for interest shall
become void unless such claims are made within five years of the appropriate Relevant Date. 
  

	14.	 Replacement of Notes, Coupons and Talons 

If any Note, Coupon or Talon is lost, stolen, mutilated, defaced or destroyed, it may be replaced at the Specified Office of the Principal
Paying Agent (and, if the Notes are then admitted to listing, trading and/or quotation by any competent authority, stock exchange and/or quotation system which requires the appointment of a Paying Agent, as specified in Part B of the relevant Final
Terms, in any particular place, a Paying Agent having its Specified Office in the place required by such competent authority, stock exchange and/or quotation system), subject to all applicable laws and competent authority, stock exchange and/or
quotation system requirements, upon payment by the claimant of the expenses incurred in connection with such replacement and on such terms as to evidence, security, indemnity and otherwise as the Issuer and the Guarantors may reasonably require.
Mutilated or defaced Notes, Coupons or Talons must be surrendered before replacements will be issued. 

  
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	15.	 Trustee and Agents 

The Trust Deed contains provisions for the indemnification of the Trustee and for its relief from responsibility, including provisions
relieving it from any obligation to take proceedings to enforce repayment unless indemnified, secured and/or prefunded to its satisfaction and to be paid its costs and expenses in priority to the claims of Noteholders. The Trust Deed also contains
provisions pursuant to which the Trustee is entitled, inter alia, (i) to enter into business transactions with the Issuer, the Guarantors and/or any other Subsidiary and/or any related entity thereof and to act as trustee for the holders
of any other securities issued or guaranteed by or relating to the Issuer, the Guarantors or any other Subsidiary, (ii) to exercise and enforce its rights, comply with its obligations and perform its duties under or in relation to any such
transactions or, as the case may be, any such trusteeship without regard to the interests of, or consequences for, the Noteholders or Couponholders, and (iii) to retain and not be liable to account for any profit made or any other amount or
benefit received thereby or in connection therewith. 
 In the exercise of its powers and discretions under these Conditions and/or the
Trust Deed, the Trustee will have regard to the interests of the Noteholders as a class and will not be responsible for any consequences for individual holders of Notes, Coupons or Talons as a result of such holders being connected in any way with a
particular territory or taxing jurisdiction. 
 In acting under the Agency Agreement and in connection with the Notes and the Coupons, the
Paying Agents and the Calculation Agent (if any) act solely as agents of the Issuer or, following the occurrence of an Event of Default, the Trustee and do not assume any obligations towards or relationship of agency or trust for or with any of the
Noteholders or Couponholders. 
 The Principal Paying Agent and its initial Specified Office is set out below. If any additional
Paying Agent is appointed in connection with any Series, the name of such Paying Agent will be specified in Part B of the relevant Final Terms. The initial Calculation Agent (if any) is specified in the relevant Final Terms. The Issuer reserves the
right at any time, with the prior written consent of the Trustee, to vary or terminate the appointment of any Paying Agent or Calculation Agent and to appoint a successor principal paying agent or calculation agent and additional or successor paying
agents; PROVIDED HOWEVER, THAT 
  

	(a)	 the Issuer shall at all times maintain a Principal Paying Agent; and 

 

	(b)	 if a Calculation Agent is specified in the relevant Final Terms, the Issuer shall at all times maintain a
Calculation Agent; and 

  

	(c)	 if and for so long as the Notes are admitted to listing, trading and/or quotation by any competent authority,
stock exchange and/or quotation system which requires the appointment of a Paying Agent in any particular place, the Issuer shall maintain a Paying Agent having its Specified Office in the place required by such competent authority, stock exchange
and/or quotation system. 

  
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 Notice of any appointment of, or change in, any of the Paying Agents or in their Specified
Offices shall promptly be given to the Noteholders in accordance with Condition 18 (Notices). 
  

	16.	 Meetings of Noteholders; Modification and Waiver 

 

	(a)	 Meetings of Noteholders 

The Trust Deed contains provisions for convening meetings of Noteholders to consider matters relating to the Notes, including
the modification of any provision of these Conditions or the Trust Deed. Any such modification may be made if sanctioned by an Extraordinary Resolution. Such a meeting may be convened by the Issuer or the Trustee and shall be convened by the Trustee
upon the request in writing of Noteholders holding not less than one-tenth of the aggregate principal amount of the outstanding Notes. The quorum at any meeting convened to vote on an Extraordinary Resolution will be two or more Persons holding or
representing more than half of the aggregate principal amount of the outstanding Notes or, at any adjourned meeting, two or more Persons being or representing Noteholders whatever the principal amount of the Notes held or represented; PROVIDED
HOWEVER, THAT Reserved Matters may only be sanctioned by an Extraordinary Resolution passed at a meeting of Noteholders at which two or more Persons holding or representing not less than three-quarters or, at any adjourned meeting, not less than
one quarter of the aggregate principal amount of the outstanding Notes form a quorum. Any Extraordinary Resolution duly passed at any such meeting shall be binding on all the Noteholders and Couponholders, whether present or not. 

In addition, a resolution in writing signed by or on behalf of at least 75 per cent. of the Noteholders who for the time
being are entitled to receive notice of a meeting of Noteholders under the Trust Deed will take effect as if it were an Extraordinary Resolution. Such a resolution in writing may be contained in one document or several documents in the same form,
each signed by or on behalf of one or more Noteholders. 
  

	(b)	 Modification and waiver 

The Trustee may agree, without the consent of the Noteholders or Couponholders, to (i) any modification to or of these
Conditions, the Notes or the Trust Deed (other than in respect of a Reserved Matter) which is, in the opinion of the Trustee, proper to make if, in the opinion of the Trustee, such modification will not be materially prejudicial to the interests of
Noteholders, (ii) any modification of these Conditions, the Notes or the Trust Deed that is of a formal, minor or technical nature or is made to correct a manifest error or to correct an error which, in the opinion of the Trustee, is proven,
and (iii) any waiver or authorisation of any breach or proposed breach, of any of the provisions of these Conditions, the Notes or the Trust Deed (other than a proposed breach or breach relating to the subject of a Reserved Matter) that is

  
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in the opinion of the Trustee not materially prejudicial to the interests of the Noteholders. Any such modification, authorisation or waiver shall be binding on the Noteholders and the
Couponholders and, if the Trustee so requires, such modification, authorisation or waiver shall be notified to the Noteholders as soon as practicable in accordance with Condition 18 (Notices). 

 

	(c)	 Substitution 

The Trust Deed contains provisions permitting the Trustee to agree, without the consent of the Noteholders, the Receiptholders
or the Couponholders, to the substitution of certain other entities in place of the Issuer or any Guarantor (or in either case any previously substituted company) as principal debtor or, as the case may be, guarantor under the Trust Deed in relation
to the Notes and Coupons of any Series of Notes, subject to (i) the Notes being unconditionally and irrevocably guaranteed by the Issuer or, as the case may be, the relevant Guarantor, (ii) the Trustee being satisfied that such
substitution is not materially prejudicial to the interests of Noteholders; and (iii) certain other conditions set out in the Trust Deed being complied with. 

No Noteholder or Couponholder shall, in connection with any substitution, be entitled to claim any indemnification or payment
in respect of any tax consequence thereof for such Noteholder or (as the case may be) Couponholder except to the extent provided for in Condition 11 (Taxation) (or any undertaking given in addition to or substitution for it pursuant to the
provisions of the Trust Deed). 
  

	17.	 Enforcement 

The Trustee may, at any time, at its discretion and without further notice, institute such proceedings against the Issuer and/or the Guarantors
as it thinks fit to enforce any obligation, condition or provision binding on the Issuer and/or the Guarantors under these Conditions, the Notes or the Trust Deed, but shall not be bound to do so unless: 

 

	(a)	 it has been so directed by an Extraordinary Resolution or it has been so requested in writing by the holders
of at least one fifth of the nominal amount of the Notes outstanding; and 

  

	(b)	 it has been indemnified and/or secured and/or prefunded by the Noteholders to its satisfaction.

 No Noteholder or Couponholder shall be entitled to institute proceedings directly against the Issuer or a Guarantor
unless the Trustee, having become bound to proceed as aforesaid, fails to do so within a reasonable time and such failure is continuing. 

  
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	18.	 Notices 

  

	(a)	 Valid Notices 

Notices to the Noteholders shall be valid if published in a leading English language daily newspaper published in London (which
is expected to be the Financial Times) or, if such publication is not practicable, in a leading English language daily newspaper having general circulation in Europe. Any such notice shall be deemed to have been given on the date of first
publication (or if required to be published in more than one newspaper, on the first date on which publication shall have been made in all the required newspapers). 
  

	(b)	 Other Methods 

Notwithstanding Condition 18(a) (Valid Notices), the Trustee may approve some other method of giving notice to the
Noteholders if, in its opinion, that other method is reasonable having regard to market practice then prevailing and to the requirements of any stock exchange on which Notes are then listed and PROVIDED THAT notice of that other method is
given to the Noteholders in the manner required by the Trustee. 
  

	(c)	 Couponholders 

Couponholders shall be deemed for all purposes to have notice of the contents of any notice given to the Noteholders. 

 

	19.	 Rounding 

For the purposes of any calculations referred to in these Conditions (unless otherwise specified in these Conditions), (a) all percentages
resulting from such calculations will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (with 0.000005 per cent, being rounded up to 0.00001 per cent.), (b) all United States dollar amounts used in
or resulting from such calculations will be rounded to the nearest cent (with one half cent being rounded up), (c) all Japanese Yen amounts used in or resulting from such calculations will be rounded downwards to the next lower whole Japanese
Yen amount, and (d) all amounts denominated in any other currency used in or resulting from such calculations will be rounded to the nearest two decimal places in such currency, with 0.005 being rounded upwards. 

