Document:

Exhibit 10.1

        
	 	 
	
           

           

           

           

          EUR 60,000,000

          SECURED FACILITIES AGREEMENT

          FOR

          BRAND LOYALTY GROUP B.V.

          ARRANGED BY

          DEUTSCHE BANK AG, AMSTERDAM BRANCH AND COÖPERATIEVE RABOBANK U.A.

          WITH

          COÖPERATIEVE RABOBANK U.A.

          ACTING AS AGENT

          AND

          COÖPERATIEVE RABOBANK U.A.

          ACTING AS SECURITY AGENT

        
	 	
           

          CREDIT FACILITIES AGREEMENT

        	 

  

  

  

  

  

  

  

  

  

  

  

  
    
      

      

    

    
      

    
      

      

    

  

  
  THIS AGREEMENT is dated 3 April 2020 and made BETWEEN:

  

  

  
    
      	(1)	
              BRAND LOYALTY GROUP B.V. (the "Company");

            

    

  

  

  

  
    
      	(2)	
              THE SUBSIDIARIES of the Company listed in Part I of Schedule 1
                (The Original Parties) as original borrowers (together with the Company the "Original Borrowers");

            

    

  

  

  

  
    
      	(3)	
              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");

            

    

  

  

  

  
    
      	(4)	
              DEUTSCHE BANK AG, AMSTERDAM BRANCH and COÖPERATIEVE RABOBANK U.A. as bookrunning mandated lead arrangers (the "Arrangers");

            

    

  

  

  

  
    
      	(5)	
              THE FINANCIAL INSTITUTIONS listed in Part II of Schedule 1 (The Original Parties) as lenders (the "Original

                  Lenders");

            

    

  

  

  

  
    
      	(6)	
              COÖPERATIEVE RABOBANK U.A. as facility agent of the other
                Finance Parties (the "Agent"); and

            

    

  

  

  

  
    
      	(7)	
              COÖPERATIEVE RABOBANK U.A.as security agent for the Secured
                Parties (the "Security 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 4 (Form of Accession Letter).

  

  

  "Accordion Acceding Lender" has the
    meaning given to that term in Clause 3.2 (Offer to Accordion Acceding Lenders).

  

  

  "Accordion Accession Letter" means
    a document substantially in the form set out in Part II of Schedule 11 (Accordion Increase Documentation).

  

  

  "Accordion Increase Amount" has the
    meaning given to that term in an Accordion Increase Request.

  

  

  "Accordion Increase Certificate"
    means a document substantially in the form set out in Part I of Schedule 11 (Accordion Increase Documentation).

  

  

  "Accordion Increase Effective Date"
    means the date specified by the Company in the relevant Accordion Increase Request on which the proposed increase in the amount of the Revolving Facility Commitment or the Uncommitted Facility Participation is to take effect.

  
    
      

      

    

    -1-

    
      

    
      

      

    

  

  

  

  "Accordion Increase Lender" has the
    meaning given to that term in Clause 3.1 (Accordion increase by existing Lenders).

  

  

  "Accordion Increase Request" means
    a request substantially in the form set out in Part III of Schedule 11 (Accordion Increase Documentation).

  

  

  "Accordion Remainder Amount" has
    the meaning given to that term in Clause 3.2 (Offer to Accordion Acceding Lenders).

  

  

  "Accounting Principles" means the
    generally accepted accounting principles in the relevant entity's jurisdiction of incorporation, as amended from time to time by reason of new or amended regulatory obligations, including IFRS.

  

  

  "Accounting Reference Date" has the
    meaning given thereto in Clause 20.26 (Accounting Reference Date).

  

  

  "Acquisition Target" has the
    meaning given to that term in Clause 23.9 (Acquisitions).

  

  

  "Additional Borrower" means a
    company which becomes an Additional Borrower in accordance with Clause 26 (Changes to the Obligors).

  

  

  "Additional Guarantor" means a
    company which becomes an Additional Guarantor in accordance with Clause 26 (Changes to the Obligors).

  

  

  "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.

  

  

  "Affiliate Accession Undertaking"
    means an undertaking in the form set out in Schedule 8 (Form of Affiliate Accession Undertaking).

  

  

  "Ancillary Commencement Date"
    means, in relation to an Ancillary Facility, the date on which that Ancillary Facility is first made available, which date shall be a Business Day within the Availability Period applicable to the Facility under which that Ancillary Facility is
    provided.

  

  

  "Ancillary Commitment" means, in
    relation to an Ancillary Lender and an Ancillary Facility provided under the Revolving Facility, the maximum amount which that Ancillary Lender has agreed (whether or not subject to satisfaction of conditions precedent) to make available from time to
    time under an Ancillary Facility provided under the Revolving Facility and which has been authorised as such under Clause 7 (Ancillary Facilities),
    to the extent that amount is not cancelled or reduced under this Agreement or the Ancillary Documents relating to that Ancillary Facility.

  

  

  "Ancillary Document" means each
    document relating to or evidencing the terms of an Ancillary Facility.

  
    
      

      

    

    -2-

    
      

    
      

      

    

  

  

  

  "Ancillary Facility" means any
    ancillary facility made available by an Ancillary Lender in accordance with Clause 7 (Ancillary Facilities).

  

  

  "Ancillary Lender" means each
    Lender (or Affiliate of a Lender) which makes available an Ancillary Facility in accordance with Clause 7 (Ancillary Facilities).

  

  

  "Ancillary Outstandings" means, at
    any time, in relation to an Ancillary Lender and an Ancillary Facility then in force the aggregate of the equivalents (as calculated by that Ancillary Lender) of the following amounts outstanding under that Ancillary Facility:

  

  

  
    
      	

            	(a)	
              the principal amount under each overdraft facility and on demand short term loan facility (net of any Available Credit Balance);

            

    

  

  

  

  
    
      	

            	(b)	
              the face amount of each guarantee, bond and letter of credit under that Ancillary Facility; and

            

    

  

  

  

  
    
      	

            	(c)	
              the amount fairly representing the aggregate exposure (excluding interest and similar charges) of that Ancillary Lender under each other type of accommodation
                provided under that Ancillary Facility,

            

    

  

  

  

  in each case as determined by such Ancillary Lender in accordance with the relevant Ancillary Document or normal banking practice.

  

  

  "Ancillary Participation" means, in
    relation to an Ancillary Lender and an Ancillary Facility provided under the Uncommitted Facility, the maximum amount which that Ancillary Lender has agreed (at its sole discretion and whether or not subject to satisfaction of conditions precedent) to
    make available from time to time under an Ancillary Facility provided under the Uncommitted Facility and which has been authorised as such under Clause 7 (Ancillary

      Facilities), to the extent that amount is not cancelled or reduced under this Agreement or the Ancillary Documents relating to that Ancillary Facility.

  

  

  "Authorisation" means an
    authorisation, consent, approval, resolution, licence, exemption, filing, notarisation or registration.

  

  

  "Available Credit Balance" means,
    in relation to an Ancillary Facility, credit balances on any account of any Borrower of that Ancillary Facility with the Ancillary Lender making available that Ancillary Facility to the extent that those credit balances are freely available to be set
    off by that Ancillary Lender against liabilities owed to it by that Borrower under that Ancillary Facility.

  

  

  "Availability Period" means:

  

  

  
    
      	

            	(a)	
              in relation to the Revolving Facility, the period from and including the date of this Agreement to and including the date falling one Month prior to the Termination
                Date;

            

    

  

  

  

  
    
      	

            	(b)	
              in relation to any Ancillary Facility under the Revolving Facility, the period from and including the date of this Agreement to the Termination Date; and

            

    

  

  
    
      

      

    

    -3-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              in relation to the Uncommitted Facility and any Ancillary Facility thereunder, the period from and including the date of this Agreement to the Uncommitted Facility
                Termination Date, but subject always to Clause 5.3 (Uncommitted Facility).

            

    

  

  

  

  "Available Commitment" means, in
    relation to a Facility, a Lender's Commitment minus (subject as set out below):

  

  

  
    
      	

            	(a)	
              the amount of its participation in any outstanding Loans under that Facility and the aggregate of its (and its Affiliate's) Ancillary Commitments or Ancillary
                Participations under any Ancillary Facilities provided under the Revolving Facility or the Uncommitted Facility (as applicable); and

            

    

  

  

  

  
    
      	

            	(b)	
              in relation to any proposed Utilisation, the amount of its participation in any other Loans that are due to be made under that Facility on or before the proposed
                Utilisation Date and the amount of its (and its Affiliate's) Ancillary Commitments or Ancillary Participations in relation to any new Ancillary Facility that is due to be provided under the Revolving Facility or the Uncommitted Facility (as
                applicable) on or before the proposed Utilisation Date.

            

    

  

  

  

  For the purposes of calculating a Lender's Available Commitment the following amounts shall not be deducted from that Lender's Revolving
    Facility Commitment or Uncommitted Facility Participation (as applicable):

  

  

  
    
      	

            	(i)	
              that Lender's participation in any Revolving Loans or Uncommitted Facility Loans (as applicable) that are due to be repaid or prepaid on or before the proposed
                Utilisation Date; and

            

    

  

  

  

  
    
      	

            	(ii)	
              that Lender's (and its Affiliate's) Ancillary Commitments or Ancillary Participations under any Ancillary Facilities provided under the Revolving Facility or the
                Uncommitted Facility (as applicable) to the extent that they are due to be reduced or cancelled on or before the proposed Utilisation Date.

            

    

  

  

  

  "Available Revolving Facility"
    means, in relation to the Revolving Facility, the aggregate for the time being of each Lender's Available Commitment in respect of the Revolving Facility.

  

  

  "Available Uncommitted Facility"
    means, in relation to the Uncommitted Facility, the aggregate for the time being of each Lender's Available Commitment in respect of the Uncommitted Facility.

  

  

  "Base Case Model" means the
    financial model relating to the Group specified in the “request for proposal” prepared by the Company, a copy of which has been delivered to the Arrangers on 10 January 2020.

  

  

  "Borrower" means an Original
    Borrower or an Additional Borrower unless it has ceased to be a Borrower in accordance with Clause 26 (Changes to the Obligors) and, in respect of
    an Ancillary Facility only, any Affiliate of a Borrower that becomes a borrower of that Ancillary Facility with the approval of the relevant Lender pursuant to Clause 7.9 (Affiliates of Borrowers).

  
    
      

      

    

    -4-

    
      

    
      

      

    

  

  

  

  "Borrowings" has the meaning given
    to that term in Clause 22.1 (Financial definitions).

  

  

  "Break Costs" means the amount (if
    any) by which:

  

  

  
    
      	

            	(a)	
              the interest, excluding the Margin, which a Lender should have received for the period from the date of receipt of all or any part of its participation in a Loan or
                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.

            

    

  

  

  

  "Budget" means:

  

  

  
    
      	

            	(a)	
              in relation to the period beginning on the date of this Agreement and ending on 31 December 2020, the Base Case Model in agreed form to be delivered by the Company to
                the Agent pursuant to Clause 4.1 (Initial conditions precedent); and

            

    

  

  

  

  
    
      	

            	(b)	
              in relation to any other period, any budget delivered by the Company to the Agent in respect of that period pursuant to Clause 21.4  (Budget).

            

    

  

  

  

  "Business Day" means a day (other
    than a Saturday or Sunday) on which banks are open for general business in Amsterdam and Frankfurt am Main and (in relation to any date for payment or purchase of euro) any TARGET Day.

  

  

  "Cash" means, at any time, cash
    denominated in any currency used in the jurisdiction of incorporation of each member of the Group, or used in the jurisdiction where the Group has a branch office, in hand or at bank and (in the latter case) credited to an account in the name of any
    member of the Group and to which such member of the Group is alone (or together with any other members of the Group) beneficially entitled and for so long as:

  

  

  
    
      	

            	(a)	
              that cash is repayable on demand;

            

    

  

  

  

  
    
      	

            	(b)	
              repayment of that cash is not contingent on the prior discharge of any other indebtedness of any member of the Group or of any other person whatsoever or on the
                satisfaction of any other condition;

            

    

  

  

  

  
    
      	

            	(c)	
              there is no Security over that cash except for Transaction Security or any Security permitted in this Agreement constituted by a netting or set-off arrangement
                entered into by members of the Group in the ordinary course of their banking arrangements; and

            

    

  

  
    
      

      

    

    -5-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(d)	
              with respect to that cash in excess of in aggregate EUR 2,500,000 (or its equivalent in another currency or currencies) at any time, it is freely and immediately
                available to be applied in repayment or prepayment of the Facilities.

            

    

  

  

  

  "Cash Equivalent Investments" means
    at any time:

  

  

  
    
      	

            	(a)	
              certificates of deposit maturing within one year after the relevant date of calculation and issued by a Lender;

            

    

  

  

  

  
    
      	

            	(b)	
              any investment in marketable debt obligations issued or guaranteed by the government of any member state of the European Economic Area or any Participating Member
                State or by an instrumentality or agency of any of them having an equivalent credit rating, maturing within one year after the relevant date of calculation and not convertible or exchangeable to any other security;

            

    

  

  

  

  
    
      	

            	(c)	
              commercial paper not convertible or exchangeable to any other security:

            

    

  

  

  

  
    
      	

            	(i)	
              for which a recognised trading market exists;

            

    

  

  

  

  
    
      	

            	(ii)	
              issued by an issuer incorporated in any member state of the European Economic Area or any Participating Member State;

            

    

  

  

  

  
    
      	

            	(iii)	
              which matures within one year after the relevant date of calculation; and

            

    

  

  

  

  
    
      	

            	(iv)	
              which has a credit rating of either A-1 or higher by Standard & Poor's Rating Services or F1 or higher by Fitch Ratings Ltd or P-1 or higher by Moody's Investors
                Service Limited, or, if no rating is available in respect of the commercial paper, the issuer of which has, in respect of its long-term unsecured and non-credit enhanced debt obligations, an equivalent rating;

            

    

  

  

  

  
    
      	

            	(d)	
              any investment in money market funds which (i) have a credit rating of either A-1 or higher by Standard & Poor's Rating Services or F1 or higher by Fitch Ratings
                Ltd or P-1 or higher by Moody's Investors Service Limited, (ii) which invest substantially all their assets in securities of the types described in paragraphs (a) to (c) above and (iii) can be turned into cash on not more than 30 days'
                notice; or

            

    

  

  

  

  
    
      	

            	(e)	
              any other debt security approved by the Majority Lenders,

            

    

  

  

  

  in each case, denominated in EUR to which any member of the Group is alone (or together with other members of the Group beneficially
    entitled at that time and which is not issued or guaranteed by any member of the Group or subject to any Security (other than Security arising under the Security Documents).

  

  

  "Charged Property" means all of the
    assets of the Obligors which from time to time are, or are expressed to be, the subject of the Transaction Security.

  
    
      

      

    

    -6-

    
      

    
      

      

    

  

  

  

  "Close‐Out Netting" means:

  

  

  
    
      	

            	(a)	
              in respect of a Hedging Agreement based on a 1992 ISDA Master Agreement, any step involved in determining the amount payable in respect of an Early Termination Date
                (as defined in the 1992 ISDA Master Agreement) under section 6(e) of the 1992 ISDA Master Agreement before the application of any subsequent Set‐off (as defined in the 1992 ISDA Master Agreement);

            

    

  

  

  

  
    
      	

            	(b)	
              in respect of a Hedging Agreement based on a 2002 ISDA Master Agreement, any step involved in determining an Early Termination Amount (as defined in the 2002 ISDA
                Master Agreement) under section 6(e) of the 2002 ISDA Master Agreement; and

            

    

  

  

  

  
    
      	

            	(c)	
              in respect of a Hedging Agreement not based on an ISDA Master Agreement, any step involved on a termination of the hedging transactions under that Hedging Agreement
                pursuant to any provision of that Hedging Agreement which has a similar effect to either provision referenced in paragraph (a) and paragraph (b) above.

            

    

  

  

  

  "Code" means the US Internal
    Revenue Code of 1986.

  

  

  "Commitment" means a Revolving
    Facility Commitment and an Uncommitted Facility Participation.

  

  

  "Compliance Certificate" means a
    certificate substantially in the form set out in Schedule 6 (Form of Compliance Certificate).

  

  

  "Confidential Information" means
    all information relating to the Company, any Obligor, the Group, the Finance Documents or the Facilities of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party
    in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facilities from either:

  

  

  
    
      	

            	(a)	
              any member of the Group or any of its advisers; or

            

    

  

  

  

  
    
      	

            	(b)	
              another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its 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:

  

  

  
    
      	

            	(i)	
               information that:

            

    

  

  

  

  
    
      	

            	(A)	
              is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 40 (Confidentiality); or

            

    

  

  

  

  
    
      	

            	(B)	
              is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or

            

    

  

  
    
      

      

    

    -7-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(C)	
              is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that
                Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not
                otherwise subject to, any obligation of confidentiality; and

            

    

  

  

  

  
    
      	

            	(ii)	
              any Funding Rate or Reference Bank Quotation.

            

    

  

  

  

  "Confidentiality Undertaking" means
    a confidentiality undertaking substantially in the then most recent recommended form of the LMA or in any other form agreed between the Company and the Agent.

  

  

  "CRR" has the meaning given thereto
    in paragraph (b)(ii) of Clause 15.1 (Increased Costs).

  

  

  "Default" means an Event of Default
    or any event or circumstance specified in Clause 24 (Events of Default) which would (with the expiry of a grace period, the giving of notice, the
    making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.

  

  

  "Defaulting Lender" means any Lender:

  

  

  
    
      	

            	(a)	
              which has failed to make its participation in a Loan available (or has notified the Agent or the Company (which has notified the Agent) that it will not make its
                participation in a Loan available) by the Utilisation Date of that Loan in accordance with Clause 6.4 (Lenders' participation);

            

    

  

  

  

  
    
      	

            	(b)	
              which has otherwise rescinded or repudiated a Finance Document; or

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

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

  

  

  
    
      	

            	(i)	
              its failure to pay is caused by:

            

    

  

  

  

  
    
      	

            	(A)	
              administrative or technical error; or

            

    

  

  

  

  
    
      	

            	(B)	
              a Disruption Event; and

            

    

  

  

  

  payment is made within 5 Business Days of its due date; or

  

  

  
    
      	

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

            

    

  

  

  

  "Designated Gross Amount" means the
    amount notified by the Company to the Agent upon the establishment of a Multi-account Overdraft as being the maximum amount of Gross Outstandings that will, at any time, be outstanding under that Multi-account Overdraft.

  
    
      

      

    

    -8-

    
      

    
      

      

    

  

  

  

  "Designated Net Amount" means the
    amount notified by the Company to the Agent upon the establishment of a Multi-account Overdraft as being the maximum amount of Net Outstandings that will, at any time, be outstanding under that Multi-account Overdraft.

  

  

  "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 Facilities (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

            

    

  

  

  

  
    
      	

            	(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.

  

  

  "Environmental Claim" means any
    claim, proceeding or investigation by any person in respect of any Environmental Law.

  

  

  "Environmental Law" means any
    applicable law 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.

  

  

  "EURIBOR" means, in relation to any
    Loan in euro:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(b)	
              as otherwise determined pursuant to Clause 12.1 (Unavailability of
                  Screen Rate),

            

    

  

  

  

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

  
    
      

      

    

    -9-

    
      

    
      

      

    

  

  

  

  "Event of Default" means any event
    or circumstance specified as such in Clause 24 (Events of Default).

  

  

  "Existing Financial Indebtedness"
    means an uncommitted working capital loan facility for BrandLoyalty Trading (Shanghai) Co. Ltd. by Deutsche Bank (China) Co., Ltd. Shanghai Branch in an aggregate amount of RMB 40,000,000.

  

  

  "Existing Security" means any and
    all Security and guarantees granted in relation to the Existing Financial Indebtedness.

  

  

  "Extension Request" means a request
    substantially in the form set out in Schedule 12  (Form of Extension Request).

  

  

  "Facilities" means the Revolving
    Facility and the Uncommitted 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.

  

  

  "FATCA" means:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  "FATCA Application Date" means:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

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

  

  

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

  
    
      

      

    

    -10-

    
      

    
      

      

    

  

  

  

  "Fee Letter" means:

  

  

  
    
      	

            	(a)	
              any letter or letters dated on or about the date of this Agreement between the relevant Arrangers and the Company (or the Agent and the Company or the Security Agent
                and the Company) setting out any of the fees referred to in Clause 13 (Fees); and

            

    

  

  

  

  
    
      	

            	(b)	
              any other agreement setting out fees referred to in Clause 2.3 (Increase),

                Clause 3.7 (Accordion fee) or Clause 13.5 (Interest, commission and fees on Ancillary Facilities).

            

    

  

  

  

  "Finance Document" means this
    Agreement, the Security Documents, any Fee Letter, any Hedging Agreement, any Accession Letter, any Resignation Letter, any Ancillary Document any Accordion Increase Certificate, any Accordion Accession Letter, any Accordion Increase Request, any
    Extension Request and any other document designated as a "Finance Document" by the Agent and the Company, provided that where the term "Finance
    Document" is used in, and construed for the purposes of, this Agreement, a Hedging Agreement shall be a Finance Document only for the purposes of:

  

  

  
    
      	

            	(a)	
              the definition of "Material Adverse Effect";

            

    

  

  

  

  
    
      	

            	(b)	
              the definition of  "Security Document";

            

    

  

  

  

  
    
      	

            	(c)	
              paragraph (a)(iv) of Clause 1.2 (Construction);

            

    

  

  

  

  
    
      	

            	(d)	
              Clause 19 (Guarantee and Indemnity);

            

    

  

  

  

  
    
      	

            	(e)	
              Clause 28.2 (Parallel Debt);

            

    

  

  

  

  
    
      	

            	(f)	
              Clause 34 (Application of Proceeds); and

            

    

  

  

  

  
    
      	

            	(g)	
              Clause 24 (Events of Default) (other than Clause 24.18 (Acceleration)).

            

    

  

  

  

  "Finance Party" means the Agent, an
    Arranger, the Security Agent, a Lender or any Ancillary 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, commercial papers, 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 the Accounting Principles, be treated as a finance or
                capital lease (other than a lease or hire purchase contract which would, in accordance with the Accounting Principles in force prior to 1 January 2019, have been treated as an operating lease);

            

    

  

  
    
      

      

    

    -11-

    
      

    
      

      

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(h)	
              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 raised by the issue of redeemable shares;

            

    

  

  

  

  
    
      	

            	(j)	
              any amount of any liability under an advance or deferred purchase agreement if one of the primary reasons behind the entry into such agreement is to raise finance;
                and

            

    

  

  

  

  
    
      	

            	(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.

            

    

  

  

  

  "Financial Quarter" has the meaning
    given to that term in Clause 22.1 (Financial definitions).

  

  

  "Financial Year" has the meaning
    given to that term in Clause 22.1 (Financial definitions).

  

  

  "First Extended Termination Date"
    has the meaning given to that term in paragraph (a)(i) of Clause 8.2 (Extension Option).

  

  

  "Funding Rate" means any individual
    rate notified by a Lender to the Agent pursuant to paragraph (a)(ii) of Clause 12.4 (Cost of funds).

  

  

  "Gross Outstandings" means, in
    relation to a Multi-account Overdraft, the Ancillary Outstandings of that Multi-account Overdraft but calculated on the basis that the words "(net of any Available Credit Balance)" in paragraph (a) of the definition of "Ancillary Outstandings" were
    deleted.

  

  

  "Group" means the Company and its
    Subsidiaries for the time being.

  

  

  "Group Structure Chart" means the
    group structure chart showing:

  

  

  
    
      	

            	(a)	
              all members of the Group, including current name and a list of shareholders; and

            

    

  

  
    
      

      

    

    -12-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              any person in which any member of the Group holds shares in its issued share capital or equivalent ownership interest of such person.

            

    

  

  

  

  "Guarantor" means an Original
    Guarantor or an Additional Guarantor, unless it has ceased to be a Guarantor in accordance with Clause 26 (Changes to the Obligors).

  

  

  "Hedge Counterparty" means:

  

  

  
    
      	

            	(a)	
              any Original Hedge Counterparty; and

            

    

  

  

  

  
    
      	

            	(b)	
              any entity which has become a Party as a Hedge Counterparty in accordance with Clause 29.1 (Accession of Hedge Counterparties).

            

    

  

  

  

  "Hedge Counterparty Accession Undertaking"
    means an undertaking in the form set out in Schedule 10 (Hedge Counterparty Accession Undertaking).

  

  

  "Hedging Agreement" means any
    master agreement, confirmation, schedule or other agreement entered into or to be entered into by the Borrowers and a Hedge Counterparty for the purpose of hedging the types of liabilities and/or risks in relation to the Facilities which, at the time
    that that master agreement, confirmation, schedule or other agreement (as the case may be) is entered into, is permitted to be hedged under this Agreement.

  

  

  "Hedging Liabilities" means all
    obligations at any time due, owing or incurred by any Obligor to any Hedge Counterparty under the Hedging Agreements, whether present or future, actual or contingent (and whether incurred solely or jointly and whether as principal or surety or in some
    other capacity.

  

  

  "Holding Company" means, in
    relation to a person, any other person 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.

  

  

  "Impaired Agent" means the Agent at
    any time when:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

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

  

  

  
    
      	

            	(i)	
              its failure to pay is caused by:

            

    

  

  

  

  
    
      	

            	(A)	
              administrative or technical error; or

            

    

  

  
    
      

      

    

    -13-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(B)	
              a Disruption Event; and

            

    

  

  

  

  payment is made within five Business Days of its due date; or

  

  

  
    
      	

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

            

    

  

  

  

  "Increase Confirmation" means a
    confirmation substantially in the form set out in Schedule 12 (Form of Increase Confirmation).

  

  

  "Increase Lender" has the meaning
    given to that term in Clause 2.3 (Increase).

  

  

  "Initial Termination Date" means
    the date falling 3 years after the date of this Agreement.

  

  

  "Insolvency Event" in relation to
    an entity means that the entity:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(b)	
              admits in writing its inability generally to pay its debts as they become due;

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(g)	
              seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official

            

    

  

  
    
      

      

    

    -14-

    
      

    
      

      

    

  

  

  

  for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not
    to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above);

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(i)	
              (which is incorporated in the Federal Republic of Germany) (i) is unable to pay its debts as they fall due (zahlungsunfähig) or overindebted (überschuldet) or in danger of becoming unable to
                pay its debts as they fall due (drohende Zahlungsunfähigkeit) within the meaning of sections 17, 18 and 19 of the German Insolvency Code
                (Insolvenzordnung) (as applicable from time to time)

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  "Intellectual Property" means any
    patents, trade marks, service marks, designs, business names, copyrights, design rights, moral rights, inventions, confidential information, knowhow and other intellectual property rights and interests, whether registered or unregistered, and the
    benefit of all applications and rights to use such assets of each Obligor.

  

  

  "Inter‐Hedging Agreement Netting"
    means the exercise of set‐off, account combination, close‐out netting or payment netting (whether arising out of a cross agreement netting agreement or otherwise) by a Hedge Counterparty against liabilities owed to an Obligor by that Hedge Counterparty
    under a Hedging Agreement in respect of Hedging Liabilities owed to that Hedge Counterparty by that Obligor under another Hedging Agreement.

  

  

  "Interest Period" means, in
    relation to a Loan, each period determined in accordance with Clause 11 (Interest Periods) and, in relation to an Unpaid Sum, each period determined
    in accordance with Clause 10.3 (Default interest).

  

  

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

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  each as of the Specified Time for euro.

  
    
      

      

    

    -15-

    
      

    
      

      

    

  

  

  

  "Joint Venture" means any joint
    venture entity, whether a company, unincorporated firm, undertaking, association, joint venture or partnership or any other entity.

  

  

  "Lender" means:

  

  

  
    
      	

            	(a)	
              any Original Lender; and

            

    

  

  

  

  
    
      	

            	(b)	
              any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with Clause 2.3 (Increase), Clause 3 (Accordion feature – Increase of Facilities)
                or Clause 25 (Changes to the Lenders),

            

    

  

  

  

  which in each case has not ceased to be a Party in accordance with the terms of this Agreement.

  

  

  "LMA" means the Loan Market
    Association.

  

  

  "Loan" means a Revolving Loan or an
    Uncommitted Facility Loan.

  

  

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

  

  

  "Margin" means:

  

  

  
    
      	

            	(a)	
              in relation to any Revolving Loan, 0.80 per cent. per annum;

            

    

  

  

  

  
    
      	

            	(b)	
              in relation any Uncommitted Facility Loan, 0.60 per cent. per annum,

            

    

  

  

  

  but if:

  

  

  
    
      	

            	(a)	
              no Event of Default has occurred which is continuing; and

            

    

  

  

  

  
    
      	

            	(b)	
              Senior Net Leverage in respect of the most recently completed Relevant Period is within a range set out below,

            

    

  

  

  

  Then the Margin for:

  

  

  (i) each Revolving Loan will be the percentage per annum set out below in the column opposite that range:

    

  

  	
          
            Senior Net Leverage

          

        	 	
          
            Revolving Facility

            Margin % p.a.

          

        
	
          Greater than 3.00:1.00

        	 	
          1.65

        
	 	 	 
	
          Less than or equal to 3.00:1.00 but greater than 2.50:1.00

        	 	
          1.35

        
	 	 	 
	
          Less than or equal to 2.50:1.00 but greater than 2.00:1.00

        	 	
          1.15

        
	 	 	 
	
          Less than or equal to 2.00:1.00 but greater than 1.50:1.00

        	 	
          1.00

        
	 	 	 
	
          Less than or equal to 1.50:1.00 but greater than 1.00:1.00

        	 	
          0.85

        
	 	 	 
	
          Less than or equal to 1.00:1.00

        	 	
          0.80

        

  

  

  
    
      

      

    

    -16-

    
      

    
      

      

    

  

  

  

  and (ii) each Uncommitted Facility Loan will be the percentage per annum set out below in the column opposite that range:

  

  

  	
          
            Senior Net Leverage

          

        	 	
          
            Uncommitted Facility

            Margin % p.a.

          

        
	
          Greater than 3.00:1.00

        	 	
           

          1.40

        
	
          Less than or equal to 3.00:1.00 but greater than 2.50:1.00

        	 	
           

          1.10

        
	
          Less than or equal to 2.50:1.00 but greater than 2.00:1.00

        	 	
           

          0.90

        
	
          Less than or equal to 2.00:1.00 but greater than 1.50:1.00

        	 	
           

          0.75

        
	
          Less than or equal to 1.50:1.00 but greater than 1.00:1.00

        	 	
           

          0.65

        
	
          Less than or equal to 1.00:1.00

        	 	
           

          0.60

        

  

  

  However, in each case:

  

  

  
    
      	

            	(i)	
              any increase or decrease in the Margin for a Loan or, in case no Loan is outstanding under the relevant Facility, any increase or decrease in the Margin for that
                Facility, shall take effect on the date which is 3 Business Days after receipt by the Agent of the Compliance Certificate for that Relevant Period pursuant to Clause 21.2 (Compliance Certificate);

            

    

  

  

  

  
    
      	

            	(ii)	
              if, following receipt by the Agent of the annual audited financial statements of the Group and related Compliance Certificate, those statements and Compliance
                Certificate do not confirm the basis for:

            

    

  

  

  

  
    
      	

            	(A)	
              a reduced Margin, then paragraph (b) of Clause 10.2 (Payment of
                  interest) shall apply and the Margin for that Loan shall be the percentage per annum determined using the table above and the revised ratio of Senior Net Leverage calculated using the figures in the Compliance Certificate; or

            

    

  

  

  

  
    
      	

            	(B)	
              an increased Margin, then, provided that the Lenders are also the Original Lenders, paragraph (c) of Clause 10.2 (Payment of interest) shall apply;

            

    

  

  

  

  
    
      	

            	(iii)	
              while an Event of Default under any of Clause 24.1 (Non-payment),

                Clause 24.2 (Financial Covenant and other obligations) (but only in relation to a failure to comply with Clause 22.2 (Financial condition)), Clause 24.3 (Other
                  obligations) (but only in relation to a failure to

            

    

  

  
    
      

      

    

    -17-

    
      

    
      

      

    

  

  

  

  comply with paragraph (a) of Clause 21.2 (Compliance Certificate)  in such case that the Margin cannot be determined), Clause 24.6 (Insolvency) or Clause 24.7 (Insolvency Proceedings) (each a “Material Event of
      Default”) is continuing, the Margin for each Loan shall be the highest percentage per annum set out above for such Loan. Once that Material Event of Default has been remedied or waived, the Margin for each Loan or, in case no Loan is
    outstanding under the relevant Facility, any increase or decrease in the Margin for that Facility, will be re-calculated on the basis of the most recently delivered Compliance Certificate and the terms of this definition Margin shall apply (on the
    assumption that on the date of the most recently delivered Compliance Certificate, no Event of Default has occurred or was continuing) with any reduction in Margin resulting from such recalculation taking effect from the date of such remedy or waiver;
    and

  

  

  
    
      	

            	(iv)	
              for the purpose of determining the Margin, Senior Net Leverage and Relevant Period shall be determined in accordance with Clause 22.1 (Financial definitions)

            

    

  

  

  

  "Material Adverse Effect" means a material adverse effect on:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(b)	
              the ability of the Obligors (taken as a whole) to perform their payment obligations under the Finance Documents and/or their obligations under Clause 22 (Financial Covenant); or

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  "Material Company" means:

  

  

  
    
      	

            	(a)	
              an Obligor;

            

    

  

  

  

  
    
      	

            	(b)	
              a wholly-owned member of the Group that holds shares in an Obligor; or

            

    

  

  

  

  
    
      	

            	(c)	
              a Subsidiary of the Company which has earnings before interest, tax, depreciation and amortisation calculated on the same basis as EBITDA (as defined in Clause 22.1 (Financial definitions) representing 5 % or more of EBITDA (as defined in Clause 22.1 (Financial definitions) of the Group, calculated on a consolidated basis.

            

    

  

  

  

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

  

  

  
    
      	

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

            

    

  

  
    
      

      

    

    -18-

    
      

    
      

      

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  The above rules will only apply to the last Month of any period.

  

  

  "Multi-account Overdraft" means an
    Ancillary Facility which is an overdraft facility comprising more than one account.

  

  

  "Net Outstandings" means, in
    relation to a Multi-account Overdraft, the Ancillary Outstandings of that Multi-account Overdraft.

