Document:

Amended and Restated Note Purchase Agreement, dated 13 March 2009

 Exhibit 4.15 
 CONFORMED COPY 
  
  
  
 SIGNET GROUP plc 
 5.95% Senior Notes, Series A, due 2013 
 6.11%
Senior Notes, Series B, due 2016 
 6.26% Senior Notes, Series C, due 2018 
 SECOND SUPPLEMENTAL AGREEMENT 
 Dated as of March 13, 2009 
 amending the 
 NOTE PURCHASE AGREEMENT 

 Dated as of March 30, 2006 
  
  
  

 SIGNET GROUP plc 
 15 Golden Square 
 London W1F 9JG 
 SECOND SUPPLEMENTAL AGREEMENT 
 As of March 13, 2009 
 Re:   5.95% Senior Notes, Series A, due 2013 
         6.11% Senior Notes, Series B, due 2016 
         6.26% Senior Notes, Series C, due 2018 
  

	TO	THE SEVERAL NOTEHOLDERS 

	  	WHOSE NAMES APPEAR IN THE ACCEPTANCE 

	  	FORM AT THE END HEREOF 

 Ladies and Gentlemen: 
 SIGNET GROUP plc, a public limited company incorporated under the laws of England and Wales (Registered No. 00477692) (the
“Company”) agrees with you as follows: 
 SECTION 1. Original Note Agreement and the Notes; Background; Proposed
Amendments. Pursuant to the Note Purchase Agreement (the “Note Purchase Agreement”), dated as of March 30, 2006, entered into by the Company with the institutional investors named in Schedule A thereto, as amended by that
certain First Supplemental Agreement (the “First Supplemental Agreement”), dated as of May 16, 2008 (the Note Purchase Agreement as so amended, the “Original Note Agreement”), the Company issued and sold
$380,000,000 aggregate principal amount of senior notes in three series, of which $100,000,000 aggregate principal amount were its 5.95% Senior Notes, Series A, due 2013 (the “Series A Notes”), $150,000,000 aggregate principal
amount were its 6.11% Senior Notes, Series B, due 2016 (the “Series B Notes”), and $130,000,000 aggregate principal amount were its 6.26% Senior Notes, Series C, due 2018 (the “Series C Notes” and, together with the
Series A Notes and the Series B Notes, the “Notes”), all of which Notes remain outstanding on the date hereof. Unless the context otherwise requires, capitalized terms used herein without definition have the respective meanings
ascribed thereto in the Original Note Agreement. 
 The Company proposes to amend the Original Note Agreement as hereinafter set forth (the
Original Note Agreement as so amended is sometimes called the “Amended Note Agreement”) pursuant to and in accordance with Section 18 thereof. 
 SECTION 2. Representations and Warranties of the Company. To induce holders of the Notes to enter into this Supplemental Agreement, the Company warrants and represents on and as of the Amendment Effective Date
(as defined below) as follows (it being agreed, 

 however, that nothing in this Section 2 shall affect any of the warranties and representations previously made by
the Company in or pursuant to the Original Note Agreement (including, for the avoidance of doubt, the warranties and representations made by the Company in or pursuant to the First Supplemental Agreement), and that all of such other warranties and
representations, as well as the warranties and representations in this Section 2, shall survive the effectiveness of this Supplemental Agreement): 
 Section 2.1 Organization, Authorization, Subsidiaries, etc. The Company is a public limited company duly incorporated and validly existing under the laws of England and Wales and is duly qualified as a
foreign corporation and, where legally applicable, is in good standing and authorized to do business in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in
good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease,
to transact the business it transacts and proposes to transact, to execute and deliver this Supplemental Agreement and to perform its obligations under this Supplemental Agreement and the Amended Note Agreement. For purposes of this Section a
corporation is a “foreign corporation” in any jurisdiction in which it transacts business other than its jurisdiction of incorporation. 
 The execution and delivery of this Supplemental Agreement and the performance of this Supplemental Agreement and the Amended Note Agreement have been duly authorized by all necessary corporate action on the part of the Company. This
Supplemental Agreement and the Amended Note Agreement are legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, except as enforceability may be limited by (a) applicable
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights and remedies generally, (b) general principles of equity, including principles of commercial
reasonableness, good faith and fair dealing (regardless of whether such enforceability is considered in a proceeding in equity or at law) and (c) the time-barring of claims. 
 Schedule 2.1 is (except as noted therein) a complete and correct list of (x) Parent Newco, the Company and their respective Subsidiaries,
showing, as to each such Person, the correct name thereof, the jurisdiction of its organization, whether it is a Material Subsidiary and, in the case of each such Person other than Parent Newco, the percentage of shares of each class of its share
capital or similar equity interests outstanding owned by Parent Newco, the Company and each other Subsidiary, (y) the Affiliates of Parent Newco and the Company, other than Subsidiaries, and (z) the directors and senior officers of Parent
Newco and the Company. All of the outstanding share capital or similar equity interests of each Person shown in Schedule 2.1 as being owned by Parent Newco, the Company or their respective Subsidiaries have been validly issued, are fully paid
and nonassessable and are owned by Parent Newco, the Company or a Subsidiary of the Company free and clear of any Lien (except as otherwise disclosed in Schedule 2.1). 
 Each of Parent Newco and the Subsidiaries of Parent Newco and the Company identified in Schedule 2.1 is a corporation or other legal entity duly
organized, validly existing 
  

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 and, where legally applicable, in good standing under the laws of its jurisdiction of organization, and is duly qualified
as a foreign corporation or other legal entity and, where legally applicable, in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good
standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each of Parent Newco and the Subsidiaries of Parent Newco and the Company identified in Schedule 2.1 as a Subsidiary Guarantor has
the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact and to perform its obligations under the Amended Note
Agreement and its Accession Agreement and Newco Guarantee, each as confirmed as provided below, in the case of Parent Newco, or its Subsidiary Guarantee, as confirmed as provided below, in the case of each Subsidiary Guarantor. 
 No entity is a guarantor or borrower under the Existing Bank Credit Facility other than the Company, Parent Newco and the Persons identified as
Subsidiary Guarantors in Schedule 2.1. No Material Subsidiary is a party, or otherwise subject to any legal, regulatory, contractual or other restriction (other than the Notes, as amended by this Supplemental Agreement, the Existing Bank
Credit Facility, and customary limitations imposed by corporate or bankruptcy laws or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or
any of its Material Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 
 Section 2.2. Compliance with Laws, Other Instruments, etc. The execution, delivery and performance by the Company of this Supplemental Agreement, the Amended Note Agreement and the Replacement Notes (defined below), if any, by
Parent Newco of its Accession Agreement and Newco Guarantee, each as confirmed as provided below, and by the Subsidiary Guarantors of their respective Subsidiary Guarantees, as confirmed as provided below, do not and will not (a) contravene,
result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Company, Parent Newco or any of their respective Subsidiaries under, any indenture, mortgage, deed of trust, loan,
purchase or credit agreement, lease, corporate charter, memorandum and articles of association, regulations or by-laws, or any other agreement or instrument to which the Company, Parent Newco or any such Subsidiary is bound or by which the Company,
Parent Newco or any such Subsidiary or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court,
arbitrator or Governmental Authority applicable to the Company, Parent Newco or any such Subsidiary or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company, Parent Newco or
any such Subsidiary. 
 Section 2.3. Governmental Authorizations, etc. No consent, approval or authorization of, or registration,
filing or declaration with, any Governmental Authority is required for the validity of the execution, delivery or performance by (a) the Company of this Supplemental Agreement or the Amended Note Agreement, (b) Parent Newco of its
Accession Agreement and Newco Guarantee, each as confirmed as provided below, or (c) the Subsidiary Guarantors 
  

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 of their respective Subsidiary Guarantees, as confirmed as provided below. It is not necessary to ensure the legality,
validity, enforceability or admissibility into evidence in England of this Supplemental Agreement, the Amended Note Agreement, the Accession Agreement, as confirmed as provided below, or the Newco Guarantee or the Subsidiary Guarantees, each as
confirmed as provided below, that any thereof or any other document be filed, recorded or enrolled with any Governmental Authority, or that any such agreement or document be stamped with any stamp, registration or similar transaction tax.

 Section 2.4. No Default, etc. No Event of Default or Default has occurred and is continuing, and neither the Company, Parent
Newco nor any of their respective Subsidiaries is in default (whether or not waived) in the performance or observance of any of the terms, covenants or conditions contained in any instrument evidencing any Financial Indebtedness and there is no
pending request by the Company (except pursuant to this Supplemental Agreement and as set forth on Schedule 2.4), Parent Newco or any of their respective Subsidiaries for any amendment or waiver in respect of any contemplated or possible
default with respect to such Financial Indebtedness and no event has occurred and is continuing which, with notice or lapse of time or both, would become such a default. 
 Section 2.5. Litigation; Observance of Agreements, Statutes and Orders. There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against or
affecting the Company, Parent Newco or any of their respective Subsidiaries or any property of the Company, Parent Newco or any of their respective Subsidiaries in any court or before any arbitrator of any kind or before or by any Governmental
Authority that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. Neither the Company, Parent Newco nor any of their respective Subsidiaries is in default under any order, judgment, decree or ruling of
any court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including without limitation Environmental Laws or the USA Patriot Act) of any Governmental Authority, which default or
violation, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 Section 2.6. No
Undisclosed Fees. Neither the Company, Parent Newco nor any of their respective Subsidiaries has, directly or indirectly, paid or caused to be paid any consideration (as supplemental or additional interest, a fee or otherwise) to any Noteholder
or any holder (in its capacity as holder) of other Financial Indebtedness in order to induce such holder to enter into this Supplemental Agreement or take any other action in connection with the transactions contemplated hereby, nor has the Company
agreed to make any such payment, except as contemplated by this Supplemental Agreement or set forth on Schedule 2.6. 
 Section 2.7. Taxes. The Company, Parent Newco and their respective Subsidiaries have, to the best of the Company’s knowledge, filed all tax returns that are required to have been filed in any jurisdiction, and have paid all
taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have
become delinquent, except for any taxes and assessments (a) the amount of which is not individually or in the aggregate Material or (b) the amount, applicability or 
  

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 validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the
Company, Parent Newco or the applicable Subsidiaries, as the case may be, have established adequate reserves in accordance with GAAP. The Company knows of no basis for any other tax or assessment that could reasonably be expected to have a Material
Adverse Effect. The charges, accruals and reserves on the books of the Company, Parent Newco and their respective Subsidiaries in respect of Federal, state or other taxes for all fiscal periods are adequate. 
 No liability for any Tax, directly or indirectly, imposed, assessed, levied or collected by or for the account of any Governmental Authority of the
United States or the United Kingdom, or any political subdivision of either thereof, will be incurred by the Company, Parent Newco, any of their respective Subsidiaries or any Noteholder as a result of the execution or delivery of this Supplemental
Agreement except for any taxes imposed, assessed, levied or collected by or for the account of any such Governmental Authority arising out of circumstances described in clause (a), (b) or (c) of Section 13 of the Original Note
Agreement (other than, as regards the Noteholders, taxes on profits applicable to a Noteholder generally). 
 Section 2.8. Existing
Financial Indebtedness; Future Liens. Schedule 2.8 sets forth a complete and correct list of each item of Financial Indebtedness of the Company, Parent Newco and their respective Subsidiaries outstanding as of January 31, 2009
(including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and any Guaranty thereof), or providing for lending commitments in each case in a principal amount in excess of $5,000,000 (or its
equivalent in the relevant currency of payment) as of January 31, 2009. Since that date, there has been no material change in monetary terms of any such item of Financial Indebtedness. 
 Except as disclosed in Schedule 2.8, neither the Company, Parent Newco nor any of their respective Subsidiaries has agreed or consented to cause
or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.3 of the Amended Note Agreement. Neither the Company,
Parent Newco nor any of their respective Subsidiaries is a party to, or otherwise subject to any provision contained in, any instrument evidencing Financial Indebtedness of the Company, Parent Newco or such Subsidiary, any agreement relating thereto
or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring or guaranteeing of, Financial Indebtedness of the Company, except as
specifically indicated in Schedule 2.8. 
 For the avoidance of doubt, the Noteholders acknowledge that with effect from the Amendment
Effective Date any Default or Event of Default arising under or in respect of Section 10.3 of the Original Note Agreement which might have arisen and/or be subsisting by reason of the creation of Liens by the Group in respect of liabilities or
obligations which do not constitute Financial Indebtedness (but which Liens would have been permitted to be created and to subsist under Section 10.3(g) of the Original Note Agreement had such liabilities or obligations constituted Financial
Indebtedness) is waived. 
  

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 Section 2.9. Disclosure. None of (a) the financial statements and other certificates
previously provided to the Noteholders pursuant to the provisions of the Original Note Agreement, (b) the contents of the documents listed on Schedule 2.9 and (c) the statements made in this Supplemental Agreement nor any other
written statements contained in the documents listed on Schedule 2.9 and furnished by or on behalf of the Company to the Noteholders in connection with the transactions contemplated hereby and the negotiation of this Supplemental Agreement,
taken as a whole, contained at the date provided or, as applicable, at the date such information is or was dated to apply, any untrue statement of a Material fact or omitted a Material fact necessary to make the statements contained therein and
herein not misleading in light of the circumstances in which they were made; provided that with respect to the contents of documents furnished to the Noteholders by or on behalf of the Company for use in connection with the transactions and
amendments contemplated by this Supplemental Agreement, the Company represents only that such information was based upon good faith estimates and assumptions believed by management of the Company to be reasonable at the time made, it being
recognized by the Noteholders that the information and assumptions in such information, as they relate to future events, are not to be viewed as facts and that actual results during the period or periods covered by such information may differ from
the projected results set forth in such information by a Material amount. Other than matters disclosed in (i) the contents of the documents listed on Schedule 2.9, (ii) the documents delivered to the holders of the Notes since
February 2, 2008 pursuant to the Original Note Agreement and (iii) all public announcements made by the Group since February 2, 2008 (including the public announcement of the results for the financial year ended January 31,
2009), there is no fact relating to any event or circumstance (including, without limitation, any change in the financial condition, operations, business or properties of the Company, Parent Newco or any of their respective Subsidiaries) that has
occurred or arisen since February 2, 2008 that, individually or in the aggregate, has had, or could reasonably be expected to have, a Material Adverse Effect. The Company, Parent Newco and their respective Subsidiaries do not have any Material
liabilities that were not disclosed in the most recent financial statements delivered to the Noteholders pursuant to Section 7.1(b) of the Original Note Agreement. 
 Section 2.10. Title to Property; Leases. The Company, Parent Newco and their respective Subsidiaries have good and sufficient title to their respective material properties, including all such properties
reflected in the most recent audited balance sheet referred to in Section 2.9 or purported to have been acquired by the Company, Parent Newco or any of their respective Subsidiaries after said date (except as sold or otherwise disposed of in
the ordinary course of business), in each case free and clear of Liens prohibited by the Amended Note Agreement. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material
respects. 
 Section 2.11. Licenses, Permits, etc. 
 (a) The Company, Parent Newco and their respective Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names,
or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others. 
  

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 (b) To the best knowledge of the Company, no product of the Company, Parent Newco or any of their
respective Subsidiaries infringes in any material respect any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person. 
 (c) To the best knowledge of the Company, there is no Material violation by any Person of any right of the Company, Parent Newco or any of their
respective Subsidiaries with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company, Parent Newco or any of their respective Subsidiaries. 
 Section 2.12. Compliance with ERISA; Non-U.S. Plans. 
 (a) The Company, Parent Newco and each ERISA Affiliate have operated and administered each Plan (other than a Multiemployer Plan) in compliance with all applicable laws except for such instances of noncompliance as
have not resulted in and could not reasonably be expected to result in a Material Adverse Effect. Neither the Company, Parent Newco nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax
provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that could reasonably be expected to result in the incurrence of any such liability by the
Company, Parent Newco or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company, Parent Newco or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or
excise tax provisions or to section 401(a)(29) or 412 of the Code, in each case, other than such liabilities or Liens as would not be individually or in the aggregate Material. 
 (b) The present value of the aggregate benefit liabilities under each of the Pension Plans (other than Multiemployer Plans), determined as of the end of
such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan
allocable to such benefit liabilities by more than $10,000,000 in the case of any single Plan and by more than $20,000,000 in the aggregate for all Plans. The present value of the accrued benefit liabilities (whether or not vested) under each
Non-U.S. Plan that is funded, determined as of the end of the most recently ended financial year of the Company or Parent Newco, as applicable, on the basis of reasonable actuarial assumptions used by such Non-U.S. Plan, did not exceed the current
value of the assets of such Non-U.S. Plan allocable to such benefit liabilities by more than £20,000,000 (net of deferred tax). In relation to a Pension Plan, the term “benefit liabilities” has the meaning specified in section 4001
of ERISA and the terms “current value” and “present value” have the meaning specified in section 3 of ERISA. In relation to a Non-U.S. Plan in the United Kingdom, the terms “benefit liabilities” and “assets”
mean the respective liabilities and assets of such Plan calculated in accordance with the requirements of FAS 158, FAS 87 and FAS 132(R) and related standards, as adopted for the purposes of the accounts of each of the Company and
Parent Newco for their most recently ended financial years. 
  

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 (c) The Company, Parent Newco and their ERISA Affiliates have not incurred (i) unsatisfied
withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material or (ii) any unsatisfied obligation in
connection with the termination of or withdrawal from any Non-U.S. Plan. 
 (d) The expected postretirement benefit obligation with respect
to any Plan (determined as of the last day of the Company’s most recently ended financial year in accordance with Financial Accounting Standards Board Statement No. 106, without regard to liabilities attributable to continuation coverage
mandated by section 4980B of the Code or similar state laws) of Parent Newco, the Company and their respective Subsidiaries is not Material. 
 (e) All Non-U.S. Plans have been established, operated, administered and maintained in compliance with all laws, regulations and orders applicable thereto, except where failure so to comply could not be reasonably expected to have a
Material Adverse Effect. All premiums, contributions and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by the Company, Parent Newco and their respective Subsidiaries have been paid or
accrued as required, except where failure so to pay or accrue could not be reasonably expected to have a Material Adverse Effect. 
 Section 2.13. Foreign Assets Control Regulations and Status under Certain Statutes. 
 (a) Neither the Company, Parent
Newco nor any of their respective Subsidiaries (i) is a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti Terrorism Order or
(ii) knowingly engages in any dealings or transactions with any such Person. The Company, Parent Newco and their respective Subsidiaries are in compliance, in all material respects, with the USA Patriot Act. 
 (b) Neither the Company, Parent Newco nor any of their respective Subsidiaries is subject to regulation under the Investment Company Act of 1940, as
amended, or the Federal Power Act, as amended. 
 Section 2.14. Environmental Matters. 
 (a) Neither the Company, Parent Newco nor any of their respective Subsidiaries has knowledge of any claim or has received any notice of any claim, and no
proceeding has been instituted raising any claim against the Company, Parent Newco or any of their respective Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging
any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 
 (b) Neither the Company, Parent Newco nor any of their respective Subsidiaries has knowledge of any facts which would give rise to any claim, public or
private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each
case, such as could not reasonably be expected to result in a Material Adverse Effect. 
  

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 (c) Neither the Company, Parent Newco nor any of their respective Subsidiaries has stored any Hazardous
Materials on real properties now or formerly owned, leased or operated by any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that could reasonably be expected to
result in a Material Adverse Effect. 
 (d) All buildings on all real properties now owned, leased or operated by the Company, Parent Newco
or any of their respective Subsidiaries are in compliance with applicable Environmental Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3. Representation of the Noteholder. You represent to the Company that you are the beneficial owner of Notes of the series and in the
aggregate unpaid principal amount or amounts set forth opposite your name in the acceptance form of this Supplemental Agreement. 
 SECTION
4. Amendments of Original Note Agreement. As of the Amendment Effective Date, hereafter defined: 
 (a) Section 1 of the Original
Note Agreement is hereby amended by adding the following at the end thereof: 
 “1.3. Interest Rate Increases. 
 (a) Immediate Increase. On and after the Amendment Effective Date, (i) the Series A Notes shall bear interest at a rate per
annum equal to 7.95%, (ii) the Series B Notes shall bear interest at a rate per annum equal to 8.11% and (iii) the Series C Notes shall bear interest at a rate per annum equal to 8.26%. 
 (b) Change in Reserve Requirement. 
 (i) If on any date (the “Increased Reserve Trigger Date”) under applicable insurance regulations any holder of Notes would be required to post reserves (the “Reserve Requirement”) in
respect of a Note greater than the Reserve Requirement in effect on January 1, 2009 (the “Existing Reserve Requirement”) and the increase in the Reserve Requirement is not (x) the result of changes of general application
imposed by the applicable insurance regulators or (y) the result of changes specifically applicable to such holder of Notes except as a result of the financial condition or performance of Parent Newco or the Company (the “Increased
Reserve Requirement”), then from and including such date to and until the Applicable Rate Reset Date, if any, and regardless of whether the applicable Increased Reserve Requirement applies to all holders of the Notes, the then applicable
rate of interest on the Notes shall be increased by 1.00% per annum (the “Reserve Rate Increase”); provided that the Company shall not be obligated to pay the Reserve Rate Increase accrued on the Notes for any period longer
than 90 days prior to the date it receives 
  

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 notice (whether from a holder of Notes or otherwise) of an Increased Reserve Requirement. For the
avoidance of doubt, the Reserve Rate Increase shall not at any time exceed 1.00%. The Reserve Rate Increase shall be in addition to (1) the rate of interest then applicable to the Notes pursuant to Section 1.3(a), (2) the Deficiency
Rate Increase, if any, then applicable to the Notes pursuant to Section 1.3(c) and (3) the 2.00% per annum increase contemplated in clause (i) of the definition of “Default Rate” if then applicable to the Notes. Further
for the avoidance of doubt, if an Applicable Rate Reset Date has occurred and thereafter an Increased Reserve Requirement occurs, the Reserve Rate Increase shall again be effective as provided in this Section. 
 (ii) Each holder of Notes shall use reasonable efforts to notify the Company of any increase or decrease in the Reserve Requirement
applicable to such holder. 
 (iii) The Company shall use reasonable efforts to promptly notify (the “Notice of
Reserve Adjustment”) each holder of Notes in writing if it shall have received notice (whether from a holder of Notes or otherwise) of any increase or decrease in the Reserve Requirement or if an Applicable Rate Reset Date has occurred,
which Notice of Reserve Adjustment shall specify the Increased Reserve Trigger Date or such Applicable Rate Reset Date, as the case may be. 
 As used in this Section 1.3(b): 
 “Applicable Rate Reset Date” means the earlier of
(a) the first date on which, under applicable insurance regulations, the Reserve Requirement applicable to each holder of Notes which is an insurance company is again equal to, or less than, the Existing Reserve Requirement or the corresponding
insurance regulation equivalent to the Existing Reserve Requirement where such requirements have been amended, varied or replaced after the date of this Agreement and (b) the date on which the Company obtains an Investment Grade Rating,
provided that the Company furnishes a copy of the applicable ratings letter to the holders of the Notes together with the Notice of Reserve Adjustment. 
 “Investment Grade Rating” means a rating assigned to each series of Notes then outstanding by at least one Nationally Recognized Rating Agency of (a) in the case of Moody’s, “Baa3”
or better, (b) in the case of S&P, “BBB-” or better, (c) in the case of DBRS, “BBB (low)” or better, or (d) in the case of Fitch, “BBB-” or better; provided, that (i) if there are two different
rating levels applicable to a series of outstanding Notes, the lower rating level shall be determinative and (ii) if there are more than two rating levels applicable to a series of outstanding Notes, and two or more of such rating levels are
not an Investment Grade Rating, for purposes of this definition, the Company shall not have an Investment Grade Rating. For the avoidance of doubt, an Investment Grade Rating shall be evidenced by a ratings letter from the applicable Nationally
Recognized Rating Agency assigning the required rating to the Notes and stating that such rating is one that will be monitored by the applicable Nationally Recognized Rating Agency and reviewed no less frequently than annually. 
  

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 “Nationally Recognized Rating Agency” means Moody’s Investors
Service, Inc., (“Moody’s”), Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, Inc. (“S&P”), DBRS Limited (“DBRS”) or Fitch/BCA Duff & Phelps
Ltd (“Fitch”). 
 (c) Fixed Charge Coverage Deficiency. If at any time or from time to time on or
after the Amendment Effective Date to and including the last day of the Adjustment Period, the Fixed Charge Coverage Ratio for any Relevant Period is less than 1.60 to 1.00 (the “Fixed Charge Coverage Deficiency”), based on the most
recent financial statements furnished pursuant to Section 7.1(a) or Section 7.1(b), as the case may be, then from and including the last day of such Relevant Period to and until the last day of the first Relevant Period with respect to
which the Fixed Charge Coverage Ratio is at least 1.60 to 1.00, based on the most recent financial statements furnished pursuant to Section 7.1(a) or Section 7.1(b), as the case may be, or, if earlier, the last day of the Adjustment Period
(the “Deficiency Period”), the then applicable rate of interest on the Notes shall be increased by 1.00% per annum (the “Deficiency Rate Increase”). For the avoidance of doubt, the Deficiency Rate Increase
shall not at any time during the Deficiency Period exceed 1.00%. The Deficiency Rate Increase shall be in addition to (i) the rate of interest then applicable to the Notes pursuant to Section 1.3(a), (ii) the Reserve Rate Increase, if
any, then applicable to the Notes pursuant to Section 1.3(b) and (iii) the 2.00% per annum increase contemplated in clause (i) of the definition of “Default Rate” if then applicable to the Notes. 
 The Company shall give notice (the “Notice of Deficiency Rate Increase”) to each holder of Notes in writing of the Fixed
Charge Coverage Deficiency and the effective date of the Deficiency Rate Increase together with (i) the financial statements furnished pursuant to, and within the time required by, Section 7.1(a) or Section 7.1(b), as the case may be,
and (ii) the related certificate of compliance furnished pursuant to Section 7.2(a). If the Company fails to deliver the applicable financial statements or the compliance certificate as and when required by this Section 1.3(c), then a
Fixed Charge Coverage Deficiency shall be deemed to have occurred in respect of the Relevant Period for which such financial statements or compliance certificate shall not have been furnished and the related Deficiency Rate Increase shall become
effective at the time and for the period provided in the first paragraph of this Section 1.3(c). 
 (d) Make-Whole
Calculations. In the case of any prepayment of a Note after the Amendment Effective Date where the Make-Whole Amount or Modified Make-Whole Amount, as the case may be, is applicable to such prepayment pursuant to the terms of this Agreement,
such Make-Whole Amount or Modified Make-Whole Amount, as the case may be, shall be calculated without regard to any increase in interest rate on such Note that may have become applicable to such Note by operation of paragraphs (a) through
(c) of this Section 1.3. 
  

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 (e) Additional Interest Payments. Additional interest determined to be payable on
the Notes in accordance with either Section 1.3(b) or Section 1.3(c) in respect of any period for which the regular semiannual interest payment has previously been made by the Company on the assumption that no such additional interest was
due under such Sections shall be payable within 10 days after the giving of the applicable Notice of Reserve Adjustment or Notice of Deficiency Rate Increase, as the case may be, setting forth such determination without affecting the obligation of
the Company in respect of subsequent regular semiannual interest payments on the Notes, and the Company shall give the holders of the Notes at least five days’ prior written notice of such payment.” 
 (b) Section 7.1(a) of the Original Note Agreement is hereby amended to read in its entirety as follows: 
 “(a) Interim Statements – promptly after the same are available and in any event within 45 days after the end of
each of the first three Relevant Periods in each financial year of Parent Newco, duplicate copies of 
 (i) a consolidated
balance sheet of Parent Newco and its Subsidiaries as at the end of such period, 
 (ii) consolidated statements of income,
changes in shareholders’ equity and cash flows of Parent Newco and its Subsidiaries for such period, and 
 (iii) a
Credit Portfolio Statistics Report, 
 as of the last day of such Relevant Period and setting forth in each case in comparative form the
figures for the corresponding period in the previous financial year, all in reasonable detail, prepared (in the case of the financial statements) in accordance with GAAP applicable to quarterly reports and to financial statements generally and
certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments,
provided that delivery to such holder of Notes within the time period specified above of a copy of Parent Newco’s Quarterly Report on Form 10-Q prepared in compliance with the requirements therefor and filed with the Securities and Exchange
Commission shall be deemed to satisfy the requirements of this Section 7.1(a) in respect of the financial statements described in clauses (i) and (ii) above;” 
 (c) Section 7.1(b) of the Original Note Agreement is hereby amended to read in its entirety as follows: 
 “(b) Annual Statements – promptly after the same are available and in any event within 90 days after the end of each
financial year of Parent Newco, duplicate copies of 
  

 - 12 - 

 (i) a consolidated balance sheet of Parent Newco and its Subsidiaries as at the end of
such year, 
 (ii) consolidated statements of income, changes in shareholders’ equity and cash flows of Parent Newco and
its Subsidiaries for such year, and 
 (iii) a Credit Portfolio Statistics Report, 
 setting forth in each case in comparative form the figures for the previous financial year, all in reasonable detail, and (in the case of the financial
statements) prepared in accordance with GAAP, and accompanied by an opinion thereon of independent public accountants of recognized international standing, which opinion shall state that such financial statements give a true and fair view of the
financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in accordance with GAAP, and that the examination of such accountants in connection with such financial statements has been
made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery to such holder of Notes within the time period specified above of Parent
Newco’s Annual Report on Form 10-K for such financial year (together with Parent Newco’s annual report to shareholders, if any, prepared pursuant to Rule 14a-3 under the Securities Exchange Act of 1934, as amended from time to time)
prepared in accordance with the requirements therefor and filed with the Securities and Exchange Commission shall be deemed to satisfy the requirements of this Section 7.1(b) in respect of the financial statements described in clauses
(i) and (ii) above.” 
 Notwithstanding the foregoing, if the Company shall be unable to satisfy the provisions of this
Section 7.1(b) in respect of a financial year of Parent Newco within the 90-day period prescribed herein, such 90-day period shall be extended to 120 days as long as the Company shall satisfy the delivery requirements set forth in
Section 7.1(a) in respect of the fourth Relevant Period in such financial year within such 90-day period. 
 (d) Section 7.1 of the
Original Note Agreement is hereby amended by deleting the word “and” at the end of clause (f) thereof, re-lettering clause (g) thereof as “clause (h)” and inserting a new clause (g) to read in its entirety as
follows: 
 “(g) Quarterly Updates – within 45 days after the end of each Relevant Period, and upon not less
than five Business Days’ prior written notice to the holders of the Notes of the day, time and applicable dial-in information, the Company shall provide the holders of the Notes with the opportunity to participate in a conference call held by
the Company and conducted by a Senior Financial Officer to review and respond to questions from such holders regarding, among other things, the financial results of the Group for such Relevant Period and the business, operations and affairs of the
Group; and” 
  

 - 13 - 

 (e) Section 7.2(a) of the Original Note Agreement is hereby amended to read in its entirety as
follows: 
 “(a) Covenant Compliance – the information (including reasonably detailed calculations) required
in order to establish whether the Company was in compliance with the requirements of Section 9.6(d), Sections 10.1 to 10.4, inclusive, Sections 10.9 to 10.10, inclusive, and each Financial Covenant that at the time has been and
remains incorporated by reference into this Agreement pursuant to Section 9.9 and that no Event of Default shall have occurred under Section 11(m), (n) or (o), in each case during the interim or annual period covered by the statements
(or in relation to the Financial Covenants, the Relevant Period ending on or about the last day of the period to which such statements relate) then being furnished (including with respect to each such Section or Financial Covenant, where applicable,
the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Section or Financial Covenant, the calculation of the amount, ratio or percentage then in existence); and the names of
all Material Subsidiaries as of the end of such interim or annual period; and” 
 (f) Section 8.8 of the Original Note Agreement is
hereby amended to read in its entirety as follows: 
 “8.8. Purchase of Notes. 
 The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of
the outstanding Notes except upon the payment, prepayment or purchase of the Notes in accordance with the terms of this Agreement and the Notes. 
 In connection with an offer to prepay or purchase Notes pursuant to Section 8.10, 8.11, 10.2, 10.3 or 10.4, if one or more holders of Notes rejects (or is deemed to have rejected) all or any portion of its pro
rata share of such offer, the aggregate of such rejected (or deemed rejected) amounts shall be reoffered to the holders of Notes that have accepted their pro rata share of such offer in full (allocated to the Notes of such accepting holders in
proportion, as nearly as practicable, to the respective unpaid principal amounts of Notes of such holders not theretofore prepaid or purchased) until the balance of such offer is accepted in full or, if earlier, holders have accepted as much of such
offer as they desire to accept, and the expiration date of each such offer (and the related date on which the Company is required to prepay or purchase such Notes) shall be extended by the number of days necessary to give such accepting holders at
least five Business Days from receipt of such reoffering notice to accept such subsequent offer. 
 To the extent that a
Restricted Payment is proposed to be made without giving rise to an Event of Default under Section 11(o), the required reoffers will be made as contemplated in this Section 8.8. 
  

 - 14 - 

 The Company will promptly cancel all Notes acquired by it or any such Affiliate pursuant
to any payment or prepayment of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 
 For the avoidance of doubt, any prepayment of the Notes pursuant to Section 8.10, 8.11, 10.2, 10.3 or 10.4 or comparable provisions
of the Bank Credit Facility or made without giving rise to an Event of Default under Section 11(n) or 11(o) or the comparable provision of the Bank Credit Facility shall not be deemed to be a Default or an Event of Default.” 
 (g) Section 8.9 of the Original Note Agreement is hereby amended to read in its entirety as follows: 
 “8.9. Make-Whole Amount and Modified Make-Whole Amount. 
 The terms “Make-Whole Amount” and “Modified Make-Whole Amount” mean, with respect to any Note, an amount
equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that neither the Make-Whole Amount nor the Modified
Make-Whole Amount may in any event be less than zero. For the purposes of determining the Make-Whole Amount or the Modified Make-Whole Amount with respect to any Note, the following terms have the following meanings: 
 “Applicable Percentage” in the case of a computation of the Modified Make-Whole Amount for purposes of Section 8.3
means 1.00% (100 basis points), and in the case of a computation of the Make-Whole Amount for any other purpose means 0.50% (50 basis points). 
 “Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or 8.3 or has become or is declared to be immediately due and payable
pursuant to Section 12.1, as the context requires. 
 “Discounted Value” means, with respect to the
Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in
accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to the Reinvestment Yield with respect to such Called Principal. 
 “Reinvestment Yield” means, with respect to the Called Principal of any Note, the sum of (x) the Applicable
Percentage plus (y) the yield to maturity implied by (i) the yields reported as of 10:00 A.M. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as
“Page PX1” (or such 
  

 - 15 - 

 other display as may replace Page PX1 on Bloomberg Financial Markets (“Bloomberg”) or, if Page
PX1 (or its successor screen on Bloomberg) is unavailable, the Telerate Access Service screen which corresponds most closely to Page PX1 for the most recently issued actively traded U.S. Treasury securities having a maturity equal to the Remaining
Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant
Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15
(519) (or any comparable successor publication) for actively traded U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. Such implied yield will be
determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between (1) the actively traded U.S. Treasury security
with the maturity closest to and greater than such Remaining Average Life and (2) the actively traded U.S. Treasury security with the maturity closest to and less than such Remaining Average Life. The Reinvestment Yield shall be rounded to the
number of decimal places as appears in the interest rate of the applicable Note. 
 “Remaining Average Life”
means, with respect to any Called Principal, the number of years (calculated to the nearest one-twelfth year) obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal
component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and
the scheduled due date of such Remaining Scheduled Payment. 
 “Remaining Scheduled Payments” means, with
respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its
scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of
interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2, 8.3 or 12.1; provided, further, that for the purpose of determining the Make-Whole Amount or Modified Make-Whole Amount with
respect to any Note, interest on the Called Principal of such Note shall be calculated without regard to any increase in interest rate on such Note required by Section 1.3. 
  

 - 16 - 

 “Settlement Date” means, with respect to the Called Principal of any
Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or 8.3 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.” 
 (h) Section 8 of the Original Note Agreement is hereby amended by adding the following at the end thereof: 
 “8.10. Prepayment in Connection with Deleveraging the Company. 
 (a) On or before March 18, 2009 (the “Initial Deleveraging Prepayment Date”), the Company shall prepay on a pro rata
basis Notes in an aggregate principal amount equal to not less than $100,000,000 at the principal amount of each such Note together with interest accrued thereon (calculated at the interest rate in effect prior to the Amendment Effective Date) to
the Initial Deleveraging Prepayment Date, without any premium, and in the case of Swapped Notes, plus the Net Loss or minus the Net Gain, as the case may be, constituting the Swap Indemnity Amount in respect of each such Swapped Note. By executing
and delivering this Supplemental Agreement, each holder of Notes acknowledges its acceptance of the prepayment of the pro rata portion of the Notes held by such holder provided that such prepayment is timely made. 
 (b) As of and within 30 Business Days after the last day of each of the financial years of the Company ending in 2010 through 2013,
inclusive, the Company shall determine the amount of (i) the Reduction in Net Debt, (ii) the Minimum Amount and (iii) the Carry Forward Amount (if any) (the Minimum Amount and the Carry Forward Amount together being the
“Deleveraging Amount”), in each case for or in respect of the immediately preceding financial year of the Company (the “Subject Year”) and give a written notice substantially in the form of Schedule 8.10 (the
“Deleveraging Notice”) of such amounts to all holders of the Notes at the time outstanding. The Deleveraging Notice shall include the relevant Reduction in Net Debt amount, the relevant Minimum Amount and the relevant Carry Forward
Amount, and be accompanied by a certificate of a Senior Financial Officer of the Company setting forth supporting calculations for such determinations, all in reasonable detail and based on good faith estimates and assumptions believed by such
Senior Financial Officer to be reasonable at the date of preparation. If the Deleveraging Amount for a Subject Year is at least $20,000,000 (a “Deleveraging Event”), such notice shall also (x) refer to this Section 8.10(b)
and the rights of the holders hereunder and state that a Deleveraging Event has occurred and (y) contain an offer (the “Original Offer”) to prepay Notes on a pro rata basis in an aggregate principal amount (the “Offered
Amount”) at least equal to the Deleveraging Amount, at the price specified below on the date therein specified, which date shall be a Business Day (the “Deleveraging Prepayment Date”) following the Deleveraging Response
Date referred to below and in any event not less than 15 nor more than 20 Business Days after the date of such Deleveraging Notice. Each holder of a Note will notify the Company of such holder’s acceptance or rejection of such offer by giving
written notice of such acceptance or rejection to the Company on or before the date for such notice specified in such Deleveraging Notice (the “Deleveraging Response Date”), which specified date shall 
  

 - 17 - 

 be not less than 10 Business Days after the date of such Deleveraging Notice. The Company shall prepay on
the Deleveraging Prepayment Date the pro rata portions of the Notes held by the holders as to which such offer has been so accepted (it being understood that the failure of any holder to accept such offer on or before the Deleveraging Response Date
shall be deemed to constitute a rejection of such offer by such holder), at the principal amount of each such Note together with interest accrued thereon to the Deleveraging Prepayment Date, without any premium, and in the case of Swapped Notes,
plus the Net Loss or minus the Net Gain, as the case may be, constituting the Swap Indemnity Amount in respect of each such Swapped Note. If any holder shall reject (or be deemed to have rejected) such offer with respect to any Note held by such
holder on or before the Deleveraging Response Date, such holder shall be deemed to have waived its rights under this Section 8.10(b) and Section 8.10(c) to require prepayment of such Note for which such offer was rejected (or deemed
rejected) in respect of such Deleveraging Event but not in respect of any subsequent Deleveraging Event. Any such offer shall provide each holder of Notes with sufficient information to enable it to make a reasonably informed decision with respect
to such offer, and shall remain open for acceptance for at least 10 Business Days. If the holders of more than 25% of the unpaid principal amount of the Notes then outstanding accept such offer within five Business Days of the date of the
Deleveraging Notice, the Company shall promptly notify the remaining holders of such fact before reoffering the aggregate of the rejected (or deemed rejected) amounts to accepting holders pursuant to Section 8.8. 
 For purposes of this Section 8.10 as it applies to each separate Deleveraging Prepayment Date, any holder of more than one Note may
act separately with respect to each Note so held (with the effect that a holder of more than one Note may accept such prepayment offer with respect to one or more Notes so held and reject such prepayment offer with respect to one or more other Notes
so held in respect of each Deleveraging Prepayment Date). 
 As used herein: 
 “Carry Forward Amount” means, as of any date of calculation in respect of a Subject Year, an amount equal to the
Noteholders’ Pro Rata Share multiplied by the sum of (a) if the amount (the “RIND Shortfall Amount”) by which (i) the Reduction in Net Debt determined on the basis of the applicable financial statements furnished
pursuant to Section 7.1(b) for the preceding Subject Year exceeded (ii) the Reduction in Net Debt for such preceding Subject Year determined on the basis of the certificate furnished pursuant to this Section 8.10(b) for such preceding
Subject Year shall be greater than $1,000,000 but less than $20,000,000, the RIND Shortfall Amount, plus (b) if the Deleveraging Amount (including any Carry Forward Amount) for the financial year of the Company immediately preceding the
applicable Subject Year shall be less than $20,000,000, the Deleveraging Amount. The Carry Forward Amount in respect of the financial year ending in 2013 shall be applied as provided in Section 8.10(c). 
  

 - 18 - 

 By way of example, on the basis that the Subject Year (being the fiscal year of the
Company then most recently ended) is the fiscal year ending January 31, 2011, the Carry Forward Amount would be calculated as follows: 
 (a) the difference between the Reduction in Net Debt figures for the fiscal year ending January 31, 2010 contained in (i) the certificate delivered by a Senior Financial Officer for that fiscal year pursuant
to Section 8.10(b) and (ii) the applicable financial statements for that fiscal year (assuming that the difference is between $1,000,000 and $20,000,000 - if the difference is less than $1,000,000 that amount is ignored and above
$20,000,000 an additional prepayment is required shortly after delivery of such financial statements). For these purposes the Reduction in Net Debt figure is derived by deducting Consolidated Net Debt as at January 31, 2010 (after certain
limited add-backs) from Consolidated Net Debt as at January 31, 2009; 
 plus 
 (b) any Deleveraging Amount calculated for the fiscal year ending January 31, 2010 which would have been payable in March 2010 in
accordance with Section 8.10(b) but was not required to be paid because it was in an amount of less than $20,000,000. 
 “Minimum Amount” means, as of any date of calculation in respect of a Subject Year, the amount derived by multiplying 60% of the Reduction in Net Debt determined for such Subject Year by a fraction (the
“Noteholders’ Pro Rata Share”), the numerator of which is equal to the aggregate unpaid principal amount of the Notes and the denominator of which is equal to the sum of (a) the aggregate unpaid principal amount of the
Notes, plus (b) the aggregate commitments under the Existing Bank Credit Facility, in each case as of such calculation date. 
 “Reduction in Net Debt” means, as of any date of calculation in respect of a Subject Year ending in 2010, 2011, 2012 or 2013, the amount, if any, by which (a) the Consolidated Net Debt as of the last day of the
financial year immediately preceding such Subject Year, based on the applicable financial statements furnished pursuant to Section 7.1(b) for such financial year (being a financial year ending in 2009, 2010, 2011 or 2012, as the case may be),
exceeds (b) the sum of (i) the Consolidated Net Debt as of the last day of such Subject Year, as set forth in the certificate of a Senior Financial Officer furnished pursuant to this Section 8.10(b) for such Subject Year, plus
(ii) the aggregate amount of optional and mandatory repayments, prepayments and purchases of Notes made pursuant to Section 8.2, 8.11 or 10.4, in each case made in such Subject Year. 
 To the extent that a Restricted Payment is proposed to be made without giving rise to an Event of Default under Section 11(n), the
difference between the Offered Amount and the aggregate principal amount of Notes as to which the related Original Offer has been accepted (after giving effect to all reofferings made pursuant to Section 8.8 or Section 8.10(c)) shall
constitute the “Surplus Amount”. 
  

 - 19 - 

 (c) The financial statements furnished pursuant to Section 7.1(b) for each financial
year of the Company ending in 2010 through 2013, inclusive, shall be accompanied by a certificate of a Senior Financial Officer of the Company setting forth the calculation of the amount of the Reduction in Net Debt for such financial year of the
Company and the RIND Shortfall Amount, if any. If the RIND Shortfall Amount shall be $20,000,000 or more, the RIND Shortfall Amount shall be applied as soon as practicable and in any event within 10 Business Days after delivery of such financial
statements to prepay Notes held by holders who accepted the Original Offer relating to such financial year on a pro rata basis at the principal amount of each such Note together with interest accrued thereon to the date of prepayment, without any
premium, and in the case of Swapped Notes, plus the Net Loss or minus the Net Gain, as the case may be, constituting the Swap Indemnity Amount in respect of each such Swapped Note. 
 (d) The holders of the Notes acknowledge that the determinations of Consolidated Net Debt, the Reduction in Net Debt, the Minimum Amount
and the Carry Forward Amount which are contained in a certificate delivered pursuant to Section 8.10(b) (and any subsequent prepayment based upon such determinations) will be based upon unaudited financial information available to the Company
at the time of such determinations and that the audited consolidated financial statements of the Group (or other financial statements) may set out or demonstrate a different amount of Consolidated Net Debt for the applicable financial year of the
Company. The holders of the Notes agree that no Default or, except as provided in Sections 8.10(b) and 8.10(c), no additional prepayment obligation shall arise to the extent that there is a RIND Shortfall Amount of $1,000,000 or more. 
 (e) For the avoidance of doubt, nothing in this Section 8.10, or otherwise in the Second Supplemental Agreement dated as of
March 13, 2009, shall require any member of the Group to prepay a Bank Credit Facility. 
 8.11. Prepayment in Connection with
Increased Interest Rate. If at any time on or before May 23, 2013, the Company is or becomes obligated to pay additional interest in the amount of the Reserve Rate Increase on account of the Notes pursuant to Section 1.3(b), the
Company may give all holders of the Notes at the time outstanding irrevocable written notice (each, a “Reserve Rate Increase Prepayment Notice”) (a) referring to this Section 8.11 and (b) containing an offer to prepay
on a pro rata basis all such Notes, or such portion thereof as shall be specified in such Reserve Rate Increase Prepayment Notice, on a specified prepayment date (which date (the “Reserve Rate Increase Prepayment Date”) shall be on
a date that is a Business Day not less than 30 days nor more than 60 days after the date of such notice) at the principal amount of each such Note to be so prepaid together with interest accrued thereon to the date of such prepayment plus a premium
of 2.0% of such principal amount and, in the case of Swapped Notes, plus the Net Loss or minus the Net Gain, as the case may be, constituting the Swap Indemnity Amount in respect of each such Swapped Note, except in the case of an affected Note if
the holder of such Note shall, by written notice given to the Company no more than 20 days after receipt of the Reserve Rate Increase Prepayment Notice, reject such prepayment offer for such Note 
  

 - 20 - 

 (each, a “Rejection Notice”). The form of Rejection Notice shall also accompany the
Reserve Rate Increase Prepayment Notice and shall state with respect to each Note covered thereby that execution and delivery of such Rejection Notice by the holder of such Note shall operate as a waiver of such holder’s right to the prepayment
of its Notes pursuant to this Section 8.11 as a result of the circumstances described in the Reserve Rate Increase Prepayment Notice but not in respect of any subsequent Reserve Rate Increase Prepayment Date. The Reserve Rate Increase
Prepayment Notice having been given as aforesaid to each holder of the Notes, the principal amount of the affected Notes together with interest accrued thereon to the date of such prepayment plus the premium of 2.0% of such principal amount and plus
or minus the Swap Indemnity Amount as aforesaid shall become due and payable on such Reserve Rate Increase Prepayment Date, except in the case of Notes the holders of which shall have timely given a Rejection Notice as aforesaid. 
 For the avoidance of doubt, no prepayment of the Notes pursuant to this Section 8.11 shall affect the obligation of the Company to
pay the Reserve Rate Increase as provided in Section 1.3(b) in respect of any payment made on the Notes so prepaid on or prior to the date of such prepayment or on any other Notes. For the purposes of this Section 8.11, any holder of more
than one affected Note may act separately with respect to each affected Note so held (with the effect that a holder of more than one affected Note may accept such offer with respect to one or more affected Notes so held and reject such offer with
respect to one or more other affected Notes so held in respect of each Reserve Rate Increase Prepayment Date).” 
 (i) Section 9.6
of the Original Note Agreement is hereby amended such that: 
 (i) the reference to “20 Business Days” in paragraph
(b) thereof shall be replaced with a reference to “60 days”, and for the avoidance of doubt, nothing in Section 9.6, as amended hereby, shall require any member of the Group to execute a Subsidiary Guarantee and become an
Additional Guarantor prior to the date falling 60 days after the Amendment Effective Date; 
 (ii) each reference therein to
“75%” in paragraph (d) thereof shall be replaced with a reference to “85%”; and 
 (iii) new
paragraphs (e) and (f) shall be inserted therein at the end thereof, each reading in its entirety as follows: 
 (e) The Company
shall not be required to meet the requirements of paragraph (d) above with respect to any Subsidiary (the “Affected Subsidiary”) becoming a member of the Group after the Amendment Effective Date if the Company provides to the
holders of the Notes a certificate of a Senior Financial Officer identifying the Affected Subsidiary and to the effect that: 
 (i) the Affected Subsidiary, which would otherwise meet such requirements, cannot meet such requirements: 
 1. by
reason of a legal or regulatory impediment which is beyond its or any member of the Group’s reasonable control (including, but not limited to, prohibitions relating to financial assistance, lack of corporate benefit, fraudulent preference or
thin capitalization rules); 
  

 - 21 - 

 2. without becoming liable to pay taxes, duties, fees or other amounts (or otherwise in
suffering adverse tax, cost or regulatory consequences including relating to interest deductibility, or the payment of any duty, notarization or registration fees) which are disproportionate to the value or practical benefit of the Subsidiary
Guarantee; or 
 3. because directors (or their equivalents) of the Affected Subsidiary would be subject to (x) a
material risk of civil liability or (y) a reasonably possible risk of any criminal liability or would otherwise be reasonably likely to be in breach of their duties, in each case based on the advice of its legal counsel, if such member of the
Group was to become, or purported to become, a Subsidiary Guarantor; 
 and 
 (ii) at no time shall the Company and all Guarantors (excluding any Guarantors which are Affected Subsidiaries) account for less than
(x) 75% of Consolidated Total Assets as of the last day of the then most recently ended financial quarter of the Company, (y) 75% of Consolidated Earnings Before Interest and Tax for the Relevant Period of the Company then most recently
ended, and (z) 75% of consolidated turnover for the Relevant Period of the Company then most recently ended, in each case as adjusted as provided in paragraph (d) above. 
 (f) The Company shall (and shall ensure that the relevant members of the Group will) use reasonable efforts to circumvent or, as the case
may be, to minimize the effect of the matters falling within paragraph (e)(i) above that apply to preclude a relevant Subsidiary from becoming a Subsidiary Guarantor in accordance with the requirements of paragraph (d) above. 
 (g) If an Affected Subsidiary becomes a Subsidiary Guarantor, the terms of the Guarantee given by such Affected Subsidiary may be limited
to address any of the matters described in paragraph (e)(i) above. 
  