 

	20.	 Further Issues 

The Issuer may from time to time without the consent of the Noteholders or Couponholders create and issue further securities either having the
same terms and conditions as the Notes in all respects (or in all respects except for the first payment of interest on them) and so that such further issue shall be consolidated and form a single series with the outstanding securities of any series
(including the Notes) or upon such terms as the Issuer may determine at the time of their issue. References in these Conditions to the Notes include (unless the context requires otherwise) any other securities issued pursuant to this Condition and
forming a single series with the Notes. The Trust Deed contains provisions for convening a single meeting of the Noteholders and the holders of securities of other series where the Trustee so decides. 

  
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	21.	 Governing Law and Jurisdiction 

 

	(a)	 Governing law 

The Notes and the Trust Deed, and any non-contractual obligations arising out of or in connection with the Notes and the Trust
Deed, are governed by, and construed in accordance with, English law. 
  

	(b)	 English courts 

The courts of England have exclusive jurisdiction to settle any dispute (a “Dispute”) arising out of or in
connection with the Notes and the Trust Deed (including a dispute relating to the existence, validity or cancellation of the Notes or any non-contractual obligation arising out of or in connection with the Notes or the Trust Deed) or the
consequences of their nullity. 
  

	(c)	 Appropriate forum 

The Issuer and each of the Guarantors agree that the courts of England are the most appropriate and convenient courts to settle
any Dispute and, accordingly, that they will not argue to the contrary. 

  
 Page 91 

 SCHEDULE 2 

FORM OF GLOBAL NOTES 

Part A Form of Temporary Global Note 

[ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE
LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]1 

INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 

(incorporated in England and Wales with company number 913450) 

and 
 INTERCONTINENTAL
HOTELS LIMITED 
 (incorporated in England and Wales with company number 4551528) 

TEMPORARY GLOBAL NOTE 
  

	1.	 INTRODUCTION 

 

	1.1	 The Notes 

This Temporary Global Note is issued in respect of the notes (the Notes) of InterContinental Hotels Group PLC (the
Issuer) and guaranteed by Six Continents Limited and InterContinental Hotels Limited (together, the Guarantors) described in the final terms (the Final Terms) or drawdown prospectus (the Drawdown
Prospectus) or securities note (Securities Note) a copy of which is annexed hereto. If a Drawdown Prospectus or a Securities Note is annexed hereto, each reference in this Temporary Global Note to “Final
Terms” shall be read and construed as a reference to the final terms of the Notes set out in such Drawdown Prospectus or Securities Note. The Notes: 
  

	(a)	 Trust Deed: (insofar as they are represented by this Temporary Global Note) are subject to and have the
benefit of an amended and restated trust deed made on 11 August 2016 (as further amended, supplemented or restated from time to time, the Trust Deed) made between the Issuer, the Guarantors and HSBC Corporate Trustee Company (UK)
Limited as trustee (the Trustee, which expression shall include all persons for the time being the trustee or trustees appointed under the Trust Deed); and 

 

	1 	 Legend to appear on every Note with a maturity of more than one year. 

  
 Page 92 

	(b)	 Agency Agreement: are the subject of an amended and restated agency agreement dated 11 August 2016
(as further amended, supplemented or restated from time to time, the Agency Agreement) made between the Issuer, the Guarantors, the Trustee and HSBC Bank plc as principal paying agent (the Principal Paying Agent, which
expression includes any successor or additional principal paying agent appointed from time to time in connection with the Notes, and together with any additional or successor paying agents appointed from time to time in connection with the Notes,
the Paying Agents). 

  

	1.2	 Construction 

All references in this Temporary Global Note to an agreement, instrument or other document (including the Agency Agreement and the Trust Deed)
shall be construed as a reference to that agreement, instrument or other document as the same may be amended, supplemented, replaced or novated from time to time provided that, in the case of any amendment, supplement, replacement or novation
made after the date hereof, it is made in accordance with the Conditions and the Trust Deed. Headings and sub-headings are for ease of reference only and shall not affect the construction of this Temporary Global Note. 

 

	1.3	 References to Conditions 

Any reference herein to the Conditions is to the Conditions as defined in the Trust Deed, as supplemented, amended and/or replaced by the Final
Terms and any reference to a numbered “Condition” is to the correspondingly numbered provision thereof. Words and expressions defined in Condition 2(a) (Interpretation -
Definitions) shall have the same meanings when used in this Temporary Global Note. 
  

	2.	 PROMISE TO PAY 

 

	2.1	 Pay to bearer 

The Issuer, for value received, promises to pay to the bearer of this Temporary Global Note, in respect of each Note represented by this
Temporary Global Note, on each instalment date (if the Notes are repayable in instalments) and on the Maturity Date or on such earlier date or dates as the same may become payable in accordance with the Conditions, the Redemption Amount or such
lesser amount as is repayable upon any such redemption or repayment (or to pay such other amounts of principal on such dates as may be specified in the Final Terms), and to pay interest (if any) on the nominal amount of the Notes from time to time
represented by this Temporary Global Note on the dates and in the manner specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions; provided,
however, that such interest shall be payable only: 

  
 Page 93 

	(a)	 Before the Exchange Date: in the case of interest falling due before the Exchange Date (as defined
below), to the extent that a certificate or certificates issued by Euroclear Bank SA/NV (Euroclear) and/or Clearstream Banking S.A. (Clearstream and, together with Euroclear, the international central securities
depositaries or ICSDs) and/or any other relevant clearing system dated not earlier than the date on which such interest falls due and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream,
Certification) hereto is/are delivered to the Specified Office of the Principal Paying Agent; or 

  

	(b)	 Failure to exchange: in the case of interest falling due at any time, to the extent that the Issuer has
failed to procure the exchange for a permanent global note of that portion of this Temporary Global Note in respect of which such interest has accrued. 

  

	2.2	 NGN Principal Amount 

If the Final Terms specify that the New Global Note form is applicable, this Temporary Global Note shall be a “New Global
Note” or “NGN” and the principal amount of Notes represented by this Temporary Global Note shall be the aggregate amount from time to time entered in the records of both ICSDs. The records of the ICSDs (which
expression in this Temporary Global Note means the records that each ICSD holds for its customers which reflect the amount of such customers’ interests in the Notes (but excluding any interest in any Notes of one ICSD shown in the records of
another ICSD)) shall be conclusive evidence of the principal amount of Notes represented by this Temporary Global Note and, for these purposes, a statement issued by an ICSD (which statement shall be made available to the bearer upon request)
stating the principal amount of Notes represented by this Temporary Global Note at any time shall be conclusive evidence of the records of the ICSD at that time. 
  

	2.3	 CGN Principal Amount 

If the Final Terms specify that the New Global Note form is not applicable, this Temporary Global Note shall be a “Classic Global
Note” or “CGN” and the principal amount of Notes represented by this Temporary Global Note shall be the amount stated in the Final Terms or, if lower, the principal amount most recently entered by or on behalf of
the Issuer in the relevant column in Schedule 1 (Payments, Exchange and Cancellation of Notes). 
  

	3.	 NEGOTIABILITY 

This Temporary Global Note is negotiable and, accordingly, title to this Temporary Global Note shall pass by delivery. 

  
 Page 94 

	4.	 EXCHANGE 

 

	4.1	 Permanent Global Note 

If the Final Terms specify the form of Notes as being “Temporary Global Note exchangeable for a Permanent Global Note”,
then on or after the day following the expiry of 40 days after the date of issue of this Temporary Global Note (the Exchange Date), the Issuer shall procure (in the case of first exchange) the delivery of a Permanent Global Note (which
expression has the meaning given in the Trust Deed) in accordance with the Agency Agreement to the bearer of this Temporary Global Note or (in the case of any subsequent exchange) an increase in the principal amount of the Permanent Global Note in
accordance with its terms against: 
  

	(a)	 Presentation and surrender: presentation and (in the case of final exchange) surrender of this
Temporary Global Note to or to the order of the Principal Paying Agent; and 

  

	(b)	 Certification: receipt by the Principal Paying Agent of a certificate or certificates issued by
Euroclear and/or Clearstream and/or any other relevant clearing system dated not earlier than the Exchange Date and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream Certification) hereto.

 The principal amount of Notes represented by the Permanent Global Note shall be equal to the aggregate of the
principal amounts specified in the certificates issued by Euroclear and/or Clearstream and/or any other relevant clearing system and received by the Principal Paying Agent; provided, however, that in no circumstances shall the
principal amount of Notes represented by the Permanent Global Note exceed the initial principal amount of Notes represented by this Temporary Global Note. 
  

	4.2	 Definitive Notes; Not D Rules 

If the Final Terms specify the form of Notes as being “Temporary Global Note exchangeable for Definitive Notes” and
also specifies that the C Rules are applicable or that neither the C Rules or the D Rules are applicable, then on or after the day following the expiry of 40 days after the date of issue of this Temporary Global Note (the Exchange
Date), the Issuer shall procure the delivery of Definitive Notes (which expression has the meaning given in the Agency Agreement) in accordance with the Agency Agreement with Coupons and Talons (if so specified in the Final Terms) attached
and in an aggregate principal amount equal to the principal amount of Notes represented by this Temporary Global Note to the bearer of this Temporary Global Note against presentation and surrender of this Temporary Global Note to or to the order of
the Principal Paying Agent. 
  

	4.3	 Definitive Notes; D Rules 

If the Final Terms specify the form of Notes as being “Temporary Global Note exchangeable for Definitive Notes” and
also specifies that the D Rules are applicable, then on or after the day following the expiry of 40 days after the date of issue of this Temporary Global Note (the Exchange Date), the Issuer shall procure the delivery of Definitive
Notes (which expression has the meaning given in the Agency Agreement) in accordance with the Agency Agreement with Coupons and Talons (if so specified in the Final Terms) attached against: 

 

	(a)	 Presentation and surrender: presentation and (in the case of final exchange) surrender of this
Temporary Global Note to or to the order of the Principal Paying Agent; and 

  
 Page 95 

	(b)	 Certification: receipt by the Principal Paying Agent of a certificate or certificates issued by
Euroclear and/or Clearstream and/or any other relevant clearing system dated not earlier than the Exchange Date and in substantially the form set out in Schedule 3 (Form of Euroclear/Clearstream Certification) hereto. 