  

  

  “Net Proceeds” means the actual
    proceeds received in cash by any member of the Group, minus:

  

  

  
    
      	

            	(a)	
              all related taxes and expenses, deferred consideration and provisions for liability;

            

    

  

  

  

  
    
      	

            	(b)	
              repayment of any related Financial Indebtedness; and

            

    

  

  

  

  
    
      	

            	(c)	
              costs reasonably anticipated (acting in good faith and as certified by the chief financial officer) to be incurred within 12 months in respect of redundancy, closure,
                relocation, reorganisation and restructuring and other costs incurred directly preparing the asset for, or incurred as a consequence of, a disposal (in each case to persons who are not member of the Group), but to the extent such
                anticipated cost is not actually incurred within 12 months then that amount shall not be included in the computation of Net Proceeds.

            

    

  

  

  

  "New Equity" means the proceeds of
    any issue of shares by the Company which proceeds are to be applied in accordance with and for the purposes as set out in Clause 22.4 (Equity cure).

  

  

  "New Lender" has the meaning given
    to that term in Clause 25 (Changes to the Lenders).

  

  

  "Non-Consenting Lender" has the
    meaning given to that term in Clause 39.7 (Replacement of a Lender).

  

  

  "Obligor" means a Borrower or a
    Guarantor.

  

  

  "OFAC" means the Office of Foreign
    Assets Control of the US Department of Treasury.

  

  

  "Original Financial Statements"
    means in relation to the Company, the audited consolidated financial statements of the Group for the Financial Year ended 2018.

  

  

  "Original Obligor" means an
    Original Borrower or an Original Guarantor.

  
    
      

      

    

    -19-

    
      

    
      

      

    

  

  

  

  "Participating Member State" means
    any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.

  

  

  "Party" means a party to this
    Agreement.

  

  

  "Payment Netting" means:

  

  

  
    
      	

            	(a)	
              in respect of a Hedging Agreement based on an ISDA Master Agreement, netting under section 2(c) of the relevant ISDA Master Agreement; and

            

    

  

  

  

  
    
      	

            	(b)	
              in respect of a Hedging Agreement not based on an ISDA Master Agreement, netting pursuant to any provision of that Hedging Agreement which has a similar effect to the
                provision referenced in paragraph (a) above.

            

    

  

  

  

  "Permitted Gross Outstandings"
    means, in relation to a Multi-account Overdraft, any amount, not exceeding its Designated Gross Amount, which is the amount of the Gross Outstandings of that Multi-account Overdraft.

  

  

  "Permitted Hedge Close‐Out" means,
    in relation to a hedging transaction under a Hedging Agreement, a termination or close‐out of that hedging transaction which is permitted pursuant to Clause 29.8 (Permitted enforcement by Hedge Counterparties).

  

  

  "Qualifying Lender" has the meaning
    given to it in Clause 14 (Tax gross-up and indemnities).

  

  

  "Quotation Day" means, in relation
    to any period for which an interest rate is to be determined two TARGET 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).

  

  

  "Reference Bank Rate" means the
    arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Agent at its request by the Reference Banks:

  

  

  
    
      	

            	(a)	
              (other than where paragraph (b) below applies) as the rate at which the relevant Reference Bank believes one prime bank is quoting to another prime bank for interbank
                term deposits in euro within the Participating Member States for the relevant period; or

            

    

  

  

  

  
    
      	

            	(b)	
              if different, as the rate (if any and applied to the relevant Reference Bank and the relevant period) which contributors to the applicable Screen Rate are asked to
                submit to the relevant administrator.

            

    

  

  

  

  "Reference Banks" means any banks
    as may be appointed by the Agent in consultation with the Company.

  

  

  "Reference Bank Quotation" means
    any quotation supplied to the Agent by a Reference Bank.

  
    
      

      

    

    -20-

    
      

    
      

      

    

  

  

  

  "Refusing Lender" has the meaning
    given to that term in Clause 6.4(b) (Availability).

  

  

  "Related Fund" in relation to a
    fund (the "first fund"), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is
    managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.

  

  

  "Relevant Interbank Market" means
    the European interbank market.

  

  

  "Relevant Jurisdiction" means:

  

  

  
    
      	

            	(a)	
              the jurisdiction of incorporation of each Material Company; and

            

    

  

  

  

  
    
      	

            	(b)	
              the jurisdiction where any asset subject to or intended to be subject to the Transaction Security is situated.

            

    

  

  

  

  "Relevant Period" has the meaning
    given to that term in Clause 22.1 (Financial definitions).

  

  

  "Repeating Representations" means
    each of the representations set out in Clauses 20.1 (Status) to 20.6 (Governing law and enforcement), Clause 20.10 (No default), paragraph (b) of Clause 20.11 (No misleading information), Clause 20.12 (Financial statements),
    Clause 20.13 (No proceedings pending or threatened), Clause 20.18 (Anti-corruption and anti-money laundering laws), Clause 20.19 (Sanctions), Clause 20.23 (Legal and Beneficial Owner) and Clause 20.27 (Centre of main interests and
      establishments).

  

  

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

  

  

  "Resignation Letter" means a letter
    substantially in the form set out in Schedule 5 (Form of Resignation Letter).

  

  

  "Restricted Party" means a person,
    or a person owned or controlled (directly or indirectly) by a person, that is:

  

  

  
    
      	

            	(a)	
              listed on any Sanctions List or is otherwise a subject of Sanctions;

            

    

  

  

  

  
    
      	

            	(b)	
              located in or organised under the laws of a country or territory which is a subject of country-wide or territory-wide Sanctions or whose government is the subject of
                country or territory wide Sanctions (including, without limitation, at the date of the this Agreement, Crimea, Cuba, Iran, Sudan, Syria or North Korea); or

            

    

  

  

  

  
    
      	

            	(c)	
              acting on behalf of any of the persons listed under paragraphs (a) or (b) above.

            

    

  

  

  

  "Revolving Facility" means the EUR 30,000,000 revolving loan facility made available under this Agreement as described in Clause 2.1 (The Revolving Facility).

  
    
      

      

    

    -21-

    
      

    
      

      

    

  

  

  

  "Revolving Facility Commitment"
    means:

  

  

  
    
      	

            	(a)	
              in relation to an Original Lender, the aggregate of:

            

    

  

  

  

  
    
      	

            	(i)	
              the amount set opposite its name under the heading "Revolving Facility
                  Commitment" in Part II of Schedule 1 (The Original Parties); and

            

    

  

  

  

  
    
      	

            	(ii)	
              the amount of any other Revolving Facility Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.3 (Increase) or Clause 3 (Accordion feature – increase of
                  Facilities); and

            

    

  

  

  

  
    
      	

            	(b)	
              in relation to any other Lender, the amount of any Revolving Facility Commitment transferred to it under this Agreement or assumed by it in accordance with Clause 2.3
                (Increase) or Clause 3 (Accordion
                  feature – increase of Facilities),

            

    

  

  

  

  to the extent not cancelled, reduced or transferred by it under this Agreement.

  

  

  "Revolving Loan" means a loan made
    or to be made under the Revolving Facility or the principal amount outstanding for the time being of that loan.

  

  

  "Rollover Loan" means one or more
    Revolving Loans or Uncommitted Facility Loans (as applicable):

  

  

  
    
      	

            	(a)	
              made or to be made on the same day that a maturing Revolving Loan or Uncommitted Facility Loan (as applicable) is due to be repaid;

            

    

  

  

  

  
    
      	

            	(b)	
              the aggregate amount of which is equal to or less than the amount of the maturing Revolving Loan or Uncommitted Facility Loan (as applicable);

            

    

  

  

  

  
    
      	

            	(c)	
              made or to be made available under the same Facility as the maturing Revolving Loan or Uncommitted Facility Loan (as applicable); and

            

    

  

  

  

  
    
      	

            	(d)	
              made or to be made to the same Borrower for the purpose of refinancing a maturing Revolving Loan or Uncommitted Facility Loan (as applicable).

            

    

  

  

  

  "Sanctions" means any trade,
    economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced from time to time by a Sanctions Authority.

  

  

  "Sanctions Authority" means:

  

  

  
    
      	

            	(a)	
              the Security Council of the United Nations;

            

    

  

  

  

  
    
      	

            	(b)	
              the US;

            

    

  

  

  

  
    
      	

            	(c)	
              the European Union (including all of its member states, including the Netherlands);

            

    

  

  

  

  
    
      	

            	(d)	
              the United Kingdom;

            

    

  

  
    
      

      

    

    -22-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(e)	
              any country  in which a member of the Group is incorporated or in, from or to which it conducts its business; and

            

    

  

  

  

  
    
      	

            	(f)	
              the governments and official institutions or agencies of any of paragraphs (a) through (e) above, including OFAC, the Council of the European Union, the United States
                Department of State and Her Majesty's Treasury.

            

    

  

  

  

  "Sanctions List" means any list of
    specifically designated persons, entities (or equivalent) or countries maintained by, or public announcement of Sanctions designation made by a Sanctions Authority, each as amended, supplemented or substituted from time to time.

  

  

  "Screen Rate" means the euro
    interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate), for the relevant period displayed on page EURIBOR01 of the Thomson Reuters screen (or any replacement
    Thomson Reuters page which displays that rate) or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Agent may specify
    another page or service displaying the relevant rate after consultation with the Company and the Lenders.

  

  

  "Second Extended Termination Date"
    has the meaning given to that term in paragraph (a)(ii) of Clause 8.2 (Extension Option).

  

  

  "Secured Obligations" means all
    obligations at any time due, owing or incurred by any Obligor to any Secured Party under the Finance Documents, whether present or future, actual or contingent (and whether incurred solely or jointly and whether as principal or surety or in some other
    capacity).

  

  

  "Secured Parties" means the
    Security Agent, the Agent, each Lender, each Arranger and each Ancillary Lender (including any Affiliate of a Lender which is an Ancillary Lender) from time to time party to this Agreement.

  

  

  "Security" means a mortgage,
    charge, pledge, lien, assignment or transfer for security purposes or other security interest securing any obligation of any person or any other agreement or arrangement having a similar effect.

  

  

  "Security Documents" means:

  

  

  
    
      	

            	(a)	
              each of the documents listed as being a Security Document in paragraph 3 of Part I of Schedule 2 (Conditions Precedent) of this Agreement and any document required to be delivered to the Agent under paragraph 11 of Part II of Schedule 2 (Conditions Precedent); and

            

    

  

  

  

  
    
      	

            	(b)	
              any other document entered into by any Obligor creating or expressed to create any Security over all or any part of its assets in respect of the obligations of any of
                the Obligors under any of the Finance Documents.

            

    

  

  

  

  "Separate Loan" has the meaning
    given to that term in Clause 8 (Repayment).

  

  

  "Specified Time" means a time
    determined in accordance with Schedule 7 (Timetables).

  
    
      

      

    

    -23-

    
      

    
      

      

    

  

  

  

  "Subordinated Shareholder Loan"
    means any subordinated shareholder loan on arms' length terms made available to the Company from a direct or indirect shareholder of the Company which is subordinated in full to the rights of the Finance Parties in form and substance satisfactory to
    the Finance Parties.

  

  

  "Subordinated Shareholder Loan Agreement"
    means any subordinated shareholder loan agreement on arms' length terms pursuant to which a Subordinated Shareholder Loan is made available.

  

  

  "Subsidiary" means in relation to
    any person incorporated in The Netherlands a subsidiary (dochtermaatschappij) within the meaning of Section 24a of Book 2 of the Dutch Civil Code,
    and in relation to any company or corporation, a company or corporation:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

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

  

  

  "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).

  

  

  "Tax Confirmation" shall have the
    meaning ascribed to it in Clause 14 (Tax Gross Up and Indemnities).

  

  

  "Termination Date" means:

  

  

  
    
      	

            	(a)	
              the Initial Termination Date;

            

    

  

  

  

  
    
      	

            	(b)	
              in case of an extension in accordance with paragraph (a)(i) of Clause 8.2 (Extension Option), the First Extended Termination Date; or

            

    

  

  

  

  
    
      	

            	(c)	
              in case of an extension in accordance with paragraph (a)(ii) of Clause 8.2 (Extension Option), the Second Extended Termination Date.

            

    

  

  
    
      

      

    

    -24-

    
      

    
      

      

    

  

  

  

  "Transaction Security" means the
    Security created or expressed to be created in favour of the Security Agent and/or the Secured Parties (or any of them) pursuant to the Security Documents.

  

  

  "Transfer Certificate" means a
    certificate substantially in the form set out in Schedule 3 (Form of Transfer Certificate) or any other form agreed between the Agent and the
    Company.

  

  

  "Transfer Date" means, in relation
    to an assignment or a transfer, the later of:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  "Treasury Transactions" means any
    derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.

  

  

  "Total Revolving Facility Commitments"
    means the aggregate of the Revolving Facility Commitments, being EUR 30,000,000 at the date of this Agreement.

  

  

  "Total Uncommitted Facility Participations"
    means the aggregate of the Uncommitted Facility Participations, being EUR 30,000,000 at the date of this Agreement.

  

  

  "Uncommitted Facility" means the
    EUR 30,000,000 uncommitted working capital facility as described under Clause 2.2 (The Uncommitted Facility).

  

  

  "Uncommitted Facility Loan" means a
    loan made or to be made under the Uncommitted Facility or the principal amount outstanding for the time being of that loan.

  

  

  "Uncommitted Facility Participation"
    means:

  

  

  
    
      	

            	(a)	
              in relation to an Original Lender, the aggregate of:

            

    

  

  

  

  
    
      	

            	(i)	
              the amount set opposite its name under the heading "Uncommitted
                  Facility Participation" in Part II of Schedule 1 (The Original Parties); and

            

    

  

  

  

  
    
      	

            	(ii)	
              and the amount of any other Uncommitted Facility Participation transferred to it under this Agreement or assumed by it in accordance with Clause 2.3 (Increase) or Clause 3 (Accordion feature –
                  increase of Facilities); and

            

    

  

  

  

  
    
      	

            	(b)	
              in relation to any other Lender, the amount of any Uncommitted Facility Participation transferred to it under this Agreement or assumed by it in accordance with
                Clause 2.3 (Increase) or Clause 3 (Accordion

                  feature – increase of Facilities),

            

    

  

  

  

  to the extent not cancelled, reduced or transferred by it under this Agreement.

  
    
      

      

    

    -25-

    
      

    
      

      

    

  

  

  

  "Uncommitted Facility Termination Date"
    means, in respect of any Lender the date on which that Lender, in its sole discretion, notifies the Company (with a copy to the Agent for information purposes only) of its decision to cancel and demand repayment of the amounts outstanding under the
    Uncommitted Facility and/or any Ancillary Facility provided thereunder, but in any case not later than the Termination Date.

  

  

  "Unpaid Sum" means any sum due and
    payable but unpaid by an Obligor under the Finance Documents.

  

  

  "US" means the United States of
    America.

  

  

  "US GAAP" means generally accepted
    accounting principles in the US.

  

  

  "Utilisation" means a utilisation
    of the Revolving Facility or the Uncommitted Facility.

  

  

  "Utilisation Date" means the date
    of a Utilisation, being the date on which the relevant Loan is to be made.

  

  

  "Utilisation Request" means a
    notice substantially in the form set out in Schedule 2 Part III (Utilisation Request).

  

  

  "VAT" means:

  

  

  
    
      	

            	(a)	
              any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and

            

    

  

  

  

  
    
      	

            	(b)	
              any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in
                paragraph (a) above, or imposed elsewhere.

            

    

  

  

  

  
    
      	1.2	
              Construction

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(iii)	
              "director" includes any statutory legal representative(s) (organschaftlicher Vertreter) of a person pursuant to the laws of its jurisdiction of incorporation, including but not limited to, in
                relation to a person incorporated or established in Germany, a managing director (Geschäftsführer) or member of the board of directors (Vorstand);

            

    

  

  
    
      

      

    

    -26-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(iv)	
              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, replaced or restated;

            

    

  

  

  

  
    
      	

            	(v)	
              "guarantee" means (other than in Clause 19 (Guarantee and Indemnity)) any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or
                indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain
                or assist the ability of such person to meet its indebtedness;

            

    

  

  

  

  
    
      	

            	(vi)	
              "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;

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(x)	
              a time of day is a reference to Amsterdam time.

            

    

  

  

  

  
    
      	

            	(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.

            

    

  

  

  

  
    
      	

            	(d)	
              A Borrower providing "cash cover" for an Ancillary Facility
                means a Borrower paying an amount in the currency of that Ancillary Facility to an interest-bearing account in the name of that Borrower and the following conditions being met:

            

    

  

  

  

  
    
      	

            	(i)	
              the account is with the Ancillary Lender in respect of that Ancillary Facility;

            

    

  

  

  

  
    
      	

            	(ii)	
              until no amount is or may be outstanding under that Ancillary Facility, withdrawals from the account may only be made to pay the Ancillary Lender amounts due and
                payable to it under this Agreement in respect of that Ancillary Facility; and

            

    

  

  
    
      

      

    

    -27-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(iii)	
              that Borrower has executed a security document over that account, in form and substance satisfactory to the Ancillary Lender with which that account is held, creating
                a first ranking security interest over that account.

            

    

  

  

  

  
    
      	

            	(e)	
              A Default and an Event of Default is "continuing" if it has not
                been remedied or waived.

            

    

  

  

  

  
    
      	

            	(f)	
              A Borrower "repaying" or "prepaying" Ancillary Outstandings means:

            

    

  

  

  

  
    
      	

            	(i)	
              that Borrower providing cash cover in respect of those Ancillary Outstandings;

            

    

  

  

  

  
    
      	

            	(ii)	
              the maximum amount payable under that Ancillary Facility being reduced in accordance with its terms; or

            

    

  

  

  

  
    
      	

            	(iii)	
              the Ancillary Lender being satisfied that it has no further liability under that Ancillary Facility,

            

    

  

  

  

  and the amount by which Ancillary Outstandings are repaid or prepaid under paragraphs (i) and (ii) above is the amount of the relevant
    cash cover, reduction or cancellation.

  

  

  
    
      	

            	(g)	
              An amount borrowed includes any amount utilised under an Ancillary Facility.

            

    

  

  

  

  
    
      	1.3	
              Currency Symbols and Definitions

            

    

  

  

  

  "EUR" and "euro" denote the single currency unit of the Participating Member States.

  

  

  
    
      	1.4	
              Dutch terms

            

    

  

  

  

  In this Agreement, where it relates to a Dutch entity, a reference to:

  

  

  
    
      	

            	(a)	
              "The Netherlands" means the European part of the Kingdom of the Netherlands and "Dutch" means in or of The Netherlands;

            

    

  

  

  

  
    
      	

            	(b)	
              "works council" means each works council (ondernemingsraad) or
                central or group works council (centrale of groeps ondernemingsraad) having jurisdiction over that person;

            

    

  

  

  

  
    
      	

            	(c)	
              a necessary action to authorise, where applicable, includes without limitation, any action required to comply with the Dutch Works Councils Act (Wet op de ondernemingsraden);

            

    

  

  

  

  
    
      	

            	(d)	
              "financial assistance" includes any act prohibited by Section 2:98c of the Dutch Civil Code;

            

    

  

  

  

  
    
      	

            	(e)	
              "constitutional documents" means the articles of association (statuten)
                and deed of incorporation (akte van oprichting) and an up-to-date extract of registration of the Trade Register of the Dutch Chamber of
                Commerce;

            

    

  

  
    
      

      

    

    -28-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(f)	
              a "security interest" or "security" includes any mortgage (hypotheek), pledge (pandrecht),
                retention of title arrangement (eigendomsvoorbehoud), right of retention (recht van retentie), right to reclaim goods (recht van reclame) and any right in rem (beperkt recht) created for
                the purpose of granting security (goederenrechtelijke zekerheid);

            

    

  

  

  

  
    
      	

            	(g)	
              a winding up, administration or dissolution includes a Dutch entity being:

            

    

  

  

  

  
    
      	

            	(i)	
              declared bankrupt (failliet verklaard); and/or

            

    

  

  

  

  
    
      	

            	(ii)	
              dissolved (ontbonden);

            

    

  

  

  

  
    
      	

            	(h)	
              a moratorium includes surseance van betaling;

            

    

  

  

  

  
    
      	

            	(i)	
              a liquidator includes a curator;

            

    

  

  

  

  
    
      	

            	(j)	
              an administrator includes a bewindvoerder;

            

    

  

  

  

  
    
      	

            	(k)	
              an attachment includes a beslag;

            

    

  

  

  

  
    
      	

            	(a)	
              "negligence" means schuld;

            

    

  

  

  

  
    
      	

            	(b)	
              "gross negligence" means grove schuld; and

            

    

  

  

  

  
    
      	

            	(c)	
              "wilful misconduct" means opzet.

            

    

  

  
    
      

      

    

    -29-

    
      

    
      

      

    

  

  

  

  SECTION 2

  

  

  THE FACILITIES

  

  

  
    
      	2.	
              THE FACILITIES

            

    

  

  

  

  
    
      	2.1	
              The Revolving Facility

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to the terms of this Agreement, the Lenders make available to the Borrowers a revolving loan facility in an aggregate amount equal to the Total Revolving
                Facility Commitment.

            

    

  

  

  

  
    
      	

            	(b)	
              Subject to the terms of this Agreement and the Ancillary Documents an Ancillary Lender may make all or part of its Revolving Facility Commitment available to any
                Borrower as an Ancillary Facility.

            

    

  

  

  

  
    
      	2.2	
              The Uncommitted Facility

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to the terms of this Agreement and Clause 5.3 (Uncommitted
                  Facility), a Lender may in its sole discretion make available to the Borrowers its participation in the Uncommitted Facility, until further notice (dagelijks opzegbaar).

            

    

  

  

  

  
    
      	

            	(b)	
              Subject to the terms of this Agreement, Clause 5.3 (Uncommitted
                  Facility) and the Ancillary Documents, an Ancillary Lender may in its sole discretion make all or part of its Uncommitted Facility Participation available to any Borrower as an Ancillary Facility, until further notice (dagelijks opzegbaar).

            

    

  

  

  

  
    
      	2.3	
              Increase

            

    

  

  

  

  
    
      	

            	(a)	
              The Company may by giving prior notice to the Agent after the effective date of a cancellation of:

            

    

  

  

  

  
    
      	

            	(i)	
              the Available Commitments of a Defaulting Lender in accordance with Clause 9.8 (Right of cancellation in relation to a Defaulting Lender); or

            

    

  

  

  

  
    
      	

            	(ii)	
              the Commitments of a Lender in accordance with:

            

    

  

  

  

  
    
      	

            	(A)	
              Clause 9.1 (Illegality); or

            

    

  

  

  

  
    
      	

            	(B)	
              paragraph (a) of Clause 9.7 (Right of replacement or repayment and
                  cancellation in relation to a single Lender),

            

    

  

  

  

  request that the Commitments relating to any Facility be increased (and the Commitments relating to that Facility shall be so increased)
    in an aggregate amount up to the amount of the Available Commitments or Commitments relating to that Facility so cancelled as follows:

  

  

  
    
      	

            	(i)	
              the increased Commitments will be assumed by one or more Lenders or other banks, financial institutions, trusts, funds or other entities (each an "Increase Lender") selected by the Company (each of which shall not be a member of the Group and which is further acceptable to the Agent

            

    

  

  
    
      

      

    

    -30-

    
      

    
      

      

    

  

  

  

  (acting reasonably)) and each of which confirms in writing (whether in the relevant Increase Confirmation or otherwise)
    its willingness to assume and does assume all the obligations of a Lender corresponding to that part of the increased Commitments which it is to assume, as if it had been an Original Lender;

  

  

  
    
      	

            	(ii)	
              each of the Obligors and any Increase Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and the Increase
                Lender would have assumed and/or acquired had the Increase Lender been an Original Lender. No Lender (or any successor thereto) shall have any obligations to increase its Commitment in relation to any Facility or incur any other obligations
                under this Agreement and the other Finance Documents whatsoever, and any decision by a Lender to increase its Commitment in relation to any Facility shall be made in its sole discretion independently from any other Lender;

            

    

  

  

  

  
    
      	

            	(iii)	
              each Increase Lender shall become a Party as a "Lender" and any
                Increase Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Increase Lender and those Finance Parties would have assumed and/or acquired had the Increase
                Lender been an Original Lender;

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(v)	
              any increase in the Commitments relating to a Facility shall take effect on the date specified by the Company in the notice referred to above or any later date on
                which the conditions set out in paragraph (b) below are satisfied.

            

    

  

  

  

  
    
      	

            	(b)	
              An increase in the Commitments relating to a Facility will only be effective on:

            

    

  

  

  

  
    
      	

            	(i)	
              the execution by the Agent of an Increase Confirmation from the relevant Increase Lender; and

            

    

  

  

  

  
    
      	

            	(ii)	
              in relation to an Increase Lender which is not a Lender immediately prior to the relevant increase the Agent being satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to the assumption of the increased
                Commitments by that Increase Lender. The Agent shall promptly notify the Company and the Increase Lender upon being so satisfied.

            

    

  

  

  

  
    
      	

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

            

    

  

  
    
      

      

    

    -31-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(d)	
              The Company may pay to the Increase Lender a fee in the amount and at the times agreed between the Company and the Increase Lender in a Fee Letter.

            

    

  

  

  

  
    
      	

            	(e)	
              Clause 25.4 (Limitation of responsibility of Existing Lenders)
                shall apply mutatis mutandis in this Clause 2.3 in relation to an Increase Lender as if references in that Clause to:

            

    

  

  

  

  
    
      	

            	(i)	
              an "Existing Lender" were references to all the Lenders
                immediately prior to the relevant increase;

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(iii)	
              a "re-transfer" and "re-assignment" were references to respectively a "transfer" and "assignment".

            

    

  

  

  

  
    
      	2.4	
              Finance Parties' rights and obligations

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	2.5	
              Obligor's Agent

            

    

  

  

  

  
    
      	

            	(a)	
              Each Obligor (other than the Company) by its execution of this Agreement or an Accession Letter irrevocably appoints the Company (acting through one or more
                authorised signatories) to act on its behalf as its agent in relation to the Finance Documents (in such capacity the “Obligors' Agent”)
                and irrevocably authorises:

            

    

  

  

  

  
    
      	

            	(i)	
              the Company on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions
                (including, in the case of a Borrower, Utilisation Requests), to execute on its behalf any Accession Letter, to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected
                by any Obligor notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and

            

    

  

  
    
      

      

    

    -32-

    
      

    
      

      

    

  

  

  

  
    
      	

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

            

    

  

  

  

  and in each case the Obligor shall be bound as though the Obligor itself had given the notices and instructions (including, without
    limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. For this purpose each Obligor (other than the Company)
    incorporated in Germany releases the Company to the fullest extent possible from any restrictions for double representation and self-dealing under any applicable law, and in particular from the restrictions of Section 181 of the German Civil Code (Bürgerliches Gesetzbuch).

  

  

  
    
      	

            	(b)	
              Each appointment under this Clause 2.5 is given with full power of substitution and also applies to any situation where the Company acts as an Obligor's counterparty
                (Selbsteintritt) within the meaning of Section 3:68 of the Dutch Civil Code or as a representative of an Obligor's counterparty.

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	3.	
              ACCORDION FEATURE – INCREASE OF FACILITIES

            

    

  

  

  

  
    
      	3.1	
              Accordion increase by existing Lenders

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to paragraph (b) below, the Company may, at any time prior to the date falling 180 days before the Termination Date request by notice to the Agent (each an "Accordion Increase Request") that the Revolving Facility Commitment and/or the Uncommitted Facility Participation be increased for an amount
                in aggregate not exceeding EUR 80,000,000, provided that:

            

    

  

  

  

  
    
      	

            	(i)	
              at such time, no Default has occurred which is continuing or would occur as a result of such increase;

            

    

  

  

  

  
    
      	

            	(ii)	
              the Accordion Increase Amount in an Accordion Increase Request is at least EUR 10,000,000; and

            

    

  

  

  

  
    
      	

            	(iii)	
              each Accordion Increase Lender (as defined below) is offered the same up-front fee.

            

    

  

  
    
      

      

    

    -33-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              If the Company delivers an Accordion Increase Request:

            

    

  

  

  

  
    
      	

            	(i)	
              within 3 Business Days of receipt of such Accordion Increase Request, the Agent shall forward a copy of that Accordion Increase Request to the Lenders; and

            

    

  

  

  

  
    
      	

            	(ii)	
              each Lender shall have the right for a period of 15 Business Days following receipt of a copy of that Accordion Increase Request from the Agent, to elect by written
                notice to the Company and the Agent to:

            

    

  

  

  

  
    
      	

            	(A)	
              increase its Revolving Facility Commitment or Uncommitted Facility Participation in accordance with Clause 25.7 (Accordion Increase) which notice shall include the amount by which it elects to increase its Revolving Facility Commitment or its Uncommitted Facility Participation (which amount shall not
                exceed the relevant Accordion Increase Amount) and any applicable fees (each such Lender, an "Accordion Increase Lender"); or

            

    

  

  

  

  
    
      	

            	(B)	
              confirm that it does not elect to increase its Revolving Facility Commitment or Uncommitted Facility Participation.

            

    

  

  

  

  
    
      	

            	(c)	
              If the aggregate amount of the proposed increase in Revolving Facility Commitments or Uncommitted Facility Participations exceeds the relevant Accordion Increase
                Amount, then the proposed increase in Revolving Facility Commitment of each Accordion Increase Lender shall be reduced on a pro rata basis

                until the aggregate of the proposed increase in Revolving Facility Commitments or Uncommitted Facility Participations of all the Accordion Increase Lenders equals the relevant Accordion Increase Amount and the Agent shall inform all the
                Accordion Increase Lenders of such reduced Revolving Facility Commitments or Uncommitted Facility Participations accordingly.

            

    

  

  

  

  
    
      	

            	(d)	
              Any Lender who does not respond to the Company and the Agent within the 15 Business Day period referred to in paragraph (b)(ii) of Clause 3.1 (Accordion increase by existing Lenders) above shall be deemed to have declined to increase its Revolving Facility Commitment or Uncommitted Facility
                Participations in accordance with the Accordion Increase Request.

            

    

  

  

  

  
    
      	3.2	
              Offer to Accordion Acceding Lenders

            

    

  

  

  

  
    
      	

            	(a)	
              If the aggregate amount of the proposed increase in the Revolving Facility Commitments or Uncommitted Facility Participations pursuant to paragraph (b)(ii) of Clause
                3.1 (Accordion increase by existing Lenders) is less than the relevant Accordion Increase Amount (such unallocated amount, the "Accordion Remainder Amount") after the expiry of the 15 Business Day period specified under paragraph (b)(ii) of Clause 3.1 (Accordion increase by existing Lenders) (the "Initial Offer Period"), the Company shall during a period of 5 Business Days after the Initial Offer Period (the "Additional
                  Offer Period") request the Accordion Increase Lenders whether they would be prepared to further increase their Revolving Facility Commitment or Uncommitted Facility Participation in accordance with Clause 25.7 (Accordion

            

    

  

  
    
      

      

    

    -34-

    
      

    
      

      

    

  

  

  

  Increase) in an
    amount not exceeding the Accordion Remainder Amount. If after the Additional Offer Period an Accordion Remainder Amount (also after taking into account any further increases by the Accordion Increase Lenders during the Additional Offer Period) still
    applies, the Company may, during a period of 15 Business Days after the Additional Offer Period (the "Second Additional Offer Period"), designate any other reputable bank (which is acceptable to the Agent) which agrees to become a Lender under this Agreement (an "Accordion Acceding Lender") in accordance with Clause 25.8 (Accordion Acceding Lenders).

  

  

  
    
      	

            	(b)	
              If the aggregate amount of new Revolving Facility Commitments or Uncommitted Facility Participations of the Accordion Acceding Lenders exceeds the Accordion Remainder
                Amount, then the proposed new Revolving Facility Commitment or Uncommitted Facility Participations of each Accordion Acceding Lender shall be reduced on a pro rata basis until the aggregate of the proposed new Revolving Facility Commitments or Uncommitted Facility Participations of all the Accordion Acceding Lenders equals the Accordion Remainder Amount and the
                Agent shall promptly inform all the Accordion Acceding Lenders of such reduced Revolving Facility Commitments or Uncommitted Facility Participations accordingly.

            

    

  

  

  

  
    
      	

            	(c)	
              On the Business Day following the expiry of the Second Additional Offer Period, the Company shall notify the Agent of any Accordion Acceding Lenders and the new
                Revolving Facility Commitments or Uncommitted Facility Participations they intend to hold.

            

    

  

  

  

  
    
      	

            	(d)	
              The aggregate of the increases in the Revolving Facility Commitments or Uncommitted Facility Participations of the existing Lenders and the new Revolving Facility
                Commitments or Uncommitted Facility Participations of all Accordion Acceding Lenders pursuant to this Clause 3.2 in relation to any Accordion Increase Request shall not exceed the relevant Accordion Increase Amount.

            

    

  

  

  

  
    
      	

            	(e)	
              Any request or notification under this Clause 3 is irrevocable.

            

    

  

  

  

  
    
      	3.3	
              Notification of participation in Accordion Increase Amount

            

    

  

  

  

  The Agent shall:

  

  

  
    
      	

            	(a)	
              notify each Accordion Increase Lender and each Accordion Acceding Lender of the amount of its additional or new Revolving Facility Commitment or Uncommitted Facility
                Participations by no later than 5 Business Days prior the Accordion Increase Effective Date; and

            

    

  

  

  

  
    
      	

            	(b)	
              promptly provide a copy of the notifications under paragraph (a) above to the

            

    

  

  Company.

  

  

  

  

  
    
      	3.4	
              Delivery of Accordion Increase Certificates/Accordion Accession Agreements

            

    

  

  

  

  No later than two Business Days prior to the Accordion Increase Effective Date:

  
    
      

      

    

    -35-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(a)	
              each Lender which is an Accordion Increase Lender shall deliver to the Agent a duly completed and executed Accordion Increase Certificate; and

            

    

  

  

  

  
    
      	

            	(b)	
              each Accordion Acceding Lender shall deliver to the Agent a duly completed and executed Accordion Accession Letter,

            

    

  

  

  

  and the Agent shall promptly upon receipt of such Accordion Increase Certificate or Accordion Accession Letter (as the case may be) deliver a
    copy of the same to the Company.

  

  

  

  

  
    
      	3.5	
              Effectiveness of Accordion Increase

            

    

  

  

  

  On the Accordion Increase Effective Date, the Agent shall execute each Accordion Increase Certificate and each Accordion Accession Letter
    delivered to it which shall take effect in accordance with Clause 25.7 (Accordion Increase) and Clause 25.8 (Accordion Acceding Lenders) (as the case may be).