 - 22 - 

 (j) Each of Sections 10.1 through 10.4, inclusive, of the Original Note Agreement is hereby amended to
read in its entirety as follows: 
 “10.1. Maintenance of Financial Conditions. 
 The Company will not permit 
 (a) the ratio (the “Leverage Ratio”) of Consolidated Net Debt on the last day of any Relevant Period to Consolidated EBITDA for the Relevant Period then ended (beginning with the Relevant Period
ending January 28, 2006) to exceed 3.00 to 1.00; provided, however, that 
 (i) the Leverage Ratio will not exceed 2.50
to 1.00 on the last day of the Relevant Period ending on or about October 31 in any financial year of the Company ending during the Adjustment Period, and 
 (ii) the Leverage Ratio will not exceed 2.00 to 1.00 on the last day of each Relevant Period in any financial year of the Company ending
during the Adjustment Period other than the Relevant Periods described in clause (i) of this Section 10.1(a); 
 (b)
the ratio (the “Fixed Charge Coverage Ratio”) of EBITDAR for any Relevant Period to the sum of Consolidated Net Interest Expenditure, Rents and Operating Lease Expenditure for such Relevant Period 
 (i) beginning with the Relevant Period ending January 31, 2009 and ending with the Relevant Period ending on or about
January 31, 2012 to be less than 1.40 to 1.00, 
 (ii) beginning with the Relevant Period ending April 30, 2012 and
ending with the Relevant Period ending on or about January 31, 2013 to be less than 1.55 to 1.00, and 
 (iii) beginning
with the Relevant Period ending April 30, 2013 and each Relevant Period thereafter to be less than 1.85 to 1.00; 
 and, solely for
purposes of this Section 10.1(b), the following provisions shall apply: 
  

	 	1.	subject to clause (2) below, the Company may increase EBITDAR for a financial quarter (such financial quarter being the “Original Quarter”) to reflect
promotional expenditures incurred by the Group in that financial quarter in respect of an event or promotion relating to either Valentine’s Day or Mother’s Day which will occur in the next financial quarter (the “Succeeding
Quarter”) of the Company; 

  

	 	2.	the aggregate adjustments to EBITDAR pursuant to clause (1) above shall not exceed $10,000,000 in respect of any financial year of the Company and such adjustments shall only
be made to the extent that they have been publicly announced by the Group as part of its financial reporting (whether in its financial statements, trading updates or otherwise); 

  

 - 23 - 

	 	3.	if an Original Quarter is the last quarter of a financial year (the “Relevant Financial Year”) of the Company, then any adjustment to EBITDAR pursuant to clause
(1) above shall, for the purposes of this Section 10.1(b), be deemed to be an adjustment in respect of the Relevant Financial Year only and not any other period; 

  

	 	4.	if pursuant to clause (1) above, EBITDAR for an Original Quarter has been increased then, in determining compliance with this Section 10.1(b), EBITDAR for the
corresponding Succeeding Quarter shall be reduced by an amount equal to such increase; and 

  

	 	5.	prior to any adjustment to EBITDAR being made pursuant to clause (1) above, the Company shall provide the holders of the Notes with a detailed written explanation of the
proposed adjustment (including, without limitation, calculations and worked examples) and any other information in respect of the proposed adjustment as any holder may reasonably request; or 

 (c) Consolidated Tangible Net Worth at any time to be less than $800,000,000. 
 (d) The financial covenants set out in this Section 10.1 shall be tested by reference to the financial statements and compliance
certificates delivered pursuant to Section 7.1(a) or 7.1(b) and Section 7.2(a), respectively. No item shall be deducted or credited more than once in any calculation of such financial covenants. 
 10.2. Subsidiary Financial Indebtedness. 
 The Company will not permit any Subsidiary (other than a Subsidiary Guarantor) to create, incur, assume, guarantee or otherwise become liable with respect to, any Financial Indebtedness other than: 
 (a) Financial Indebtedness owing to the Company, a Guarantor or another directly or indirectly wholly owned member of the Group or any
liabilities, whether actual or contingent, of the Company, a Guarantor or another directly or indirectly wholly owned member of the Group voluntarily assumed by another member of the Group; 
 (b) Financial Indebtedness arising under guarantees and indemnities given by members of the Group in respect of cash pooling arrangements
of the Group, provided that such guarantees and indemnities are given by members of the Group participating in such cash pooling arrangements, and provided that such cash pooling arrangements are entered into in the ordinary course of business;

 (c) Financial Indebtedness of any Person existing at the time such Person becomes a Subsidiary or is consolidated with or
merged with or into a Subsidiary or sells, leases or otherwise disposes of all of its property to a Subsidiary (and not 
  

 - 24 - 

 incurred in contemplation thereof), provided that the principal amount of such Financial Indebtedness is
not increased in contemplation of or subsequent to such acquisition, consolidation or merger and such Financial Indebtedness is discharged within six months of the date such Person becomes a member of the Group or is so consolidated or merged or
effects such sale, lease or other disposition of property; 
 (d) Financial Indebtedness arising under Swap Contracts not
entered into for speculative purposes; and 
 (e) Financial Indebtedness not otherwise permitted by clauses (a) through
(d) above, provided that (i) immediately after giving effect to the incurrence of such other Financial Indebtedness the sum (without duplication) of (x) the aggregate outstanding principal amount of all such other Financial
Indebtedness plus (y) the aggregate outstanding principal amount of Financial Indebtedness secured by Liens permitted by Section 10.3(g) shall not exceed $125,000,000 (or its equivalent in the relevant currency or currencies of payment)
and (ii) if such Financial Indebtedness is incurred on or prior to the last day of the Adjustment Period and it constitutes Qualifying Priority Debt, an amount equal to the cash proceeds received by the applicable member of the Group in respect
of such Qualifying Priority Debt (or, if such proceeds are in another currency, the equivalent thereof in U.S. Dollars determined as of the date of receipt thereof based on the exchange rate of such other currency for U.S. Dollars), less an amount
equal to all upfront fees, costs and expenses (including taxes) incurred by a member of the Group to Persons who are not members of the Group in connection with the incurrence of such Qualifying Priority Debt, is applied within three Business Days
of receipt to repay outstanding Notes pursuant to Section 8.2, or in lieu of such prepayment the Company may make an offer to all holders of Notes to purchase Notes on a pro rata basis in an aggregate principal amount equal to the corresponding
cash proceeds received by such member of the Group, at the principal amount of the Notes to be so prepaid together with interest accrued thereon to the date of such prepayment plus a premium of 2.0% of such principal amount and, in the case of
Swapped Notes, plus the Net Loss or minus the Net Gain, as the case may be, constituting the Swap Indemnity Amount in respect of each such Swapped Note, which offer shall remain open for at least 10 Business Days, and the requirements of this
Section 10.2 with respect to prepayment of Notes shall be deemed to be satisfied if such offer is made and, if accepted, consummated. 
 For purposes of this Section 10.2: (i) Financial Indebtedness outstanding on the Amendment Effective Date (including any securitization) shall be included in all calculations made pursuant to clause (d) above (so long as such
Financial Indebtedness remains outstanding) and any extension, renewal, refunding or refinancing of such Financial Indebtedness shall be deemed to be an incurrence of such Financial Indebtedness in the principal amount outstanding after giving
effect to such extension, renewal, refunding or refinancing; (ii) a Subsidiary member of the Group shall be deemed to have incurred Financial Indebtedness previously owed to the Company or a Subsidiary Guarantor at the time the obligee ceases
for any reason to be the Company or a Subsidiary Guarantor; and (iii) any Subsidiary Guarantor shall be deemed to have incurred its outstanding Financial Indebtedness (x) at the time its 
  

 - 25 - 

 Subsidiary Guarantee is released as provided for in Section 9.6 or (y) in case such Subsidiary
Guarantee ceases to be in full force and effect as an enforceable instrument or such Subsidiary Guarantor (or any Person at its authorized direction or on its behalf) asserts in writing that such Subsidiary Guarantee is unenforceable in any material
respect, at such time. 
 10.3. Liens. 
 The Company will not and will not permit any other member of the Group to create, assume, incur or permit to exist any Lien upon or with respect to any property, whether now owned or hereafter acquired (unless, if the
Financial Indebtedness secured by such Liens is incurred after the last day of the Adjustment Period, contemporaneously therewith effective provision is made to secure the Notes equally and ratably with any and all other obligations so secured, such
security to be pursuant to an agreement reasonably satisfactory to the Majority Holders, and, in any such case, the Notes shall have the benefit, to the fullest extent that, and with such priority as, the holders of the Notes may be entitled under
applicable law, of an equitable Lien on such property), provided that nothing in this Section 10.3 shall prohibit: 
 (a)
any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances (including pursuant to cash pooling arrangements); 
 (b) the netting or set off of payments under Swap Contracts entered into by any member of the Group in the ordinary course of business and
not for speculative purposes; 
 (c) any Lien arising by operation of law and in the ordinary course of business; 

(d) [intentionally omitted]; 
 (e) any Lien in respect of any asset acquired by a member of the Group or existing in respect of any asset of a Person at the time such
Person becomes a member of the Group or is consolidated or merged with or into a member of the Group or sells, leases or otherwise disposes of all of its property to a member of the Group (and not created in contemplation thereof), provided that the
principal amount secured by such Lien is not increased in contemplation of or subsequent to such acquisition or such Person becoming a member of the Group or being so consolidated or merged or effecting such sale, lease or other disposition of
property and such Lien is removed or discharged within six months of the date of such acquisition or such Person becomes a member of the Group or is so consolidated or merged or effects such sale, lease or other disposition of property; 

(f) Liens created or arising in the ordinary course of business of the relevant member of the Group as conducted at the date of this
Agreement and described below: 
 (i) title transfer or retention arrangements provided for under the terms and conditions
applicable to stock supplies made in the ordinary course of trading; 
  

 - 26 - 

 (ii) Liens in respect of assets of any U.S. Subsidiary where such Lien is created for the
purpose of securing the payment of any taxes of such Subsidiary which are not yet due and payable or which are being contested in good faith and by appropriate proceedings diligently prosecuted and with respect to which adequate reserves are
maintained in the accounts of such Subsidiary in accordance with GAAP, unless and until any such Lien attaches to the property of such Subsidiary and becomes enforceable against its other creditors; 
 (iii) carriers’, warehousemen’s, mechanics’, materialmens’, repairmens’ or other Liens arising in the ordinary
course of business of any member of the Group which are not overdue for a period of more than 90 days or which are being contested in good faith by appropriate proceedings diligently prosecuted; 
 (iv) subordinations of leaseholders’ interests in retail property to the interest of mortgagees of the fee interests therein in the
ordinary course of business of any U.S. Subsidiary; 
 (v) pledges or deposits by any U.S. Subsidiary where the pledges or
deposits are created for the purpose of securing the payment of any workers’ compensation, unemployment insurance, social security or other similar public or statutory payment required pursuant to applicable law; and 
 (vi) any third-party Liens over rental or other deposits made in the ordinary course of business of any member of the Group aggregating
for the Group not more than $2,000,000 (or its equivalent in the relevant currency or currencies); and 
 (g) Liens not
otherwise permitted by clauses (a) through (f) above securing Financial Indebtedness or indebtedness, obligations and/or liabilities not constituting Indebtedness for Borrowed Money, provided that (i) immediately after giving effect
to the incurrence of such Financial Indebtedness the sum (without duplication) of (x) the aggregate outstanding principal amount of Financial Indebtedness secured by such other Liens plus (y) the aggregate outstanding principal amount of
Financial Indebtedness of Subsidiaries permitted by Section 10.2(e) shall not exceed $125,000,000 (or its equivalent in the relevant currency or currencies of payment) and (ii) if such Financial Indebtedness is incurred on or prior to the
last day of the Adjustment Period and it constitutes Qualifying Priority Debt, an amount equal to the cash proceeds thereof (or, if such proceeds are in another currency, the equivalent thereof in U.S. Dollars determined as of the date of receipt
thereof based on the exchange rate of such other currency for U.S. Dollars), less an amount equal to all upfront fees, costs and expenses (including taxes) incurred by a member of the Group 
  

 - 27 - 

 to Persons who are not members of the Group in connection with the incurrence of such Qualifying Priority
Debt, is applied within three Business Days of receipt to repay an aggregate principal amount of Notes corresponding to such net cash proceeds pursuant to Section 8.2, or in lieu of such prepayment the Company may make an offer to all holders
of Notes to purchase Notes on a pro rata basis in an aggregate principal amount corresponding to such net cash proceeds, at the principal amount thereof to be so prepaid together with interest accrued thereon to the date of such prepayment plus a
premium of 2.0% of such principal amount and, in the case of Swapped Notes, plus the Net Loss or minus the Net Gain, as the case may be, constituting the Swap Indemnity Amount in respect of each such Swapped Note, which offer shall remain open for
at least 10 Business Days, and the requirements of this Section 10.3 with respect to prepayment of Notes shall be deemed to be satisfied if such offer is made and, if accepted, consummated. 
 For purposes of this Section 10.3, Financial Indebtedness outstanding on the date of the Amendment Effective Date (including any securitization)
shall be included in all calculations made pursuant to clause (g) above (so long as such Financial Indebtedness remains outstanding) and any extension, renewal, refunding or refinancing of such Financial Indebtedness shall be deemed to be an
incurrence of such Financial Indebtedness in the principal amount outstanding after giving effect to such extension, renewal, refunding or refinancing. 
 10.4. Disposition of Assets. 
 The Company will not and will not permit any other
member of the Group to, directly or indirectly, sell, lease, transfer or otherwise dispose of (collectively a “Disposition”) any of its assets unless (a) such Disposition is for fair value and on arm’s-length commercial
terms, (b) at least 90% of the consideration received in such Disposition is cash and cash equivalents and (c) to the extent the Net Cash Proceeds realized upon such Disposition constitute Relevant Net Cash Proceeds (calculated as provided
below), the Noteholders’ Pro Rata Share of such Relevant Net Cash Proceeds are applied within 20 Business Days of receipt to prepay the Notes pursuant to Section 8.2 or in lieu of such prepayment of the Notes the Company may make an offer
to all holders of Notes to purchase, at not less than par, Notes on a pro rata basis in an aggregate unpaid principal amount at least equal to the Noteholders’ Pro Rata Share of such Relevant Net Cash Proceeds, which offer shall remain open for
at least 10 Business Days, and the requirements of this Section 10.4 with respect to prepayment of Notes shall be deemed to be satisfied with respect to such Disposition if such offer is made and, if accepted, consummated; provided, however,
that the following Dispositions shall not be taken into account for purposes of this Section 10.4: 
 (i) Dispositions of
inventory made in the ordinary course of trading of the disposing entity; 
 (ii) Dispositions of cash and cash equivalents;

  

 - 28 - 

 (iii) any Disposition (x) by the Company to a Guarantor, by a Guarantor to the
Company or another Guarantor or by the Company or a Guarantor to another directly or indirectly wholly owned member of the Group or (y) for fair value, by any non-Guarantor to the Company, a Guarantor or another member of the Group; 

(iv) Dispositions of shop premises (or interests therein) in the ordinary course of business and on arm’s length commercial terms,
provided that the Net Cash Proceeds received in respect of such Dispositions shall not exceed $1,000,000 (or its equivalent in the relevant currency or currencies of payment) annually; 
 (v) any Disposition or series of linked Dispositions in the ordinary course of business on arm’s-length commercial terms of assets,
the fair market value of which shall not exceed $100,000 (or its equivalent in the relevant currency or currencies of payment); 
 (vi) Dispositions of damaged, worn out, obsolete or redundant assets on arms’-length commercial terms; 
 (vii)
any Disposition of Receivables in connection with a securitization permitted by Section 10.3(g); 
 (viii) any
Disposition as a result of any Lien permitted by Section 10.3; 
 (ix) any Disposition which constitutes the payment of a
lawful Restricted Payment provided that it does not constitute an Event of Default; 
 (x) any Disposition of assets in
exchange for other assets comparable or superior as to type, value and quality; 
 (xi) any Disposition of Intellectual
Property (including allowing any registrations or any applications for registration of any Intellectual Property to lapse or be abandoned), the fair market value of which Intellectual Property shall not exceed $100,000 (or its equivalent in the
relevant currency or currencies) in the aggregate in any financial year of the Company; 
 (xii) any Disposition of shares
pursuant to management of employee share option schemes or of shares held in treasury; and 
 (xiii) Dispositions arising
pursuant to or in connection with the liquidation of the U.S. Deferred Compensation Plans. 
 As used in this Section 10.4, 

 

 - 29 - 

 “U.S. Deferred Compensation Plans” means two deferred compensation
schemes in effect as of the Amendment Effective Date for the benefit of the Group’s U.S. employees. 
 “Intellectual Property” means all trade marks, trade names, copyrights, technology, know-how and processes necessary for or used in the conduct of the Group’s business as currently conducted that the Company, Parent
Newco or any Subsidiary of the Company or Parent Newco owns, is licensed to use or otherwise has the right to use. 
 “Net Cash Proceeds” means the amount by which (i) the sum of cash and, once converted to cash, cash equivalents received by a member of the Group in connection with such a Disposition (including any cash and, once
converted to cash, cash equivalents received by a member of the Group by way of deferred payment pursuant to, or by monetization of, a note receivable or otherwise, but only as and when so received) exceeds (ii) the sum of (w) the
principal amount of any Financial Indebtedness that is secured by such asset and that is repaid in connection with such Disposition, (x) the fees, commissions, premiums and expenses (including attorneys’ fees, survey costs, title insurance
premiums, and related search and recording charges, transfer taxes, deed or mortgage recording taxes, other customary expenses and brokerage, consultant and other customary fees) incurred by a member of the Group to a Person who is not a member of
the Group in connection with such Disposition, (y) taxes incurred, paid, agreed to be paid, or estimated (on a consolidated basis) to be payable in connection therewith, and (z) any reserve, established in accordance with GAAP, for
(1) adjustment in respect of the sale price of such asset or assets or (2) any liabilities associated with such assets retained by a member of the Group after such Disposition, including pension and other post employment benefit
liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction; provided that any amounts retained with respect to clause (y) or clause (z) above shall be used
solely for the purpose of funding the liabilities for which such funds were reserved and if and to the extent such reserves are released in accordance with GAAP, the released funds shall be considered Net Cash Proceeds hereunder. 
 “Relevant Net Cash Proceeds” means, as of any date of calculation, Net Cash Proceeds in excess of $10,000,000 (or its
equivalent in the relevant currency or currencies of payment) received by the Group during the period commencing on the Amendment Effective Date and ending on such calculation date. Any Net Cash Proceeds that constitute Relevant Net Cash Proceeds
and which have been taken into account in computing the amount of a prepayment offer pursuant to this Section 10.4 on or prior to such calculation date shall be ignored for purposes of calculating the amount of any subsequent Relevant Net Cash
Proceeds and any resulting prepayment offer.” 
 (k) Section 10 of the Original Note Agreement is hereby amended by
adding the following at the end thereof: 
  

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 “10.9. Capital Expenditures. 
 The Company will not and will not permit any member of the Group to make or commit to make Capital Expenditures that would result in the
aggregate amount of Capital Expenditures of the Group made during the financial year of the Company ending 
 (a) on or about
January 31, 2010 exceeding $71,000,000, 
 (b) on or about January 31, 2011 exceeding $93,000,000, 
 (c) on or about January 31, 2012 exceeding (i) $115,000,000, if the Required Offers have been made on or before the making of
such Capital Expenditure, and (ii) $85,000,000, if not, and 
 (d) on or about January 31, 2013 exceeding
(i) $205,000,000, if the Required Offers have been made on or before the making of such Capital Expenditure, and (ii) $100,000,000, if not. 
 10.10. Acquisitions. 
 During the Adjustment Period, the Company will not and will not
permit any member of the Group to acquire or invest in any assets, revenues, shares, business or undertaking other than: 
 (a) stock in trade in the normal course of business; 
 (b) investments in or acquisitions of cash and cash
equivalents; 
 (c) investments received as a result of the bankruptcy or reorganization of any Person or a foreclosure, or
taken in settlement of or other resolution of claims or disputes, and, in each case, extensions, modifications and renewals thereof; 
 (d) receivables owing to a member of the Group if created or acquired in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; 
 (e) cash deposits with banks made in the ordinary course of business of a member of the Group, consistent with past practice, to secure
payment of trade payables under one or more Bank Credit Facilities; 
 (f) investments in or acquisitions of any Person to the
extent such investments consist of prepaid expenses, deposits and advances to suppliers, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course
of business by a member of the Group; 
  

 - 31 - 

 (g) any investment or acquisition made as a result of the receipt of non-cash
consideration from a Disposition that was made pursuant to and in compliance with Section 10.4; 
 (h) any acquisition by
a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group in circumstances permitted under Section 10.4; 
 (i) acquisitions of assets (other than shares, revenues, businesses or undertakings) in the ordinary course of business; 
 (j) any investment by a member of the Group in the Company or a Guarantor; 
 (k) any acquisition by a member of the Group by way of the acquisition or subscription for shares or securities in an existing or newly
formed non-Guarantor Subsidiary which is (or as a result of such acquisition would be) wholly owned directly or indirectly by the Company and/or a Guarantor or Guarantors; and 
 (l) assets not otherwise permitted by clauses (a) through (k) above, the aggregate value of which in any financial year of the
Company during the Adjustment Period shall not exceed an amount equal to $10,000,000 (or its equivalent in the relevant currency or currencies), provided that the amount of any indebtedness acquired as part of any such acquisition or investment
shall be treated as part of the cost of such acquisition or investment. 
 10.11. Fiscal Year. 
 The Company shall ensure that the financial year of the Company and each Subsidiary Guarantor is the same as that of Parent Newco and that
such each financial year is not changed from that applicable as at the Amendment Effective Date. For the avoidance of doubt, the holders of the Notes acknowledge that due to the operation of equal quarterly financial quarters, it is periodically the
case that the Company, Parent Newco and/or some or all of the Subsidiary Guarantors may have a financial year of 53 consecutive weeks; however, if any such change shall be required by applicable law or required in order to properly prepare the
financial statements required to be delivered pursuant to Section 7.1(a) and Section 7.1(b), the Company shall give not less than 30 days’ prior written notice thereof to the holders of the Notes and shall enter into such amendments
to this Agreement as the Majority Holders shall reasonably require for the purpose of causing the computations contemplated by Section 7.2(a) to be, as nearly as practicable, unaffected by such change.” 
 (k) Section 11(c) of the Original Note Agreement is hereby amended to read in its entirety as follows: 
 “(c) the Company defaults in the performance of or compliance with any term contained in any of Sections 7.1(d), 10.1 to 10.5,
inclusive, or 10.9 to 10.11, inclusive, unless in the case of a default under Sections 10.2 to 10.5, inclusive, 10.9, 10.10 or 10.11 that is capable of being cured, such default is cured diligently and in good faith and in any event within 21 days;
or” 
  

 - 32 - 

 (l) Section 11 of the Original Note Agreement is hereby amended by replacing the “.” after
clause (l) with “; or” and by inserting therein at the end thereof new Sections (m), (n) and (o), each reading in its entirety as follows: 
 “(m) Parent Newco declares or makes, or permits any other member of the Group to declare or make, any Restricted Payment (other than
an Exempted Restricted Payment) between the Amendment Effective Date and the last day of the Company’s financial year ending on or about January 30, 2011; or 
 (n) Parent Newco declares or makes, or permits any other member of the Group to declare or make, any Restricted Payment (other than an
Exempted Restricted Payment) in either of its financial years ending in 2012 or 2013 unless: 
  

	 	(i)	at the time of declaring or making such Restricted Payment and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing;

  

	 	(ii)	immediately after giving effect to such Restricted Payment, the sum of the amount of such Restricted Payment and all other Restricted Payments (excluding all Exempted Restricted
Payments) made during the period commencing on the first day of the then current financial year and ending on the date of making such Restricted Payment does not exceed the Surplus Amount, if any, arising during that financial year (as determined in
accordance with Section 8.10(b)); and 

  

	 	(iii)	such Restricted Payment is made not more than 90 days after the date of its declaration; or 

 (o) Parent Newco declares or makes, or permits any other member of the Group to declare or make, any Restricted Payment (other than an
Exempted Restricted Payment) in its financial year ending in 2014 or in any financial year ending thereafter unless: 
  

	 	(i)	on or prior to the date of any such action, the Company shall have made the Required Offers; 

  

	 	(ii)	at the time of declaring or making such Restricted Payment and immediately after giving effect thereto no Default or Event of Default shall have occurred and be continuing;

  

	 	(iii)	prior to declaring or making such Restricted Payment (and in any event in the same financial year as the proposed Restricted Payment is proposed to be made) the Company shall have
made an offer to all holders of Notes (such offer to be made in accordance with the procedure set out in Section 8.10(b) (ignoring for these purposes the references to “Minimum Amount” in such Section) and such offer to remain open
for at least 10 Business Days) at the time outstanding to prepay Notes on a pro rata basis in an aggregate amount equal to such Restricted Payment, such prepayment to be calculated as the 

  

 - 33 - 

	 	  	aggregate of the pro rata principal amount of the Notes to be prepaid together with interest accrued thereon to the date of such prepayment plus a premium of 2.0% of such principal
amount and, in the case of Swapped Notes, plus the Net Loss or minus the Net Gain, as the case may be, constituting the Swap Indemnity Amount in respect of each such Swapped Note; 

  

	 	(iv)	the amount of such Restricted Payment shall not exceed the corresponding Declined Amount; and 

  

	 	(v)	such Restricted Payment shall be made not more than 90 days after the date of its declaration.” 

 (m) Section 11(f) of the Original Note Agreement is hereby amended such that each reference therein to “$20,000,000” shall be replaced
with a reference to “$15,000,000”. 
 (n) Schedule B to the Original Note Agreement is hereby amended by deleting the definition of
“EBITARR”. 
 (o) Schedule B to the Original Note Agreement is hereby further amended by inserting in alphabetical order the
following definitions, in each case to read in its entirety as follows: 
 ““Adjustment Period” means
the period beginning with the Relevant Period ending January 31, 2009 and ending with the Relevant Period ending on the last day of the fiscal year of the Company falling on or about January 31, 2013. 
 “Amendment Effective Date” is defined in Section 6 of the Second Supplemental Agreement dated as of March 13,
2009, entered into by the Company with the institutional investors party thereto. 
 “Capital Expenditures”
means any payments made to acquire long-lived assets which, in accordance with U.S. GAAP, are treated as capital expenditures in the consolidated financial statements of Parent Newco. 
 “Credit Portfolio Statistics Report” means a certificate of a Senior Financial Officer of the Company setting forth bad
debt levels and accounts receivable agings of the Group, substantially in the form of Schedule 7.1. 
 “Declined
Amount” means, in respect of any Restricted Payment referred to in Section 11(o), the difference between (a) the amount of the Restricted Payment proposed to be made which has been offered to the Noteholders in prepayment of the
Notes (including the payment of the premium and accrued interest referred to in Section 11(o)) in the manner contemplated in Section 11(o) (including any reofferings to be made pursuant to Section 8.8) (such offer and reoffer being
the “Relevant Offer”) and (b) the amount of the proposed Restricted Payment which has been accepted by Noteholders pursuant to the corresponding Relevant Offer. 
  

 - 34 - 

 “EBITDAR” means, for any period, Consolidated Earnings Before Interest
and Tax for that period before taking into account any amounts attributable to the amortization of intangible assets and depreciation of long-lived tangible assets and after adding back an amount equal to Rents and Operating Lease Expenditure of the
Group for that period. 
 “Exempted Restricted Payment” means (a) the redemption or repurchase by Parent
Newco of its share capital provided that the aggregate amount of such redemptions or repurchases does not exceed $1,000,000 in any financial year of Parent Newco and (b) a Restricted Payment made by a Subsidiary to the Company or a Guarantor or
by a Subsidiary on a pro rata basis to a member of the Group and such Subsidiary’s other shareholders according to their respective ownership interests in such Subsidiary. 
 “Fixed Charge Coverage Ratio” is defined in Section 10.1(b). 
 “Guarantor” means Parent Newco, the Subsidiary Guarantors and all of them, as the context may require, in each case, for
so long as their respective Newco Guarantee and Subsidiary Guarantees remain in full force and effect and no member of the Group is asserting in writing that its Guarantee is unenforceable in any material respect. 
 “Noteholders’ Pro Rata Share” is defined in Section 8.10(b). 
 “Priority Debt” means (without double counting) all (a) Indebtedness for Borrowed Money of any Subsidiary (other
than a Subsidiary Guarantor) other than Indebtedness for Borrowed Money permitted under Sections 10.2(a) through Section 10.2(d), inclusive, and (b) Financial Indebtedness of any member of the Group which is secured other than as permitted
under Section 10.3(a) through Section 10.3(f), inclusive. 
 “Qualifying Priority Debt” means, as
of any date of calculation, the aggregate amount of all Priority Debt outstanding on such calculation date in excess of $25,000,000 (or its equivalent in the relevant currency or currencies of payment). Any Priority Debt that constitutes Qualifying
Priority Debt and that has been taken into account in computing the amount of a prepayment offer pursuant to Section 10.2 or Section 10.3 on or prior to such calculation date shall be ignored for purposes of calculating the amount of any
subsequent Qualifying Priority Debt and resulting prepayment offer. 
 “Required Offers” means offers made by
the Company pursuant to Section 8.10 to prepay in aggregate at least $190,000,000 principal amount of the Notes and includes each offer made, whether or not accepted, provided that if such offer is accepted, it is consummated. 
 “Reserve Rate Increase” is defined in Section 1.3(b). 
  

 - 35 - 

 “Restricted Payments” means (a) the payment by Parent Newco or any
other member of the Group of a dividend or distribution or interest thereon (whether in cash or in kind) on or in respect of its share capital or any class thereof, (b) any repayment or distribution or dividend of share premium reserve by
Parent Newco or any other member of the Group or (c) the redemption, repurchase, defeasance, retirement or repayment by Parent Newco or any other member of the Group of any of its share capital or similar equity interests of any class or of any
warrant, option or other right to acquire such share capital or similar equity interests other than as permitted under Section 10.4(xii). 
 “Service Charges” means, in respect of any Relevant Period, any and all amounts which are payable by a member of the Group in respect of, or which arise as a result of, freehold, leasehold or
commonhold premises in which a member of the Group has an interest as legal or beneficial owner or as lessee or licensee and which relate, or are referable, to or are in the nature of: 
 (a) service charges (whether relating to maintenance, repairing or other matters in respect of real property or the provision of services
in respect of real property) the equivalent of which in the United States are common area charges; 
 (b) to the extent not
falling within paragraph (a) above, contributions to the payment of insurance premiums or the cost of insurance valuations or that arise in the context of obtaining (or making an application to obtain) insurance; and 
 (c) contributions to sinking funds; 
 in each case relating to such premises and interests of the Group and any value added tax as provided for in the Value Added Tax Act 1994 payable on such amounts. 
 “SFAS” means the Statements of Financial Accounting which form a part of GAAP in the United States. 
 “Surplus Amount” is defined in Section 8.10(b). 
 “Swap Agreement” means, with respect to any Note, (a) an interest rate swap agreement (an “Initial Swap
Agreement”) that was entered into by an original Purchaser of such Note (or any Affiliate thereof or successor thereto) under which any holder of such Note has contracted to receive a floating rate of interest, which agreement was dated on
or prior to January 1, 2009 and which was provided to the Company on or prior to the Amendment Effective Date and which relates to the scheduled payments by the Company of interest on such Note, (b) any Initial Swap Agreement that has been
assumed (on substantially the same economic terms) by (i) a new counterparty and/or (ii) a holder of such Note in connection with a transfer of such Note by the Purchaser thereof to one or more Affiliates of such Purchaser or by any such
Affiliate to another Affiliate of such Purchaser or as a result of the merger or consolidation of the Purchaser of such Note or such Affiliate and (c) any Replacement Swap Agreement. As used herein, “Replacement Swap Agreement”
means, with respect to any Note that was subject to an Initial Swap Agreement, any swap or 
  

 - 36 - 

 exchange agreement with payment terms and provisions (other than a reduction in notional amount in the
case of a partial prepayment) substantially similar to those of such Initial Swap Agreement (including, without limitation, a modification, amendment, assumption or assignment of an existing Swap Agreement) that (i) is in a notional amount not
to exceed (1) the aggregate outstanding principal amount of Notes held by the holder of Notes entering into such agreement and (2) the notional amount provided for in such Initial Swap Agreement, (ii) is in full or partial replacement
of or substitution for such holder’s Initial Swap Agreement, and (iii) is entered into with the same or a differing counterparty as a result of, and following, a partial prepayment or repayment of any Swapped Note prior to its scheduled
maturity pursuant to any of Sections 8.10, 8.11, 10.2, and 10.3 or in connection with the making of a Restricted Payment without giving rise to an Event of Default under Section 11(o). 
 “Swap Indemnity Amount” means, with respect to any Swapped Note (or portion thereof) as to which the holder has accepted
an offer of prepayment pursuant to any of Sections 8.10, 8.11, 10.2 and 10.3, or in connection with the making of a Restricted Payment without giving rise to an Event of Default under Section 11(o), the amount of the Net Gain or Net Loss, in
either case under or in connection with an early termination of the related Swap Agreement as a result of, and solely allocable to, the principal amount of such Swapped Note (or portion thereof) being prepaid as aforesaid prior to its scheduled
maturity date; provided, however, that in no event shall the Net Loss exceed the Make-Whole Amount that would have been payable in respect of such Swapped Note (or portion thereof) had such Note (or portion thereof) been prepaid in accordance with
Section 8.2, as calculated in accordance with Section 8.9. Any (a) Net Loss shall be reimbursed to such holder by the Company upon any such prepayment of such Swapped Note and (b) Net Gain shall be deducted from the amount paid
to such holder by the Company upon any such prepayment of such Note. 
 Between 9:45 a.m. and 10:15 a.m. (New York City time)
on the second Business Day preceding the date of a prepayment under Section 8.10, 8.11, 10.2 or 10.3, or in connection with the making of a Restricted Payment without giving rise to an Event of Default under Section 11(o), as the case may
be (each, a “Swap Indemnity Calculation Date”), each holder of a Swapped Note shall close out the Swap Agreement or any portion of the Swap Agreement equivalent to the portion of such Swap Agreement being prepaid and within two
hours thereafter shall provide the Company summary information (day/date/time, amount, rate, settlement amount and settlement date, which may be in the form of an electronic communication from the counterparty if the close out confirmation is
unavailable, it being agreed that a copy of the close out confirmation shall be furnished to the Company as soon as practicable after it becomes available) supporting the amount of its (a) net gain (if any) that it is receiving (by payment,
through off-set or netting or otherwise) from a counterparty under the applicable Swap Agreement (the “Noteholder Net Gain”) or (b) net loss, cost or expense (if any) that it is incurring (by payment, through off-set or netting
or otherwise) to a counterparty under the applicable Swap Agreement (the “Noteholder Net Loss”), pursuant to the terms of such Swap Agreement. 
  

 - 37 - 

 Between 9:45 a.m. and 10:15 a.m. (New York City time) on the Swap Indemnity Calculation
Date, the Company shall be entitled to obtain in respect of each Swap Agreement quotations provided as of the Swap Indemnity Calculation Date by Royal Bank of Scotland and Barclays (each, an “Agent Bank”) designated by the Company
and agreed to by each holder of a Swapped Note which quotations the Company shall then average, for (a) the net gain (if any) that the holder of a Swapped Note would receive (by payment, through off-set or netting or otherwise) (the
“Agent Bank Average Net Gain”) or (b) the net loss (if any) that the holder of a Swapped Note would incur (by payment, through off-set or netting or otherwise) (the “Agent Bank Average Net Loss”) in
consideration of an agreement between each holder of a Swapped Note and each such financial institution to close out such Swap Agreement or any portion of such Swap Agreement equivalent to the portion of the Swapped Notes being prepaid. The Company
shall provide reasonably detailed support for such calculations of the Agent Bank Average Net Gain or Agent Bank Average Net Loss to each holder of a Swapped Note not later than 12:30 p.m. (New York City time) on the Swap Indemnity Calculation Date
following the delivery of the Noteholder Net Gain or Noteholder Net Loss. In the event the Agent Bank Average Net Gain or Agent Bank Average Net Loss is used in determining the Net Gain or Net Loss, the Company shall use its reasonable best efforts
to assist each holder of a Swapped Note in communicating with and obtaining information from the Agent Banks for purposes of evaluating any such quote. 
 The amount incurred by each holder of a Swapped Note to the Company (the “Net Gain”) shall be (a) the Noteholder Net Gain, if the Noteholder Net Gain is less than or equal to an amount that is
either (i) 5% greater than or (ii) 5% less than, the Agent Bank Average Net Gain or (b) the Agent Bank Average Net Gain, if the Noteholder Net Gain exceeds an amount that is either (i) 5% greater than or (ii) 5% less than
the Agent Bank Average Net Gain. 
 The amount received by each holder of a Swapped Note from the Company (the “Net
Loss”) shall be (a) the Noteholder Net Loss, if the Noteholder Net Loss is less than or equal to an amount that is either (i) 5% greater than or (ii) 5% less than, the Agent Bank Average Net Loss or (b) the Agent Bank
Average Net Loss, if the Noteholder Net Loss exceeds an amount that is either (i) 5% greater than or (ii) 5% less than the Agent Bank Average Net Loss. 
 The determination of the Noteholder Net Gain or Noteholder Net Loss and, if applicable, the calculation of the Agent Bank Average Net Gain
or the Agent Bank Average Net Loss shall be binding on the respective parties absent demonstrable error. 
 “Swapped
Note” means any Note that (a) is subject to a Swap Agreement and (b) has not been transferred to any Person other than an Affiliate of or successor to the Purchaser of such Note or to a Person that has assumed an Initial Swap
Agreement in respect of such Notes.” 
  

 - 38 - 

 (p) The definition of “Material Subsidiary” set forth in Schedule B to the Original Note
Agreement is hereby amended such that each reference therein to “10%” shall be replaced with a reference to “5%”. 
 (q)
Each of the following definitions set forth in Schedule B to the Original Note Agreement is hereby amended in its entirety to read as follows: 
 ““Bank Credit Facility” means (a) the Existing Bank Credit Facility and (b) any other working capital credit, loan or borrowing facility (including any renewal, extension, replacement
or refinancing of a then existing working capital facility) entered into on or after the date of the Closing by any member of the Group in a principal amount equal to or greater than $25,000,000 (or the equivalent in the relevant currency of
payment, determined as of the date of the financial closing of such working capital facility based on the exchange rate of such other currency for U.S. Dollars). 
 “Consolidated Earnings Before Interest and Tax” means, in respect of any Relevant Period, the total operating profit for
continuing operations, acquisitions (as a component of continuing operations) and discontinued operations (as defined in SFAS 144 “Accounting for the impairment or disposal of long-lived assets”) of the Group. This excludes, for the
avoidance of doubt, any material profits or losses recognized that result from the sale of a long-lived asset or a disposal group regardless of whether such a sale qualifies as a discontinued operation under SFAS 144, the costs associated with exit
activities (as defined under SFAS 146 “Accounting for costs associated with exit or disposal activities”), material infrequently occurring items and extraordinary items (in the case of extraordinary items as defined in APB 30
“Reporting the results of operations - Reporting the effects of disposal of a segment of a Business, and extraordinary, unusual and infrequently occurring events and transactions”) for such Relevant Period. For the further avoidance of
doubt, no amount of the type described in paragraph (b) of the definition of Consolidated Net Interest Expenditure shall be deducted from, or shall otherwise be taken into account in calculating, total operating profit of the Group. 

“Consolidated EBITDA” means, for any Relevant Period, Consolidated Earnings Before Interest and Tax before taking into
account any amounts attributable to the amortization of intangible assets and the depreciation of tangible assets for such Relevant Period, adjusted by: 
 (a) including the EBITDA (determined on the same basis as “Consolidated EBITDA”) of a member of the Group acquired during such Relevant Period for that part of such Relevant Period when it was not a member
of the Group and/or the business or assets were not owned by a member of the Group; and 
 (b) excluding the EBITDA
(determined on the same basis as “Consolidated EBITDA”) attributable to any member of the Group or to any business sold during such Relevant Period. 
  

 - 39 - 

 “Consolidated Net Interest Expenditure” means, in respect of any
Relevant Period, the aggregate amount of the interest (including, without limitation, the interest element of finance leasing and hire purchase payments and capitalised interest), commission and other finance payments payable by the Group (including
any periodic commission, fees, discounts and other finance payments payable by the Group under any Swap Contract) after deducting: 
 (a) the amount of the interest receivable by any member of the Group in or in respect of such Relevant Period (including, without limitation, any periodic commission, fees, discounts and other finance payments receivable by any member of
the Group under any Swap Contract); and 
 (b) the amount (to the extent otherwise included) of all fees, costs and expenses
(but not deducting, for the avoidance of doubt, any margin, commitment fee or interest payments) which have been incurred and/or paid by a member of the Group in, in respect of, or which are attributed to, such Relevant Period in connection with the
amendments to and waivers of this Agreement and the Existing Bank Credit Facility, respectively, in each case becoming effective on or about the Amendment Effective Date. 
 “Default Rate” means for a Note of any series, that rate of interest per annum that is the greater of (i) 2% above
the then applicable interest rate for the Notes of such series, as such rate may be adjusted from time to time pursuant to Section 1.3, and (ii) 2% above the rate of interest from time to time publicly announced by Citibank, N.A. in New
York City as its “base” or “prime” rate. 
 “Existing Bank Credit Facility” means the
$520,000,000 Multicurrency Revolving Credit Facilities Agreement dated June 26, 2008 between the Company, the Subsidiaries comprising Original Guarantors (as defined therein), Barclays Capital, Fifth Third Bank, HSBC Bank plc and The Royal Bank
of Scotland plc, as mandated lead arrangers, ABN AMRO Bank N.V. and National City Bank, as co-lead arrangers, HSBC Bank plc, as agent, and the lenders party thereto, as amended and restated on or about the Amendment Effective Date, and as further
supplemented, amended or restated from time to time, including any refinancing thereof provided that for the purposes of Sections 8.10 and 10.4 the maximum amount of commitments under such refinancing shall not exceed $370,000,000.

 “Financial Indebtedness” means any indebtedness for or in respect of: 
 (a) moneys borrowed; 
 (b) any amount raised by acceptance under any acceptance credit facility; 
 (c) any amount raised pursuant to any
note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument; 
  

 - 40 - 

 (d) the amount of any liability in respect of any lease or hire purchase contract which
would, in accordance with GAAP, be treated as a finance or capital lease; 
 (e) receivables sold or discounted (other than
any receivables to the extent they are sold on a non-recourse basis); 
 (f) any amount raised under any other transaction
(including any forward sale or purchase agreement) having the commercial effect of a borrowing; 
 (g) any Swap Contract
entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any Swap Contract, only the then Swap Termination Value shall be taken into account) but a member of the Group
shall not be construed as incurring indebtedness if it simply pays an up-front fee in respect of any such transaction in respect of which it has no continuing financial obligations; 
 (h) any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other
instrument issued by a bank or financial institution; 
 (i) any amount which would be payable in the event of the redemption
of Redeemable Shares; 
 (j) any amount of any liability in respect of any purchase price for assets or services the payment
of which is deferred for a period in excess of 90 days; 
 (k) (without double counting) the amount of any liability in
respect of any guarantee or indemnity for any of the items referred to in clauses (a) to (j) above; and 
 (l)
(without double counting) amounts owing in respect of all securitizations. 
 “Operating Lease Expenditure”
means, in respect of any Relevant Period, all payments made by the Group under operating leases under which a member of the Group is the lessee. Notwithstanding the foregoing, Operating Lease Expenditure shall not include any Rates or Service
Charges. 
 “Receivables” means receivables under credit card accounts of Sterling Jewelers Inc., Sterling
Inc., Sterling of Columbus Inc. and/or Sterling Jewelers LLC and any other receivables of a member of the Group. 
 “Relevant Period” means each period of approximately 12 months ending on the last day of the Company’s financial year and each period of approximately 12 months ending on the last day of each financial quarter of the
Company’s financial year. 
  

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 “Rates” means, in respect of any Relevant Period, all payments made by a
member of the Group in respect of business rates levied by a local authority or other governmental body in respect of freehold or leasehold premises owned or occupied by a member of the Group (the equivalent of which in the United States is local
area charges). 
 “Rents” means, in respect of any Relevant Period, all payments made by a member of the
Group in respect of rents, licence fees and other moneys payable in respect of freehold or leasehold premises in which a member of the Group has an interest as lessee or licensee (but shall not to the extent thereof include any such payments that
are linked to the turnover of any member of the Group) less all such payments made to the Group as lessor or licensor of such premises during, or in respect of, that Relevant Period. Notwithstanding the foregoing, Rents shall not include any Rates
or Service Charges.” 
 (r) Each of Exhibits 1.1(a), 1.1(b) and 1.1(c) to the Original Note Agreement is hereby amended and restated in
its entirety as of the Amendment Effective Date so that the same shall be in the form of Exhibit A, Exhibit B and Exhibit C hereto, respectively. 
 (s) The Original Note Agreement is hereby amended by attaching thereto, as Schedule 7.1 and Schedule 8.10, the form of Credit Portfolio Statistics Report and the form of Deleveraging Notice attached hereto as
Exhibit D and Exhibit E, respectively. 
 SECTION 5. Replacement Notes. (a) From and after the date that is 10
Business Days after the Amendment Effective Date, each Noteholder may at its option surrender its Note(s) with a request that such Note(s) be exchanged for one or more Replacement Notes (defined below) in authorized denominations. Within seven
Business Days after receiving any such request and surrendered Note(s), the Company shall execute and deliver, at the Company’s expense, one or more new Notes (as requested by the holder thereof) substantially in the respective forms set out in
Exhibit A, Exhibit B and Exhibit C hereto (each such new Note being referred to in this Supplemental Agreement as a “Replacement Note”) for the appropriate series of Note that it replaces in
exchange for, dated the date to which interest shall have last been paid on, and in an aggregate principal amount equal to the unpaid principal amount of, the surrendered Note(s). Each such Replacement Note shall be payable to such Person as such
holder may request. 
 (b) A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the
Securities Valuation Office of the National Association of Insurance Commissioners) shall be obtained for the Replacement Notes of each series in sufficient time for the Company to make Replacement Notes available to holders in accordance with
Section 5(a) above. 
 (c) The Company and the Noteholders acknowledge and agree that in connection with this Supplemental Agreement,
the Company is required to file Inland Revenue Form FD13 or 
  

 - 42 - 

 a similar Form with the appropriate taxing authority in the United Kingdom. Each Noteholder agrees, subject to the
limitations of clause (b) of Section 13 of the Original Note Agreement, that it shall duly complete and deliver to the Company or mail a Form to the appropriate taxing authority (which shall be deemed to occur when such Form is submitted
to the United States Internal Revenue Service in accordance with instructions contained in such Form), whichever is applicable, within 60 days following a written request of the Company (which request shall be accompanied by copies of such Form).