The Definitive Notes so delivered from time to time shall be in an aggregate principal amount equal to the aggregate of the principal amounts
specified in the certificates issued by Euroclear and/or Clearstream and/or any other relevant clearing system and received by the Principal Paying Agent; provided, however, that in no circumstances shall the aggregate principal amount of
Definitive Notes so delivered exceed the initial principal amount of Notes represented by this Temporary Global Note. 
  

	5.	 DELIVERY OF PERMANENT GLOBAL OR
DEFINITIVE NOTES 

  

	5.1	 Permanent Global Note 

Whenever any interest in this Temporary Global Note is to be exchanged for an interest in a Permanent Global Note, the Issuer shall procure (in
the case of first exchange) the prompt delivery (free of charge to the bearer) of such Permanent Global Note, duly authenticated, to the bearer of this Temporary Global Note or (in the case of any subsequent exchange) an increase in the principal
amount of Notes represented by such Permanent Global Note in accordance with its terms, in each case in an aggregate principal amount equal to the aggregate of the principal amounts specified in the certificates issued by Euroclear and/or
Clearstream and/or any other relevant clearing system and received by the Principal Paying Agent against presentation and (in the case of final exchange) surrender of this Temporary Global Note to or to the order of the Principal Paying Agent within
7 days of the bearer requesting such exchange. 
  

	5.2	 Definitive Notes 

Whenever this Temporary Global Note is to be exchanged for Definitive Notes, the Issuer shall procure the prompt delivery (free of charge to
the bearer) of such Definitive Notes, duly authenticated and with Coupons and Talons attached (if so specified in the Final Terms), in an aggregate principal amount equal to the principal amount of Notes represented by this Temporary Global Note to
the bearer of this Temporary Global Note against the surrender of this Temporary Global Note to or to the order of the Principal Paying Agent within 30 days of the bearer requesting such exchange. 

  
 Page 96 

	6.	 WRITING DOWN 

On each occasion on which: 
 6.1
Permanent Global Note: the Permanent Global Note is delivered or the principal amount of Notes represented thereby is increased in accordance with its terms in exchange for a further portion of this Temporary Global Note; or 

6.2 Definitive Notes: Definitive Notes are delivered in exchange for this Temporary Global Note; or 

6.3 Cancellation: Notes represented by this Temporary Global Note are to be cancelled in accordance with Condition 9(k) (Redemption
and Purchase - Cancellation), 
 the Issuer shall procure that: 

 

	(a)	 if the Final Terms specify that the New Global Note form is not applicable, (i) the principal amount of
Notes represented by the Permanent Global Note, the principal amount of such increase or (as the case may be) the aggregate principal amount of such Notes and (ii) the remaining principal amount of Notes represented by this Temporary Global
Note (which shall be the previous principal amount of Notes represented by this Temporary Global Note less the aggregate of the amounts referred to in (i) above) are entered in Schedule 1 (Payments, Exchange and Cancellation of
Notes) hereto, whereupon the principal amount of Notes represented by this Temporary Global Note shall for all purposes be as most recently so entered; and 

 

	(b)	 if the Final Terms specify that the New Global Note form is applicable, details of the exchange or
cancellation shall be entered pro rata in the records of the ICSDs. 

  

	7.	 PAYMENTS 

 

	7.1	 Recording of Payments 

Upon any payment being made in respect of the Notes represented by this Temporary Global Note, the Issuer shall procure that: 

 

	(a)	 CGN: if the Final Terms specify that the New Global Note form is not applicable, details of such
payment shall be entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto and, in the case of any payment of principal, the principal amount of the Notes represented by this Temporary Global Note shall be reduced by
the principal amount so paid; and 

  

	(b)	 NGN: if the Final Terms specify that the New Global Note form is applicable, details of such payment
shall be entered pro rata in the records of the ICSDs and, in the case of any payment of principal, the principal amount of the Notes entered in the records of ICSDs and represented by this Temporary Global Note shall be reduced by the principal
amount so paid. 

  
 Page 97 

	7.2	 Discharge of Issuer’s obligations 

Payments due in respect of Notes for the time being represented by this Temporary Global Note shall be made to the bearer of this Temporary
Global Note and each payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the entries referred to above shall not affect such discharge. 

 

	8.	 CONDITIONS APPLY 

Until this Temporary Global Note has been exchanged as provided herein or cancelled in accordance with the Agency Agreement, the bearer of this
Temporary Global Note shall be subject to the Conditions and the Trust Deed and, subject as otherwise provided herein, shall be entitled to the same rights and benefits under the Conditions and the Trust Deed as if the bearer were the holder of
Definitive Notes and any related Coupons and Talons in the smallest Specified Denomination and in an aggregate principal amount equal to the principal amount of the Notes represented by this Temporary Global Note. 

 

	9.	 NOTICES 

Notwithstanding Condition 18 (Notices), while all the Notes are represented by this Temporary Global Note (or by this Temporary Global
Note and the Permanent Global Note) and this Temporary Global Note is (or this Temporary Global Note and the Permanent Global Note are) deposited with a depositary or a common depositary for Euroclear and/or Clearstream and/or any other relevant
clearing system or a Common Safekeeper (which expression has the meaning given in the Agency Agreement), notices to Noteholders may be given by delivery of the relevant notice to Euroclear and/or Clearstream and/or any other relevant clearing system
and, in any case, such notices shall be deemed to have been given to the Noteholders in accordance with the Condition 18 (Notices) on the date of delivery to Euroclear and/or Clearstream and/or any other relevant clearing system; provided,
however, that, so long as the Notes are listed on the London Stock Exchange and its rules so require, notices will also be published in a leading newspaper having general circulation in London (which is expected to be the Financial Times). 

 

	10.	 MEETINGS 

The holders of this Temporary Global Note shall, at any meeting of the Noteholders, be treated as having one vote in respect of each £1
in principal amount of the Notes represented by this Temporary Global Note. 
  

	11.	 TRUSTEE’S POWERS 

In considering the interests of Noteholders while this Temporary Global Note is held on behalf of a clearing system, the Trustee may have
regard to any information provided to it by any such clearing system or its operator as to the identity (either individually or by category) of its accountholders with entitlements to this Temporary Global Note and may consider such interests as if
such accountholders were the holders of this Temporary Global Note. 

  
 Page 98 

	12.	 AUTHENTICATION 

This Temporary Global Note shall not be valid for any purpose until it has been authenticated by and on behalf of HSBC Bank plc as principal
paying agent. 
  

	13.	 EFFECTUATION 

If the Final Terms specify that the New Global Note form is applicable, this Temporary Global Note shall not be valid for any purpose until it
has been effectuated for and on behalf of the entity appointed as common safekeeper by the ICSDs. 
  

	14.	 GOVERNING LAW 

This Temporary Global Note and any non-contractual obligations arising out of or in connection with it are governed by English law. 

AS WITNESS the [manual/facsimile] signature of a duly authorised person on behalf of the Issuer. 

 

					
	 INTERCONTINENTAL HOTELS
 GROUP
PLC
	  	 )
 )

)
	  	
		
	 By:
	  	  

	 [manual or facsimile signature]
	  	
	 (duly authorised)
	  	
			
	ISSUED on the Issue Date	  		  	
		  		  	
	 AUTHENTICATED by and on behalf of

HSBC BANK PLC

as principal paying agent without

recourse, warranty or liability
	  	 )
 )

)
 )
	  	
		
	 By:
	  	  

	 [manual signature]
	  	
	 (duly authorised)
	  	
			
	 [EFFECTUATED for and on behalf of

EUROCLEAR BANK SA/NV

as common safekeeper without recourse,

warranty or liability
	  	 )
 )

)
 )
	  	
		
	 By:
	  	  

	 [manual signature]
	  	
	 (duly authorised)]
	  	

  

  
 Page 99 

 SCHEDULE 12 

TO THE TEMPORARY GLOBAL NOTE 

Payments, Exchange and Cancellation of Notes 
  

											
	 Date of

payment,
 delivery or

cancellation
	  	 Amount of

interest then
 paid
	  	 Principal amount of
Permanent Global Note
then delivered or
by
which Permanent
Global Note then
increased or aggregate
principal amount of
Definitive Notes then
delivered
	  	 Aggregate

principal
 amount of

Notes then cancelled
	  	 Remaining principal
amount of this
Temporary

Global Note
	  	 Authorised Signature

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  
  

	2 	 Schedule 1 should only be completed where the Final Terms specify that the New Global Note form is not
applicable. 

  
 Page 100 

 SCHEDULE 2 

TO THE TEMPORARY GLOBAL NOTE 

Form of Accountholder’s Certification 

INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

This is to certify that as of the date hereof, and except as set forth below, the above-captioned Securities held by you for our account
(a) are owned by persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income taxation regardless of its
source (United States persons), (b) are owned by United States person(s) that (i) are foreign branches of a United States financial institution (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v))
(financial institutions) purchasing for their own account or for resale, or (ii) acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States
financial institutions on the date hereof (and in either case (i) or (ii), each such United States financial institution hereby agrees, on its own behalf or through its agent, that you may advise the issuer or the issuer’s agent that it
will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (c) are owned by United States or foreign financial institution(s) for
purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and in addition if the owner of the Securities is a United States or foreign financial institution described in clause
(c) (whether or not also described in clause (a) or (b)) this is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person
within the United States or its possessions. 
 If the Securities are of the category contemplated in Section 230.903(c)(3) of
Regulation S under the Securities Act of 1933, as amended (the Act), then this is also to certify that, except as set forth below, the Securities are beneficially owned by (1) non-U.S. person(s) or (2) U.S. person(s) who
purchased the Securities in transactions which did not require registration under the Act. As used in this paragraph the term U.S. person has the meaning given to it by Regulation S under the Act. 