  

  

  
    
      	3.6	
              No obligation to participate in Accordion Increase

            

    

  

  

  

  
    
      	

            	(a)	
              No Lender shall:

            

    

  

  

  

  
    
      	

            	(i)	
              have any obligation to increase its Revolving Facility Commitments or Uncommitted Facility Participations; or

            

    

  

  

  

  
    
      	

            	(ii)	
              incur any other obligations under this Agreement or any other Finance Document,

            

    

  

  

  

  in relation to any Accordion Increase Amount or an Accordion Increase Request.

  

  

  
    
      	

            	(b)	
              Any decision by a Lender to increase its Revolving Facility Commitment or Uncommitted Facility Participations under this Clause 3 shall be made in its sole discretion
                independently from any other Finance Party.

            

    

  

  

  

  
    
      	

            	(c)	
              If a Lender refuses or is deemed to have refused an Accordion Increase Request, the Revolving Facility Commitments or Uncommitted Facility Participations of such
                Lender shall remain unchanged.

            

    

  

  

  

  

  

  
    
      	3.7	
              Accordion fee

            

    

  

  

  

  The Company shall pay to the Agent (for the account of the Accordion Increase Lenders and the Accordion Acceding Lenders) a fee in the
    amount and at the times agreed in a Fee Letter.

  

  

  
    
      	4.	
              PURPOSE

            

    

  

  

  

  
    
      	4.1	
              Purpose

            

    

  

  

  

  
    
      	

            	(a)	
              Each relevant Borrower shall apply all amounts borrowed by it under the Revolving Facility towards general corporate purposes of the Group (including,

            

    

  

  
    
      

      

    

    -36-

    
      

    
      

      

    

  

  

  

  but not limited to, refinancing of existing financial indebtedness, working capital purposes, capital expenditure, any
    dividend payments or other distribution (including the granting of loans to a direct or indirect shareholder) permitted under Clause 23.18 (Dividends)
    and acquisitions permitted under Clause 23.9 (Acquisitions) (including the payment of costs incurred in connection therewith)) (but in the case of
    any utilisation of any Ancillary Facility provided under the Revolving Facility, not towards prepayment of any Revolving Loan or Uncommitted Facility Loan)

  

  

  
    
      	

            	(b)	
              Each relevant Borrower shall apply all amounts borrowed by it under the Uncommitted Facility towards working capital requirements of the Group (but in the case of any
                utilisation of any Ancillary Facility provided under the Uncommitted Facility, not towards prepayment of any Revolving Loan or Uncommitted Facility Loan).

            

    

  

  

  

  
    
      	4.2	
              Monitoring

            

    

  

  

  

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

  

  

  
    
      	5.	
              CONDITIONS OF UTILISATION

            

    

  

  

  

  
    
      	5.1	
              Initial conditions precedent

            

    

  

  

  

  No Borrower may deliver a Utilisation Request unless the Agent has received all of the documents and other evidence listed in Schedule 2 (Conditions precedent) in form and substance satisfactory to the Agent. The Agent shall notify the Company and the Lenders promptly upon being so
    satisfied.

  

  

  
    
      	5.2	
              Further conditions precedent

            

    

  

  

  

  Subject to Clause 5.3 (Uncommitted
      Facility), the Lenders will only be obliged to comply with Clause 6.4 (Lenders' participation) if on the date of the Utilisation Request
    and on the proposed Utilisation Date:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(c)	
              in the case of an Uncommitted Facility Loan, the relevant Lender has notified the Company in writing that it is willing to make available its participation in that
                Uncommitted Facility Loan.

            

    

  

  

  

  
    
      	5.3	
              Uncommitted Facility

            

    

  

  

  

  For the avoidance of doubt, the Uncommitted Facility is an uncommitted daily revocable (dagelijks opzegbaar) facility and will be made available in such amounts and at such times determined at the sole discretion of the relevant Lender.

  
    
      

      

    

    -37-

    
      

    
      

      

    

  

  

  

  
    
      	5.4	
              Maximum number of Loans

            

    

  

  

  

  
    
      	

            	(a)	
              A Borrower may not deliver a Utilisation Request:

            

    

  

  

  

  
    
      	

            	(i)	
              in respect of the Revolving Facility if as a result of the proposed Loan more than 10 Loans would be outstanding under the Revolving Facility; and

            

    

  

  

  

  
    
      	

            	(ii)	
              subject to Clause 5.3 (Uncommitted Facility) in respect of the
                Uncommitted Facility if as a result of the proposed Loan more than 10 Loans would be outstanding under the Uncommitted Facility.

            

    

  

  

  

  
    
      	

            	(b)	
              Any Separate Loan shall not be taken into account in this Clause 5.4.

            

    

  

  
    
      

      

    

    -38-

    
      

    
      

      

    

  

  

  

  SECTION 3

  

  

  UTILISATION

  

  

  
    
      	6.	
              UTILISATION - LOANS

            

    

  

  

  

  
    
      	6.1	
              Delivery of a Utilisation Request

            

    

  

  

  

  A Borrower may utilise the Revolving Facility or, subject to Clause 5.3 (Uncommitted Facility), the Uncommitted Facility by delivery to the Agent of a duly completed Utilisation Request not later than the Specified Time.

  

  

  
    
      	6.2	
              Completion of a Utilisation Request

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to Clause 5.3 (Uncommitted Facility), each Utilisation
                Request is irrevocable and will not be regarded as having been duly completed unless:

            

    

  

  

  

  
    
      	

            	(i)	
              it identifies the Facility to be utilised;

            

    

  

  

  

  
    
      	

            	(ii)	
              the proposed Utilisation Date is a Business Day within the Availability Period applicable to that Facility;

            

    

  

  

  

  
    
      	

            	(iii)	
              the currency and amount of the Loan comply with Clause 6.3 (Currency
                  and amount); and

            

    

  

  

  

  
    
      	

            	(iv)	
              the proposed Interest Period complies with Clause 11 (Interest
                  Periods).

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	6.3	
              Currency and amount

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(b)	
              The amount of the proposed Revolving Loan must be a minimum of EUR 1,000,000 or if less, the Available Revolving Facility.

            

    

  

  

  

  
    
      	

            	(c)	
              Subject to Clause 5.3 (Uncommitted Facility), the amount of
                the proposed Uncommitted Facility Loan must be a minimum amount of EUR 1,000,000 or if less, the Available Uncommitted Facility.

            

    

  

  

  

  
    
      	6.4	
              Lenders' participation

            

    

  

  

  

  
    
      	

            	(a)	
              If the conditions set out in this Agreement have been met, and subject to Clause 5.3 (Uncommitted Facility) and Clause 8.1 (Repayment of Revolving Loans and Uncommitted Facility Loans), each
                Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office.

            

    

  

  

  

  
    
      	

            	(b)	
              Subject to Clause 5.3 (Uncommitted Facility) and other than as
                set out in paragraph (c) below, the amount of each Lender's participation in:

            

    

  

  

  

  
    
      	

            	(i)	
              each Revolving Loan will be equal to the proportion borne by its Available Commitment under the Revolving Facility to the Available Revolving Facility immediately
                prior to making the Revolving Loan; and

            

    

  

  
    
      

      

    

    -39-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(ii)	
              each Uncommitted Facility Loan will be equal to the proportion borne by its Available Commitment under the Uncommitted Facility to the Available Uncommitted Facility
                immediately prior to making the Uncommitted Facility Loan. Given the uncommitted character of the Uncommitted Facility, a Lender may refuse to fund any requested Utilisation (a "Refusing Lender"). For the avoidance of doubt, the other Lenders under the Uncommitted Facility shall have no obligation whatsoever to make available (part of) the requested Utilisation that would
                otherwise have been funded by the Refusing Lender.

            

    

  

  

  

  
    
      	

            	(c)	
              Subject to Clause 5.3 (Uncommitted Facility), if:

            

    

  

  

  

  
    
      	

            	(i)	
              a Revolving Loan is made to repay Ancillary Outstandings under Ancillary Facilities provided under the Revolving Facility, each Lender's participation in that
                Revolving Loan will be in an amount (as determined by the Agent) which will result as nearly as possible in the aggregate amount of its participation in the Revolving Loans then outstanding bearing the same proportion to the aggregate
                amount of the Revolving Loans then outstanding as its Revolving Facility Commitment bears to the aggregate Revolving Facility Commitments; and

            

    

  

  

  

  
    
      	

            	(ii)	
              an Uncommitted Facility Loan is made to repay Ancillary Outstandings under Ancillary Facilities provided under the Uncommitted Facility, each Lender's participation
                in that Uncommitted Facility Loan will be in an amount (as determined by the Agent) which will result as nearly as possible in the aggregate amount of its participation in the Uncommitted Facility Loans then outstanding bearing the same
                proportion to the aggregate amount of the Uncommitted Facility Loans then outstanding as its Uncommitted Facility Participation bears to the aggregate Uncommitted Facility Participations.

            

    

  

  

  

  
    
      	

            	(d)	
              The Company shall use reasonable efforts to ensure that, as far as commercially and practically possible, utilisations under:

            

    

  

  

  

  
    
      	

            	(i)	
              the Ancillary Facilities provided under the Revolving Facility, shall be made on a pro rata basis among the Lenders under the Revolving Facility and the Ancillary
                Lenders or its Affiliates making those Ancillary Facilities available; and

            

    

  

  

  

  
    
      	

            	(ii)	
              the Ancillary Facilities provided under the Uncommitted Facility, shall be made on a pro rata basis among the Lenders under the Uncommitted Facility and the Ancillary
                Lenders or its Affiliates making those Ancillary Facilities available,

            

    

  

  

  

  and the Company shall monitor this on a quarterly basis and, to the extent commercially and practically possible, make the appropriate
    adjustments if the utilisations have not been divided on a pro rata basis.

  
    
      

      

    

    -40-

    
      

    
      

      

    

  

  

  

  
    
      	6.5	
              Cancellation of Commitments

            

    

  

  

  

  
    
      	

            	(a)	
              The Revolving Facility Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for that Facility.

            

    

  

  

  

  
    
      	

            	(b)	
              The Uncommitted Facility is daily revocable and each Lender may cancel its Uncommitted Facility Participation at any time.

            

    

  

  

  

  
    
      	7.	
              ANCILLARY FACILITIES

            

    

  

  

  

  This Clause 7 is subject in full to Clause 5.3 (Uncommitted Facility).

  

  

  
    
      	7.1	
              Type of Facility

            

    

  

  

  

  An Ancillary Facility may be made available by way of:

  

  

  
    
      	

            	(a)	
              an overdraft facility;

            

    

  

  

  

  
    
      	

            	(b)	
              a guarantee, bonding, documentary or stand-by letter of credit facility; or

            

    

  

  

  

  
    
      	

            	(c)	
              any other facility or accommodation required in connection with the business of the Group and which is agreed by the Company with the Lenders.

            

    

  

  

  

  
    
      	7.2	
              Availability

            

    

  

  

  

  
    
      	

            	(a)	
              If the Company and a Lender agree and except as otherwise provided in this Agreement, the Lender may provide on a bilateral basis all or part of its Revolving
                Facility Commitment and Uncommitted Facility Participation as an Ancillary Facility, it being understood that, no Lender under the Uncommitted Facility will in any way be committed to provide any such Ancillary Facility in place of any part
                of its Uncommitted Facility Participation. Given the uncommitted character of the Uncommitted Facility, a Refusing Lender may refuse to fund any requested Utilisation even if the conditions set out in paragraph (b) below are complied with
                by the proposed Borrower(s). For the avoidance of doubt, the other Lenders under the Uncommitted Facility shall have no obligation whatsoever to make available (part of) the requested Utilisation that would otherwise have been funded by the
                Refusing Lender.

            

    

  

  

  

  
    
      	

            	(b)	
              Subject to paragraph (a) above, an Ancillary Facility shall not be made available unless, not later than five Business Days prior to the Ancillary Commencement Date
                for an Ancillary Facility, the Agent has received from the Company:

            

    

  

  

  

  
    
      	

            	(i)	
              a notice in writing requesting the establishment of an Ancillary Facility and specifying:

            

    

  

  

  

  
    
      	

            	(A)	
              the Facility under which the proposed Ancillary Facility is to be provided;

            

    

  

  

  

  
    
      	

            	(B)	
              the proposed Borrower(s) (or Affiliates of a Borrower) which may use the Ancillary Facility;

            

    

  

  
    
      

      

    

    -41-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(C)	
              the proposed Ancillary Commencement Date and expiry date of the Ancillary Facility;

            

    

  

  

  

  
    
      	

            	(D)	
              the proposed type of Ancillary Facility to be provided;

            

    

  

  

  

  
    
      	

            	(E)	
              the proposed Ancillary Lender; and

            

    

  

  

  

  
    
      	

            	(F)	
              the proposed Ancillary Participation or Ancillary Commitment (as applicable), in the case of a Multi-account Overdraft, its Designated Gross Amount and its Designated
                Net Amount; and

            

    

  

  

  

  
    
      	

            	(ii)	
              a copy of the proposed Ancillary Document; and

            

    

  

  

  

  
    
      	

            	(iii)	
              any other information which the Agent may reasonably request in connection with the Ancillary Facility.

            

    

  

  

  

  
    
      	

            	(c)	
              The Agent shall promptly notify the Company, the Ancillary Lender and the other Lenders of the establishment of an Ancillary Facility.

            

    

  

  

  

  
    
      	

            	(d)	
              Subject to compliance with paragraph (b) above:

            

    

  

  

  

  
    
      	

            	(i)	
              the Lender concerned will become an Ancillary Lender; and

            

    

  

  

  

  
    
      	

            	(ii)	
              the Ancillary Facility will be available,

            

    

  

  

  

  with effect from the date agreed by the Company and the Ancillary Lender.

  

  

  
    
      	7.3	
              Terms of Ancillary Facilities

            

    

  

  

  

  
    
      	

            	(a)	
              Except as provided below, the terms of any Ancillary Facility will be those agreed by the Ancillary Lender and the Company.

            

    

  

  

  

  
    
      	

            	(b)	
              Those terms:

            

    

  

  

  

  
    
      	

            	(i)	
              must be based upon normal commercial terms at that time (except as varied by this Agreement);

            

    

  

  

  

  
    
      	

            	(ii)	
              may allow only Borrowers (or Affiliates of Borrowers nominated pursuant to Clause 7.9 (Affiliates of Borrowers)) to use the Ancillary Facility;

            

    

  

  

  

  
    
      	

            	(iii)	
              may not allow the Ancillary Outstandings:

            

    

  

  

  

  
    
      	

            	(A)	
              in the case of any Ancillary Facility provided under the Revolving Facility, to exceed the Ancillary Commitment; and

            

    

  

  

  

  
    
      	

            	(B)	
              in the case of any Ancillary Facility provided under the Uncommitted Facility, to exceed the Ancillary Participation;

            

    

  

  

  

  
    
      	

            	(iv)	
              may not allow:

            

    

  

  
    
      

      

    

    -42-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(A)	
              in the case of any Ancillary Facility provided under the Revolving Facility, the Ancillary Commitment of a Lender to exceed the Revolving Facility Commitment of that
                Lender; and

            

    

  

  

  

  
    
      	

            	(B)	
              in the case of any Ancillary Facility provided under the Uncommitted Facility, the Ancillary Participation of a Lender to exceed the Uncommitted Facility
                Participation of that Lender;

            

    

  

  

  

  
    
      	

            	(v)	
              must require that:

            

    

  

  

  

  
    
      	

            	(A)	
              in the case of any Ancillary Facility provided under the Revolving Facility, the Ancillary Commitment is reduced to zero, and that all Ancillary Outstandings under
                that Ancillary Facility are repaid (or cash cover provided in respect of all those Ancillary Outstandings) not later than the Termination Date; and

            

    

  

  

  

  
    
      	

            	(B)	
              in the case of any Ancillary Facility provided under the Uncommitted Facility, the Ancillary Participation is reduced to zero, and that all Ancillary Outstandings
                under that Ancillary Facility are repaid (or cash cover provided in respect of all those Ancillary Outstandings) not later than the Uncommitted Facility Termination Date.

            

    

  

  

  

  
    
      	

            	(c)	
              If there is any inconsistency between any term of an Ancillary Facility and any term of this Agreement, this Agreement shall prevail except for (i) Clause 36.3 (Day count convention) which shall not prevail for the purposes of calculating fees, interest or commission relating to an Ancillary Facility
                and (ii) an Ancillary Facility comprising more than one account where the terms of the Ancillary Documents shall prevail.

            

    

  

  

  

  
    
      	

            	(d)	
              Interest, commission and fees on Ancillary Facilities are dealt with in Clause 13.5 (Interest, commission and fees on Ancillary Facilities).

            

    

  

  

  

  
    
      	7.4	
              Repayment of Ancillary Facility

            

    

  

  

  

  
    
      	

            	(a)	
              An Ancillary Facility provided under:

            

    

  

  

  

  
    
      	

            	(i)	
              the Uncommitted Facility shall cease to be available on the Uncommitted Facility Termination Date or such earlier date on which its expiry date occurs or on which it
                is cancelled in accordance with the terms of this Agreement or the relevant Ancillary Document (for the avoidance of doubt each Ancillary Lender shall be entitled to terminate its Ancillary Facility provided under the Uncommitted Facility
                on a daily basis (dagelijks opzegbaar)); and

            

    

  

  

  

  
    
      	

            	(ii)	
              the Revolving Facility shall cease to be available on the Termination Date or such earlier date on which its expiry date occurs or on which it is cancelled in
                accordance with the terms of this Agreement or the relevant Ancillary Document.

            

    

  

  
    
      

      

    

    -43-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              If an Ancillary Facility expires in accordance with its terms the Ancillary Participation or Ancillary Commitment (as applicable) of the Ancillary Lender shall be
                reduced to zero.

            

    

  

  

  

  
    
      	

            	(c)	
              No Ancillary Lender may demand repayment or prepayment of any Ancillary Outstandings prior to the expiry date of the relevant Ancillary Facility (other than, in
                respect of the Uncommitted Facility, in accordance with Clause 5.3 (Uncommitted Facility)) unless:

            

    

  

  

  

  
    
      	

            	(i)	
              required to reduce the Permitted Gross Outstandings of a Multi-account Overdraft to or towards an amount equal to its Designated Net Amount;

            

    

  

  

  

  
    
      	

            	(ii)	
              in the case of an Ancillary Facility provided under:

            

    

  

  

  

  
    
      	

            	(A)	
              the Uncommitted Facility, the Uncommitted Facility Participations have been cancelled in full, or all outstanding Loans under the Uncommitted Facility have become due
                and payable in accordance with the terms of this Agreement; and

            

    

  

  

  

  
    
      	

            	(B)	
              the Revolving Facility, the Revolving Facility Commitments have been cancelled in full, or all outstanding Loans under the Revolving Facility have become due and
                payable in accordance with the terms of this Agreement; or

            

    

  

  

  

  
    
      	

            	(iii)	
              it becomes unlawful in any applicable jurisdiction for the Ancillary Lender to perform any of its obligations as contemplated by this Agreement or to fund, issue or
                maintain its participation in its Ancillary Facility; or

            

    

  

  

  

  (iv)

  

  

  
    
      	

            	(A)	
              in the case of an Ancillary Facility provided under the Revolving Facility, both:

            

    

  

  

  

  
    
      	

            	(1)	
              the Available Commitments relating to the Revolving Facility; and

            

    

  

  

  

  
    
      	

            	(2)	
              the notice of the demand given by the Ancillary Lender,

            

    

  

  

  

  would not prevent the relevant Borrower funding the repayment of those Ancillary Outstandings in full by way of Revolving Loans; or

  

  

  
    
      	

            	(B)	
              in the case of an Ancillary Facility provided under the Uncommitted Facility, both:

            

    

  

  

  

  
    
      	

            	(1)	
              the Available Commitments relating to the Uncommitted Facility; and

            

    

  

  

  

  
    
      	

            	(2)	
              the notice of the demand given by the Ancillary Lender,

            

    

  

  
    
      

      

    

    -44-

    
      

    
      

      

    

  

  

  

  would not prevent the relevant Borrower funding the repayment of those Ancillary Outstandings in full by way of Uncommitted Facility
    Loans.

  

  

  
    
      	

            	(d)	
              If a Revolving Loan or Uncommitted Facility Loan (as applicable) is made to repay Ancillary Outstandings in full, the relevant Ancillary Commitment or Ancillary
                Participation (as applicable) shall be reduced to zero.

            

    

  

  

  

  
    
      	7.5	
              Limitation on Ancillary Outstandings

            

    

  

  

  

  Each Borrower shall procure that:

  

  

  
    
      	

            	(a)	
              the Ancillary Outstandings under any Ancillary Facility shall not exceed the Ancillary Commitment or Ancillary Participation applicable to that Ancillary Facility;
                and

            

    

  

  

  

  
    
      	

            	(b)	
              in relation to a Multi-account Overdraft:

            

    

  

  

  

  
    
      	

            	(i)	
              the Ancillary Outstandings shall not exceed the Designated Net Amount applicable to that Multi-account Overdraft; and

            

    

  

  

  

  
    
      	

            	(ii)	
              the Gross Outstandings shall not exceed the Designated Gross Amount applicable to that Multi-account Overdraft.

            

    

  

  

  

  
    
      	7.6	
              Adjustment for Ancillary Facilities upon acceleration

            

    

  

  

  

  
    
      	

            	(a)	
              In this paragraph (a) of Clause 7.6:

            

    

  

  

  

  "Revolving Outstandings" means, in relation to a Lender, the aggregate of the equivalent in EUR of (i) its participation in each Revolving Loan then outstanding (together with the aggregate amount of all accrued interest, fees and commission owed to it as a Lender under the Revolving Facility), and (ii) if the Lender is also an
    Ancillary Lender, the Ancillary Outstandings in respect of Ancillary Facilities provided under the Revolving Facility by that Ancillary Lender (or by its Affiliate) (together with the aggregate amount of all accrued interest, fees and commission owed
    to it as an Ancillary Lender (or to its Affiliate) in respect of the Ancillary Facility).

  

  

  "Total Revolving Outstandings"
    means the aggregate of all Revolving Outstandings.

  

  

  
    
      	

            	(i)	
              If a notice is served under Clause 24.18 (Acceleration) (other
                than a notice declaring the Revolving Loans to be due on demand), each Lender and each Ancillary Lender shall adjust (by making or receiving (as the case may be) corresponding transfers of rights and obligations under the Finance Documents
                relating to Revolving Outstandings) their claims in respect of amounts outstanding to them under the Revolving Facility and each Ancillary Facility under the Revolving Facility to the extent necessary to ensure that after such transfers the
                Revolving Outstandings of each Lender bear the same proportion to the Total Revolving Outstandings as such Lender's share in the Revolving Facility Commitments bears to the aggregate of the Revolving Facility Commitments, each as at the
                date the notice is served under Clause 24.18 (Acceleration).

            

    

  

  
    
      

      

    

    -45-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(ii)	
              If an amount outstanding under an Ancillary Facility provided under the Revolving Facility is a contingent liability and that contingent liability becomes an actual
                liability or is reduced to zero after the original adjustment is made under paragraph (i) above, then each Lender and each Ancillary Lender will make a further adjustment (by making or receiving  (as the case may be) corresponding transfers
                of rights and obligations under the Finance Documents relating to Revolving Outstandings to the extent necessary) to put themselves in the position they would have been in had the original adjustment been determined by reference to the
                actual liability or, as the case may be, zero liability and not the contingent liability.

            

    

  

  

  

  
    
      	

            	(b)	
              Any transfer of rights and obligations relating to Revolving Outstandings made pursuant to this Clause 7.6 shall be made for a purchase price in cash, payable at the
                time of transfer, in an amount equal to those Revolving Outstandings.

            

    

  

  

  

  
    
      	

            	(c)	
              Prior to the application of the provisions of paragraph (a)(i) above, an Ancillary Lender that has provided a Multi-account Overdraft shall set-off any Available
                Credit Balance on any account comprised in that Multi-account Overdraft.

            

    

  

  

  

  
    
      	

            	(d)	
              All calculations to be made pursuant to this Clause 7.6 shall be made by the Agent based upon information provided to it by the Lenders and Ancillary Lenders.

            

    

  

  

  

  
    
      	7.7	
              Information

            

    

  

  

  

  Each Borrower and each Ancillary Lender shall, promptly upon request by the Agent, supply the Agent with any information relating to the
    operation of an Ancillary Facility (including the Ancillary Outstandings) as the Agent may reasonably request from time to time. Each Borrower consents to all such information being released to the Agent and the other Finance Parties.

  

  

  
    
      	7.8	
              Affiliates of Lenders as Ancillary Lenders

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to the terms of this Agreement, an Affiliate of a Lender may become an Ancillary Lender.  In such case, the Lender and its Affiliate shall be treated as a
                single Lender whose Revolving Facility Commitment or Uncommitted Facility Participation (as applicable) is the amount set out opposite the relevant Lender's name in Part II of Schedule 1 (The Original Parties). For the purposes of calculating the Lender's Revolving Facility Commitment or Uncommitted Facility Participation (as applicable), the Lender's Revolving Facility
                Commitment or Uncommitted Facility Participation (as applicable) shall be reduced to the extent of the aggregate of the Ancillary Commitments or Ancillary Participations (as applicable) of its Affiliates.

            

    

  

  
    
      

      

    

    -46-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              The Company shall specify any relevant Affiliate of a Lender in any notice delivered by the Company to the Agent pursuant to paragraph (b)(i) of Clause 7.2 (Availability).

            

    

  

  

  

  
    
      	

            	(c)	
              An Affiliate of a Lender which becomes an Ancillary Lender shall accede to this Agreement by delivery to the Agent of a duly completed Affiliate Accession
                Undertaking.

            

    

  

  

  

  
    
      	

            	(d)	
              If a Lender assigns all of its rights and benefits or transfers all of its rights and obligations to a New Lender, its Affiliate shall cease to have any obligations
                under this Agreement or any Ancillary Document.

            

    

  

  

  

  
    
      	

            	(e)	
              Where this Agreement or any other Finance Document imposes an obligation on an Ancillary Lender and the relevant Ancillary Lender is an Affiliate of a Lender which is
                not a party to that document, the relevant Lender shall ensure that the obligation is performed by its Affiliate.

            

    

  

  

  

  
    
      	7.9	
              Affiliates of Borrowers

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to the terms of this Agreement, an Affiliate may with the approval of the relevant Lender become a borrower with respect to an Ancillary Facility.

            

    

  

  

  

  
    
      	

            	(b)	
              The Company shall specify any relevant Affiliate of a Borrower in any notice delivered by the Company to the Agent pursuant to paragraph (b)(i) of Clause 7.2  (Availability).

            

    

  

  

  

  
    
      	

            	(c)	
              If a Borrower ceases to be a Borrower under this Agreement in accordance with Clause 26.3 (Resignation of a Borrower), its Affiliate shall cease to have any rights under this Agreement or any Ancillary Document.

            

    

  

  

  

  
    
      	

            	(d)	
              Where this Agreement or any other Finance Document imposes an obligation on a Borrower under an Ancillary Facility and the relevant Borrower is an Affiliate of a
                Borrower which is not a party to that document, the relevant Borrower shall ensure that the obligation is performed by its Affiliate.

            

    

  

  

  

  
    
      	

            	(e)	
              Any reference in this Agreement or any other Finance Document to a Borrower being under no obligations (whether actual or contingent) as a Borrower under such Finance
                Document shall be construed to include a reference to any Affiliate of a Borrower being under no obligations under any Finance Document or Ancillary Document.

            

    

  

  

  

  
    
      	7.10	
              Revolving Facility Commitment and Uncommitted Facility Participation amounts

            

    

  

  

  

  Notwithstanding any other term of this Agreement, each Lender shall ensure that at all times:

  

  

  
    
      	

            	(a)	
              its Revolving Facility Commitment is not less than:

            

    

  

  

  

  
    
      	

            	(i)	
              its Ancillary Commitment; or

            

    

  

  

  

  
    
      	

            	(ii)	
              the Ancillary Commitment of its Affiliate; and

            

    

  

  
    
      

      

    

    -47-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              its Uncommitted Facility Participation is not less than:

            

    

  

  

  

  
    
      	

            	(i)	
              its Ancillary Participation; or

            

    

  

  

  

  
    
      	

            	(ii)	
              the Ancillary Participation of its Affiliate.

            

    

  

  

  

  
    
      	7.11	
              Amendments and Waivers – Ancillary Facilities

            

    

  

  

  

  No amendment or waiver of a term of any Ancillary Facility shall require the consent of any Finance Party other than the relevant
    Ancillary Lender unless such amendment or waiver itself relates to or gives rise to a matter which would require an amendment of or under this Agreement (including, for the avoidance of doubt, under this Clause 7).  In such a case, Clause 39 (Amendments and Waivers) will apply.

  

  

  
    
      

      

    

    -48-

    
      

    
      

      

    

  

  

  

  SECTION 4

  

  

  REPAYMENT, PREPAYMENT AND CANCELLATION

  

  

  
    
      	8.	
              REPAYMENT

            

    

  

  

  

  
    
      	8.1	
              Repayment of Revolving Loans and Uncommitted Facility Loans

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to paragraph (c) below, each Borrower which has drawn a Revolving Loan or an Uncommitted Facility Loan shall repay that Revolving Loan or Uncommitted Facility
                Loan, as applicable, on the last day of its Interest Period or, if earlier, in respect of the Uncommitted Facility Loan only, the Uncommitted Facility Termination Date.

            

    

  

  

  

  
    
      	

            	(b)	
              Without prejudice to each Borrower's obligation under paragraph (a) above, if:

            

    

  

  

  

  
    
      	

            	(i)	
              one or more Revolving Loans are to be made available to a Borrower:

            

    

  

  

  

  
    
      	

            	(A)	
              on the same day that a maturing Revolving Loan is due to be repaid by that Borrower; and

            

    

  

  

  

  
    
      	

            	(B)	
              in whole or in part for the purpose of refinancing the maturing Revolving Loan; and

            

    

  

  

  

  
    
      	

            	(C)	
              the proportion borne by each Lender's participation in the maturing Revolving Loan to the amount of that maturing Revolving Loan is the same as the proportion borne
                by that Lender's participation in the new Revolving Loans to the aggregate amount of those new Revolving Loans,

            

    

  

  

  

  the aggregate amount of the new Revolving Loans shall, unless the relevant Borrower or the Company notifies the Agent to the contrary in
    the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Revolving Loan so that:

  

  

  
    
      	

            	(D)	
              if the amount of the maturing Revolving Loan exceeds the aggregate amount of the new Revolving Loans:

            

    

  

  

  

  
    
      	

            	(1)	
              the relevant Borrower will only be required to make a payment under Clause 32.1 (Payment to the Agent) in an amount in the relevant currency equal to that excess; and

            

    

  

  

  

  
    
      	

            	(2)	
              each Lender's participation in the new Revolving Loans shall be treated as having been made available and applied by the Borrower in or towards repayment of that
                Lender's participation in the maturing Revolving Loan and that Lender will not be required to make a payment under Clause 32.1 (Payment to the
                  Agent) in respect of its participation in the new Revolving Loans; and

            

    

  

  

  

  
    
      	

            	(E)	
              if the amount of the maturing Revolving Loan is equal to or less than the aggregate amount of the new Revolving Loans:

            

    

  

  
    
      

      

    

    -49-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(1)	
              the relevant Borrower will not be required to make a payment under Clause 32.1 (Payment to the Agent); and

            

    

  

  

  

  
    
      	

            	(2)	
              each Lender will be required to make a payment under Clause 32.1 (Payment

                  to the Agent) in respect of its participation in the new Revolving Loans only to the extent that its participation in the new Revolving Loans exceeds that Lender's participation in the maturing Revolving Loan and the remainder of
                that Lender's participation in the new Revolving Loans shall be treated as having been made available and applied by the Borrower in or towards repayment of that Lender's participation in the maturing Revolving Loan.

            

    

  

  

  

  
    
      	

            	(c)	
              At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that Lender in the Revolving Loans then outstanding may be
                extended with the prior approval of the Majority Lenders to the last day of the Availability Period applicable to the Revolving Facility and will be treated as separate Loans (the "Separate Loans").

            

    

  

  

  

  
    
      	

            	(d)	
              A Borrower to whom a Separate Loan is outstanding may prepay that Loan by giving 5 Business Days' prior notice to the Agent. The Agent will forward a copy of a
                prepayment notice received in accordance with this paragraph (d) to the Defaulting Lender concerned as soon as practicable on receipt.

            

    

  

  

  

  
    
      	

            	(e)	
              Interest in respect of a Separate Loan will accrue for successive Interest Periods selected by the Borrower by the time and date specified by the Agent (acting
                reasonably) and will be payable by that Borrower to the Agent (for the account of that Defaulting Lender) on the last day of each Interest Period of that Loan.

            

    

  

  

  

  
    
      	

            	(f)	
              The terms of this Agreement relating to Loans generally shall continue to apply to Separate Loans other than to the extent inconsistent with paragraphs (c) to (e)
                above, in which case those paragraphs shall prevail in respect of any Separate Loan.

            

    

  

  

  

  
    
      	8.2	
              Extension option

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to the terms of this Clause 8.2, the Company may request by notice to the Agent (an "Extension Request") that the Termination Date will be extended:

            

    

  

  

  

  
    
      	

            	(i)	
              to the fourth anniversary of the date of this Agreement (the "First
                  Extended Termination Date") by giving notice to the Agent not less than 60 days (and not more than 90 days) before the date which is one year after the date of this Agreement; or

            

    

  

  

  

  
    
      	

            	(ii)	
              to the fourth anniversary of the date of this Agreement (if the Termination Date had not been extended pursuant to paragraph (a)(i)) or to the fifth anniversary of
                the date of this Agreement (in each case, the "Second Extended Termination Date") by giving notice to the Agent not less than 60 days
                (and not more than 90 days) before the date which is two years after the date of this Agreement (whether or not the Company had requested an extension pursuant to paragraph (a)(i) above and whether or not any Lender had agreed to any such
                requested extension),

            

    

  

  
    
      

      

    

    -50-

    
      

    
      

      

    

  

  

  

  provided that such Extension Request may only be made if:

  

  

  
    
      	

            	(A)	
              the Termination Date is not extended beyond the Second Extended Termination Date; and

            

    

  

  

  

  
    
      	

            	(B)	
               if on the date of such Extension Request:

            

    

  

  

  

  
    
      	

            	(1)	
              no Event of Default is continuing or would result from the proposed extension; and

            

    

  

  

  

  
    
      	

            	(2)	
              the Repeating Representations to be made by each Obligor are true in all material respects.

            

    

  

  

  

  
    
      	

            	(b)	
              A notice served by the Company pursuant to paragraph (a) of this Clause 8.2 above shall be irrevocable.