 SECTION 6. Effectiveness of this Supplemental Agreement. This Supplemental Agreement shall not become effective until, and shall
become effective on, the date (the “Amendment Effective Date”) on which all of the following conditions precedent shall have been satisfied and the parties hereto are so advised in writing by your special counsel: 
 Section 6.1. Proceedings. All proceedings taken by the Company in connection with this Supplemental Agreement and all documents and papers
incident thereto shall be satisfactory to you and your special counsel (acting reasonably), and you and your special counsel shall have received all such counterpart originals or certified or other copies of such documents and papers, all in form
and substance satisfactory to you and your special counsel (acting reasonably), as you or they may reasonably request in connection therewith. 
 Section 6.2. Execution of this Supplemental Agreement. Counterparts of this Supplemental Agreement shall have been executed and delivered to each other by the Company and all holders of the Notes and the Noteholders shall have
consented to this Supplemental Agreement as evidenced by their execution thereof. 
 Section 6.3. Representations and Warranties.
The representations and warranties of the Company contained in Section 2 of this Supplemental Agreement shall be true and correct on and as the Amendment Effective Date; provided, however, that the Amendment Effective Date shall be deemed to
have occurred notwithstanding any such representation or warranty proving to have been false or incorrect in any material respect on such date if in the case of any such representation or warranty that is capable of being cured, the same shall be
cured diligently and in good faith and in any event within 30 days after the Company shall become aware of the falseness or incorrectness thereof. 
 Section 6.4. Closing Documents. Each Noteholder shall have received such certificates of officers of the Company as it may reasonably request with respect to this Supplemental Agreement and the transactions contemplated hereby.

 Section 6.5. Opinions of Counsel. Each Noteholder shall have received opinions in form and substance satisfactory to them,
dated the date of this Supplemental Agreement from: (a) Herbert Smith LLP, English legal advisors for the Company, Parent Newco and the Subsidiary Guarantors, substantially in the form attached as Exhibit F hereto and covering such
other matters incident to the transactions contemplated hereby as the Noteholders or their special counsel may reasonably request; (b) Herbert Smith LLP, special U.S. counsel for the Company, Parent Newco and the Subsidiary Guarantors,
substantially in the form attached as Exhibit G hereto and covering such other matters incident to the transactions contemplated hereby as the Noteholders or their special counsel may reasonably request; and (c) Conyers 

 

 - 43 - 

 Dill & Pearman, special Bermuda counsel for Parent Newco, substantially in the form attached as
Exhibit H hereto and covering such other matters incident to the transactions contemplated hereby as the Noteholders or their special counsel may reasonably request. 
 Section 6.6. Payment of Fees. The Company shall have paid (a) to you and each other holder of a Note, by wire transfer as provided in
Schedule A to the Original Note Agreement (or to you in such other manner or to such other address as you shall have specified in writing to the Company at least one Business Day before the Amendment Effective Date) a non-refundable amendment fee
equal to 0.50% of the aggregate unpaid principal amount of the Notes respectively held by you and such other holder as set forth opposite your and their names in the acceptance form of this Supplemental Agreement, and (b) the fees and
disbursements of your special counsel as contemplated by Section 7 of this Supplemental Agreement. 
 Section 6.7. Amendment to
Existing Bank Credit Facility. All conditions to the effectiveness of the Existing Bank Credit Facility (as such term is amended by this Supplemental Agreement) shall have been satisfied or waived by the required percentage of lenders
thereunder; and such amendment shall not contain any term more favorable to the lenders under the Existing Bank Credit Facility (as such term is amended by this Supplemental Agreement) or more restrictive upon any member of the Group than the terms
contained in this Supplemental Agreement. 
 Section 6.8. Swap Documentation. Each holder of a Swapped Note shall have delivered
to the Company a copy of the fully-executed Swap Agreement applicable to its Swapped Notes (each of the foregoing terms, as defined in the Amended Note Agreement) and by execution of this Supplemental Agreement, the Company acknowledges receipt of
each such Swap Agreement. 
 SECTION 7. Expenses. Without limiting the generality of Section 16.1 of the Amended Note Agreement,
the Company agrees, whether or not the transactions contemplated hereby are consummated, to pay the reasonable fees and disbursements of Willkie Farr & Gallagher LLP, your special counsel, for their services rendered in connection with such
transactions and with respect to this Supplemental Agreement and any other document delivered pursuant to this Supplemental Agreement. 
 In
furtherance of the foregoing, on the Amendment Effective Date the Company will pay or cause to be paid the reasonable fees and disbursements of Willkie Farr & Gallagher LLP which are reflected in the statement of such firm delivered to the
Company two Business Days prior to the Amendment Effective Date. The Company will also pay promptly upon receipt of supplemental statements therefor, reasonable additional fees, if any, and disbursements of such firm in connection with the
transactions contemplated hereby (including disbursements unposted as of the Amendment Effective Date). 
 SECTION 8. Ratification.
Except as amended hereby, the Original Note Agreement is in all respects ratified and confirmed and the provisions thereof shall remain in full force and effect including, without limitation, the rights of the Company thereunder. 
  

 - 44 - 

 SECTION 9. Counterparts. This Supplemental Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 SECTION 10.
Governing Law. This Supplemental Agreement and each Replacement Note, if any, shall be governed by and construed in accordance with the laws of the State of New York, excluding choice-of-law principles of the law of such State that would
permit the application of the laws of a jurisdiction other than such State. 
 SECTION 11. Jurisdiction and Process; Waiver of Jury
Trial. 
 (a) Each of the Company, Parent Newco and the Subsidiary Guarantors irrevocably submits to the non-exclusive jurisdiction of
any New York State or federal court sitting in the Borough of Manhattan, the City of New York, over any suit, action or proceeding arising out of or relating to this Supplemental Agreement. To the fullest extent permitted by applicable law, each of
the Company, Parent Newco and the Subsidiary Guarantors irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now
or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
 (b) Each of the Company, Parent Newco and the Subsidiary Guarantors agrees, to the fullest extent permitted by applicable law, that a final judgment in
any suit, action or proceeding of the nature referred to in paragraph (a) of this Section 11 brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may be, and may be enforced in the
courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment. 
 (c) Each of the Company, Parent Newco and the Subsidiary Guarantors has consented to process being served by or on behalf of any Noteholder in any suit,
action or proceeding of the nature referred to in paragraph (a) of this Section 11 by mailing a copy thereof by registered or certified or priority mail, postage prepaid, return receipt requested, or delivering a copy thereof in the manner
for delivery of notices specified in Section 19, to CT Corporation System, 111 Eighth Avenue, New York, NY 10011, as its agent for the purpose of accepting service of any process in the United States. Each of the Company, Parent Newco and the
Subsidiary Guarantors agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law,
be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial
delivery service. 
 (d) Nothing in this Section 11 shall affect the right of any Noteholder to serve process in any manner permitted by
law, or limit any right that the Note holders may have to bring proceedings against the Company or Parent Newco or any Subsidiary Guarantor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one
jurisdiction in any other jurisdiction. 
  

 - 45 - 

 (e) Each of the Company, Parent Newco and the Subsidiary Guarantors has previously appointed CT
Corporation System, 111 Eighth Avenue, New York, NY 10011, to receive for it, and on its behalf, service of process in the United States. 
 (f) THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH. 
 SECTION 12. Subsidiary Guarantors; Parent Newco. By signing a counterpart of this Supplemental Agreement in the space below provided,
(a) Parent Newco acknowledges the foregoing amendments and confirms its Accession Agreement in respect of the Original Note Agreement as supplemented, amended and modified by this Supplemental Agreement and its Newco Guarantee and (b) each
Subsidiary Guarantor acknowledges the foregoing amendments and confirms its Subsidiary Guarantee in respect of the Notes and the Amended Note Agreement. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK; SIGNATURES FOLLOW] 
  

 - 46 - 

 If you are in agreement with the foregoing, please sign the form of acceptance in the space below
provided, whereupon this Supplemental Agreement shall become a binding agreement among you, the Company, Parent Newco and the Subsidiary Guarantors, subject to becoming effective as hereinabove provided. 
  

			
	SIGNET GROUP PLC
		
	By:	 	 /S/    MARK JENKINS

	Name:	 	Mark Jenkins
	Title:	 	Director and Company Secretary

  

			
	 By:
	 	 /S/    WALKER G. BOYD

	Name:	 	Walker G. Boyd
	Title:	 	Director

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 The Variable Annuity Life Insurance Company
	  	$27,000,000
 (Series C)

		
	 American General Life Insurance Company
	  	$15,000,000
 (Series C)

		
	 AIG Life Insurance Company
	  	$10,000,000
 (Series C)

		
	 American International Life Assurance Company of New York
	  	$5,000,000
 (Series C)

		
	 The United States Life Insurance Company in the City of New York
	  	$5,000,000
 (Series C)

  

					
	By:	 	AIG Global Investment Corp.,
    investment advisor
			
		 	By:	 	 /S/    PETER DEFAZIO

		 	Name:	 	Peter DeFazio
		 	Title:	 	Managing Director

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 One Madison Investments (Cayco) Limited
	  	$14,000,000
 (Series B)
  
 $26,000,000
 (Series C)

  

							
	By:	 	Metropolitan Life Insurance Company,
    its Investment Manager
			
		 	By:	 	 /S/    JUDITH A. GULOTTA

		 	Name:	 	Judith A. Gulotta
		 	Title:	 	Managing Director

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Principal Life Insurance Company
	  	$14,000,000
 (Series B)

  

							
	By:	 	 Principal Global Investors, LLC,
a Delaware limited liability company,
its authorized
signatory

			
		 	By:	 	 /S/    ALAN P.
KRESS        

		 	Name:	 	Alan P. Kress
		 	Title:	 	Counsel
			
		 	By:	 	 /S/    JAMES C.
FIFIELD        

		 	Name:	 	James C. Fifield
		 	Title:	 	Assistant General Counsel

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Symetra Life Insurance Company,
a Washington corporation
	  	$14,000,000
 (Series B)

  

							
	By:	 	 Principal Global Investors, LLC,
a Delaware limited liability company,
its authorized
signatory

			
		 	By:	 	 /S/    ALAN P. KRESS

		 	Name:	 	Alan P. Kress
		 	Title:	 	Counsel
			
		 	By:	 	 /S/    JAMES C. FIFIELD

		 	Name:	 	James C. Fifield
		 	Title:	 	Assistant General Counsel

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Scottish Re (U.S.), Inc.
	  	$1,400,000
 (Series B)

  

					
	 By:
	 	 Principal Global Investors, LLC,
a Delaware limited liability company,
its authorized
signatory

			
		 	By:	 	 /S/    ALAN P. KRESS        

		 	Name:	 	Alan P. Kress
		 	Title:	 	Counsel
			
		 	By:	 	 /S/    JAMES C. FIFIELD        

		 	Name:	 	James C. Fifield
		 	Title:	 	Assistant General Counsel

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Midland National Life Insurance Company
	  	$25,000,000
 (Series A)

  

			
		
	By:	 	 /S/    MICHAEL DAMASO        

	Name:	 	Michael Damaso
	Title:	 	Senior Managing Director

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 ING USA Annuity and Life Insurance Company
	  	$4,000,000
 (Series A)
  
 $5,000,000
 Series (C)

		
	 Reliastar Life Insurance Company
	  	$11,000,000
 (Series A)

		
	 Security Life of Denver Insurance Company
	  	$7,000,000
 (Series C)

		
	 ING Life Insurance and Annuity Company
	  	$3,000,000
 (Series C)

  

					
	 By:
	 	ING Investment Management LLC,
    as Agent
			
		 	 By:
	 	 /S/    CHRISTOPHER P.
LYONS        

		 	 Name:
	 	 Christopher P. Lyons

		 	 Title:
	 	 Senior Vice President

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Transamerica Life Insurance Company (successor by merger with Transamerica Occidental Life Insurance Company)
	  	$10,000,000
 (Series B)
  
 $20,000,000
 (Series C)

  

			
	 By:
	 	 /S/    DEBRA R. THOMPSON        

	 Name:
	 	Debra R. Thompson
	 Title:
	 	Vice-President

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 AXA Equitable Life Insurance Company
	  	$17,000,000
 (Series B)

  

			
	 By:
	 	 /S/    AMY JUDD        

	 Name:
	 	Amy Judd
	 Title:
	 	Investment Officer

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 MONY Life Insurance Company
	  	$8,000,000
 (Series B)

  

			
	 By:
	 	 /S/    AMY JUDD        

	 Name:
	 	Amy Judd
	 Title:
	 	Investment Officer

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Connecticut General Life Insurance Company
	  	$17,000,000
 (Series A)

	 Life Insurance Company of North America
	  	$3,000,000
 (Series A)

  

					
	 By:
	 	 CIGNA Investments, Inc.
     (authorized agent)

			
		 	 By:
	 	 /S/    LEONARD MAZLISH        

		 	 Name:
	 	Leonard Mazlish
		 	 Title:
	 	Managing Director

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 The Guardian Life Insurance Company of America
	  	$18,000,000
 (Series B)

  

			
		
	By:	 	 /S/    THOMAS M. DONOHUE        

	Name:	 	Thomas M. Donohue
	Title:	 	Managing Director

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 CUNA Mutual Life Insurance Company
	  	$3,150,000
 (Series A)
  
 $2,700,000
 Series (B)
  
 $3,150,000
 Series (C)

		
	 CUNA Mutual Insurance Society
	  	$2,100,000
 (Series A)
  
 $1,800,000
 (Series B)
  
 $2,100,000
 (Series C)

		
	 CUMIS Insurance Society
	  	$1,050,000
 (Series A)
  
 $900,000
 (Series B)
  
 $1,050,000
 (Series C)

		
	 Members Life Insurance Company
	  	$700,000
 (Series A)
  
 $600,000
 (Series B)
  
 $700,000
 (Series C))

  

					
		
	By:	 	 Members Capital Advisors, Inc.,
     acting as Investment Advisor:

			
		 	By:	 	 /S/    JAMES E. MCDONALD
JR.        

		 	Name:	 	James E. McDonald Jr.
		 	Title:	 	Director, Private Placements

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Allied Irish Banks, p.l.c.
	  	$13,000,000
 (Series A)

  

			
		
	By:	 	 /S/    TOM SHEEHAN        

	Name:	 	Tom Sheehan
	Title:	 	Senior Manager
		
		 	 /S/    ROBERT BOLAND        

	Name:	 	Robert Boland
	Title:	 	Regional Director

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Genworth Life Insurance Company
	  	$8,000,000
 (Series A)

		
	 Genworth Life and Annuity Insurance Company
	  	$4,000,000
 (Series B)

  

			
	By:	 	 /S/    ESTELLE D. SIMSOLO        

		 	Estelle D. Simsolo
		 	Investment Officer

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Teachers Insurance and Annuity Association of America
	  	$15,000,000
 (Series B)

  

			
	 By:
	 	 /S/    BRIAN ROELKE        

	 Name:
	 	Brian Roelke
	 Title:
	 	Director

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Allianz Life Insurance Company of North America
	  	$12,000,000
 (Series A)

  

					
	 By:
	 	Allianz of America, Inc., as Authorized
Signatory and Investment Manager
			
		 	 By: 
	 	 /S/    GARY BROWN        

		 	 Name:
	 	Gary Brown
		 	 Title:
	 	Assistant Treasurer

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 American Equity Investment Life Insurance Company
	  	$9,000,000
 (Series B)

  

			
	 By:
	 	 /S/    RACHEL STAUFFER        

	 Name:
	 	Rachel Stauffer
	 Title:
	 	Vice President Investments

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 AVIVA LIFE AND ANNUITY COMPANY

 (f/k/a Aviva
Life Insurance Company)
	  	$5,600,000
 (Series B)

  

					
	 By:
	 	Aviva Investors North America, Inc., its
    authorized attorney-in-fact
			
		 	 By:
	 	 /S/    ROGER D. FORS        

		 	 Name:
	 	Roger D. Fors
		 	 Title:
	 	VP-Private Placements

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Ohio National Life Assurance Corporation
	  	$3,000,000
 (Series B)

		
	 The Ohio National Life Insurance Company
	  	$1,000,000
 (Series B)

  

			
	 By:
	 	 /S/    JED R. MARTIN        

	 Name:
	 	Jed R. Martin
	 Title:
	 	Vice President, Private Placements

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Travelers Casualty and Surety Company of America
	  	$4,000,000
 (Series B)

  

			
		
	By:	 	 /S/    ANNETTE M.
MASTERSON        

	Name:	 	Annette M. Masterson
	Title:	 	Vice President

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	 Sun Life Assurance Company of Canada
	  	$4,000,000
 (Series B)

  

			
		
	By:	 	 /S/    DEBORAH J. FOSS        

	Name:	 	Deborah J. Foss
	Title:	 	 Managing Director, Head of Private Debt,
 Private
Fixed Income

		
	By:	 	 /S/    ANN C. KING        

	Name:	 	Ann C. King
	Title:	 	Assistant Vice President and Senior Counsel

 The foregoing is hereby agreed and accepted as of this 13th day of March, 2009 
  

			
	 	  	Principal Amount and
Series of Notes
	Assurity Life Insurance Company (successor in interest to Security Financial Life Insurance Company)	  	$2,000,000
 (Series B)

  

			
		
	By:	 	 /S/    VICTOR WEBER        

	Name:	 	Victor Weber
	Title:	 	Senior Director - Investments

 We acknowledge the foregoing and confirm our respective Subsidiary Guarantees. 
  

			
	Checkbury Limited
		
	By:	 	 /S/    WALKER G. BOYD        

	Name:	 	Walker G. Boyd
	Title:	 	Director
	
	Ernest Jones Limited
		
	By:	 	 /S/    WALKER G. BOYD        

	Name:	 	Walker G. Boyd
	Title:	 	Director
	
	H. Samuel Limited
		
	By:	 	 /S/    WALKER G. BOYD        

	Name:	 	Walker G. Boyd
	Title:	 	Director
	
	Signet Holdings Limited
		
	By:	 	 /S/    WALKER G. BOYD        

	Name:	 	Walker G. Boyd
	Title:	 	Director

			
	Sterling Inc.
		
	By:	 	 /S/    WALKER G. BOYD

	Name:	 	Walker G. Boyd
	Title:	 	Director
	
	Sterling Jewelers Inc.
		
	By:	 	 /S/    WALKER G. BOYD

	Name:	 	Walker G. Boyd
	Title:	 	Director

 We acknowledge the foregoing and confirm our Newco Guarantee and Accession Agreement. 
  

			
	Signet Jewelers Limited
		
	By:	 	 /S/    WALKER G. BOYD

	Name:	 	Walker G. Boyd
	Title:	 	Group Finance Director

 SCHEDULE 2.1 
 Subsidiaries, etc. 
 Subsidiaries of Parent Newco and Ownership of Subsidiary Stock 
  

													
	 Company Name
	  	Jurisdiction	  	Subsidiary
Guarantor	  	Material
Subsidiary	  	Percentage
ownership within
Group	 	 Immediate parent
company
	  	 Directors

	 Checkbury Limited
	  	England	  	Yes	  	Yes	  	100%	 	Signet Trading Limited	  	 W G Boyd
 M A
Jenkins

							
	 C L Edwards & Sons Limited
	  	England	  	No	  	No	  	100%	 	Signet Holdings Limited	  	 W G Boyd
 M A Jenkins
 J A Edwards
 D Edwards

							
	 Collingwood the County
Jewellers Limited
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 E J Limited
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 Ernest Jones Limited
	  	England	  	Yes	  	Yes	  	100%	 	Signet Trading Limited	  	 W G Boyd
 M A Jenkins

							
	 Ernest Jones & Co
(London) Limited
	  	England	  	No	  	No	  	100%	 	Ernest Jones (Jewellers) p.l.c.	  	 W G Boyd
 M A Jenkins

													
	 Company Name
	  	Jurisdiction	  	Subsidiary
Guarantor	  	Material
Subsidiary	  	Percentage
ownership within
Group	 	 Immediate parent
company
	  	 Directors

	 Ernest Jones (Jewellers) p.l.c.
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 H. Samuel Limited
	  	England	  	Yes	  	Yes	  	100%	 	Signet Trading Limited	  	 W G Boyd
 M A Jenkins

							
	 H Samuel (I.O.M.) Limited
	  	Isle of Man	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 James Walker, Goldsmith & Silversmith, Limited
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 James Walker Guernsey Limited
	  	Guernsey	  	No	  	No	  	100%	 	James Walker, Goldsmith & Silversmith, Limited	  	 W G Boyd RBC
 Directorship Services
(Guernsey) Ltd

							
	 Kay Acquisition Inc
	  	Delaware,
USA	  	No	  	No	  	100%	 	Sterling Jewelers Inc	  	 R D Trabucco
 G S Frankovich

G F Lavelle

													
	 Company Name
	  	Jurisdiction	  	Subsidiary
Guarantor	  	Material
Subsidiary	  	Percentage
ownership within
Group	 	 Immediate parent
company
	  	 Directors

	 Leslie Davis Limited
	  	England	  	No	  	No	  	100%	 	Signet Trading Limited	  	 W G Boyd
 M A Jenkins

							
	 Marcus Jewel Galleries Inc.
	  	New York,
USA	  	No	  	No	  	100%	 	Sterling Jewelers Inc	  	 M S Light
 R D Trabucco
 G S Frankovich

							
	 Ratners Limited
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 Ratners Property
Developments Limited
	  	England	  	No	  	No	  	100%	 	Signet Holdings Limited	  	 W G Boyd
 M A Jenkins

							
	 Ratners Trustees Limited
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 Saphena Limited
	  	England	  	No	  	No	  	100%	 	Ernest Jones (Jewelers) p.l.c.	  	 W G Boyd
 M A Jenkins

							
	 Signet Card Services Limited
	  	England	  	No	  	No	  	100%	 	Signet Trading Limited	  	 W G Boyd
 M A Jenkins

													
	 Company Name
	  	Jurisdiction	  	Subsidiary
Guarantor	  	Material
Subsidiary	  	Percentage
ownership within
Group	 	 Immediate parent
 company
	  	 Directors

	 Signet Bermuda Finance Limited
	  	Bermuda	  	No	  	No	  	100%	 	Signet Jewelers Limited	  	 W G Boyd
 T L Burman
 C G R Collis

							
	 Signet Group plc
	  	England	  	Yes	  	Yes	  	100%	 	Signet Jewelers Limited	  	 W G Boyd
 M A Jenkins
 M Williamson
 T L Burman

							
	 Signet Group Finance Limited
	  	England	  	No	  	No	  	100%	 	Signet UK Cayman Limited	  	 W G Boyd
 M A Jenkins

							
	 Signet Group Services Limited
	  	England	  	No	  	No	  	100%	 	Signet Holdings Limited	  	 W G Boyd
 M A Jenkins

							
	 Signet Holdings Limited
	  	England	  	Yes	  	Yes	  	100%	 	Signet Group plc	  	 W G Boyd
 M A Jenkins

							
	 Signet Jewelers Ltd
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 Signet Jewellery Limited
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

													
	 Company Name
	  	Jurisdiction	  	Subsidiary
Guarantor	  	Material
Subsidiary	  	Percentage
ownership within
Group	 	 Immediate parent
company
	  	 Directors

	 Signet Jewellery Group Limited
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 Signet Sourcing Limited
	  	England	  	No	  	No	  	100%	 	Signet Holdings Limited	  	 W G Boyd
 M A Jenkins

							
	 Signet Trading Limited
	  	England	  	No	  	Yes	  	100%	 	Signet Holdings Limited	  	 W G Boyd
 M A Jenkins

							
	 Signet UK Cayman Limited
	  	Cayman
Islands	  	No	  	No	  	100%	 	Signet Holdings Limited	  	 W G Boyd
 M A Jenkins

							
	 Signet UK Dormants Limited
	  	England	  	No	  	No	  	100%	 	Signet Holdings Limited	  	 W G Boyd
 M A Jenkins

							
	 Signet US Finance Limited
	  	England	  	No	  	No	  	100%	 	Signet US Holdings Inc.	  	 W G Boyd
 M A Jenkins

													
	 Company Name
	  	Jurisdiction	  	Subsidiary
Guarantor	  	Material
Subsidiary	  	Percentage
ownership within
Group	 	 Immediate parent
company
	  	 Directors

	 Signet US Holdings, Inc.
	  	Delaware,
USA	  	No	  	Yes	  	100%	 	Signet Holdings Limited	  	 T L Burman
 M S Light
 W G Boyd
 R D Trabucco
 G S Frankovich
 D J Puglisi
 R M Lavelle

							
	 Signet US LLC (In the process of being liquidated)
	  	USA	  		  		  		 	Signet US Finance Limited	  	
							
	 Stephen’s Jewellers Limited
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 Sterling of Ohio Inc.
	  	Ohio, USA	  	No	  	No	  	100%	 	Sterling Inc.	  	 T L Burman
 M S Light
 W G Boyd
 R D Trabucco
 G S Frankovich

													
	 Company Name
	  	Jurisdiction	  	Subsidiary
Guarantor	  	Material
Subsidiary	  	Percentage
ownership within
Group	 	 Immediate parent
company
	  	 Directors

	 Sterling Inc.
	  	Ohio, USA	  	Yes	  	Yes	  	100%	 	Sterling Jewelers Inc.	  	 T L Burman
 M S Light
 W G Boyd
 R D Trabucco
 G S Frankovich

							
	 Sterling Ecomm LLC
	  	Delaware,
USA	  	No	  	No	  	100%	 	Sterling Jewelers Inc (50%) and Sterling Inc. (50%)	  	None – decisions are taken by the members.
							
	 Sterling Jewelers Inc.
	  	Delaware,
USA	  	Yes	  	Yes	  	100%	 	Signet US Holdings Inc.	  	 T L Burman
 M S Light
 W G Boyd
 R D Trabucco
 G S Frankovich

							
	 Sterling Jewelers LLC
	  	Delaware,
USA	  	No	  	No	  	100%	 	Sterling Jewelers Inc (50%) and Sterling Inc. (50%)	  	None – decisions are taken by the members.

													
	 Company Name
	  	Jurisdiction	  	Subsidiary
Guarantor	  	Material
Subsidiary	  	Percentage
ownership within
Group	 	 Immediate parent
company
	  	 Directors

	 Sterling Jewelers Insurance Agency
	  	Delaware,
USA	  	No	  	No	  	100%	 	Sterling Jewelers Inc	  	 T L Burman
 M S Light
 W G Boyd
 R D Trabucco
 G S Frankovich

							
	 Sterling Jewelers Receivables Corp
	  	Delaware,
USA	  	No	  	No	  	100%S	 	Sterling Jewelers Inc	  	 RD Trabucco
 G S Frankovich
 D J Puglisi
 O Figueroa

							
	 Sterling Jewelers Reinsurance Ltd
	  	Turks and
Caicos
Islands	  	No	  	No	  	100%	 	Sterling Jewelers Inc	  	 T L Burman
 W G Boyd
 R D Trabucco
 G S Frankovich

							
	 Terry’s (Jewellers) Limited
	  	England	  	No	  	No	  	100%	 	Signet UK Dormants Limited	  	 W G Boyd
 M A Jenkins

							
	 Time (Jersey) Limited
	  	Jersey	  	No	  	No	  	100%	 	James Walker, Goldsmith & Silversmith, Limited	  	 W G Boyd
 R Thomas

 Liens in favour of each member of the Group over its own share capital as referred to in the constitutional or
organisational documents of such member. 

 SIGNET GROUP PLC 
  

			
	Sir Malcolm Williamson	  	Director
		
	Walker Boyd	  	Director
		
	Terry Burman	  	Director
		
	Mark Jenkins	  	Director and Company Secretary

 SIGNET JEWELERS LIMITED 
  

			
	 Sir Malcolm Williamson
	  	Director
		
	 Robert Blanchard
	  	Director
		
	 Walker Boyd
	  	Director
		
	 Terry Burman
	  	Director
		
	 Dale Hilpert
	  	Director
		
	 Mark Jenkins
	  	Group Company Secretary
		
	 Leslie Knox
	  	Director
		
	 Marianne Miller Parrs
	  	Director
		
	 Thomas Plasket
	  	Director
		
	 Russell Walls
	  	Director
		
	 Susie Grant
	  	Company Secretary

 SCHEDULE 2.4 
 No Default, etc. 
 Letter, dated December 4, 2008, from Walker G. Boyd to HSBC Bank plc, as Agent under that certain
Facilities Agreement dated as of June 26, 2008, requesting certain amendments to such Facilities Agreement 

 SCHEDULE 2.6 
 Fees 
 Letter, dated December 4, 2008, from Walker G. Boyd to HSBC Bank plc, as Agent under that certain Facilities
Agreement dated as of June 26, 2008, requesting certain amendments to such Facilities Agreement 
 Confirmatory email, dated March 10, 2009, from
Alan Drew to Herbert Smith LLP indicating fees under the Existing Bank Credit Facility of 65 basis points on the smaller facility of $370,000,000 or 46.25 basis points on the original facility amount of $520,000,000. 

 SCHEDULE 2.8 
 Existing Financial Indebtedness and Liens, etc. 
 As at 31 January 2009: 
  

			
	 Item
	  	 Amount Drawn / Outstanding

	 Existing Bank Credit Facility – $520,000,000
 Multicurrency Revolving Credit Facility
	  	 $138,250,000 (of which $3,250,000
 is issued Letters of
Credit)

		
	 •        Description of the obligors: Signet Jewelers Limited,
Signet Group plc, H. Samuel Limited, Sterling Inc, Sterling Jewelers Inc, Checkbury Limited, Signet Holdings Limited and Ernest Jones Limited
  
 •        Description of the obligees: Barclays Bank plc, HSBC Bank plc, The Royal
Bank of Scotland plc, Fifth Third Bank, ABN Amro Bank N.V., National City Bank
  
 •        Collateral: None
  
 •        Guaranty: provided by each of the obligors as guarantors
  
 •        Signed: 26 June 2008
  
 •        Termination: 26 June 2013
	  	

 Since 31 January 2009, there has been no material change in monetary terms of any such item of Financial
Indebtedness. 
 Except as disclosed in this Schedule 2.8, and with the exception of any security granted in respect of liabilities entered into in the
ordinary course of business which do not constitute Financial Indebtedness (but which would have been permissible under the terms of the Agreement had they constituted Financial Indebtedness), neither the Company, Parent Newco nor any Subsidiary has
agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.3 of the Amended Note
Agreement. 
 The constitutional documents of certain members of the Group (including, for the avoidance of doubt, the Company) contain restrictions on the
creation of, or permitting to subsist, Liens, Financial Indebtedness and guarantees and/or indemnities (including Guarantees). 

 SCHEDULE 2.9 
 DISCLOSURE MATERIALS 
 Schedule of Documents Provided to Private Placement Noteholders 
 Document A – ‘Rent rates and service charges – Lenders’ 12/12/2008 
 Document B – ‘Signet Jewelers FCC models and balance sheets FY 09 to FY 11’ 09/12/2008 
 Document C –
‘Quarterly Phased Model for Scenario B’ 15/12/2008 
 Document D – ‘Quarterly Phased Model for Scenario B – plus extra year’
30/12/2008 
 Document E – ‘Net debt summary 2011 to 2013’ 05/01/2009 
 Document F – ‘Scenario B up to FY12-13’ 05/01/2009 
 Document G – ‘Signet Jewelers FCC models plus
balance sheets’ 08/12/2008 
 Document H – ‘Private Placement Investor Update Final’ November 2008 

 EXHIBIT A 
 [FORM OF SERIES A NOTE] 
 SIGNET GROUP plc 
 7.95% SENIOR NOTE, SERIES A, DUE 2013 
  

			
	 No. RA-[                ]
	  	New York, New York
	 U.S.$[                        ]
	  	[Date]
	 PPN: 82668L B* 4
	  	

 FOR VALUE RECEIVED, the undersigned, SIGNET GROUP plc (Registered No. 00477692), a public limited company
incorporated under the laws of England and Wales (herein called the “Company”), hereby promises to pay to
[                                         
   ], or registered assigns, the principal sum of
[                                         
   ] DOLLARS on May 23, 2013, with interest (computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of (i) 5.95% per annum for the period from and
including the date hereof to but excluding March 13, 2009 and (ii) 7.95% per annum for the period from and after March 13, 2009, as the rate set forth in clause (ii) may be adjusted from time to time as provided in
Section 1.3 of the Note Agreement referred to below, payable semiannually on May 23 and November 23 in each year, commencing with the May 23 or November 23 next succeeding the date hereof, until the principal hereof shall
have become due and payable, and (b) to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount or Modified Make-Whole
Amount (as respectively defined in the Note Agreement referred to below), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of (i) 2%
above the stated interest rate for this Note, as such rate may be adjusted from time to time pursuant to Section 1.3 of the Note Agreement, as aforesaid, and (ii) 2% over the rate of interest publicly announced by Citibank, N.A. from time
to time in The City of New York as its “base” or “prime” rate. 
 Payments of principal of, interest on and any Make-Whole Amount or
Modified Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the principal office of Citibank, N.A. in The City of New York or at such other place as the Company shall have designated by
written notice to the holder of this Note as provided in the Note Agreement referred to below. 
 This Note is one of a series of Senior Notes (herein called
the “Notes”) issued pursuant to the Note Purchase Agreement dated as of March 30, 2006 (as from time to time amended, the “Note Agreement”) between the Company and the respective Purchasers named therein and is
entitled to the benefits thereof. This Note is also entitled to the benefits of the Newco Guarantee and one or more Subsidiary Guarantees executed and delivered from time to time pursuant to the Note Agreement. Each holder of this Note that is not
one of the Purchasers named in the Note Agreement, by its acceptance hereof, shall be deemed to have agreed to the confidentiality provisions set forth in Section 21 of the Note Agreement. 

 This Note is a registered Note and, as provided in the Note Agreement, upon surrender of this Note for registration of
transfer, accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note of the same series for a like principal amount (or, if less, the then
unpaid principal amount) will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to
optional prepayment in whole or from time to time in part, at the times and on the terms specified in the Note Agreement, but not otherwise. 
 If an Event
of Default, as defined in the Note Agreement, occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect
provided in the Note Agreement. 
 This Note shall be construed and enforced in accordance with, and shall be governed by, the laws of the State of New York,
excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 
  

			
	SIGNET GROUP plc
		
	 By:
	 	  

		 	 Title:

		
	 By:
	 	  

		 	 Title:

 EXHIBIT B 
 [FORM OF SERIES B NOTE] 
 SIGNET GROUP plc 
 8.11% SENIOR NOTE, SERIES B, DUE 2016 
  

				
	 No. RB-[            ]
	  	New York, New York	 
	U.S.$[                    ]	  	[Date	]
	PPN: 82668L B@ 2	  		

 FOR VALUE RECEIVED, the undersigned, SIGNET GROUP plc (Registered No. 00477692), a public limited company
incorporated under the laws of England and Wales (herein called the “Company”), hereby promises to pay to
[                                         
                   ], or registered assigns, the principal sum of
[                                ] DOLLARS on May 23, 2016, with interest
(computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of (i) 6.11% per annum for the period from and including the date hereof to but excluding March 13, 2009 and
(ii) 8.11% per annum for the period from and after March 13, 2009, as the rate set forth in clause (ii) may be adjusted from time to time as provided in Section 1.3 of the Note Agreement referred to below, payable
semiannually on May 23 and November 23 in each year, commencing with the May 23 or November 23 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by
law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount or Modified Make-Whole Amount (as respectively defined in the Note Agreement referred to
below), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of (i) 2% above the stated interest rate for this Note, as such rate may be
adjusted from time to time pursuant to Section 1.3 of the Note Agreement, as aforesaid, and (ii) 2% over the rate of interest publicly announced by Citibank, N.A. from time to time in The City of New York as its “base” or
“prime” rate. 
 Payments of principal of, interest on and any Make-Whole Amount or Modified Make-Whole Amount with respect to this Note are to be
made in lawful money of the United States of America at the principal office of Citibank, N.A. in The City of New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note
Agreement referred to below. 
 This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note
Purchase Agreement dated as of March 30, 2006 (as from time to time amended, the “Note Agreement”) between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. This Note is also
entitled to the benefits of the Newco Guarantee and one or more Subsidiary Guarantees executed and delivered from time to time pursuant to the Note Agreement. Each holder of this Note that is not one of the Purchasers named in the Note Agreement, by
its acceptance hereof, shall be deemed to have agreed to the confidentiality provisions set forth in Section 21 of the Note Agreement. 

 This Note is a registered Note and, as provided in the Note Agreement, upon surrender of this Note for registration of
transfer, accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note of the same series for a like principal amount (or, if less, the then
unpaid principal amount) will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to
optional prepayment in whole or from time to time in part, at the times and on the terms specified in the Note Agreement, but not otherwise. 
 If an Event
of Default, as defined in the Note Agreement, occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect
provided in the Note Agreement. 
 This Note shall be construed and enforced in accordance with, and shall be governed by, the laws of the State of New York,
excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 
  

			
	SIGNET GROUP plc
		
	By:	 	  

		 	Title:
		
	By:	 	  

		 	Title:

 EXHIBIT C 
 [FORM OF SERIES C NOTE] 
 SIGNET GROUP plc 
 8.26% SENIOR NOTE, SERIES C, DUE 2018 
  

				
	No. RC-[            ]	  	New York, New York	 
	U.S.$[                    ]	  	[Date	]
	PPN: 82668L B# 0	  		

 FOR VALUE RECEIVED, the undersigned, SIGNET GROUP plc (Registered No. 00477692), a public limited company
incorporated under the laws of England and Wales (herein called the “Company”), hereby promises to pay to
[                                         
               ], or registered assigns, the principal sum of
[                                ] DOLLARS on May 23, 2018, with interest
(computed on the basis of a 360-day year of twelve 30-day months) (a) on the unpaid balance thereof at the rate of (i) 6.26% per annum for the period from and including the date hereof to but excluding March 13, 2009 and
(ii) 8.26% per annum for the period from and after March 13, 2009, as the rate set forth in clause (ii) may be adjusted from time to time as provided in Section 1.3 of the Note Agreement referred to below, payable
semiannually on May 23 and November 23 in each year, commencing with the May 23 or November 23 next succeeding the date hereof, until the principal hereof shall have become due and payable, and (b) to the extent permitted by
law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount or Modified Make-Whole Amount (as respectively defined in the Note Agreement referred to
below), payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the greater of (i) 2% above the stated interest rate for this Note, as such rate may be
adjusted from time to time pursuant to Section 1.3 of the Note Agreement, as aforesaid, and (ii) 2% over the rate of interest publicly announced by Citibank, N.A. from time to time in The City of New York as its “base” or
“prime” rate. 
 Payments of principal of, interest on and any Make-Whole Amount or Modified Make-Whole Amount with respect to this Note are to be
made in lawful money of the United States of America at the principal office of Citibank, N.A. in The City of New York or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note
Agreement referred to below. 
 This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note
Purchase Agreement dated as of March 30, 2006 (as from time to time amended, the “Note Agreement”) between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. This Note is also
entitled to the benefits of the Newco Guarantee and one or more Subsidiary Guarantees executed and delivered from time to time pursuant to the Note Agreement. Each holder of this Note that is not one of the Purchasers named in the Note Agreement, by
its acceptance hereof, shall be deemed to have agreed to the confidentiality provisions set forth in Section 21 of the Note Agreement. 

 This Note is a registered Note and, as provided in the Note Agreement, upon surrender of this Note for registration of
transfer, accompanied by a written instrument of transfer duly executed by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note of the same series for a like principal amount (or, if less, the then
unpaid principal amount) will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to the contrary. 
 This Note is subject to
optional prepayment in whole or from time to time in part, at the times and on the terms specified in the Note Agreement, but not otherwise. 
 If an Event
of Default, as defined in the Note Agreement, occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect
provided in the Note Agreement. 
 This Note shall be construed and enforced in accordance with, and shall be governed by, the laws of the State of New York,
excluding choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State. 
  

			
	SIGNET GROUP plc
		
	By:	 	  

		 	Title:
		
	By:	 	  

		 	Title:

 EXHIBIT D 
 SCHEDULE 7.1 
 [FORM OF CREDIT PORTFOLIO STATISTICS REPORT] 
 Credit Portfolio Statistics 
  

					
	 	  	Quarter Ending
	 	  	[Current]	  	[Prior Year]
	 Credit sales ($m)
	  		  	
	 Credit sales as % of total sales
	  		  	
	 Number of active credit accounts at end of quarter
	  		  	
	 Average outstanding account balance ($)
	  		  	
	 Average monthly collection rate for quarter
	  		  	
	 Bad debt as % of total sales
	  		  	
	 Bad debt as % of credit sales
	  		  	

 AGING OF CREDIT PORTFOLIO 
 AT THE REPORTING DATE 
  

									
	 	  	 Quarter Ending

	 	  	 [Current]
	  	[Prior Year]
	 	  	 Gross
	  	Provision for Impairment	  	Gross	  	Provision for Impairment
	 	  	$m	  	$m	  	$m	  	$m
					
	 Not past due
	  		  		  		  	
					
	 Past due
	  		  		  		  	
	 1 - 30 days
	  		  		  		  	
	 31 - 60 days
	  		  		  		  	
	 61 - 90 days
	  		  		  		  	
	 Over 90 days
	  		  		  		  	

 EXHIBIT E 
 SCHEDULE 8.10 
 [Form of Deleveraging Notice and 
 Certificate of Senior Financial Officer (including example)] 
 [TO BE FINALIZED] 

 EXHIBIT F 
 [Form of Opinion of English Legal Advisors 
 to the Company, Parent Newco and the Subsidiary Guarantors]

 EXHIBIT G 
 [Form of Opinion of Special New York Counsel to the Company, 
 Parent Newco and the Subsidiary Guarantors]

 EXHIBIT H 
 [Form of Opinion of Special Bermuda Counsel to Parent Newco]Amended and Restated Multi-currency Revolving Credit Agreement March 6 2009

 Exhibit 4.16 
  

			
	 

	  	CLIFFORD CHANCE LLP

  
 $370,000,000 
 FACILITIES AGREEMENT 
 originally dated 26
June 2008 
 for 
 SIGNET
GROUP plc 
 and Others 
 and

 BARCLAYS CAPITAL, FIFTH THIRD BANK, HSBC BANK plc 
 and 
 THE ROYAL BANK OF SCOTLAND plc 
 as Mandated Lead Arrangers 
 and 
 ABN AMRO BANK N.V. and NATIONAL CITY BANK 
 as
Co- Lead Arrangers 
 with 
 HSBC
BANK plc 
 acting as Agent 
  
  
 MULTICURRENCY REVOLVING
FACILITIES AGREEMENT 
 AS AMENDED AND RESTATED BY AN AMENDMENT 
 AGREEMENT DATED 6 MARCH 2009 
  
  

 CONTENTS 
  

					
	 Clause
	  	Page
	 1.
	  	Definitions And Interpretation	  	1
			
	 2.
	  	The Facility	  	24
			
	 3.
	  	Purpose	  	24
			
	 4.
	  	Conditions Of Utilisation	  	24
			
	 5.
	  	Utilisation	  	26
			
	 6.
	  	Utilisation - Letters Of Credit	  	27
			
	 7.
	  	Letters Of Credit	  	31
			
	 8.
	  	Optional Currencies	  	35
			
	 9.
	  	Repayment	  	37
			
	 10.
	  	Prepayment And Cancellation	  	37
			
	 11.
	  	Interest	  	45
			
	 12.
	  	Interest Periods	  	46
			
	 13.
	  	Changes To The Calculation Of Interest	  	46
			
	 14.
	  	Fees	  	47
			
	 15.
	  	Tax Gross Up And Indemnities	  	49
			
	 16.
	  	Increased Costs	  	54
			
	 17.
	  	Other Indemnities	  	56
			
	 18.
	  	Mitigation By The Lenders	  	57
			
	 19.
	  	Costs And Expenses	  	57
			
	 20.
	  	Guarantee And Indemnity	  	58
			
	 21.
	  	Representations	  	62
			
	 22.
	  	Information Undertakings	  	67
			
	 23.
	  	Financial Covenants	  	75
			
	 24.
	  	General Undertakings	  	77
			
	 25.
	  	Completion Of Reorganisation	  	85
			
	 26.
	  	Events Of Default	  	85
			
	 27.
	  	Changes To The Lenders	  	92
			
	 28.
	  	Changes To The Obligors	  	96
			
	 29.
	  	Role Of The Agent And The Mandated Lead Arrangers	  	99
			
	 30.
	  	Conduct Of Business By The Finance Parties	  	104
			
	 31.
	  	Sharing Among The Finance Parties	  	104
			
	 32.
	  	Payment Mechanics	  	106

					
	 33.
	  	Set-Off	  	109
			
	 34.
	  	Notices	  	109
			
	 35.
	  	Calculations And Certificates	  	111
			
	 36.
	  	Partial Invalidity	  	111
			
	 37.
	  	Remedies And Waivers	  	111
			
	 38.
	  	Amendments And Waivers	  	111
			
	 39.
	  	Counterparts	  	112
			
	 40.
	  	Usa Patriot Act	  	112
			
	 41.
	  	Governing Law	  	113
			
	 42.
	  	Enforcement	  	113
		
	 SCHEDULE 1 THE ORIGINAL PARTIES
	  	114
		
	 Part I The Original Obligors
	  	114
	 Part Ii The Original Lenders
	  	115
		
	 SCHEDULE 2 MARGIN
	  	116
		
	 SCHEDULE 3 CONDITIONS PRECEDENT
	  	117
		
	 Part I A Conditions Precedent To Initial Utilisation
	  	117
	 Part I B Conditions Precedent Required To Be Delivered By An Additional Obligor
	  	119
		
	 SCHEDULE 4 REQUESTS
	  	121
		
	 Part I A Utilisation Request
	  	121
	 Part I B Utilisation Request - Letters Of Credit
	  	122
		
	 SCHEDULE 5 MANDATORY COST FORMULAE
	  	123
		
	 SCHEDULE 6 FORM OF TRANSFER
CERTIFICATE
	  	126
		
	 SCHEDULE 7 FORM OF ACCESSION
LETTER
	  	127
		
	 SCHEDULE 8 FORM OF RESIGNATION
LETTER
	  	129
		
	 SCHEDULE 9 FORM OF COMPLIANCE
CERTIFICATE
	  	130
		
	 SCHEDULE 10 LMA FORM OF CONFIDENTIALITY
UNDERTAKING
	  	133
		
	 SCHEDULE 11 TIMETABLES
	  	137
		
	 Part I Loans
	  	137
	 Part Ii Letters Of Credit
	  	138
		
	 SCHEDULE 12 FORM OF LETTER OF
CREDIT
	  	139
		
	 Part I Form Of Letter Of Credit Where Fifth Third Bank Is Issuing Bank
	  	139
	 Part Ii Form Of Letter Of Credit Where A Lender (Other Than Fifth Third Bank) Is Issuing Bank
	  	141
		
	 SCHEDULE 13 FORM OF DEMAND
	  	143

 THIS AGREEMENT is dated 26 June 2008 (as amended and restated by the Amendment Agreement) and made between:

  

	(1)	SIGNET GROUP plc (Co. Reg. No. 00477692) whose registered office is at 15, Golden Square, London, W1F 9JG (as the “Company” and “Original
Borrower”); 

  

	(2)	THE SUBSIDIARIES of the Company listed in Part I of Schedule 1 (The Original Parties) as original guarantors (together with the Company the “Original
Guarantors”); 

  

	(3)	BARCLAYS CAPITAL, FIFTH THIRD BANK, HSBC BANK plc and THE ROYAL BANK OF SCOTLAND plc as mandated lead arrangers (whether acting individually or together the
“Mandated Lead Arrangers” or the “Arranger”); 

  

	(4)	ABN AMRO BANK N.V. and NATIONAL CITY BANK as co-lead arrangers (whether acting individually or together the “Co-Lead Arrangers”);

  

	(5)	FIFTH THIRD BANK as issuing bank (the “Issuing Bank”); 

  

	(6)	THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Parties) as lenders (the “Original Lenders”); and

  

	(7)	HSBC BANK plc as agent of the Lenders (the “Agent”). 