As used herein, United States means the United States of America (including the States and the District of Columbia); and its
possessions include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 

  
 Page 101 

 We undertake to advise you promptly by electronic transmission on or prior to the date on which
you intend to submit your certification relating to the Securities held by you for our account in accordance with your operating procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification
it may be assumed that this certification applies as of such date. 
 This certification excepts and does not relate to [currency] [amount]
of such interest in the above Securities in respect of which we are not able to certify and as to which we understand exchange and delivery of definitive Securities (or, if relevant, exercise of any rights or collection of any interest) cannot be
made until we do so certify. 
 We understand that this certification is required in connection with certain tax laws and, if applicable,
certain securities laws of the United States. In connection therewith, if administrative or legal proceedings or official enquiries are commenced or threatened in connection with which this certification is or would be relevant, we irrevocably
authorise you to produce this certification to any interested party in such proceedings. 
 Dated:
[                    ]] 

[name of account holder]  

as, or as agent for, 

the beneficial owner(s) of the Securities 

to which this certificate relates. 
  

			
		
	By:	 	 
		 	 Authorised signatory

  
 Page 102 

 SCHEDULE 3 

TO THE TEMPORARY GLOBAL NOTE 

FORM OF EUROCLEAR/CLEARSTREAM CERTIFICATION 

INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

This is to certify that, based solely on certifications we have received in writing, by electronic transmission from member organisations
appearing in our records as persons being entitled to a portion of the principal amount set forth below (our Member Organisations) substantially to the effect set forth in the temporary global note issued in respect of the securities,
as of the date hereof, [currency] [amount] principal amount of the above-captioned Securities (a) is owned by persons that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust
the income of which is subject to United States Federal income taxation regardless of its source (United States persons), (b) is owned by United States persons that (i) are foreign branches of United States financial
institutions (as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v)) (financial institutions) purchasing for their own account or for resale, or (ii) acquired the Securities through foreign branches of United
States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (i) or (ii), each such United States financial institution has agreed, on its own behalf or
through its agent, that we may advise the Issuer or the Issuer’s agent that it will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations
thereunder), or (c) is owned by United States or foreign financial institutions for purposes of resale during the restricted period (as defined in U.S. Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and to the further effect that
United States or foreign financial institutions described in clause (c) (whether or not also described in clause (a) or (b)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a
United States person or to a person within the United States or its possessions. 
 If the Securities are of the category contemplated in
Section 230.903(c)(3) of Regulation S under the Securities Act of 1933, as amended (the Act), then this is also to certify with respect to the principal amount of Securities set forth above that, except as set forth below, we have
received in writing, by electronic transmission, from our Member Organisations entitled to a portion of such principal amount, certifications with respect to such portion substantially to the effect set forth in the temporary global note issued in
respect of the Securities. 

  
 Page 103 

 We further certify (1) that we are not making available herewith for exchange (or, if
relevant, exercise of any rights or collection of any interest) any portion of the temporary global security excepted in such certifications and (2) that as of the date hereof we have not received any notification from any of our Member
Organisations to the effect that the statements made by such Member Organisations with respect to any portion of the part submitted herewith for exchange (or, if relevant, exercise of any rights or collection of any interest) are no longer true and
cannot be relied upon as of the date hereof. 
 We understand that this certification is required in connection with certain tax laws and,
if applicable, certain securities laws of the United States. In connection therewith, if administrative or legal proceedings or official enquiries are commenced or threatened in connection with which this certification is or would be relevant, we
irrevocably authorise you to produce this certification to any interested party in such proceedings. 
 Dated:
[                    ]] 
 Euroclear Bank SA/NV

 or 
  

			
	Clearstream Banking S.A.
		
	By:	 	 
		 	 Authorised signatory

  
 Page 104 

 Part B 

Form of Permanent Global Note 

[ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE
LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]3 

INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 

(incorporated in England and Wales with company number 913450) 

and 
 INTERCONTINENTAL
HOTELS LIMITED 
 (incorporated in England and Wales with company number 4551528) 

PERMANENT GLOBAL NOTE 
  

	1.	 INTRODUCTION 

 

	1.1	 The Notes 

This Global Note is issued in respect of the notes (the Notes) of InterContinental Hotels Group PLC (the Issuer)
and guaranteed by Six Continents Limited and InterContinental Hotels Limited (together, the Guarantors) described in the final terms (the Final Terms) or drawdown prospectus (Drawdown Prospectus) or
securities note (Securities Note) a copy of which is annexed hereto. If a Drawdown Prospectus or a Securities Note is annexed hereto, each reference in this Global Note to “Final Terms” shall be read and
construed as a reference to the final terms of the Notes set out in such Drawdown Prospectus or Securities Note. The Notes: 
  

	(a)	 Trust Deed: (insofar as they are represented by this Global Note) are subject to and have the benefit
of an amended and restated trust deed made on 11 August 2016 (as further amended, supplemented or restated from time to time, the Trust Deed) made between the Issuer, the Guarantors and HSBC Corporate Trustee Company (UK) Limited
as trustee (the Trustee, which expression shall include all persons for the time being the trustee or trustees appointed under the Trust Deed); and 

 
  

	3 	 Legend to appear on every Note with a maturity of more than one year. 

  
 Page 105 

	(b)	 Agency Agreement: are the subject of an amended and restated agency agreement dated 11 August 2016
(as further amended, supplemented or restated from time to time) (the Agency Agreement) made between the Issuer, the Guarantors, the Trustee and HSBC Bank plc as principal paying agent (the Principal Paying Agent, which
expression includes any successor or additional principal paying agent appointed from time to time in connection with the Notes, and, together with any additional or successor paying agents appointed from time to time in connection with the Notes,
the Paying Agents). 

  

	1.2	 Construction 

All references in this Global Note to an agreement, instrument or other document (including the Agency Agreement and the Trust Deed) shall be
construed as a reference to that agreement, instrument or other document as the same may be amended, supplemented, replaced or novated from time to time provided that, in the case of any amendment, supplement, replacement or novation made
after the date hereof, it is made in accordance with the Conditions and the Trust Deed. Headings and sub-headings are for ease of reference only and shall not affect the construction of this Global Note. 

 

	1.3	 References to Conditions 

Any reference herein to the Conditions is to the Terms and Conditions of the Notes set out in Schedule 2 (Terms and Conditions
of the Notes) hereto, as supplemented, amended and/or replaced by the Final Terms and any reference to a numbered Condition is to the correspondingly numbered provision thereof. Words and expressions defined in the Conditions shall
have the same meanings when used in this Global Note. 
  

	2.	 PROMISE TO PAY 

 

	2.1	 Pay to bearer 

The Issuer, for value received, promises to pay to the bearer of this Global Note, in respect of each Note represented by this Global Note, on
each instalment date (if the Notes are repayable in instalments) and on the Maturity Date or on such earlier date or dates as the same may become payable in accordance with the Conditions, the Redemption Amount or such lesser amount as is repayable
upon any such redemption or repayment of instalment (or to repay such other amounts of principal on such dates as may be specified in the Final Terms and to pay interest (if any) on the nominal amount of the Notes from time to time represented by
this Global Note on the dates and in the manner specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in accordance with the Conditions. 

  
 Page 106 

	2.2	 NGN Principal Amount 

If the Final Terms specify that the New Global Note form is applicable, this Global Note shall be a “New Global Note”
or “NGN” and the principal amount of Notes represented by this Global Note shall be the aggregate amount from time to time entered in the records of both ICSDs. The records of the ICSDs (which expression in this Global Note
means the records that each ICSD holds for its customers which reflect the amount of such customers’ interests in the Notes (but excluding any interest in any Notes of one ICSD shown in the records of another ICSD)) shall be conclusive evidence
of the principal amount of Notes represented by this Global Note and, for these purposes, a statement issued by an ICSD (which statement shall be made available to the bearer upon request) stating the principal amount of Notes represented by this
Global Note at any time shall be conclusive evidence of the records of the ICSD at that time. 
  

	2.3	 CGN Principal Amount 

If the Final Terms specify that the New Global Note form is not applicable, this Global Note shall be a “Classic Global
Note” or “CGN” and the principal amount of Notes represented by this Global Note shall be the amount stated in the Final Terms or, if lower, the principal amount most recently entered by or on behalf of the
Issuer in the relevant column in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto. 
  

	3.	 NEGOTIABILITY 

This Global Note is negotiable and, accordingly, title to this Global Note shall pass by delivery. 

 

	4.	 EXCHANGE 

This Global Note will become exchangeable, in whole but not in part only and at the request of the bearer of this Global Note, for Definitive
Notes (which expression has the meaning given in the Trust Deed) in accordance with the Agency Agreement: 
 4.1 Upon notice: on the
expiry of such period of notice as may be specified in the Final Terms; or 
 4.2 Upon demand: at any time, if so specified in the
Final Terms; or 
 4.3 In limited circumstances: if the Final Terms specify “in the limited circumstances described in the
Permanent Global Note”, then if either of the following events occurs: 
  

	(a)	 Closure of clearing systems: Euroclear Bank SA/NV (Euroclear) or Clearstream Banking S.A.
(Clearstream and, together with Euroclear, the international central securities depositaries or ICSDs) or any other relevant clearing system is closed for business for a continuous period of 14 days (other than by reason
of legal holidays) or announces an intention permanently to cease business and no successor clearing system approved by the Trustee is available; or 

  

	(b)	 Event of Default: any of the circumstances described in Condition 12 (Events of Default) occurs;
or 

  
 Page 107 

	(c)	 Adverse tax consequences: the Issuer has or will become subject to adverse tax consequences which would
not be suffered were the Notes represented by the Permanent Global Note in definitive form. 