            

    

  

  

  

  
    
      	

            	(c)	
              The Agent shall promptly notify each Lender of any such request.

            

    

  

  

  

  
    
      	

            	(d)	
              Each Lender shall notify the Agent of its decision (which shall be in its sole discretion and which may include conditions such as the payment of an extension fee)
                whether or not to agree to the request made pursuant to paragraph (a)(i) or (a)(ii) above within 15 days after receiving such request (and, if any Lender has not notified the Agent of its acceptance of the request on or before such date, it
                shall be deemed to have refused such request). The Agent shall promptly notify the Company whether or not each Lender has agreed to the request.

            

    

  

  

  

  
    
      	

            	(e)	
              Promptly following receipt of notification from the Agent pursuant to paragraph (d) above, the Company may elect by notice to the Agent to accept the extension
                offered by all the relevant Lender(s), in which case the Termination Date shall only be extended in relation to such Lender(s), provided that on the date of such extension:

            

    

  

  

  

  
    
      	

            	(i)	
              no Event of Default is continuing or would result from the proposed extension; and

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(f)	
              If a Lender has not agreed to any Extension Request pursuant to this Clause 8.2, such Lender's Revolving Facility Commitment will terminate on the Termination Date
                applicable to it and its participation in any outstanding Loan shall be repaid in accordance with Clause 8.1 (Repayment of Revolving Loans and
                  Uncommitted Facility Loans).

            

    

  

  
    
      

      

    

    -51-

    
      

    
      

      

    

  

  

  

  
    
      	9.	
              PREPAYMENT AND CANCELLATION

            

    

  

  

  

  
    
      	9.1	
              Illegality

            

    

  

  

  

  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 or maintain its participation in any Loan:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(b)	
              upon the Agent notifying the Company, each Available Commitment of that Lender will be immediately cancelled; and

            

    

  

  

  

  
    
      	

            	(c)	
              to the extent that the Lender's participation has not been transferred pursuant to Clause 39.7 (Replacement of Lender), each Borrower shall repay that Lender's participation in the Loans made to that Borrower on the last day of the Interest Period for each Loan occurring after the Agent has
                notified the Company or, if earlier, the date specified by the Lender in the notice delivered to the Agent (being no earlier than the last day of any applicable grace period permitted by law) and that Lender's corresponding Commitment(s)
                shall be cancelled in the amount of the participations repaid.

            

    

  

  

  

  
    
      	9.2	
              Exit

            

    

  

  

  

  
    
      	

            	(a)	
              For the purposes of this Clause 9.2:

            

    

  

  

  

  "Change of Control" means any
    person or group of persons  (other than Alliance Data Systems Corporation, any of its wholly-owned Subsidiaries, or any group composed of the foregoing) acting in concert gains (direct or indirect) control of the Company.

  

  

  For the purpose of the definition of "Change of Control" above:

  

  

  
    
      	

            	(i)	
              "control" means:

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(1)	
              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 Company; or

            

    

  

  

  

  
    
      	

            	(2)	
              appoint or remove all, or the majority, of the directors or other equivalent officers of the Company; or

            

    

  

  

  

  
    
      	

            	(3)	
              give directions with respect to the operating and financial policies of the Company which the directors or other equivalent officers of the Company are obliged to
                comply with; or

            

    

  

  

  

  
    
      	

            	(B)	
              the holding of more than one-half of the issued share capital of the Company (excluding any part of that issued share capital that carries no right to participate
                beyond a specified amount in a distribution of either profits or capital); and

            

    

  

  
    
      

      

    

    -52-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(ii)	
              "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 directly or indirectly of shares in the Company by any of them, either directly or indirectly, to obtain or consolidate control of the
                Company.

            

    

  

  

  

  "Flotation" means a listing or
    issue of any part of the share capital or any equity or equity linked securities of the Company or any Holding Company of the Company (other than, for the avoidance of doubt, Alliance Data Systems Corporation) in or on Euronext Amsterdam or any
    subsidiary, affiliate, market or exchange associated with Euronext N.V. or any other exchange or market in any country.

  

  

  
    
      	

            	(b)	
              Upon the occurrence of:

            

    

  

  

  

  
    
      	

            	(i)	
              a Flotation;

            

    

  

  

  

  
    
      	

            	(ii)	
              a Change of Control; or

            

    

  

  

  

  
    
      	

            	(iii)	
              the sale of all or substantially all of the assets of the Group whether in a single transaction or a series of related transactions,

            

    

  

  

  

  no Lender shall have an obligation to participate in any further Utilisations (other than a Rollover Loan) and each Lender shall be
    entitled to require that all amounts payable under the Finance Documents by the Obligors to that Lender will become immediately due and payable and the Borrowers will immediately prepay or procure the prepayment of all Loans (including Rollover Loans)
    and Ancillary Outstandings provided by that Lender and the undrawn Commitments of that Lender will be immediately cancelled.

  

  

  
    
      	9.3	
              Disposal and Insurance Proceeds

            

    

  

  

  

  
    
      	

            	(a)	
              For the purposes of this Clause 9.3 and Clause 9.4 (Application of
                  mandatory prepayments and cancellations):

            

    

  

  

  

  "Disposal" means a sale, lease,
    licence, transfer, loan or other disposal by a person of any asset, undertaking or business (whether by a voluntary or involuntary single transaction or series of transactions).

  

  

  "Disposal Proceeds" means the Net
    Proceeds by any member of the Group (including any amount receivable in repayment of intercompany debt) for any Disposal made by any member of the Group except for Excluded Disposal Proceeds.

  

  

  "Excluded Disposal Proceeds" means:

  

  

  
    
      	

            	(i)	
              any Net Proceeds of any Disposal which are applied towards re-investment in the business of the Group within 12 months after receipt;

            

    

  

  
    
      

      

    

    -53-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(ii)	
              any Net Proceeds of any Disposal permitted under Clause 23.15(b) (Disposals); or

            

    

  

  

  

  
    
      	

            	(iii)	
              Disposal Proceeds which when aggregated with the Disposal Proceeds received in the same Financial Year of the Company (but excluding Disposal Proceeds under (i)
                above) does not exceed EUR 5,000,000 in such Financial Year.

            

    

  

  

  

  "Excluded Insurance Proceeds"
    means:

  

  

  
    
      	

            	(i)	
              any proceeds of an insurance claim which the Company notifies the Agent are, or are to be, applied:

            

    

  

  

  

  
    
      	

            	(A)	
              to meet a third party claim;

            

    

  

  

  

  
    
      	

            	(B)	
              to cover operating losses in respect of which the relevant insurance claim was made; or

            

    

  

  

  

  
    
      	

            	(C)	
              in the replacement, reinstatement and/or repair of the assets or otherwise in amelioration of the loss in respect of which the relevant insurance claim was made,

            

    

  

  

  

  in each case as soon as possible (but in any event within 12 months, or such longer period as the Majority Lenders may agree) after
    receipt; or

  

  

  
    
      	

            	(ii)	
              Insurance Proceeds which when aggregated with the Insurance Proceeds received in the same Financial Year of the Company (but excluding Insurance Proceeds under (i)
                above) does not exceed EUR 5,000,000 in such Financial Year.

            

    

  

  

  

  "Insurance Proceeds" means the Net
    Proceeds of any insurance claim under any insurance maintained by any member of the Group except for Excluded Insurance Proceeds.

  

  

  
    
      	

            	(b)	
              The Company shall ensure that the Borrowers prepay Utilisations, and cancel Available Commitments, in amounts equal to the following amounts at the times and in the
                order of application contemplated by Clause 9.4 (Application of mandatory prepayments and cancellations):

            

    

  

  

  

  
    
      	

            	(i)	
              the amount of Disposal Proceeds; and

            

    

  

  

  

  
    
      	

            	(ii)	
              the amount of Insurance Proceeds.

            

    

  

  
    
      

      

    

    -54-

    
      

    
      

      

    

  

  

  

  
    
      	9.4	
              Application of mandatory prepayments and cancellations

            

    

  

  

  

  
    
      	

            	(a)	
              A prepayment of Utilisations or cancellation of Available Commitments made under Clause 9.3 (Disposal and Insurance) shall be applied in the following order:

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(ii)	
              second, in prepayment of Revolving Loans such that outstanding Revolving Loans shall be prepaid on a pro rata basis and cancellation of the corresponding Revolving Facility Commitments; and

            

    

  

  

  

  
    
      	

            	(iii)	
              then, in:

            

    

  

  

  

  
    
      	

            	(A)	
              repayment of the Ancillary Outstandings (and cancellation of corresponding Ancillary Commitments); and

            

    

  

  

  

  
    
      	

            	(B)	
              cancellation of Ancillary Commitments

            

    

  

  

  

  (on a pro rata basis) and
    cancellation, in each case, of the corresponding Revolving Facility Commitments.

  

  

  
    
      	

            	(b)	
              Unless the Company makes an election under paragraph (c) below, the Borrowers shall prepay Loans relating to the amounts of Disposal Proceeds or Insurance Proceeds,
                promptly upon receipt of those proceeds.

            

    

  

  

  

  
    
      	

            	(c)	
              Subject to paragraph (d) below, the Company may elect that any prepayment under Clause 9.3 (Disposal and Insurance Proceeds) be applied in prepayment of a Loan on the last day of the Interest Period relating to that Loan. If the Company 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.

            

    

  

  

  

  
    
      	

            	(d)	
              If the Company has made an election under paragraph (c) above but a 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).

            

    

  

  

  

  
    
      	9.5	
              Voluntary cancellation

            

    

  

  

  

  
    
      	

            	(a)	
              The Company may, if it gives the Agent not less than 5 Business Days' (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any
                part (being a minimum amount of EUR 5,000,000) of the Available Revolving Facility or the Available Uncommitted Facility.

            

    

  

  

  

  
    
      	

            	(b)	
              Each Lender may cancel its Available Uncommitted Facility at its sole discretion in whole or in part at any time.

            

    

  

  
    
      

      

    

    -55-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              Any cancellation under this Clause 9.5 shall reduce the Revolving Facility Commitment of the Lenders on a pro rata basis.

            

    

  

  

  

  
    
      	

            	(d)	
              Any cancellation under this Clause 9.5 (other than under paragraph (b) above) shall reduce the Uncommitted Facility Participations of the Lenders on a pro rata basis.

            

    

  

  

  

  
    
      	9.6	
              Voluntary Prepayment of Loans

            

    

  

  

  

  The Borrower to which a Loan has been made may, if it gives the Agent not less than 5 Business Days' (or such shorter period as the
    Majority Lenders may agree) prior notice, prepay the whole or any part of a Loan (but if in part, being an amount that reduces the amount of that Loan by a minimum amount of EUR 1,000,000).

  

  

  
    
      	9.7	
              Right of replacement or repayment and cancellation in relation to a single Lender

            

    

  

  

  

  
    
      	

            	(a)	
              If:

            

    

  

  

  

  
    
      	

            	(i)	
              any sum payable to any Lender by an Obligor is required to be increased under paragraph (c) of Clause 14.2 (Tax gross-up); or

            

    

  

  

  

  
    
      	

            	(ii)	
              any Lender claims indemnification from the Company under Clause 14.3 (Tax

                  indemnity) or Clause 15.1 (Increased costs);

            

    

  

  

  

  the Company may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues, give the Agent
    notice of cancellation of the Commitment(s) of that Lender and its intention to procure the repayment of that Lender's participation in the Loans or give the Agent notice of its intention to replace that Lender in accordance with paragraph (d) below.

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(c)	
              On the last day of each Interest Period which ends after the Company has given notice of cancellation under paragraph (a) above (or, if earlier, the date specified by
                the Company in that notice), each Borrower to which a Loan is outstanding shall repay that Lender's participation in that Loan and that Lender’s corresponding Commitment shall be immediately cancelled in the amount of the participations
                prepaid.

            

    

  

  

  

  
    
      	

            	(d)	
              The Company may, in the circumstances set out in paragraph (a) above, on 5 Business Days' prior notice to the Agent and that Lender, replace that Lender by requiring
                that Lender to (and to the extent permitted by law, that Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and
                not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Company which confirms its willingness to assume and does assume all the
                obligations of the transferring Lender in accordance with Clause 25 (Changes to the Lenders) for a purchase price in cash or other cash
                payment payable at the time of the transfer equal to the outstanding principal amount of such Lender's participation in the outstanding Loans and all accrued interest, Break Costs and other amounts payable in relation thereto under the
                Finance Documents.

            

    

  

  
    
      

      

    

    -56-

    
      

    
      

      

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	9.8	
              Right of cancellation in relation to a Defaulting Lender

            

    

  

  

  

  
    
      	

            	(a)	
              If any Lender becomes a Defaulting Lender, the Company may, at any time whilst the Lender continues to be a Defaulting Lender, give the Agent 5 Business Days' notice
                of cancellation of each Available Commitment of that Lender.

            

    

  

  

  

  
    
      	

            	(b)	
              On the notice referred to in paragraph (a) above becoming effective, each Available Commitment of the Defaulting Lender shall immediately be reduced to zero.

            

    

  

  

  

  
    
      	

            	(c)	
              The Agent shall as soon as practicable after receipt of a notice referred to in paragraph (a) above, notify all the Lenders.

            

    

  

  

  

  
    
      	9.9	
              Restrictions

            

    

  

  

  

  
    
      	

            	(a)	
              Any notice of cancellation or prepayment given by any Party under this Clause 9 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.

            

    

  

  

  

  
    
      	

            	(c)	
              Unless a contrary indication appears in this Agreement, any part of the Revolving Facility or the Uncommitted Facility which is prepaid or repaid 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 Loans or cancel all or any part of the Commitments except at the times and in the manner expressly
                provided for in this Agreement.

            

    

  

  

  

  
    
      	

            	(e)	
              Subject to Clause 2.3 (Increase), no amount of the Commitments
                cancelled under this Agreement may be subsequently reinstated.

            

    

  

  
    
      

      

    

    -57-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(f)	
              If the Agent receives a notice under this Clause 9 it shall promptly forward a copy of that notice to either the Company or the affected Lender, as appropriate.

            

    

  

  

  

  
    
      	

            	(g)	
              If all or part of any Lender's participation in a Loan under a Facility is repaid or prepaid and is not available for redrawing (other than by operation of Clause 5.2
                (Further conditions precedent)), an amount of that Lender's Commitment (equal to the amount of the Loan which is repaid or prepaid) in
                respect of the Facility will be deemed to be cancelled on the date of repayment or prepayment.

            

    

  

  

  

  
    
      	

            	(h)	
              Any prepayment of a Loan (other than a prepayment pursuant to Clause 9.1  (Illegality) or Clause 9.7 (Right of replacement or repayment and cancellation in relation to a single Lender)) shall
                be applied pro rata to each Lender's participation in that Loan.

            

    

  

  

  

  
    
      

      

    

    -58-

    
      

    
      

      

    

  

  

  

  SECTION 5

  

  

  COSTS OF UTILISATION

  

  

  
    
      	10.	
              INTEREST

            

    

  

  

  

  
    
      	10.1	
              Calculation of interest

            

    

  

  

  

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

  

  

  
    
      	

            	(a)	
              Margin; and

            

    

  

  

  

  
    
      	

            	(b)	
              EURIBOR.

            

    

  

  

  

  
    
      	10.2	
              Payment of interest

            

    

  

  

  

  
    
      	

            	(a)	
              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).

            

    

  

  

  

  
    
      	

            	(b)	
              If the annual audited financial statements of the Group and related Compliance Certificate received by the Agent show that a higher Margin should have applied during
                a certain period, then the Company shall (or shall ensure the relevant Borrower shall) promptly pay to the Agent any amounts necessary to put the Agent and the Lenders in the position they would have been in had the appropriate rate of the
                Margin applied during such period.

            

    

  

  

  

  
    
      	

            	(c)	
              If the annual audited financial statements of the Group and related Compliance Certificate received by the Agent show that a lower Margin should have applied during a
                certain period, then the amount necessary to put the relevant Borrower in the position it would have been in had the appropriate rate of the Margin been applied during such period, shall be deducted from the next following payment of
                interest due to be made by each such Borrower pursuant to paragraph (a) of this Clause, provided that the Lenders are also Original Lenders at that time.

            

    

  

  

  

  
    
      	10.3	
              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. per annum 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 10.3 shall be immediately payable
                by the Obligor on demand by the Agent.

            

    

  

  
    
      

      

    

    -59-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(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. per annum 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.

            

    

  

  

  

  
    
      	10.4	
              Notification of rates of interest

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(b)	
              The Agent shall promptly notify the relevant Borrower (or the Company) of each Funding Rate relating to a Loan.

            

    

  

  

  

  
    
      	11.	
              INTEREST PERIODS

            

    

  

  

  

  
    
      	11.1	
              Selection of Interest Periods

            

    

  

  

  

  
    
      	

            	(a)	
              A Borrower (or the Company 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 11, a Borrower (or the Company on behalf of a Borrower) may select an Interest Period of 1 Month, 3 Months or 6 Months or any other period
                agreed between the Company, the Agent and all the Lenders in relation to the relevant Loan.

            

    

  

  

  

  
    
      	

            	(c)	
              An Interest Period for a Loan shall not extend beyond the Termination Date or the Uncommitted Facility Termination Date, as the case may be.

            

    

  

  

  

  
    
      	

            	(d)	
              Any Revolving Loan and any Uncommitted Facility Loan has one Interest Period only.

            

    

  

  

  

  
    
      	11.2	
              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).

  
    
      

      

    

    -60-

    
      

    
      

      

    

  

  

  

  
    
      	12.	
              CHANGES TO THE CALCULATION OF INTEREST

            

    

  

  

  

  
    
      	12.1	
              Unavailability of Screen Rate

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(b)	
              Reference Bank Rate:  If no Screen Rate is available for
                EURIBOR for:

            

    

  

  

  

  
    
      	

            	(i)	
              the currency of a Loan; or

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  the applicable EURIBOR shall be the Reference Bank Rate as of the Specified Time for the currency of that Loan and for a period equal in
    length to the Interest Period of that Loan.

  

  

  
    
      	

            	(c)	
              Cost of funds:  If paragraph (b) above applies but no
                Reference Bank Rate is available for the relevant currency or Interest Period there shall be no EURIBOR for that Loan and Clause 12.4 (Cost of
                  funds) shall apply to that Loan for that Interest Period.

            

    

  

  

  

  
    
      	12.2	
              Calculation of Reference Bank Rate

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to paragraph (b) below, if EURIBOR is to be determined on the basis of a Reference Bank Rate but a Reference Bank does not supply a quotation by the Specified
                Time, the Reference Bank Rate shall be calculated on the basis of the quotations of the remaining Reference Banks.

            

    

  

  

  

  
    
      	

            	(b)	
              If at or about noon on the Quotation Day, none or only one of the Reference Banks supplies a quotation, there shall be no Reference Bank Rate for the relevant
                Interest Period.

            

    

  

  

  

  
    
      	12.3	
              Market disruption

            

    

  

  

  

  If before close of business in Amsterdam 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 funding its participation in that Loan from whatever source it may reasonably select would be in excess of EURIBOR and provided that such event
    is not only affecting one bank or financial institution in the relevant market, then Clause 12.4 (Cost of funds) shall apply to that Loan for the
    relevant Interest Period.

  

  

  
    
      	12.4	
              Cost of funds

            

    

  

  

  

  
    
      	

            	(a)	
              If this Clause 12.4 applies, the rate of interest on each Lender's share of the relevant Loan for the relevant Interest Period shall be the percentage rate per annum
                which is the sum of:

            

    

  

  

  

  
    
      	

            	(i)	
              the Margin; and

            

    

  

  
    
      

      

    

    -61-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(ii)	
              the rate notified to the Agent by that Lender as soon as practicable and in any event within 3 Business Days of the first day of that Interest Period (or, if earlier,
                on the date falling 3 Business Days before the date on which 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 the relevant Lender of funding its
                participation in that Loan from whatever source it may reasonably select.

            

    

  

  

  

  
    
      	

            	(b)	
              If this Clause 12.4 applies and the Agent or the Company so requires, the Agent and the Company 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.

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(d)	
              If this Clause 12.4 applies pursuant to Clause 12.3 (Market
                  disruption) and:

            

    

  

  

  

  
    
      	

            	(i)	
              a Lender's Funding Rate is less than EURIBOR; or

            

    

  

  

  

  
    
      	

            	(ii)	
              a Lender does not supply a quotation by the time specified in sub-paragraph (ii) of paragraph (a) above,

            

    

  

  

  

  the cost to that Lender of funding its participation in that Loan for that Interest Period shall be deemed, for the purposes of
    paragraph (a) above, to be EURIBOR.

  

  

  
    
      	12.5	
              Notification to Company

            

    

  

  

  

  If Clause 12.4 (Cost of funds)
    applies the Agent shall, as soon as is practicable, notify the Company.

  

  

  
    
      	12.6	
              Break Costs

            

    

  

  

  

  
    
      	

            	(a)	
              Each 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.

            

    

  

  

  

  
    
      	13.	
              FEES

            

    

  

  

  

  
    
      	13.1	
              Commitment fee

            

    

  

  

  

  
    
      	

            	(a)	
              The Company shall pay to the Agent (for the account of each Lender) a fee in euro computed at the rate of 35 per cent. per annum of the Margin on the unused and
                uncancelled amount of the Revolving Facility for the Availability Period applicable to the Revolving Facility.

            

    

  

  
    
      

      

    

    -62-

    
      

    
      

      

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(c)	
              No commitment fee is payable to the Agent (for the account of each Lender) on any Available Commitment of that Lender under the Revolving Facility for any day on
                which that Lender is a Defaulting Lender.

            

    

  

  

  

  
    
      	13.2	
              Arrangement fee

            

    

  

  

  

  The Company shall pay to the Arrangers an arrangement fee in the amount and at the times agreed in a Fee Letter.

  

  

  
    
      	13.3	
              Agency fee

            

    

  

  

  

  The Company shall pay to the Agent (for its own account) an agency fee in the amount and at the times agreed in a Fee Letter.

  

  

  
    
      	13.4	
              Security Agent fee

            

    

  

  

  

  The Company shall pay to the Security Agent (for its own account) the security agent fee in the amount and at the times agreed in a Fee
    Letter.

  

  

  
    
      	13.5	
              Interest, commission and fees on Ancillary Facilities

            

    

  

  

  

  The time of payment of interest, commission, fees and any other remuneration in respect of each Ancillary Facility shall be determined by
    agreement between the relevant Ancillary Lender and the Borrower of that Ancillary Facility based upon normal market rates and terms, provided however the rate of interest shall be subject to Clause 10.

  

  

  
    
      

      

    

    -63-

    
      

    
      

      

    

  

  

  

  SECTION 6

  

  

  ADDITIONAL PAYMENT OBLIGATIONS

  

  

  
    
      	14.	
              TAX GROSS UP AND INDEMNITIES

            

    

  

  

  

  
    
      	14.1	
              Definitions

            

    

  

  

  

  In this Agreement:

  

  

  "Borrower's Tax Jurisdiction"
    means, in relation to an Original Borrower, the jurisdiction in which that Original Borrower is incorporated.

  

  

  "Exempt Lender" means, in relation
    to a Borrower, a Lender which is (other than by reason of being a Treaty Lender) able to receive interest from that Borrower without a Tax Deduction.

  

  

  "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:

  

  

  
    
      	

            	(a)	
              an Exempt Lender; or

            

    

  

  

  

  
    
      	

            	(b)	
              a Treaty Lender.

            

    

  

  

  

  "Tax Confirmation" means a
    confirmation from the Security Agent that the Original Lenders, any New Lender or any Accordion Acceding Lender (as the case may be) under this Agreement is a Qualifying Lender.

  

  

  "Tax Credit" means a credit
    against, relief or remission for, or repayment of any Tax;

  

  

  "Tax Deduction" means a deduction
    or withholding for or on account of Tax from a payment to be made by an Obligor under a Finance Document, other than a FATCA Deduction;

  

  

  "Tax Payment" means either an
    increased payment made by an Obligor to a Finance Party under Clause 14.2 (Tax gross-up) or a payment under Clause 14.3 (Tax indemnity);

  

  

  "Taxes Act" means any binding
    legislation of The Netherlands on the personal income tax and/or corporate income tax, as the case may be;

  

  

  "Treaty Lender" means a Lender
    which:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(b)	
              does not carry on a business in the Borrower's Tax Jurisdiction through a permanent establishment with which that Lender's participation in the Loan is effectively
                connected; and

            

    

  

  
    
      

      

    

    -64-

    
      

    
      

      

    

  

  

  

  "Treaty State" means a jurisdiction
    having a double taxation agreement (a "Treaty") with the Borrower's Tax Jurisdiction which makes provision for a reduction or for full exemption from
    Tax imposed by that Borrower's Tax Jurisdiction on interest.

  

  

  Unless a contrary indication appears, in this Clause 14 a reference to "determines" or "determined"
    means a determination made in the absolute discretion of the person making the determination.

  

  

  
    
      	14.2	
              Tax gross-up

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(b)	
              The Company 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 accordingly.  Similarly, a Lender shall notify the Agent on becoming so aware in respect of a payment payable to that Lender.  If the Agent receives such notification from a Lender it shall notify the Company and that
                Obligor.

            

    

  

  

  

  
    
      	

            	(c)	
              If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making
                any Tax Deduction) leaves the Finance Party entitled to such payment with an amount equal to the amount of the payment which would have been due if no Tax Deduction had been required.

            

    

  

  

  

  
    
      	

            	(d)	
              An Obligor shall not be required to make an increased payment to a Finance Party under paragraph (c) above for a Tax Deduction in respect of Tax imposed by the
                Borrower's Tax Jurisdiction, if and to the extent that on the date on which the payment is effected:

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(ii)	
              the relevant Finance Party is a Qualifying Lender (except for those Qualifying Lenders that fall under paragraph (a) of the definition of Qualifying Lender) and the
                Obligor making the payment is able to demonstrate that the payment could have been made to the Finance Party without the Tax Deduction, or with a lower Tax Deduction, as the case may be, had that Lender complied with its obligations under
                paragraph (g) below.

            

    

  

  

  

  
    
      	

            	(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.

            

    

  

  
    
      

      

    

    -65-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(f)	
              As soon as reasonably practical after making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax
                Deduction shall make reasonable endeavours to 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) any appropriate
                payment 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 in completing any procedural formalities necessary for
                that Obligor to obtain authorisation to make that payment without a Tax Deduction.

            

    

  

  

  

  
    
      	

            	(h)	
              The Security Agent gives a Tax Confirmation with respect to (i) each Original Lender under this Agreement and (ii) any New Lender acceding to this Agreement.

            

    

  

  

  

  
    
      	14.3	
              Tax indemnity

            

    

  

  

  

  
    
      	

            	(a)	
              The Company shall (within five Business Days of demand by the Agent) pay or procure payment to a Protected Party an amount equal to the 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 any sum received or receivable (or any sum deemed for the purposes of Tax to be received or
                receivable) under 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 or, 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 profits or income received or receivable (or any sum deemed to be
    received or receivable) by that Finance Party; or

  

  

  
    
      	

            	(ii)	
              to the extent a loss, liability or cost:

            

    

  

  

  

  
    
      	

            	(A)	
              is compensated for by an increased payment under Clause 14.2 (Tax
                  gross-up); or

            

    

  

  

  

  
    
      	

            	(B)	
              would have been compensated for by an increased payment under Clause 14.2 (Tax gross-up) but was not so compensated solely because one of the exclusions in paragraph (d) of Clause 14.2 (Tax gross-up)
                applied; or

            

    

  

  
    
      

      

    

    -66-

    
      

    
      

      

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(c)	
              A Protected Party making, or intending to make a claim under paragraph (a) above shall notify the Agent of the event which will give, or has given, rise to the claim,
                following which the Agent shall notify the Company.

            

    

  

  

  

  
    
      	

            	(d)	
              A Protected Party shall, on receiving a payment from an Obligor under this Clause 14.3, notify the Agent.

            

    

  

  

  

  
    
      	14.4	
              Tax Credit

            

    

  

  

  

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

  

  

  
    
      	

            	(a)	
              a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax
                Payment was required; and

            

    

  

  

  

  
    
      	

            	(b)	
              that Finance Party has obtained and utilised 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 required to be made by the Obligor.

  

  

  
    
      	14.5	
              Stamp taxes

            

    

  

  

  

  The Company shall 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.

  

  

  
    
      	14.6	
              VAT

            

    

  

  

  

  
    
      	

            	(a)	
              All amounts 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 any supply
                for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance
                Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount
                equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).

            

    

  

  

  

  
    
      	

            	(b)	
              If VAT is or becomes 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 other than the Recipient
                (the "Relevant Party") is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to
                the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration:

            

    

  

  
    
      

      

    

    -67-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(i)	
              (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as
                paying that amount) an additional amount equal to the amount of the VAT.  The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the
                relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and

            

    

  

  

  

  
    
      	

            	(ii)	
              (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the
                Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect
                of that VAT.

            

    

  

  

  

  
    
      	

            	(c)	
              Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case
                may be) such Finance Party for the full amount of such cost or expense, including such part thereof as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of
                such VAT from the relevant tax authority.

            

    

  

  

  

  
    
      	

            	(d)	
              Any reference in this Clause 14 to any Party shall, at any time when such Party is treated as a member of a group (including but not limited to any fiscal unities)
                for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the representative member of such group at such time.

            

    

  

  

  

  
    
      	

            	(e)	
              In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly
                provide such Finance Party with details of that Party's VAT registration and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such supply.

            

    

  

  

  

  
    
      	14.7	
              FATCA Deduction

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  
    
      

      

    

    -68-

    
      

    
      

      

    

  

  

  

  

  

  

  

  
    
      	15.	
              INCREASED COSTS

            

    

  

  

  

  
    
      	15.1	
              Increased Costs

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to Clause 15.3 (Exceptions) the Company shall, 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 after the date of this Agreement;

            

    

  

  

  

  
    
      	

            	(ii)	
              compliance with any law or regulation made after the date of this Agreement; or

            

    

  

  

  

  
    
      	

            	(iii)	
              for the avoidance of doubt, the implementation or application of, or compliance with, Basel III or CRD IV or any law or regulation that implements or applies Basel
                III or CRD IV.

            

    

  

  

  

  
    
      	

            	(b)	
              In this Agreement:

            

    

  

  

  

  
    
      	

            	(i)	
              "Basel III" means:

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(C)	
              any further guidance or standards published by the Basel Committee on Banking Supervision relating to "Basel III";

            

    

  

  

  

  
    
      	

            	(ii)	
              "CRD IV" means:

            

    

  

  

  

  
    
      	

            	(A)	
              the Council Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and
                investment firms and amending Regulation (EU) No 648/2012 ("CRR"); and

            

    

  

  

  

  
    
      	

            	(B)	
              Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of
                credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC; and

            

    

  

  
    
      

      

    

    -69-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(iii)	
              "Increased Costs" means:

            

    

  

  

  

  
    
      	

            	(A)	
              a reduction in the rate of return from a Facility or an Ancillary Facility or on a Finance Party's (or its Affiliate's) overall capital;

            

    

  

  

  

  
    
      	

            	(B)	
              an additional or increased cost; or

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

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

  

  

  
    
      	15.2	
              Increased cost claims

            

    

  

  

  

  
    
      	

            	(a)	
              A Finance Party intending to make a claim pursuant to Clause 15.1 (Increased

                  costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify the Company.

            

    

  

  

  

  
    
      	

            	(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.

            

    

  

  

  

  
    
      	15.3	
              Exceptions

            

    

  

  

  

  
    
      	

            	(a)	
              Clause 15.1 (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)	
              attributable to a FATCA Deduction required to be made by a Party;

            

    

  

  

  

  
    
      	

            	(iii)	
              compensated for by Clause 14.3 (Tax indemnity) (or would have
                been compensated for under Clause 14.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in paragraph (b)
                of Clause 14.3 (Tax indemnity) applied);

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(v)	
              attributable to the implementation or application of or compliance with Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV
                (whether such implementation, application or compliance is by a government regulator, a Finance Party or one of its Affiliates (“Basel III/CRD
                  IV Cost”), to the extent such Basel III/CRD IV Costs was not capable of being calculated by the Finance Party with sufficient accuracy prior to the date of this Agreement due to a lack of

            

    

  

  
    
      

      

    

    -70-

    
      

    
      

      

    

  

  

  

  clarity or detail in Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV and/or
    related information from a banking regulator available on the date of this Agreement, and provided that the relevant Finance Party confirms in writing to the Company that it seeks to recover the equivalent of Basel III/CRD IV Costs to a similar extent
    from other similar borrowers under similar facilities and that it is actually implementing that policy in respect of similar facilities for similar borrowers (provided that similarity in this respect is determined by that Finance Party on the basis of
    all aspects of the relationship between that Finance Party and its clients).

  

  

  
    
      	

            	(b)	
              In this Clause 15.3, a reference to a "Tax Deduction" has the
                same meaning given to the term in Clause 14.1 (Definitions).

            

    

  

  

  

  
    
      	16.	
              OTHER INDEMNITIES

            

    

  

  

  

  
    
      	16.1	
              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;

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  that Obligor shall as an independent obligation, within three Business Days of demand, indemnify each Secured Party and the Arrangers 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.

            

    

  

  

  

  
    
      	16.2	
              Other indemnities

            

    

  

  

  

  The Company shall (or shall procure that an Obligor will), within three Business Days of demand, indemnify each Secured Party and the
    Arrangers against any cost, loss or liability incurred by that Secured Party or Arrangers 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);

            

    

  

  
    
      

      

    

    -71-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              funding, or making arrangements to fund, its participation in a Loan 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 Loan (or part of a Loan) not being prepaid in accordance with a notice of prepayment given by a Borrower or the Company.

            

    

  

  

  

  
    
      	16.3	
              Indemnity to the Agent

            

    

  

  

  

  The Company shall within 5 Business Days indemnify the Agent against:

  

  

  
    
      	

            	(a)	
              any cost, loss or liability incurred by the Agent (acting reasonably) as a result of:

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(iii)	
              instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement; and

            

    

  

  

  

  
    
      	

            	(b)	
              any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) 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.

            

    

  

  

  

  
    
      	16.4	
              Indemnity to the Security Agent

            

    

  

  

  

  
    
      	

            	(a)	
              Each Obligor jointly and severally shall promptly indemnify the Security Agent against any cost, loss or liability incurred by it as a result of:

            

    

  

  

  

  
    
      	

            	(i)	
              any failure by the Company to comply with its obligations under Clause 18 (Costs and expenses);

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  
    
      

      

    

    -72-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              The Security Agent may, in priority to any payment to the Secured Parties, indemnify itself out of the Charged Property in respect of, and pay and retain, all sums
                necessary to give effect to the indemnity in this Clause 16.4 and shall have a right of pledge on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all moneys payable to it.