 IT IS AGREED as follows: 
 SECTION 1 
 INTERPRETATION 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement: 
 “Accession Letter” means a document substantially in the form set out in Schedule 7 (Form of Accession Letter). 

“Additional Borrower” means a company which becomes an Additional Borrower in accordance with Clause 28.2 (Additional
Borrowers). 
 “Additional Guarantor” means a company which becomes an Additional Guarantor in accordance with
Clause 28.4 (Additional Guarantors). 
 “Additional Obligor” means an Additional Borrower or an Additional
Guarantor. 
 “Affiliate” means, in relation to any person, a Subsidiary of that person or a Holding Company of that person
or any other Subsidiary of that Holding Company. 
 “Agent’s Spot Rate of Exchange” means the Agent’s spot rate of
exchange for the purchase of the relevant currency with the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day. 
 “Agreed Jurisdiction” means England, the United States of America or Bermuda. 

 “Amendment Agreement” means an amendment agreement dated 6 March 2009 between,
among others, the Company and the Agent. 
 “Authorisation” means an authorisation, consent, approval, resolution, licence,
exemption, filing, notarisation or registration. 
 “Availability Period” means the period from and including the date of
this Agreement to and including the day falling one Month before the Termination Date. 
 “Available Commitment” means a
Lender’s Commitment minus: 
  

	 	(a)	the Base Currency Amount of its participation in any outstanding Utilisations; and 

  

	 	(b)	in relation to any proposed Utilisation, the Base Currency Amount of its participation in any Utilisations that are due to be made on or before the proposed Utilisation Date,

 other than that Lender’s participation in any Utilisations that are due to be repaid or prepaid on or before the
proposed Utilisation Date. 
 “Available Facility” means the aggregate for the time being of each Lender’s Available
Commitment. 
 “Base Currency” means dollars. 
 “Base Currency Amount” means, in relation to any Utilisation, the amount specified in the Utilisation Request delivered by a Borrower for that Utilisation (or, if the amount requested is not
denominated in the Base Currency, that amount converted into the Base Currency at the Agent’s Spot Rate of Exchange on the date which is three Business Days before the Utilisation Date or, if later, on the date the Agent receives the
Utilisation Request and in the case of a Letter of Credit, as adjusted under Clause 6.8 (Revaluation of Letters of Credit)) adjusted to reflect any repayment or prepayment of the Utilisation. 
 “Borrower” means the Company as Original Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with
Clause 28 (Changes to the Obligors). 
 “Break Costs” means the amount (if any) by which: 
  

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

 exceeds: 
  

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

  

 - 2 - 

 “Business Day” means a day (other than a Saturday or Sunday) on which banks are open for
general business in London and New York: and 
  

	 	(a)	(in relation to any date for payment or purchase of a currency other than euro) the principal financial centre of the country of that currency; or 

  

	 	(b)	(in relation to any date for payment or purchase of euro) any TARGET Day. 

 “Capital Expenditure” means any payments made to acquire long-lived assets, which, in accordance with U.S. GAAP, are treated as capital expenditure in the consolidated financial statements of the
Parent. 
 “Code” means, at any date, the U.S. Internal Revenue Code of 1986 (or any successor legislation thereto) as
amended from time to time, and the regulations promulgated and rulings issued thereunder, all as the same may be in effect at such date. 
 “Commitment” means: 
  

	 	(a)	in relation to an Original Lender, the amount in the Base Currency set opposite its name under the heading “Commitment” in Part II of Schedule 1 (The
Original Parties) and the amount of any other Commitment transferred to it under this Agreement; and 

  

	 	(b)	in relation to any other Lender, the amount in the Base Currency of any Commitment transferred to it under this Agreement, 

 to the extent not cancelled, reduced or transferred by it under this Agreement. 
 “Company” means Signet Group plc, a company incorporated in England with registered company number 00477692. 
 “Completion Date” means the first date on which the steps referred to in paragraph (c) of the definition of Transaction have been
completed. 
 “Compliance Certificate” means a certificate substantially in the form set out in Schedule 9 (Form of
Compliance Certificate). 
 “Confidentiality Undertaking” means a confidentiality undertaking substantially in a
recommended form of the LMA as set out in Schedule 10 (LMA Form of Confidentiality Undertaking) or in any other form agreed between the Parent and the Agent. 
 “Consolidated Earnings Before Interest and Tax” means, in respect of any Relevant Period, the total operating profit for continuing operations, acquisitions (as a component of continuing operations)
and discontinued operations (as defined in SFAS 144 “Accounting for the impairment or disposal of long-lived assets”) of the Group. This excludes, for the avoidance of doubt, any material profits or losses recognised that result from the
sale of a long-lived asset or a disposal group regardless of whether such a sale qualifies as a discontinued operation under SFAS 144, the costs associated with exit 
  

 - 3 - 

 activities (as defined under SFAS 146 “Accounting for costs associated with exit or disposal
activities”), material infrequently occurring items and extraordinary items (in the case of extraordinary items as defined in APB 30 “Reporting the results of operations - Reporting the effects of disposal of a segment of a Business, and
extraordinary, unusual and infrequently occurring events and transactions”) for such Relevant Period. For the avoidance of doubt, no amount of the nature described in paragraph (b) of the definition of Consolidated Net Interest Expenditure
shall be deducted from, or shall otherwise be taken into account in calculating, total operating profit of the Group. 
 “Consolidated
EBITDA” means, for any Relevant Period, Consolidated Earnings Before Interest and Tax of the Group before taking into account any amounts attributable to the amortisation of intangible assets and the depreciation of tangible assets for such
Relevant Period, adjusted by: 
  

	 	(a)	including the EBITDA (determined on the same basis as “Consolidated EBITDA”) of a member of the Group acquired during that Relevant Period for that part of that Relevant
Period when it was not a member of the Group and/or the business or assets were not owned by a member of the Group; and 

  

	 	(b)	excluding the EBITDA (determined on the same basis as “Consolidated EBITDA”) attributable to any member of the Group or to any business sold during that Relevant Period.

 “Consolidated Net Debt” means at any time the aggregate amount of all obligations of the Group (and for the
purposes of paragraph (l) of the definition of Financial Indebtedness the relevant entity, if not a member of the Group, which has incurred such Financial Indebtedness) for or in respect of Indebtedness for Borrowed Money but excluding any such
obligation to any other member of the Group, adjusted to take account of the aggregate amount of freely available cash and cash equivalents held by any member of the Group (and so that no amount shall be included or excluded more than once).

 “Consolidated Net Interest Expenditure” means, in respect of any Relevant Period, the aggregate amount of the interest
(including, without limitation, the interest element of finance leasing and hire purchase payments and capitalised interest), commission and other finance payments payable by the Group (including any periodic commission, fees, discounts and other
finance payments payable by the Group under any interest rate and/or currency hedging arrangement or instrument) after deducting: 
  

	 	(a)	the amount of any interest receivable by any member of the Group in or in respect of that Relevant Period (including, without limitation, any periodic commission, fees, discounts
and other finance payments receivable by any member of the Group under any interest rate and/or currency hedging agreements or instruments); and 

  

	 	(b)	(to the extent otherwise included), the amount of all fees, costs and expenses (but not for the avoidance of doubt increased Margin, commitment fee or interest payments) which have
been incurred and/or paid by a member of the Group in, in respect of, or which are attributed to, that Relevant Period, in relation to the Amendment Agreement or the amendment to the Loan Notes which is effective on or about the Effective Date.

  

 - 4 - 

 “Consolidated Tangible Net Worth” means at any time the aggregate of the amounts paid up
or credited as paid up on the issued share capital of the Parent (other than any Redeemable Shares) and the aggregate amount of the reserves of the Group including but not limited to: 
  

	 	(a)	any amount credited to the share premium account; 

  

	 	(b)	any capital redemption reserve fund; and 

  

	 	(c)	any balance standing to the credit of the consolidated profit and loss account of the Group, 

 but deducting: 
  

	 	(i)	any debit balance on the consolidated profit and loss account of the Group; 

  

	 	(ii)	(to the extent included) any amount shown in respect of goodwill (including goodwill arising only on consolidation) or other intangible assets of the Group and interests of
non-Group members in Group subsidiaries; 

  

	 	(iii)	(to the extent included) any amount set aside for taxation or deferred taxation; and 

  

	 	(iv)	(to the extent included) any amounts arising from an upward revaluation of assets made at any time after 31 January 2008, 

 and so that no amount shall be included or excluded more than once. 
 “Contractual Obligation” means with respect to any person, any provision of any agreement, instrument or undertaking to which such person is a party and by which it or any of its property is bound.

 “Default” means an Event of Default or any event or circumstance specified in Clause 26.1 (Non-Payment) to
Clause 26.13 (ERISA Material adverse change) (inclusive) of Clause 26 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or
any combination of any of the foregoing) be an Event of Default. 
 “Disruption Event” means either or both of: 

 

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

  

 - 5 - 

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

  

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

  

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

 and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted. 
 “EBITDAR” means, for any period, Consolidated Earnings Before Interest and Tax for that period before taking into account any amounts
attributable to the depreciation of long-lived tangible assets and the amortisation of intangible assets and after adding back an amount equal to Rents and Operating Lease Expenditure of the Group for that period. 
 “Effective Date” has the meaning given to it in the Amendment Agreement. 
 “Employee Plan” means an employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA
or Section 412 of the Code or Section 302 of ERISA, and in respect of which a U.S. Group Company or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer”
as defined in Section 3(5) of ERISA. 
 “Environmental Claim” means any claim, proceeding or investigation by any person
in respect of any Environmental Law. 
 “Environmental Law” means any applicable law or regulation in any jurisdiction in
which any member of the Group conducts business which relates to the pollution or protection of the environment or harm to or the protection of human health or the health of animals or plants. 
 “Environmental Permits” means any permit, licence, consent, approval and other authorisation and the filing of any notification, report
or assessment required under any Environmental Law for the operation of the business of any member of the Group conducted on or from the properties owned or used by the relevant member of the Group. 
 “ERISA” means, at any date, the United States Employee Retirement Income Security Act of 1974 (or any successor legislation thereto) as
amended from time to time, and the regulations promulgated and rulings issued thereunder, all as the same may be in effect at such date. 
 “ERISA Affiliate” means any person that for purposes of Title I and Title IV of ERISA and Section 412 of the Code would be deemed at any relevant time to be a single employer with a U.S. Group Company, pursuant to
Section 414(b), (c), (m) or (o) of the Code or Section 4001 of ERISA. 
  

 - 6 - 

 “ERISA Event” means: 
  

	 	(a)	any reportable event, as defined in Section 4043 of ERISA, with respect to an Employee Plan, as to which PBGC has not by regulation waived the requirement of
Section 4043(a) of ERISA that it be notified of such event which is reasonably likely to have a Material Adverse Effect; 

  

	 	(b)	the filing of a notice of intent to terminate any Employee Plan, if such termination would require material additional contributions in order to be considered a standard termination
within the meaning of Section 4041(b) of ERISA, the filing under Section 4041(c) of ERISA of a notice of intent to terminate any Employee Plan or the termination of any Employee Plan under Section 4041(c) of ERISA if such termination
would require any material additional contributions to such plan which is reasonably likely to have a Material Adverse Effect; 

  

	 	(c)	the institution of proceedings under Section 4042 of ERISA by the PBGC for the termination of, or the appointment of a trustee to administer, any Employee Plan which is
reasonably likely to have a Material Adverse Effect; 

  

	 	(d)	the failure to make a required contribution to any Employee Plan that would result in the imposition of an encumbrance under Section 412 of the Code or Section 302 of
ERISA or the filing of any request for a minimum funding waiver under Section 412 of the Code with respect to any Employee Plan or Multiemployer Plan which is reasonably likely to have a Material Adverse Effect; 

  

	 	(e)	an engagement in a non-exempt prohibited transaction within the meaning of Section 4975 of the Code or Section 406 of ERISA with respect to any Employee Plan which is
reasonably likely to have a Material Adverse Effect; 

  

	 	(f)	the complete or partial withdrawal of any U.S. Group Company or any ERISA Affiliate from a Multiemployer Plan which is reasonably likely to have a Material Adverse Effect; and

  

	 	(g)	an Obligor or an ERISA Affiliate incurring any liability under Title IV of ERISA with respect to any Employee Plan (other than premiums due and not delinquent under
Section 4007 of ERISA) which is reasonably likely to have a Material Adverse Effect. 

 “EURIBOR” means,
in relation to any Loan in euro: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for the Interest Period of that Loan) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its
request quoted by the Reference Banks to leading banks in the European interbank market, 

  

 - 7 - 

 as of the Specified Time on the Quotation Day for the offering of deposits in euro for a period
comparable to the Interest Period of the relevant Loan. 
 “Event of Default” means any event or circumstance specified as
such in Clause 26.1 (Non-Payment) to Clause 26.13 (ERISA Material adverse change) (inclusive) of Clause 26 (Events of Default). 
 “Executive Order” has the meaning ascribed to it in Clause 21.21 (Anti-Terrorism Laws). 
 “Existing Facilities” means the $390,000,000 revolving credit facility dated 28 September 2004 (as amended, supplemented, varied or restated from time to time) and made between, inter alia, the Company, HSBC
Bank plc as agent and the financial institutions named therein. 
 “Facility” means the multicurrency revolving credit
facility made available under this Agreement as described in Clause 2 (The Facility). 
 “Facility Office” means
the office or offices notified by a Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days’ written notice) as the office or offices through which it will perform
its obligations under this Agreement. 
 “Fee Letter” means any letter or letters dated on or about the date of this
Agreement between the Agent and/or the Mandated Lead Arrangers and the Parent setting out any of the fees referred to in Clause 14 (Fees). 
 “Finance Document” means this Agreement, any Fee Letter, any Accession Letter, any Resignation Letter and any other document designated as such by the Agent and the Parent. 
 “Finance Party” means the Agent, the Mandated Lead Arrangers or a Lender. 
 “Financial Indebtedness” means any indebtedness for or in respect of: 
  

	 	(a)	moneys borrowed; 

  

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

  

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

  

	 	(d)	the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;

  

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

  

	 	(f)	any amount raised under any other transaction (including any forward sale or purchase agreement) having the commercial effect of a borrowing; 

  

 - 8 - 

	 	(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 then mark to market value shall be taken into account) but a member of the Group shall not be construed as incurring indebtedness if it simply pays an up-front fee in respect of any such transaction in respect of which it has
no continuing financial obligations; 

  

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

  

	 	(i)	any amount which would be payable in the event of the redemption of Redeemable Shares; 

  

	 	(j)	any amount of any liability in respect of any purchase price for assets or services the payment of which is deferred for a period in excess of ninety days; 

 

	 	(k)	(without double counting) the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (j) above; and

  

	 	(l)	(without double counting) amounts owing in respect of the Securitisation or any Permitted Securitisation. 

 “Fixed Charges” means, in respect of any period, Consolidated Net Interest Expenditure for that period plus Rents and Operating Lease
Expenditure for that period. 
 “GAAP” means (i) generally accepted accounting principles in the UK (in the case of the
Company) including IFRS; (ii) generally accepted accounting principles in the jurisdiction of incorporation in respect of each Obligor (excluding the Company and the Newcos) including IFRS; and (iii) in the case of the Parent, U.S. GAAP.

 “Governmental Authority” means any nation or government, any state or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 “Group” means the Parent and its Subsidiaries for the time being, so that with effect from the Completion Date it means the Parent Newco and its Subsidiaries for the time being. 
 “Guarantor” means an Original Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with
Clause 28 (Changes to the Obligors) provided that in relation to each Guarantor which is also a Borrower such Guarantor’s guarantee shall not extend to such Guarantor’s obligation hereunder in its capacity as a Borrower.

 “Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which it
is a Subsidiary. 
 “IFRS” means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the
extent applicable to the relevant financial statements. 
  

 - 9 - 

 “Indebtedness for Borrowed Money” means Financial Indebtedness save for any indebtedness
for or in respect of paragraphs (g) and (h) of the definition of “Financial Indebtedness”. 
 “Interest
Period” means, in relation to a Loan, each period determined in accordance with Clause 12 (Interest Periods) and in relation to an Unpaid Sum, each period determined in accordance with Clause 11.3 (Default
Interest). 
 “Issuing Bank” means each Lender identified above as Issuing Bank and any other Lender which has notified
the Agent that it has agreed to the Parent’s request to be an Issuing Bank pursuant to the terms of this Agreement (and if more than one Lender has so agreed, such Lenders shall be referred to, whether acting individually or together, as the
“Issuing Bank”) provided that, in respect of a Letter of Credit issued or to be issued pursuant to the terms of this Agreement, the “Issuing Bank” shall be the Issuing Bank which has issued or agreed to issue that Letter
of Credit. 
 “IRS” means the United States Internal Revenue Service or any successor thereto. 
 “ITA” means the Income Tax Act 2007. 
 “Lender” means: 
  

	 	(a)	any Original Lender; and 

  

	 	(b)	any bank or financial institution which has become a Party in accordance with Clause 27 (Changes to the Lenders), 

 which in each case has not ceased to be a Party in accordance with the terms of this Agreement. 
 “Letter of Credit” means a letter of credit, substantially in the form set out in: 
  

	 	(a)	if Fifth Third Bank is the Issuing Bank which has issued or agreed to issue that Letter of Credit, Part I (Form of Letter of Credit where Fifth Third Bank is Issuing Bank) of
Schedule 12 (Form of Letter of Credit); or 

  

	 	(b)	if any other Lender is the Issuing Bank which has issued or agreed to issue that Letter of Credit, Part II (Form of Letter of Credit where a Lender (other than Fifth Third Bank)
is Issuing Bank) of Schedule 12 (Form of Letter of Credit), 

 or in any other form requested by a Borrower and
agreed by the Agent (with the prior consent of the Majority Lenders) and the Issuing Bank. 
 “LIBOR” means, in relation to
any Loan or Unpaid Sum: 
  

	 	(a)	the applicable Screen Rate; or 

  

	 	(b)	(if no Screen Rate is available for the currency or Interest Period of that Loan) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent
at its request quoted by the Reference Banks to leading banks in the Relevant Interbank Market, 

  

 - 10 - 

 as of the Specified Time on the Quotation Day for the offering of deposits in the currency of that Loan
and for a period comparable to the Interest Period for that Loan. 
 “LMA” means the Loan Market Association. 
 “Loan” means a loan made or to be made under the Facility or the principal amount outstanding for the time being of that loan.

 “Loan Notes” means the unsecured 5.95% Series A Senior Notes due 2013, 6.11% Series B Senior Notes due 2016 and 6.26%
Series C Senior Notes due 2018 of the Company in an aggregate amount of $380,000,000 issued pursuant to a note purchase agreement dated 30 March 2006 made between the Company and the purchasers named therein. 
 “Majority Lenders” means: 
  

	 	 (a)
	 until the Total Commitments have been reduced to zero, a Lender or Lenders whose Commitments aggregate more than
662/3% of the Total Commitments (or, if the
Total Commitments have been reduced to zero and there are no Utilisations then outstanding, aggregated more than 662/3% of the Total Commitments immediately prior to the reduction); or 

  

	 	 (b)
	 at any other time, a Lender or Lenders whose participations in the Outstandings aggregate more than 662/3% of the Outstandings. 

 “Mandatory Cost” means the percentage rate per annum calculated by the Agent in accordance with Schedule 5 (Mandatory Cost
Formulae). 
 “Margin” means in relation to a Utilisation, with effect from the Effective Date, 2.25 per cent. per
annum, but if: 
  

	 	(a)	no Default has occurred and is continuing; and 

  

	 	(b)	the ratio of EBITDAR to Fixed Charges in respect of the immediately preceding Relevant Period (if such Relevant Period ends on or after 1 August 2009) is within a range set out
in Schedule 2 (Margin), 

 then the Margin will be the percentage per annum set out at Schedule 2
(Margin) corresponding to that range. 
 However: 
  

	 	(i)	any increase or decrease in the Margin for a Utilisation shall take effect on the date falling one Business Day after receipt by the Agent of the Compliance Certificate for that
Relevant Period ending on or after 1 August 2009 pursuant to Clause 23.2 (Financial Testing) and such increase or decrease in the Margin shall apply to each Utilisation or Rollover Utilisation existing on that date (with effect from
that date) and to each such Utilisation or Rollover Utilisation made on or after that date (subject to the future application of this provision); 

  

 - 11 - 

	 	(ii)	while an Event of Default is continuing, the Margin shall be 2.75 per cent. per annum until such time as the Event of Default is no longer continuing when the Margin shall
again be determined in accordance with the provisions set out above. 

 “Margin Stock” means “margin
stock” or “margin security” as defined in Regulations T, U and X. 
 “Material Adverse Effect” means a
material adverse effect on: 
  

	 	(a)	the business, operations, property or condition (financial or otherwise) of the Group taken as a whole; or 

  

	 	(b)	the ability of the Obligors (taken as a whole) to perform their payment obligations under the Finance Documents or to comply with the financial covenants in Clause 23.1
(Financial Condition). 

 “Material Company” means: 
  

	 	(a)	at all times after the Completion Date, the Parent Newco and each Newco; and 

  

	 	(b)	at any time, a Subsidiary of the Parent which: 

  

	 	(i)	has profits before interest and tax (calculated on the same basis as Consolidated Earnings Before Interest and Tax), representing 5 per cent. or more of Consolidated Earnings
Before Interest and Tax; and/or 

  

	 	(ii)	has gross assets representing 5 per cent. or more of the gross assets of the Group; and/or 

  

	 	(iii)	has turnover representing 5 per cent. or more of consolidated turnover of the Group, 

 in each case calculated on a consolidated basis (and, for the avoidance of doubt, excluding intra-Group items) (but excluding Sterling Jewelers
Receivables Corp). 
 Compliance with the conditions set out in paragraphs (i), (ii) and (iii) shall be determined by reference to
the most recent Compliance Certificate supplied by the Parent and/or the latest financial statements of that Subsidiary (consolidated in the case of a Subsidiary which itself has Subsidiaries), if any, and the latest consolidated financial
statements of the Group delivered pursuant to Clause 22 (Information undertakings) provided that: 
  

	 	(i)	if a Subsidiary has been acquired since the date as at which the latest consolidated financial statements of the Group were prepared, the financial statements shall be adjusted in
order to take into account the acquisition of that Subsidiary (that adjustment being certified by the Group’s auditors as representing an accurate reflection of the revised Consolidated Earnings Before Interest and Tax, gross assets or turnover
of the Group); 

  

 - 12- 

	 	(ii)	if, in the case of any Subsidiary which itself has Subsidiaries, no consolidated financial statements are prepared, its consolidated earnings before interest and tax, gross assets
and turnover shall be determined on the basis of pro forma consolidated financial statements of the relevant Subsidiary, prepared for this purpose by the auditors of the Parent or the auditors for the time being of the relevant subsidiary; and

  

	 	(iii)	if any intra-group transfer or re-organisation takes place, the latest audited consolidated financial statements of the Group shall be adjusted by the auditors of the Group in order
to take into account such intra-group transfer or re-organisation. 

 Other than in relation to any Subsidiary designated by
the Parent as a Material Company, a report by the auditors of the Group that a Subsidiary is or is not a Material Company shall, in the absence of manifest error, be conclusive and binding on all Parties. 
 “Month” means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar
month, except that: 
  

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

  

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

 The above rules will only apply to the last Month of any period. 
 “Multiemployer Plan” means a “multiemployer plan” (as defined in Section (3)(37) of ERISA) contributed to for any
employees of a U.S. Group Company or any ERISA Affiliate. 
 “Newco” means each of the following: 
  

	 	(a)	a company with no trading activity prior to the Completion Date incorporated in an Agreed Jurisdiction which directly owns all of the issued share capital of the Company as a result
of or in connection with the Transaction; 

  

	 	(b)	Parent Newco; and 

  

	 	(c)	each other company with no trading activity prior to the Completion Date incorporated in an Agreed Jurisdiction which as a result of or in connection with the Transaction is
directly or indirectly a wholly-owned Subsidiary of Parent Newco and is also directly or indirectly a Holding Company of the Company. 

 “Obligor” means a Borrower or a Guarantor. 
  

 - 13 - 

 “Operating Lease Expenditure” means in respect of a Relevant Period all payments made by
the Group under operating leases under which a member of the Group is lessee. Operating Lease Expenditure shall not include any Rates or Service Charges. 
 “Optional Currency” means a currency (other than the Base Currency) which complies with the conditions set out in Clause 4.3 (Conditions relating to Optional Currencies). 
 “Original Financial Statements” means: 
  

	 	(a)	in relation to the Company, the audited consolidated financial statements of the Group for the financial year ended 31 January 2008; 

  

	 	(b)	in relation to each Original Obligor other than the Company, Sterling Inc, and Sterling Jewelers Inc., its audited financial statements for its financial year ended 31 January
2007; 

  

	 	(c)	in relation to Sterling Jewelers Inc., its audited consolidated financial statements for its financial year ended 31 January 2007; and 

  

	 	(d)	in relation to Sterling Inc, its unaudited financial statements for its financial year ended 31 January 2007. 

 “Original Obligor” means an Original Borrower or an Original Guarantor. 
 “Outstandings” means the aggregate of the Base Currency Amounts of the outstanding Utilisations. 
 “Parent” means, at any time prior to the Parent Newco Accession Date, the Company or, with effect from (and at any time after) the Parent
Newco Accession Date, Parent Newco. For the avoidance of doubt, as at the Effective Date, the Parent is Parent Newco. 
 “Parent
Newco” means a newly incorporated company incorporated in Bermuda which as a result of or in connection with the Transaction directly or indirectly owns all of the issued share capital of the Company and is the company in which the
shareholders of the Company immediately prior to the Completion Date are direct shareholders, as a result of or in connection with the Transaction. 
 “Parent Newco Accession Date” means the date on which the Parent Newco accedes as an Additional Guarantor to this Agreement in accordance with Clause 28.4 (Additional Guarantors). For the avoidance of doubt the
Parent Newco (being Signet Jewelers Limited) acceded as an Additional Guarantor to this Agreement on 30 September 2008. 
 “Participating Member State” means any member state of the European Communities that adopts or has adopted the euro as its lawful currency in accordance with legislation of the European Community relating to Economic and
Monetary Union. 
 “Party” means a party to this Agreement and includes its successors in title, permitted assigns and
permitted transferees. 
 “PBGC” means the U.S. Pension Benefit Guaranty Corporation, or any entity succeeding to all or any
of its functions under ERISA. 
  

 - 14 - 

 “Permitted Indemnities” means: 
  

	 	(a)	any indemnities and/or guarantees given under, to, pursuant to or in relation to: 

  

	 	(i)	engagement letters entered into with financial or professional advisors of any member of the Group; 

  

	 	(ii)	trust instruments or indentures (to the extent that such indemnities are payable to any trustee(s) under such documents); 

  

	 	(iii)	underwriting, placing, book building or other agreements relating to the issue, subscription or sale of securities of any description; 

  

	 	(iv)	acquisition or sale agreements permitted pursuant to this Agreement; 

  

	 	(v)	agreements or instruments of any description constituting Financial Indebtedness of any member of the Group which is permitted pursuant to this Agreement; 

 

	 	(vi)	the Securitisation which is subsisting at the date of this Agreement or any Permitted Securitisation provided that in relation to any Permitted Securitisation such guarantees
or indemnities are not in respect of Financial Indebtedness (other than indebtedness incurred under paragraph (l) of the definition of Financial Indebtedness to the extent that such indebtedness is not for or in respect of moneys borrowed);

  

	 	(vii)	agency agreements of any nature; 

  

	 	(viii)	directors or officers of any member of the Group whether under the constitutional documents of any member of the Group or otherwise; 

  

	 	(ix)	depositary or custodian arrangements; 

  

	 	(x)	share registration arrangements; 

  

	 	(xi)	securities transactions and settlement arrangements; and 

  

	 	(xii)	the Loan Notes; 

  

	 	(b)	any loans made, credit granted or guarantees or indemnities given by one member of the Group to another member of the Group or any liabilities, whether actual or contingent, of one
member of the Group voluntarily assumed by another member of the Group; 

  

	 	(c)	any credit granted by any U.S. Group Company to employees of such member of the U.S. Group Company pursuant to staff purchasing arrangements; 

  

	 	(d)	any loans made, credit granted or guarantees or indemnities given by any member of the Group to directors or employees of such member of the Group not falling within (c) above,
up to an aggregate amount of £250,000 (or its equivalent); 

  

 - 15 - 

	 	(e)	any guarantees or indemnities given to any financial institution in respect of guarantees, letters of credit or performance bonds issued by that financial institution to HM
Revenue & Customs in respect of the Group’s obligations to account for import duties on goods and merchandise imported into the United Kingdom; or 

  

	 	(f)	any loans made, credit granted or guarantees or indemnities given by any member of the Group not falling within (a) to (e) above, provided that the aggregate amount
of loans, credit, guarantees and indemnities permitted under this paragraph (f) shall not exceed $25,000,000. 

 “Permitted Securitisation” means any financing transaction of the Receivables or any other receivables by a member of the Group which is intended to take effect as a financing by means of securitisation or other type of
structured or secured financing which satisfies the following conditions: 
  

	 	(a)	the financing transaction is effected by way of the transfer (at law or in equity) of or declaration of trust over such Receivables (or receivables) by a member of the Group (the
“Seller”) to a special purpose vehicle (the “Buyer”) on terms that the Buyer’s rights against the Seller in respect of that transfer or declaration of trust do not exceed the following: claims for or under
breaches of representation or warranty, indemnification and/or repurchase provisions (other than for defaulted receivables) which are customary for such financing transactions, claims for breach of servicing, cash management or other obligations
undertaken by the Seller pursuant to the transaction documentation for such financing transaction which are customary for such financing transactions; and 

  

	 	(b)	neither the Seller nor any other member of the Group (other than, if applicable, the Buyer) has any obligation to make payment in relation to the indebtedness undertaken by the
Buyer in connection with such financing transaction. 

 “Priority Debt” means (without double counting):

  

	 	(a)	any Indebtedness for Borrowed Money owed or incurred by any member of the Group that is not an Obligor (excluding Indebtedness for Borrowed Money owed to any other members of the
Group and excluding Indebtedness for Borrowed Money arising under guarantees and indemnities given by members of the Group in respect of cash-pooling arrangements of the Group provided that such guarantees and indemnities are given by members
of the Group participating in such cash-pooling arrangements and provided that such arrangements are entered into in the ordinary course of business); 

  

	 	(b)	any Indebtedness for Borrowed Money of any member of the Group which is secured other than as permitted under paragraphs (c)(i) to (v) (inclusive) of Clause 24.3
(Negative pledge); and 

  

	 	(c)	any amount raised under any Securitisation or Permitted Securitisation. 

  

 - 16 - 

 “Qualifying Lender” has the meaning given to it in Clause 15 (Tax Gross-up and
Indemnities). 
 “Quotation Day” means, in relation to any period for which an interest rate is to be determined:

  

	 	(a)	(if the currency is sterling) the first day of that period; 

  

	 	(b)	(if the currency is euro) two TARGET Days before the first day of that period; or 

  

	 	(c)	(for any other currency) two Business Days before the first day of that period, 

 unless market practice differs in the Relevant Interbank Market for a currency, in which case the Quotation Day for that currency will be determined by the Agent in accordance with market practice in the Relevant
Interbank Market (and if quotations would normally be given by leading banks in the Relevant Interbank Market on more than one day, the Quotation Day will be the last of those days). 
 “Rates” means, in respect of a Relevant Period, all payments made by a member of the Group in respect of business rates levied by a local
authority or other governmental body in respect of freehold or leasehold premises owned or occupied by a member of the Group (the equivalent of which in the United States is local area charges). 
 “Receivables” means receivables under credit card accounts of any member of the Group. 
 “Redeemable Shares” means any issued shares in the capital of the Parent (other than any deferred shares which are redeemable by the
Parent for an amount not exceeding £1,000 (or its equivalent) for the entire class of deferred shares) which are redeemable (other than solely at the option of the Parent or for the purposes of conversion pursuant to which the entire amount
payable to the shareholder is provided out of the proceeds of a fresh issue of shares for that purpose) on or before the Termination Date. 
 “Reference Banks” means the principal London offices of, Barclays Bank PLC, HSBC Bank plc and The Royal Bank of Scotland plc or such other banks as may be appointed by the Agent in consultation with the Parent. 

“Regulations T, U and X” means, respectively, Regulations T, U and X of the Board of Governors of the Federal Reserve System of the
United States (or any successor) as now and from time to time hereafter in effect. 
 “Relevant Interbank Market” means, in
relation to euro, the European interbank market and, in relation to any other currency, the London interbank market. 
 “Relevant
Period” means each period of approximately twelve months ending on the last day of the Parent’s financial year and each period of approximately twelve months ending on the last day of each financial quarter of the Parent’s
financial year. 
 “Rents” means, in respect of a Relevant Period, all payments made by a member of the Group in respect of
rents, licence fees and other moneys payable in respect of freehold or 
  

 - 17 - 

 leasehold premises in which a member of the Group has an interest as lessee or licensee (but shall not to
the extent thereof include any such payments that are linked to the turnover of any member of the Group) less all such payments made to the Group as lessor or licensor of such premises during, or in respect of, that Relevant Period. Rents shall not
include any Rates or Service Charges. 
 “Repeating Representations” means each of the representations set out in
Clauses 21.1 (Status) to 21.6 (Governing Law and Enforcement) (inclusive), Clause 21.9 (No Default), Clause 21.10 (No Misleading Information), paragraph (c) of Clause 21.11 (Financial
Statements), Clause 21.12 (Pari Passu Ranking) to Clause 21.14 (No Security) (inclusive) and Clause 21.17 (ERISA and Multiemployer Plans) to Clause 21.20 (Intellectual Property) (inclusive).

 “Resignation Letter” means a letter substantially in the form set out in Schedule 8 (Form of Resignation
Letter). 
 “Rollover Utilisation” means one or more Loans: 
  

	 	(a)	made or to be made on the same day that (i) a maturing Loan is due to be repaid or (ii) a Borrower is obliged to pay to the Agent for the Issuing Bank the amount of any
claim under a Letter of Credit; 

  

	 	(b)	the aggregate amount of which is equal to or less than (i) the maturing Loan or (ii) the amount of the claim under the Letter of Credit; 

  

	 	(c)	in the same currency as (i) the maturing Loan (unless it arose as a result of the operation of Clause 8.2 (Unavailability of a currency) or (ii) the claim
under the Letter of Credit; and 

  

	 	(d)	made or to be made to the same Borrower for the purpose of (i) refinancing a maturing Loan or (ii) satisfying the obligations of the Borrower to pay the amount of a claim
under the Letter of Credit to the Agent for the Issuing Bank. 

 “Screen Rate” means: 
  

	 	(a)	in relation to LIBOR, the British Bankers’ Association Interest Settlement Rate for the relevant currency and period 

  

	 	(b)	in relation to EURIBOR, the percentage rate per annum determined by the Banking Federation of the European Union for the relevant period, 

 displayed on the appropriate page of the Telerate screen. If the agreed page is replaced or service ceases to be available, the Agent may specify another
page or service displaying the appropriate rate after consultation with the Parent and the Lenders. 
 “SEC” means the United
States Securities and Exchange Commission or any successor thereto. 
 “Security” means a mortgage, charge, pledge, lien or
other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect. 
  

 - 18 - 

 “Securitisation” means each of (i) the private placement pursuant to which Sterling
Jewelers Receivables Master Note Trust issued Class A, Class B, Class C and Class D Asset Backed Certificates (Series 2001-A) and any renewal of the foregoing and (ii) the Sterling Jewelers Receivables Conduit Facility and any renewal of
the foregoing. 
 “Service Charges” means, in respect of a Relevant Period, any and all amounts which are payable by a member
of the Group in respect of, or which arise as a result of, freehold, leasehold or commonhold premises in which a member of the Group has an interest as legal or beneficial owner or as lessee or licensee and which relate, or are referable, to or are
in the nature of: 
  

	 	(a)	service charges (whether relating to maintenance, repairing or other matters in respect of real property or the provision of services in respect of real property) the equivalent of
which in the United States are common area charges; 

  

	 	(b)	to the extent not falling within paragraph (a) above, contributions to the payment of insurance premiums or the cost of insurance valuations or arise in the context of
obtaining (or making an application to obtain) insurance; and 

  

	 	(c)	contributions to sinking funds, 

 in each case relating to
such premises and interests of the Group and any VAT payable on such amounts. 
 “SFAS” means the Statements of Financial
Accounting Standards which form part of U.S. GAAP. 
 “Specified Time” means a time determined in accordance with
Schedule 11 (Timetables). 
 “Sterling Jewelers Receivables Conduit Facility” means the facility entered into by
certain U.S. Group Companies on 26 October 2007 and which comprises the securitisation of the relevant Receivables for a fluctuating amount. 
 “Sterling Jewelers Receivables Master Note Trust, Series 2001-A” means the facility entered into by certain of the U.S. Group Companies on 2 November 2001 which comprises the securitisation of the Receivables for fixed
amounts. 
 “Subsidiary” means a subsidiary undertaking within the meaning of section 1162(2) of the Companies Act 2006.

 “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 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 to pay or any delay in paying any of the same). 
  

 - 19 - 

 “Taxes Act” means the Income and Corporation Taxes Act 1988. 
 “Termination Date” means the date falling 60 Months after the date hereof. 
 “Total Commitments” means the aggregate of the Commitments being $370,000,000 on the Effective Date. 
 “Transaction” means the aggregate of the following transactions: 
  

	 	(a)	the cancelling by the Company of its listing on the London Stock Exchange; 

  

	 	(b)	Parent Newco obtaining a primary listing of its shares on the New York Stock Exchange; 

  

	 	(c)	the implementation of a scheme of arrangement under the Companies Acts 1985 and 2006 or the implementation of another transaction (including a takeover offer by a Newco under the
Companies Acts 1985 and 2006, the City Code on Takeovers and Mergers and other applicable laws and regulations) pursuant to which: 

  

	 	(i)	all of the shareholders in the Company would agree or would be required by applicable law to accept to the cancellation and/or (as the case may be) sale or transfer of their
shareholding, in the Company in exchange for the issue of shares in a Newco; and 

  

	 	(ii)	that, subject to paragraph (iii), Newco would subscribe for new shares in the Company and/or acquire the existing shares in the Company from the Company’s then current
shareholders; and 

  

	 	(iii)	there may be more than one Newco interposed in the capital structure between the Company and the Company’s then current shareholders; and 

  

	 	(d)	the implementation by Parent Newco of a share capital consolidation, 

 as a result of which the Company will become a wholly-owned Subsidiary of a Newco, indirectly or directly a wholly-owned Subsidiary of Parent Newco and indirectly owned by the same shareholders as those shareholders
who owned the Company prior to the implementation of such transactions described in sub-paragraph (c) above. 
 “Transfer
Certificate” means a certificate substantially in the form set out in Schedule 6 (Form of Transfer Certificate) or any other form agreed between the Agent and the Parent. 
 “Transfer Date” means, in relation to a transfer, the later of: 
  

	 	(a)	the proposed Transfer Date specified in the Transfer Certificate; and 

  

	 	(b)	the date on which the Agent executes the Transfer Certificate. 

 “UK Listing Rules” means the Listing Rules as published by the UK Listing Authority in its Sourcebook of rules and guidance from time to time. 
  

 - 20 - 

 “Unfunded Pension Liability” means the excess of an Employee Plan’s benefit
liabilities under Section 4001(a)(16) of ERISA, over the current value of that plan’s assets, determined in accordance with the assumptions used for funding the Employee Plan pursuant to Section 412 of the Code for the applicable plan
year. 
 “Unpaid Sum” means any sum due and payable but unpaid by an Obligor under the Finance Documents. 
 “U.S. GAAP” means generally accepted accounting principles in the United States. 
 “U.S.” and “United States” means the United States of America, its territories, possessions and other areas subject to
the jurisdiction of the United States of America. 
 “U.S. Borrower” means a Borrower whose jurisdiction of organisation is a
state of the United States of America or the District of Columbia. 
 “U.S. Group Company” means any U.S. Borrower or U.S.
Guarantor. 
 “U.S. Guarantor” means a Guarantor whose jurisdiction of organisation is a state of the United States of
America or the District of Columbia. 
 “Utilisation” means a utilisation of the Facility and any Loan or Letter of Credit
issued or to be issued pursuant to that utilisation. 
 “Utilisation Date” means the date of a Utilisation, being the date on
which the relevant Loan or Letter of Credit is to be made. 
 “Utilisation Request” means a notice substantially in the form
set out in Schedule 4 (Requests). 
 “VAT” means value added tax as provided for in the Value Added Tax Act 1994
and any other tax of a similar nature. 
  

	1.2	Construction 

  

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

  

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

  

	 	(ii)	“Barclays Capital” is a reference to Barclays Capital, the investment banking division of Barclays Bank PLC; 

  

	 	(iii)	a “Finance Document” or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as amended, novated,
supplemented, extended or restated; 

  

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

  

	 	(v)	a “person” includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium or
partnership (whether or not having separate legal personality) of two or more of the foregoing; 

  

 - 21 - 

	 	(vi)	a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law (but if not having the force of law,
being of a nature compliance with which is customary in the relevant industry)) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;

  

	 	(vii)	save in relation to the definition of the UK Listing Rules, a provision of law is a reference to that provision as amended or re-enacted; 

  

	 	(viii)	a Party shall be construed so as to include its successors in title, permitted assigns and permitted transferees; 

  

	 	(ix)	a time of day is a reference to London time; and 

  

	 	(x)	indebtedness incurred on a “non-recourse basis” means any indebtedness incurred in connection with any receivables (including Receivables) in respect of which the
person or persons to whom such indebtedness is or may be owed by the relevant debtor (whether or not a member of the Group) have no recourse whatsoever for the repayment of or payment of any sum relating to such indebtedness other than:

  

	 	(A)	recourse to such debtor for amounts limited to the amount of such receivables and/or Receivables (as the case may be); and/or 

  

	 	(B)	recourse to such debtor for the purpose only of enabling amounts to be claimed in respect of such indebtedness in an enforcement of any encumbrance given by such debtor over such
receivables and/or Receivables (as the case may be) or other proceeds deriving therefrom to secure such indebtedness; and/or 

  

	 	(C)	recourse to such debtor generally, which recourse is limited to a claim for damages (other than liquidated damages and damages required to be calculated in a specified way) for
breach of an obligation (not being a payment obligation or an obligation to procure payment by another or an obligation to comply or to procure compliance by another with any financial ratios or other test of financial condition) by the person
against whom such recourse is available. 

  

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

  

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

  

 - 22 - 

	 	(d)	A Default (other than an Event of Default) is “continuing” if it has not been remedied or waived and an Event of Default is “continuing” if it has
not been remedied or waived. 

  

	1.3	Currency Symbols and Definitions 

 “$” and “dollars” denote lawful currency of the United States of America, “£” and “sterling” denotes lawful currency of the United Kingdom and “EUR”
and “euro” means the single currency unit of the Participating Member States. 
  

	1.4	Third party rights 

 A person who is not a Party has
no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Agreement. 
  

 - 23 - 

 SECTION 2 
 THE FACILITY 
  

	2.	THE FACILITY 

  

	2.1	The Facility 

 Subject to the terms of this
Agreement, the Lenders make available to the Borrowers a multicurrency revolving credit facility in an aggregate amount equal to the Total Commitments. 
  

	2.2	Finance Parties’ rights and obligations 

  

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

  

	 	(b)	The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance
Party from an Obligor shall be a separate and independent debt. 

  

	 	(c)	A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents. 

  

	3.	PURPOSE 

  

	3.1	Purpose 

 Each Borrower shall apply all amounts
borrowed by it under the Facility: 
  

	 	(a)	towards the refinancing (directly or indirectly) of existing indebtedness of the Group (including the Existing Facilities); 

  

	 	(b)	for working capital requirements and general corporate purposes of the Group; and 

  

	 	(c)	towards the prepayment of the Loan Notes in an amount not exceeding $100,000,000, 

 and each Borrower shall apply all amounts raised by it hereunder in or towards satisfaction of such purposes. 
  

	3.2	Monitoring 

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

	4.	CONDITIONS OF UTILISATION 

  

	4.1	Initial conditions precedent 

 No Borrower may
deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in Part IA of Schedule 3 (Conditions Precedent) in form and substance satisfactory to the Agent. The Agent shall notify the Parent
and the Lenders promptly upon being so satisfied. 
  

 - 24 - 

	4.2	Further conditions precedent 

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

	 	(a)	in the case of a Rollover Utilisation, no Event of Default is continuing or would result from the proposed Utilisation, and, in the case of any other Utilisation, no Default is
continuing or would result from the proposed Utilisation; and 

  

	 	(b)	the Repeating Representations to be made by each Obligor are true in all material respects. 

  

	4.3	Conditions relating to Optional Currencies 

  

	 	(a)	A currency will constitute an Optional Currency in relation to a Utilisation if: 

  

	 	(i)	it is readily available in the amount required and freely convertible into the Base Currency in the Relevant Interbank Market on the Quotation Day and the Utilisation Date for that
Utilisation; and 

  

	 	(ii)	it is sterling or euro or has been approved by the Agent (acting on the instructions of all the Lenders) on or prior to receipt by the Agent of the relevant Utilisation Request for
that Utilisation. 

  

	 	(b)	If the Agent has received a written request from the Parent for a currency to be approved under paragraph (a)(ii) above, the Agent will confirm to the Parent by the Specified Time:

  

	 	(i)	whether or not the Lenders have granted their approval; and 

  

	 	(ii)	if approval has been granted, the minimum amount (and, if required, integral multiples) for any subsequent Utilisation in that currency. 

  

	 	(c)	If the euro constitutes an Optional Currency at any time, a Utilisation will only be made available in the euro unit or any other units of the euro agreed by the Majority Lenders.

  

	4.4	Maximum number of Utilisations 

  

	 	(a)	A Borrower may not deliver a Utilisation Request if as a result of a proposed Utilisation the total number of: 

  

	 	(i)	Loans outstanding would exceed 8; or 

  

	 	(ii)	Letters of Credit outstanding would exceed 12. 

  

	 	(b)	Any Loan made by a single Lender under Clause 8.2 (Unavailability of a Currency) shall not be taken into account in this Clause 4.4. 

  

 - 25 - 

 SECTION 3 
 UTILISATION 
  

	5.	UTILISATION 

  

	5.1	Delivery of a Utilisation Request 

 A Borrower (or
the Parent on behalf of a Borrower) may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time. 
  

	5.2	Completion of a Utilisation Request 

  

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

  

	 	(i)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

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

  

	 	(iii)	the proposed Interest Period complies with Clause 12 (Interest Periods). 

  

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

  

	5.3	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be the Base Currency or an Optional Currency. 

  

	 	(b)	The amount of the proposed Utilisation must be an amount whose Base Currency Amount is not more than the Available Facility and which is: 

  

	 	(i)	if the currency selected in relation to a Loan is the Base Currency, a minimum of $5,000,000 and thereafter an integral multiple of $1,000,000 or if less, the Available Facility; or

  

	 	(ii)	if the currency selected in relation to a Loan is sterling, a minimum amount of £2,500,000 and thereafter in integral multiples of £500,000 or if less, a Base Currency
Amount equal to the Available Facility; or 

  

	 	(iii)	if the currency selected in relation to a Loan is euro, a minimum amount of EUR 5,000,000 and thereafter in integral multiples of EUR 1,000,000 or, if less, a Base
Currency Amount equal to the Available Facility; or 

  

	 	(iv)	if the currency selected is an Optional Currency other than sterling or euro, the minimum amount (or an integral multiple, if required) specified by the Agent pursuant to paragraph
(b)(ii) of Clause 4.3 (Conditions relating to Optional Currencies) or, if less, a Base Currency Amount equal to the Available Facility. 

  

	5.4	Lenders’ participation 

  

	 	(a)	If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Utilisation available through its Facility Office.

  

 - 26 - 

	 	(b)	The amount of each Lender’s participation in each Utilisation will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior to
making the Utilisation. 