  

	5.	 DELIVERY OF DEFINITIVE NOTES

 Whenever this Global Note is to be exchanged for Definitive Notes, the Issuer shall procure the prompt delivery
(free of charge to the bearer) of such Definitive Notes, duly authenticated and with Coupons and Talons attached (if so specified in the Final Terms), in an aggregate principal amount equal to the principal amount of Notes represented by this Global
Note to the bearer of this Global Note against the surrender of this Global Note to or to the order of the Principal Paying Agent within 30 days of the bearer requesting such exchange. 

 

	6.	 WRITING DOWN 

On each occasion on which: 
 6.1
Payment of principal: a payment of principal is made in respect of this Global Note; 
 6.2 Definitive Notes: Definitive Notes
are delivered; or 
 6.3 Cancellation: Notes represented by this Global Note are to be cancelled in accordance with Condition 9(k)
(Redemption and Purchase - Cancellation), 
 the Issuer shall procure that: 

 

	(a)	 if the Final Terms specify that the New Global Note Form is not applicable, (i) the amount of such
payment and the aggregate principal amount of such Notes; and (ii) the remaining principal amount of Notes represented by this Global Note (which shall be the previous principal amount hereof less the aggregate of the amounts referred to in
(i) above) are entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto, whereupon the principal amount of Notes represented by this Global Note shall for all purposes be as most recently so entered; and

  

	(b)	 if the Final Terms specify that the New Global Note Form is applicable, details of the exchange or
cancellation shall be entered pro rata in the records of the ISCDs. 

  

	7.	 WRITING UP 

 

	7.1	 Initial Exchange 

If this Global Note was originally issued in exchange for part only of a temporary global note representing the Notes, then all
references in this Global Note to the principal amount of Notes represented by this Global Note shall be construed as references to the principal amount of Notes represented by the part of the temporary global note in exchange for which this Global
Note was originally issued which the Issuer shall procure: 
  

	(a)	 CGN: if the Final Terms specify that the New Global Note form is not applicable, is entered in Schedule
1 (Payments, Exchange and Cancellation of Notes) hereto, whereupon the principal amount of Notes represented by this Global Note shall for all purposes be as most recently so entered; and 

  
 Page 108 

	(b)	 NGN: if the Final Terms specify that the New Global Note form is applicable, is entered by the ICSDs in
their records. 

  

	7.2	 Subsequent Exchange 

If at any subsequent time any further portion of such temporary global note is exchanged for an interest in this Global Note, the principal
amount of Notes represented by this Global Note shall be increased by the amount of such further portion, and the Issuer shall procure that the principal amount of Notes represented by this Global Note (which shall be the previous principal amount
of Notes represented by this Global Note plus the amount of such further portion) is: 
  

	(a)	 CGN: if the Final Terms specify that the New Global Note form is not applicable, entered in Schedule 1
(Payments, Exchange and Cancellation of Notes) hereto, whereupon the principal amount of this Global Note shall for all purposes be as most recently so entered; and 

 

	(b)	 NGN: if the Final Terms specify that the New Global Note form is applicable, entered by the ICSDs in
their records. 

  

	8.	 PAYMENTS 

 

	8.1	 Recording of Payments 

Upon any payment being made in respect of the Notes represented by this Global Note, the Issuer shall procure that: 

 

	(a)	 CGN: if the Final Terms specify that the New Global Note form is not applicable, details of such
payment shall be entered in Schedule 1 (Payments, Exchange and Cancellation of Notes) hereto and, in the case of any payment of principal, the principal amount of the Notes represented by this Global Note shall be reduced by the principal
amount so paid; and 

  

	(b)	 NGN: if the Final Terms specify that the New Global Note form is applicable, details of such payment
shall be entered pro rata in the records of the ICSDs and, in the case of any payment of principal, the principal amount of the Notes entered in the records of ICSDs and represented by this Global Note shall be reduced by the principal amount so
paid. 

  
 Page 109 

	8.2	 Discharge of Issuer’s obligations 

Payments due in respect of Notes for the time being represented by this Global Note shall be made to the bearer of this Global Note and each
payment so made will discharge the Issuer’s obligations in respect thereof. Any failure to make the entries referred to above shall not affect such discharge. 
  

	9.	 CONDITIONS APPLY 

Until this Global Note has been exchanged as provided herein or cancelled in accordance with the Agency Agreement, the bearer of this Global
Note shall be subject to the Conditions and, subject as otherwise provided herein, shall be entitled to the same rights and benefits under the Conditions as if the bearer were the holder of Definitive Notes and any related Coupons and Talons in the
smallest Specified Denomination and in an aggregate principal amount equal to the principal amount of Notes represented by this Global Note. 
  

	10.	 EXERCISE OF PUT OPTION OR
CHANGE OF CONTROL PUT OPTION 

 For so long
as all of the Notes are represented by one or both of the Global Notes and such Global Note(s) is/are held on behalf of Euroclear and/or Clearstream, the option of the Noteholders provided for in Condition 9(f) (Redemption and Purchase - Redemption at the option of the Noteholders) or, as the case may be, the option of the Noteholders provided for in Condition 9(g) (Redemption and Purchase - Change of
Control redemption) may be exercised by an accountholder giving notice to the Principal Paying Agent in accordance with the standard procedures of Euroclear and Clearstream (which may include notice being given on his instructions by Euroclear
or Clearstream or any common depositary for them to the Principal Paying Agent by electronic means) of the principal amount of the Notes in respect of which such option is exercised and at the same time presenting or procuring the presentation of
the relevant Global Note to the Principal Paying Agent for notation accordingly within the time limits set forth in the relevant Condition. 
  

	11.	 EXERCISE OF CALL OPTION

 For so long as all of the Notes are represented by one or both of the temporary global note and this Global Note and
such Global Note(s) is/are held on behalf of Euroclear and/or Clearstream, no drawing of Notes will be required under Condition 9(e) (Redemption and Purchase - Partial redemption) in the event that the
Issuer exercises its call option pursuant to Condition 9(c) (Redemption and Purchase - Redemption at the option of the Issuer (Issuer Call Option)) in respect of less than the aggregate principal amount
of the Notes outstanding at such time. In such event, the standard procedures of Euroclear and/or Clearstream shall operate to determine which interests in the Global Note(s) are to be subject to such option. 

  
 Page 110 

	12.	 NOTICES 

Notwithstanding Condition 18 (Notices), while all the Notes are represented by this Global Note (or by this Global Note and a temporary
global note) and this Global Note is (or this Global Note and the temporary global note are) deposited with a depositary or a common depositary for Euroclear and/or Clearstream and/or any other relevant clearing system or a Common Safekeeper (which
expression has the meaning given in the Agency Agreement), notices to Noteholders may be given by delivery of the relevant notice to Euroclear and/or Clearstream and/or any other relevant clearing system and, in any case, such notices shall be
deemed to have been given to the Noteholders in accordance with Condition 18 (Notices) on the date of delivery to Euroclear and/or Clearstream and/or any other relevant clearing system; provided, however, that, so long as the Notes are
listed on the London Stock Exchange and its rules so require, notices will also be published in a leading newspaper having general circulation in London (which is expected to be the Financial Times). 

Whilst any Notes held by a Noteholder are represented by a Global Note, notices to be given by such Noteholder may be given by such Noteholder
to the Principal Paying Agent through Euroclear and/or Clearstream, as the case may be, in such a manner as the Principal Paying Agent and Euroclear and/or Clearstream, as the case may be, may approve for this purpose. 

 

	13.	 MEETINGS 

The holders of this Global Note shall, at any meeting of the Noteholders, be treated as having one vote in respect of each £1 in
principal amount of the Notes represented by this Global Note. 
  

	14.	 TRUSTEE’S POWERS 

In considering the interests of Noteholders while this Global Note is held on behalf of a clearing system, the Trustee may have regard to any
information provided to it by any such clearing system or its operator as to the identity (either individually or by category) of its accountholders with entitlements to this Global Note and may consider such interests as if such accountholders were
the holders of this Global Note. 
  

	15.	 AUTHENTICATION 

This Global Note shall not be valid for any purpose until it has been authenticated by and on behalf of HSBC Bank plc as principal paying
agent. 
  

	16.	 EFFECTUATION 

If the Final Terms specify that the New Global Note form is applicable, this Permanent Global Note shall not be valid for any purpose until it
has been effectuated for and on behalf of the entity appointed as Common Safekeeper (which expression has the meaning given in the Agency Agreement). 
  

	17.	 GOVERNING LAW 

This Global Note, and any non-contractual obligations arising out of or in connection with it, are governed by English law. 

AS WITNESS the [manual/facsimile] signature of a duly authorised person on behalf of the Issuer. 