            

    

  

  

  

  
    
      	17.	
              MITIGATION BY THE LENDERS

            

    

  

  

  

  
    
      	17.1	
              Mitigation

            

    

  

  

  

  
    
      	

            	(a)	
              Each Finance Party shall, in consultation with the Company, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount
                becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 9.1 (Illegality), Clause 14 (Tax gross-up and indemnities) or Clause 15 (Increased costs).

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	17.2	
              Limitation of liability

            

    

  

  

  

  
    
      	

            	(a)	
              The Company shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under
                Clause 17.1 (Mitigation).

            

    

  

  

  

  
    
      	

            	(b)	
              A Finance Party is not obliged to take any steps under Clause 17.1 (Mitigation)
                if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

            

    

  

  

  

  
    
      	18.	
              COSTS AND EXPENSES

            

    

  

  

  

  
    
      	18.1	
              Transaction expenses

            

    

  

  

  

  The Company shall promptly on demand pay the Agent, the Arrangers and the Security Agent the amount of all costs and expenses (including,
    but not limited to, pre-agreed legal fees) reasonably incurred by any of them in connection with the negotiation, preparation, printing, execution, syndication and perfection of:

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	18.2	
              Amendment costs

            

    

  

  

  

  If (a) an Obligor requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 32.10 (Change of currency), the Company shall, within three Business Days of demand, reimburse each of the Agent and the Security Agent for the amount of all
    costs and expenses (including, but not limited to, legal fees) reasonably incurred by the Agent and the Security Agent in responding to, evaluating, negotiating or complying with that request or requirement.

  
    
      

      

    

    -73-

    
      

    
      

      

    

  

  

  

  
    
      	18.3	
              Security Agent's ongoing costs

            

    

  

  

  

  In the event of (i) the occurrence of a Default or (ii) the Security Agent considering it necessary or expedient or (iii) the Security
    Agent being requested by an Obligor or the Majority Lenders to undertake duties which the Security Agent and the Company agree to be of an exceptional nature and/or outside the scope of the normal duties of the Security Agent under the Finance
    Documents, the Company shall pay to the Security Agent any additional remuneration that may be agreed between them.

  

  

  
    
      	18.4	
              Enforcement and preservation costs

            

    

  

  

  

  The Company shall, within three Business Days of demand, pay to each Secured Party and the Arrangers the amount of all costs and expenses
    (including, but not limited to, legal fees) incurred by that Secured Party and the Arrangers in connection with the enforcement of, or the preservation of any rights under, any Finance Document and the Transaction Security and any proceedings
    instituted by or against the Security Agent as a consequence of taking or holding the Transaction Security or enforcing these rights.

  

  

  
    
      

      

    

    -74-

    
      

    
      

      

    

  

  

  

  SECTION 7

  

  

  GUARANTEE

  

  

  
    
      	19.	
              GUARANTEE AND INDEMNITY

            

    

  

  

  

  
    
      	19.1	
              Guarantee and indemnity

            

    

  

  

  

  Each Guarantor irrevocably and unconditionally jointly and severally by way of an independent guarantee (onafhankelijke garantie):

  

  

  
    
      	

            	(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)	
              agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal it will, as an independent and primary
                obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been
                payable by it under any Finance Document on the date when it would have been due.  The amount payable by a Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 19 if the amount claimed had
                been recoverable on the basis of a guarantee.

            

    

  

  

  

  
    
      	19.2	
              Continuing guarantee

            

    

  

  

  

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

  

  

  
    
      	19.3	
              Reinstatement

            

    

  

  

  

  If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or
    otherwise) is made by a Finance Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of
    each Guarantor under this Clause 19 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

  

  

  
    
      	19.4	
              Waiver of defences

            

    

  

  

  

  The obligations of each Guarantor under this Clause 19 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 19 (without limitation and whether or not known to it or any Finance Party) including:

  
    
      

      

    

    -75-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(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;

            

    

  

  

  

  
    
      	

            	(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, novation, supplement, extension (whether of maturity or otherwise) or restatement (in each case however fundamental and of whatsoever nature, and
                whether or not more onerous) or replacement of a Finance Document or any 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.

            

    

  

  

  

  
    
      	19.5	
              Guarantor intent

            

    

  

  

  

  Without prejudice to the generality of Clause 19.4 (Waiver of Defences), each Guarantor expressly confirms that it intends that this guarantee shall extend from time to time to any (however fundamental and of whatsoever nature and whether or not more onerous) 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.

  

  

  
    
      	19.6	
              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 19.  This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

  
    
      

      

    

    -76-

    
      

    
      

      

    

  

  

  

  
    
      	19.7	
              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

            

    

  

  

  

  
    
      	

            	(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 19.

            

    

  

  

  

  
    
      	19.8	
              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 or by reason of any amount being payable, or liability arising,
    under this Clause 19:

  

  

  
    
      	

            	(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;

            

    

  

  

  

  
    
      	

            	(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;

            

    

  

  

  

  
    
      	

            	(d)	
              to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a
                guarantee, undertaking or indemnity under Clause 19.1 (Guarantee and Indemnity);

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  If 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 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).

  
    
      

      

    

    -77-

    
      

    
      

      

    

  

  

  

  
    
      	19.9	
              Release of Guarantors' right of contribution

            

    

  

  

  

  If any Guarantor (a "Retiring Guarantor")

    ceases to be a Guarantor in accordance with the terms of the Finance Documents for the purpose of any sale or other disposal of that Retiring Guarantor 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.

            

    

  

  

  

  
    
      	19.10	
              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.

  

  

  
    
      	19.11	
              Dutch guarantee limitations

            

    

  

  

  

  The guarantee, indemnity and other obligations of any Guarantor incorporated in The Netherlands under this Clause 19 shall be deemed not
    to be assumed by such Guarantor to the extent that and for as long as the same constitutes unlawful financial assistance within the meaning of Section 2:98c of the Dutch Civil Code and the provisions of this Agreement and the other Finance Documents
    shall be construed accordingly.

  

  

  
    
      	19.12	
              Limitations for German Guarantors

            

    

  

  

  

  
    
      	

            	(a)	
              To the extent that the guarantee created under this Clause 19 (the "Guarantee")

                is granted by a Guarantor incorporated in Germany as a limited liability company (GmbH) (each a "German Guarantor") and the Guarantee of the German Guarantor guarantees amounts which are owed by direct or indirect shareholders of the German Guarantor or
                Subsidiaries of such shareholders (with the exception of Subsidiaries which are also Subsidiaries of the German Guarantor), the Guarantee of the German Guarantor shall be subject to certain limitations as set out in paragraph (c) below. In
                relation to any other amounts guaranteed, the Guarantee of the German Guarantor remains unlimited.

            

    

  

  

  

  
    
      	

            	(b)	
              The provisions set out in this Clause 19 shall not apply to, or as the case may be, shall not apply where:

            

    

  

  

  

  
    
      	

            	(i)	
              any amounts which correspond to funds that have been borrowed under this Agreement and have been on-lent to, or otherwise been passed on to, the relevant German
                Guarantor or any of its Subsidiaries to the extent that any such amount is still outstanding at the time the demand under the Guarantee is made against such German Guarantor or other financial accommodation made available to, or bank
                guarantees issued for the benefit of creditors of, such German Guarantor or a Subsidiary of such Guarantor by a Finance Party under the Finance Documents;

            

    

  

  
    
      

      

    

    -78-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(ii)	
              any amounts payable under the Guarantee at any time when a domination and/or profit and loss transfer agreement (in accordance with Section 291 of the German Stock
                Corporation Act (Aktiengesetz)) (Beherrschungs-

                  und Gewinnabführungsvertrag) is or becomes effective between the relevant German Guarantor and any direct or indirect shareholder of that German Guarantor or Subsidiary of such shareholder as dominating entity (beherrschendes Unternehmen) other than where despite the existence of such domination and/or profit and loss transfer agreement there would
                be a violation of Sections 30 or 31 of the German Limited Liability Company Act (GmbHG);

            

    

  

  

  

  
    
      	

            	(iii)	
              on the date at which a demand is made against the relevant German Guarantor or enforcement is sought under this Agreement, the relevant German Guarantor (and/or in
                the case of a GmbH & Co. KG, of its general partner) has a fully recoverable claim for consideration or refund (vollwertiger
                  Gegenleistungs- oder Rückgewähranspruch) against its shareholder pursuant to section 30 para 1 of the German Limited Liability Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung) as interpreted by German courts; or

            

    

  

  

  

  
    
      	

            	(iv)	
              for any reason not mentioned in paragraph (i) to (iii) above (including, but not limited to any change in law), such limitations are no (longer) required in order to
                protect the managing directors (or any of them) of any German Guarantor (and/or in the case of a GmbH & Co. KG, of its general partner) against any personal or criminal liability as a consequence of a potential violation of Sections 30
                or 31 of the German Limited Liability Companies Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung).

            

    

  

  

  

  
    
      	

            	(c)	
              To the extent that the demand under the Guarantee against a German Guarantor is made in respect of amounts in relation to which the conditions pursuant to paragraph
                (a) above are fulfilled and to which paragraph (b) does not apply, the relevant German Guarantor's liability shall be limited as follows:

            

    

  

  

  

  
    
      	

            	(i)	
              subject to paragraphs (iii) and (iv) below, each Finance Party shall not be entitled to enforce the Guarantee to the extent that the German Guarantor is able to
                demonstrate that such enforcement has the effect of:

            

    

  

  

  

  
    
      	

            	(A)	
              reducing the German Guarantor's net assets (Nettovermögen)
                (the "Net Assets") to an amount less than its stated share capital (Stammkapital); or

            

    

  

  

  

  
    
      	

            	(B)	
              (if its Net Assets are already lower than its stated share capital) causing such amount to be further reduced,

            

    

  

  
    
      

      

    

    -79-

    
      

    
      

      

    

  

  

  

  and thereby contravenes the obligatory preservation of its stated share capital according to Sections 30 or 31 of the German Limited
    Liabilities Company Act ("GmbHG");

  

  

  
    
      	

            	(ii)	
              the value of the Net Assets shall be determined in accordance with the provisions of the German Commercial Code (Handelsgesetzbuch) consistently applied by the German Guarantor in preparing its unconsolidated balance sheets (Jahresabschluss according to Section 42 GmbH-Act, Sections 242, 264 German Commercial Code (Handelsgesetzbuch))

                in the previous years (subject to any permitted change in the Accounting Principles), save that:

            

    

  

  

  

  
    
      	

            	(A)	
              the amount of any increase of the stated share capital (Stammkapital)
                of the German Guarantor registered after the original date of this Agreement without the prior written consent of the Agent (acting on the instructions of the Majority Lenders) shall be deducted from the relevant stated share capital;

            

    

  

  

  

  
    
      	

            	(B)	
              loans provided to the relevant German Guarantor by any member of the Group shall be disregarded as far as such loans are subordinated by law or by contract at least
                to the claims of the unsubordinated creditors of such German Guarantor; and

            

    

  

  

  

  
    
      	

            	(C)	
              loans and other liabilities incurred in violation of the provisions of this Agreement shall be disregarded;

            

    

  

  

  

  
    
      	

            	(iii)	
              the limitations set out in sub-paragraph (i) above shall only apply if and to the extent that the managing director(s) (Geschäftsführer) on behalf of the respective German Guarantor have confirmed in writing to the Agent within 10 Business Days following the Agent's demand under the Guarantee to
                what extent the demanded payment fulfils the conditions pursuant to paragraph (a) above and would cause its Net Assets to fall below its stated share capital (Stammkapital) or, if the Net Assets are already less than the stated share capital (Stammkapital), would
                cause such amount to be further reduced (the "Management Determination");

            

    

  

  

  

  
    
      	

            	(iv)	
              if the Agent (acting on behalf of the Finance Parties) disagrees with the Management Determination, the Agent shall nevertheless be entitled to enforce the Guarantee
                up to such amount which is undisputed between itself and the relevant German Guarantor in accordance with the provisions of paragraph (iii) above. In relation to the amount which is disputed, the Agent and such German Guarantor shall
                instruct a firm of auditors of international standing and reputation to determine within 30 calendar days from the date the Agent has contested the Management Determination of the value of available Net Assets (the "Auditor's Determination"). If the Agent and the German Guarantor do not agree on the appointment of a joint auditor within 10 Business Days from the date the
                Agent (acting on behalf of the Finance Parties) has disputed the Management Determination, the Agent shall be entitled to appoint an auditor of international standing and reputation in its reasonable discretion. The amount determined as
                available in the Auditor's Determination shall be (except for manifest error) binding for all Parties. The costs of the Auditor's Determination shall be borne by the Company;

            

    

  

  
    
      

      

    

    -80-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(v)	
              if, and to the extent that, the Guarantee has been enforced without regard to the limitation set forth in paragraph (i) above because (A) the Management Determination
                was not delivered within the relevant time frame or (B) the amount of the available Net Assets calculated pursuant to the Auditor's Determination is lower than the amount stated in the Management Determination, the Finance Parties shall
                upon written demand of the relevant German Guarantor to the Agent (on behalf of the Finance Parties) repay without undue delay any amount (if and to the extent already paid to the Finance Parties) in the case of (A) above, which is
                necessary to maintain such German Guarantor's stated share capital (Stammkapital), and in the case of (B) above up to and including the
                amount calculated in the Auditor's Determination calculated as of the date the demand under the Guarantee was made and in accordance with paragraphs (i) and (ii) above, provided such demand for repayment is made to the Agent within 3 months
                (Ausschlussfrist) from the date the Guarantee was enforced;

            

    

  

  

  

  
    
      	

            	(vi)	
              if pursuant to the Auditor's Determination the amount of the available Net Assets is higher than that set out in the Management Determination, the relevant German
                Guarantor shall pay such amount to the Finance Parties within 10 Business Days upon request of the Agent (on behalf of the Finance Parties);

            

    

  

  

  

  
    
      	

            	(vii)	
              if the German Guarantor intends to demonstrate that the enforcement of the Guarantee has led to one of the effects referred to in paragraph (i) above, then the German
                Guarantor shall realise at arm's length terms to the extent necessary to satisfy the amounts demanded under this Guarantee any and all of its assets that are shown in its balance sheet with a book value (Buchwert) which is significantly lower than their market value and to the extent that such assets are not necessary for the relevant German Guarantor's business (nicht betriebsnotwendig); and

            

    

  

  

  

  
    
      	

            	(viii)	
              the limitation set out in sub-paragraph (i) above does not affect the right of the Finance Parties to claim any outstanding amount again at a later point in time if
                and to the extent that sub-paragraph (i) above would allow this at that later point until the full satisfaction of the claims guaranteed.

            

    

  

  

  

  This Clause 19.12 shall apply mutatis
      mutandis if the Guarantee is granted by a German Guarantor incorporated as a limited liability partnership (GmbH & Co. KG) in relation
    to the limited liability company as general partner (Komplementär) of such German Guarantor.

  
    
      

      

    

    -81-

    
      

    
      

      

    

  

  

  

  
    
      	19.13	
              Waivers and exclusions

            

    

  

  

  

  
    
      	

            	(a)	
              Each Guarantor hereby irrevocably and unconditionally waives (doet
                  afstand van) any rights it has under or pursuant to any Dutch law provisions for the protection of grantors of security for the debts of third parties, including, to the extent relevant, any rights it may have pursuant to
                articles 3:233, 3:234, 6:139 and, to the extent relevant in view of paragraph (b) up to and including (h) below, 6:154 of the Dutch Civil Code.

            

    

  

  

  

  
    
      	

            	(b)	
              None of the Guarantors shall have a right of recourse (regres)
                nor shall it subrogate (subrogeren) in any rights in respect of the guarantee granted by it pursuant to this Clause 19 and/or any of the
                Transaction Security granted by it.

            

    

  

  

  

  
    
      	

            	(c)	
              To the extent the provisions of paragraph (b) are not effective under Dutch law, each Guarantor hereby irrevocably and unconditionally waives (doet afstand van), to the extent necessary in advance (bij
                  voorbaat), any and all rights of recourse (regres) to which it is or may become entitled and any and all rights in which it is
                or may be subrogated (gesubrogeerd), in each case as a result of any enforcement of the guarantee provided by it pursuant to this Clause
                19 and/or the Transaction Security granted by it, which waivers are accepted by each other Obligor by its execution of this Agreement or an Accession Letter (as applicable).

            

    

  

  

  

  
    
      	

            	(d)	
              The waivers set out in this Clause constitute irrevocable third party stipulations for nil consideration (derdenbeding om niet) within the meaning of article 6:253 paragraph 4 of the Dutch Civil Code for the benefit of the Obligors.

            

    

  

  

  

  
    
      	

            	(e)	
              To the extent the waivers set out in paragraph (c) are not enforceable in whole or in part in respect of a Guarantor, such Guarantor hereby agrees with each other
                Obligor, that it will have a contractual right of recourse (regres) against each such Obligor in case of any enforcement of the
                guarantee provided by it pursuant to this Clause 19 and/or the Transaction Security granted by it in each case up to the same amount such Guarantor may have against such other Obligor pursuant to any statutory right of recourse in case of
                such enforcement of the guarantee provided by it pursuant to this Clause 19 and/or the Transaction Security granted by it and in respect of which the waivers set out in paragraph (c) are not enforceable in whole or in part.

            

    

  

  

  

  
    
      	

            	(f)	
              To the extent the waivers set out in paragraph (c) are not enforceable in whole or in part in respect of a Guarantor, any and all statutory and contractual rights of
                recourse (regres) to which such Guarantor is or may become entitled, including but not limited to the contractual rights of recourse (regres) pursuant to paragraph (e), and any and all rights in which such Guarantor is or may be subrogated (gesubrogeerd), in each case as a result of any enforcement of  the the guarantee provided by it pursuant to this Clause 19 and/or the Transaction Security granted
                by it, are hereby pledged to the Security Agent by way of a disclosed pledge, which rights of pledge are hereby accepted by the Security Agent.

            

    

  

  

  

  
    
      	

            	(g)	
              By its execution of this Agreement or an Accession Letter (as applicable), each Obligor confirms that is has been notified of the rights of pledge created

            

    

  

  
    
      

      

    

    -82-

    
      

    
      

      

    

  

  

  

  pursuant to paragraph (f). In addition to the preceding sentence and to the extent necessary, each Guarantor shall
    forthwith upon first request of the Security Agent notify each other Obligor of the rights of pledge created hereby by sending a notification (mededeling)
    to such Obligor in a form satisfactory to the Security Agent. The Security Agent shall be entitled to notify the Obligors at any time of the right of pledge created pursuant to paragraph (f).

  

  

  
    
      	

            	(h)	
              To the extent the waivers set out in paragraph (c) are not enforceable in whole or in part and the rights of pledge referred to in paragraph (f) cannot be validly
                created, any and all rights of recourse (regres) to which any Guarantor is or may become entitled and any and all rights in which any
                Guarantor is or may be subrogated (gesubrogeerd), in each case as a result of any enforcement of the guarantee provided by it pursuant
                to this Clause 19 and/or the Transaction Security granted by it are hereby subordinated (achtergesteld) to all claims of the Secured
                Parties under and pursuant to the Finance Documents, both in and outside bankruptcy (faillissement).

            

    

  

  

  

  
    
      

      

    

    -83-

    
      

    
      

      

    

  

  

  

  SECTION 8

  

  

  REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

  

  

  
    
      	20.	
              REPRESENTATIONS

            

    

  

  

  

  Each Obligor makes the representations and warranties set out in this Clause 20 to each Finance Party on the date of this Agreement.

  

  

  
    
      	20.1	
              Status

            

    

  

  

  

  
    
      	

            	(a)	
              It is a corporation, a limited liability company or a partnership with limited liability, duly incorporated or, in the case of a partnership, and validly existing
                under the law of its jurisdiction of incorporation.

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	20.2	
              Binding obligations

            

    

  

  

  

  The obligations expressed to be assumed by it in each Finance Document are, subject to any general principles of law limiting its
    obligations, which are specifically referred to in any legal opinion delivered pursuant to Clause 5 (Conditions of Utilisation) or Clause 26 (Changes to the Obligors), legal, valid, binding and enforceable obligations.

  

  

  
    
      	20.3	
              Non-conflict with other obligations

            

    

  

  

  

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

  

  

  
    
      	

            	(a)	
              any law or regulation applicable to it;

            

    

  

  

  

  
    
      	

            	(b)	
              its constitutional documents; or

            

    

  

  

  

  
    
      	

            	(c)	
              any agreement or instrument binding upon it or any of its assets, in each case to the extent it has a Material Adverse Effect.

            

    

  

  

  

  
    
      	20.4	
              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.

  

  

  
    
      	20.5	
              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

            

    

  

  

  

  
    
      	

            	(b)	
              to make the Finance Documents to which it is a party admissible in evidence in each Relevant Jurisdiction,

            

    

  

  

  

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

  
    
      

      

    

    -84-

    
      

    
      

      

    

  

  

  

  
    
      	20.6	
              Governing law and enforcement

            

    

  

  

  

  Subject to any matters which are set out as qualifications or reservations as to matters of law of general application in any legal
    opinion delivered pursuant to Clause 5.1 (Initial conditions precedent) or Clause 26 (Changes to the Obligors):

  

  

  
    
      	

            	(a)	
              the choice of governing law of each of the Finance Documents will be recognised and enforced in its Relevant Jurisdiction; and

            

    

  

  

  

  
    
      	

            	(b)	
              any judgment obtained in relation to a Finance Document in the jurisdiction of the governing law of that Finance Document will be recognised and enforced in its
                Relevant Jurisdiction.

            

    

  

  

  

  
    
      	20.7	
              Insolvency

            

    

  

  

  

  No:

  

  

  
    
      	

            	(a)	
              corporate action, legal proceeding or other procedure or step described in paragraph (a) of Clause 24.7 (Insolvency proceedings); or

            

    

  

  

  

  
    
      	

            	(b)	
              creditors' process described in Clause 24.8 (Creditors' process),

            

    

  

  

  

  has been taken or, to the knowledge of the Company, threatened in relation to it and none of the circumstances described in Clause  24.6 (Insolvency) applies to it.

  

  

  
    
      	20.8	
              No filing or stamp taxes

            

    

  

  

  

  Under the law of each Relevant Jurisdiction 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, other than a filing of the Security Documents listed in
    Part I of Schedule 2 (Conditions precedent) under 3(a)(i) and 3(a)(iv) with the Dutch tax authorities.

  

  

  
    
      	20.9	
              Deduction of Tax

            

    

  

  

  

  It is not required to make any deduction for or on account of Tax from any payment it may make under any Finance Document to a Lender.

  

  

  
    
      	20.10	
              No default

            

    

  

  

  

  
    
      	

            	(a)	
              No Event of Default is continuing or might reasonably be expected to 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 to which its assets are
                subject which might have a Material Adverse Effect.

            

    

  

  
    
      

      

    

    -85-

    
      

    
      

      

    

  

  

  

  
    
      	20.11	
              No misleading information

            

    

  

  

  

  
    
      	

            	(a)	
              The financial model contained in the Base Case Model has been prepared on the basis of recent historical information, are fair and based on reasonable assumptions
                that, in the opinion of the Company were reasonable at the time they were made.

            

    

  

  

  

  
    
      	

            	(b)	
              All other written information provided by any member of the Group (including its advisers) to a Finance Party was true, complete and accurate in all material respects
                as at the date it was provided and is not misleading in any respect.

            

    

  

  

  

  
    
      	20.12	
              Financial statements

            

    

  

  

  

  
    
      	

            	(a)	
              Its Original Financial Statements were prepared in accordance with the Accounting Principles consistently applied.

            

    

  

  

  

  
    
      	

            	(b)	
              Its Original Financial Statements fairly represent its financial condition and operations (consolidated in the case of the Company) during the relevant Financial
                Year.

            

    

  

  

  

  
    
      	

            	(c)	
              There has been no material adverse change in its business or financial condition (or the business or consolidated financial condition of the Group, in the case of the
                Company) since the date on which its Original Financial Statements are stated to have been prepared.

            

    

  

  

  

  
    
      	20.13	
              No proceedings pending or threatened

            

    

  

  

  

  No litigation, arbitration or administrative proceedings of or before any court, arbitral body or agency which, if adversely determined,
    might reasonably be expected to have a Material Adverse Effect has (to the best of its knowledge and belief) been started or threatened against any member of the Group (or against the directors of any member of the Group).

  

  

  
    
      	20.14	
              No breach of laws

            

    

  

  

  

  
    
      	

            	(a)	
              It has not breached any law or regulation which breach has or is reasonably likely to have a Material Adverse Effect.

            

    

  

  

  

  
    
      	

            	(b)	
              No labour disputes are current or, to the best of its knowledge and belief (having made due and careful enquiry), threatened against it which have or are reasonably
                likely to have a Material Adverse Effect.

            

    

  

  

  

  
    
      	20.15	
              Environmental compliance

            

    

  

  

  

  Each Obligor 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.

  
    
      

      

    

    -86-

    
      

    
      

      

    

  

  

  

  
    
      	20.16	
              Environmental claims

            

    

  

  

  

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

  

  

  
    
      	20.17	
              Taxation

            

    

  

  

  

  
    
      	

            	(a)	
              It has duly and punctually paid and discharged all Taxes imposed upon it or its assets within the time period allowed without incurring material penalties (except to
                the extent that (i) payment is being contested in good faith, (ii) it has maintained adequate reserves for those Taxes and (iii) payment can be lawfully withheld).

            

    

  

  

  

  
    
      	

            	(b)	
              It is not overdue in the filing of any Tax returns where failure to do so might reasonably be expected to have a Material Adverse Effect.

            

    

  

  

  

  
    
      	

            	(c)	
              No claims are being or are reasonably likely to be asserted against it with respect to Taxes, which has or is reasonably likely to have a Material Adverse Effect.

            

    

  

  

  

  
    
      	20.18	
              Anti-corruption and anti-money laundering laws

            

    

  

  

  

  It has conducted its business in compliance with applicable anti-corruption and anti-money laundering laws.

  

  

  
    
      	20.19	
              Sanctions

            

    

  

  

  

  
    
      	

            	(a)	
              Neither it nor any other member of the Group nor any of their respective directors or officers or (to the best of its knowledge, after having made due and careful
                enquiry) employees:

            

    

  

  

  

  
    
      	

            	(i)	
              is a Restricted Party;

            

    

  

  

  

  
    
      	

            	(ii)	
              has violated or is violating any applicable Sanctions;

            

    

  

  

  

  
    
      	

            	(iii)	
              is directly or indirectly engaging in or has directly or indirectly engaged in any activity with a Restricted Party or in any other activity that may result in any
                person becoming a subject of Sanctions; or

            

    

  

  

  

  
    
      	

            	(iv)	
              is subject to any claim, proceeding, formal investigation or formal notice with respect to Sanctions.

            

    

  

  

  

  
    
      	

            	(b)	
              The representations in paragraph (a) above shall apply to any Party resident in any member state of the European Union only to the extent it would not cause the Party
                to violate or expose it or any of its subsidiaries or any director, officer or employee thereof to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time and applicable to such entity
                (including without limitation EU Regulation (EC) 2271/96) or EU regulation (EU) 2018/1100).

            

    

  

  
    
      

      

    

    -87-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              The representation in this Clause 20.19 (Sanctions), shall apply to any Obligor that qualifies as a resident party domiciled in the Federal Republic of Germany (Inländer) within the meaning of Section 2 Paragraph 15 German Foreign Trade Act (Außenwirtschaftsgesetz) only if and to the extent that giving or complying with such representation and/or undertaking does not result in (i) any violation of, conflict with or liability
                under Council Regulation No (EC) 2271/96 (or any implementing law or regulation in any member state of the European Union or the United Kingdom) or (ii) any violation of or conflict with section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung) (in connection with section 4 para 1 no 3 of the German Foreign Trade Act (Außenwirtschaftsgesetz)) or a similar anti-boycott statute or regulation.

            

    

  

  

  

  
    
      	

            	(d)	
              For a Finance Party that qualifies as a resident party domiciled in the Federal republic of Germany (Inländer) within the meaning of sectiont. 2 paragraph 15 German Foreign trade Act (Außenwirtschaftsgesetz)
                and that notifies the Agent that it is to be regarded as a "Non-Eligible Finance Party" for this purpose (each a "Non-Eligible Finance
                Party"), this Clause 20.19 (Sanctions) shall only apply for the benefit of that Non-Eligible Finance Party to the extent that such application does not result in any violation of, or conflict with, section 7 of the German Foreign Trade
                Ordinance (Verordnung zur Durchführung des Außenwirtschaftsgesetzes) or any similar applicable anti-boycott law or regulation.

            

    

  

  

  

  
    
      	

            	(e)	
              In connection with any amendment, waiver, determination or direction relating to any part of this Clause 20.19 (Sanctions) of which a Non-Eligible Finance Party does not have the benefit, the Commitments of that Non-Eligible Finance Party will be excluded for the purpose of determining whether the
                consent of the Majority Lenders has been obtained or whether the determination of the Majority Lenders or Lenders has been made.

            

    

  

  

  

  
    
      	20.20	
              Security and Financial Indebtedness

            

    

  

  

  

  
    
      	

            	(a)	
              No Security exists over all or any of the present or future assets of any member of the Group other than any Security permitted under Clause 23.14 (Negative Pledge).

            

    

  

  

  

  
    
      	

            	(b)	
              No member of the Group has any Financial Indebtedness outstanding other than as permitted under Clause 23.19 (Indebtedness).

            

    

  

  

  

  
    
      	20.21	
              Ranking

            

    

  

  

  

  The Transaction Security has or will have the ranking in priority which it is expressed to have in the Transaction Security Documents and
    it is not subject to any prior ranking or pari passu ranking Security.

  

  

  
    
      	20.22	
              Good title to assets

            

    

  

  

  

  It has good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets
    necessary to carry on its business as presently conducted.

  
    
      

      

    

    -88-

    
      

    
      

      

    

  

  

  

  
    
      	20.23	
              Legal and beneficial owner

            

    

  

  

  

  It is the absolute legal owner and beneficial owner of the assets subject to the Transaction Security.

  

  

  
    
      	20.24	
              Intellectual Property

            

    

  

  

  

  It:

  

  

  
    
      	

            	(a)	
              is the sole legal and beneficial owner of or has licensed to it all the Intellectual Property which is material in the context of its business and which is required
                by it in order to carry on its business;

            

    

  

  

  

  
    
      	

            	(b)	
              does not, in carrying on its businesses, infringe any Intellectual Property of any third party in any respect which has or is reasonably likely to have a Material
                Adverse Effect; and

            

    

  

  

  

  
    
      	

            	(c)	
              has taken all formal or procedural actions (including payment of fees) required to maintain any material Intellectual Property owned by it.

            

    

  

  

  

  
    
      	20.25	
              Group Structure

            

    

  

  

  

  The Group Structure Chart delivered to the Agent pursuant to Schedule 2 (Conditions Precedent) is true, complete and accurate.

  

  

  
    
      	20.26	
              Accounting reference date

            

    

  

  

  

  The accounting reference date of each member of the Group is 31 December.

  

  

  
    
      	20.27	
              Centre of main interests and establishments

            

    

  

  

  

  It has its' "centre of main interests" (as that term is used in Article 3(1) of The Council of the European Union Regulation No. 2015/848
    of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast) (the "Regulation") in the jurisdiction of its
    incorporation and it has no “establishment” (as that term is used in article 2(10) of the Regulation) in any other jurisdiction.

  

  

  
    
      	20.28	
              No adverse consequences

            

    

  

  

  

  
    
      	

            	(a)	
              It is not necessary under the laws of its Relevant Jurisdictions:

            

    

  

  

  

  
    
      	

            	(i)	
              in order to enable any Finance Party to enforce its rights under any Finance Document; or

            

    

  

  

  

  
    
      	

            	(ii)	
              by reason of the execution of any Finance Document or the performance by it of its obligations under any Finance Document,

            

    

  

  

  

  that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any of its Relevant Jurisdictions.

  
    
      

      

    

    -89-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              No Finance Party is or will be deemed to be resident, domiciled or carrying on business in its Relevant Jurisdictions by reason only of the execution, performance
                and/or enforcement of any Finance Document.

            

    

  

  

  

  
    
      	20.29	
              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, the date of the proposed utilization and the first day of each Interest Period; and

            

    

  

  

  

  
    
      	

            	(b)	
              in the case of an Additional Obligor, the day on which it becomes (or it is proposed that it becomes) an Additional Obligor.

            

    

  

  

  

  
    
      	21.	
              INFORMATION UNDERTAKINGS

            

    

  

  

  

  The undertakings in this Clause 21 remain in force from the date of this Agreement for so long as any amount is outstanding under the
    Finance Documents or any Commitment is in force.

  

  

  
    
      	21.1	
              Financial statements

            

    

  

  

  

  The Company 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 180 days after the end of each of its Financial Years its audited consolidated financial statements for
                that Financial Year; and

            

    

  

  

  

  
    
      	

            	(b)	
              as soon as the same become available, but in any event within 45 days after the end of each Financial Quarter of each of its Financial Years its consolidated
                financial statements for that period.

            

    

  

  

  

  
    
      	21.2	
              Compliance Certificate

            

    

  

  

  

  
    
      	

            	(a)	
              The Company shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph (a) or, with respect to each second Financial Quarter and
                each fourth Financial Quarter in a Financial Year, (b) of Clause 21.1 (Financial statements), a Compliance Certificate setting out (in
                reasonable detail) computations as to compliance with Clause 22 (Financial Covenant) as at the date at which those financial statements
                were drawn up.

            

    

  

  

  

  
    
      	

            	(b)	
              Each Compliance Certificate shall be signed by one or more directors of the Company.

            

    

  

  

  

  
    
      	21.3	
              Requirements as to financial statements

            

    

  

  

  

  
    
      	

            	(a)	
              The Company shall procure that each set of financial statements delivered pursuant to Clause 21.1 (Financial statements) includes a balance sheet, profit and loss account and cashflow statement of the Group and, with respect to each set of financial statements delivered pursuant to paragraph
                (a) of Clause 21.1 (Financial statements), also a pro forma guarantor cover calculation of the EBITDA of the Obligors (calculated on an
                unconsolidated basis and excluding intra-Group items) as a percentage of the consolidated EBITDA of the Group, in each case, in a form agreed between the Agent (acting on the instructions of the Lenders) and the Company.

            

    

  

  
    
      

      

    

    -90-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              The Company shall procure that each set of the financial statements delivered pursuant to paragraph (a) of Clause 21.1 (Financial statements) shall be audited by the Company's auditors and accompanied by an unqualified opinion by such auditors.