  

	 	(c)	The Agent shall determine the Base Currency Amount of each Loan which is to be made in an Optional Currency and shall notify each Lender of the amount, currency and the Base
Currency Amount of each Utilisation and the amount of its participation in that Loan, in each case by the Specified Time. 

  

	5.5	Clean Down 

 The Parent shall ensure that, for a
period of at least 5 consecutive days in each of its financial years ending after the Effective Date, the aggregate of the Base Currency Amounts of all Loans shall not exceed zero and the aggregate of the Base Currency Amount of all outstanding
Letters of Credit shall not exceed $35,000,000. The Parent shall confirm compliance with this Clause 5.5 in respect of a financial year in the Compliance Certificate delivered with the financial statements delivered pursuant to paragraph
(a) of Clause 22.1 (Financial statements) in respect of that financial year. Not less than 6 months shall elapse between two such 5 day periods. 
  

	6.	UTILISATION - LETTERS OF CREDIT 

  

	6.1	General 

  

	 	(a)	In this Clause 6 (Utilisation Letters of Credit) and Clause 7 (Letters of Credit) 

  

	 	(i)	“Expiry Date” means, for a Letter of Credit, the last day of its Term; 

  

	 	(ii)	“L/C Proportion” means, in relation to a Lender in respect of any Letter of Credit, the proportion (expressed as a percentage) borne by that Lender’s Available
Commitment to the Available Facility immediately prior to the issue of that Letter of Credit, adjusted to reflect any assignment or transfer under this Agreement to or by that Lender; 

  

	 	(iii)	“Renewal Request” means a written notice delivered to the Agent in accordance with Clause 6.7 (Renewal of a Letter of Credit); and

  

	 	(iv)	“Term” means each period determined under this Agreement for which the Issuing Bank is under a liability under a Letter of Credit. 

  

	 	(b)	Any reference in this Agreement to: 

  

	 	(i)	a “Finance Party” includes the Issuing Bank; 

  

	 	(ii)	the Interest Period of a Letter of Credit will be construed as a reference to the Term of that Letter of Credit; 

  

	 	(iii)	an amount borrowed includes any amount utilised by way of Letter of Credit; 

  

	 	(iv)	a Utilisation made or to be made to a Borrower includes a Letter of Credit issued on its behalf; 

  

 - 27 - 

	 	(v)	a Lender funding its participation in a Utilisation includes a Lender participating in a Letter of Credit; 

  

	 	(vi)	amounts outstanding under this Agreement include amounts outstanding under or in respect of any Letter of Credit; 

  

	 	(vii)	an outstanding amount of a Letter of Credit at any time is the maximum amount that is or may be payable by the Borrower in respect of that Letter of Credit at that time;

  

	 	(viii)	a Borrower “repaying” or “prepaying” a Letter of Credit means: 

  

	 	(A)	that Borrower providing cash cover for that Letter of Credit; 

  

	 	(B)	the maximum amount payable under the Letter of Credit being reduced in accordance with its terms; or 

  

	 	(C)	the Issuing Bank being satisfied that it has no further liability under that Letter of Credit, 

 and the amount by which a Letter of Credit is repaid or prepaid under sub-paragraphs (viii)(A) and (viii)(B) above is the amount of the relevant
cash cover or reduction; and 
  

	 	(ix)	a Borrower providing “cash cover” for a Letter of Credit means a Borrower paying an amount in the currency of the Letter of Credit to an interest-bearing account in
the name of the Borrower and the following conditions are met: 

  

	 	(A)	the account is with the Agent or the Issuing Bank (if the cash cover is to be provided for all the Lenders) or with a Lender (if the cash cover is to be provided for that Lender);

  

	 	(B)	withdrawals from the account may only be made to pay a Finance Party amounts due and payable to it under this Agreement in respect of that Letter of Credit until no amount is or may
be outstanding under that Letter of Credit; and 

  

	 	(C)	the Borrower has executed a security document, in form and substance satisfactory to the Agent or the Finance Party (acting reasonably) with which that account is held, creating a
first ranking security interest over that Account. 

  

	 	(c)	Clause 5 (Utilisation) does not apply to a Utilisation by way of Letter of Credit. 

  

	 	(d)	In determining the amount of the Available Facility and a Lender’s L/C Proportion of a proposed Letter of Credit for the purposes of this Agreement the Available Commitment of
a Lender will be calculated ignoring any cash cover provided for outstanding Letters of Credit. 

  

 - 28 - 

	6.2	Facility 

 The Facility may be utilised by way of
Letters of Credit. 
  

	6.3	Delivery of a Utilisation Request for Letters of Credit 

 A Borrower (or the Parent on behalf of a Borrower) may request a Letter of Credit to be issued by delivery to the Agent of a duly completed Utilisation Request substantially in the form of Part IB (Utilisation Request - Letters of
Credit) of Schedule 4 (Requests) not later than the Specified Time. 
  

	6.4	Completion of a Utilisation Request for Letters of Credit 

 Each Utilisation Request for a Letter of Credit is irrevocable and will not be regarded as having been duly completed unless: 
  

	 	(a)	it specifies that it is for a Letter of Credit; 

  

	 	(b)	it identifies the Borrower of the Letter of Credit; 

  

	 	(c)	it identifies the Issuing Bank which has agreed to issue the Letter of Credit; 

  

	 	(d)	the proposed Utilisation Date is a Business Day within the Availability Period; 

  

	 	(e)	the proposed Expiry Date is a Business Day falling prior to the Termination Date or if the proposed Expiry Date is not a Business Day falling prior to the Termination Date, then a
date to which the Issuing Bank has given its prior consent; 

  

	 	(f)	the currency and amount of the Letter of Credit comply with Clause 6.5 (Currency and amount); 

  

	 	(g)	the form of Letter of Credit is attached; 

  

	 	(h)	the delivery instructions for the Letter of Credit are specified; and 

  

	 	(i)	the beneficiary identified is approved by the Issuing Bank (acting reasonably). 

  

	6.5	Currency and amount 

  

	 	(a)	The currency specified in a Utilisation Request must be the Base Currency or an Optional Currency. 

  

	 	(b)	Subject to paragraph (c) below, the amount of the proposed Letter of Credit must be an amount whose Base Currency Amount is not more than the Available Facility and which is:

  

	 	(i)	if the currency selected is the Base Currency, a minimum of $100,000 or, if less, the Available Facility; or 

  

	 	(ii)	if the currency selected is sterling, a minimum amount of £50,000 or, if less, a Base Currency Amount equal to the Available Facility; or 

  

	 	(iii)	if the currency selected is euro, a minimum amount of EUR 50,000 or, if less, a Base Currency Amount equal to the Available Facility; or 

  

 - 29 - 

	 	(iv)	if the currency selected is an Optional Currency other than sterling or euro, the minimum amount (and if required) specified by the Agent pursuant to paragraph (b)(ii) of
Clause 4.3 (Conditions relating to Optional Currencies) or, if less, a Base Currency Amount equal to the Available Facility. 

  

	6.6	Issue of Letters of Credit 

  

	 	(a)	If the conditions set out in this Agreement have been met, the Issuing Bank shall issue the Letter of Credit on the Utilisation Date. 

  

	 	(b)	The Issuing Bank will only be obliged to comply with paragraph (a) above if on the date of the Utilisation Request or Renewal Request and on the proposed Utilisation Date:

  

	 	(i)	in the case of a Letter of Credit renewed in accordance with Clause 6.7 (Renewal of a Letter of Credit), no Event of Default is continuing or would result from the
proposed Utilisation and, in the case of any other Utilisation, no Default is continuing or would result from the proposed Utilisation; 

  

	 	(ii)	the Repeating Representations to be made by each Obligor are true in all material respects. 

  

	 	(c)	The amount of each Lender’s participation in each Letter of Credit will be equal to the proportion borne by its Available Commitment to the Available Facility immediately prior
to the issue of the Letter of Credit. 

  

	 	(d)	The Agent shall determine the Base Currency Amount of each Letter of Credit which is to be issued in an Optional Currency and shall notify the Issuing Bank and each Lender of the
details of the requested Letter of Credit and its participation in that Letter of Credit by the Specified Time. 

  

	6.7	Renewal of a Letter of Credit 

  

	 	(a)	A Borrower may request any Letter of Credit issued on its behalf be renewed by delivery to the Agent of a Renewal Request by the Specified Time. 

  

	 	(b)	The Finance Parties shall treat any Renewal Request in the same way as a Utilisation Request for a Letter of Credit except that the conditions set out in paragraphs (g) and
(h) of Clause 6.4 (Completion of a Utilisation Request for Letters of Credit) shall not apply. 

  

	 	(c)	The terms of each renewed Letter of Credit shall be the same as those of the relevant Letter of Credit immediately prior to its renewal, except that: 

  

	 	(i)	its amount may be less than the amount of the Letter of Credit immediately prior to its renewal; and 

  

	 	(ii)	its Term shall start on the date which was the Expiry Date of the Letter of Credit immediately prior to its renewal, and shall end on the proposed Expiry Date specified in the
Renewal Request. 

  

 - 30 - 

	 	(d)	If the conditions set out in this Agreement have been met, the Issuing Bank shall amend and re-issue any Letter of Credit pursuant to a Renewal Request. 

  

	6.8	Revaluation of Letters of Credit 

  

	 	(a)	If any Letter of Credit is denominated in an Optional Currency, the Agent shall at six monthly intervals after the date of this Agreement recalculate the Base Currency Amount of
that Letter of Credit by notionally converting into the Base Currency the outstanding amount of that Letter of Credit on the basis of the Agent’s Spot Rate of Exchange on the date of calculation. 

  

	 	(b)	A Borrower shall, if requested by the Agent within three days of any calculation under paragraph (a) above, ensure that within three Business Days sufficient Utilisations are
prepaid to prevent the Base Currency Amount of the Utilisations exceeding the Total Commitments following any adjustment to a Base Currency Amount under paragraph (a) above. 

  

	7.	LETTERS OF CREDIT 

  

	7.1	Immediately payable 

 If a Letter of Credit or any
amount outstanding under a Letter of Credit becomes immediately payable under this Agreement, the Borrower that requested the issue of that Letter of Credit shall repay or prepay that amount immediately. 
  

	7.2	Fee payable in respect of Letters of Credit 

  

	 	(a)	The relevant Borrower shall pay to the Issuing Bank a fronting fee at the rate of 0.125 per cent. per annum on the outstanding amount which is counter-indemnified by the other
Lenders (not being the Issuing Bank or any of its affiliates) of each Letter of Credit requested by it for the period from the issue of that Letter of Credit until its Expiry Date. 

  

	 	(b)	The relevant Borrower shall pay to the Agent (for the account of each Lender) a Letter of Credit fee in the Base Currency (computed at the rate equal to the Margin) on the
outstanding amount of each Letter of Credit requested by it for the period from the issue of that Letter of Credit until its Expiry Date. This fee shall be distributed according to each Lender’s L/C Proportion of that Letter of Credit.

  

	 	(c)	The accrued fronting fee and Letter of Credit fee on a Letter of Credit shall be payable on the last day of each successive period of three Months (or such shorter period as shall
end on the Expiry Date for that Letter of Credit) starting on the date of issue of that Letter of Credit. The accrued fronting fee and Letter of Credit fee is also payable to the Agent on the cancelled amount of any Lender’s Commitment at the
time the cancellation is effective if that Commitment is cancelled in full and the Letter of Credit is prepaid or repaid in full. 

  

 - 31 - 

	 	(d)	If a Borrower cash covers any part of a Letter of Credit then: 

  

	 	(i)	the fronting fee payable to the Issuing Bank and the letter of credit fee payable for the account of each Lender shall continue to be payable until the expiry of the Letter of
Credit; 

  

	 	(ii)	the Borrower will be entitled to withdraw the interest accrued on the cash cover to pay those fees. 

  

	7.3	Claims under a Letter of Credit 

  

	 	(a)	Each Borrower irrevocably and unconditionally authorises the Issuing Bank to pay any claim made or purported to be made under a Letter of Credit requested by it and which appears on
its face to be in order (a “claim”). 

  

	 	(b)	Each Borrower which requested a Letter of Credit shall immediately on demand pay to the Agent for the Issuing Bank an amount equal to the amount of any claim under that Letter of
Credit. 

  

	 	(c)	Each Borrower acknowledges that the Issuing Bank: 

  

	 	(i)	is not obliged to carry out any investigation or seek any confirmation from any other person before paying a claim; and 

  

	 	(ii)	deals in documents only and will not be concerned with the legality of a claim or any underlying transaction or any available set-off, counterclaim or other defence of any person.

  

	 	(d)	The obligations of a Borrower under this Clause will not be affected by: 

  

	 	(i)	the sufficiency, accuracy or genuineness of any claim or any other document; or 

  

	 	(ii)	any incapacity of, or limitation on the powers of, any person signing a claim or other document. 

  

	7.4	Indemnities 

  

	 	(a)	Each Borrower shall within 3 Business Days of demand indemnify the Issuing Bank against any cost, loss or liability incurred by the Issuing Bank (otherwise than by reason of the
Issuing Bank’s gross negligence or wilful misconduct) in acting as the Issuing Bank under any Letter of Credit requested by that Borrower. 

  

	 	(b)	Each Lender shall (according to its L/C Proportion) immediately on demand indemnify the Issuing Bank against any cost, loss or liability incurred by the Issuing Bank (otherwise than
by reason of the Issuing Bank’s gross negligence or wilful misconduct) in acting as the Issuing Bank under any Letter of Credit (unless the Issuing Bank has been reimbursed by an Obligor pursuant to a Finance Document).

  

	 	(c)	If any Lender is not permitted (by its constitutional documents or any applicable law) to comply with paragraph (b) above, then that Lender will not be obliged

  

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 to comply with paragraph (b) and shall instead be deemed to have taken, on the date the Letter of
Credit is issued (or if later, on the date the Lender’s participation in the Letter of Credit is transferred or assigned to the Lender in accordance with the terms of this Agreement), an undivided interest and participation in the Letter of
Credit in an amount equal to its L/C Proportion of that Letter of Credit. On receipt of demand from the Agent, that Lender shall pay to the Agent (for the account of the Issuing Bank) an amount equal to its L/C Proportion of the amount demanded
under paragraph (b) above. 
  

	 	(d)	The Borrower which requested a Letter of Credit shall immediately on demand reimburse any Lender for any payment it makes to the Issuing Bank under this Clause 7.4
(Indemnities) in respect of that Letter of Credit. 

  

	 	(e)	The obligations of each Lender under this Clause are continuing obligations and will extend to the ultimate balance of sums payable by that Lender in respect of any Letter of
Credit, regardless of any intermediate payment or discharge in whole or in part. 

  

	 	(f)	The obligations of any Lender or Borrower under this Clause will not be affected by any act, omission, matter or thing which, but for this Clause, would reduce, release or
prejudice any of its obligations under this Clause (without limitation and whether or not known to it or any other person) including: 

  

	 	(i)	any time, waiver or consent granted to, or composition with, any Obligor, any beneficiary under a Letter of Credit or other person; 

  

	 	(ii)	the release of any other Obligor or any other person under the terms of any composition or arrangement; 

  

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

  

	 	(iv)	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor, any beneficiary under a Letter of Credit or any
other person; 

  

	 	(v)	any amendment (however fundamental) or replacement of a Finance Document, any Letter of Credit or any other document or security; 

  

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

  

	 	(vii)	any insolvency or similar proceedings. 

  

 - 33 - 

	7.5	Rights of contribution 

 No Obligor will be entitled
to any right of contribution or indemnity from any Finance Party in respect of any payment it may make under this Clause 7. 
  

	7.6	Role of the Issuing Bank 

  

	 	(a)	Nothing in this Agreement constitutes the Issuing Bank as a trustee or fiduciary of any other person. 

  

	 	(b)	The Issuing Bank shall not be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account. 

  

	 	(c)	The Issuing Bank may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group. 

  

	 	(d)	The Issuing Bank may rely on: 

  

	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power
to verify. 

  

	 	(e)	The Issuing Bank may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

  

	 	(f)	The Issuing Bank may act in relation to the Finance Documents through its personnel and agents. 

  

	 	(g)	The Issuing Bank is not responsible for: 

  

	 	(i)	the adequacy, accuracy and/or completeness of any information (whether oral or written) provided by the Agent, any Party (including itself), or any other person under or in
connection with any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; or

  

	 	(ii)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document. 

  

	7.7	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below, the Issuing Bank will not be liable for any action taken by it under or in connection with any Finance Document, unless directly caused by
its gross negligence or wilful misconduct. 

  

	 	(b)	No Party (other than the Issuing Bank) may take any proceedings against any officer, employee or agent of the Issuing Bank in respect of any claim it might have against the Issuing
Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document. 

  

 - 34 - 

	7.8	Credit appraisal by the Lenders 

 Without affecting
the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Issuing Bank that it has been, and will continue to be, solely responsible for making its own
independent appraisal and investigation of all risks arising under or in connection with any Finance Document including, but not limited to, those listed in paragraphs (a) to (d) of Clause 29.14 (Credit appraisal by the
Lenders). 
  

	7.9	Address for notices 

 The address and fax number
(and the department or officer, if any, for whose attention the communication is to be made) of the Issuing Bank for any communication or document to be made or delivered under or in connection with the Finance Documents is that notified in writing
to the Agent prior to the date of this Agreement or any substitute address, fax number or department or officer as the Issuing Bank may notify to the Agent by not less than five Business Days’ notice. 
  

	7.10	Amendments and Waivers 

 Notwithstanding any other
provision of this Agreement, an amendment or waiver which relates to the rights or obligations of the Issuing Bank may not be effected without the consent of the Issuing Bank. 
  

	8.	OPTIONAL CURRENCIES 

  

	8.1	Selection of currency 

 A Borrower (or the Parent on
behalf of a Borrower) shall select the currency of a Utilisation in a Utilisation Request. 
  

	8.2	Unavailability of a currency 

 If before the
Specified Time on any Quotation Day: 
  

	 	(a)	the Agent has received notice from a Lender that the Optional Currency requested is not readily available to it in the amount required; or 

  

	 	(b)	a Lender notifies the Agent that compliance with its obligation to participate in a Loan in the proposed Optional Currency would contravene a law or regulation applicable to it,

 the Agent will give notice to the relevant Borrower to that effect by the Specified Time on that day. In this event, any
Lender that gives notice pursuant to this Clause 8.2 will be required to participate in the Loan in the Base Currency (in an amount equal to that Lender’s proportion of the Base Currency Amount or, in respect of a Rollover Utilisation by
way of Loan, an amount equal to that Lender’s proportion of the Base Currency Amount of the maturing Loan that is due to be repaid to the extent it is re-drawn) and its participation will be treated as a separate Loan denominated in the Base
Currency during that Interest Period. 
  

 - 35 - 

	8.3	Participation in a Loan 

 Each Lender’s
participation in a Loan will be determined in accordance with paragraph (b) of Clause 5.4 (Lenders’ Participation). 
  

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 SECTION 4 
 REPAYMENT, PREPAYMENT AND CANCELLATION 
  

	9.	REPAYMENT 

  

	9.1	Repayment of Loans 

 Each Borrower which has drawn a
Loan shall repay that Loan on the last day of its Interest Period. 
  

	9.2	Repayment of Letters of Credit 

 Each Borrower which
has requested a Letter of Credit shall repay each Letter of Credit with an Expiry Date beyond the Termination Date in full by no later than the date falling 15 Business Days prior to the Termination Date. 
  

	10.	PREPAYMENT AND CANCELLATION 

  

	10.1	Illegality 

  

	 	(a)	If it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund its participation in any
Utilisation or to allow them to remain outstanding: 

  

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

  

	 	(ii)	upon the Agent notifying the Parent, the Commitment of that Lender will be immediately cancelled; and 

  

	 	(iii)	each Borrower shall repay that Lender’s participation in the Utilisations made to that Borrower on the last day of the Interest Period for each Utilisation occurring after the
Agent has notified the Parent or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of the applicable grace period permitted by law). 

  

	 	(b)	If it becomes unlawful for the Issuing Bank to issue any Letter of Credit, the Issuing Bank shall promptly notify the Agent upon becoming aware of that event, and upon the Agent
notifying the Parent and, unless any other Lender has agreed to become an Issuing Bank pursuant to the terms of this Agreement, the Facility shall cease to be available for the issue of Letters of Credit. 

  

	10.2	Change of control 

  

	 	(a)	If any persons or group of persons acting in concert (other than any Newco or Newcos pursuant to or in connection with the scheme of arrangement or other transaction referred to in
paragraph (c) of the definition of Transaction) gains control of the Parent: 

  

	 	(i)	the Parent shall promptly notify the Agent upon becoming aware of that event; 

  

	 	(ii)	if the Majority Lenders so require, the Agent shall, by not less than five days notice to the Parent, cancel the Facility and declare all Outstandings, 

  

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 together with accrued interest, and all other amounts accrued under the Finance Documents immediately
due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become immediately due and payable. 
  

	 	(b)	For the purpose of paragraph (a) above “control” means: 

  

	 	(i)	the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to: 

  

	 	(A)	cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the Parent; or 

  

	 	(B)	appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent; or 

  

	 	(C)	give directions with respect to the operating and financial policies of the Parent which the directors or other equivalent officers of the Parent are obliged to comply with; or

  

	 	(ii)	the holding of more than one-half of the issued share capital of the Parent (excluding any part of that issued share capital that carries no right to participate in a distribution
of either profits or capital or whose right to so participate is to participate only up to a specified amount). 

  

	 	(c)	For the purpose of paragraph (a) above, “acting in concert” means a group of persons who, pursuant to an agreement or understanding (whether formal or informal)
actively co-operate, through the acquisition by any of them, either directly or indirectly, of shares in the Parent to obtain or consolidate control of the Parent. 

  

	 	(d)	With effect from the date on which a scheme of arrangement or other transaction of the nature contemplated in paragraph (c) of the definition of Transaction is completed, the
provisions of paragraph (a) of Clause 10.2 (Change of control) shall be construed so as to apply to the Parent Newco and not the Company. 

  

	10.3	Unlawfulness 

  

	 	(a)	Subject to paragraph (b) below, if it is or it becomes unlawful for an Obligor (the “Relevant Obligor”) to perform any of its obligations under the Finance
Documents, then the Parent shall promptly notify (the “Relevant Notice”) the Agent upon becoming aware of that event and if the Majority Lenders so require, the Agent shall, by not less than five days notice to the Parent, cancel
the Facility and declare all Outstandings, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become
immediately due and payable. 

  

 - 38 - 

	 	(b)	Neither the Agent nor the Majority Lenders shall be entitled to take any action under paragraph (a) above where the Relevant Obligor is a Guarantor (but is not a Borrower or
the Parent) and the Parent has provided to the Agent at the time of the Relevant Notice calculations and evidence reasonably satisfactory to the Agent showing that if the Relevant Obligor immediately ceases to become a Guarantor either:

  

	 	(i)	the requirements of paragraphs (a) and (b) of Clause 24.14 (Guarantor cover) would still be met; or 

  

	 	(ii)	the requirements of paragraphs (a) and (b) of Clause 24.14 (Guarantor cover) would not be met, but the Parent notifies the Agent that:

  

	 	(A)	additional members of the Group will accede as Additional Guarantors and within 21 days of the Relevant Notice Additional Guarantor(s) have acceded so as to ensure that the
requirements of paragraph (b) of Clause 24.14 (Guarantor cover) are met; and 

  

	 	(B)	either the Relevant Obligor is not a Material Company or, if it is a Material Company, paragraph (c) of Clause 24.14 (Guarantor cover) applies with respect to the
obligations of the Relevant Obligor in Clause 20 (Guarantee and Indemnity). 

  

	10.4	Voluntary cancellation 

 A Borrower (or the Parent
on behalf of a Borrower) may, if it gives the Agent not less than three days (or such shorter period as the Majority Lenders may agree) prior notice which is then irrevocable, cancel the whole or any part (being a minimum amount of $5,000,000 (and
an integral multiple of $1,000,000 thereafter)) of the Available Facility. Any cancellation under this Clause 10.4 shall reduce the Commitments of the Lenders rateably. 
  

	10.5	Voluntary prepayment of Loans 

 A Borrower to which
a Loan has been made may, if it gives the Agent notice by 4.30pm on the day that is 3 Business Days prior to the proposed prepayment (or such other date as the Majority Lenders may agree) prior notice, prepay the whole or any part of any Loan (but,
if in part, being in a minimum amount of $5,000,000). 
  

	10.6	Mandatory prepayment - Priority Debt and Net Debt 

  

	 	(a)	For the purposes of this Clause 10.6 (Mandatory prepayment - Priority Debt and Net Debt): 

 “Net Debt Prepayment Amount” means ‘Q’, where Q = M x (O/N), and: 
 M = Prepayment Amount; 
 N = O + P; 
 O = Total Commitments, as at the date of receipt by the Agent of the certificate referred to in
paragraph (a) of Clause 22.4 (Information: miscellaneous) in respect of the most recently completed financial year of the Parent; 
  

 - 39 - 

 P = the total principal amount outstanding under the Loan Notes, as at the date of receipt by the Agent
of the certificate referred to in paragraph (a) of Clause 22.4 (Information: miscellaneous) in respect of the most recently completed financial year of the Parent. 
 “Prepayment Amount” means in respect of the then most recently ended financial year of the Parent an amount equal to 60 per cent.
of the amount by which A is less than B, where: 
  

	 	(i)	‘A’ is the Consolidated Net Debt (as set out in the certificate delivered to the Agent pursuant to paragraph (a) of Clause 22.4 (Information:
Miscellaneous), in respect of that most recently completed financial year of the Parent); and 

  

	 	(ii)	‘B’ is the Consolidated Net Debt (as set out in the financial statements of the Parent and the related Compliance Certificate, delivered to the Agent pursuant to paragraph
(a)(i) of Clause 22.1 (Financial statements) and paragraph (a) of Clause 22.2 (Compliance Certificate) respectively), in respect of the financial year of the Parent immediately preceding the most recently completed
financial year of the Parent LESS voluntary and mandatory repayments and prepayments (and corresponding cancellations) in respect of Indebtedness for Borrowed Money of the Group (to the extent such amounts are not capable of being re-borrowed and
excluding any repayments or prepayments of Indebtedness of Borrowed Money of one member of the Group to another member of the Group and excluding any prepayments pursuant to paragraph (b)(ii) of this Clause 10.6 (Mandatory Prepayment -
Priority Debt and Net Debt) and excluding any prepayment of the Loan Notes pursuant to the equivalent provisions of paragraph (b)(ii) of this Clause 10.6 (Mandatory Prepayment - Priority Debt and Net Debt) in the Loan Notes), in each
case made in the most recently completed financial year of the Parent. 

 “Priority Debt Prepayment Amount”
means at any time when Qualifying Priority Debt is incurred, ‘V’, where V = (R-Q) x (T/S), and: 
 R = the amount of any
cash proceeds drawn down by any member of the Group in respect of that Qualifying Priority Debt; 
 Q = an amount equal to all upfront fees,
costs and expenses (including Taxes thereon) incurred by a member of the Group to persons who are not members of the Group in connection with the incurrence of the Qualifying Priority Debt. 
 S = T + U; 
  

 - 40 - 

 T = Total Commitments, as at the date that the cash proceeds in respect of the applicable Qualifying
Priority Debt are drawn down by any member of the Group; 
 U = the total principal amount outstanding under the Loan Notes as at the date
that the cash proceeds of the applicable Qualifying Priority Debt are drawn down by any member of the Group. 
 “Qualifying Priority
Debt” means at any time the aggregate amount of all Priority Debt outstanding at that time in excess of $25,000,000 (or its equivalent). Any Priority Debt which constitutes Qualifying Priority Debt and which has already been taken into
account in computing a Priority Debt Prepayment Amount shall be ignored for the purposes of calculating the amount of future Qualifying Priority Debt and any future Priority Debt Prepayment Amounts. 
  

	 	(b)	The Parent shall ensure that after the Effective Date (except with respect to a cancellation or prepayment in respect of a Net Debt Prepayment Amount, in which case the Parent shall
ensure that after 31 January 2010) the Borrowers cancel and prepay the Facility in the following amounts at the times and in the order of application contemplated by Clause 10.7 (Application of mandatory prepayments):

  

	 	(i)	the amount equal to the Priority Debt Prepayment Amount; and 

  

	 	(ii)	the amount equal to the Net Debt Prepayment Amount provided that such Net Debt Prepayment Amount would be greater than $5,000,000 (or its equivalent) (ignoring for these
purposes paragraph (c) of this Clause 10.6). For the avoidance of doubt, if such prepayment would be in an amount of less than $5,000,000 (ignoring for these purposes paragraph (c) of this Clause 10.6) no such prepayment shall be
required. 

  

	 	(c)	No mandatory prepayment shall be required in respect of sub-paragraph (b) of this Clause 10.6 to the extent that: 

  

	 	(i)	it would be unlawful to do so or would breach any regulation which is applicable to a member of the Group (including, but not limited to, prohibitions relating to financial
assistance, lack of corporate benefit, fraudulent preference or thin capitalisation rules); 

  

	 	(ii)	it would be in breach of the fiduciary or statutory duties of the relevant officers or directors to do so (or give rise to a material risk of civil liability or a reasonably
possible risk of any criminal liability); 

  

	 	(iii)	in order to do so moneys need to be transferred from one member of the Group to another member of the Group and these monies cannot be so transferred without any of the matters
referred to in paragraphs (i) or (ii) above or paragraph (iv) below arising; or 

  

 - 41 - 

	 	(iv)	there is a Tax or other cost to the Group in an aggregate amount equal to or in excess of 5 per cent. of the aggregate amount due to be prepaid to make such payment (or to
upstream or cross-stream the relevant proportion of the cash from any member of the Group to make such payment). 

 The Parent
undertakes to use reasonable endeavours to overcome the operation of any of the restrictions referred to in paragraph (c) above, to minimise any costs of prepayment referred to in sub-paragraph (iv) of this paragraph 10.6(c) and, subject
to the above paragraphs, and only where to do so would not cause a liquidity problem for the Group or any member thereof, to use (or procure the use of) other available cash resources of the Group to make the prepayment. The Parent shall continue to
use its reasonable endeavours to procure that the prepayment which (but for paragraph (c) of this Clause) would have been due is made. If at any time the applicable restrictions are removed, any relevant proceeds will be applied in prepayment
of the Facility at the end of the next Interest Period in accordance with the terms of this Clause 10. 
  

	10.7	Application of mandatory prepayments 

  

	 	(a)	A prepayment made under Clause 10.6 (Mandatory prepayment - Priority Debt and Net Debt) shall be applied: 

  

	 	(i)	first, in cancellation of Available Commitments under the Facility (and the Available Commitment of the Lenders under the Facility will be cancelled rateably);

  

	 	(ii)	second, to the extent that the amount of the prepayment exceeds the Available Commitments such excess shall be applied in prepayment of Utilisations (and the corresponding
cancellation of Commitments) such that outstanding Loans shall be prepaid before outstanding Letters of Credit. 

  

	 	(b)	Cancellation and, if applicable in accordance with this Clause 10.7 (Application of mandatory prepayments), prepayment of the Facility in amounts equal to the Net Debt
Prepayment Amount shall be made (subject to the operation of paragraph (d) of this Clause 10.7 on or about the same date as any corresponding prepayments are made to holders of the Loan Notes in accordance with the terms of the Loan Notes
but in any case by no later than 10 Business Days after receipt by the Agent of the certificate referred to in paragraph (a) of Clause 22.4 (Information: miscellaneous). 

  

	 	(c)	Cancellation and, if applicable in accordance with this Clause 10.7 (Application of mandatory prepayments), prepayment of the Facility in amounts equal to the Priority
Debt Prepayment Amount shall be made (subject to the operation of paragraph (d) of this Clause 10.7 in accordance with this Clause 10.7 (Application of mandatory prepayments) within 3 Business Days of the date on which the cash
proceeds of the relevant Qualifying Priority Debt are drawn down by any member of the Group. 

  

 - 42 - 

	 	(d)	Subject to paragraph (e) below, the Parent may elect that any prepayment under Clause 10.6 (Mandatory Prepayment - Priority Debt and Net Debt) be applied in
prepayment of a Loan on the last day of the Interest Period relating to that Loan. If the Parent makes that election then a proportion of the Loan equal to the amount of the relevant prepayment will be due and payable on the last day of its Interest
Period. 

  

	 	(e)	If the Parent has made an election under paragraph (d) above but an Event of Default or any payment related Default has occurred and is continuing, that election shall no
longer apply and a proportion of the Loan in respect of which the election was made equal to the amount of the relevant prepayment shall be immediately due and payable (unless the Majority Lenders otherwise agree in writing).

  

	10.8	Right of repayment and cancellation in relation to a Lender 

  

	 	(a)	If: 

  

	 	(i)	any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 15.2 (Tax Gross-up); or 

  

	 	(ii)	any Lender claims indemnification from the Parent under Clause 15.3 (Tax indemnity) or Clause 16.1 (Increased Costs); 

  

	 	(iii)	any Lender notifies the Agent of its Additional Cost Rate under paragraph 3 of Schedule 5 (Mandatory Cost formulae), 

 the Parent may, whilst the circumstance giving rise to the requirement or indemnification continues, give the Agent notice of cancellation of the
Commitment of that Lender and its intention to procure the repayment of that Lender’s participation in the Utilisations. 
  

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

  

	 	(c)	On the last day of each Interest Period which ends after the Parent has given notice under paragraph (a) above (or, if earlier, the date specified by the Parent in that
notice), each Borrower to which a Utilisation is outstanding shall repay that Lender’s participation in that Utilisation. 

  

	10.9	Restrictions 

  

	 	(a)	Any notice of cancellation or prepayment given by any Party under this Clause 10 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify
the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment. 

  

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

  

 - 43 - 

	 	(c)	Unless a contrary indication appears in this Agreement, any part of the Facility which is prepaid may be reborrowed in accordance with the terms of this Agreement.

  

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

  

	 	(e)	No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated. 

  

	 	(f)	If the Agent receives a notice under this Clause 10 it shall promptly forward a copy of that notice to either the Parent or the affected Lender, as appropriate.

  

	10.10	Prepayment of Loan Notes 

 For the avoidance of
doubt, nothing in this Clause 10 (Prepayment and cancellation) or otherwise in the Finance Documents shall oblige any member of the Group to prepay the Loan Notes. 
  

 - 44 - 

 SECTION 5 
 COSTS OF UTILISATION 
  

	11.	INTEREST 

  

	11.1	Calculation of interest 

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

	 	(a)	Margin; 

  

	 	(b)	LIBOR (or, in relation to any Loan in euro, EURIBOR); and 

  

	 	(c)	Mandatory Cost, if any. 

  

	11.2	Payment of interest 

 The Borrower to which a Loan
has been made shall pay accrued interest on that Loan on the last day of each Interest Period, (and, if the Interest Period is longer than six Months, on the dates falling at six Monthly intervals after the first day of the Interest Period).

  

	11.3	Default interest 

  

	 	(a)	If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual
payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the
currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 11.3 shall be immediately payable by the Obligor on demand by the Agent.

  

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

 

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

  

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

  

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

  

	11.4	Notification of rates of interest 

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

 - 45 - 

	12.	INTEREST PERIODS 

  

	12.1	Selection of Interest Periods 

  

	 	(a)	A Borrower (or the Parent on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan. 

  

	 	(b)	Subject to this Clause 12, a Borrower (or the Parent) may select an Interest Period of fourteen days or one, two, three or six Months or any other period agreed between the
Parent and the Agent (acting on the instructions of all the Lenders). 

  

	 	(c)	During the period from 15 November to 24 December (inclusive) in any year and at any time during the period of one Month from the date of this Agreement, a Borrower (or
the Parent) may select an Interest Period for a Loan of 7 days. 

  

	 	(d)	An Interest Period for a Loan shall not extend beyond the Termination Date. 

  

	 	(e)	The Interest Period for a Loan shall start on its Utilisation Date. 

  

	 	(f)	A Loan has one Interest Period only. 

  

	12.2	Non-Business Days 

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

	13.	CHANGES TO THE CALCULATION OF INTEREST 

  

	13.1	Absence of quotations 

 Subject to Clause 13.2
(Market Disruption), if LIBOR or EURIBOR (as applicable) is to be determined by reference to the Reference Banks but a Reference Bank does not supply a quotation by the Specified Time on the Quotation Day, the applicable LIBOR or EURIBOR
shall be determined on the basis of the quotations of the remaining Reference Banks. 
  

	13.2	Market disruption 

  

	 	(a)	If a Market Disruption Event occurs in relation to a Loan for any Interest Period, then the rate of interest on each Lender’s share of that Loan for the Interest Period shall
be the percentage rate per annum which is the sum of: 

  

	 	(i)	the Margin; 

  

	 	(ii)	the rate notified to the Agent by that Lender as soon as practicable and in any event before interest is due to be paid in respect of that Interest Period, to be that which
expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select; and 

  

	 	(iii)	the Mandatory Cost, if any, applicable to that Lender’s participation in the Loan. 

  

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	 	(b)	In this Agreement “Market Disruption Event” means in relation to a Loan: 

  

	 	(i)	at or about noon on the Quotation Day for the relevant Interest Period the Screen Rate is not available and none or only one of the Reference Banks supplies a rate to the Agent to
determine LIBOR or EURIBOR for the relevant currency and Interest Period; or 

  

	 	(ii)	before close of business in London on the Quotation Day for the relevant Interest Period, the Agent receives notifications from a Lender or Lenders (whose participations in a Loan
exceed 35 per cent. of that Loan) that the cost to it of obtaining matching deposits in the Relevant Interbank Market would be in excess of LIBOR or EURIBOR (as applicable). 

  

	13.3	Alternative basis of interest or funding 

  

	 	(a)	If a Market Disruption Event occurs and the Agent or the Parent so requires, the Agent and the Parent shall enter into negotiations (for a period of not more than thirty days) with
a view to agreeing a substitute basis for determining the rate of interest. 

  

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

  

	13.4	Break Costs 

  

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

  

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

  

	14.	FEES 

  

	14.1	Commitment fee 

  

	 	(a)	The Parent shall (or shall procure that an Obligor will) pay to the Agent (for the account of each Lender) a fee in dollars computed at the rate of 40 per cent. of the
applicable Margin per annum from time to time on that Lender’s Available Commitment for the Availability Period. 

  

	 	(b)	The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the Availability Period, on the last day of the Availability Period
and, if cancelled in full, on the cancelled amount of the relevant Lender’s Commitment at the time the cancellation is effective. 

  

	14.2	Front end Fee 

 The Parent shall (or shall procure
that an Obligor will) pay to the Agent (for account of each of the persons who are Lenders on the date of this Agreement) a front end fee in the amount and at the times agreed in a Fee Letter. 
  

 - 47 - 

	14.3	Agency Fee 

 The Parent shall (or shall procure that
an Obligor will) pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter. 
  

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 SECTION 6 
 ADDITIONAL PAYMENT OBLIGATIONS 
  

	15.	TAX GROSS UP AND INDEMNITIES 

  

	15.1	Definitions 

  

	 	(a)	In this Clause 15: 

 “Protected
Party” means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or
receivable) under a Finance Document. 
 “Qualifying Lender” means: 
 (aa) with respect to a payment made by an Obligor incorporated in the United Kingdom, a Lender falling within sub-paragraph (i)(A) or sub-paragraph
(ii) below; 
 (bb) with respect to a payment made by a U.S. Group Company or otherwise treated under the Code as United States source
interest, a Lender falling within sub-paragraph (i)(B) below; and 
 (cc) with respect to a payment made by an Obligor incorporated in any
jurisdiction other that the United Kingdom or the United States, any Lender. 
  

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

  

	 	(A)	a Lender: 

  

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

  

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

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

	 	(B)	A Lender which is: 

  

	 	(1)	a “United States person” within the meaning of Section 7701(a)(30) of the Code, provided such Lender timely has delivered to the Agent for transmission to the Obligor
making such payment two original copies of IRS Form W-9 (or any successor form) either directly or under cover of IRS Form W-8IMY (or any successor form) certifying its status as a “United States person”; or 

  

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	 	(2)	a US Treaty Lender, provided such Lender timely has delivered to the Agent for transmission to the Obligor making such payment two original copies of IRS Form W-8BEN (or any
successor form) either directly or under cover of IRS Form W-8IMY (or any successor form) certifying its entitlement to receive such payments without any such deduction or withholding under a double taxation treaty; or 

  

	 	(3)	entitled to receive payments under the Finance Documents without deduction or withholding of any United States federal income Taxes either as a result of such payments being
effectively connected with the conduct by such Lender of a trade or business within the United States or under the portfolio interest exemption, provided such Lender timely has delivered to the Agent for transmission to the Obligor making such
payment two original copies of either (1) IRS Form W-8ECI (or any successor form) either directly or under cover of IRS Form W-8IMY (or any successor form) certifying that the payments made pursuant to the Finance Documents are effectively
connected with the conduct by that Lender of a trade or business within the United States or (2) IRS Form W-8BEN (or any successor form) either directly or under cover of IRS Form W-8IMY (or any successor form) claiming exemption from
withholding in respect of payments made pursuant to the Finance Documents under the portfolio interest exemption and a statement certifying that such Lender is not a person described in Section 871(h)(3)(B) or Section 881(c)(3) of the Code
or (3) such other applicable form prescribed by the IRS certifying as to such Lender’s entitlement to exemption from United States withholding tax with respect to all payments to be made to such Lender under the Finance Documents.

 For purposes of this paragraph (B), in the case of a Lender that is not treated as the beneficial owner of the payment (or a
portion thereof) under Chapter 3 and related provisions (including Sections 871, 881, 3406, 6041, 6045 and 6049) of the Code, the term “Lender” shall mean the person who is so treated as the beneficial owner of the payment (or
portion thereof). 
  

	 	(ii)	A Treaty Lender. 

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

 - 50 - 

 “Tax Deduction” means a deduction or withholding for or on account of Tax from a
payment under a Finance Document. 
 “Tax Payment” means an increased payment made by an Obligor to a Finance Party under
Clause 15.2 (Tax Gross-up) or a payment under Clause 15.3 (Tax Indemnity). 
 “Treaty Lender” means
a Lender which: 
  

	 	(i)	is treated as a resident of a Treaty State for the purposes of the Treaty; 

  

	 	(ii)	does not carry on a business in the United Kingdom through a permanent establishment with which that Lender’s participation in the Loan is effectively connected; and

  

	 	(iii)	is entitled under the provisions of the Treaty to receive payments of interest made under a Finance Document without a Tax Deduction, subject to completion of the necessary
procedural formalities. 

 “Treaty State” means a jurisdiction having a double taxation agreement (a
“Treaty”) with the United Kingdom which makes provision for full exemption from tax imposed by the United Kingdom on interest 
 “US Treaty Lender” means a Lender which: 
  

	 	(i)	is a resident of a jurisdiction having a double taxation agreement with the United States which makes provision for full exemption from tax imposed by the United States on interest
(a “US Treaty”); 

  

	 	(ii)	does not carry on a business in the United States through a permanent establishment with which that Lender’s participation in the Loan is effectively connected; and

  

	 	(iii)	is entitled under the provisions of the US Treaty to receive payments of interest made under a Finance Document without a Tax Deduction, subject to completion of the necessary
procedural formalities. 

  

	 	(b)	Unless a contrary indication appears, in this Clause 15 a reference to “determines” or “determined” means a determination made in the absolute
discretion (acting reasonably) of the person making the determination. 

  

	15.2	Tax gross-up 

  

	 	(a)	Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law. 

  

	 	(b)	The relevant Obligor or a Lender shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax
Deduction) notify the Agent in reasonable detail of the event by reason of which such Obligor must make a Tax Deduction provided that nothing in this Clause 15.2 shall require such Lender to disclose any confidential information relating
to the organisation of its affairs. If the Agent receives such notification from a Lender it shall notify the Parent and that Obligor. 

  

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	 	(c)	If a Tax Deduction is required by law to be made by an Obligor in one of the circumstances set out in paragraph (d) below, the amount of the payment due from that Obligor shall
be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required. 

  

	 	(d)	The circumstances referred to in paragraph (c) above are where a person entitled to the payment: 

  

	 	(i)	is the Agent (on its own behalf); or 

  

	 	(ii)	is a Qualifying Lender, unless such Lender is a Treaty Lender and the Obligor making the payment is able to demonstrate that the Tax Deduction is required to be made as a result of
the failure of such Lender to comply with paragraph (g) below of this Clause 15.2; or 

  

	 	(iii)	would have been a Qualifying Lender but for any change after the date of this Agreement in (or in the general interpretation, administration, or application of) any law or double
taxation agreement or treaty or any published practice or published concession of any relevant taxing authority. 

 For the
avoidance of doubt, no Obligor shall be obliged to make any payment under this Clause 15.2 (Tax gross-up) to a Lender which is not a Qualifying Lender save when such Lender is not or ceases to be a Qualifying Lender to the extent
referred to in paragraph (d)(iii) above. 
  

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

  

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

  

	 	(g)	A Treaty Lender and each Obligor which makes a payment to which that Treaty Lender is entitled shall co-operate promptly in completing any procedural formalities necessary for that
Obligor to obtain authorisation to make that payment without a Tax Deduction. 

  

	15.3	Tax indemnity 

  

	 	(a)	The Parent shall or shall procure that an Obligor will (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the 

 

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 loss, liability or cost which that Protected Party determines will be or has been (directly or
indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document. 
  

	 	(b)	Paragraph (a) above shall not apply: 

  

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

  

	 	(A)	under the law of the jurisdiction in which that Finance Party is incorporated and if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as
resident for tax purposes; or 

  

	 	(B)	under the law of the jurisdiction in which that Finance Party’s Facility Office is located in respect of amounts received or receivable in that jurisdiction,

 if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be
received or receivable) by that Finance Party; 
  

	 	(ii)	to any Tax Deduction required by law. 

  

	 	(c)	A Protected Party making, or intending to make a claim pursuant to paragraph (a) above shall promptly notify the Agent in reasonable detail of the event which will give, or has
given, rise to the claim, following which the Agent shall notify the Parent provided that nothing in this Clause 15.3 shall require a Protected Party to disclose any confidential information relating to the organisation of its affairs.

  

	 	(d)	A Protected Party shall, on receiving a payment from an Obligor under this Clause 15.3, notify the Agent. 

  

	15.4	Tax Credit 

 If an Obligor makes a Tax Payment and
the relevant Finance Party determines that: 
  

	 	(a)	a Tax Credit is attributable to that Tax Payment; and 

  

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

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

	15.5	Stamp taxes 

 The Parent shall (or shall procure
that an Obligor will) pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of
any Finance Document save where such cost, loss or liability is attributable to the default or negligence of any Finance Party. 
  

 - 53 - 

	15.6	Value added tax 

  

	 	(a)	All amounts set out, or expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for VAT purposes
shall be deemed to be exclusive of any VAT which is chargeable on such supply, and accordingly, subject to paragraph (c) below, if VAT is chargeable on any supply made by any Finance Party to any Party under a Finance Document, that Party shall
pay to the Finance Party (in addition to and at the same time as paying the consideration) an amount equal to the amount of the VAT (and such Finance Party shall promptly provide an appropriate VAT invoice to such Party). 

 

	 	(b)	If VAT is chargeable on any supply made by any Finance Party (the “Supplier”) to any other Finance Party (the “Recipient”) under a Finance
Document, and any Party (the “Relevant Party”) is required by the terms of any Finance Document to pay an amount equal to the consideration for such supply to the Supplier (rather than being required to reimburse the Recipient in
respect of that consideration), such Party shall also pay to the Supplier (in addition to and at the same time as paying such amount) an amount equal to the amount of such VAT. The Recipient will promptly pay to the Relevant Party an amount equal to
any credit or repayment from the relevant tax authority which it reasonably determines relates to the VAT chargeable on that supply. 

  

	 	(c)	Where a Finance Document requires any Party to reimburse a Finance Party for any costs or expenses, that Party shall also at the same time pay and indemnify the Finance Party
against all VAT incurred by the Finance Party in respect of the costs or expenses to the extent that the Finance Party reasonably determines that neither it nor any other member of any group of which it is a member for VAT purposes is entitled to
credit or repayment from the relevant tax authority in respect of the VAT. 

  

	16.	INCREASED COSTS 

  

	16.1	Increased costs 

  

	 	(a)	Subject to Clause 16.3 (Exceptions) the Parent shall (or shall procure that an Obligor will), within three Business Days of a demand by the Agent, pay for the account of
a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation
or (ii) compliance with any law or regulation, in each case made after the date of this Agreement. 