  
 Page 111 

					
	 INTERCONTINENTAL HOTELS
	  	 )
	  	
	 GROUP PLC
	  	 )
	  	
			
	
By:                      
                              
	  		  	
	 [manual or facsimile signature]
	  		  	
	 (duly authorised)
	  		  	
			
	 ISSUED on the Issue Date
	  		  	
			
	 AUTHENTICATED for and on behalf of
	  	 )
	  	
	 HSBC BANK PLC 
	  	 )
	  	
	 as principal paying agent
	  	 )
	  	
	 without recourse, warranty or liability
	  	 )
	  	
			
	
By:                      
                              
	  		  	
	 [manual signature]
	  		  	
	 (duly authorised)
	  		  	
			
	 [EFFECTUATED for and on behalf of
	  	 )
	  	
	 EUROCLEAR BANK SA/NV
	  	 )
	  	
	 as common safekeeper without recourse,
	  	 )
	  	
	 warranty or liability
	  	 )
	  	
			
	
By:                      
                              
	  		  	
	 [manual signature]
	  		  	
	 (duly authorised)]
	  		  	

  
 Page 112 

 SCHEDULE 14 

TO THE PERMANENT GLOBAL NOTE 

PAYMENTS, EXCHANGE AND CANCELLATION OF NOTES 
  

															
	 Date of

payment, exchange,
delivery or
cancellation
	  	 Amount

of
 interest

then paid
	  	 Amount

of
 principal

then paid
	  	 Principal amount
of Temporary
Global

Note then
exchanged
	  	 Aggregate
principal amount
of Definitive
Notes

then delivered
	  	 Aggregate
principal amount
of Notes

then cancelled
	  	 New principal
amount

of this
 Global

Note
	  	 Authorised
signature

		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	
		  		  		  		  		  		  		  	

  
  

	4 	 Schedule 1 should only be completed where the Final Terms specify that the New Global Note form is not
applicable. 

  
 Page 113 

 SCHEDULE 2 

TO THE PERMANENT GLOBAL NOTE 

Terms and Conditions of the Notes 

[As set out in Schedule 1 to the Trust Deed] 

  
 Page 114 

 Part C 

Form of Definitive Note 
 [On the face
of the Note:] 
 [currency] [denomination] 

[ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE
LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.] 
 INTERCONTINENTAL HOTELS GROUP PLC 

(incorporated in England and Wales with company number 05134420) 

[Aggregate principal amount of Series] 

[Title of Notes] 

unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 

(incorporated in England and Wales with company number 913450) 

and 
 INTERCONTINENTAL
HOTELS LIMITED 
 (incorporated in England and Wales with company number 4551528) 

This Note is one of a series of notes (the Notes) of InterContinental Hotels Group PLC (the Issuer) and guaranteed
by Six Continents Limited and InterContinental Hotels Limited (together, the Guarantors) as described in the final terms (the Final Terms) or drawdown prospectus (Drawdown Prospectus) or securities note
(Securities Note) a copy of the relevant particulars of which is endorsed on this Note. Any reference herein to the Conditions is to the Terms and Conditions of the Notes endorsed on this Note, as supplemented, amended and/or replaced
by the Final Terms or Drawdown Prospectus or Securities Note and any reference to a numbered “Condition” is to the correspondingly numbered provision thereof. Words and expressions defined in Condition 2(a) (Interpretation
- Definitions) shall have the same meanings when used in this Note. 
 This Note is issued
subject to, and with the benefit of, the Conditions and an amended and restated trust deed (as further modified and/or supplemented and/or novated from time to time, the Trust Deed) dated 11 August 2016 and made between the
Issuer, the Guarantors and HSBC Corporate Trustee Company (UK) Limited as trustee for the holders of the Notes. 

  
 Page 115 

 The Issuer, for value received, promises to pay to the bearer of this Note the Redemption Amount
on the Maturity Date or on such earlier date or dates as the same may become payable in accordance with the Conditions (or to pay such other amounts of principal on such dates as may be specified in the Final Terms or Drawdown Prospectus or
Securities Note), and to pay interest (if any) on the nominal amount of this Note on the dates and in the manner specified in the Conditions, together with any additional amounts payable in accordance with the Conditions, all subject to and in
accordance with the Conditions. 
 This Note shall not be valid for any purpose until it has been authenticated by and on behalf of HSBC
Bank plc as principal paying agent. 
 This Note, and any non-contractual obligations arising out of or in connection with it, are governed by English law.

 AS WITNESS the facsimile signature of a duly authorised person on behalf of the Issuer. 

 

					
	INTERCONTINENTAL HOTELS	  	     )

	GROUP PLC	  	     )

		  	     )

			
	By:	 	 	  	
	 [manual or facsimile signature]

(duly authorised)
	  	
		
	ISSUED on the Issue Date	  	
		
	AUTHENTICATED by and on behalf of	  	     )

	HSBC BANK PLC as principal	  	     )

	paying agent without recourse, warranty or	  	     )

	liability	  	     )

			
	By:	 	 	  	
	 [manual signature]
 (duly
authorised)
	  	

  
 Page 116 

 [On the reverse of the Note:] 

FINAL TERMS 
 The
following is a copy of the relevant particulars of the Final Terms or Drawdown Prospectus or Securities Note. 
 TERMS AND CONDITIONS

 [As set out in Schedule 1 to the Trust Deed] 

[At the foot of the Terms and Conditions:] 

PRINCIPAL PAYING AGENT 

HSBC Bank plc 
 8 Canada
Square, 
 London E14 5HQ. 

  
 Page 117 

 Part D 

Form of Coupon 
 [On the face of the
Coupon:] 
 [For Fixed Rate Notes] 

INTERCONTINENTAL HOTELS GROUP PLC 
 [Title of Notes]

 unconditionally and irrevocably guaranteed by 

SIX CONTINENTS LIMITED 
 and 

INTERCONTINENTAL HOTELS LIMITED 
 Coupon
for [currency][amount of interest payment] due on [interest payment date]. 
 Such amount is payable, subject to the terms and conditions
(the Conditions) endorsed on the Note to which this Coupon relates (which are binding on the holder of this Coupon whether or not it is for the time being attached to such Note), against presentation and surrender of this Coupon at the specified
office for the time being of any of the agents shown on the reverse of this Coupon (or any successor or additional agents appointed from time to time in accordance with the Conditions). 

[For Floating Rate Notes] 
 INTERCONTINENTAL
HOTELS GROUP PLC 
 [Title of Notes] 

unconditionally and irrevocably guaranteed by 
 SIX
CONTINENTS LIMITED 
 and 
 INTERCONTINENTAL
HOTELS LIMITED 
 This Coupon relates to a Note in the denomination of [currency] [amount]. 

Coupon for the amount of interest due on the Interest Payment Date falling in [month and year]. 

Such amount is payable, subject to the terms and conditions (the Conditions) endorsed on the Note to which this Coupon relates
(which are binding on the holder of this Coupon whether or not it is for the time being attached to such Note), against presentation and surrender of this Coupon at the specified office for the time being of any of the agents shown on the reverse of
this Coupon (or any successor or additional agents appointed from time to time in accordance with the Conditions). 

  
 Page 118 

 The Note to which this Coupon relates may, in certain circumstances specified in the Conditions),
fall due for redemption before the maturity date of this Coupon. In such event, this Coupon shall become void and no payment will be made in respect hereof. 

[ANY UNITED STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE
LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]5 
 [On the
reverse of the Coupon:] 
 Principal Paying Agent: HSBC Bank plc, 8 Canada Square, London E14 5HQ. 

 
  

	5 	 Legend to appear on every Note with a maturity of more than one year. 

  
 Page 119 

 Part E 

Form of Talon 
 [On the face of the
Talon:] 
 INTERCONTINENTAL HOTELS GROUP PLC 

[Title of Notes] 
 unconditionally and
irrevocably guaranteed by 
 SIX CONTINENTS LIMITED 

and 
 INTERCONTINENTAL HOTELS LIMITED 

Talon for further Coupons. 
 On
or after the maturity date of the final Coupon which is (or was at the time of issue) part of the Coupon Sheet to which this Talon is (or was at the time of issue) attached, this Talon may be exchanged at the specified office for the time being of
the principal paying agent shown on the reverse of this Talon (or any successor principal paying agent appointed from time to time in accordance with the terms and conditions (the Conditions) of the Notes to which this Talon relates)
for a further Coupon Sheet (including a further Talon but excluding any Coupons in respect of which claims have already become void pursuant to the Conditions). 

The Note to which this Talon relates may, in certain circumstances specified in the Conditions, fall due for redemption before the maturity
date of such final Coupon. In such event, this Talon shall become void and no Coupon will be delivered in respect hereof. 
 [ANY UNITED
STATES PERSON WHO HOLDS THIS OBLIGATION WILL BE SUBJECT TO LIMITATIONS UNDER THE UNITED STATES INCOME TAX LAWS, INCLUDING THE LIMITATIONS PROVIDED IN SECTIONS 165(j) AND 1287(a) OF THE INTERNAL REVENUE CODE.]6 
 [On the reverse of the Talon:] 

Principal Paying Agent: HSBC Bank plc, 8 Canada Square, London E14 5HQ. 

 
  

	6 	 Legend to appear on every Note with a maturity of more than one year. 

  
 Page 120 

 SCHEDULE 3 

PROVISIONS FOR MEETINGS OF NOTEHOLDERS 
  

	1.	 DEFINITIONS 

In this Trust Deed and the Conditions, the following expressions have the following meanings: 

Block Voting Instruction means, in relation to any Meeting, a document in the English language issued by a Paying Agent: 

 

	(a)	 certifying that the Deposited Notes have been deposited with such Paying Agent (or to its order at a bank or
other depositary) or blocked in an account with a clearing system and will not be released until the earlier of: 

  

	 	(i)	 the conclusion of the Meeting specified in such Block Voting Instruction; and 

 

	 	(ii)	 the surrender to such Paying Agent, not less than 48 hours before the time fixed for the Meeting (or, if the
Meeting has been adjourned, the time fixed for its resumption), of the receipt for the deposited held to its order or under its control or blocked Notes and notification thereof by such Paying Agent to the Issuer and the Trustee; and

  

	(b)	 certifying that the depositor of each Deposited Note or a duly authorised person on its behalf has instructed
the relevant Paying Agent that the votes attributable to such Deposited Note are to be cast in a particular way on each resolution to be put to the Meeting and that, during the period of 48 hours before the time fixed for the Meeting and ending at
the conclusion or adjournment thereof, such instructions may not be amended or revoked; 

  

	(c)	 listing the aggregate nominal amount and (if in definitive form) the certificate numbers of the Deposited
Notes, distinguishing for each resolution between those in respect of which instructions have been given to vote for, or against, the resolution; and 

  

	(d)	 authorising a named individual or individuals to vote in respect of the Deposited Notes in accordance with
such instructions; 