            

    

  

  

  

  
    
      	

            	(c)	
              Each set of financial statements delivered by the Company pursuant to Clause 21.1 (Financial statements) shall be:

            

    

  

  

  

  
    
      	

            	(i)	
              certified by a director of the Company as fairly representing its financial condition as at the date at which those financial statements were drawn up; and

            

    

  

  

  

  
    
      	

            	(ii)	
              accompanied by a statement by a director of the Company comparing actual performance for the period to which the financial statements relate to:

            

    

  

  

  

  
    
      	

            	(A)	
              the projected performance for that period set out in the Budget; and

            

    

  

  

  

  
    
      	

            	(B)	
              the actual performance for the corresponding period in the preceding Financial Year of the Group.

            

    

  

  

  

  
    
      	

            	(d)	
              The Company shall procure that each set of financial statements delivered pursuant to Clause 21.1 (Financial statements) is prepared using the Accounting Principles.

            

    

  

  

  

  (e)

  
    
      	

            	(i)	
              The Company shall procure that each set of financial statements delivered pursuant to Clause 21.1 (Financial statements) is prepared using the Accounting Principles and accounting practices and financial reference periods consistent with those applied in the preparation of the Original
                Financial Statements for that Obligor unless, in relation to any set of financial statements, it notifies the Agent that there has been a change in the Accounting Principles or the accounting practices or reference periods, 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 Accounting Principles, accounting practices and reference periods upon which that
                Obligor's Original Financial Statements 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 22 (Financial Covenant) 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.

            

    

  

  
    
      

      

    

    -91-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(ii)	
              If the Company notifies the Agent of a change in accordance with paragraph (i) above then the Company 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.

  

  

  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.

  

  

  
    
      	21.4	
              Budget

            

    

  

  

  

  
    
      	

            	(a)	
              The Company shall supply to the Agent in sufficient copies for all the Lenders, as soon as the same become available but in any event not later than 15 days before
                the start of each of its Financial Years, an annual consolidated Budget for that Financial Year.

            

    

  

  

  

  
    
      	

            	(b)	
              The Company shall ensure that each Budget:

            

    

  

  

  

  
    
      	

            	(i)	
              is in a form reasonably acceptable to the Agent and includes a projected consolidated profit and loss and cashflow statement for the Group and projected financial
                covenant calculations; and

            

    

  

  

  

  
    
      	

            	(ii)	
              is prepared in accordance with the Accounting Principles and the accounting practices and financial reference periods applied to financial statements under Clause 
                21.1 (Financial statements); and

            

    

  

  

  

  
    
      	

            	(iii)	
              has been approved by the board of directors of the Company.

            

    

  

  

  

  
    
      	

            	(c)	
              If the Company updates or changes the Budget, it shall within not more than 20 days of the update or change being made deliver to the Agent, in sufficient copies for
                each of the Lenders, such updated or changed Budget together with a written explanation of the main changes in that Budget.

            

    

  

  

  

  
    
      	21.5	
              Presentations

            

    

  

  

  

  Once every Financial Year (or more frequently if requested to do so by the Agent if an Event of Default is continuing), at least one
    director of the Company (whom shall be either the chief executive officer or the chief financial officer) must give a presentation to the Finance Parties (by way of bilateral meetings or an all Lenders meeting, at the discretion of the Company) about
    the on-going business and financial performance of the Group and any other relevant matter.

  
    
      

      

    

    -92-

    
      

    
      

      

    

  

  

  

  
    
      	21.6	
              Year-end

            

    

  

  

  

  The Company shall not change its Accounting Reference Date.

  

  

  
    
      	21.7	
              Information: miscellaneous

            

    

  

  

  

  The Company shall supply to the Agent (in sufficient copies for all the Lenders, if the Agent so requests):

  

  

  
    
      	

            	(a)	
              at the same time as they are dispatched, copies of all documents dispatched by the Company to its creditors generally;

            

    

  

  

  

  
    
      	

            	(b)	
              promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings which are current or pending against any member of the
                Group, and which might, if adversely determined, have a Material Adverse Effect, or which would involve a liability or a potential or alleged liability, exceeding EUR 5,000,000 (excluding any frivolous or vexatious proceedings which are
                discharged within 30 days);

            

    

  

  

  

  
    
      	

            	(c)	
              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; and

            

    

  

  

  

  
    
      	

            	(d)	
              promptly, such further information as may be required by applicable banking supervisory laws and regulations and/or in line with standard banking practice.

            

    

  

  

  

  
    
      	21.8	
              Notification of default

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(b)	
              Promptly upon a request by the Agent, the Company shall supply to the Agent a certificate signed by two 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).

            

    

  

  

  

  
    
      	21.9	
              Direct electronic delivery by Company

            

    

  

  

  

  The Company may satisfy its obligation under this Agreement to deliver any information in relation to a Lender by delivering that
    information directly to that Lender in accordance with Clause 35.6 (Electronic communication) to the extent that Lender, the Agent and the Company
    agree to this method of delivery.

  
    
      

      

    

    -93-

    
      

    
      

      

    

  

  

  

  
    
      	21.10	
              "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, the composition of the shareholders of an Obligor or any shareholder obtaining more than25 % of the shares in 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.

  

  

  
    
      	

            	(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 Company shall, by not less than ten Business Days' prior written notice to the Agent, notify the Agent (which shall promptly notify the Lenders) of its intention
                to request that one of its Subsidiaries becomes an Additional Obligor pursuant to Clause 26 (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 Company 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 all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the accession of such Subsidiary to this Agreement as
                an Additional Obligor.

            

    

  

  
    
      

      

    

    -94-

    
      

    
      

      

    

  

  

  

  
    
      	21.11	
              FATCA information

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(A)	
              a FATCA Exempt Party; or

            

    

  

  

  

  
    
      	

            	(B)	
              not a FATCA Exempt Party; and

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(i)	
              any law or regulation;

            

    

  

  

  

  
    
      	

            	(ii)	
              any fiduciary duty; or

            

    

  

  

  

  
    
      	

            	(iii)	
              any duty of confidentiality.

            

    

  

  

  

  
    
      	

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

            

    

  

  
    
      

      

    

    -95-

    
      

    
      

      

    

  

  

  

  
    
      	22.	
              FINANCIAL COVENANT

            

    

  

  

  

  
    
      	22.1	
              Financial definitions

            

    

  

  

  

  In this Clause 22:

  

  

  "Borrowings" means, at any time,
    the aggregate outstanding principal, capital or nominal amount (and any fixed or minimum premium payable on prepayment or redemption) of any indebtedness of members of the Group for or in respect of:

  

  

  
    
      	

            	(a)	
              moneys borrowed and debit balances at banks or other financial institutions;

            

    

  

  

  

  
    
      	

            	(b)	
              any acceptances under any acceptance credit or bill discount facility (or dematerialised equivalent);

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(d)	
              any Finance Lease;

            

    

  

  

  

  
    
      	

            	(e)	
              receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis and meet any requirements for de-recognition under the
                Accounting Principles);

            

    

  

  

  

  
    
      	

            	(f)	
              any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before the Termination Date or are otherwise classified as
                borrowings under the Accounting Principles;

            

    

  

  

  

  
    
      	

            	(g)	
              any amount raised under any other transaction (including any forward sale or purchase agreement, sale and sale back or sale and leaseback agreement) having the
                commercial effect of a borrowing or otherwise classified as borrowings under the Accounting Principles; and

            

    

  

  

  

  
    
      	

            	(h)	
              (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 (g) above.

            

    

  

  

  

  "EBIT" means, in respect of any
    Relevant Period, the consolidated operating profit (excluding (for the avoidance of doubt) any profits generated as a result of leases or hire purchase contracts not being treated as Financial Leases as per the definition of ''Finance Lease'') of the
    Group before taxation after deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group which is
    attributable to minority interests.

  

  

  "EBITDA" means, in respect of any
    Relevant Period, EBIT for that Relevant Period after adding back any amount attributable to the amortisation, depreciation or impairment of assets
    of members of the Group (and taking no account of the reversal of any previous impairment charge made in that Relevant Period) before taking into account any Exceptional Items provided that the aggregate amount of Exceptional Items in respect of any Relevant Period that may be so taken into account for the purpose of calculating EBITDA may not exceed the higher of:

  
    
      

      

    

    -96-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(a)	
               10 per cent. of EBITDA before Exceptional Items; and

            

    

  

  

  

  
    
      	

            	(b)	
               EUR 5,000,000 (or its equivalent).

            

    

  

  

  

  "Exceptional Items" means any
    exceptional, one off, non-recurring or extraordinary items which represent gains or losses including those arising on:

  

  

  
    
      	

            	(a)	
              the restructuring of the activities of an entity and reversals of any provisions for the cost of restructuring;

            

    

  

  

  

  
    
      	

            	(b)	
              disposals, revaluations, write downs or impairment of non-current assets or any reversal of any write down or impairment; and

            

    

  

  

  

  
    
      	

            	(c)	
              disposals of assets associated with discontinued operations.

            

    

  

  

  

  "Finance Lease" means any lease or
    hire purchase contract, a liability under which would, in accordance with the Accounting Principles, be treated as a balance sheet liability (other than a lease or hire purchase contract which would, in accordance with the Accounting Principles in
    force prior to 1 January 2019, have been treated as an operating lease).

  

  

  "Financial Quarter" means the
    period commencing on the day after one Quarter Date and ending on the next Quarter Date.

  

  

  "Financial Year" means the annual
    accounting period of the Group ending on or about 31 December in each year.

  

  

  "Quarter Date" means each of 31
    March, 30 June, 30 September and 31 December.

  

  

  "Relevant Period" means each period
    of twelve months ending on the last day of the Company's Financial Year and each period of twelve months ending on 30 June of a Financial Year.

  

  

  "Senior Net Leverage" means, in
    respect of any Relevant Period, the ratio of Senior Total Net Debt on the last day of that Relevant Period to EBITDA in respect of that Relevant Period.

  

  

  "Senior Total Net Debt" means, at
    any time, the aggregate amount of all obligations of members of the Group for or in respect of Borrowings at that time but:

  

  

  
    
      	

            	(a)	
              excluding any such obligations to any other member of the
                Group;

            

    

  

  

  

  
    
      	

            	(b)	
              excluding any amount outstanding under any Subordinated
                Shareholder Loans;

            

    

  

  

  

  
    
      	

            	(c)	
              including, in the case of Finance Leases only, their
                capitalised value; and

            

    

  

  

  

  
    
      	

            	(d)	
              deducting the aggregate amount of Cash and Cash Equivalent
                Investments,

            

    

  

  

  

  and so that no amount shall be included or excluded more than once.

  
    
      

      

    

    -97-

    
      

    
      

      

    

  

  

  

  
    
      	22.2	
              Financial condition

            

    

  

  

  

  The Company shall ensure that Senior Net Leverage shall not exceed:

  

  

  
    
      	

            	(i)	
              in respect of the first Relevant Period ending after a Permitted Acquisition, 3.00:1.00;

            

    

  

  

  

  
    
      	

            	(ii)	
              in respect of the second Relevant Period ending after a Permitted Acquisition, 2.75:1.00; and

            

    

  

  

  

  
    
      	

            	(iii)	
              in respect of any other Relevant Period, 2.50:1.00.

            

    

  

  

  

  
    
      	22.3	
              Financial testing

            

    

  

  

  

  The financial covenant set out in Clause 22.2 (Financial condition) shall be tested by reference to each of the financial statements and/or each Compliance Certificate delivered pursuant to Clause 21.2 (Compliance Certificate).

  

  

  
    
      	22.4	
              Equity cure

            

    

  

  

  

  

  

  
    
      	

            	(a)	
              Subject to paragraphs (b) to and including (d) below, the Company may elect to use the net proceeds received by it in cash of any New Equity and/or Subordinated
                Shareholder Loan (the "Equity Cure Amount") to remedy non-compliance with the requirement set out in Clause 22.2 (Financial condition) by electing to deduct the Equity Cure Amount required to remedy that non-compliance from Senior Total Net Debt in the manner set out in
                paragraph (d) below.

            

    

  

  

  

  

  

  
    
      	

            	(b)	
              The Equity Cure Amount may only be taken into account to remedy non-compliance with the requirement set out in Clause 22.2 (Financial condition) if each of the following conditions is satisfied:

            

    

  

  

  

  
    
      	

            	(i)	
              the Company elects to apply the proceeds as a remedy before the date which is 20 Business Days after the date of delivery of the Compliance Certificate relating to
                the financial statements for the Relevant Period to which the non-compliance relates;

            

    

  

  

  

  
    
      	

            	(ii)	
              the election is made by written notice of the Company (signed by a director) to the Agent (the "Election Notice") and certifies the Equity Cure Amount received in cash by the Company and specifies the Relevant Period in respect of which it is to be taken into account; and

            

    

  

  

  

  
    
      	

            	(iii)	
              the Election Notice is accompanied by a revised Compliance Certificate showing compliance with the requirement as set out in Clause 22.2 (Financial condition) after taking into account the Equity Cure Amount used to remedy that non-compliance.

            

    

  

  

  

  
    
      	

            	(c)	
              The Company may not, other than with the prior written consent of all the Lenders, make an election pursuant to paragraph (a) above:

            

    

  

  
    
      

      

    

    -98-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(i)	
              in two consecutive Relevant Periods; and

            

    

  

  

  

  
    
      	

            	(ii)	
              more than twice (or, in case of the exercise of the extension option pursuant to Clause 8.2 (Extension option), three times) after the date of this Agreement.

            

    

  

  

  

  
    
      	

            	(d)	
              For the purposes of this Clause 22, the Equity Cure Amount shall, solely for the purpose of testing the financial covenant, be deemed to be applied such that Senior
                Total Net Debt as at the last day for the Relevant Period shall be reduced by the Equity Cure Amount provided that for each subsequent Relevant Period, Senior Total Net Debt shall be calculated on the basis of the actual Senior Total Net
                Debt as at the end of such subsequent Relevant Period.

            

    

  

  

  

  
    
      	23.	
              GENERAL UNDERTAKINGS

            

    

  

  

  

  The undertakings in this Clause 23 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.

  

  

  
    
      	23.1	
              Authorisations

            

    

  

  

  

  Each Obligor shall promptly:

  

  

  
    
      	

            	(a)	
              obtain, comply with and do all that is necessary to maintain in full force and effect; and

            

    

  

  

  

  
    
      	

            	(b)	
              supply copies certified by the directors of the Company to the Agent of,

            

    

  

  

  

  any Authorisation required under any law or regulation of the Relevant Jurisdictions to:

  

  

  
    
      	

            	(i)	
               enable it to perform its obligations under the Finance Documents; and

            

    

  

  

  

  
    
      	

            	(ii)	
              to ensure the legality, validity, enforceability or admissibility in evidence in each Relevant Jurisdiction of any Finance Document.

            

    

  

  

  

  
    
      	23.2	
              Compliance with laws

            

    

  

  

  

  Each Obligor shall (and the Company shall ensure that each member of the Group will) comply in all respects with all laws to which it may
    be subject, if failure so to comply has or is reasonably likely to have a Material Adverse Effect.

  

  

  
    
      	23.3	
              Environmental compliance

            

    

  

  

  

  Each Obligor shall (and the Company shall ensure that each other member of the Group will) comply in all material respects with all
    Environmental Law and obtain and maintain any Environmental Permits and take all reasonable steps in anticipation of known or expected future changes to or obligations under the same where failure to do so might reasonably be expected to have a
    Material Adverse Effect.

  
    
      

      

    

    -99-

    
      

    
      

      

    

  

  

  

  
    
      	23.4	
              Environmental Claims

            

    

  

  

  

  The Company shall inform the Agent in writing as soon as reasonably practicable upon becoming aware of:

  

  

  
    
      	

            	(a)	
              any Environmental Claim that has been commenced or (to the best of its knowledge and belief) is threatened against any member of the Group; or

            

    

  

  

  

  
    
      	

            	(b)	
              any facts or circumstances which will or are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the Group,

            

    

  

  

  

  where the claim would be reasonably likely, if determined against that member of the Group, to have a Material Adverse Effect.

  

  

  
    
      	23.5	
              Anti-corruption law

            

    

  

  

  

  Each Obligor shall (and the Company shall ensure that each other member of the Group will):

  

  

  
    
      	

            	(a)	
              conduct its businesses in compliance with applicable anti-corruption laws; and

            

    

  

  

  

  
    
      	

            	(b)	
              maintain policies and procedures designed to promote and achieve compliance with such laws.

            

    

  

  

  

  
    
      	23.6	
              Taxation

            

    

  

  

  

  Each Obligor shall (and the Company shall ensure that each other member of the Group will) duly and punctually pay and discharge all Taxes
    imposed upon it or its assets within the time period allowed without incurring material penalties (except to the extent that (a) such payment is being contested in good faith, (b) adequate reserves are being maintained for those Taxes and (c) such
    payment can be lawfully withheld).

  

  

  
    
      	23.7	
              Merger

            

    

  

  

  

  No Obligor shall (and the Company shall ensure that no other member of the Group will) enter into any amalgamation, demerger, merger,
    consolidation or corporate reconstruction (which shall include, for the avoidance of doubt, any change to the nature of an Obligor's legal personality, status or company type) except transactions (other than (i) any sale, lease, license, transfer or
    other disposal and (ii) the granting or creation of Security or the incurring or permitting to subsist of Financial Indebtedness) conducted in the ordinary course of trading on arm's length terms.

  

  

  
    
      	23.8	
              Change of business

            

    

  

  

  

  The Company shall procure that no substantial change is made to the general nature of the business of the Company, the Obligors or the
    Group taken as a whole from that carried on by the Group at the date of this Agreement.

  
    
      

      

    

    -100-

    
      

    
      

      

    

  

  

  

  
    
      	23.9	
              Acquisitions

            

    

  

  

  

  
    
      	

            	(a)	
              No Obligor shall (and the Company shall ensure that no other member of the Group will) acquire a company or any shares or securities or a business or undertaking (or,
                in each case, any interest in any of them).

            

    

  

  

  

  
    
      	

            	(b)	
              Paragraph (a) above does not apply to an acquisition of a company, of shares, securities or a business or undertaking (or, in each case, any interest in any of them)
                or the incorporation of a company which is:

            

    

  

  

  

  
    
      	

            	(i)	
              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 constituting a
                disposal permitted under Clause 23.15 (Disposals);

            

    

  

  

  

  
    
      	

            	(ii)	
              an acquisition (not being an acquisition by the Company) of (x) any part of the issued share capital and voting rights of a limited liability company or (y) a
                business or undertaking carried on as a going concern (each an "Acquisition Target"), but only if:

            

    

  

  

  

  
    
      	

            	(A)	
              no Event of Default is continuing on the closing date for the acquisition or would occur as a result of the acquisition;

            

    

  

  

  

  
    
      	

            	(B)	
              the Acquisition Target is mainly engaged in a business similar or complementary to that of an existing member of the Group;

            

    

  

  

  

  
    
      	

            	(C)	
              if the aggregate of (i) the equity value of the Acquisition Target (assuming at all times for this purposes 100% of the issued share capital is being acquired), (ii)
                associated costs and expenses for the relevant acquisition and (iii) any Financial Indebtedness (net of cash) remaining in the Acquisition Target (assuming at all times for this purposes 100% of the issued share capital is being acquired)
                (together the "Enterprise Value") at the date of acquisition does not exceed EUR 30,000,000 and when aggregated with the Enterprise Value
                for any other acquisition permitted under this Clause 23.9 at the time of acquisition does not in any Financial Year of the Company exceed in aggregate EUR 50,000,000 or its equivalent; and

            

    

  

  

  

  
    
      	

            	(D)	
              a director of the Company certifies that Acquisition Target is projected to have positive earnings before interest, tax, depreciation and amortisation (calculated on
                a consolidated basis (if applicable) and on the same basis as EBITDA) for the twelve Month period starting on the first day of the next Month after the closing date for the acquisition,

            

    

  

  

  

  such an acquisition under (b)(ii), a ''Permitted

      Acquisition''.

  

  

  
    
      	23.10	
              Joint Ventures

            

    

  

  

  

  
    
      	

            	(a)	
              No Obligor shall (and the Company shall ensure that no other member of the Group will):

            

    

  

  
    
      

      

    

    -101-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(i)	
              enter into, invest in or acquire (or agree to acquire) any shares, stocks, securities or other interest in any Joint Venture; or

            

    

  

  

  

  
    
      	

            	(ii)	
              transfer any assets or lend to or guarantee or give an indemnity for or give Security for the obligations of a Joint Venture or maintain the solvency of or provide
                working capital to any Joint Venture (or agree to do any of the foregoing).

            

    

  

  

  

  
    
      	

            	(b)	
              Paragraph (a) above does not apply to any acquisition of (or agreement to acquire) any interest in a Joint Venture if such transaction is an acquisition permitted
                under Clause 23.9 (Acquisitions). For purposes of this Clause, the test specified in Clause 23.9 (b)(ii)(C) shall be applied based on
                the actual percentage interest in the share capital of the Joint Venture being acquired by the relevant member of the Group.

            

    

  

  

  

  
    
      	23.11	
              Holding Companies

            

    

  

  

  

  The Company shall not trade, carry on any business, own any assets or incur any liabilities except for:

  

  

  
    
      	

            	(a)	
              the provision of administrative services (excluding treasury services) to other members of the Group of a type customarily provided by a holding company to its
                Subsidiaries;

            

    

  

  

  

  
    
      	

            	(b)	
              ownership of shares in its Subsidiaries, intra-Group debit balances, intra-Group credit balances and other credit balances in bank accounts, cash and Cash Equivalent
                Investments but only if those shares, credit balances, cash and Cash Equivalent Investments are subject to the Transaction Security to the extent so required by the terms of the Finance Documents;

            

    

  

  

  

  
    
      	

            	(c)	
              any liabilities under the Finance Documents to which it is a party;

            

    

  

  

  

  
    
      	

            	(d)	
              taxes, professional fees and administration costs in the ordinary course of business as a holding company;

            

    

  

  

  

  
    
      	

            	(e)	
              ownership of assets and incurrence of liabilities specifically permitted under the Finance Documents; and

            

    

  

  

  

  
    
      	

            	(f)	
              de minimis activities that do not, in any material manner, adversely affect the rights, remedies, power or privileges of the Finance Parties under the Finance
                Documents.

            

    

  

  

  

  
    
      	23.12	
              Preservation of Assets

            

    

  

  

  

  Each Obligor shall, and the Company shall ensure that each other member of the Group will, maintain and preserve all of its assets that
    are necessary for the conduct of its business, as conducted at the date of this Agreement, in good working order and condition, ordinary wear and tear excepted.

  
    
      

      

    

    -102-

    
      

    
      

      

    

  

  

  

  
    
      	23.13	
              Pari passu ranking

            

    

  

  

  

  Each Obligor shall ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance
    Documents rank at least pari passu with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are
    mandatorily preferred by laws of general application to companies.

  

  

  
    
      	23.14	
              Negative pledge

            

    

  

  

  

  In this Clause 23.14, "Quasi-Security"
    means an arrangement or transaction described in paragraph (b) below.

  

  

  
    
      	

            	(a)	
              No Obligor shall (and the Company 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 Company 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 any Security (or as the case may be) Quasi-Security, listed below:

            

    

  

  

  

  
    
      	

            	(i)	
              the Existing Security;

            

    

  

  

  

  
    
      	

            	(ii)	
              any netting or set-off arrangement entered into, or Security granted by any member of the Group in the ordinary course of its banking arrangements for the purpose of
                netting debit and credit balances;

            

    

  

  

  

  
    
      	

            	(iii)	
              any payment or close out netting or set-off arrangement pursuant to any hedging transaction entered into by a member of the Group for the purpose of:

            

    

  

  

  

  
    
      	

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

            

    

  

  
    
      

      

    

    -103-

    
      

    
      

      

    

  

  

  

  
    
      	

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

            

    

  

  

  

  excluding, in each case, any Security or Quasi-Security under a credit support arrangement in relation to a hedging transaction;

  

  

  
    
      	

            	(iv)	
              any lien arising by operation of law and in the ordinary course of trading;

            

    

  

  

  

  
    
      	

            	(v)	
              any Security or Quasi-Security over or affecting any asset acquired by a member of the Group 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 three months of the date of acquisition of such asset;

            

    

  

  

  

  
    
      	

            	(vi)	
              any Security or Quasi-Security over or affecting any asset of any company which becomes a member of the Group after the date of this Agreement, where the Security or
                Quasi-Security is created prior to the date on which that company becomes a member of the Group, 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 three months of that company becoming a member of the Group;

            

    

  

  

  

  
    
      	

            	(vii)	
              the Transaction Security;

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(ix)	
              any Security or Quasi-Security entered into by any member of the Group in the ordinary course of its banking arrangements pursuant to the general banking conditions (algemene bankvoorwaarden);

            

    

  

  

  

  
    
      	

            	(x)	
              any lien arising under the general terms and conditions of banks and Sparkassen (Allgemeine Geschäftsbedingungen der Banken und Sparkassen) in Germany with whom any member of the Group maintains a banking relationship in the ordinary course of business;

            

    

  

  
    
      

      

    

    -104-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(xi)	
              any Security or Quasi-Security securing indebtedness permitted under (b)(ii), (b)(vii), (b)(iv), and (b)(xi) of Clause 23.19 (Indebtedness);

            

    

  

  

  

  
    
      	

            	(xii)	
              any Security over rental deposits placed by a member of the Group with a lessor of such member of the Group pursuant to a property lease entered into in the ordinary
                course of business and any landlord's pledge arising by operation of law under a lease in favour of the relevant third party landlord;

            

    

  

  

  

  
    
      	

            	(xiii)	
              any landlord's pledge (Vermieterpfandrecht) or warehouse
                keeper's pledge (Lagerhalterpfandrecht), in each case arising arising by operation of German law;

            

    

  

  

  

  
    
      	

            	(xiv)	
              any Security or Quasi-Security given in order to comply with the requirements of section 8a of the German Act on Partial Retirement (Altersteilzeitgesetz) or of section 7e of the German Social Security Code Part IV (Sozialgesetzbuch IV); or

            

    

  

  

  

  
    
      	

            	(xv)	
              any Security or Quasi-Security securing indebtedness the principal amount of which (when aggregated with the principal amount of any other indebtedness which has the
                benefit of Security or Quasi-Security given by any member of the Group other than any permitted under paragraphs (i) to (x) above) does not exceed EUR 1,000,000 (or its equivalent in another currency or currencies).

            

    

  

  

  

  
    
      	23.15	
              Disposals

            

    

  

  

  

  
    
      	

            	(a)	
              No Obligor shall (and the Company 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 made in the ordinary course of trading and on arm's length terms of the disposing entity;

            

    

  

  

  

  
    
      	

            	(ii)	
              of assets in exchange for other assets comparable or superior as to type, value and quality;

            

    

  

  

  

  
    
      	

            	(iii)	
              of any asset by a member of the Group (the "Disposing Company")
                to another member of the Group (the "Acquiring Company"), but if:

            

    

  

  

  

  
    
      	

            	(A)	
              the Disposing Company is an Obligor, the Acquiring Company must also be an Obligor;

            

    

  

  

  

  
    
      	

            	(B)	
              the Disposing Company had given Security over the asset, the Acquiring Company must give equivalent Security over that asset; and

            

    

  

  
    
      

      

    

    -105-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(C)	
              the Disposing Company is a Guarantor, the Acquiring Company must be a Guarantor guaranteeing at all times an amount no less than that guaranteed by the Disposing
                Company;

            

    

  

  

  

  
    
      	

            	(iv)	
              for cash on arm's length terms of any obsolete assets not required for the efficient operation of the business of the Group by any member of the Group;

            

    

  

  

  

  
    
      	

            	(v)	
              of cash where that disposal is not otherwise prohibited by the Finance Documents;

            

    

  

  

  

  
    
      	

            	(vi)	
              on a non-recourse basis by an Obligor of any receivable it has on any of its trade debtors arising in the ordinary course of trading to a financial institution under
                any supply chain financing programme (or similar arrangement) entered into between the relevant financial institution, the Obligor and the relevant trade debtor, provided that any such supply chain financing programme (or similar
                arrangement) is entered into on arm's length and normal commercial terms and in the ordinary course of trading activities of such Obligor and where such programme or arrangement has the benefit of off-balance sheet treatment; or

            

    

  

  

  

  
    
      	

            	(vii)	
              where the book value of the assets (when aggregated with the book value of the assets for any other sale, lease, transfer or other disposal by the Group, other than
                any permitted under paragraphs (i) to (vi) above) does not exceed EUR 5,000,000 (or its equivalent in another currency or currencies) in any Financial Year.

            

    

  

  

  

  
    
      	23.16	
              Arm's length basis

            

    

  

  

  

  
    
      	

            	(a)	
              No Obligor shall (and the Company shall ensure no other member of the Group will) enter into any transaction with any person except on not less than arm's length
                terms and for full market value.

            

    

  

  

  

  
    
      	

            	(b)	
              The following transactions shall not be a breach of paragraph (a) of this Clause 23.16 (Arm's length basis):

            

    

  

  

  

  
    
      	

            	(i)	
              loans referred to in paragraph (b)(ii) and (b)(iii) of Clause 23.17 (Loans

                  and Guarantees); and

            

    

  

  

  

  
    
      	

            	(ii)	
              any sale, lease, transfer or other disposal referred to in paragraph (b)(iii) of Clause 23.14 (Disposal).

            

    

  

  

  

  
    
      	23.17	
              Loans and Guarantees

            

    

  

  

  

  
    
      	

            	(a)	
              No Obligor shall and the Company shall ensure that no other member of the Group will make any loans, grant any credit or give any guarantee or indemnity 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.

            

    

  

  

  

  
    
      	

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

            

    

  

  
    
      

      

    

    -106-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(i)	
              any trade credit extended by any member of the Group to its customers or suppliers on normal commercial terms and any advance payment made in relation to capital
                expenditure, in each case in the ordinary course of its trading activities;

            

    

  

  

  

  
    
      	

            	(ii)	
              loan made by an Obligor to another Obligor or made by a member of the Group which is not an Obligor to another member of the Group;

            

    

  

  

  

  
    
      	

            	(iii)	
              loan and (credit replacing) guarantees made by an Obligor to a member of the Group which is not an Obligor so long as the aggregate amount of the Financial
                Indebtedness under any such loans or (credit replacing) guarantees does not exceed EUR 12,500,000 (or its equivalent in another currency) at any time;

            

    

  

  

  

  
    
      	

            	(iv)	
              guarantees from the Company to debtors of any Permitted Financial Indebtedness;

            

    

  

  

  

  
    
      	

            	(v)	
              liability arising under a declaration of joint and several liability (hoofdelijke

                  aansprakelijkheid) as referred to in Section 2:403 of the Dutch Civil Code;

            

    

  

  

  

  
    
      	

            	(vi)	
              liability arising as a result of members of the Group and ADS Apollo Holdings B.V. forming part of a fiscal unity (fiscale eenheid);

            

    

  

  

  

  
    
      	

            	(vii)	
              any bank guarantee guaranteeing performance by a member of the Group under any rental agreement in relation to office space of a member of the Group and/or under any
                tax representation agreement  in an aggregate amount not exceeding EUR 500,000 (or its equivalent) at any time;

            

    

  

  

  

  
    
      	

            	(viii)	
              any performance or similar bond guaranteeing performance by a member of the Group under any contract entered into in the ordinary course of trade;

            

    

  

  

  

  
    
      	

            	(ix)	
              loans, credit, guarantees or indemnities as permitted or required under the terms of the Finance Documents;

            

    

  

  

  

  
    
      	

            	(x)	
              any loan to a direct or indirect shareholder of the Company  if:

            

    

  

  

  

  
    
      	

            	(A)	
              no Event of Default is continuing or would occur immediately after the provision of such loan; and

            

    

  

  

  

  
    
      	

            	(B)	
              Senior Net Leverage:

            

    

  

  

  

  
    
      	

            	(1)	
              in respect of the most recently ended Relevant Period at the time that loan  is made, does not exceed 2.50:1.00; and

            

    

  

  

  

  
    
      	

            	(2)	
              will not exceed 2.50:1.00 immediately after that loan is made; and

            

    

  

  
    
      

      

    

    -107-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(xi)	
              any loan (not permitted by the preceding paragraphs) so long as the aggregate amount of the Financial Indebtedness under any such loans does not exceed EUR 5,000,000
                (or its equivalent) at any time.

            

    

  

  

  

  
    
      	23.18	
              Dividends

            

    

  

  

  

  
    
      	

            	(a)	
              No Obligor shall and the Company shall ensure that no other member of the Group will pay, make or declare any dividend or other distribution (including the granting
                of loans to a direct or indirect shareholder) in respect on or in respect of its share capital or redeem or purchase, defease, retire or repay any of its share capital or resolve to do so.

            

    

  

  

  

  
    
      	

            	(b)	
              Paragraph (a) above does not apply to:

            

    

  

  

  

  
    
      	

            	(i)	
              the declaration and payment of a dividend to the Company or any of its wholly-owned Subsidiaries; and

            

    

  

  

  

  
    
      	

            	(ii)	
              any dividend payment or other action otherwise prohibited by paragraph (a) if:

            

    

  

  

  

  
    
      	

            	(A)	
              no Event of Default is continuing or would occur immediately after such payment or other action; and

            

    

  

  

  

  
    
      	

            	(B)	
              Senior Net Leverage:

            

    

  

  

  

  
    
      	

            	(1)	
              in respect of the most recently ended Relevant Period at the time of that payment or other action is made, does not exceed 2.50:1.00; and

            

    

  

  

  

  
    
      	

            	(2)	
              will not exceed 2.50:1.00 immediately after that payment or other action.

            

    

  

  

  

  
    
      	23.19	
              Indebtedness

            

    

  

  

  

  
    
      	

            	(a)	
              The Company shall ensure that no other member of the Group shall incur, create or permit to subsist or have outstanding any Financial Indebtedness or enter into any
                agreement or arrangement whereby it is entitled to incur, create or permit to subsist any Financial Indebtedness.