  

	 	(b)	In this Agreement “Increased Costs” means: 

  

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

  

	 	(ii)	an additional or increased cost; or 

  

	 	(iii)	a reduction of any amount due and payable under any Finance Document, 

  

 - 54 - 

 which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is
attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document or Letter of Credit. 
  

	16.2	Increased cost claims 

  

	 	(a)	A Finance Party intending to make a claim pursuant to Clause 16.1 (Increased Costs) shall notify the Agent in reasonable detail of the event giving rise to the claim,
following which the Agent shall promptly notify the Parent provided that nothing in this Clause 16.2 shall require such Finance Party to disclose any confidential information relating to the organisation of its affairs.

  

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

  

	16.3	Exceptions 

  

	 	(a)	Clause 16.1 (Increased Costs) does not apply to the extent any Increased Cost is: 

  

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

  

	 	(ii)	compensated for by Clause 15.3 (Tax Indemnity) (or would have been compensated for under Clause 15.3 (Tax Indemnity) but was not so compensated solely
because the exclusion in paragraph (b) of Clause 15.3 (Tax Indemnity) applied); 

  

	 	(iii)	compensated for by the payment of the Mandatory Cost; 

  

	 	(iv)	attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation or arises from a failure by the relevant Finance Party or its Affiliates
to comply with any request from or requirement of any central bank or other fiscal, monetary or other authority (whether or not having the force of law); or 

  

	 	(v)	attributable to the implementation or application of or compliance with the “International Convergence of Capital Measurement and Capital Standards, a Revised Framework”
published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement (“Basel II”) or any other law or regulation which implements Basel II (whether such implementation, application
or compliance is by a government, regulator, Finance Party or any of its Affiliates). 

  

	 	(b)	In this Clause 16.3, a reference to a “Tax Deduction” has the same meaning given to the term in Clause 15.1 (Definitions). 

  

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	17.	OTHER INDEMNITIES 

  

	17.1	Currency indemnity 

  

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

  

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

  

	 	(ii)	obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings, 

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

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

  

	17.2	Other indemnities 

 The Parent shall (or shall
procure that an Obligor will), within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability incurred by that Finance Party as a result of: 
  

	 	(a)	the occurrence of any Event of Default; 

  

	 	(b)	a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of
Clause 31 (Sharing among the Finance Parties); 

  

	 	(c)	funding, or making arrangements to fund, its participation in a Utilisation requested by a Borrower in a Utilisation Request but not made by reason of the operation of any one or
more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or 

  

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

  

	17.3	Indemnity to the Agent 

 The Parent shall (or shall
procure that an Obligor will) promptly indemnify the Agent against any cost, loss or liability incurred by the Agent (acting reasonably) as a result of: 
  

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

  

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

  

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	18.	MITIGATION BY THE LENDERS 

  

	18.1	Mitigation 

  

	 	(a)	Each Finance Party shall, in consultation with the Parent, take all reasonable steps to mitigate any circumstances which arise and which would result in any facility ceasing to be
available or any amount becoming payable under, pursuant to, or cancelled pursuant to, any of Clause 10.1 (Illegality), Clause 15 (Tax Gross-up and Indemnities), or paragraph 3 of Schedule 5 (Mandatory costs
formulae) or Clause 16 (Increased Costs) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office. 

  

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

  

	18.2	Limitation of liability 

  

	 	(a)	The Parent shall (or shall procure that an Obligor will) indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken
by it under Clause 18.1 (Mitigation). 

  

	 	(b)	A Finance Party is not obliged to take any steps under Clause 18.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be
prejudicial to it. 

  

	19.	COSTS AND EXPENSES 

  

	19.1	Transaction expenses 

 The Parent shall (or shall
procure that an Obligor will) within 3 Business Days of demand pay the Agent and the Mandated Lead Arrangers the amount of all costs and expenses (including legal fees up to the agreed cap) reasonably incurred by any of them in connection with the
negotiation, preparation, printing and execution of: 
  

	 	(a)	this Agreement and any other documents referred to in this Agreement; and 

  

	 	(b)	any other Finance Documents executed after the date of this Agreement. 

  

	19.2	Amendment costs 

 If (a) an Obligor requests an
amendment, waiver or consent or (b) an amendment is required pursuant to Clause 32.9 (Change of Currency), the Parent shall (or shall procure that an Obligor will), within five Business Days of demand, reimburse the Agent for the
amount of all costs and expenses (including legal fees) reasonably incurred by the Agent in responding to, evaluating, negotiating or complying with that request or requirement. 
  

	19.3	Enforcement costs 

 The Parent shall (or shall
procure that an Obligor will), within three Business Days of demand, pay to each Finance Party the amount of all costs and expenses (including legal fees) incurred by that Finance Party in connection with the enforcement of, or the preservation of
any rights under, any Finance Document. 
  

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 SECTION 7 
 GUARANTEE 
  

	20.	GUARANTEE AND INDEMNITY 

  

	20.1	Guarantee and indemnity 

 Each Guarantor irrevocably
and unconditionally jointly and severally: 
  

	 	(a)	guarantees to each Finance Party punctual performance by each Borrower of all that Borrower’s obligations under the Finance Documents; 

  

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

  

	 	(c)	indemnifies each Finance Party immediately on demand against any cost, loss or liability suffered by that Finance Party if any obligation guaranteed by it is or becomes
unenforceable, invalid or illegal. The amount of the cost, loss or liability shall be equal to the amount which that Finance Party would otherwise have been entitled to recover. 

  

	20.2	Continuing guarantee 

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

	20.3	Reinstatement 

 If any payment by an Obligor or any
discharge given by a Finance Party (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is avoided or reduced as a result of insolvency or any similar event: 
  

	 	(a)	the liability of each Obligor shall continue as if the payment, discharge, avoidance or reduction had not occurred; and 

  

	 	(b)	each Finance Party shall be entitled to recover the value or amount of that security or payment from each Obligor, as if the payment, discharge, avoidance or reduction had not
occurred. 

  

	20.4	Waiver of defences 

 The obligations of each
Guarantor under this Clause 20 will not be affected by an act, omission, matter or thing which, but for this Clause, would reduce, release or prejudice any of its obligations under this Clause 20 (without limitation and whether or not
known to it or any Finance Party) including: 
  

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

  

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

  

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

  

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

  

	 	(e)	any amendment (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including without limitation any change
in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security; 

  

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

  

	 	(g)	any insolvency or similar proceedings. 

  

	20.5	Guarantor Intent 

 Without prejudice to the
generality of Clause 20.4 (Waiver of Defences), each Guarantor expressly confirms that it intends that this guarantee shall (to the extent permitted under applicable law) extend from time to time to any (however fundamental) variation,
increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: acquisitions of any nature;
increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension
of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing. 
  

	20.6	Immediate recourse 

 Each Guarantor waives any right
it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person before claiming from that Guarantor under this Clause 20. This
waiver applies irrespective of any law or any provision of a Finance Document to the contrary. 
  

	20.7	Appropriations 

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

	 	(a)	refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts,
or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and 

  

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	 	(b)	hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor’s liability under this Clause 20.

  

	20.8	Deferral of Guarantors’ rights 

 Until all
amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of
performance by it of its obligations under the Finance Documents: 
  

	 	(a)	to be indemnified by an Obligor; 

  

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

  

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

 If a Guarantor receives any
benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Finance Parties by the Obligors under or in
connection with the Finance Documents to be repaid in full on trust for the Finance Parties and shall promptly pay or transfer the same to the Agent or as the Agent may direct for application in accordance with Clause 32 (Payment
Mechanics) of this Agreement. 
  

	20.9	Additional security 

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

	20.10	Guarantee Limitations 

 Notwithstanding any term or
provision of this Clause 20 or any other term in this Agreement or any Finance Document to the contrary: 
  

	 	(a)	the maximum aggregate amount of the obligations for which any U.S. Guarantor shall be liable hereunder shall in no event exceed an amount equal to the largest amount that would not
render such U.S. Guarantor’s obligations hereunder, subject to avoidance under applicable United States federal or state law relating to fraudulent transfer (including section 548 of the Bankruptcy Code of the U.S. or any applicable provisions
of comparable state law); and 

  

	 	(b)	in relation to an Additional Guarantor, the terms of this Clause 20 are subject to any agreed limitations set out in the Accession Letter applicable to such Additional
Guarantor. 

  

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	20.11	Release of Guarantors’ right of contribution 

 If any Guarantor (a “Retiring Guarantor”) ceases to be a Guarantor in accordance with the terms of this Agreement then on the date such Retiring Guarantor ceases to be a Guarantor: 
  

	 	(a)	that Retiring Guarantor is released by each other Guarantor from any liability (whether past, present or future and whether actual or contingent) to make a contribution to any other
Guarantor arising by reason of the performance by any other Guarantor of its obligations under the Finance Documents; and 

  

	 	(b)	each other Guarantor waives any rights it may have by reason of the performance of its obligations under the Finance Documents to take the benefit (in whole or in part and whether
by way of subrogation or otherwise) of any rights of the Finance Parties under any Finance Document or of any other security taken pursuant to, or in connection with, any Finance Document where such rights or security are granted by or in relation
to the assets of the Retiring Guarantor. 

  

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 SECTION 8 
 REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT 
  

	21.	REPRESENTATIONS 

 Each Obligor makes the
representations and warranties set out in this Clause 21 to each Finance Party on the date of this Agreement with respect to itself and the Company makes the representations set out in this Clause 21 with respect to each member of the
Group to each Finance Party on the date of this Agreement. 
  

	21.1	Status 

  

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

  

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

  

	21.2	Binding obligations 

 The obligations expressed to
be assumed by it in each Finance Document to which it is a party are, subject to any general principles of law limiting its obligations, which are specifically referred to in any legal opinion delivered pursuant to Clause 4 (Conditions of
Utilisation) or Clause 28 (Changes to the Obligors) legal, valid, binding and enforceable obligations. 
  

	21.3	Non-conflict with other obligations 

 The entry into
and performance by it of, and the transactions contemplated by, the Finance Documents to which it is a party do not and will not conflict with: 
  

	 	(a)	any law or regulation applicable to it; 

  

	 	(b)	the constitutional documents of any member of the Group; 

  

	 	(c)	any agreement or instrument binding upon it or any Material Company or any of its or any Material Company’s assets; or 

  

	 	(d)	any agreement or instrument binding upon any member of the Group (other than an Obligor or a Material Company) or any member of the Group’s (other than an Obligor’s or a
Material Company’s) assets in any material respect. 

  

	21.4	Power and authority 

 It has the power to enter
into, perform and deliver, and has taken all necessary action to authorise its entry into, performance and delivery of, the Finance Documents to which it is a party and the transactions contemplated by those Finance Documents. 
  

	21.5	Validity and admissibility in evidence 

 All
Authorisations required: 
  

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

  

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

 have been obtained or effected and are in full force and effect. 
  

	21.6	Governing law and enforcement 

  

	 	(a)	The choice of English law as the governing law of the Finance Documents to which it is a party will be recognised and enforced in its jurisdiction of incorporation.

  

	 	(b)	Any judgment obtained in England in relation to a Finance Document to which it is a party will be recognised and enforced in its jurisdiction of incorporation, subject to
registration of such judgment in that jurisdiction. 

  

	21.7	Deduction of Tax 

 Provided that each
Original Lender is a Qualifying Lender and the necessary procedural formalities in the case of a Treaty Lender to make payments without deduction of tax have been completed prior to the date of such payment, it is not required under the law of its
jurisdiction of incorporation to make any deduction for or on account of Tax from any payment it may make under any Finance Document to which it is a party. 
  

	21.8	No filing or stamp taxes 

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

	21.9	No default 

  

	 	(a)	No Event of Default is continuing or will result from the making of any Utilisation. 

  

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

  

	21.10	No misleading information 

 All factual written
information supplied by any member of the Group to a Finance Party in connection with the Finance Documents is true, complete and accurate in all material respects (to the best of the Parent’s knowledge and belief) as at the date it was given
(or, if different, the date at which it is stated to apply) and is not misleading in any material respect as at such date. 
  

	21.11	Financial statements 

  

	 	(a)	Its Original Financial Statements were prepared in accordance with GAAP consistently applied. 

  

	 	(b)	Its Original Financial Statements give a true and fair view and fairly represent its financial condition and operations (consolidated in the case of the Parent) during the relevant
financial year. 

  

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	 	(c)	There has been no change in its business or financial condition (or the business or consolidated financial condition of the Group, in the case of the Parent) since the date of the
latest financial statements made available to the Agent pursuant to Clause 22.1 (Financial Statements) which would have a Material Adverse Effect. 

  

	21.12	Pari passu ranking 

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

	21.13	No proceedings pending or threatened 

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

	21.14	No Security 

 Save as permitted pursuant to
Clause 24.3 (Negative Pledge), no Security exists over all or any of the present or future revenues or assets of any member of the Group. 
  

	21.15	Environmental compliance 

 Each member of the Group
has performed and observed in all material respects all Environmental Law, Environmental Permits and all other material covenants, conditions, restrictions or agreements directly or indirectly concerned with any contamination, pollution or waste or
the release or discharge of any toxic or hazardous substance in connection with any real property which is or was at any time owned, leased or occupied by any member of the Group or on which any member of the Group has conducted any activity where
failure to do so might reasonably be expected to have a Material Adverse Effect. 
  

	21.16	Environmental Claims 

 No Environmental Claim has
been commenced or (to the best of its knowledge and belief) is threatened in writing against any member of the Group where that claim would be reasonably likely to be adversely determined, and, if so adversely determined would be reasonably likely
to have a Material Adverse Effect. 
  

	21.17	ERISA and Multiemployer Plans 

  

	 	(a)	Neither any U.S. Group Company nor any ERISA Affiliate is making or accruing an obligation to make contributions or has within any of the five calendar years immediately preceding
the date of this Agreement made or accrued an obligation to make contributions to any Multiemployer Plan to an extent or in a manner which would reasonably be expected to have a Material Adverse Effect. 

  

	 	(b)	Each Employee Plan is in compliance in form and operation with ERISA and the Code and all other applicable laws and regulations save where any failure to comply would not reasonably
be expected to have a Material Adverse Effect. 

  

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	 	(c)	Each Employee Plan which is intended to be qualified under Section 401(a) of the Code has received a favourable determination letter from the IRS as to its qualification or is
in the process of being submitted to the IRS for approval or will be so submitted during the applicable remedial amendment period, and, to the knowledge of each U.S. Group Company, nothing has occurred since the date of such determination that would
be reasonably likely to materially adversely affect such determination save where any such event would not reasonably be expected to have a Material Adverse Effect (or, in the case of an Employee Plan with no determination, nothing has occurred that
would materially adversely affect such qualification save where any such event would not reasonably be expected to have a Material Adverse Effect). 

  

	 	(d)	The fair market value of the assets of each Employee Plan subject to Title IV of ERISA is at least equal to the present value of all accumulated benefit obligations under each such
Employee Plan (based on the assumptions used for funding the Employee Plan pursuant to Section 412 of the Code) for the applicable plan year as of the date of the most recent financial statement reflecting such amounts or, if additional
contributions are required to make the Employee Plan sufficient, the U.S. Group Company does not believe that such would reasonably be expected to have a Material Adverse Effect. 

  

	 	(e)	There are no actions, suits or claims pending against an Employee Plan (other than routine claims for benefits) or, to the knowledge of the Parent, any U.S. Group Company or any
ERISA Affiliate threatened in writing, which would reasonably be expected to be asserted successfully against any Employee Plan and, if so asserted successfully, would reasonably be expected either singly or in the aggregate to have a Material
Adverse Effect. 

  

	 	(f)	Each U.S. Group Company and any ERISA Affiliate has made all material contributions to or under each such Employee Plan required by law within the applicable time limits prescribed
thereby, the terms of such Employee Plan, or any contract or agreement requiring contributions to an Employee Plan save where any failure to comply would not reasonably be expected to have a Material Adverse Effect. 

  

	 	(g)	Neither any U.S. Group Company nor any ERISA Affiliate has ceased operations at a facility so as to become subject to the provisions of Section 4068(a) of ERISA, withdrawn as a
substantial employer so as to become subject to the provisions of Section 4063 of ERISA or ceased making contributions to any Employee Plan subject to Section 4064(a) of ERISA to which it made contributions, other than actions which would
not reasonably be expected to have a Material Adverse Effect. 

  

	 	(h)	Neither any U.S. Group Company nor any ERISA Affiliate has incurred or reasonably expects to incur any liability to PBGC save for any liability for premiums due in the ordinary
course or other liability which would not reasonably be expected to have a Material Adverse Effect. 

  

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	21.18	Margin Stock 

  

	 	(a)	No U.S. Group Company is engaged in the business of extending credit for the purpose of “purchasing” or “carrying” any Margin Stock. 

  

	 	(b)	None of the proceeds of the Loans or other extensions of credit under this Agreement will be used, for the purpose of purchasing or carrying any Margin Stock, for the purpose of
reducing or retiring any Indebtedness that was originally incurred to buy or carry any Margin Stock or for any other purpose which might cause all or any Loans or other extensions of credit under this Agreement to be considered a “purpose
credit” within the meaning of Regulation U or Regulation X. 

  

	 	(c)	No U.S. Group Company or any agent acting on its behalf has taken or will take any action which might cause the Finance Documents to violate any regulation of the Board of Governors
of the Federal Reserve System of the United States. 

  

	21.19	Investment Companies 

 No U.S. Group Company is an
“investment company” or an “affiliated person” of an “investment company” as such terms are defined in the Investment Company Act of 1940 of the United States. 
  

	21.20	Intellectual Property 

 The Parent and each Material
Company owns, is licensed to use or has the right to use, all trade marks, trade names, copyrights, technology, know-how and processes necessary for the conduct of its business as currently conducted (the “Intellectual Property”)
except for those the failure to own or licence or have the right to use could not reasonably be expected to have a Material Adverse Effect. No claim which could reasonably be expected to be adversely determined and, if adversely determined, to have
a Material Adverse Effect has been asserted and is pending by any person challenging the use of any such Intellectual Property, nor does the Parent know of any valid basis for such a claim. The use of such Intellectual Property by the Parent and
each Material Company does not infringe on the rights of any person, except for such claims and infringements that, in aggregate, could not reasonably be expected to have a Material Adverse Effect. 
  

	21.21	Anti-Terrorism Laws 

  

	 	(a)	None of the Obligors or, to the knowledge of any of the Obligors, any of their Affiliates, is in violation of the U.S. Executive Order No. 13224 on Terrorist Financing,
effective September 24, 2001 (the “Executive Order”); the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA Patriot Act”), Public
Law 107-56, the Money Laundering Control Act of 1986, Public Law 99-570; the International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq, the Trading with the Enemy Act, 50 U.S.C. App. §§ 1 et seq, any Executive Order
or regulation promulgated thereunder and administered by the Office of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury; and any similar law enacted in the United States of America subsequent to the date of
this Agreement (together the “Anti-Terrorism Laws”). 

  

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	 	(b)	No Obligor or, to the knowledge of any of the Obligors, any of their Affiliates, or their respective brokers or other agents acting or benefiting in any capacity in connection with
the Facility, is any of the following: 

  

	 	(i)	a person or entity that is listed in the annex to, or is otherwise subject to the provisions of, the Executive Order; 

  

	 	(ii)	a person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the annex to, or is otherwise subject to the provisions of, the
Executive Order; 

  

	 	(iii)	a person or entity with which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 

  

	 	(iv)	a person or entity that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order; or 

  

	 	(v)	a person or entity that is named as a “specially designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of
Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list. 

  

	 	(c)	No Obligor or, to the knowledge of any Obligor, any of its brokers or other agents acting in any capacity in connection with the Facility (i) conducts any business or engages
in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in paragraph (b) above, (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in
property blocked pursuant to the Executive Order, or (iii) engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any
Anti-Terrorism Law. 

  

	21.22	Repetition 

 The Repeating Representations are
deemed to be made by each Obligor (by reference to the facts and circumstances then existing) on: 
  

	 	(a)	the date of each Utilisation Request and the first day of each Interest Period; and 

  

	 	(b)	in the case of an Additional Obligor, the day on which the company becomes (or it is proposed that the company becomes) an Additional Obligor. 

  

	22.	INFORMATION UNDERTAKINGS 

 The undertakings in this
Clause 22 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

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	22.1	Financial statements 

 The Parent shall supply to
the Agent in sufficient copies for all the Lenders: 
  

	 	(a)	as soon as the same become available, but in any event within 120 days (or, in the case of each Obligor other than the Parent, 180 days) after the end of each of its financial
years: 

  

	 	(i)	its audited consolidated financial statements for that financial year; and 

  

	 	(ii)	subject to paragraph (a) of Clause 22.3 (Requirements as to financial statements) the audited and (in the case of Sterling Jewelers Inc. only) consolidated
financial statements of each Obligor for that financial year save that there shall be no obligation to supply separate financial statements in respect of any Additional Obligor if such Additional Obligor does not prepare financial statements and is
not required to prepare financial statements by any applicable law or regulation; 

  

	 	(b)	as soon as the same become available, but in any event within 60 days after the end of each half of each of its financial years, its consolidated financial statements for that
financial half year; and 

  

	 	(c)	as soon as the same become available, but in any event within 45 days after the end of each quarter of each of its financial years: 

  

	 	(i)	its consolidated financial statements for that financial quarter; and 

  

	 	(ii)	a report on (A) bad debt levels; and (B) aging of accounts receivable. 

  

	22.2	Compliance Certificate 

  

	 	(a)	The Parent shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph (a)(i) or (c)(i) of Clause 22.1 (Financial statements), a
Compliance Certificate as to compliance with Clause 23 (Financial Covenants) as at the date as at which those financial statements were drawn up. 

  

	 	(b)	Each Compliance Certificate shall be signed by two directors of the Parent. 

  

	22.3	Requirements as to financial statements 

  

	 	(a)	Each set of financial statements delivered by the Parent pursuant to Clause 22.1 (Financial statements) (other than those (i) for Sterling Inc. and Sterling
Jewelers Inc. which shall only be required to be audited in accordance with this paragraph (a) if so required by law; or (ii) delivered pursuant to paragraph (c) of Clause 22.1 (Financial statements) shall have been
audited by KPMG Audit Plc or (in the case of a U.S. Group Company an affiliate of KPMG Audit Plc in the United States) or another internationally recognised firm or company of independent auditors. 

  

	 	(b)	The Parent shall ensure that the accounting reference period for each Obligor is not changed except with the prior written consent of the Agent (such consent not to be unreasonably
withheld or delayed) and that the accounting reference period for Parent Newco is the same as that of the Company. 

  

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	 	(i)	The Parent shall procure that each set of financial statements of an Obligor delivered pursuant to Clause 22.1 (Financial statements) is prepared using GAAP and
accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor or, in the case of the financial statements of the Parent or the Group after the Parent Newco
Accession Date, those applied in the preparation of the audited consolidated financial statements of the Parent for the financial year ending on or about 31 January 2009 (the “Reference Financial Statements”) unless, in
relation to any such set of financial statements, it notifies the Agent that an Obligor wishes to prepare its financial statements on a different basis from the basis used in the preparation of the Original Financial Statements or (as applicable)
the Reference Financial Statements and its auditors (or, if appropriate, the auditors of the Obligor) deliver to the Agent: 

  

	 	(A)	a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which that Obligor’s Original
Financial Statements or the Reference Financial Statements (as the case may be) were prepared; and 

  

	 	(B)	sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether Clause 23 (Financial Covenants) has
been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligor’s Original Financial Statements or the Reference Financial Statements (as the case may be).

  

	 	(ii)	If the Parent notifies the Agent of a change in accordance with paragraph (b)(i) above then the Parent and Agent shall enter into negotiations in good faith with a view to agreeing:

  

	 	(A)	whether or not the change might result in any material alteration in the commercial effect of any of the terms of this Agreement; and 

  

	 	(B)	if so, any amendments to this Agreement which may be necessary to ensure that the change does not result in any material alteration in the commercial effect of those terms,

 and if any amendments are agreed they shall take effect and be binding on each of the Parties in accordance with their
terms. 
 If no such agreement is reached within 30 days of that notification of change, the Agent shall (if so requested by the Majority
Lenders) instruct the auditors of the Parent or independent accountants (approved by the Parent or, in the 
  

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 absence of such approval within 5 days of request by the Agent of such approval, a firm with recognised
expertise) to determine any amendment to Clause 23 (Financial covenants), Clause 1.1 (Definitions) and any other terms of this Agreement which the auditors or, as the case may be, accountants (acting as experts and not
arbitrators) consider appropriate to ensure the change does not result in any material alteration in the commercial effect of the terms of this Agreement. Those amendments shall take effect when so determined by the auditors, or as the case may be,
accountants. The cost and expense of the auditors or accountants shall be for the account of the Parent. 
 Any reference in this Agreement
to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared. 
  

	22.4	Information: miscellaneous 

  

	 	(a)	The Parent shall on the earlier of (i) the date on or about that on which a corresponding certificate is supplied to the holders of the Loan Notes in accordance with the terms
of the Loan Notes and (ii) the date falling 30 Business Days after the end of the most recently completed financial year of the Parent, supply to the Agent a certificate showing (in reasonable detail and with supporting calculations) the
Consolidated Net Debt in respect of the most recently completed financial year of the Parent and a corresponding calculation of the Net Debt Prepayment Amount (as defined in Clause 10.6 (Mandatory Prepayment - Priority Debt and Net Debt)
(if any) to be applied towards prepayment of the Facility in accordance with paragraph (b) of Clause 10.7 (Application of mandatory prepayments). The Parties acknowledge that the calculation of Consolidated Net Debt and any Net Debt
Prepayment Amount which are contained in a certificate delivered pursuant to this paragraph (a) of Clause 22.4 (and any subsequent prepayment and/or cancellation of the Facility based upon such calculations) will be based upon unaudited
financial information available to the Parent at the time of calculation and that the audited consolidated financial statements of the Group (or other financial statements) may set out or demonstrate a different amount of Consolidated Net Debt for
the applicable financial year of the Parent. The Parties agree that no Default or additional prepayment obligation shall arise to the extent that a deviation arises between the amount of Consolidated Net Debt set out in a certificate delivered
pursuant to this paragraph (a) of Clause 22.4 and the amount of Consolidated Net Debt set out in such financial statements. 

  

	 	(b)	The Parent shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests): 

  

	 	(i)	all documents (other than those that deal with routine matters) dispatched by the Parent to its shareholders (or any class of them) or its creditors generally at the same time as
they are dispatched, including those relating to the Transaction; 

  

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	 	(ii)	promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current or, to its knowledge, threatened in writing or
pending against any member of the Group, and which, if adversely determined, might reasonably be expected to have a Material Adverse Effect; and 

  

	 	(iii)	promptly, such further information regarding the financial condition, business and operations of any member of the Group as any Finance Party (through the Agent) may reasonably
request. 

  

	 	(c)	As soon as possible following the end of each of its financial quarters, if requested by the Agent, the Parent shall attend and participate in a meeting (by telephone or otherwise,
as reasonably requested by the Agent) with the Agent and the Lenders to discuss the business and performance of the Parent and the Group. 

  

	22.5	Notification of default 

  

	 	(a)	The Parent shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless the Parent is aware that a
notification has already been provided by another Obligor). 

  

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

  

	 	(c)	The Parent shall ensure that each member of the Group will promptly inform the Agent of any (i) default or event of default under any Contractual Obligation of any member of
the Group or (ii) litigation, investigation or proceeding which exists at any time between any member of the Group and any Governmental Authority which is reasonably likely to be adversely determined and, which in either case, if not cured or
if adversely determined, as the case may be, would have a Material Adverse Effect. 

  

	22.6	Use of websites 

  

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

  

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

  

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

  

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

  

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	 	(b)	If any Finance Party (a “Paper Form Lender”) does not agree to the delivery of information electronically then the Agent shall notify the Parent accordingly and the
Parent shall supply the information to the Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event the Parent shall supply the Agent with at least one copy in paper form of any information required to be provided by it.

  

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

  

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

  

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

  

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

  

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

  

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

  

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

  

	 	(e)	If the Parent notifies the Agent under sub-paragraphs (d)(i) or (v) of this Clause 22.6, all information to be provided by the Parent under this Agreement after the
date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing. 

  

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

  

	22.7	ERISA-Related Information 

 The Parent shall supply
to the Agent (in sufficient copies for all the Lenders, if the Agent so requests): 
  

	 	(a)	promptly and in any event within thirty days after any U.S. Group Company and each ERISA Affiliate (each, a “Relevant Company”) knows or has reason to know that any
ERISA Event which, individually or when aggregated with any other ERISA Event, would reasonably be expected to have a Material Adverse Effect has occurred, the written statement of the Chief Financial Officer of such Relevant Company describing such
ERISA Event and the action, if any, which it proposes to take with respect thereto and a copy of any 

  

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 notice filed with the PBGC or the IRS pertaining thereto; providing that, in the case of ERISA Events
under paragraph (d) of the definition thereof, the 15-day period set forth above shall be a 10-day period, and, in the case of ERISA Events under paragraph (b) of the definition thereof, in no event shall notice be given later than the
occurrence of the ERISA Event; 
  

	 	(b)	promptly, and in any event within thirty days, after becoming aware that there has been (A) a material increase in Unfunded Pension Liabilities, taking into account only
Employee Plans with positive Unfunded Pension Liabilities; (B) the existence of potential material withdrawal liability under Section 4201 of ERISA, if the Parent and its ERISA Affiliates were to completely or partially withdraw from all
Multiemployer Plans; (C) the adoption of, or the commencement of contributions to, any Employee Plan subject to Section 412 of the Code by any Obligor or any ERISA Affiliate; or (D) the adoption of any amendment to an Employee Plan
subject to Section 412 of the Code which results in a material increase in contribution obligations of any Obligor, the detailed written description thereof from the Chief Financial Officer of each Relevant Company; and

  

	 	(c)	simultaneously with the date that any Relevant Company files a notice of intent to terminate any Title IV Plan, if such termination would require material additional contributions
in order to be considered a standard termination within the meaning of Section 4041(b) of ERISA, a copy of each notice. 

  

	22.8	“Know your customer” checks 

  

	 	(a)	If: 

  

	 	(i)	the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;

  

	 	(ii)	any change in the status of an Obligor after the date of this Agreement; or 

  

	 	(iii)	a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer,

 obliges the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with
“know your customer” or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or procure the
supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any
prospective new Lender) in order for the Agent, such Lender or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary “know your
customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents. 
  

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	 	(b)	Each Lender shall promptly upon the request of the Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself)
in order for the Agent to carry out and be satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance
Documents. 

  

	 	(c)	The Parent shall, by not less than 10 Business Days’ prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention to request
that a company becomes an Additional Obligor pursuant to Clause 28 (Changes to the Obligors). 

  

	 	(d)	Following the giving of any notice pursuant to paragraph (c) above, if the accession of such Additional Obligor obliges the Agent or any Lender to comply with “know your
customer” or similar identification procedures in circumstances where the necessary information is not already available to it, the Parent shall promptly upon the request of the Agent or any Lender supply, or procure the supply of, such
documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself or on behalf of any prospective new Lender) in order for the Agent or such Lender or any prospective new
Lender to carry out and be satisfied it has complied with the results of all necessary “know your customer” or other similar checks under all applicable laws and regulations pursuant to the accession of the relevant company to this
Agreement as an Additional Obligor. 

  

	22.9	Anti-Terrorism Law 

 No Obligor shall
(i) conduct any business or engage in making or receiving any contribution of funds, goods or services to or for the benefit of any person described in paragraph (b) of Clause 21.21 (Anti-Terrorism Laws) above, (ii) deal
in, or otherwise engage in any transaction relating to, any property or interests in property blocked pursuant to the Executive Order or any other Anti-Terrorism Law, or (iii) engage in or conspire to engage in any transaction that evades or
avoids, or has the purposes of evading or avoiding, or attempts to violate, any of the prohibitions set forth in any Anti-Terrorism Law (and the Parent shall deliver to the Agent a certificate in a form to be agreed requested from time to time by
the Agent in its reasonable discretion, confirming the Obligors’ compliance with this Clause 22.9). 
  

	22.10	Embargoed Person 

 At all times through the term of
the Facility, the Obligors will use reasonable efforts to ensure that the funds or assets that are used to repay the Facility shall not, to such Obligor’s knowledge, constitute property of, or be beneficially owned directly or indirectly by,
any person subject to sanctions or trade restrictions under U.S. law that is identified on (1) the “List of Specially Designated Nationals and Blocked Persons” maintained by the Office of Foreign Assets Control (OFAC) of the U.S.
Department of the Treasury or on any other similar list maintained by OFAC pursuant to any 
  

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 authorising statute including, but not limited to, the International Emergency Economic Powers Act, 50
U.S.C. Sections 1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any executive order or regulation promulgated thereunder or (2) the Executive Order, any related enabling legislation or any other executive order
issued for the same general purpose as the Executive Order. 
  

	22.11	Anti-Money Laundering 

 At all times throughout the
term of the Facility, the Obligors will use reasonable efforts to ensure that none of the funds of such Obligor that are used to pay the Facility shall be derived from any unlawful activity. 
  

	23.	FINANCIAL COVENANTS 

  

	23.1	Financial Condition 

  

	 	(a)	Consolidated Tangible Net Worth: The Parent shall ensure that, from the date of this Agreement up to and including the Termination Date, Consolidated Tangible Net Worth shall
not at any time be less than $800,000,000. 

  

	 	(b)	Gearing: The Parent shall ensure that: 

  

	 	(i)	the ratio of Consolidated Net Debt to Consolidated EBITDA for each Relevant Period (other than a Relevant Period ending on or about 31 October in any year) shall not exceed
2:1; and 

  

	 	(ii)	the ratio of Consolidated Net Debt to Consolidated EBITDA for each Relevant Period ending on or about 31 October in any year shall not exceed 2.5:1. 

 

	 	(c)	Fixed Charge Cover: The Parent shall ensure that the ratio of EBITDAR to Fixed Charges for each Relevant Period specified below shall be or shall exceed the ratio specified
opposite such Relevant Period: 

  

					
	  	  	 Relevant Period
	  	 EBITDAR to Fixed Charges

		  	Each Relevant Period ending on or before the last day of the financial year of the Parent ending on or about 31 January 2012	  	1.4:1
			
		  	Each Relevant Period ending on or before the last day of the financial year of the Parent ending on or about 31 January 2013 but after any Relevant Period ending on or before the last day
of the financial year of the Parent ending on or about 31 January 2012	  	1.55:1
			
		  	Each Relevant Period ending after the financial year of the Parent ending on or about 31 January 2013	  	1.85:1

  

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	 	(d)	Capital Expenditure: 

  

	 	(i)	The Parent shall ensure that the aggregate Capital Expenditure of the Group in respect of any financial year specified in column 1 below shall not exceed the amount (or its
equivalent in other currencies) set out in column 2 below opposite that financial year. 

  

				
	 Column 1
 Financial year ending on or about
	  	Column 2
Maximum expenditure
	 31 January 2010
	  	$	71,000,000
	 31 January 2011
	  	$	93,000,000
	 31 January 2012
	  	$	115,000,000
	 31 January 2013
	  	$	205,000,000

  

	 	(ii)	If in any financial year of the Parent (the “Original Financial Year”) the amount of the Capital Expenditure of the Group is less than the maximum amount permitted
for that Original Financial Year as set out in the table in paragraph (d)(i) above (the difference being the “Unused Amount”), then the maximum Capital Expenditure set out in column 2 in paragraph (d)(i) above for the financial year
of the Parent immediately following the Original Financial Year (such following financial year being the “Carry Forward Year”) shall for the purpose of that Carry Forward Year only be increased by an amount (the “Permitted
Carry Forward Amount”) equal to the Unused Amount. 

  

	 	 (iii)
	 In any Carry Forward Year, the Permitted Carry Forward Amount shall be treated as having been expended prior to the
original amount specified in column 2 in paragraph (d)(i) for that Carry Forward Year. No part of a Permitted Carry Forward Amount carried forward into a Carry Forward Year may be carried forward into a subsequent financial year.1 

  

	23.2	Financial testing 

  

	 	(a)	The financial covenants set out in Clause 23.1 (Financial Condition) shall be tested by reference to each of the financial statements and/or each Compliance Certificate
delivered pursuant to Clause 22.2 (Compliance Certificate). No item shall be deducted or credited more than once in any calculation. 

  
  

	 1
	 To be aligned with the Loan Notes. 

  

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	 	(b)	All financial terms used in calculating the financial covenants shall be construed in accordance with U.S. GAAP but for the avoidance of doubt no such construction shall override a
term defined in this Agreement. 

  

	23.3	EBITDAR Adjustment 

  

	 	(a)	Subject to Clause 23.3(b), for the purposes of each Compliance Certificate and in determining compliance with Clause 23.1 (Financial condition), the Parent may
increase EBITDAR for a financial quarter (such financial quarter being the “Original Quarter”) to reflect promotional expenditure incurred by the Group in that financial quarter in respect of an event or promotion relating to either
Valentine’s Day or Mother’s Day which will occur in the next financial quarter of the Parent (the “Succeeding Quarter”). 

  

	 	(b)	The aggregate adjustments to EBITDAR pursuant to Clause 23.3(a) above shall not exceed $10,000,000 in respect of any financial year of the Parent and such adjustments shall
only be made to the extent that they have been publicly announced by the Group as part of its financial reporting (whether in its financial statements, trading updates or otherwise). 

  

	 	(c)	If an Original Quarter is the last quarter of a financial year (the “Relevant Financial Year”) of the Parent then any adjustment to EBITDAR pursuant to
Clause 23.3(a) above shall, for the purposes of Clause 23.3(b) above, be deemed to be an adjustment in respect of the Relevant Financial Year only and not any other period. 

  

	 	(d)	If pursuant to Clause 23.3(a) EBITDAR for an Original Quarter has been increased then, for the purposes of the relevant Compliance Certificates and in determining compliance
with Clause 23.1 (Financial condition), EBITDAR for the corresponding Succeeding Quarter shall be reduced by an amount equal to such increase. 

  

	 	(e)	Prior to any adjustment to EBITDAR being made pursuant to Clause 23.3(a) the Parent shall provide the Agent with a detailed written explanation of that proposed adjustment
(including, without limitation, calculations and worked examples). The Parent shall provide the Agent with any other information in respect of an adjustment to be made to EBITDAR pursuant to Clause 23.3(a) as the Agent or any Lender may
reasonably request. 

  

	24.	GENERAL UNDERTAKINGS 

 The undertakings in this
Clause 24 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force. 
  

	24.1	Authorisations 

 Each Obligor shall promptly:

  

	 	(a)	obtain, comply with and do all that is necessary to maintain in full force and effect; and 

  

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	 	(b)	on request, supply certified copies to the Agent of, 

 any
Authorisation required under any law or regulation of its jurisdiction of incorporation to enable it to perform its obligations under the Finance Documents and to ensure the legality, validity, enforceability or admissibility in evidence in its
jurisdiction of incorporation of any Finance Document. 
  

	24.2	Compliance with laws 

 Each Obligor shall comply in
all respects with all laws to which it may be subject, if failure so to comply would materially impair its ability to perform its obligations under the Finance Documents. 
  

	24.3	Negative pledge 

  

	 	(a)	No Obligor shall (and the Parent shall ensure that no other member of the Group will) create or permit to subsist any Security over any of its assets. 

  

	 	(b)	No Obligor shall (and the Parent shall ensure that no other member of the Group will): 

  

	 	(i)	sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by an Obligor or any other member of the Group;

  

	 	(ii)	sell, transfer or otherwise dispose of any of its receivables on recourse terms; 

  

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

  

	 	(iv)	enter into any other preferential arrangement having a similar effect, 

 in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset. 
  

	 	(c)	Paragraphs (a) and (b) above do not apply to: 

  

	 	(i)	any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances
(including pursuant to cash pooling arrangements) or the netting or set-off of payments under any derivative transaction documented on market standard terms using an ISDA Master Agreement and entered into in the ordinary course of business of the
relevant member of the Group in connection with the protection against or benefit from the fluctuation in any rate or price; 

  

	 	(ii)	any lien arising by operation of law and in the ordinary course of business; 

  

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	 	(iii)	any Security over or affecting (or transaction (“Quasi-Security”) described in paragraph (b) affecting) any asset acquired by a member of the Group concluded
after the date of this Agreement if: 

  

	 	(A)	the Security or Quasi-Security was not created in contemplation of the acquisition of that asset by a member of the Group; 

  

	 	(B)	the principal amount secured has not been increased in contemplation of or since the acquisition of that asset by a member of the Group; and 

  

	 	(C)	the Security or Quasi-Security is removed or discharged within six months of the date of acquisition of such asset; 

  

	 	(iv)	any Security or Quasi-Security over or affecting any asset of any company which becomes a Subsidiary of the Company after the date of this Agreement or a Subsidiary of the Parent
after the Parent Newco Accession Date, where the Security or Quasi-Security is created prior to the date on which that company becomes a Subsidiary of the Company or a Subsidiary of the Parent (as the case may be), if: 

  

	 	(A)	the Security or Quasi-Security was not created in contemplation of the acquisition of that company; 

  

	 	(B)	the principal amount secured has not increased in contemplation of or since the acquisition of that company; and 

  

	 	(C)	the Security or Quasi-Security is removed or discharged within six months of that company becoming a Subsidiary of the Company or a Subsidiary of the Parent (as the case may be);

  

	 	(v)	any Security created or arising in the ordinary course of business of the relevant member of the Group which is specified below: 

  

	 	(A)	title transfer or retention arrangements provided for under the terms and conditions applicable to stock supplies made to the relevant member of the Group in the ordinary course of
trading; 

  

	 	(B)	Security over or affecting any assets of any member of the Group incorporated in any state of the United States of America where the Security is created for the purpose of securing
the payment of any taxes of such Subsidiary which are not yet due and payable or which are being contested in good faith and by appropriate proceedings diligently prosecuted provided that adequate reserves with respect thereto are maintained
in the accounts of such Subsidiary in accordance with generally accepted accounting principles in the United States of America, unless and until any lien resulting therefrom attaches to its property and becomes enforceable against its other
creditors; 

  

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	 	(C)	carriers’, warehousemen’s, mechanics’, materialmens’, repairmens’ or other liens arising in the ordinary course of business of any member of the Group which
are not overdue for a period of more than 90 days or which are being contested in good faith by appropriate proceedings diligently prosecuted; 

  

	 	(D)	subordinations of leaseholders’ interests in retail property to the interest of mortgagees of the fee interests therein in the ordinary course of business of any member of the
Group incorporated in any state of the United States of America; 

  

	 	(E)	pledges or deposits by any member of the Group incorporated in any state of the United States of America where the pledges or deposits are created for the purpose of securing the
payment of any workmen’s compensation, unemployment insurances, social security or other similar public or statutory payment which that member of the Group is required to make pursuant to the federal, or as the case may be state or municipal,
laws of the United States; 

  

	 	(F)	Security over rental or other deposits made in the ordinary course of business of any member of the Group aggregating together not more than $2,000,000 (or the equivalent thereof);
or 

  

	 	(vi)	any Security securing indebtedness, obligations and/or liabilities of members of the Group not permitted under paragraphs (i) to (v) above up to an aggregate principal
amount at any time of such indebtedness, obligations and/or liabilities not exceeding $125,000,000 (or its equivalent in other currencies). 

  

	24.4	Disposals 

  

	 	(a)	No Obligor shall (and the Parent shall ensure that no other member of the Group will), enter into a single transaction or a series of transactions (whether related or not) and
whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset. 

  

	 	(b)	Paragraph (a) above does not apply to any sale, lease, transfer or other disposal: 

  

	 	(i)	of stock in trade in the ordinary course of trading; 

  

	 	(ii)	on arm’s length terms of businesses, subsidiaries or other assets, the value of which do not in aggregate in any one financial year of the Parent exceed $10,000,000 (or its
equivalent in other currencies); 

  

	 	(iii)	of assets to an Obligor, or of assets by a member of the Group which is not an Obligor to another member of the Group; 

  

	 	(iv)	of cash or cash equivalents; 

  

	 	(v)	of shop premises in the ordinary course of business and on arm’s length commercial terms; 

  

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	 	(vi)	of Receivables in connection with the Securitisation; 

  

	 	(vii)	of Receivables or any receivables, as the case may be, in connection with any Permitted Securitisation; 

  

	 	(viii)	of assets in exchange for other assets comparable or superior as to type, value or quality; 

  

	 	(ix)	of obsolete or redundant assets on arms’ length terms; 

  

	 	(x)	arising as a result of any Security or Quasi Security permitted under paragraph (b) of Clause 24.3 (Negative Pledge); 

  

	 	(xi)	which constitutes the payment of a lawful dividend provided that it does not constitute an Event of Default under Clause 26.10 (Dividends and share redemption) of
this Agreement; 

  

	 	(xii)	the abandonment, disposition or lapse of any Intellectual Property not material to the business of the Group (taken as a whole); 

  

	 	(xiii)	of shares pursuant to management of employee share option schemes or of shares held in treasury; or 

  

	 	(xiv)	constituted by or arising pursuant to or in connection with the liquidation of two deferred compensation plans of the Group as such plans are further described in a letter from the
Parent to the Agent dated 4 December 2008. 

  

	24.5	Priority Debt 

 No Obligor shall (and the Parent
shall ensure that no member of the Group will) incur or allow to remain outstanding any Priority Debt such that the aggregate amount of all outstanding Priority Debt at any time and the amount of all outstanding indebtedness permitted to be secured
under paragraph (c)(vi) of Clause 24.3 (Negative pledge) exceeds $125,000,000 (or its equivalent in other currencies). 
  

	24.6	Merger 

  

	 	(a)	No Obligor shall (and the Parent shall ensure that no other Material Company will) enter into any amalgamation, demerger, merger or corporate reconstruction other than a solvent
reconstruction or reorganisation or any amalgamation, demerger, merger or corporate reconstruction to which the Agent has consented in writing acting on the instructions of the Majority Lenders (such consent and instructions not to be unreasonably
withheld or delayed). 

  

	 	(b)	Paragraph (a) above does not apply to any scheme, reorganisation, reconstruction or restructuring or other transaction effected by or in connection with the Transaction and/or
pursuant to a scheme of arrangement or other transaction falling within paragraph (c) of the definition of Transaction. 

  

	24.7	Change of business 

 The Parent shall procure that
no substantial change is made to the general nature of the business of the Group as a whole from that carried on at the date of this Agreement. 
  

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	24.8	Insurance 

 Each Obligor shall (and the Parent shall
ensure that each member of the Group will) maintain insurances on and in relation to its business and assets with reputable underwriters or insurance companies against those risks and to the extent as is usual for companies carrying on the same or
substantially similar business. 
  

	24.9	Acquisitions 

 No Obligor shall (and the Parent
shall ensure no other member of the Group will) acquire or invest in any assets, revenues, shares, business or undertaking without the prior written consent of the Majority Lenders other than: 
  

	 	(a)	stock in trade in the normal course of business; 

  

	 	(b)	assets the aggregate cost of which in any financial year of the Parent does not exceed an amount of $10,000,000 (or its equivalent in other currencies) provided that the
amount of any indebtedness acquired as part of any such acquisition or investment shall be treated as part of the cost of such acquisition or investment; 

  

	 	(c)	an acquisition by a member of the Group of an asset sold, leased, transferred or otherwise disposed of by another member of the Group in circumstances permitted under
paragraph (b) of Clause 24.4 (Disposals); 

  

	 	(d)	an acquisition by way of subscription of shares or securities (i) in a Subsidiary by the Holding Company of that Subsidiary or (ii) which is permitted under
paragraph (a) of Clause 24.6 (Merger); 

  

	 	(e)	the acquisition of cash and cash equivalent investments; and 

  

	 	(f)	acquisitions of assets (other than shares, revenues, businesses or undertakings) in the ordinary course of business. 

  

	24.10	Loans and Guarantees 

 No Obligor shall (and the
Parent shall ensure that no member of the Group will) (save in the ordinary course of business including, without limitation, the giving of guarantees of leasehold obligations in the ordinary course of business) make any loans, grant any credit or
give any guarantee or indemnity (except as required under any of the Finance Documents) to or for the benefit of any person or otherwise voluntarily assume any liability, whether actual or contingent, in respect of any obligation of any person save
in each case for Permitted Indemnities. 
  

	24.11	Federal Reserve Regulations 

 Each U.S. Borrower
will use the Facilities without violating Regulations T, U and X. 
  