 Chairman means, in relation to any Meeting, the individual who takes the chair in
accordance with paragraph 7 (Chairman); 
 Deposited Notes means certain specified Notes which have been deposited with a
Paying Agent (or to its order at a bank or other depositary) held to its order or under its control or blocked in an account with a clearing system, for the purposes of a Block Voting Instruction or a Voting Certificate; 

  
 Page 121 

 Extraordinary Resolution means a resolution passed at a Meeting duly convened and
held in accordance with this Schedule by a majority of not less than three quarters of the persons voting thereat upon a show of hands or if a poll is duly demanded by a majority consisting of not less than
three-quarters of the votes cast on such poll; 
 Meeting means a meeting of
Noteholders (whether originally convened or resumed following an adjournment); 
 Proxy means, in relation to any Meeting, a
person appointed to vote under a Block Voting Instruction other than: 
  

	(a)	 any such person whose appointment has been revoked and in relation to whom the relevant Paying Agent has been
notified in writing of such revocation by the time which is 48 hours before the time fixed for such Meeting; and 

  

	(b)	 any such person appointed to vote at a Meeting which has been adjourned for want of a quorum and who has not
been re-appointed to vote at the Meeting when it is resumed; 

 Relevant Fraction means: 

 

	(a)	 for all business other than voting on an Extraordinary Resolution, one tenth; 

 

	(b)	 for voting on any Extraordinary Resolution other than one relating to a Reserved Matter, more than half; and

  

	(c)	 for voting on any Extraordinary Resolution relating to a Reserved Matter, not less than three quarters;

 provided, however, that, in the case of a Meeting which has resumed after adjournment for want of a quorum, it
means: 
  

	 	(i)	 for all business other than voting on an Extraordinary Resolution relating to a Reserved Matter, the fraction
of the aggregate principal amount of the outstanding Notes represented or held by the Voters actually present at the Meeting; and 

  

	 	(ii)	 for voting on any Extraordinary Resolution relating to a Reserved Matter, not less than one quarter;

 Reserved Matter means any proposal: 

 

	(a)	 to change any date fixed for payment of principal or interest in respect of the Notes, to reduce the amount of
principal or interest payable on any date in respect of the Notes or to alter the method of calculating the amount of any payment in respect of the Notes on redemption or maturity; 

 

	(b)	 to effect the exchange or substitution of the Notes for, or the conversion of the Notes into, shares, bonds or
other obligations or securities of the Issuer or any other person or body corporate formed or to be formed (other than as permitted under Clause 9.3 of this Trust Deed); 

  
 Page 122 

	(c)	 to change the currency in which amounts due in respect of the Notes are payable; 

 

	(d)	 to change the quorum required at any Meeting or the majority required to pass an Extraordinary Resolution; or

  

	(e)	 to amend this definition; 

Voter means, in relation to any Meeting, the bearer of a Voting Certificate, Proxy or the bearer of a definitive Note who
produces such definitive Note at the Meeting; 
 Voting Certificate means, in relation to any Meeting, a certificate in the
English language issued by a Paying Agent and dated in which it is stated: 
  

	(a)	 that the Deposited Notes have been deposited with such Paying Agent (or to its order or under its control at a
bank or other depositary) or blocked in an account with a clearing system and will not be released until the earlier of: 

  

	 	(i)	 the conclusion of the Meeting; and 

 

	 	(ii)	 the surrender of such certificate to such Paying Agent; and 

 

	(b)	 that the bearer of such certificate is entitled to attend and vote at the Meeting in respect of the Deposited
Notes; 

 Written Resolution means a resolution in writing signed by or on behalf of at least 75 per
cent. of the holders of Notes who for the time being are entitled to receive notice of a Meeting in accordance with the provisions of this Schedule, whether contained in one document or several documents in the same form, each signed by or on behalf
of one or more such holders of the Notes; 
 24 hours means a period of 24 hours including all or part of a day (disregarding
for this purpose the day upon which such Meeting is to be held) upon which banks are open for business in both the place where the relevant Meeting is to be held and in each of the places where the Paying Agents have their Specified Offices and such
period shall be extended by one period or, to the extent necessary, more periods of 24 hours until there is included as aforesaid all or part of a day upon which banks are open for business as aforesaid; and 

48 hours means 2 consecutive periods of 24 hours. 
  

	2.	 ISSUE OF VOTING CERTIFICATES AND
BLOCK VOTING INSTRUCTIONS 

 The holder of a Note may obtain a Voting
Certificate from any Paying Agent or require any Paying Agent to issue a Block Voting Instruction by depositing such Note with such Paying Agent or arranging for such Note to be (to its satisfaction) held to its order or under its control or blocked
in an account with a clearing system not later than 48 hours before the time fixed for the relevant Meeting. A Voting Certificate or Block Voting Instruction shall be valid until the release of the Deposited Notes to which it relates. So long as a
Voting Certificate or Block Voting Instruction is valid, 

  
 Page 123 

 
the bearer thereof (in the case of a Voting Certificate) or any Proxy named therein (in the case of a Block Voting Instruction) shall be deemed to be the holder of the Notes to which it relates
for all purposes in connection with the Meeting. A Voting Certificate and a Block Voting Instruction cannot be outstanding simultaneously in respect of the same Note. 
  

	3.	 REFERENCES TO DEPOSIT/RELEASE OF
NOTES 

 Where Notes are represented by a Global Note or are held in definitive form within a clearing
system, references to the deposit, or release, of Notes shall be construed in accordance with the usual practices (including blocking the relevant account) of such clearing system. 

 

	4.	 VALIDITY OF BLOCK VOTING
INSTRUCTIONS 

 A Block Voting Instruction shall be valid only if deposited at the Specified Office of
the relevant Paying Agent or at some other place approved by the Trustee, at least 24 hours before the time fixed for the relevant Meeting or the Chairman decides otherwise before the Meeting proceeds to business. If the Trustee so requires, a
notarised copy of each Block Voting Instruction and satisfactory proof of the identity of each Proxy named therein shall be produced at the Meeting, but the Trustee shall not be obliged to investigate the validity of any Block Voting Instruction or
the authority of any Proxy. 
  

	5.	 CONVENING OF MEETING 

The Issuer or the Trustee may convene a Meeting at any time, and the Trustee shall be obliged to do so subject to its being indemnified and/or
secured and/or prefunded to its satisfaction upon the request in writing of Noteholders holding not less than one tenth of the aggregate principal amount of the outstanding Notes. Every Meeting shall be held on a date, and at a time and place,
approved by the Trustee. 
  

	6.	 NOTICE 

At least 21 days’ notice (exclusive of the day on which the notice is given and of the day on which the relevant Meeting is to be held)
specifying the date, time and place of the Meeting shall be given to the Noteholders and the Paying Agents (with a copy to the Issuer) where the Meeting is convened by the Trustee or, where the Meeting is convened by the Issuer, the Trustee. The
notice shall set out the full text of any resolutions to be proposed unless the Trustee agrees that the notice shall instead specify the nature of the resolutions without including the full text and shall state that the Notes may be deposited with,
or to the order of, any Paying Agent for the purpose of obtaining Voting Certificates or appointing Proxies not later than 48 hours before the time fixed for the Meeting. A copy of the notice shall be sent by post to the Trustee (unless the meeting
is convened by the Trustee), to the Issuer (unless the meeting is convened by the Issuer) and to each Guarantor (unless the meeting is convened by that Guarantor). 

  
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	7.	 CHAIRMAN 

An individual (who may, but need not, be a Noteholder) nominated in writing by the Trustee may take the chair at any Meeting but, if no such
nomination is made or if the individual nominated is not present within 15 minutes after the time fixed for the Meeting, those present shall elect one of themselves to take the chair failing which, the Issuer may appoint a Chairman. The Chairman of
an adjourned Meeting need not be the same person as was the Chairman of the original Meeting. 
  

	8.	 QUORUM 

The quorum at any Meeting shall be at least two Voters representing or holding not less than the Relevant Fraction of the aggregate principal
amount of the outstanding Notes; provided, however, that, so long as at least the Relevant Fraction of the aggregate principal amount of the outstanding Notes is represented by the Global Note(s), a Voter appointed in relation thereto or
being the holder of the Notes represented thereby shall be deemed to be two Voters for the purpose of forming a quorum. 
  

	9.	 ADJOURNMENT FOR WANT OF QUORUM

 If within 15 minutes (or such longer period not exceeding 30 minutes as the Chairman may decide) after the time
fixed for any Meeting a quorum is not present, then: 
  

	(a)	 in the case of a Meeting requested by Noteholders, it shall be dissolved; and 

 

	(b)	 in the case of any other Meeting (unless the Issuer and the Trustee otherwise agree), it shall be adjourned
for such period (which shall be not less than 14 days and not more than 42 days) and to such place as the Chairman determines (with the approval of the Trustee); provided, however, that: 

 

	 	(i)	 the Meeting shall be dissolved if the Issuer and the Trustee together so decide; and 

 

	 	(ii)	 no Meeting may be adjourned more than once for want of a quorum. 

 

	10.	 ADJOURNED MEETING 

The Chairman may, with the consent of, and shall if directed by, any Meeting adjourn such Meeting from time to time and from place to place,
but no business shall be transacted at any adjourned Meeting except business which might lawfully have been transacted at the Meeting from which the adjournment took place. 
  

	11.	 NOTICE FOLLOWING ADJOURNMENT 

Paragraph 6 (Notice) shall apply to any Meeting which is to be resumed after adjournment for want of a quorum save that: 

 

	(a)	 10 days’ notice (exclusive of the day on which the notice is given and of the day on which the Meeting is
to be resumed) shall be sufficient; and 

  
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	(b)	 the notice shall specifically set out the quorum requirements which will apply when the Meeting resumes.

 It shall not be necessary to give notice of the resumption of a Meeting which has been adjourned for any other reason.