            

    

  

  

  

  
    
      	

            	(b)	
              Paragraph (a) above does not apply to any Financial Indebtedness:

            

    

  

  

  

  
    
      	

            	(i)	
              arising as a consequence of:

            

    

  

  

  

  
    
      	

            	(A)	
              extending any payment terms with its creditors or suppliers on normal commercial terms;

            

    

  

  

  

  
    
      	

            	(B)	
              any repurchase or purchase obligation;

            

    

  

  

  

  
    
      	

            	(C)	
              tax liabilities; or

            

    

  

  

  

  
    
      	

            	(D)	
              one or more of its trade creditors selling its claim on any member of the Group to a Lender (or an Affiliate of a Lender) under any supply chain financing programme
                entered into between the relevant Lender (or Affiliate of a Lender), member of the Group and the relevant trade creditor pursuant to which such trade payable is replaced by Financial Indebtedness incurred under such supply chain finance
                programme, provided that:

            

    

  

  
    
      

      

    

    -108-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(1)	
              the amount of Financial Indebtedness incurred by the relevant members of the Group in doing so, when aggregated with any financing costs relating thereto, does not
                exceed (x) the amount of the sold trade payables and (y) in the case of members of the Group which are not Obligors, EUR 2,500,000 (or its equivalent) at any time;

            

    

  

  

  

  
    
      	

            	(2)	
              any such Financial Indebtedness does not have the benefit of any Security granted by any member of the Group; and

            

    

  

  

  

  
    
      	

            	(3)	
              any such supply chain financing programme is entered into on normal commercial terms,

            

    

  

  

  

  in each case, in the ordinary course of its trading activities;

  

  

  
    
      	

            	(ii)	
              arising under operational leases of vehicles, real estate, equipment or computer hardware (if these qualify as Financial Indebtedness);

            

    

  

  

  

  
    
      	

            	(iii)	
              the Existing Financial Indebtedness;

            

    

  

  

  

  
    
      	

            	(iv)	
              arising under the Finance Documents;

            

    

  

  

  

  
    
      	

            	(v)	
              arising under any Subordinated Shareholder Loan Agreement;

            

    

  

  

  

  
    
      	

            	(vi)	
              arising under local credit facilities up to an amount of in aggregate EUR 10,000,000;

            

    

  

  

  

  
    
      	

            	(vii)	
              arising in current account with ADS Apollo Holdings B.V. in connection with taxes paid by ADS Apollo Holdings B.V. on behalf of a member of the Group;

            

    

  

  

  

  
    
      	

            	(viii)	
              of any person acquired by a member of the Group after the date of this Agreement which is incurred under arrangements in existence at the date of acquisition, but not
                incurred or increased or having its maturity date extended in contemplation of, or since, that acquisition, and outstanding only for a period of three months following the date of acquisition;

            

    

  

  

  

  
    
      	

            	(ix)	
              permitted under Clause 23.17(b)(ii) or (iii); and

            

    

  

  

  

  
    
      	

            	(x)	
              not permitted by the preceding paragraphs and the outstanding amount of which does not exceed EUR 5,000,000 (or its equivalent) in aggregate for the Group at any
                time.

            

    

  

  
    
      

      

    

    -109-

    
      

    
      

      

    

  

  

  

  
    
      	23.20	
              Subordinated Shareholder Loans

            

    

  

  

  

  
    
      	

            	(a)	
              Except as permitted under sub-clause (b) below, no Obligor shall (and the Company shall ensure that no other member of the Group will):

            

    

  

  

  

  
    
      	

            	(i)	
              repay or prepay any principal amount (or capitalised interest) outstanding under any Subordinated Shareholder Loan;

            

    

  

  

  

  
    
      	

            	(ii)	
              pay any interest or any other amounts payable in connection with any Subordinated Shareholder Loan; or

            

    

  

  

  

  
    
      	

            	(iii)	
              purchase, redeem, defease or discharge any amount outstanding with respect to any Subordinated Shareholder Loan.

            

    

  

  

  

  
    
      	

            	(b)	
              Paragraph (a) above, does not apply to:

            

    

  

  

  

  
    
      	

            	(i)	
              any payment, repayment or prepayment of any principal amount (or capitalised interest) or interest outstanding under any Subordinated Shareholder Loan if:

            

    

  

  

  

  
    
      	

            	(A)	
              no Event of Default is continuing or would occur immediately after the making of that payment, repayment or prepayment; and

            

    

  

  

  

  
    
      	

            	(B)	
              Senior Net Leverage:

            

    

  

  

  

  
    
      	

            	(1)	
              in respect of the most recently ended Relevant Period at the time that payment, repayment or prepayment is made, does not exceed 2.50:1.00; and

            

    

  

  

  

  
    
      	

            	(2)	
              will not exceed 2.50:1.00 immediately after the making of that payment, repayment or prepayment.

            

    

  

  

  

  
    
      	23.21	
              Insurance

            

    

  

  

  

  Each Obligor shall (and the Company shall ensure that each other 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.

  

  

  
    
      	23.22	
              Pensions

            

    

  

  

  

  The Company shall ensure that all pension schemes operated by or maintained for the benefit of members of the Group and/or any of their
    employees are funded to the extent required by applicable law and regulations where failure to do so would be reasonably likely to have a Material Adverse Effect.

  

  

  
    
      	23.23	
              Access

            

    

  

  

  

  
    
      	

            	(a)	
              If an Event of Default is continuing, each Obligor shall, and the Company shall ensure that each member of the Group will, permit the Security Agent and each Finance
                Party and/or accountants or other professional advisers and contractors of the Security Agent and any Finance Party free access at all reasonable times at the risk and costs of the Obligors or the Company to (a) the premises, assets, books,
                accounts and records of each member of the Group and (b) meet and discuss matters with management of the Company.

            

    

  

  
    
      

      

    

    -110-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              If there is no Event of Default continuing, each Obligor and the Company will permit the Security Agent and each Finance Party and/or accountants or other
                professional advisors and contractors of the Finance Parties free access during business hours and on reasonable notice at the risk and costs of the Finance Parties to a) the premises, assets, books, accounts and records of the Obligors and
                b) meet and discuss matters with senior management of the Group, in each case in order to evaluate any assets over which security has been granted under the Finance Documents and to the extent required to comply with any law or regulation
                or the Finance Parties' applicable policies.

            

    

  

  

  

  
    
      	23.24	
              Qualified management

            

    

  

  

  

  The Company must ensure that there is in place in respect of each Obligor qualified management with appropriate skills.

  

  

  
    
      	23.25	
              Intellectual Property

            

    

  

  

  

  Each member of the Group shall and the Company shall procure that each Obligor will:

  

  

  
    
      	

            	(a)	
              preserve and maintain the subsistence and validity of the Intellectual Property necessary for the business of the relevant member of the Group;

            

    

  

  

  

  
    
      	

            	(b)	
              use reasonable endeavours to prevent any infringement in any material respect of the Intellectual Property;

            

    

  

  

  

  
    
      	

            	(c)	
              make registrations and pay all registration fees and taxes necessary to maintain the Intellectual Property in full force and effect and record its interest in that
                Intellectual Property;

            

    

  

  

  

  
    
      	

            	(d)	
              not use or permit the Intellectual Property to be used in a way or take any step or omit to take any step in respect of that Intellectual Property which may
                materially and adversely affect the existence or value of the Intellectual Property or imperil the right of any member of the Group to use such property; and

            

    

  

  

  

  
    
      	

            	(e)	
              not discontinue the use of the Intellectual Property,

            

    

  

  

  

  where failure to do so, in the case of paragraphs (a), (b) and (c) above, or, in the case of paragraphs (d) and (e) above, such use,
    permission to use, omission or discontinuation, is reasonably likely to have a Material Adverse Effect.

  

  

  
    
      	23.26	
              Group bank accounts

            

    

  

  

  

  The Company shall use its reasonable efforts that all bank accounts of the Obligors shall be opened and maintained with a Finance Party
    (or an Affiliate of a Finance Party), and are subject to valid Security under the Security Documents (except for escrow accounts opened and used exclusively for the benefit of employees in order to comply with section 8a of the German Act on Partial
    Retirement (Altersteilzeitgesetz) or section 7e of the German Social Security Code Part IV (Sozialgesetzbuch IV)).

  
    
      

      

    

    -111-

    
      

    
      

      

    

  

  

  

  
    
      	23.27	
              Treasury Transactions

            

    

  

  

  

  No member of the Group shall enter into any Treasury Transaction, other than:

  

  

  
    
      	

            	(a)	
              the hedging transactions documented by the Hedging Agreements; and

            

    

  

  

  

  
    
      	

            	(b)	
              spot and forward delivery foreign exchange contracts (including currency hedging transactions) entered into with a Finance Party (to the extent practically possible
                and provided by such Finance Party on market standard terms) in the ordinary course of business and not for speculative purposes.

            

    

  

  

  

  
    
      	23.28	
              Guarantors

            

    

  

  

  

  The Company shall ensure that any Subsidiary of the Company not incorporated in Brazil, China, Mexico, South Korea or Russian Federation
    which has during any two consecutive Relevant Periods (twenty-four (24) months) (for the first time being tested on the basis of the audited annual consolidated financial statements of 2020 as provided in accordance with Clause 21.1(a)) 21.1 (Financial statements) earnings before interest, tax, depreciation and amortisation (calculated on the same basis as EBITDA as defined in Clause 22.1 (Financial definitions)) representing 10 per cent. or more of EBITDA (as defined in Clause 22.1 (Financial definitions) of the Group (calculated on a consolidated basis), becomes an Additional Guarantor in accordance with Clause 26.4 (Additional Guarantors) within 60 days after the last day of those Relevant Periods.

  

  

  
    
      	23.29	
              Further assurance

            

    

  

  

  

  
    
      	

            	(a)	
              Each Obligor shall (and the Company shall procure that each other member of the Group will) promptly do all such acts or execute all such documents (including
                assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent may reasonably specify (and in such form as the Security Agent may reasonably require in favour of the Security Agent or its nominee(s)):

            

    

  

  

  

  
    
      	

            	(i)	
              to perfect the Security created or intended to be created under or evidenced by the Security Documents (which may include the execution of a mortgage, charge,
                assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security Agent or the Finance Parties
                provided by or pursuant to the Finance Documents or by law;

            

    

  

  

  

  
    
      	

            	(ii)	
              to confer on the Security Agent or confer on the Finance Parties Security over any property and assets of that Obligor located in any jurisdiction equivalent or
                similar to the Security intended to be conferred by or pursuant to the Security Documents; and/or

            

    

  

  

  

  
    
      	

            	(iii)	
              to facilitate the realisation of the assets which are, or are intended to be, the subject of the Transaction Security.

            

    

  

  
    
      

      

    

    -112-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              Each Obligor shall (and the Company shall procure that each other member of the Group shall) take all such action as is available to it (including making all filings
                and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Finance Parties by or pursuant to the Finance
                Documents.

            

    

  

  

  

  
    
      	23.30	
              Positive pledge

            

    

  

  

  

  After an Event of Default which is continuing, upon request of the Agent (acting on the instructions of the Majority Lenders), each Obligor
    shall pledge, charge, assign or otherwise secure any of its assets (to the extent not already subject to Transaction Security) in favour of the Security Agent and the other Finance Parties as security for amounts that are or may become owing under the
    Finance Documents in form and substance reasonably satisfactory to the Agent and the Security Agent.

  

  

  
    
      	23.31	
              Sanctions

            

    

  

  

  

  
    
      	

            	(a)	
              No Obligor shall (and the Company shall procure that no other member of the Group nor, in relation to paragraphs (ii) to (v) below, any of their respective directors,
                officers or employees will):

            

    

  

  

  

  
    
      	

            	(i)	
              request any Utilisation or use, lend, contribute or otherwise make available the proceeds of any Utilisation or any other transaction contemplated by a Finance
                Document to any person directly or indirectly:

            

    

  

  

  

  
    
      	

            	(A)	
              to fund or support any trade, business or other activities of or with any Restricted Party; or

            

    

  

  

  

  
    
      	

            	(B)	
              in any manner that would reasonably be expected to result in any person being in breach of any Sanctions or becoming a Restricted Party;

            

    

  

  

  

  
    
      	

            	(ii)	
              use any revenue or benefit derived from any activity or dealing with a Restricted Party or from any action which is in breach of any Sanctions in discharging any
                obligation due under or in connection with any Finance Document;

            

    

  

  

  

  
    
      	

            	(iii)	
              procure or permit that proceeds from any activity or dealing with a Restricted Party are credited to any bank account held with any Finance Party (or any of its
                Affiliates) in its name or in the name of any other member of the Group;

            

    

  

  

  

  
    
      	

            	(iv)	
              directly or indirectly engage in any activity, transaction or conduct that results or is reasonably likely to result in any party being in breach of any Sanctions or
                becoming a person subject to Sanctions; or

            

    

  

  

  

  
    
      	

            	(v)	
              directly or indirectly engage in any activity, transaction or conduct that evades or avoids, or has the purpose of evading or avoiding, or breaches or attempts to
                breach, directly or indirectly, in whole or in part, any Sanctions.

            

    

  

  
    
      

      

    

    -113-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              Each Obligor shall (and the Company shall procure that each other member of the Group will), to the extent permitted by law and promptly upon becoming aware of them,
                supply to the Agent details of any claim, proceeding, formal notice or formal investigation against it or any other member of the Group with respect to Sanctions.

            

    

  

  

  

  
    
      	

            	(c)	
              Each Obligor shall (and the Company shall procure that each other member of the Group will) take all measures to ensure compliance with Sanctions.

            

    

  

  

  

  
    
      	

            	(d)	
              The undertakings in this Clause 23.30 (Sanctions) shall apply
                to any member of the Group resident in any member state of the European Union only to the extent it would not cause the Company or any member of the Group to violate or expose it or any of its subsidiaries or any director, officer or
                employee thereof to any liability under any anti-boycott or blocking law, regulation or statute that is in force from time to time and applicable to such entity (including without limitation EU Regulation (EC) 2271/96) or EU regulation (EU)
                2018/1100).

            

    

  

  

  

  
    
      	

            	(e)	
              The undertakings in this Clause 23.31 (Sanctions), shall apply
                to any Obligor that qualifies as a resident party domiciled in the Federal Republic of Germany (Inländer) within the meaning of Section
                2 Paragraph 15 German Foreign Trade Act (Außenwirtschaftsgesetz) only if and to the extent that giving or complying with such
                representation and/or undertaking does not result in (i) any violation of, conflict with or liability under Council Regulation No (EC) 2271/96 (or any implementing law or regulation in any member state of the European Union or the United
                Kingdom) or (ii) any violation of or conflict with section 7 of the German Foreign Trade Regulation (Außenwirtschaftsverordnung) (in
                connection with section 4 para 1 no 3 of the German Foreign Trade Act (Außenwirtschaftsgesetz)) or a similar anti-boycott statute or
                regulation.

            

    

  

  

  

  
    
      	

            	(f)	
              For a Finance Party that qualifies as a resident party domiciled in the Federal republic of Germany (Inländer) within the meaning of sectiont. 2 paragraph 15 German Foreign trade Act (Außenwirtschaftsgesetz)
                and that notifies the Agent that it is to be regarded as a "Non-Eligible Finance Party" for this purpose (each a "Non-Eligible Finance Party"),

                this Clause 23.31 (Sanctions) shall only apply for the benefit of that Non-Eligible Finance Party to the extent that such application
                does not result in any violation of, or conflict with, section 7 of the German Foreign Trade Ordinance (Verordnung zur Durchführung des
                  Außenwirtschaftsgesetzes) or any similar applicable anti-boycott law or regulation.

            

    

  

  

  

  
    
      	

            	(g)	
              In connection with any amendment, waiver, determination or direction relating to any part of this Clause 23.31 (Sanctions) of which a Non-Eligible Finance Party does not have the benefit, the Commitments of that Non-Eligible Finance Party will be excluded for the purpose of determining whether the
                consent of the Majority Lenders has been obtained or whether the determination of the Majority Lenders or Lenders has been made.

            

    

  

  

  

  
    
      	24.	
              EVENTS OF DEFAULT

            

    

  

  

  

  Each of the events or circumstances set out in this Clause 24 is an Event of Default (save as for Clause 24.18 (Acceleration)).

  
    
      

      

    

    -114-

    
      

    
      

      

    

  

  

  

  
    
      	24.1	
              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 3 Business Days of its due date.

            

    

  

  

  

  
    
      	24.2	
              Financial Covenant and other obligations

            

    

  

  

  

  Any requirement of Clause 21 (Information
      Undertakings) or (subject to Clause 22.4 (Equity cure)) Clause 22 (Financial Covenant) is not satisfied or any Obligor does not comply with any provision of Clause 23.5 (Anti-corruption
      law) or Clause 23.31 (Sanctions).

  

  

  
    
      	24.3	
              Other obligations

            

    

  

  

  

  
    
      	

            	(a)	
              An Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 24.1 (Non-payment) and Clause 24.2 (Financial Covenant and other obligations)).

            

    

  

  

  

  
    
      	

            	(b)	
              No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 10 Business Days of the earlier of (A)
                the Agent giving notice to the Company and (B) the Company becoming aware of the failure to comply.

            

    

  

  

  

  
    
      	24.4	
              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 any 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 event or circumstance giving rise to the breach is capable of remedy and is remedied within 10
                Business Days of the Agent giving notice to the Company or an Obligor becoming aware, provided that any breach of Clause 23.5 (Anti-corruption
                  law) and Clause 23.31 (Sanctions) is not capable of remedy.

            

    

  

  

  

  
    
      	24.5	
              Cross default

            

    

  

  

  

  
    
      	

            	(a)	
              Any Financial Indebtedness of any member of the Group is not paid when due nor within any originally applicable grace period.

            

    

  

  
    
      

      

    

    -115-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              Any Financial Indebtedness of any member of the Group is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event
                of default (however described).

            

    

  

  

  

  
    
      	

            	(c)	
              Any commitment for any Financial Indebtedness of any member of the Group is cancelled or suspended by a creditor of any member of the Group as a result of an event of
                default (however described).

            

    

  

  

  

  
    
      	

            	(d)	
              Any creditor of any member of the Group becomes entitled to declare any Financial Indebtedness of any member of the Group due and payable prior to its specified
                maturity as a result of an event of default (however described).

            

    

  

  

  

  
    
      	

            	(e)	
              No Event of Default will occur under this Clause 24.5 if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within
                paragraphs (a) to (d) above is less than EUR 5,000,000 (or its equivalent in any other currency or currencies).

            

    

  

  

  

  
    
      	24.6	
              Insolvency

            

    

  

  

  

  
    
      	

            	(a)	
              A Material Company is unable or admits inability to pay its debts as they fall due, suspends making payments on any of its debts or, by reason of actual or
                anticipated financial difficulties, commences negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness and in particular a member of the Group incorporated in Germany is unable to pay its debts as
                they fall due (zahlungsunfähig) within the meaning of section 17 of the German Insolvency Code (Insolvenzordnung) or threatens to become unable to pay its debts (drohend

                  zahlungsunfähig) within the meaning of section 18 of the German Insolvency Code (Insolvenzverordnung).

            

    

  

  

  

  
    
      	

            	(b)	
              A Material Company incorporated in Germany is overindebted within the meaning of section 19 of the German Insolvency Code (Insolvenzordnung).

            

    

  

  

  

  
    
      	

            	(c)	
              A moratorium is declared in respect of any indebtedness of a Material Company.

            

    

  

  

  

  
    
      	24.7	
              Insolvency proceedings

            

    

  

  

  

  Any corporate action, legal proceedings or other procedure or step is taken in relation to:

  

  

  
    
      	

            	(a)	
              the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration of any Material Company other than a solvent liquidation or
                reorganisation of any member of the Group which is not an Obligor;

            

    

  

  

  

  
    
      	

            	(b)	
              a composition, compromise, assignment or arrangement with any creditor of any Material Company;

            

    

  

  

  

  
    
      	

            	(c)	
              the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor), receiver, administrative receiver,
                administrator, compulsory manager or other similar officer in respect of any Material Company or any of its assets; or

            

    

  

  
    
      

      

    

    -116-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(d)	
              enforcement of any Security over any assets of any Material Company,

            

    

  

  

  

  or any analogous procedure or step is taken in any jurisdiction (including, without limitation, the making of an application for the
    opening of insolvency proceedings for the reasons set out in section 17 to 19 of the German Insolvency Code (Insolvenzordnung) (Antrag auf Eröffnung eines Insolvenzverfahrens)) or the taking of actions pursuant to section 21 of the German Insolvency Code (Insolvenzordnung).

  

  

  This Clause 24.7 shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within
    10 Business Days of commencement.

  

  

  
    
      	24.8	
              Creditors' process

            

    

  

  

  

  Any expropriation, attachment, foreclosure, sequestration, distress or execution affects any asset or assets of a member of the Group
    having an aggregate value of EUR 5,000,000, and which in respect of:

  

  

  
    
      	

            	(a)	
              interlocutory attachments not exceeding EUR 1,000,000 and discharged within 30 days are excluded; and

            

    

  

  

  

  
    
      	

            	(b)	
              executory attachments not exceeding EUR 1,000,000 and discharged within 20 days are excluded.

            

    

  

  

  

  
    
      	24.9	
              Unlawfulness

            

    

  

  

  

  
    
      	

            	(a)	
              It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or any Transaction Security created or expressed to be created
                or evidenced by the Security Documents ceases to be effective or any subordination created under any Subordinated Shareholder Loan Agreement is or becomes unlawful.

            

    

  

  

  

  
    
      	

            	(b)	
              Any obligation or obligations of any Obligor under any Finance Documents are not or cease to be legal, valid, binding or enforceable and the cessation individually or
                cumulatively materially and adversely affects the interests of the Lenders under the Finance Documents.

            

    

  

  

  

  
    
      	

            	(c)	
              Any Finance Document ceases to be in full force and effect or any Transaction Security or any subordination created under any Subordinated Shareholder Loan Agreement
                ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance Party) to be ineffective.

            

    

  

  

  

  
    
      	24.10	
              Subordinated Shareholder Loan Agreements

            

    

  

  

  

  Any party to a Subordinated Shareholder Loan Agreement fails to comply with the subordination provisions of that Subordinated Shareholder
    Loan Agreement and the interests of the Lenders taken as a whole under the Finance Documents would be materially prejudiced by such failure and, if the non-compliance is capable of remedy, it is not remedied within 10 days of the earlier of the Agent
    giving notice to that party or that party becoming aware of the non-compliance.

  
    
      

      

    

    -117-

    
      

    
      

      

    

  

  

  

  
    
      	24.11	
              Cessation of business

            

    

  

  

  

  Any Material Company suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business,
    except as a result of a disposal permitted under Clause 23.15 (Disposals).

  

  

  
    
      	24.12	
              Change of ownership

            

    

  

  

  

  An Obligor (other than the Company) ceases to be a wholly-owned Subsidiary of the Company, except as result of disposal which is permitted
    under Clause 23.15 (Disposals).

  

  

  
    
      	24.13	
              Audit qualification

            

    

  

  

  

  The auditors of the Group qualify the audited annual consolidated financial statements of the Company in any material respect.

  

  

  
    
      	24.14	
              Expropriation

            

    

  

  

  

  The authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any
    seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any Material Company.

  

  

  
    
      	24.15	
              Repudiation and rescission of agreements

            

    

  

  

  

  
    
      	

            	(a)	
              An Obligor rescinds or repudiates a Finance Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Finance Document or any of
                the Transaction Security.

            

    

  

  

  

  
    
      	

            	(b)	
              Any party to the Subordinated Shareholder Loan Agreements rescinds or purports to rescind or repudiates or purports to repudiate any of the subordination provisions
                of those agreements in whole or in part where to do so has or is, in the reasonable opinion of the Majority Lenders, likely to have a material adverse effect on the interests of the Lenders under the Finance Documents.

            

    

  

  

  

  
    
      	24.16	
              Litigation

            

    

  

  

  

  Any litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency are started
    or threatened, or any judgement or order of a court, arbitral body or agency is made, in relation to the Finance Documents or the transactions contemplated in the Finance Documents or against any Material Company or its assets which is likely to be
    adversely determined and, if adversely determined, would be reasonably likely to have a Material Adverse Effect.

  

  

  
    
      	24.17	
              Material adverse change

            

    

  

  

  

  Any event or circumstance occurs which the Majority Lenders reasonably believe has or is reasonably likely to have a Material Adverse
    Effect.

  
    
      

      

    

    -118-

    
      

    
      

      

    

  

  

  

  
    
      	24.18	
              Acceleration

            

    

  

  

  

  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 Company:

  

  

  
    
      	

            	(a)	
              cancel the Available Commitment of each Lender whereupon each such Available Commitment shall immediately be cancelled and the Facilities shall immediately cease to
                be available for further utilisation;

            

    

  

  

  

  
    
      	

            	(b)	
              declare that all or part of the Loans, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and
                payable, at which time they shall become immediately due and payable;

            

    

  

  

  

  
    
      	

            	(c)	
              declare that all or part of the Loans be payable on demand, at which time they shall immediately become payable on demand by the Agent on the instructions of the
                Majority Lenders;

            

    

  

  

  

  
    
      	

            	(d)	
              exercise, or direct the Security Agent to exercise, any or all of its rights, remedies and powers under any of the Finance Documents;

            

    

  

  

  

  
    
      	

            	(e)	
              declare that all or any part of the amounts (or cash cover in relation to those amounts) outstanding under the Ancillary Facilities be immediately due and payable at
                which time they shall become immediately due and payable; and/or

            

    

  

  

  

  
    
      	

            	(f)	
              declare that all or any part of the amounts (or cash cover in relation to those amounts) outstanding under the Ancillary Facilities be payable on demand, at which
                time they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders.

            

    

  

  

  

  
    
      	24.19	
              Uncommitted character of the Uncommitted Facility

            

    

  

  

  

  Nothing in this Clause 24 (Events of
      Default) shall affect the uncommitted character and daily revocable nature of the Uncommitted Facility.

  
    
      

      

    

    -119-

    
      

    
      

      

    

  

  

  

  SECTION 9

  

  

  CHANGES TO PARTIES

  

  

  
    
      	25.	
              CHANGES TO THE LENDERS

            

    

  

  

  

  
    
      	25.1	
              Assignments and transfers by the Lenders

            

    

  

  

  

  Subject to this Clause 25, a Lender (the "Existing

      Lender") may:

  

  

  
    
      	

            	(a)	
              assign any of its rights; or

            

    

  

  

  

  
    
      	

            	(b)	
              transfer any of its rights and obligations,

            

    

  

  

  

  under any Finance Document to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or
    established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the "New Lender").

  

  

  
    
      	25.2	
              Conditions of assignment or transfer

            

    

  

  

  

  
    
      	

            	(a)	
              An Existing Lender must request the prior written approval of the Company before it may make an assignment or transfer in accordance with Clause 25.1 (Assignments and transfers by the Lenders) (which approval shall not be unreasonably withheld and be deemed granted unless expressly refused
                within 10 Business Days after the date of such request), unless the assignment or transfer is to:

            

    

  

  

  

  
    
      	

            	(i)	
              another Lender or an Affiliate of a Lender;

            

    

  

  

  

  
    
      	

            	(ii)	
              a fund managed by an Existing Lender provided that, after such assignment or transfer, credit decisions in relation to the Finance Documents continue to be taken only
                by such Existing Lender; or

            

    

  

  

  

  
    
      	

            	(iii)	
              made at the time an Event of Default has occurred and is continuing.

            

    

  

  

  

  
    
      	

            	(b)	
              An assignment will only be effective on:

            

    

  

  

  

  
    
      	

            	(i)	
              receipt by the Agent (whether in the Transfer Certificate or otherwise) 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 and the other Secured 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.

            

    

  

  

  

  
    
      	

            	(c)	
              A transfer will only be effective if the procedure set out in Clause 25.5 (Procedure for transfer) is complied with.

            

    

  

  
    
      

      

    

    -120-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(d)	
              If:

            

    

  

  

  

  
    
      	

            	(i)	
              a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and

            

    

  

  

  

  
    
      	

            	(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 14 (Tax Gross Up and Indemnities) and/or Clause 15 (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.

  

  

  
    
      	

            	(e)	
              Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any
                amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement
                and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.

            

    

  

  

  

  
    
      	

            	(f)	
              An assignment or transfer of part of a Lender's participation must be in a minimum amount of EUR 10,000,000 (unless such participation is reduced to zero).

            

    

  

  

  

  
    
      	25.3	
              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 EUR
    2,500, unless such assignment or transfer is from a Lender to any of its Affiliates.

  

  

  
    
      	25.4	
              Limitation of responsibility of Existing Lenders

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(i)	
              the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction Security 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.

  
    
      

      

    

    -121-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(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 or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 25; 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.

            

    

  

  

  

  
    
      	25.5	
              Procedure for transfer

            

    

  

  

  

  
    
      	

            	(a)	
              If any Existing Lender wishes to transfer all or any part of its rights, benefits and obligations under the Finance Documents as contemplated in Clause 25.1 (Assignments and transfers by the Lenders),

                then such transfer may be effected in the manner as set out in the Transfer Certificate by delivery to the Agent of a duly completed Transfer Certificate executed by such Existing Lender and the relevant New Lender.

            

    

  

  

  

  
    
      	

            	(b)	
              Each Party hereto irrevocably grants in advance its permission to a transfer of obligations as contemplated in this Clause 25 (Changes to the Lenders). Receipt of a Transfer Certificate by the Agent shall constitute notice of assignment (mededeling van cessie) and notice of transfer (mededeling van schuldoverneming) and
                each Party hereto irrevocably instructs the Agent (a) to receive each such notice of assignment and transfer on its behalf and in its name and agrees that such notice to be given to such party may be given to the Agent as representative of
                such party and (b) forward a copy of such notice to the Company.

            

    

  

  

  

  
    
      	

            	(c)	
              The benefit of each Security Document shall be maintained in favour of the New Lender.

            

    

  

  

  

  
    
      	

            	(d)	
              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 other checks under all applicable laws and regulations in relation to the transfer to such New Lender.

            

    

  

  
    
      

      

    

    -122-

    
      

    
      

      

    

  

  

  

  
    
      	25.6	
              Copy of Transfer Certificate  or Increase Confirmation to Company

            

    

  

  

  

  The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Increase Confirmation, send to the
    Company a copy of that Transfer Certificate or Increase Confirmation.

  

  

  
    
      	25.7	
              Accordion Increase

            

    

  

  

  

  
    
      	

            	(a)	
              A Lender may increase its Revolving Facility Commitment or Uncommitted Facility Participation (as requested by the Company), for the purposes of Clause 3 (Accordion feature – Increase of Facilities) by delivering an Accordion Increase Certificate in accordance with this Clause 25.7.

            

    

  

  

  

  
    
      	

            	(b)	
              Any person specified in paragraph (a) above shall increase its Revolving Facility Commitment or Uncommitted Facility Participation if the Agent executes an Accordion
                Increase Certificate duly completed and executed on behalf of that person.

            

    

  

  

  

  
    
      	

            	(c)	
              On the date that the Agent executes each Accordion Increase Certificate, the Agent, the Arranger, the Security Agent, the Lender party to that Accordion Increase
                Certificate, the other Lenders and the Obligors shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had that Lender been an Original Lender with the Revolving Facility
                Commitment or Uncommitted Facility Participation specified by it in that Accordion Increase Certificate.

            

    

  

  

  

  
    
      	

            	(d)	
              Following execution of an Accordion Increase Certificate, the Agent must, as soon as reasonably practicable, notify the Company and the Lenders of such increase.

            

    

  

  

  

  
    
      	25.8	
              Accordion Acceding Lenders

            

    

  

  

  

  
    
      	

            	(a)	
              The Company may, for the purposes of Clause 3 (Accordion feature – Increase of Facilities), request
                that a bank or financial institution or a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets becomes a party to this
                Agreement as a Lender, provided that:

            

    

  

  

  

  
    
      	

            	(i)	
              such Accordion Acceding Lender is agreed upon between the Agent (acting on the instructions of the Majority Lenders) and the Company; and

            

    

  

  

  

  
    
      	

            	(ii)	
              the Revolving Facility Commitment or Uncommitted Facility Participation assumed by such Accordion Acceding Lender shall be additional to, and not in replacement of,
                the Revolving Facility Commitments or Uncommitted Facility Participation as at the time immediately prior to such Accordion Acceding Lender becoming a party to this Agreement.

            

    

  

  

  

  
    
      	

            	(b)	
              Subject to paragraph (a) above, each of the Parties hereby agrees that an Accordion Acceding Lender shall become a party to this Agreement as a "Lender" upon the
                execution and delivery by such Accordion Acceding Lender to the Agent of an Accordion Accession Letter and upon the countersignature by the Agent of such document.

            

    

  

  
    
      

      

    

    -123-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              Each Party (other than the Agent) irrevocably authorises the Agent to execute an Accordion Accession Letter for this purpose.

            

    

  

  

  

  
    
      	

            	(d)	
              The Agent shall, subject to paragraph (e) below, after receipt by it of a duly completed Accordion Accession Letter appearing on its face to comply with the terms of
                this Agreement and delivered in accordance with the terms of this Agreement, execute that Accordion Accession Letter on the Accordion Increase Effective Date.

            

    

  

  

  

  
    
      	

            	(e)	
              The Agent shall only be obliged to execute an Accordion Accession Letter delivered to it by an Accordion Acceding Lender once it is satisfied it and the Lenders have
                complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in relation to such Accordion Acceding Lender.

            

    

  

  

  

  
    
      	

            	(f)	
              On the date that the Agent executes an Accordion Accession Letter:

            

    

  

  

  

  
    
      	

            	(i)	
              the Agent, the Arranger, the Security Agent, the Accordion Acceding Lender party to that Accordion Increase Certificate, the other Lenders and the Obligors shall
                acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had that Accordion Acceding Lender been an Original Lender with the Revolving Facility Commitment or Uncommitted Facility
                Participation specified by it in that Accordion Accession Letter; and

            

    

  

  

  

  
    
      	

            	(ii)	
              that Accordion Acceding Lender shall become a Party as a "Lender",

            

    

  

  

  

  and, as soon as reasonably practicable following such accession, the Agent must notify the Company and the other Lenders of such
    accession.

  

  

  
    
      	25.9	
              Security over Lenders' rights

            

    

  

  

  

  In addition to the other rights provided to Lenders under this Clause 25.9, 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 the Finance Documents (to the extent not separating its rights and claims under this
    Agreement from its rights and claims under the Security Documents) 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,

            

    

  

  
    
      

      

    

    -124-

    
      

    
      

      

    

  

  

  

  except that no such charge, assignment or Security shall:

  

  

  
    
      	

            	(i)	
              release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender
                as a party to any of the Finance Documents; or

            

    

  

  

  

  
    
      	

            	(ii)	
              require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than those required to be made or granted
                to the relevant Lender under the Finance Documents.