	24.12	Compliance with ERISA 

 No Obligor shall:

  

	 	(a)	allow, or permit any of its ERISA Affiliates to allow, (i) any Employee Plan with respect to which any U.S. Group Company or any of its ERISA Affiliates may have any liability
to terminate, (ii) any U.S. Group Company or ERISA 

  

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Affiliates to withdraw from any Employee Plan or Multiemployer Plan, (iii) any ERISA Event to occur with respect to any Employee Plan, or (iv) any
Accumulated Funding Deficiency (as defined in Section 302 of ERISA and Section 412 of the Code), whether or not waived, to exist involving any of its Employee Plans; to the extent that any of the events described in (i), (ii),
(iii) or (iv), singly or in the aggregate, is reasonably likely to have a Material Adverse Effect; 
  

	 	(b)	allow, or permit any of its ERISA Affiliates to allow, (i) an Unfunded Pension Liability (taking into account only Employee Plans with positive Unfunded Pension Liability); or
(ii) any potential withdrawal liability under Section 4201 of ERISA, if the Parent and its ERISA Affiliates were to completely or partially withdraw from all Multiemployer Plans to the extent that any of the events described in (i) or
(ii), singly or in the aggregate, is reasonably likely to have a Material Adverse Effect; or 

  

	 	(c)	fail, or permit any of its ERISA Affiliates to fail, to comply in any material respect with ERISA or the related provisions of the Code, if such non-compliances, singly or in the
aggregate, would be reasonably likely to have a Material Adverse Effect. 

  

	24.13	Compliance with U.S. Regulations 

 No Obligor shall
(and the Parent shall ensure that no other member of the Group will) become an “investment company,” or an “affiliated person” of, or “promoter” or “principal underwriter” for, an “investment
company,” as such terms are defined in the 1940 Act. Neither the making of any Loan, or the application of the proceeds or repayment thereof by any U.S. Group Company nor the consummation of the other transactions contemplated hereby will
violate any provision of such act or any rule, regulation or order of the SEC thereunder. 
  

	24.14	Guarantor Cover 

  

	 	(a)	The Parent shall ensure that, subject to paragraph (c) below, any member of the Group which is not a Guarantor which is or becomes a Material Company shall, as soon as
reasonably practicable but in any event within 60 days of the later to occur of (i) the Effective Date and (ii) that member of the Group becoming a Material Company, become an Additional Guarantor in accordance with Clause 28.4
(Additional Guarantors). 

  

	 	(b)	If the aggregate gross assets, turnover, or earnings before interest and tax (calculated on the same basis as Consolidated Earnings Before Interest and Tax) of the Guarantors (in
each case calculated on an unconsolidated basis and excluding intra-Group items) are at any time less than 85 per cent. of the gross assets, turnover or Consolidated Earnings Before Interest and Tax of the Group at that time, then within 60
days of becoming aware of this fact (or, if later, within 60 days of the Effective Date) the Parent shall procure that, subject to paragraph (c) below, sufficient Additional Guarantors accede to this Agreement in accordance with
Clause 28.4 (Additional Guarantors) to ensure that after such accession the aggregate, gross assets, turnover and earnings before interest 

  

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 and tax (calculated on the same basis as Consolidated Earnings Before Interest and Tax) of the
Guarantors (in each case calculated on an unconsolidated basis and excluding intra-Group items) are not less than 85 per cent. of the gross assets, turnover and Consolidated Earnings Before Interest and Tax of the Group at such time.

  

	 	(c)	The Parent shall not be required to meet any of the requirements of paragraphs (a) or (b) above to the extent that it (or a relevant Subsidiary or Material Company which
would otherwise meet such requirements) cannot meet such requirements: 

  

	 	(i)	by reason of legal or regulatory impediment which is beyond its or any member of the Group’s reasonable control (including, but not limited to, prohibitions relating to
financial assistance, lack of corporate benefit, fraudulent preference or thin capitalisation rules); 

  

	 	(ii)	without becoming liable to pay taxes, duties, fees or other amounts (or otherwise in suffering adverse tax, cost or regulatory consequences including relating to interest
deductibility, or the payment of any duty, notarisation or registration fees) which are disproportionate to the value or practical benefit of the guarantee; or 

  

	 	(iii)	because directors (or their equivalents) of the relevant member of the Group would be subject to (a) a material risk of civil liability or (b) a reasonably possible risk
of any criminal liability or would otherwise be reasonably likely to be in breach of their duties, in each case based on the advice of its legal counsel, if such member of the Group was to become, or purported to become, a Guarantor.

  

	 	(d)	The Parent shall (and shall ensure that the relevant members of the Group will) use reasonable endeavours to circumvent, or, as the case may be, to minimise the effect of the
matters falling within paragraph (c) above that apply to preclude a relevant member of the Group from becoming a Guarantor in accordance with the requirement of paragraph (a) or (b) above. 

  

	 	(e)	For the purpose of this Clause: 

  

	 	(i)	gross assets, turnover and earnings before interest and tax (calculated on the same basis as Consolidated Earnings Before Interest and Tax) will be determined from the most recently
financial statements delivered pursuant to Clause 22 (Information undertakings); 

  

	 	(ii)	if a company becomes a member of the Group after the latest audited financial statements of the Group have been prepared the gross assets, turnover or earnings before interest and
tax (calculated on the same basis as Consolidated Earnings Before Interest and Tax) of that company shall be determined from its latest financial statements; 

  

	 	(iii)	the gross assets, turnover or earnings before interest and tax of the Group will be determined from the latest financial statements of the Group 

  

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 delivered pursuant to Clause 22 (Information undertakings) adjusted to reflect the disposal
of any company disposed of or acquired after the date of such financial statements; and 
  

	 	(iv)	gross assets does not include goodwill. 

  

	24.15	Newco accession 

 The Company shall ensure that each
Newco accedes to this Agreement as an Additional Guarantor in accordance with Clause 28.4 (Additional Guarantors) as soon as practicable after the Completion Date and in any event within 30 days of the Completion Date. 
  

	24.16	More Favourable Terms 

  

	 	(a)	For the purposes of this Clause 24.16 (More Favourable Terms) “Covenants” means any financial covenants in respect of future financial performance or
financial condition (whether expressed in ratios or as fixed thresholds in respect of future financial performance or condition, or those expressed as “events of defaults”). 

  

	 	(b)	If at any time any of the Covenants made by or applicable to (as the case may be) the Parent or any member of the Group contained in the Loan Notes are more favourable to the
holders of the Loan Notes than those applicable under this Agreement, the Parent must promptly notify the Agent of the details of those Covenants (the “Favourable Terms”). The Agent shall notify the Lenders promptly of the details
of the Favourable Terms. 

  

	 	(c)	The Parent must, promptly on request of the Agent, enter into any documentation that is necessary to amend the applicable Covenants in this Agreement to reflect the Favourable Terms
and do all other acts or things which the Agent may reasonably request to give effect to such amendments. 

  

	 	(d)	If at any time any member of the Group that is not a Guarantor provides a guarantee in respect of any of the Loan Notes, the Parent shall procure that such member of the Group
becomes an Additional Guarantor under this Agreement prior to or concurrently with becoming a guarantor under the Loan Notes. 

  

	25.	COMPLETION OF REORGANISATION 

  

	25.1	Notice 

 The Company shall promptly notify the Agent
when the Completion Date has occurred. 
  

	25.2	Parent Newco Accession Date 

 On and from the Parent
Newco Accession Date the Parties agree that Parent Newco shall have the rights and obligations expressed to be in favour of or owed by the Parent under the Finance Documents and the Company shall cease to have any further rights and obligations as
Parent but, for the avoidance of doubt, the Company shall not be released from its obligations as Company, Borrower or Guarantor. 
  

	26.	EVENTS OF DEFAULT 

 Each of the events or
circumstances set out in this Clause 26 is an Event of Default. 
  

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	26.1	Non-payment 

 An Obligor does not pay on the due
date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless: 
  

	 	(a)	its failure to pay is caused by: 

  

	 	(i)	administrative or technical error; or 

  

	 	(ii)	a Disruption Event; and 

  

	 	(b)	payment is made within two Business Days of its due date. 

  

	26.2	Financial Covenants 

 Any requirement of
Clause 23 (Financial Covenants) is not satisfied. 
  

	26.3	Other obligations 

  

	 	(a)	An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 26.1 (Non-payment) or Clause 26.2 (Financial
Covenants)). 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within twenty-one days of the Agent giving notice to the
Parent or the Parent becoming aware of the failure to comply. 

  

	26.4	Misrepresentation 

  

	 	(a)	Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of an Obligor under or in connection
with any Finance Document is or proves to have been incorrect or misleading in any material respect when made or deemed to be made. 

  

	 	(b)	No Event of Default under paragraph (a) above will occur if the circumstances giving rise to the representation or statement being incorrect or misleading are capable of remedy
and those circumstances are remedied within twenty-one days of the Agent giving notice to the Parent or the Parent becoming aware of the circumstances. 

  

	26.5	Cross default 

  

	 	(a)	Any Financial Indebtedness of any Obligor or Material Company is not paid when due nor within any originally applicable grace period. 

  

	 	(b)	Any Financial Indebtedness of any Obligor or Material Company is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of
default (however described). 

  

	 	(c)	Any commitment for any Financial Indebtedness of any Obligor or Material Company is cancelled or suspended by a creditor of any Obligor or Material Company as a result of an event
of default (however described). 

  

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	 	(d)	Any creditor of any Obligor or Material Company becomes entitled to declare any Financial Indebtedness of that Obligor or Material Company due and payable prior to its specified
maturity as a result of an event of default (however described). 

  

	 	(e)	No Event of Default will occur under this Clause 26.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs
(a) to (d) above is less than $15,000,000 (or its equivalent). 

  

	26.6	Insolvency 

  

	 	(a)	An Obligor or Material Company is unable or admits inability to pay its debts as they fall due, or, by reason of actual or anticipated financial difficulties, suspends making
payments on any of its debts or commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness. 

  

	 	(b)	The value of the assets of any Obligor or Material Company is less than its liabilities (taking into account contingent and prospective liabilities). 

  

	 	(c)	A moratorium is declared in respect of any indebtedness of any Obligor or Material Company. 

  

	 	(d)	Any U.S. Group Company which is a Material Company shall: 

  

	 	(i)	apply for, or consent to, the appointment of, or the taking of possession by, a receiver, custodian, trustee, examiner or liquidator of itself or of all or a substantial part of its
property; 

  

	 	(ii)	make a general assignment for the benefit of its creditors; 

  

	 	(iii)	commence a voluntary case under Title 11 of the United States of America Code entitled Bankruptcy (or any successor thereof), as amended; 

  

	 	(iv)	file a petition with respect to itself seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganisation, liquidation, dissolution, arrangement or
winding up, or composition or readjustment of debts; or 

  

	 	(v)	take any corporate action for the purpose of effecting any of the foregoing with respect to itself. 

  

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	26.7	Insolvency proceedings 

  

	 	(a)	Any corporate action, legal proceedings or other procedure or step is taken in relation to: 

  

	 	(i)	the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or
otherwise) of any Obligor or Material Company (other than 

  

	 	(A)	a solvent reorganisation of any Obligor or Material Company (other than the Parent); or 

  

	 	(B)	in respect of any corporate action, legal proceedings or other procedure or step in connection with a winding-up which is frivolous or vexatious and which is stayed, discharged,
dismissed or satisfied within 14 days of the date on which the relevant Obligor or Material Company became aware of the same); 

  

	 	(ii)	a composition, assignment or arrangement with any creditor of any Obligor or Material Company; 

  

	 	(iii)	the appointment of a liquidator (other than in respect of a solvent liquidation of any Obligor or Material Company (other than the Parent)), receiver, administrator, administrative
receiver, compulsory manager or other similar officer in respect of any Obligor or Material Company or a substantial part of its assets (other than the appointment of a receiver or similar officer which is dismissed within 14 days of the date on
which the relevant Obligor or Material Company became aware of the same); or 

  

	 	(iv)	enforcement of any Security over any assets of any Obligor or Material Company (unless the liabilities of the relevant Obligor or Material Company in respect of which the
enforcement has been taken are discharged or such enforcement is discontinued within 14 days of the date on which the relevant Obligor or Material Company became aware of the enforcement); 

  

	 	(v)	in respect of any U.S. Group Company, a proceeding or case shall be commenced, without the application or consent of such U.S. Group Company, in any court of competent jurisdiction,
seeking: 

  

	 	(A)	its reorganisation, liquidation, dissolution, arrangement or winding-up or the composition or readjustment of its debts; 

  

	 	(B)	the appointment of a receiver, custodian, trustee, examiner, liquidator or the like of the U.S. Group Company or of all or any substantial part of its property; or

  

	 	(C)	similar relief in respect of the U.S. Group Company under any law relating to the bankruptcy insolvency, reorganisation, winding-up or composition or adjustment of debts,

  

 - 88 - 

 and any such proceeding or case referred to in paragraphs (i) - (iii) above shall continue undismissed,
or an order, judgment or decree approving or ordering any of the foregoing shall be entered and continue unstayed and in effect, for a period of 30 or more days, or an order for relief against the U.S. Group Company shall be entered in an
involuntary case under Title 11 of the United States of America Code entitled Bankruptcy (or any successor thereto) as amended, 
 or any
analogous procedure or step is taken in any jurisdiction. 
  

	 	(b)	Paragraph (a) above shall not apply to any scheme, reorganisation or restructuring effected by the Transaction and/or pursuant to a scheme of arrangement or other transaction
falling within paragraph (c) of the definition of Transaction. 

  

	26.8	Creditors’ process 

 Any expropriation,
attachment, sequestration, distress or execution affects the whole or any substantial part of the assets of an Obligor or Material Company having an aggregate value of at least $20,000,000 (or its equivalent) and is not discharged within fourteen
days. 
  

	26.9	Ownership of the Obligors 

  

	 	(a)	An Obligor (other than the Parent) is not or ceases to be a Subsidiary of the Parent. 

  

	 	(b)	At any time after the completion of the scheme of arrangement or other transaction referred to in paragraph (d) of the definition of Transaction and prior to the Parent Newco
Accession Date, an Obligor is not or ceases to be a Subsidiary of Parent Newco. 

  

	26.10	Dividends and share redemption 

  

	 	(a)	After the Effective Date the Parent: 

  

	 	(i)	declares, makes or pays any dividend or other distribution (or interest on any unpaid dividend or distribution) (whether in cash or in kind) on or in respect of its share capital
(or any class of its share capital); 

  

	 	(ii)	repays or distributes any dividend or share premium reserve; or 

  

	 	(iii)	redeems, repurchases, defeases, retires or repays any of its share capital or resolves to do so. 

  

	 	(b)	Paragraph (a) above shall not apply to: 

  

	 	(i)	any such actions which are undertaken after 1 February 2011 and where: 

  

	 	(A)	the most recently delivered Compliance Certificate shows that the ratio of EBITDAR to Fixed Charges for the Relevant Period to which that Compliance Certificate relates is equal to
or greater than 1.7:1; and 

  

 - 89 - 

	 	(B)	prior to any payment of the nature described in paragraph (a) above being made the Parent has notified the Agent of the details of such payment and at the same time has
provided the Agent with a certificate setting out (in reasonable detail) projections and computations which show that (assuming the payment is made) the requirements of paragraph (c) of Clause 23.1 (Financial condition) will be
complied with for each Relevant Period ending during the immediately succeeding 12 month period following the proposed date of the proposed payment; and 

  

	 	(C)	at the time of such action there is no payment related Default and no Event of Default which is continuing; or 

  

	 	(ii)	the redemption or repurchase by the Parent of its share capital provided that the aggregate amount of such redemptions or repurchases does not exceed $1,000,000 (or its
equivalent) in any financial year of the Parent. 

  

	 	(c)	Deviation in the actual results of the Group from the projections specified in any certificate provided pursuant to paragraph (b)(i)(B) of this Clause 26.10 (Dividends and
share redemption) shall not in itself constitute a Default under this Clause 26.10 (Dividends and share redemption) (but for the avoidance of doubt this paragraph (c) does not affect the meaning of “Default” in
paragraph (b)(i)(C) of this Clause 26.10 (Dividends and share redemption). 

  

	26.11	Repudiation 

 An Obligor repudiates a Finance
Document. 
  

	26.12	Material adverse change 

 Any event or circumstance
occurs which has had a Material Adverse Effect. 
  

	26.13	ERISA Material adverse change 

 Any ERISA Event
shall have occurred, or Clause 24.12 (Compliance with ERISA) shall be breached and the liability of a U.S. Group Company or its ERISA Affiliates either individually or in the aggregate related to such ERISA Event or breaches,
individually or when aggregated with all other ERISA Events, and all such breaches would have or would be reasonably expected to have a Material Adverse Effect. 
  

	26.14	Acceleration 

  

	 	(a)	On and at any time after the occurrence of an Event of Default which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Parent:

  

	 	(i)	cancel the Total Commitments whereupon they shall immediately be cancelled; and/or 

  

	 	(ii)	declare that all or part of the Utilisations, together with accrued interest, and all other amounts accrued under the Finance Documents be immediately due and payable, whereupon
they shall become immediately due and payable; and/or 

  

 - 90 - 

	 	(iii)	declare that all or part of the Utilisations be payable on demand, whereupon they shall immediately become payable on demand by the Agent on the instructions of the Majority
Lenders; and/or 

  

	 	(iv)	declare that full cash cover in respect of each Letter of Credit is immediately due and payable whereupon it shall become immediately due and payable; and/or

  

	 	(v)	declare that full cash cover in respect of each Letter of Credit be payable on demand, whereupon they shall immediately become payable on demand by the Agent on the instructions of
the Majority Lenders. 

  

	 	(b)	At any time after the occurrence of an Event of Default under Clause 26.6 (Insolvency) or Clause 26.7 (Insolvency Proceedings) in respect of any U.S. Group
Company, the Utilisations made to such U.S. Group Company shall automatically become immediately due and payable without notice from the Agent (together with accrued interest and commission thereon and any other sums then owed by such U.S. Group
Company hereunder). 

  

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 SECTION 9 
 CHANGES TO PARTIES 
  

	27.	CHANGES TO THE LENDERS 

  

	27.1	Assignments and transfers by the Lenders 

 Subject
to this Clause 27, a Lender (the “Existing Lender”) may: 
  

	 	(a)	assign any of its rights; or 

  

	 	(b)	transfer by novation any of its rights and obligations, 

 to another bank or financial institution (the “New Lender”). 
  

	27.2	Conditions of assignment or transfer 

  

	 	(a)	The consent of the Parent is required for an assignment or transfer by a Lender, unless the assignment or transfer is to another Lender or an Affiliate of a Lender or is made whilst
an Event of Default is continuing. 

  

	 	(b)	The consent of the Parent to an assignment or transfer must not be unreasonably withheld or delayed. The Parent will be deemed to have given its consent ten Business Days after the
Lender has requested it unless consent is expressly refused by the Parent within that time. 

  

	 	(c)	The consent of the Parent to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to the Mandatory Cost.

  

	 	(d)	Unless the Parent and the Agent otherwise agree, an assignment or transfer of part (but not all) of a Lender’s rights and/or obligations must be in a minimum amount of
$7,500,000 (or its equivalent). 

  

	 	(e)	An assignment will only be effective on: 

  

	 	(i)	receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the other
Finance Parties as it would have been under if it was an Original Lender; and 

  

	 	(ii)	performance by the Agent of all necessary “know your customer” or other similar checks under all applicable laws and regulations in relation to such assignment to a New
Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender. 

  

	 	(f)	A transfer will only be effective if the procedure set out in Clause 27.7 (Procedure for Transfer) is complied with. 

  

	 	(g)	If: 

  

	 	(i)	a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and 

  

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	 	(ii)	as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through
its new Facility Office under Clause 15 (Tax Gross-up and Indemnities) or Clause 16 (Increased Costs), 

 then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have
been if the assignment, transfer or change had not occurred. 
  

	27.3	Assignments and transfers of Letters of Credit 

  

	 	(a)	Notwithstanding any other provision of this Agreement, the consent of the Issuing Bank is required for any assignment or transfer of any Lender’s rights and/or obligations
under the Facility. 

  

	 	(b)	If paragraph (a) and the conditions and procedure for transfer specified in Clause 27 (Changes to the Lenders) are satisfied, then on the Transfer Date the Issuing
Bank and the New Lender shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it
as a result of the transfer and to that extent the Issuing Bank and the Existing Lender shall each be released from further obligations to each other under this Agreement. 

  

	27.4	Security over Lenders’ rights 

 In addition to
the other rights provided to Lenders under this Clause 27, each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or
otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation: 
  

	 	(a)	any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and 

  

	 	(b)	in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or
securities issued, by that Lender as security for those obligations or securities, 

 except that no such charge, assignment or
Security shall: 
  

	 	(i)	release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or other Security for the Lender as a party
to any of the Finance Documents; or 

  

	 	(ii)	require any payments to be made by an Obligor or grant to any person any more extensive rights than those required to be made or granted to the relevant Lender under the Finance
Documents. 

  

 - 93 - 

	27.5	Assignment or transfer fee 

 The New Lender shall,
on the date upon which an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of $2,750. 
  

	27.6	Limitation of responsibility of Existing Lenders 

  

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

  

	 	(i)	the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents; 

  

	 	(ii)	the financial condition of any Obligor; 

  

	 	(iii)	the performance and observance by any Obligor of its obligations under the Finance Documents or any other documents; or 

  

	 	(iv)	the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document, 

 and any representations or warranties implied by law are excluded. 
  

	 	(b)	Each New Lender confirms to the Existing Lender and the other Finance Parties that it: 

  

	 	(i)	has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Obligor and its related entities in connection
with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender in connection with any Finance Document; and 

  

	 	(ii)	will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance
Documents or any Commitment is in force. 

  

	 	(c)	Nothing in any Finance Document obliges an Existing Lender to: 

  

	 	(i)	accept a re-transfer from a New Lender of any of the rights and obligations assigned or transferred under this Clause 27; or 

  

	 	(ii)	support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or otherwise.

  

	27.7	Procedure for transfer 

  

	 	(a)	Subject to the conditions set out in Clause 27.2 (Conditions of Assignment or Transfer) a transfer is effected in accordance with paragraph (b) below when the Agent
executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender and the Agent makes a corresponding entry in the Register (as defined in Clause 27.9 (The Register)) pursuant to
Clause 27.9. The Agent shall, as soon as reasonably practicable 

  

 - 94 - 

 after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with the
terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate. 
 The Agent shall
only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary “know your customer” or other similar checks under all applicable laws and
regulations in relation to the transfer to such New Lender. 
  

	 	(b)	On the Transfer Date: 

  

	 	(i)	to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents each of the Obligors and the
Existing Lender shall be released from further obligations towards one another under the Finance Documents and their respective rights against one another under the Finance Documents shall be cancelled (being the “Discharged Rights and
Obligations”); 

  

	 	(ii)	each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and
Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender; 

  

	 	(iii)	the Agent, the Mandated Lead Arrangers, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired
and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Agent, the Mandated Lead Arrangers and the Existing Lender shall each be released
from further obligations to each other under the Finance Documents; and 

  

	 	(iv)	the New Lender shall become a Party as a “Lender”. 

  

	27.8	Disclosure of information 

 Any Lender may disclose
to any of its Affiliates and any other person: 
  

	 	(a)	to (or through) whom that Lender assigns or transfers (or may potentially assign or transfer) all or any of its rights and obligations under this Agreement;

  

	 	(b)	with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by
reference to, this Agreement or any Obligor; or 

  

	 	(c)	to whom, and to the extent that, information is required to be disclosed by any applicable law or regulation, 

  

 - 95 - 

 any information about any Obligor, the Group and the Finance Documents as that Lender shall consider
appropriate if, in relation to paragraphs (a) and (b) above, the person to whom the information is to be given has entered into a Confidentiality Undertaking. 
  

	27.9	The Register 

 For U.S. federal income tax purposes
only, the Agent, acting solely for this purpose as an agent of the Obligors, shall maintain at one of its offices a copy of each Transfer Certificate delivered to it and a register (the “Register”) for the recordation of the names
and addresses of each Lender and the Commitments of and obligations (including principal and interest amounts) owing to each Lender. Without limitation of any other provision of this Clause 27 (Changes to the Lenders), no transfer shall
be effective until recorded in the Register. The entries in the Register shall be conclusive absent manifest error and each Obligor, the Agent and each Lender shall treat each person whose name is recorded in the Register as a Lender notwithstanding
any notice to the contrary. The Register shall be available for inspection by each Obligor at any reasonable time and from time to time upon reasonable prior notice. 
  

	28.	CHANGES TO THE OBLIGORS 

  

	28.1	Assignments and transfer by Obligors 

 No Obligor
may assign any of its rights or transfer any of its rights or obligations under the Finance Documents. 
  

	28.2	Additional Borrowers 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 22.8 (“Know your customer” checks), (i) the Company may request
that the Parent Newco, or (ii) the Parent may request that any of its wholly owned Subsidiaries becomes an Additional Borrower. That company shall become an Additional Borrower if: 

  

	 	(i)	that company is incorporated in England and Wales, the United States of America or (after the Completion Date) Bermuda or a Participating Member State or all the Lenders approve the
addition of that company (provided that if such company is incorporated in a jurisdiction other than England and Wales or in a Participating Member State other than Luxembourg at the same time as its accession any change to Clause 15
(Tax Gross-up and Indemnities) reasonably requested by the Agent as a consequence of such an entity becoming a Borrower is made); 

  

	 	(ii)	the Parent or the Company delivers to the Agent a duly completed and executed Accession Letter; 

  

	 	(iii)	the company is (or becomes) a Guarantor prior to or concurrently with becoming a Borrower; 

  

	 	(iv)	the Parent or the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and 

  

 - 96 - 

	 	(v)	the Agent has received all of the documents and other evidence listed in Part IB of Schedule 3 (Conditions precedent) in relation to that Additional Borrower, each in
form and substance satisfactory to the Agent (acting reasonably). 

  

	 	(b)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it (acting reasonably)) all the documents
and other evidence listed in Part IB of Schedule 3 (Conditions precedent) in relation to any company. 

  

	28.3	Resignation of a Borrower 

  

	 	(a)	The Parent may request that a Borrower (other than the Parent) ceases to be a Borrower by delivering to the Agent a Resignation Letter. 

  

	 	(b)	The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if: 

  

	 	(i)	no Default is continuing or would result from the acceptance of the Resignation Letter (and the Parent has confirmed this is the case); 

  

	 	(ii)	the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents, 

 whereupon that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents. 
  

	28.4	Additional Guarantors 

  

	 	(a)	Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 22.8 (“Know your customer” checks), the Parent may request that any of
its wholly owned Subsidiaries or a Newco become an Additional Guarantor or, to the extent required to comply with Clause 24.14 (Guarantor cover) or pursuant to Clause 10.3 (Unlawfulness) or pursuant to paragraph (d) of
Clause 24.16 (More Favourable Terms) any of its Subsidiaries becomes an Additional Guarantor. That Subsidiary or Newco shall become an Additional Guarantor if: 

  

	 	(i)	the Parent or the Company delivers to the Agent a duly completed and executed Accession Letter; and 

  

	 	(ii)	the Agent has received all of the documents and other evidence listed in Part IB of Schedule 3 (Conditions precedent) in relation to that Additional Guarantor, each in
form and substance satisfactory to the Agent (acting reasonably). 

  

	 	(b)	The Agent shall notify the Parent and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it (acting reasonably)) all the documents
and other evidence listed in Part IB of Schedule 3 (Conditions precedent). 

  

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	28.5	Repetition of Representations 

 Delivery of an
Accession Letter constitutes confirmation by the acceding company that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing. 

 

	28.6	Resignation of a Guarantor 

 The Parent may request
that a Guarantor (other than the Parent) ceases to be a Guarantor by delivering to the Agent a Resignation Letter. The Agent shall accept a Resignation Letter and notify the Parent and the Lenders of its acceptance if no Default is continuing or
would result from the acceptance of the Resignation Letter (and the Parent has confirmed this is the case). 
  

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 SECTION 10 
 THE FINANCE PARTIES 
  

	29.	ROLE OF THE AGENT AND THE MANDATED LEAD ARRANGERS 

  

	29.1	Appointment of the Agent 

  

	 	(a)	Each of the Mandated Lead Arrangers, Co-Lead Arrangers and the Lenders appoints the Agent to act as its agent under and in connection with the Finance Documents.

  

	 	(b)	Each of the Mandated Lead Arrangers, Co-Lead Arrangers and the Lenders authorises the Agent to exercise the rights, powers, authorities and discretions specifically given to the
Agent under or in connection with the Finance Documents together with any other incidental rights, powers, authorities and discretions. 

  

	29.2	Duties of the Agent 

  

	 	(a)	The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party. 

  

	 	(b)	Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to
another Party. 

  

	 	(c)	If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the
Lenders. 

  

	 	(d)	The Agent shall promptly notify the Lenders of any Default arising under Clause 26.1 (Non-payment). 

  

	 	(e)	The Agent’s duties under the Finance Documents are solely mechanical and administrative in nature. 

  

	29.3	Role of the Mandated Lead Arrangers 

 Except as
specifically provided in the Finance Documents, neither the Mandated Lead Arrangers nor the Co-Lead Arrangers shall have obligations of any kind to any other Party under or in connection with any Finance Document. 
  

	29.4	No fiduciary duties 

  

	 	(a)	Nothing in this Agreement constitutes the Agent as a trustee or fiduciary of any other person. 

  

	 	(b)	None of the Agent, Mandated Lead Arrangers or Co-Lead Arrangers shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own
account. 

  

	29.5	Business with the Group 

 The Agent, the Mandated
Lead Arrangers and the Co-Lead Arrangers may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group. 
  

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	29.6	Rights and discretions of the Agent 

  

	 	(a)	The Agent may rely on: 

  

	 	(i)	any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and 

  

	 	(ii)	any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power
to verify. 

  

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

  

	 	(i)	no Default has occurred (unless it has actual knowledge of a Default arising under Clause 26.1 (Non-payment)); 

  

	 	(ii)	any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and 

  

	 	(iii)	any notice or request made by the Parent (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors. 

  

	 	(c)	The Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts. 

  

	 	(d)	The Agent may act in relation to the Finance Documents through its personnel and agents. 

  

	 	(e)	The Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement. 

  

	 	(f)	Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent, the Mandated Lead Arrangers or the Co-Lead Arrangers are obliged to do or omit to do
anything if it would or might in its reasonable opinion constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 

  

	29.7	Majority Lenders’ instructions 

  

	 	(a)	Unless a contrary indication appears in a Finance Document, the Agent shall (i) exercise any right, power, authority or discretion vested in it as Agent in accordance with any
instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from acting or exercising any right, power, authority or discretion vested in it as Agent) and (ii) not be liable to the Lenders for any act
(or omission) if it acts (or refrains from taking any action) in accordance with such an instruction of the Majority Lenders. 

  

	 	(b)	Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Lenders. 

  

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	 	(c)	The Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require
for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions. 

  

	 	(d)	In the absence of instructions from the Majority Lenders, (or, if appropriate, the Lenders) the Agent may act (or refrain from taking action) as it considers to be in the best
interest of the Lenders. 

  

	 	(e)	The Agent is not authorised to act on behalf of a Lender (without first obtaining that Lender’s consent) in any legal or arbitration proceedings relating to any Finance
Document. 

  

	29.8	Responsibility for documentation 

 None of the
Agent, the Mandated Lead Arrangers and the Co-Lead Arrangers: 
  

	 	(a)	are responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, an Obligor or any other person given in or in
connection with any Finance Document; or 

  

	 	(b)	are responsible for the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any other agreement, arrangement or document entered into, made or
executed in anticipation of or in connection with any Finance Document. 

  

	29.9	Exclusion of liability 

  

	 	(a)	Without limiting paragraph (b) below, the Agent will not be liable for any action taken by it under or in connection with any Finance Document, unless directly caused by its
gross negligence or wilful misconduct. 

  

	 	(b)	No Party may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of
any kind by that officer, employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this Clause. 

  

	 	(c)	The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the
Agent has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose. 

  

	 	(d)	Nothing in this Agreement shall oblige the Agent, a Mandated Lead Arranger or Co-Lead Arranger to carry out any “know your customer” or other checks in relation to any
person on behalf of any Lender and each Lender confirms to the Agent, the Mandated Lead Arrangers and Co-Lead Arrangers that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in
relation to such checks made by the Agent, the Mandated Lead Arrangers or the Co- Lead Arrangers. 

  

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	29.10	Lenders’ indemnity to the Agent 

 Each Lender
shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within three Business Days of demand,
against any cost, loss or liability incurred by the Agent (otherwise than by reason of the Agent’s gross negligence or wilful misconduct) in acting as Agent under the Finance Documents (unless the Agent has been reimbursed by an Obligor
pursuant to a Finance Document). 
  

	29.11	Resignation of the Agent 

  

	 	(a)	The Agent may resign and appoint one of its Affiliates acting through an office in London, England as successor by giving notice to the Finance Parties and the Parent.

  

	 	(b)	Alternatively the Agent may resign by giving notice to the Finance Parties and the Parent, in which case the Majority Lenders (with the consent of the Parent, not to be unreasonably
withheld or delayed and not to be required if an Event of Default is continuing,) may appoint a successor Agent. 

  

	 	(c)	If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 30 days after notice of resignation was given, the Agent (with the
consent of the Parent, not to be unreasonably withheld or delayed and not to be required if an Event of Default is continuing) may appoint a successor Agent (acting through an office in London, England). 

  

	 	(d)	The retiring Agent shall, at its own cost, make available to the successor Agent such documents and records and provide such assistance as the successor Agent may reasonably request
for the purposes of performing its functions as Agent under the Finance Documents. 

  

	 	(e)	The Agent’s resignation notice shall only take effect upon the appointment of a successor. 

  

	 	(f)	Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit
of this Clause 29. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party. 

  

	 	(g)	After consultation with the Parent, the Majority Lenders may, by notice to the Agent, require it to resign in accordance with paragraph (b) above. In this event, the Agent
shall resign in accordance with paragraph (b) above. 

  

	29.12	Confidentiality 

  

	 	(a)	In acting as agent for the Finance Parties, the Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its
divisions or departments. 

  

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	 	(b)	If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have
notice of it. 

  

	 	(c)	Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent, the Mandated Lead Arrangers or the Co-Lead Arrangers are obliged to disclose to any
other person (i) any confidential information or (ii) any other information if the disclosure would or might in its reasonable opinion constitute a breach of any law or a breach of a fiduciary duty. 

  

	29.13	Relationship with the Lenders 

  

	 	(a)	The Agent may treat each Lender as a Lender, entitled to payments under this Agreement and acting through its Facility Office unless it has received not less than five Business Days
prior notice from that Lender to the contrary in accordance with the terms of this Agreement. 

  

	 	(b)	Each Lender shall supply the Agent with any information required by the Agent in order to calculate the Mandatory Cost in accordance with Schedule 5 (Mandatory Cost
formulae). 

  

	29.14	Credit appraisal by the Lenders 

 Without affecting
the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to the Agent, the Mandated Lead Arrangers and Co-Lead Arrangers that it has been, and will continue to
be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to: 
  

	 	(a)	the financial condition, status and nature of each member of the Group; 

  

	 	(b)	the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and any other agreement, arrangement or document entered into, made or executed in
anticipation of, under or in connection with any Finance Document; 

  

	 	(c)	whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the
transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and 

  

	 	(d)	the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document, the
transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document. 

  

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	29.15	Reference Banks 

 If a Reference Bank (or, if a
Reference Bank is not a Lender, the Lender of which it is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with the Parent) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank. 
  

	29.16	Deduction from amounts payable by the Agent 

 If any
Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Agent would otherwise be obliged to make under the
Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted. 
  

	29.17	Notification of Transfers 

 If there is, at the time
of a transfer under Clause 27 (Changes to the Lenders) a Borrower which is incorporated in Luxembourg then the Agent shall notify such Borrower of such a transfer and for the purpose of all applicable laws this shall constitute a notice
to such Borrower of such transfer. 
  

	30.	CONDUCT OF BUSINESS BY THE FINANCE PARTIES 

 No
provision of this Agreement will: 
  

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

  

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

  

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

  

	31.	SHARING AMONG THE FINANCE PARTIES 

  

	31.1	Payments to Finance Parties 

 If a Finance Party (a
“Recovering Finance Party”) receives or recovers any amount from an Obligor other than in accordance with Clause 32 (Payment Mechanics) and applies that amount to a payment due under the Finance Documents then:

  

	 	(a)	the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent; 

  

	 	(b)	the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or
made by the Agent and distributed in accordance with Clause 32 (Payment Mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and 

 

	 	(c)	the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the “Sharing Payment”) equal to such

  

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 receipt or recovery less any amount which the Agent determines may be retained by the Recovering Finance
Party as its share of any payment to be made, in accordance with Clause 32.5 (Partial Payments). 
  

	31.2	Redistribution of payments 

 The Agent shall treat
the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) in accordance with Clause 32.5 (Partial Payments). 
  

	31.3	Recovering Finance Party’s rights 

  

	 	(a)	On a distribution by the Agent under Clause 31.2 (Redistribution of Payments), the Recovering Finance Party will be subrogated to the rights of the Finance Parties which
have shared in the redistribution. 

  

	 	(b)	If and to the extent that the Recovering Finance Party is not able to rely on its rights under paragraph (a) above, the relevant Obligor shall be liable to the Recovering
Finance Party for a debt equal to the Sharing Payment which is immediately due and payable. 

  

	31.4	Reversal of redistribution 

 If any part of the
Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then: 
  

	 	(a)	each Finance Party which has received a share of the relevant Sharing Payment pursuant to Clause 31.2 (Redistribution of Payments) shall, upon request of the Agent, pay
to the Agent for account of that Recovering Finance Party an amount equal to its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing
Payment which that Recovering Finance Party is required to pay); and 

  

	 	(b)	that Recovering Finance Party’s rights of subrogation in respect of any reimbursement shall be cancelled and the relevant Obligor will be liable to the reimbursing Lender for
the amount so reimbursed. 

  

	31.5	Exceptions 

  

	 	(a)	This Clause 31 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim
against the relevant Obligor. 

  

	 	(b)	A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal
or arbitration proceedings, if: 

  

	 	(i)	it notified the other Finance Party of the legal or arbitration proceedings; and 

  

	 	(ii)	the other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice or did
not take separate legal or arbitration proceedings. 

  

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 SECTION 11 
 ADMINISTRATION 
  

	32.	PAYMENT MECHANICS 

  

	32.1	Payments to the Agent 

  

	 	(a)	On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make the same available to the Agent or (as
applicable) the Issuing Bank (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant
currency in the place of payment. 

  

	 	(b)	Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in a Participating
Member State or London) with such bank as the Agent specifies. 

  

	32.2	Distributions by the Agent 

 Each payment received
by the Agent under the Finance Documents for another Party shall, subject to Clause 32.3 (Distributions to an Obligor) and Clause 32.4 (Clawback) be made available by the Agent as soon as practicable after receipt to the
Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days’ notice with a bank
in the principal financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London). 
  

	32.3	Distributions to an Obligor 

 The Agent may (with
the consent of the Obligor or in accordance with Clause 33 (Set-off)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under
the Finance Documents or in or towards purchase of any amount of any currency to be so applied. 
  

	32.4	Clawback 

  

	 	(a)	Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any
related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum. 

  

	 	(b)	If the Agent pays an amount to another Party and it proves to be the case that the Agent had not actually received that amount, then the Party to whom that amount (or the proceeds
of any related exchange contract) was paid by the Agent shall on demand refund the same to the Agent together with interest on that amount from the date of payment to the date of receipt by the Agent, calculated by the Agent to reflect its cost of
funds. 

  

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	32.5	Partial payments 

  

	 	(a)	If the Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Agent shall apply that payment
towards the obligations of that Obligor under the Finance Documents in the following order: 

  

	 	(i)	first, in or towards payment pro rata of any unpaid fees, costs and expenses of the Agent and the Mandated Lead Arrangers under the Finance Documents;

  

	 	(ii)	secondly, in or towards payment pro rata of any accrued interest, fee or commission due but unpaid under this Agreement; 

  

	 	(iii)	thirdly, in or towards payment pro rata of any principal due but unpaid under this Agreement and any amount due but unpaid under Clause 7.3 (Claims under a
Letter of Credit) and Clause 7.4 (Indemnities); and 

  

	 	(iv)	fourthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents. 

  

	 	(b)	The Agent shall, if so directed by the Majority Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above. 

  

	 	(c)	Paragraphs (a) and (b) above will override any appropriation made by an Obligor. 

  

	32.6	No set-off by Obligors 

 All payments to be made by
an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim. 
  

	32.7	Business Days 

  

	 	(a)	Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business
Day (if there is not). 

  

	 	(b)	During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the
original due date. 

  

	32.8	Currency of account 

  

	 	(a)	Subject to paragraphs (b) to (e) below, the Base Currency is the currency of account and payment for any sum due from an Obligor under any Finance Document.

  

	 	(b)	A repayment of a Utilisation or Unpaid Sum or a part of a Utilisation or Unpaid Sum shall be made in the currency in which that Utilisation or Unpaid Sum is denominated on its due
date. 

  

	 	(c)	Each payment of interest shall be made in the currency in which the sum in respect of which the interest is payable was denominated when that interest accrued.

  

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	 	(d)	Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred. 

  

	 	(e)	Any amount expressed to be payable in a currency other than the Base Currency shall be paid in that other currency. 

  

	32.9	Change of currency 

  

	 	(a)	Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that
country, then: 

  

	 	(i)	any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the
currency or currency unit of that country designated by the Agent (after consultation with the Parent); and 

  

	 	(ii)	any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or
currency unit into the other, rounded up or down by the Agent (acting reasonably). 

  

	 	(b)	If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Parent) specifies to be necessary,
be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency. 

  

	32.10	Disruption to Payment Systems 

 If either the Agent
determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Parent that a Disruption Event has occurred: 
  

	 	(a)	the Agent may, and shall if requested to do so by the Parent, consult with the Parent with a view to agreeing with the Parent such changes to the operation or administration of the
Facility as the Agent may deem necessary in the circumstances; 

  

	 	(b)	the Agent shall not be obliged to consult with the Parent in relation to any changes mentioned in paragraph (a) if, in its opinion, it is not practicable to do so in the
circumstances and, in any event, shall have no obligation to agree to such changes; 

  

	 	(c)	the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) but shall not be obliged to do so if, in its opinion, it is not practicable
to do so in the circumstances; 

  

	 	(d)	any such changes agreed upon by the Agent and the Parent shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an
amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 38 (Amendments and Waivers); 

  

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	 	(e)	the Agent shall not be liable for any damages, costs or losses whatsoever (including, without limitation for negligence, gross negligence or any other category of liability
whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 32.10; and 

  

	 	(f)	the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above. 

  

	33.	SET-OFF 

 Whilst an Event of Default is continuing a
Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the
place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the
set-off. 
  

	34.	NOTICES 

  

	34.1	Communications in writing 

 Any communication to be
made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter. 
  

	34.2	Addresses 

 The address and fax number (and the
department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents is: 
  

	 	(a)	in the case of the Company and the Original Obligors, that identified with its name below; 

  

	 	(b)	in the case of each Lender or any other Obligor, that notified in writing to the Agent on or prior to the date on which it becomes a Party; and 

  

	 	(c)	in the case of the Agent, that identified with its name below, 

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

  

	34.3	Delivery 

  

	 	(a)	Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective: 

  

	 	(i)	if by way of fax, when received in legible form; or 

  

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

  

 - 109 - 

 and, if a particular department or officer is specified as part of its address details provided under
Clause 34.2 (Addresses), if addressed to that department or officer. 
  

	 	(b)	Any communication or document to be made or delivered to the Agent will be effective only when actually received by the Agent and then only if it is expressly marked for the
attention of the department or officer identified with the Agent’s signature below (or any substitute department or officer as the Agent shall specify for this purpose). 

  

	 	(c)	All notices from or to an Obligor shall be sent through the Agent. 

  

	 	(d)	Any communication or document made or delivered to the Parent in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.

  

	34.4	Notification of address and fax number 

 Promptly
upon receipt of notification of an address and fax number or details of a specified department or officer or change of address or fax number or details of a specified department or officer pursuant to Clause 34.2 (Addresses) or changing
its own address or fax number or details of a specified department or officer, the Agent shall notify the other Parties. 
  

	34.5	Electronic communication 

  

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

  

	 	(i)	agree that, unless and until notified to the contrary, this is to be an accepted form of communication; 

  

	 	(ii)	notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

  

	 	(iii)	notify each other of any change to their address or any other such information supplied by them. 

  

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

  

	34.6	English language 

  

	 	(a)	Any notice given under or in connection with any Finance Document must be in English. 

  

	 	(b)	All other documents provided under or in connection with any Finance Document must be: 

  

	 	(i)	in English; or 

  

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	 	(ii)	if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a
constitutional, statutory or other official document. 

  

	35.	CALCULATIONS AND CERTIFICATES 

  

	35.1	Accounts 

 In any litigation or arbitration
proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate. 
  

	35.2	Certificates and Determinations 

 Any certification
or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates. 
  

	35.3	Day count convention 

 Any interest, commission or
fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days (or in the case of any Utilisation in sterling, 365 days) or, in any case where the practice
in the Relevant Interbank Market differs, in accordance with that market practice. 
  

	36.	PARTIAL INVALIDITY 

 If, at any time, any provision
of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or enforceability of
such provision under the law of any other jurisdiction will in any way be affected or impaired. 
  

	37.	REMEDIES AND WAIVERS 

 No failure to exercise, nor
any delay in exercising, on the part of any Finance Party, any right or remedy under the Finance Documents shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the
exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	38.	AMENDMENTS AND WAIVERS 

  

	38.1	Required consents 

  

	 	(a)	Subject to Clause 38.2 (Exceptions) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Obligors and any
such amendment or waiver will be binding on all Parties. 

  

	 	(b)	The Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause. 

  

 - 111 - 

	38.2	Exceptions 

  

	 	(a)	An amendment or waiver that has the effect of changing or which relates to: 

  

	 	(i)	the definition of “Majority Lenders” in Clause 1.1 (Definitions); 

  

	 	(ii)	an extension to the date of payment of any amount under the Finance Documents; 

  

	 	(iii)	a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable; 

  

	 	(iv)	an increase in or an extension of any Commitment; 

  

	 	(v)	a change to the Borrowers or Guarantors other than in accordance with Clause 28 (Changes to the Obligors); 

  

	 	(vi)	any provision which expressly requires the consent of all the Lenders; or 

  

	 	(vii)	Clause 2.2 (Finance Parties’ rights and obligations), Clause 27 (Changes to the Lenders) or this Clause 38 (Amendments and Waivers);

 shall not be made without the prior consent of all the Lenders. 
  

	 	(b)	An amendment or waiver which relates to the rights or obligations of the Agent or the Mandated Lead Arrangers may not be effected without the consent of the Agent or the Mandated
Lead Arrangers. 

  

	39.	COUNTERPARTS 

 Each Finance Document may be executed
in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document. 
  

	40.	USA PATRIOT ACT 

 Each Lender hereby notifies each
Obligor that pursuant to the requirements of the USA Patriot Act, such Lender is required to obtain, verify and record information that identifies such Obligor, which information includes the name and address of such Obligor and other information
that will allow such Lender to identify such Obligor in accordance with the USA Patriot Act. 
  

 - 112 - 

 SECTION 12 
 GOVERNING LAW AND ENFORCEMENT 
  

	41.	GOVERNING LAW 

 This Agreement and all
non-contractual obligations arising from or connected with it are governed by English law. 
  

	42.	ENFORCEMENT 

  

	42.1	Jurisdiction of English courts 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or
termination of this Agreement) (a “Dispute”). 

  

	 	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

  

	 	(c)	This Clause 42.1 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other
courts with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  

	42.2	Service of process 

 Without prejudice to any other
mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales): 
  

	 	(a)	irrevocably appoints the Company at 15, Golden Square, London W1F 9JG, marked for the attention of the Group Treasurer as its agent for service of process in relation to any
proceedings before the English courts in connection with any Finance Document; and 

  

	 	(b)	agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned. 

  

	42.3	Waiver of Jury Trial 

 EACH OF THE FINANCE
PARTIES IRREVOCABLY WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER FINANCE DOCUMENT. 
 This Agreement
has been entered into on the date stated at the beginning of this Agreement. 
  