  

	12.	 PARTICIPATION 

The following may attend and speak but not vote at a Meeting: 
  

	(a)	 Voters; 

  

	(b)	 representatives of the Issuer, the Guarantors and the Trustee; 

 

	(c)	 the financial advisers of the Issuer, the Guarantors and the Trustee; 

 

	(d)	 the legal counsel to the Issuer, the Guarantors and the Trustee and such advisers; and 

 

	(e)	 any other person approved by the Meeting or the Trustee. 

 

	13.	 SHOW OF HANDS 

Every question submitted to a Meeting shall be decided in the first instance by a show of hands. Unless a poll is validly demanded before or at
the time that the result is declared, the Chairman’s declaration that on a show of hands a resolution has been passed, passed by a particular majority, rejected or rejected by a particular majority shall be conclusive, without proof of the
number of votes cast for, or against, the resolution. Where there is only one Voter, this paragraph shall not apply and the resolution will immediately be decided by means of a poll. 

 

	14.	 POLL 

A demand for a poll shall be valid if it is made by the Chairman, the Issuer, any Guarantor, the Trustee or one or more Voters representing or
holding not less than one fiftieth of the aggregate principal amount of the outstanding Notes. The poll may be taken immediately or after such adjournment as the Chairman directs, but any poll demanded on the election of the Chairman or on any
question of adjournment shall be taken at the Meeting without adjournment. A valid demand for a poll shall not prevent the continuation of the relevant Meeting for any other business as the Chairman directs. 

 

	15.	 VOTES 

Every Voter shall have: 
  

	(a)	 on a show of hands, one vote; and 

 

	(b)	 on a poll, the number of votes obtained by dividing the aggregate principal amount of the outstanding Note(s)
represented or held by him by the unit of currency in which the Notes are denominated. 

  
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 In the case of a voting tie the Chairman shall have a casting vote. 

Unless the terms of any Block Voting Instruction state otherwise, a Voter shall not be obliged to exercise all the votes to which he is
entitled or to cast all the votes which he exercises in the same way. 
 In the case of any Meeting of holders of more than one Series of
Notes where not all such Series are in the same currency, the principal amount of such Notes shall for all purposes in this Schedule 3 (whether inter alia in respect of the Meeting or any poll resulting therefrom), be the equivalent in pounds
sterling translated at the spot rate of a bank nominated by the Trustee for the sale of the relevant currency or currencies for pounds sterling on the seventh dealing day prior to such Meeting, or in the case of a written request pursuant to
paragraph 5, the date of such request. In such circumstances, on any poll each person present shall have one vote for each Unit of Notes (converted as above) which he holds. 

In this paragraph, a “Unit” means the lowest denomination of the Notes as stated in the Applicable Supplement or in
the case of a meeting of Noteholders of more than one Series, shall be the lowest common denominator of the lowest denomination of the Notes. 
  

	16.	 VALIDITY OF VOTES BY PROXIES

 Any vote by a Proxy in accordance with the relevant Block Voting Instruction shall be valid even if such Block
Voting Instruction or any instruction pursuant to which it was given has been amended or revoked, provided that neither the Issuer, the Trustee nor the Chairman has been notified in writing of such amendment or revocation by the time which is
24 hours before the time fixed for the relevant Meeting. Unless revoked, any appointment of a Proxy under a Block Voting Instruction in relation to a Meeting shall remain in force in relation to any resumption of such Meeting following an
adjournment; provided, however, that no such appointment of a Proxy in relation to a Meeting originally convened which has been adjourned for want of a quorum shall remain in force in relation to such Meeting when it is resumed. Any person
appointed to vote at such a Meeting must be re-appointed under a Block Voting Instruction to vote at the Meeting when it is resumed. 
  

	17.	 POWERS 

A Meeting shall have power (exercisable only by Extraordinary Resolution), without prejudice to any other powers conferred on it or any other
person: 
  

	(a)	 to approve any Reserved Matter; 

 

	(b)	 to approve any proposal by the Issuer for any modification, abrogation, variation or compromise of any
provisions of this Trust Deed or the Conditions or any arrangement in respect of the obligations of the Issuer or any Guarantor under or in respect of the Notes; 

 

	(c)	 (other than as permitted under Clause 9.3 of this Trust Deed) to approve the substitution of any person for
the Issuer (or any previous substitute) as principal obligor under the Notes or the substitution of any person for any Guarantor (or any previous substitute) as guarantor under the Notes; 

  
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	(d)	 (other than as permitted under Clause 9.3 of this Trust Deed) to waive any breach or authorise any proposed
breach by the Issuer or any Guarantor of its obligations under or in respect of this Trust Deed or the Notes or any act or omission which might otherwise constitute an Event of Default under the Notes; 

 

	(e)	 to remove any Trustee; 

 

	(f)	 to approve the appointment of a new Trustee; 

 

	(g)	 to authorise the Trustee (subject to its being indemnified and/or secured to its satisfaction) or any other
person to execute all documents and do all things necessary to give effect to any Extraordinary Resolution; 

  

	(h)	 to discharge or exonerate the Trustee from any liability in respect of any act or omission for which it may
become responsible under this Trust Deed or the Notes; 

  

	(i)	 to give any other authorisation or approval which under this Trust Deed or the Notes is required to be given
by Extraordinary Resolution; 

  

	(j)	 to appoint any persons as a committee to represent the interests of the Noteholders and to confer upon such
committee any powers which the Noteholders could themselves exercise by Extraordinary Resolution; 

  

	(k)	 to sanction any scheme or proposal for the exchange or sale of the Notes for or the conversion of the Notes
into or the cancellation of the Notes in consideration of shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities of the Issuer or any other company formed or to be formed, or for or into or in
consideration of cash, or partly for or into or in consideration of such shares, stock, notes, bonds, debentures, debenture stock and/or other obligations and/or securities as aforesaid and partly for or into or in consideration of cash; and

  

	(l)	 to approve the substitution of any entity for the Issuer and/or a Guarantor (or any previous substitute) as
principal debtor and/or guarantor, as the case may be, under this Trust Deed and the Notes and Coupons. 

  

	18.	 EXTRAORDINARY RESOLUTION BINDS ALL
HOLDERS 

 An Extraordinary Resolution shall be binding upon all Noteholders and Couponholders, whether
or not present at such Meeting, and each of the Noteholders shall be bound to give effect to it accordingly. Notice of the result of every vote on an Extraordinary Resolution shall be given to the Noteholders and the Paying Agents (with a copy to
the Issuer and the Trustee) within 14 days of the conclusion of the Meeting. 

  
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	19.	 MINUTES 

Minutes of all resolutions and proceedings at each Meeting shall be made. The Chairman shall sign the minutes, which shall be prima facie
evidence of the proceedings recorded therein. Unless and until the contrary is proved, every such Meeting in respect of the proceedings of which minutes have been summarised and signed shall be deemed to have been duly convened and held and all
resolutions passed or proceedings transacted at it to have been duly passed and transacted. 
  

	20.	 WRITTEN RESOLUTION 

A Written Resolution shall take effect as if it were an Extraordinary Resolution. 
  

	21.	 FURTHER REGULATIONS 

Subject to all other provisions contained in this Trust Deed, the Trustee may without the consent of the Issuer or the Noteholders prescribe
such further regulations regarding the holding of Meetings of Noteholders and attendance and voting at them as the Trustee may in its sole discretion determine. 
  

	22.	 SEVERAL SERIES 

The following provisions shall apply where outstanding Notes belong to more than one Series: 

 

	(a)	 Business which in the opinion of the Trustee affects the Notes of only one Series shall be transacted at a
separate Meeting of the holders of the Notes of that Series. 

  

	(b)	 Business which in the opinion of the Trustee affects the Notes of more than one Series but does not give rise
to an actual or potential conflict of interest between the holder of Notes or one such Series and the holders of Notes of any other such Series shall be transacted either at separate Meetings of the holders of the Notes of each such Series or at a
single Meeting of the holders of the Notes of all such Series, as the Trustee shall in its absolute discretion determine. 

  

	(c)	 Business which in the opinion of the Trustee affects the Notes of more than one Series and gives rise to an
actual or potential conflict of interest between the holders of Notes of one such Series and the holders of Notes of any other such Series shall be transacted at separate Meetings of the holders of the Notes of each such Series.

  

	(d)	 The preceding paragraphs of this Schedule shall be applied as if references to the Notes and Noteholders were
to the Notes of the relevant Series and to the holders of such Notes. 

  

	(e)	 In this paragraph, “business” includes (without limitation) the passing or rejection
of any resolution. 

  
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 TRUST DEED 

EXECUTION CLAUSES 
 The Issuer

  

							
	EXECUTED and DELIVERED as a DEED by	 	)
		 		 	)
	as attorney for	 		 	)
	INTERCONTINENTAL HOTELS GROUP PLC	 	)
		 		 	
				
	Witness:	 		 	Signature:	 	
				
		 		 	Name:	 	
		 		 		 	
	The Guarantors	 		 	
		 		 		 	
	EXECUTED and DELIVERED as a DEED by	 	)
	INTERCONTINENTAL HOTELS LIMITED	 	)
	a company incorporated in England and Wales acting by	 	)
		 	
		 	)
	a director of the Company	 	)
		 	
	Witness:	 		 	Signature:	 	
				
		 		 	Name:	 	
		 		 		 	
	EXECUTED and DELIVERED as a DEED by	 	)
	SIX CONTINENTS LIMITED	 	)
	a company incorporated in England and Wales acting by	 	)
		 	
		 	)
	a director of the Company	 	)
		 	
	Witness:	 		 	Signature:	 	
				
		 		 	Name:	 	

 The Trustee 
  

							
	EXECUTED as a DEED by	 	)
	as attorney for	 	)
	HSBC CORPORATE TRUSTEE	 	)
	COMPANY (UK) LIMITED	 	)
		 	
	Witness:	 	Signature:	 	
			
		 	Name:

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