 - 113 - 

 SCHEDULE 1 
 THE ORIGINAL PARTIES 
 Part I 
 The Original Obligors 
  

			
	 Name of Original Borrower
	 	 Registration number (or equivalent, if any)

	 Signet Group plc
	 	00477692

  

			
	 Name of Original Guarantor
	 	 Registration number (or equivalent, if any)

	 Signet Group plc
	 	00477692
		
	 H. Samuel Limited
	 	00146570
		
	 Sterling Inc.
	 	an Ohio corporation
		
	 Sterling Jewelers Inc.
	 	a Delaware corporation
		
	 Checkbury Limited
	 	01131608
		
	 Signet Holdings Limited
	 	03769622
		
	 Ernest Jones Limited
	 	03768966

  

 - 114 - 

 Part II 
 The Original Lenders 
  

				
	 Name of Original Lender
	  	Commitment ($)
	 Barclays Bank PLC
	  	 	71,153,846.15
	 Fifth Third Bank
	  	 	71,153,846.15
	 HSBC Bank plc
	  	 	71,153,846.15
	 The Royal Bank of Scotland plc
	  	 	71,153,846.15
	 ABN Amro Bank N.V.
	  	 	42,692,307.70
	 National City Bank
	  	 	42,692,307.70
		  	 	 
	 Total Commitments
	  	$	370,000,000

  

 - 115 - 

 SCHEDULE 2 
 MARGIN 
 Margin 
 (per cent. per annum) 
 EBITDAR: Fixed Charges for the Relevant Period 

  

					
	Greater than 1.4:1 but equal to
or less than 1.6:1	 	Greater than 1.6:1 but equal to
or less than 1.85:1	 	Greater than 1.85:1
			
	2.75	 	2.25	 	1.75

  

 - 116 - 

 SCHEDULE 3 
 CONDITIONS PRECEDENT 
 Part IA 
 Conditions precedent to initial Utilisation 
  

	1.	Original Obligors 

  

	 	(a)	A copy of the constitutional documents of each Original Obligor. 

  

	 	(b)	A copy of a good standing certificate (including verification of tax status) with respect to each U.S. Group Company, issued as of a recent date by the Secretary of State or other
appropriate official of each U.S. Group Company’s jurisdiction of incorporation or organisation. 

  

	 	(c)	A copy of a resolution of the board of directors of each Original Obligor: 

  

	 	(i)	approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a
party; 

  

	 	(ii)	authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and 

  

	 	(iii)	authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request) to be signed and/or
despatched by it under or in connection with the Finance Documents to which it is a party. 

  

	 	(d)	A specimen of the signature of each person authorised by the resolution referred to in paragraph (c) above. 

  

	 	(e)	A letter from the Company to its subsidiaries which are to become Original Guarantors under this Agreement consenting, where necessary, under the articles of association of each
such company to it entering into this Agreement as a Guarantor. 

  

	 	(f)	A certificate from each Original Obligor (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing,
guaranteeing or similar limit binding on such Original Obligor to be exceeded. 

  

	 	(g)	A certificate of an authorised signatory of the relevant Original Obligor certifying that each copy document relating to it specified in this Part IA of Schedule 3 is correct,
complete and in full force and effect as at a date no earlier than the date of this Agreement. 

  

 - 117 - 

	2.	Legal opinions 

  

	 	(a)	A legal opinion of Clifford Chance, legal advisers to the Agent in England, substantially in the form distributed to the Original Lenders prior to signing this Agreement.

  

	 	(b)	A legal opinion from Weil, Gotshal & Manges LLP, special U.S. counsel to the Company. 

  

	 	(c)	A legal opinion of the in-house counsel of Sterling Inc. 

  

	3.	Other documents and evidence 

  

	 	(a)	The Original Financial Statements of each Original Obligor. 

  

	 	(b)	Evidence that the fees then due from the Parent pursuant to Clause 14 (Fees) have been paid or will be paid by the first Utilisation Date. 

  

	 	(c)	Evidence that the Company has given notice of prepayment and cancellation pursuant to, and to the extent permitted under, the Existing Facilities and has delivered an authorisation
to the Agent to apply the proceeds of the First Utilisation hereunder in discharge of all outstandings under the Existing Facilities. 

  

	 	(d)	A certificate of the Chief Financial Officer of each U.S. Group Company stating that the respective company is Solvent after giving effect to the initial Loans, the application of
the proceeds of the Loans in accordance with Clause 3 (Purpose) and the payment of all estimated legal, accounting and other fees related to this Agreement and the consummation of the other transactions contemplated by this Agreement.
For purposes of this certificate, “Solvent” means with respect to such Obligor on any date of determination that (a) the fair value of the property of such person is greater than the total amount of liabilities (including
contingent and unliquidated liabilities) of such person; (b) the present fair saleable value of the assets of such person is not less than the amount which will be required to pay the probable liability of such person on its debts as they
become absolute and mature; (c) such person does not intend to, and does not believe that it will, incur debts or liabilities beyond such person’s ability to pay as such debts and liabilities mature; and (d) such person is not engaged
in a business or transaction, and is not about to engage in a business or transaction, for which such person’s property would constitute unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at any time,
such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual and matured liability. 

  

 - 118 - 

 Part IB 
 Conditions Precedent required to be delivered 
 by an Additional Obligor 
  

	1.	An Accession Letter, duly executed by the Additional Obligor and the Company or the Parent. 

  

	2.	A copy of the constitutional documents of the Additional Obligor. 

  

	3.	Each Obligor which is a U.S. Group Company, a certificate of the Chief Financial Officer of such Obligor stating that the respective company is Solvent after giving effect to the
initial Loans, the application of the proceeds thereof in accordance with Clause 3 (Purpose) and the payment of all estimated legal, accounting and other fees related to this Agreement and the consummation of the other transactions
contemplated hereby. For purposes of this certificate, “Solvent” means with respect to such Obligor on any date of determination that (a) the fair value of the property of such person is greater than the total amount of liabilities
(including contingent and unliquidated liabilities) of such person; (b) the present fair saleable value of the assets of such person is not less than the amount which will be required to pay the probable liability of such person on its debts as
they become absolute and mature; (c) such person does not intend to, and does not believe that it will, incur debts or liabilities beyond such person’s ability to pay as such debts and liabilities mature; and (d) such person is not
engaged in a business or transaction, and is not about to engage in a business or transaction, for which such person’s property would constitute unreasonably small capital. In computing the amount of contingent or unliquidated liabilities at
any time, such liabilities will be computed at the amount which, in light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual and matured liability.

  

	4.	A copy of a resolution of the board of directors of the Additional Obligor: 

  

	 	(a)	approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter;

  

	 	(b)	authorising a specified person or persons to execute the Accession Letter on its behalf; and 

  

	 	(c)	authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices (including, in relation to an Additional Borrower, any Utilisation
Request) to be signed and/or despatched by it under or in connection with the Finance Documents. 

  

	5.	A specimen of the signature of each person authorised by the resolution referred to in paragraph 4 above. 

  

	6.	A copy of a resolution signed by all the holders of the issued shares of the Additional Obligor, approving the terms of, and the transactions contemplated by, the Finance Documents
to which the Additional Obligor is a party if required by the laws of its jurisdiction of incorporation provided that no such resolution will be required for an Obligor incorporated in England and Wales, Bermuda or Parent Newco.

  

 - 119 - 

	7.	A certificate of the Additional Obligor (signed by a director) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing,
guaranteeing or similar limit binding on it to be exceeded. 

  

	8.	A certificate of an authorised signatory of the Additional Obligor certifying that each copy document listed in this Part IB of Schedule 3 is correct, complete and in full
force and effect as at a date no earlier than the date of the Accession Letter. 

  

	9.	A copy of any other Authorisation or other document, opinion or assurance which the Agent considers to be necessary in connection with the entry into and performance of the
transactions contemplated by the Accession Letter or for the validity and enforceability of any Finance Document as regards the Additional Obligor. 

  

	10.	If available, the latest audited financial statements of the Additional Obligor. 

  

	11.	A legal opinion of Clifford Chance, legal advisers to the Agent in England. 

  

	12.	If the Additional Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Additional Obligor or the Finance Parties in
the jurisdiction in which the Additional Obligor is incorporated. 

  

	13.	If the proposed Additional Obligor is incorporated in a jurisdiction other than England and Wales, evidence that the process agent specified in Clause 42.2 (Service of
Process), if not an Obligor, has accepted its appointment in relation to the proposed Additional Obligor. 

  

	14.	If the Additional Obligor is a Newco, the following additional conditions precedent: 

  

	 	(a)	evidence that the Completion Date has occurred; 

  

	 	(b)	a structure diagram showing the names, jurisdiction of incorporation and shareholdings of Parent Newco and each other Newco; 

  

	 	(c)	certified true and complete copies of all material documentation relating to the Transaction requested by the Agent, including (without limitation) any sale and purchase agreements,
any scheme of arrangement documentation (including any circular sent to shareholders of the Company relating to any scheme of arrangement and a copy of the court order sanctioning any scheme of arrangement and due registration of the court order)
and any other document and circular despatched by the Company to its shareholders; 

  

	 	(d)	evidence that each other Newco (including Parent Newco) will at the same time accede as an Additional Guarantor; and 

  

	 	(e)	opening balance sheet for each Newco. 

  

 - 120 - 

 SCHEDULE 4 
 REQUESTS 
 Part IA 
 Utilisation Request 
  

			
	 From:
	 	[Borrower]/[The Parent]
		
	 To:
	 	[Agent]
		
	 Dated:
	 	

 Dear Sirs 
  

	Re:	$370,000,000 Multicurrency Revolving Facilities Agreement dated 26 June 2008 with Signet Group plc as the Company and HSBC Bank plc as the Agent as amended and restated on
[    ] 2009 by an amendment agreement between, among others, the Company and the Agent (the “Facilities Agreement”) 

 We refer to the Facilities Agreement. This is a Utilisation Request. Terms defined in the Facilities Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request. 
  

	1.	We request a Utilisation by way of a Loan on the following terms: 

  

			
	 Proposed Utilisation Date:
	 	[            ] (or, if that is not a Business Day, the next Business Day)
		
	 Currency of Loan:
	 	[            ]
		
	 Amount:
	 	[            ] or, if less, the Available Facility
		
	 Interest Period:
	 	[            ]

  

	2.	We confirm that each condition specified in Clause 4.2 (Further Conditions Precedent) is satisfied on the date of this Utilisation Request. 

  

	3.	The proceeds of this Loan should be credited to [account]. 

  

	4.	This Utilisation Request is irrevocable. 

 Yours faithfully

  
  
 authorised signatory [for]/[by] 
 [name of
relevant Borrower]/[The Parent on behalf of [name of relevant Borrower]] 
  

 - 121 - 

 Part IB 
 Utilisation Request - Letters of Credit 
  

			
	 From:
	 	[Borrower]/[The Parent]
		
	 To:
	 	[Agent]
		
	 Dated:
	 	

 Dear Sirs 
  

	Re:	$370,000,000 Multicurrency Revolving Facilities Agreement dated 26 June 2008 with Signet Group plc as the Company and HSBC Bank plc as the Agent as amended and restated on
[    ] 2009 by an amendment agreement between, among others, the Company and the Agent (the “Facilities Agreement”) 

  

	1.	We refer to the Facilities Agreement. This is a Utilisation Request. Terms defined in the Facilities Agreement have the same meaning in this Utilisation Request unless given a
different meaning in this Utilisation Request. 

  

	2.	We wish to arrange for a Letter of Credit to be issued by [Issuing Bank] (the “Issuing Bank”) on the following terms: 

  

			
	 Proposed Utilisation Date:
	 	[—] (or, if that is not a Business Day, the next Business Day)
		
	 Amount:
	 	[—] or, if less, the Available Facility
		
	 Beneficiary:
	 	[—]
		
	 Term or Expiry Date:
	 	[—]

  

	3.	We confirm that each condition specified in paragraph (b) of Clause 6.6 (Issue of Letters of Credit) is satisfied on the date of this Utilisation Request.

  

	4.	We attach a copy of the proposed Letter of Credit. 

  

	5.	This Utilisation Request is irrevocable. 

 Delivery Instructions:

 [specify delivery instructions] 
 Yours
faithfully 
  
  
 authorised signatory for 
 [name of relevant
Borrower]/[The Parent on behalf of [name of relevant Borrower]] 
  

 - 122 - 

 SCHEDULE 5 
 MANDATORY COST FORMULAE 
  

	1.	The Mandatory Cost is an addition to the interest rate to compensate Lenders for the cost of compliance with (a) the requirements of the Bank of England and/or the Financial
Services Authority (or, in either case, any other authority which replaces all or any of its functions) or (b) the requirements of the European Central Bank. 

  

	2.	On the first day of each Interest Period (or as soon as possible thereafter) the Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”)
for each Lender, in accordance with the paragraphs set out below. The Mandatory Cost will be calculated by the Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in proportion to the percentage participation of each
Lender in the relevant Loan) and will be expressed as a percentage rate per annum. 

  

	3.	The Additional Cost Rate for any Lender lending from a Facility Office in a Participating Member State will be the percentage notified by that Lender to the Agent. This percentage
will be certified by that Lender in its notice to the Agent to be its reasonable determination of the cost (expressed as a percentage of that Lender’s participation in all Loans made from that Facility Office) of complying with the minimum
reserve requirements of the European Central Bank in respect of loans made from that Facility Office. 

  

	4.	The Additional Cost Rate for any Lender lending from a Facility Office in the United Kingdom will be calculated by the Agent as follows: 

  

	 	(a)	in relation to a sterling Loan: 

 

 
  

	 	(b)	in relation to a Loan in any currency other than sterling: 

 

 
 Where: 
  

	 	A	is the percentage of Eligible Liabilities (assuming these to be in excess of any stated minimum) which that Lender is from time to time required to maintain as an interest free cash
ratio deposit with the Bank of England to comply with cash ratio requirements. 

  

	 	B	is the percentage rate of interest (excluding the Margin and the Mandatory Cost and, if the Loan is an Unpaid Sum, the additional rate of interest specified in paragraph (a) of
Clause 11.3 (Default interest)) payable for the relevant Interest Period on the Loan. 

  

 - 123 - 

	 	C	is the percentage (if any) of Eligible Liabilities which that Lender is required from time to time to maintain as interest bearing Special Deposits with the Bank of England.

  

	 	D	is the percentage rate per annum payable by the Bank of England to the Agent on interest bearing Special Deposits. 

  

	 	E	is designed to compensate Lenders for amounts payable under the Fees Rules and is calculated by the Agent as being the average of the most recent rates of charge supplied by the
Reference Banks to the Agent pursuant to paragraph 7 below and expressed in pounds per £1,000,000. 

  

	5.	For the purposes of this Schedule: 

  

	5.1	“Eligible Liabilities” and “Special Deposits” have the meanings given to them from time to time under or pursuant to the Bank of England Act 1998
or (as may be appropriate) by the Bank of England; 

  

	5.2	“Fees Rules” means the rules on periodic fees contained in the FSA Supervision Manual or such other law or regulation as may be in force from time to time in
respect of the payment of fees for the acceptance of deposits; 

  

	5.3	“Fee Tariffs” means the fee tariffs specified in the Fees Rules under the activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated fee required
pursuant to the Fees Rules but taking into account any applicable discount rate); and 

  

	5.4	“Tariff Base” has the meaning given to it in, and will be calculated in accordance with, the Fees Rules. 

  

	6.	In application of the above formulae, A, B, C and D will be included in the formulae as percentages (i.e. 5 per cent. will be included in the formula as 5 and not as 0.05). A
negative result obtained by subtracting D from B shall be taken as zero. The resulting figures shall be rounded to four decimal places. 

  

	7.	If requested by the Agent, each Reference Bank shall, as soon as practicable after publication by the Financial Services Authority, supply to the Agent, the rate of charge payable
by that Reference Bank to the Financial Services Authority pursuant to the Fees Rules in respect of the relevant financial year of the Financial Services Authority (calculated for this purpose by that Reference Bank as being the average of the Fee
Tariffs applicable to that Reference Bank for that financial year) and expressed in pounds per £1,000,000 of the Tariff Base of that Reference Bank. 

  

	8.	Each Lender shall supply any information required by the Agent for the purpose of calculating its Additional Cost Rate. In particular, but without limitation, each Lender shall
supply the following information on or prior to the date on which it becomes a Lender: 

  

	8.1	the jurisdiction of its Facility Office; and 

  

	8.2	any other information that the Agent may reasonably require for such purpose. 

 Each Lender shall promptly notify the Agent of any change to the information provided by it pursuant to this paragraph. 
  

 - 124 - 

	9.	The percentages of each Lender for the purpose of A and C above and the rates of charge of each Reference Bank for the purpose of E above shall be determined by the Agent based upon
the information supplied to it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a Lender notifies the Agent to the contrary, each Lender’s obligations in relation to cash ratio deposits and Special Deposits are the same
as those of a typical bank from its jurisdiction of incorporation with a Facility Office in the same jurisdiction as its Facility Office. 

  

	10.	The Agent shall have no liability to any person if such determination results in an Additional Cost Rate which over or under compensates any Lender and shall be entitled to assume
that the information provided by any Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and correct in all respects. 

  

	11.	The Agent shall distribute the additional amounts received as a result of the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for each Lender based on the
information provided by each Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8 above. 

  

	12.	Any determination by the Agent pursuant to this Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate or any amount payable to a Lender shall, in the
absence of manifest error, be conclusive and binding on all Parties. 

  

	13.	The Agent may from time to time, after consultation with the Parent and the Lenders, determine and notify to all Parties any amendments which are required to be made to this
Schedule in order to comply with any change in law, regulation or any requirements from time to time imposed by the Bank of England, the Financial Services Authority or the European Central Bank (or, in any case, any other authority which replaces
all or any of its functions) and any such determination shall, in the absence of manifest error, be conclusive and binding on all Parties. 

  

 - 125 - 

 SCHEDULE 6 
 FORM OF TRANSFER CERTIFICATE 
  

			
	 To:
	  	HSBC Bank plc as Agent
		
	 From:
	  	[The Existing Lender] (the “Existing Lender”) and [The New Lender] (the “New Lender”)
		
	Dated:	  	

  

	Re:	$370,000,000 Multicurrency Revolving Facilities Agreement dated 26 June 2008 with Signet Group plc as the Company and HSBC Bank plc as the Agent as amended and restated on
[    ] 2009 by an amendment agreement between, among others, the Company and the Agent (the “Facilities Agreement”) 

 We refer to the Facilities Agreement. This is a Transfer Certificate. Terms defined in the Facilities Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate. 
  

	1.	We refer to Clause 27.7 (Procedure for Transfer): 

  

	 	(a)	The Existing Lender and the New Lender agree to the Existing Lender and the New Lender transferring by novation all or part of the Existing Lender’s Commitment, rights and
obligations referred to in the Schedule in accordance with Clause 27.7 (Procedure for Transfer). 

  

	 	(b)	The proposed Transfer Date is [            ]. 

  

	 	(c)	The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 34.2 (Addresses) are set out in the Schedule.

  

	2.	The New Lender expressly acknowledges the limitations on the Existing Lender’s obligations set out in paragraph (c) of Clause 27.6 (Limitation of Responsibility of
Existing Lenders). 

  

	3.	This Transfer Certificate is governed by English law. 

 THE SCHEDULE 
 Commitment/rights and obligations to be transferred 
 [insert relevant details] 
 [Facility
Office address, fax number and attention details for notices and account details for payments,] 
  

			
	 [Existing Lender]
	 	[New Lender]
		
	 By:
	 	By:

 This Transfer Certificate is accepted by the Agent and the Transfer Date is confirmed as
[            ]. 
 HSBC Bank plc 
 By: 
 [Note: Agent to note the provisions of Clauses 27.9 and 29.17.] 
  

 - 126 - 

 SCHEDULE 7 
 FORM OF ACCESSION LETTER 
  

			
	 To:
	  	HSBC Bank plc as Agent
		
	 From:
	  	[Name of Additional Obligor] and Parent/Company
		
	 Dated:
	  	

 Dear Sirs 
  

	Re:	$370,000,000 Multicurrency Revolving Facilities Agreement dated 26 June 2008 with Signet Group plc as the Company and HSBC Bank plc as the Agent as amended and restated on
[    ] 2009 by an amendment agreement between, among others, the Company and the Agent (the “Facilities Agreement”) 

 We refer to the Facilities Agreement. This is an Accession Letter. Terms defined in the Facilities Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter. 
  

	1.	[Name of Additional Obligor] agrees to become an Additional [Borrower]/[Guarantor] and to be bound by the terms of the Facilities Agreement as an Additional
[Borrower]/[Guarantor] pursuant to [Clause 28.2 (Additional Borrowers)]/[Clause 28.4 (Additional Guarantors)] of the Facilities Agreement. [Additional Obligor] is a company duly incorporated under the laws of [name
of relevant jurisdiction]. 

  

	2.	[Name of Additional Obligor’s] administrative details are as follows: 

  

	
	 Address:

	
	 Fax No:

	
	 Attention:

 [Set out here any agreed limitations applicable to the guarantee given by the Additional
Guarantor pursuant to Clause 20 of the Facilities Agreement] 
  

	3.	This Accession Letter is governed by English law. 

  

	4.	Jurisdiction of English courts 

  

	 	(a)	The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Accession Letter (including a dispute regarding the existence,
validity or termination of this Accession Letter) (a “Dispute”). 

  

	 	(b)	The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

  

	 	(c)	This paragraph 4 is for the benefit of the Finance Parties only. As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts
with jurisdiction. To the extent allowed by law, the Finance Parties may take concurrent proceedings in any number of jurisdictions. 

  

 - 127 - 

	5.	[For accession by Luxembourg Obligor only] [name of Additional Obligor] represents that it is (and understands that it shall remain) in full compliance with the amended
Luxembourg law dated 31 May 1999 on the domiciliation of companies (and the relevant regulations). 

 [This Accession
Letter is entered into by deed.] 
  

			
	 [Parent]
	  	[Name of Additional Obligor]
		
	 By:
	  	By:

  

 - 128 - 

 SCHEDULE 8 
 FORM OF RESIGNATION LETTER 
  

			
	 To:
	  	HSBC Bank plc as Agent
		
	 From:
	  	[Name of Resigning Obligor] and Parent/Company
		
	 Dated:
	  	

 Dear Sirs 
  

	Re:	$370,000,000 Multicurrency Revolving Facilities Agreement dated 26 June 2008 with Signet Group plc as the Company and HSBC Bank plc as the Agent as amended and restated on
[    ] 2009 by an amendment agreement between, among others, the Company and the Agent (the “Facilities Agreement”) 

 We refer to the Facilities Agreement. This is a Resignation Letter. Terms defined in the Facilities Agreement have the same meaning in this Resignation Letter unless given a different meaning in this Resignation Letter. 
  

	1.	Pursuant to [Clause 28.3 (Resignation of a Borrower)]/[Clause 28.6 (Resignation of a Guarantor)], we request that [Name of Resigning Obligor] be
released from its obligations as a [Borrower]/[Guarantor] under the Facilities Agreement. 

  

	2.	We confirm that: 

  

	 	(a)	no Default is continuing or would result from the acceptance of this request; and 

  

	 	(b)	[Clause 24.14 (Guarantor Cover) would not be breached as a result of such resignation.] 

  

	 	(c)	[            ]* 

  

	3.	We enclose a certificate setting out our calculations which confirm that the aggregate gross assets, turnover and earnings before interest and tax (calculated on the same basis as
Consolidated Earnings Before Interest and Tax) of the Guarantors (in each case calculated on an unconsolidated basis and excluding intra-Group items) following the resignation is
[            ] per cent. of the gross assets, turnover and earnings before interest and tax of the Group. 

  

	4.	This Resignation Letter is governed by English law. 

  

			
	 [Parent]
	  	[Name of Resigning Obligor]
		
	 By:
	  	By:

  
  

	*	Insert any other conditions required by the Facility Agreement. 

  

 - 129 - 

 SCHEDULE 9 
 FORM OF COMPLIANCE CERTIFICATE 
  

			
	To:	  	HSBC Bank plc as Agent
		
	From:	  	[Parent]
		
	Dated:	  	

 Dear Sirs 
  

	Re:	$370,000,000 Multicurrency Revolving Facilities Agreement dated 26 June 2008 with Signet Group plc as the Company and HSBC Bank plc as the Agent as amended and restated on
[    ] 2009 by an amendment agreement between, among others, the Company and the Agent (the “Facilities Agreement”) 

  

	1.	We refer to the Facilities Agreement. This is a Compliance Certificate. Terms defined in the Facilities Agreement have the same meaning when used in this Compliance Certificate
unless given a different meaning in this Compliance Certificate. 

  

	2.	We confirm that: 

  

	 	(a)	Consolidated Tangible Net Worth as at [    ] was £[    ], 

  

	 	(b)	As at [    ], Consolidated Net Debt was [    ]. 

 For the Relevant Period ending on [    ], Consolidated EBITDA comprises: 
  

				
	 Consolidated Earnings Before Interest and Tax
	  	[        	]
	 plus Amount attributable to amortisation of intangible assets
	  	[        	]
	 plus Amount attributable to depreciation of tangible assets
	  	[        	]
	 [Adjustment for EBITDA of acquired/disposal of companies
	  	[        	]]
		  	 	 
	 Total
	  		
		  	 	 

 The ratio of Consolidated Net Debt to Consolidated EBITDA for the Relevant Period was
[    ]. 
  

	 	(c)	For the Relevant Period ending on [    ], EBITDAR is determined as follows: 

  

				
	 Consolidated Earnings Before Interest and Tax
	  	[        	]
	 plus Amount attributable to depreciation of tangible assets
	  	[        	]
	 plus Amount attributable to amortisation of intangible assets
	  	[        	]
	 plus Rents
	  	[        	]
	 plus Operating Lease Expenditure
	  	[        	]
		  	 	 
	 Total
	  		
		  	 	 

 For the Relevant Period ending on [    ], Fixed Charges are as follows:

  

				
	 Consolidated Net Interest Expenditure
	  	[        	]
	 plus Rents
	  	[        	]
	 plus Operating Lease Expenditure
	  	[        	]
		  	 	 
	 Total
	  		
		  	 	 

 The Ratio of EBITDAR to Fixed Charges for the Relevant Period was therefore
[    ]. 
  

 - 130 - 

	 	(d)	In accordance with the figures set out in paragraph (a), (b) and (c) above the Margin will be [ — ] per cent. which shall take effect
on the date falling three business days after the date on which this compliance certificate is received by the Agent in respect of any Utilisation or Rollover Utilisation to be made on or after that date. 

  

	 	(e)	For the Relevant Period ending on [    ], the list of Material Companies comprise of: 

  

							
	 Company name and
 registration number
	  	Profits before
interest and tax
($ and
%
contribution)	 	Gross assets
($ and %
contribution)	 	Turnover
($ and %
contribution)
	 Parent Newco
	  	[    ]	 	[    ]	 	[    ]
	 [Newco’s]
	  	[    ]	 	[    ]	 	[    ]
	 [list others]
	  	[    ]	 	[    ]	 	[    ]

  

	3.	We confirm that during the Relevant Period ending on [    ] [no Qualifying Priority Debt was incurred which required a Priority Debt Prepayment Amount to be
applied in that Relevant Period in accordance with Clauses 10.6 (Mandatory Prepayment - Priority Debt and Net Debt) and 10.7 (Application of mandatory prepayments) of the Facilities Agreement / Qualifying Priority Debt was
incurred in that Relevant Period [which required/will require] the following Priority Debt Prepayment Amounts to be applied in [that Relevant Period/specify timing for effecting any prepayments/cancellation of the Facility] in accordance with
Clauses 10.6 (Mandatory Prepayment - Priority Debt and Net Debt) and 10.7 (Application of mandatory prepayments) of the Facilities Agreement [specify details of Priority Debt Prepayment Amounts and the date(s) on which those
amounts were/will be applied in accordance with Clause 10.7 (Application of mandatory prepayments) of the Facilities Agreement]. 

  

	4.	[We confirm that no Default is continuing.] * 

  
  

	*	If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it. 

  

 - 131 - 

	5.	[Include in Compliance Certificate delivered with annual financial statements confirmation that Clause 5.5 (Clean Down) of the Facilities Agreement was complied with and
giving details of the period of 5 days]. 

  

			
	Signed:	 	  

		 	 Director
 of
 [Parent]

  

 - 132 - 

 SCHEDULE 10 
 LMA FORM OF CONFIDENTIALITY UNDERTAKING 
 Letterhead of Seller/Seller’s agent/broker] 
 To: 
  

			
	 	  	 [insert name of Potential
 Purchaser/Purchaser’s
 agent/broker]

  

	Re:	The Agreement 

  

			
	 Borrower:
 Date:
 Amount:
 Agent:
  
	 	

 Dear Sirs 
 We
understand that you are considering [acquiring]/[arranging the acquisition of] an interest in the Agreement (the “Acquisition”). In consideration of us agreeing to make available to you certain information, by your signature of a
copy of this letter you agree as follows: 
  

	1.	Confidentiality Undertaking You undertake (a) to keep the Confidential Information confidential and not to disclose it to anyone except as provided for by paragraph 2
below and to ensure that the Confidential Information is protected with security measures and a degree of care that would apply to your own confidential information, (b) to use the Confidential Information only for the Permitted Purpose,
(c) to use all reasonable endeavours to ensure that any person to whom you pass any Confidential Information (unless disclosed under paragraph 2[(c)/(d)] below) acknowledges and complies with the provisions of this letter as if that person were
also a party to it, and (d) not to make enquiries of any member of the Group or any of their officers, directors, employees or professional advisers relating directly or indirectly to the Acquisition. 

  

	2.	Permitted Disclosure We agree that you may disclose Confidential Information: 

  

	 	(a)	to members of the Purchaser Group and their officers, directors, employees and professional advisers to the extent necessary for the Permitted Purpose and to any auditors of members
of the Purchaser Group; 

  

	 	(b)	[subject to the requirements of the Agreement, in accordance with the Permitted Purpose so long as any prospective purchaser has delivered a letter to you in equivalent form to this
letter;] 

  

	 	[(b/c)]	subject to the requirements of the Agreement, to any person to (or through) whom you assign or transfer (or may potentially assign or transfer) all or any 

 

 - 133 - 

 of the rights, benefits and obligations which you may acquire under the Agreement or with (or through)
whom you enter into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by reference to, the Agreement or the Borrower or any member of the Group so long as that person
has delivered a letter to you in equivalent form to this letter; and 
  

	 	[(c/d)]	(i) where requested or required by any court of competent jurisdiction or any competent judicial, governmental, supervisory or regulatory body, (ii) where required by the rules
of any stock exchange on which the shares or other securities of any member of the Purchaser Group are listed or (iii) where required by the laws or regulations of any country with jurisdiction over the affairs of any member of the Purchaser
Group. 

  

	3.	Notification of Required or Unauthorised Disclosure You agree (to the extent permitted by law) to inform us of the full circumstances of any disclosure under
paragraph 2[(c)/(d)] or upon becoming aware that Confidential Information has been disclosed in breach of this letter. 

  

	4.	Return of Copies If we so request in writing, you shall return all Confidential Information supplied to you by us and destroy or permanently erase all copies of Confidential
Information made by you and use all reasonable endeavours to ensure that anyone to whom you have supplied any Confidential Information destroys or permanently erases such Confidential Information and any copies made by them, in each case save to the
extent that you or the recipients are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial, governmental, supervisory or regulatory body or in accordance with internal policy, or
where the Confidential Information has been disclosed under paragraph 2[(c)/(d)] above. 

  

	5.	Continuing Obligations The obligations in this letter are continuing and, in particular, shall survive the termination of any discussions or negotiations between you and us.
Notwithstanding the previous sentence, the obligations in this letter shall cease (a) if you become a party to or otherwise acquire (by assignment or sub-participation) an interest, direct or indirect, in the Agreement or (b) twelve months
after you have returned all Confidential Information supplied to you by us and destroyed or permanently erased all copies of Confidential Information made by you (other than any such Confidential Information or copies which have been disclosed under
paragraph 2 above (other than sub-paragraph 2(a)) or which, pursuant to paragraph 4 above, are not required to be returned or destroyed). 

  

	6.	No Representation; Consequences of Breach, etc You acknowledge and agree that: 

  

	 	(a)	neither we, [nor our principal] nor any member of the Group nor any of our or their respective officers, employees or advisers (each a “Relevant Person”)
(i) make any representation or warranty, express or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness of any of the Confidential Information or any other information supplied by us or the assumptions on
which it is based or (ii) shall be under any obligation to update 

  

 - 134 - 

 or correct any inaccuracy in the Confidential Information or any other information supplied by us or be
otherwise liable to you or any other person in respect to the Confidential Information or any such information; and 
  

	 	(b)	we [or our principal] or members of the Group may be irreparably harmed by the breach of the terms hereof and damages may not be an adequate remedy; each Relevant Person may be
granted an injunction or specific performance for any threatened or actual breach of the provisions of this letter by you. 

  

	7.	No Waiver; Amendments, etc This letter sets out the full extent of your obligations of confidentiality owed to us in relation to the information the subject of this letter.
No failure or delay in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise of any right, power or privilege preclude any further exercise thereof or the exercise of any other
right, power or privileges hereunder. The terms of this letter and your obligations hereunder may only be amended or modified by written agreement between us. 

  

	8.	Inside Information You acknowledge that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be
regulated or prohibited by applicable legislation relating to insider dealing and you undertake not to use any Confidential Information for any unlawful purpose. 

  

	 9.
	 Nature of Undertakings The undertakings given by you under this letter are given to us and (without implying any
fiduciary obligations on our part) are also given for the benefit of [our principal,] the Borrower and each other member of the Group. 

  

	10.	Third party rights 

  

	 	(a)	Subject to this paragraph 10 and to paragraphs 6 and 9, a person who is not a party to this letter has no right under the Contracts (Rights of Third Parties) Act 1999 (the
“Third Parties Act”) to enforce or to enjoy the benefit of any term of this letter. 

  

	 	(b)	The Relevant Persons may enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with this paragraph 10 and the provisions of the Third Parties Act.

  

	 	(c)	The parties to this letter do not require the consent of the Relevant Persons to rescind or vary this letter at any time. 

  

	11.	Governing Law and Jurisdiction This letter (including the agreement constituted by your acknowledgement of its terms) shall be governed by and construed in accordance with
the laws of England and the parties submit to the non-exclusive jurisdiction of the English courts. 

  

	12.	Definitions In this letter (including the acknowledgement set out below) terms defined in the Agreement shall, unless the context otherwise requires, have the same meaning
and: 

 “Confidential Information” means any information relating to the Borrower, the Group, the Agreement
and/or the Acquisition provided to you by us or any of our affiliates or 
  

 - 135 - 

 advisers, in whatever form, and includes information given orally and any document, electronic file or
any other way of representing or recording information which contains or is derived or copied from such information but excludes information that (a) is or becomes public knowledge other than as a direct or indirect result of any breach of this
letter or (b) is known by you before the date the information is disclosed to you by us or any of our affiliates or advisers or is lawfully obtained by you thereafter, other than from a source which is connected with the Group and which, in
either case, as far as you are aware, has not been obtained in violation of, and is not otherwise subject to, any obligation of confidentiality; 
 “Group” means the Borrower and each of its holding companies and subsidiaries and each subsidiary of each of its holding companies (as each such term is defined in the Companies Act 1985); 
 “Permitted Purpose” means [subject to the terms of this letter, passing on information to a prospective purchaser for the purpose of]
considering and evaluating whether to enter into the Acquisition; and 
 “Purchaser Group” means you, each of your holding
companies and subsidiaries and each subsidiary of each of your holding companies (as each such term is defined in the Companies Act 1985). 
 Please
acknowledge your agreement to the above by signing and returning the enclosed copy. 
 Yours faithfully 
  
  
  
 For and on behalf of 
 [Seller/Seller’s agent/broker] 
 To: [Seller] 
 [Seller’s agent/broker] 
 The Borrower and each other member of the
Group 
 We acknowledge and agree to the above: 
  
  
  
 For and on behalf of 
 [Potential Purchaser/Purchaser’s agent/broker] 
  

 - 136 - 

 SCHEDULE 11 
 TIMETABLES 
 Part I 
 Loans 
  

							
	 	  	 Loans in
 euro or dollars
	  	 Loans in
 domestic sterling
	  	 Loans in
 other currencies

	 Agent notifies the Parent if a currency is approved as an Optional Currency in accordance with Clause 4.3 (Conditions relating to
Optional Currencies)
	  	—	  	—	  	U-4
				
	 Delivery of a duly completed Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request)
	  	 U-3
 4.00pm

	  	 U-1
 4.00pm

	  	 U-3
 4.00pm

				
	 Agent determines (in relation to a Utilisation) the Base Currency Amount of the Loan, if required under Clause 5.4 (Lenders’
Participation)
	  	 U-3
 Upon
receipt
 of Utilisation
 Request

	  	 U-1
 Upon
receipt
 of Utilisation
 Request

	  	 U-3
 Upon
receipt
 of Utilisation
 Request

				
	 Agent notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’ Participation)
	  	 U-3
 5.30pm

	  	 U-1
 5.30pm

	  	 U-3
 5.30pm

				
	 Agent receives a notification from a Lender under Clause 8.2 (Unavailability of a Currency)
	  	 U-2
 10.00am

	  	 U
 10.00am

	  	 U-2
 10.00am

				
	 Agent gives notice in accordance with Clause 8.2 (Unavailability of a Currency)
	  	 U-2
 10.30am

	  	 U
 10.30am

	  	 U-2
 10.30am

				
	 LIBOR or EURIBOR is fixed
	  	 Quotation
 Day as of
 11:00 a.m.
	  	 Quotation
 Day as of
 11:00 a.m.
	  	 Quotation
 Day as of
 11:00 a.m.

  

 - 137 - 

 Part II 
 Letters of Credit 
  

			
	 	  	Letters of Credit
	 Delivery of a duly completed Utilisation Request (Clause 6.3 (Delivery of a Utilisation Request for Letters of
Credit)).
	  	U-3
 9.30am

		
	 Agent determines (in relation to a Utilisation) the Base Currency Amount of the Letter of Credit, if required under Clause 6.6 (Issue
of Letters of Credit) and notifies the Issuing Bank and the Lenders of the Letter of Credit in accordance with Clause 6.6 (Issue of Letters of Credit).
	  	U-1
 noon

		
	 Delivery of a duly completed Renewal Request (Clause 6.7 (Renewal of a Letter of Credit)).
	  	U-3
 9.30am

 “U”- date of utilisation or, in the case of a Letter of Credit to be renewed in accordance with
Clause 6.7, the first day of the proposed term of the renewed Letter of Credit. 
 “U - X” - Business Days prior to date of utilisation.

  

 - 138 - 

 SCHEDULE 12 
 FORM OF LETTER OF CREDIT 
 Part I 
 Form of Letter of Credit where Fifth Third Bank is Issuing Bank 
  

			
	 LETTER OF CREDIT NO. S            
	  	PAGE 1

 ISSUING BANK: 
 FIFTH
THIRD BANK, (AFFILIATE) 
 BENEFICIARY: 
 [—] 
 APPLICANT: 
 [—] 
 LETTER OF CREDIT NO: CIS             
 ISSUE DATE: [—] 
 EXPIRATION DATE:
[—] 
 EXPIRATION PLACE: [—] 
 AMOUNT:                 USD
                        THOUSAND AND 00/100 
 WE HEREBY ISSUE IN YOUR FAVOUR THIS IRREVOCABLE STANDBY LETTER OF CREDIT WHICH IS AVAILABLE BY PRESENTATION OF YOUR DRAFT(S) AT SIGHT DRAWN ON FIFTH THIRD BANK, (AFFILIATE) ACCOMPANIED BY THIS ORIGINAL LETTER OF
CREDIT AND THE FOLLOWING DOCUMENTS: 
 [—] 
 BENEFICIARY’S SIGNED STATEMENT CERTIFYING THAT “(INSERT TRIGGER CLAUSE)” 
 PARTIAL DRAWINGS ARE ALLOWED.

 MULTIPLE DRAWINGS ARE ALLOWED. 
 THE BANK SHALL NOT BE CALLED
UPON TO DETERMINE QUESTIONS OF FACT OR LAW AT ISSUE BETWEEN THE BANK’S CUSTOMER AND THE BENEFICIARY OF THIS LETTER OF CREDIT. 
  

 - 139 - 

 DRAFT MUST BEAR THE CLAUSE: “DRAWN UNDER LETTER OF CREDIT NUMBER
CIS            OF FIFTH THIRD BANK, (AFFILIATE), DATED
                    ”. 
 THIS ORIGINAL
LETTER OF CREDIT, ALONG WITH ANY SUBSEQUENT AMENDMENTS, MUST BE SUBMITTED TO THE BANK FOR OUR ENDORSEMENT OF ANY PAYMENTS EFFECTED BY US AND/OR FOR CANCELLATION. 
 WE ENGAGE WITH YOU THAT DRAFTS DRAWN UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS LETTER OF CREDIT WILL BE HONORED IF NEGOTIATED OR PRESENTED DURING BUSINESS HOURS ON OR BEFORE THE EXPIRATION DATE AT: 
 FIFTH THIRD BANK 
 INTERNATIONAL TRADE SERVICES 
 5050 KINGSLEY DRIVE, MD 1MOCBR 
 CINCINNATI, OH 45263 
 513-358-2131 
 THIS CREDIT IS SUBJECT TO THE INTERNATIONAL STANDBY
PRACTICES/ISP98, INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION 590. 
 THIS LETTER OF CREDIT IS GOVERNED BY THE LAWS OF OHIO, UNITED STATES OF AMERICA.

  

			
	  
 AUTHORIZED SIGNATURE

	    	  
 AUTHORIZED
SIGNATURE

  

 - 140 - 

 Part II 
 Form of Letter of Credit where a Lender (other than Fifth Third Bank) is Issuing Bank 
  

	To:	[Beneficiary](the “Beneficiary”) 

 Date                      
 Irrevocable Standby Letter of Credit no. [—] 
 At the request of [—], [Issuing Bank] (the “Issuing Bank”) issues this irrevocable standby Letter of Credit (“Letter of Credit”) in your favour on the following terms and conditions: 

 

	1.	Definitions 

 In this Letter of Credit: 

“Business Day” means a day (other than a Saturday or a Sunday) on which banks are open for general business in London. 
 “Demand” means a demand for a payment under this Letter of Credit in the form of the schedule to this Letter of Credit. 
 “Expiry Date” means [—]. 
 “Total L/C Amount” means [—]. 
  

	2.	Issuing Bank’s agreement 

  

	 	(a)	The Beneficiary may request a drawing or drawings under this Letter of Credit by giving to the Issuing Bank a duly completed Demand. A Demand must be received by the Issuing Bank by
no later than [—] p.m. (London time) on the Expiry Date. 

  

	 	(b)	Subject to the terms of this Letter of Credit, the Issuing Bank unconditionally and irrevocably undertakes to the Beneficiary that, within [ten] Business Days of receipt by it of a
Demand, it must pay to the Beneficiary the amount demanded in that Demand. 

  

	 	(c)	The Issuing Bank will not be obliged to make a payment under this Letter of Credit if as a result the aggregate of all payments made by it under this Letter of Credit would exceed
the Total L/C Amount. 

  

	3.	Expiry 

  

	 	(a)	The Issuing Bank will be released from its obligations under this Letter of Credit on the date (if any) notified by the Beneficiary to the Issuing Bank as the date upon which the
obligations of the Issuing Bank under this Letter of Credit are released. 

  

	 	(b)	Unless previously released under paragraph (a) above, on [—] p.m.(London time) on the Expiry Date the obligations of the Issuing Bank under
this Letter of Credit will cease with no further liability on the part of the Issuing Bank except for any Demand validly presented under the Letter of Credit that remains unpaid. 

  

 - 141 - 

	 	(c)	When the Issuing Bank is no longer under any further obligations under this Letter of Credit, the Beneficiary must return the original of this Letter of Credit to the Issuing Bank.

  

	4.	Payments 

 All payments under this Letter of Credit
shall be made in [—] and for value on the due date to the account of the Beneficiary specified in the Demand. 
  

	5.	Delivery of Demand 

 Each Demand shall be in
writing, and, unless otherwise stated, may be made by letter, fax or telex and must be received in legible form by the Issuing Bank at its address and by the particular department or office (if any) as follows: 
 [ 
 ] 
  

	6.	Assignment 

 The Beneficiary’s rights under
this Letter of Credit may not be assigned or transferred. 
  

	7.	ISP 

 Except to the extent it is inconsistent with
the express terms of this Letter of Credit, this Letter of Credit is subject to the International Standby Practices (ISP 98), International Chamber of Commerce Publication No. 590. 
  

	8.	Governing Law 

 This Letter of Credit is governed by
English law. 
  

	9.	Jurisdiction 

 The courts of England have exclusive
jurisdiction to settle any dispute arising out of or in connection with this Letter of Credit. 
  

			
	Yours faithfully
	
	[Issuing Bank]
		
	By:	 	 

  

 - 142 - 

 SCHEDULE 13 
 FORM OF DEMAND 
  

	To:	[ISSUING BANK] 

 [Date] 
 Dear Sirs 
 Standby Letter of Credit no. [—] issued in favour of [BENEFICIARY] (the “Letter of Credit”) 
 We refer to the Letter of Credit. Terms
defined in the Letter of Credit have the same meaning when used in this Demand. 
  

	1.	We certify that the sum of [—] is due [and has remained unpaid for at least [—] Business Days] [under [set
out underlying contract or agreement]]. We therefore demand payment of the sum of [—]. 

  

	2.	Payment should be made to the following account: 

 Name:

 Account Number: 
 Bank:

  

	3.	The date of this Demand is not later than the Expiry Date. 

  

			
	 Yours faithfully
	 	
		
	  
 (Authorised Signatory)
	 	(Authorised Signatory)

 For 
 [BENEFICIARY] 
  

 - 143 - 

 SIGNATURES 
 THE PARENT, COMPANY, ORIGINAL BORROWER AND ORIGINAL 
 GUARANTOR 
 SIGNET GROUP PLC 
  

			
	 By:
	 	  

		
	 Address:
	 	 15, Golden Square
 London W1F 9JG

		
	 Fax:
	 	020 7734 9376

 THE ORIGINAL GUARANTORS 
 H. SAMUEL LIMITED 
  

			
	 By:
	 	  

		
	 Address:
	 	15, Golden Square
London W1F 9JG
		
	 Fax:
	 	020 7734 9376

 STERLING INC. 
  

			
	 By:
	 	  

		
	 Address:
	 	375 Ghent Road
Akron
OH 44333
USA
		
	 Fax:
	 	+1 330 668 5191

  

 - 144 - 

 STERLING JEWELERS INC. 
  

			
	 By:
	 	  

		
	 Address:
	 	375 Ghent Road
Akron
OH 44333
USA
		
	 Fax:
	 	+1 330 668 5191

 CHECKBURY LIMITED 
  

			
	 By:
	 	  

		
	 Address:
	 	15, Golden Square
London W1F 9JG
		
	 Fax:
	 	020 7734 9376

 SIGNET HOLDINGS LIMITED 
  

			
	 By:
	 	  

		
	 Address:
	 	15, Golden Square
London W1F 9JG
		
	 Fax:
	 	020 7734 9376

 ERNEST JONES LIMITED 
  

			
	 By:
	 	  

		
	 Address:
	 	15, Golden Square
London W1F 9JG
		
	 Fax:
	 	020 7734 9376

  

 - 145 - 

 THE AGENT 
 HSBC
BANK plc 
  

			
	 By:
	 	  

		
	 Address:
	 	Level 24
		 	8 Canada Square
		 	London E14
		
	 Fax:
	 	0207 991 4348
		
	 Attention:
	 	Corporate Trust and Agency Loans

  

			
	 THE MANDATED LEAD ARRANGERS

	
	BARCLAYS CAPITAL
		
	 By:
	 	  

  

			
	 FIFTH THIRD BANK

		
	 By:
	 	  

  

			
	 HSBC BANK plc

		
	 By:
	 	  

  

			
	 THE ROYAL BANK OF SCOTLAND plc

		
	 By:
	 	  

  

			
	 THE CO-LEAD ARRANGERS

	
	 ABN AMRO BANK N.V.

		
	By:	 	  

  

			
	 NATIONAL CITY BANK

		
	 By:
	 	  

  

 - 146 - 

			
	THE LENDERS
	
	ABN AMRO BANK N.V.
		
	By:	 	  

  

			
	BARCLAYS BANK PLC
		
	By:	 	  

  

			
	FIFTH THIRD BANK
		
	By:	 	  

  

			
	HSBC BANK plc
		
	By:	 	  

  

			
	NATIONAL CITY BANK
		
	By:	 	  

  

			
	THE ROYAL BANK OF SCOTLAND plc
		
	By:	 	  

  

			
	THE ISSUING BANK
	
	FIFTH THIRD BANK
		
	By:	 	  

  

 - 147 -

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