            

    

  

  

  

  
    
      	26.	
              CHANGES TO THE OBLIGORS

            

    

  

  

  

  
    
      	26.1	
              Assignments and transfers by Obligors

            

    

  

  

  

  No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

  

  

  
    
      	26.2	
              Additional Borrowers

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 21.10 ("Know your customer" checks), the Company may request that any of its wholly owned Subsidiaries becomes an Additional Borrower.  That Subsidiary shall become an Additional Borrower if:

            

    

  

  

  

  
    
      	

            	(i)	
              if not incorporated in the Netherlands, all Lenders approve the addition of that Subsidiary;

            

    

  

  

  

  
    
      	

            	(ii)	
              the Company delivers to the Agent a duly completed and executed Accession Letter;

            

    

  

  

  

  
    
      	

            	(iii)	
              the Company confirms that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and

            

    

  

  

  

  
    
      	

            	(iv)	
              the Agent has received all of the documents and other evidence listed in Part II of Schedule 2 (Conditions precedent) in relation to that Additional Borrower, each in form and substance satisfactory to the Agent.

            

    

  

  

  

  
    
      	

            	(b)	
              The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and
                other evidence listed in Part II of Schedule 2 (Conditions precedent).

            

    

  

  

  

  
    
      	

            	(c)	
              Upon becoming an Additional Borrower that Subsidiary shall make any necessary tax filings (and provide copies of such filings) as required by and in accordance with
                Clause 14 (Tax gross-up and indemnities).

            

    

  

  

  

  
    
      	

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

            

    

  

  
    
      

      

    

    -125-

    
      

    
      

      

    

  

  

  

  
    
      	26.3	
              Resignation of a Borrower

            

    

  

  

  

  
    
      	

            	(a)	
              The Company may request that a Borrower (other than the Company) ceases to be a Borrower by delivering to the Agent a Resignation Letter.

            

    

  

  

  

  
    
      	

            	(b)	
              The Agent shall accept a Resignation Letter and notify the Company and the other Finance Parties of its acceptance if:

            

    

  

  

  

  
    
      	

            	(i)	
              no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case);

            

    

  

  

  

  
    
      	

            	(ii)	
              the Lenders have consented to the Company's request; and

            

    

  

  

  

  
    
      	

            	(iii)	
              the Borrower is under no actual or contingent obligations as a Borrower under any Finance Documents,

            

    

  

  

  

  at which time that company shall cease to be a Borrower and shall have no further rights or obligations under the Finance Documents.

  

  

  
    
      	26.4	
              Additional Guarantors

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to compliance with the provisions of paragraphs (c) and (d) of Clause 21.10 ("Know your customer" checks), the Company may request that any of its wholly owned Subsidiaries become an Additional Guarantor.  That Subsidiary shall become an Additional Guarantor if:

            

    

  

  

  

  
    
      	

            	(i)	
              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 II of Schedule 2 (Conditions precedent) in relation to that Additional Guarantor, each in form and substance satisfactory to the Agent.

            

    

  

  

  

  
    
      	

            	(b)	
              The Agent shall notify the Company and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and
                other evidence listed in Part II of Schedule 2 (Conditions precedent).

            

    

  

  

  

  
    
      	

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

            

    

  

  
    
      

      

    

    -126-

    
      

    
      

      

    

  

  

  

  
    
      	26.5	
              Repetition of Representations

            

    

  

  

  

  Delivery of an Accession Letter constitutes confirmation by the relevant Subsidiary 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.

  

  

  
    
      	26.6	
              Resignation of a Guarantor

            

    

  

  

  

  
    
      	

            	(a)	
              The Company may request that a Guarantor (other than the Company) ceases to be a Guarantor by delivering to the Agent a Resignation Letter.

            

    

  

  

  

  
    
      	

            	(b)	
              Following consent from the Lenders, the Agent shall accept a Resignation Letter and notify the Company and the Lenders of its acceptance if:

            

    

  

  

  

  
    
      	

            	(i)	
              no Default is continuing or would result from the acceptance of the Resignation Letter (and the Company has confirmed this is the case);

            

    

  

  

  

  
    
      	

            	(ii)	
              the Lenders have consented to the Company's request; and

            

    

  

  

  

  
    
      	

            	(iii)	
              where the Guarantor is also a Borrower, it is under no actual or contingent obligations as a Borrower and has resigned and ceased to be a Borrower under Clause 26.3 (Resignation of a Borrower),

            

    

  

  

  

  at which time that company shall cease to be a Guarantor and shall have no further rights or obligations under the Finance Documents.

  

  

  
    
      	

            	(c)	
              If the resignation of a Guarantor is accepted in accordance with paragraph (b) of this Clause 26.6 the Agent shall instruct the Security Agent to release any
                Transaction Security granted by that Guarantor, in accordance with Clause 28.17 (Releases).

            

    

  

  
    
      

      

    

    -127-

    
      

    
      

      

    

  

  

  

  SECTION 10

  

  

  THE FINANCE PARTIES

  

  

  
    
      	27.	
              ROLE OF THE AGENT, THE ARRANGERS AND OTHERS

            

    

  

  

  

  
    
      	27.1	
              Appointment of the Agent

            

    

  

  

  

  
    
      	

            	(a)	
              Each other Finance Party (other than the Security Agent) appoints the Agent to act as its agent under and in connection with the Finance Documents.

            

    

  

  

  

  
    
      	

            	(b)	
              Each other Finance Party authorises the Agent to perform the duties, obligations and responsibilities and 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.

            

    

  

  

  

  
    
      	

            	(c)	
              Each other Finance Party (other than the Security Agent) hereby relieves the Agent from any restrictions of double representation and self-dealing, in particular from
                the restrictions of section 181 Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other
                applicable law, in each case to the extent legally possible to such Finance Party. A Finance Party which is barred by its constitutional documents or by-laws from granting such exemption shall notify the Agent accordingly.

            

    

  

  

  

  
    
      	27.2	
              Instructions

            

    

  

  

  

  
    
      	

            	(a)	
              The Agent shall:

            

    

  

  

  

  
    
      	

            	(i)	
              unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in
                accordance with any instructions given to it by:

            

    

  

  

  

  
    
      	

            	(A)	
              all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision;

            

    

  

  

  

  
    
      	

            	(B)	
              in all other cases, the Majority Lenders; and

            

    

  

  

  

  
    
      	

            	(ii)	
              not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above.

            

    

  

  

  

  
    
      	

            	(b)	
              The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates
                the matter is a decision for any other Lender or all the Lenders, from that Lender or all the Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Agent
                may refrain from acting unless and until it receives those instructions or that clarification.

            

    

  

  

  

  
    
      	

            	(c)	
              Save in the case of decisions stipulated to be a matter for any other Lender or all the Lenders under the relevant Finance Document and unless a contrary indication
                appears in a Finance Document, any instructions given to the Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the Security Agent.

            

    

  

  
    
      

      

    

    -128-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(d)	
              The Agent may refrain from acting in accordance with any instructions of any Lender, the Majority Lenders or all the Lenders until it has received any indemnification
                and/or security that it may in its discretion require (which may be greater in extent than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying
                with those instructions.

            

    

  

  

  

  
    
      	

            	(e)	
              In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.

            

    

  

  

  

  
    
      	

            	(f)	
              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.  This paragraph (f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the Transaction Security or
                Security Documents.

            

    

  

  

  

  
    
      	27.3	
              Duties of the Agent

            

    

  

  

  

  
    
      	

            	(a)	
              The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

            

    

  

  

  

  
    
      	

            	(b)	
              Subject to paragraph (c) below, 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.

            

    

  

  

  

  
    
      	

            	(c)	
              Without prejudice to Clause 25.6 (Copy of Transfer Certificate or
                  Increase Confirmation to Company), paragraph (b) above shall not apply to any Transfer Certificate or Increase Confirmation.

            

    

  

  

  

  
    
      	

            	(d)	
              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.

            

    

  

  

  

  
    
      	

            	(e)	
              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 other Finance Parties.

            

    

  

  

  

  
    
      	

            	(f)	
              If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent, the Arrangers or
                the Security Agent) under this Agreement it shall promptly notify the other Finance Parties.

            

    

  

  

  

  
    
      	

            	(g)	
              The Agent shall provide to the Company, within 10 Business Days of a request by the Company (which may be in electronic form) setting out the names of the Lenders as
                at that Business Day, their respective Commitments, the address and fax number (and the department or officer, if any, for whose attention any communication is to be made) of each Lender for any communication to be made or document to be
                delivered under or in connection with the Finance Documents, the electronic mail address and/or any other information required to enable the sending and receipt of information by electronic mail or other electronic means to and by each
                Lender to whom any communication under or in connection with the Finance Documents may be made by that means and the account details of each Lender for any payment to be distributed by the Agent to that Lender under the Finance Documents.

            

    

  

  
    
      

      

    

    -129-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(h)	
              The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no
                others shall be implied).

            

    

  

  

  

  
    
      	

            	(i)	
              The Agent shall promptly forward to the Security Agent a copy of all notices issued pursuant to Clause 24.18 (Acceleration).

            

    

  

  

  

  
    
      	27.4	
              Role of the Arrangers

            

    

  

  

  

  Except as specifically provided in the Finance Documents, the Arrangers have no obligations of any kind to any other Party under or in
    connection with any Finance Document.

  

  

  
    
      	27.5	
              No fiduciary duties

            

    

  

  

  

  
    
      	

            	(a)	
              Nothing in any Finance Document constitutes the Agent or the Arrangers as a trustee or fiduciary of any other person.

            

    

  

  

  

  
    
      	

            	(b)	
              None of the Agent, the Arrangers or any Ancillary Lender 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.

            

    

  

  

  

  
    
      	27.6	
              Business with the Group

            

    

  

  

  

  The Agent, the Arrangers and each Ancillary Lender may accept deposits from, lend money to and generally engage in any kind of banking or
    other business with any member of the Group.

  

  

  
    
      	27.7	
              Rights and discretions of the Agent

            

    

  

  

  

  
    
      	

            	(a)	
              The Agent may

            

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(ii)	
              assume that:

            

    

  

  

  

  
    
      	

            	(A)	
              any instructions received by it from the Majority Lenders, any Lenders or all the Lenders are duly given in accordance with the terms of the Finance Documents; and

            

    

  

  

  

  
    
      	

            	(B)	
              unless it has received notice of revocation, that those instructions have not been revoked; and

            

    

  

  
    
      

      

    

    -130-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(iii)	
              rely on a certificate from any person:

            

    

  

  

  

  
    
      	

            	(A)	
              as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

            

    

  

  

  

  
    
      	

            	(B)	
              to the effect that such person approves of any particular dealing, transaction, step, action or thing,

            

    

  

  

  

  as sufficient evidence that that is the case and, in the case of paragraph (i) above, may assume the truth and accuracy of that
    certificate.

  

  

  
    
      	

            	(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 24.1 (Non-payment));

            

    

  

  

  

  
    
      	

            	(ii)	
              any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised;

            

    

  

  

  

  
    
      	

            	(iii)	
              any notice or request made by the Company (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors; and

            

    

  

  

  

  
    
      	

            	(iv)	
              Clauses 20.19 (Sanctions) and Clause 23.31 (Sanctions) confer rights to each Finance Party (including voting rights where the amendment or waiver relates to Clauses 20.19 (Sanctions) and/or Clause 23.31 (Sanctions)).

            

    

  

  

  

  
    
      	

            	(c)	
              The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts.

            

    

  

  

  

  
    
      	

            	(d)	
              Without prejudice to the generality of paragraph (c) above or paragraph (e) below, the Agent may at any time engage and pay for the services of any lawyers to act as
                independent counsel to the Agent (and so separate from any lawyers instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable.

            

    

  

  

  

  
    
      	

            	(e)	
              The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the
                Agent or by any other Party) and shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

            

    

  

  

  

  
    
      	

            	(f)	
              The Agent may act in relation to the Finance Documents through its officers, employees and agents and the Agent shall not:

            

    

  

  

  

  
    
      	

            	(i)	
              be liable for any error of judgment made by any such person; or

            

    

  

  

  

  
    
      	

            	(ii)	
              be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part, of any such person,

            

    

  

  
    
      

      

    

    -131-

    
      

    
      

      

    

  

  

  

  unless such error or such loss was directly caused by the Agent's gross negligence or wilful misconduct.

  

  

  
    
      	

            	(g)	
              Unless a Finance Document expressly provides otherwise the Agent may disclose to any other Party any information it reasonably believes it has received as agent under
                this Agreement.

            

    

  

  

  

  
    
      	

            	(h)	
              Without prejudice to the generality of paragraph (g) above, the Agent:

            

    

  

  

  

  
    
      	

            	(i)	
              may disclose; and

            

    

  

  

  

  
    
      	

            	(ii)	
              on the written request of the Company or the Majority Lenders shall, as soon as reasonably practicable, disclose,

            

    

  

  

  

  the identity of a Defaulting Lender to the Company and to the other Finance Parties.

  

  

  
    
      	

            	(i)	
              Notwithstanding any other provision of any Finance Document to the contrary, none of the Agent or the Arrangers is obliged to do or omit to do anything if it would,
                or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality. In particular, and for the avoidance of doubt, nothing in any Finance Document shall be construed
                so as to constitute an obligation of the Agent or the Arranger to perform any services which it would not be entitled to render pursuant to the provisions of the German Act on Rendering Legal Services (Rechtsdienstleistungsgesetz) or pursuant to the provisions of the German Tax Advisory Act (Steuerberatungsgesetz) or any other services that require an express official approval, licence or registration, unless the Agent or the Arranger (as the case may be) holds the required approval, licence
                or registration.

            

    

  

  

  

  
    
      	

            	(j)	
              Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial
                liability in the performance of its duties, obligations or responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security
                for, such risk or liability is not reasonably assured to it.

            

    

  

  

  

  
    
      	27.8	
              Responsibility for documentation

            

    

  

  

  

  None of the Agent, the Arrangers or any Ancillary Lender is responsible or liable for:

  

  

  
    
      	

            	(a)	
              the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Agent, the Arrangers, an Ancillary Lender, an Obligor or any other
                person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with
                any Finance Document; or

            

    

  

  

  

  
    
      	

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

            

    

  

  
    
      

      

    

    -132-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or
                prohibited by applicable law or regulation relating to insider dealing or otherwise.

            

    

  

  

  

  
    
      	27.9	
              No duty to monitor

            

    

  

  

  

  The Agent shall not be bound to enquire:

  

  

  
    
      	

            	(a)	
              whether or not any Default has occurred;

            

    

  

  

  

  
    
      	

            	(b)	
              as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

            

    

  

  

  

  
    
      	

            	(c)	
              whether any other event specified in any Finance Document has occurred.

            

    

  

  

  

  
    
      	27.10	
              Exclusion of liability

            

    

  

  

  

  
    
      	

            	(a)	
              Without limiting paragraph (b) below (and without prejudice to any other provision of any Finance Document excluding or limiting the liability of the Agent or any
                Ancillary Lender), none of the Agent nor any Ancillary Lender will be liable (including, without limitation, for negligence or any other category of liability whatsoever) for:

            

    

  

  

  

  
    
      	

            	(i)	
              any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in
                connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct;

            

    

  

  

  

  
    
      	

            	(ii)	
              exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Transaction Security or any
                other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Transaction Security; or

            

    

  

  

  

  
    
      	

            	(iii)	
              without prejudice to the generality of paragraphs (i) and (ii) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever
                arising as a result of:

            

    

  

  

  

  
    
      	

            	(A)	
              any act, event or circumstance not reasonably within its control; or

            

    

  

  

  

  
    
      	

            	(B)	
              the general risks of investment in, or the holding of assets in, any jurisdiction,

            

    

  

  

  

  including (in each case and without limitation) such damages, costs,  losses, diminution in value or liability arising as a result of:
    nationalisation, expropriation or other governmental actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Disruption
    Event); breakdown, failure or malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

  
    
      

      

    

    -133-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              No Party (other than the Agent or any Ancillary Lender as applicable) may take any proceedings against any officer, employee or agent of the Agent or any Ancillary
                Lender in respect of any claim it might have against the Agent or any Ancillary Lender 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 or any Ancillary Lender 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 or the Arrangers to carry out:

            

    

  

  

  

  
    
      	

            	(i)	
              any "know your customer" or other checks in relation to any person; or

            

    

  

  

  

  
    
      	

            	(ii)	
              any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender,

            

    

  

  

  

  on behalf of any Lender and each Lender confirms to the Agent and the 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 or the Arrangers.

  

  

  
    
      	

            	(e)	
              Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in connection with
                any Finance Document or the Transaction Security shall be limited to the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Agent or, if later,
                the date on which the loss arises as a result of such default) but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss.  In no event shall the Agent be liable
                for any loss of profits, goodwill, reputation, business opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages.

            

    

  

  

  

  
    
      	27.11	
              Lenders' indemnity to the Agent

            

    

  

  

  

  
    
      	

            	(a)	
              Each Lender shall (in proportion to its share of the Commitments or, if the Commitments are then zero, to its share of the Commitments immediately prior to their
                reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss or liability (including, without limitation, for negligence or any other category of liability whatsoever) incurred by the Agent (otherwise
                than by reason of the Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 32.11 (Disruption

                  to Payment Systems etc.) notwithstanding the Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent) in acting as Agent under the Finance
                Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document).

            

    

  

  
    
      

      

    

    -134-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              Subject to paragraph (c) below, the Company shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to paragraph (a)
                above.

            

    

  

  

  

  
    
      	

            	(c)	
              Paragraph (b) above shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Agent
                to an Obligor.

            

    

  

  

  

  
    
      	27.12	
              Resignation of the Agent

            

    

  

  

  

  
    
      	

            	(a)	
              The Agent may resign and appoint one of its Affiliates acting through an office in The Netherlands as successor by giving notice to the other Finance Parties and the
                Company.

            

    

  

  

  

  
    
      	

            	(b)	
              Alternatively the Agent may resign by giving 30 days' notice to the other Finance Parties and the Company, in which case the Majority Lenders (after consultation with
                the Company) may appoint a successor Agent.

            

    

  

  

  

  
    
      	

            	(c)	
              If the Majority Lenders have not appointed a successor Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring
                Agent (after consultation with the Company) may appoint a successor Agent.

            

    

  

  

  

  
    
      	

            	(d)	
              If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Agent is entitled to
                appoint a successor Agent under paragraph (c) above, the Agent may (if it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as Agent) agree with
                the proposed successor Agent amendments to this Clause 27 and any other term of this Agreement dealing with the rights or obligations of the Agent consistent with the current market practice for the appointment and protection of corporate
                trustees together with any reasonable amendments to the agency fee payable under this Agreement which are consistent with the successor Agent's normal fee rates and those amendments will bind the Parties.

            

    

  

  

  

  
    
      	

            	(e)	
              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.

            

    

  

  
    
      

      

    

    -135-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(f)	
              The Agent's resignation notice shall only take effect upon the appointment of a successor.

            

    

  

  

  

  
    
      	

            	(g)	
              Upon the appointment of a successor, the retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its
                obligations under paragraph (e) above) but shall remain entitled to the benefit of Clause 16.3 (Indemnity to the Agent)  and this Clause
                27 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).  Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as
                they would have had if such successor had been an original Party.

            

    

  

  

  

  
    
      	

            	(h)	
              After consultation with the Company, 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.

            

    

  

  

  

  
    
      	

            	(i)	
              The Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to
                paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

            

    

  

  

  

  
    
      	

            	(i)	
              the Agent fails to respond to a request under Clause 21.11 (FATCA
                  Information) and a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

            

    

  

  

  

  
    
      	

            	(ii)	
              the information supplied by the Agent pursuant to Clause 21.11 (FATCA
                  Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or

            

    

  

  

  

  
    
      	

            	(iii)	
              the Agent notifies the Company and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

            

    

  

  

  

  and (in each case) a Lender believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were
    a FATCA Exempt Party, and that Lender, by notice to the Agent, requires it to resign.

  

  

  
    
      	27.13	
              Replacement of the Agent

            

    

  

  

  

  
    
      	

            	(a)	
              After consultation with the Company, the Majority Lenders may, by giving 30 days' notice to the Agent (or, at any time the Agent is an Impaired Agent, by giving any
                shorter notice determined by the Majority Lenders) replace the Agent by appointing a successor.

            

    

  

  

  

  
    
      	

            	(b)	
              The retiring Agent shall (at its own cost if it is an Impaired Agent and otherwise at the expense of the Lenders) 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.

            

    

  

  
    
      

      

    

    -136-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent. As from this date, the
                retiring Agent shall be discharged from any further obligation in respect of the Finance Documents (other than its obligations under paragraph (b) above) but shall remain entitled to the benefit of Clause 16.3 (Indemnity to the Agent) and this Clause 27 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that
                date).

            

    

  

  

  

  
    
      	

            	(d)	
              Any successor Agent 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.

            

    

  

  

  

  
    
      	27.14	
              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.

            

    

  

  

  

  
    
      	

            	(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, neither the Agent nor the 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 regulation or a breach of a fiduciary duty.

            

    

  

  

  

  
    
      	27.15	
              Relationship with the Lenders

            

    

  

  

  

  
    
      	

            	(a)	
              The Agent may treat the person shown in its records as Lender at the opening of business (in the place of the Agent's principal office as notified to the Finance
                Parties from time to time) as the Lender acting through its Facility Office:

            

    

  

  

  

  
    
      	

            	(i)	
              entitled to or liable for any payment due under any Finance Document on that day; and

            

    

  

  

  

  
    
      	

            	(ii)	
              entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on
                that day,

            

    

  

  

  

  unless it has received not less than five Business Days' prior notice from that Lender to the contrary in accordance with the terms of
    this Agreement.

  

  

  
    
      	

            	(b)	
              Any Lender may by notice to the Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to
                that Lender under the Finance Documents.  Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 35.6 (Electronic

            

    

  

  
    
      

      

    

    -137-

    
      

    
      

      

    

  

  

  

  communication))
    electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as a
    notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the purposes of Clause 35.2 (Addresses)
    and Clause 35.6 (Electronic communication) and the Agent shall be entitled to treat such person as the person entitled to receive all such notices,
    communications, information and documents as though that person were that Lender.

  

  

  
    
      	

            	(c)	
              Each Secured Party shall supply the Agent with any information that the Security Agent may reasonably specify (through the Agent) as being necessary or desirable to
                enable the Security Agent to perform its functions as Security Agent.  Each Lender shall deal with the Security Agent exclusively through the Agent and shall not deal directly with the Security Agent.

            

    

  

  

  

  
    
      	27.16	
              Credit appraisal by the Lenders and Ancillary 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 and Ancillary Lender confirms to the Agent and the 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, creditworthiness, condition, affairs, status and nature of each member of the Group;

            

    

  

  

  

  
    
      	

            	(b)	
              the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Transaction Security and any other agreement, arrangement or document
                entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;

            

    

  

  

  

  
    
      	

            	(c)	
              whether that Lender or Ancillary 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 Transaction Security, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection
                with any Finance Document or the Transaction Security;

            

    

  

  

  

  
    
      	

            	(d)	
              the adequacy, accuracy or completeness of any other information provided by the Agent, the Security Agent, any Party or by any other person under or in connection
                with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and

            

    

  

  

  

  
    
      	

            	(e)	
              the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the
                existence of any Security affecting the Charged Property,

            

    

  

  
    
      

      

    

    -138-

    
      

    
      

      

    

  

  

  

  and each Lender and Ancillary Lender warrants to the Agent and the Arrangers that it has not relied on and will not at any time rely on
    the Agent or the Arrangers in respect of any of these matters.

  

  

  
    
      	27.17	
              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 Company) appoint another Lender or an Affiliate of a Lender to replace that Reference Bank.

  

  

  
    
      	27.18	
              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.

  

  

  
    
      	27.19	
              Role of Reference Banks

            

    

  

  

  

  
    
      	

            	(a)	
              No Reference Bank is under any obligation to provide a quotation or any other information to the Agent.

            

    

  

  

  

  
    
      	

            	(b)	
              No Reference Bank will be liable for any action taken by it under or in connection with any Finance Document, or for any Reference Bank Quotation, unless directly
                caused by its gross negligence or wilful misconduct.

            

    

  

  

  

  
    
      	

            	(c)	
              No Party (other than the relevant Reference Bank) may take any proceedings against any officer, employee or agent of any Reference Bank in respect of any claim it
                might have against that Reference Bank or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document, or to any Reference Bank Quotation, and any officer, employee or agent of each
                Reference Bank may rely on this Clause 27.19.

            

    

  

  

  

  
    
      	28.	
              ROLE OF SECURITY AGENT

            

    

  

  

  

  
    
      	28.1	
              Appointment of Security Agent

            

    

  

  

  

  
    
      	

            	(a)	
              Each of the Agent, the Arrangers and the Lenders hereby appoints the Security Agent to act as its agent in connection herewith and authorises the Security Agent to
                exercise such rights, powers and discretions as are specifically delegated to the Security Agent by the terms hereof together with all rights, powers and discretions as are reasonably incidental thereto or necessary to give effect to the
                rights, powers and discretions of the Security Agent hereby created and each of the Agent, the Arrangers and the Lenders irrevocably authorises the Security Agent on its behalf (i) to enter into each Security Document and (ii) to
                acknowledge the provisions of each Security Document, including but not limited to any "Parallel Debt" provision contained therein.

            

    

  

  

  

  
    
      	

            	(b)	
              Each of the Secured Parties hereby:

            

    

  

  
    
      

      

    

    -139-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(i)	
              grants the Security Agent the power to negotiate and approve the terms and conditions of such Security Document, execute any other agreement or instrument, give or
                receive any notice or declaration, identify and specify to third parties the names of the Secured Parties at any given date, and take any other action in relation to the creation, perfection, maintenance, enforcement and release of the
                Security created thereunder in the name and on behalf of the Secured Parties;

            

    

  

  

  

  
    
      	

            	(ii)	
              confirms that in the event that any Security created under the Security Documents remains registered in the name of a Secured Party after it has ceased to be a
                Secured Party then the Security Agent shall remain empowered to execute a release of such Security in its name and on its behalf; and

            

    

  

  

  

  
    
      	

            	(iii)	
              undertakes to ratify and approve any such action taken in the name and on behalf of the Secured Parties by the Security Agent acting in its appointed capacity.

            

    

  

  

  

  
    
      	28.2	
              Parallel Debt

            

    

  

  

  

  
    
      	

            	(a)	
              Notwithstanding any other provision of this Agreement each Obligor hereby irrevocably and unconditionally undertakes to pay to the Security Agent expressly (including
                any successor Security Agent), as creditor in its own right and not as representative (vertegenwoordiger) of the other Finance Parties,
                sums equal to and in the currency of each amount payable by the Obligors to each of the Finance Parties under each of the Finance Documents as and when that amount falls due for payment under the relevant Finance Document or would have
                fallen due but for any suspension of payment, moratorium, discharge by operation of law or analogous event (the "Parallel Debt").

            

    

  

  

  

  
    
      	

            	(b)	
              The Security Agent shall have its own independent right to demand payment of the amounts payable by the Obligors under this Clause 28.2 irrespective of any
                suspension, extinction or any other discharge for any reason whatsoever (otherwise than by payment) of the Obligors' obligation to pay those amounts to the other Finance Parties other than a discharge by virtue of payment which those
                Finance Parties are entitled to retain.

            

    

  

  

  

  
    
      	

            	(c)	
              Any amount due and payable by any Obligor to the Security Agent under this Clause 28.2

                shall be decreased to the extent that the other Finance Parties have received (and are able to retain) payment in full of the corresponding amount under the other provisions of the Finance Documents and any amount due and payable by the
                Obligors to the other Finance Parties under those provisions shall be decreased to the extent that the Security Agent has received (and is able to retain) payment in full of the corresponding amount under this Clause 28.2.

            

    

  

  

  

  
    
      	

            	(d)	
              The rights of the Finance Parties (other than the Security Agent) to receive payment of amounts payable by the Obligors under the Finance Documents are several and
                are separate and independent from, and without prejudice to, the rights of the Security Agent to receive payment under this Clause 28.2.

            

    

  

  
    
      

      

    

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      	28.3	
              No Independent Power

            

    

  

  

  

  The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise
    any rights or powers arising under the Security Documents except through the Security Agent.

  

  

  
    
      	28.4	
              Security Agent's Instructions

            

    

  

  

  

  The Security Agent shall:

  

  

  
    
      	

            	(a)	
              unless a contrary indication appears in a Finance Document, act in accordance with any instructions given to it by the Agent and shall be entitled to assume (i) that
                any instructions received by it from the Agent are duly given by or on behalf of the Majority Lenders or, as the case may be, the Lenders in accordance with the terms of the Finance Documents and (ii) unless it has received actual notice of
                revocation, that any instructions or directions given by the Agent have not been revoked;

            

    

  

  

  

  
    
      	

            	(b)	
              be entitled to request instructions, or clarification of any direction, from the Agent as to whether, and in what manner, it should exercise or refrain from
                exercising any rights, powers and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it; and

            

    

  

  

  

  
    
      	

            	(c)	
              be entitled to, carry out all dealings with the Lenders through the Agent and may give to the Agent any notice or other communication required to be given by the
                Security Agent to the Lenders.

            

    

  

  

  

  
    
      	28.5	
              Security Agent's Actions

            

    

  

  

  

  Subject to the provisions of this Clause 28:

  

  

  
    
      	

            	(a)	
              the Security Agent may, in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance
                Documents which in its absolute discretion it considers to be for the protection and benefit of all the Secured Parties; and

            

    

  

  

  

  
    
      	

            	(b)	
              at any time after receipt by the Security Agent of notice from the Agent directing the Security Agent to exercise all or any of its rights, remedies, powers or
                discretions under any of the Finance Documents, the Security Agent may, and shall if so directed by the Agent, take any action as in its sole discretion it thinks fit to enforce the Transaction Security.

            

    

  

  

  

  
    
      	28.6	
              Security Agent's Discretions

            

    

  

  

  

  The Security Agent may:

  

  

  
    
      	

            	(a)	
              assume (unless it has received actual notice to the contrary in its capacity as Security Agent for the Secured Parties) that (i) no Default has occurred and no
                Obligor is in breach of or default under its obligations under any of the Finance Documents; and (ii) any right, power, authority or discretion vested in any person has not been exercised;

            

    

  

  
    
      

      

    

    -141-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              if it receives any instructions or directions from the Agent to take any action in relation to the Transaction Security, assume that all applicable conditions under
                the Finance Documents for taking that action have been satisfied;

            

    

  

  

  

  
    
      	

            	(c)	
              engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts (whether obtained by the Security Agent or by any other
                Secured Party) whose advice or services may at any time seem necessary, expedient or desirable;

            

    

  

  

  

  
    
      	

            	(d)	
              rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the knowledge of a
                Secured Party or an Obligor, upon a certificate signed by or on behalf of that person; and

            

    

  

  

  

  
    
      	

            	(e)	
              refrain from acting in accordance with the instructions of the Agent or Lenders (including bringing any legal action or proceeding arising out of or in connection
                with the Finance Documents) until it has received any indemnification and/or security that it may in its absolute discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may
                incur in bringing such action or proceedings.

            

    

  

  

  

  
    
      	28.7	
              Security Agent's Obligations

            

    

  

  

  

  The Security Agent shall promptly inform the Agent of:

  

  

  
    
      	

            	(a)	
              the contents of any notice or document received by it in its capacity as Security Agent from any Obligor under any Finance Document; and

            

    

  

  

  

  
    
      	

            	(b)	
              the occurrence of any Default or any default by an Obligor in the due performance of or compliance with its obligations under any Finance Document of which the
                Security Agent has received notice from any other party to this Agreement.

            

    

  

  

  

  
    
      	28.8	
              Excluded Obligations

            

    

  

  

  

  Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent shall not:

  

  

  
    
      	

            	(a)	
              be bound to enquire as to (i) whether or not any Default has occurred or (ii) the performance, default or any breach by an Obligor of its obligations under any of the
                Finance Documents;

            

    

  

  

  

  
    
      	

            	(b)	
              be bound to account to any other Secured Party for any sum or the profit element of any sum received by it for its own account;

            

    

  

  

  

  
    
      	

            	(c)	
              be bound to disclose to any other person (including but not limited to any Secured Party) (i) any confidential information or (ii) any other information if disclosure
                would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty;

            

    

  

  

  

  
    
      	

            	(d)	
              be under any obligations other than those which are specifically provided for in the Finance Documents; or

            

    

  

  
    
      

      

    

    -142-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(e)	
              have or be deemed to have any duty, obligation or responsibility to, or relationship of trust or agency with, any Obligor.

            

    

  

  

  

  
    
      	28.9	
              Exclusion of Security Agent's liability

            

    

  

  

  

  The Security Agent is not responsible or liable for:

  

  

  
    
      	

            	(a)	
              the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Security Agent or any other person in or in connection with
                any Finance Document or the transactions contemplated in the Finance Documents;

            

    

  

  

  

  
    
      	

            	(b)	
              the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or the Transaction Security or any other agreement, arrangement or document
                entered into, made or executed in anticipation of or in connection with any Finance Document or the Transaction Security;

            

    

  

  

  

  
    
      	

            	(c)	
              any losses to any person or any liability arising as a result of taking or refraining from taking any action in relation to any of the Finance Documents or the
                Transaction Security or otherwise, whether in accordance with an instruction from the Agent or otherwise, unless directly caused by its gross negligence or wilful misconduct;

            

    

  

  

  

  
    
      	

            	(d)	
              the exercise of, or the failure to exercise, any judgement, discretion or power given to it by or in connection with any of the Finance Documents, the Transaction
                Security or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Finance Documents or the Transaction Security; or

            

    

  

  

  

  
    
      	

            	(e)	
              any shortfall which arises on the enforcement of the Transaction Security.

            

    

  

  

  

  
    
      	28.10	
              No proceedings

            

    

  

  

  

  No Party (other than the Security Agent) may take any proceedings against any officer, employee or agent of the Security Agent in respect
    of any claim it might have against the Security Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Transaction Security and any officer, employee or agent of the Security
    Agent may rely on this Clause.

  

  

  
    
      	28.11	
              Own responsibility

            

    

  

  

  

  Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance
    Document, each Secured Party confirms to the Security Agent that it has at all times 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, creditworthiness, condition, affairs, status and nature of each member of the Group;

            

    

  

  

  

  
    
      	

            	(b)	
              the legality, validity, effectiveness, adequacy and enforceability of any Finance Document and the Transaction Security and any other agreement, arrangement or
                document entered into, made or executed in anticipation of, under or in connection with, any Finance Document or the Transaction Security;

            

    

  

  
    
      

      

    

    -143-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any other person or any of their respective assets under or
                in connection with any Finance Document, the Transaction Security, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
                connection with, any Finance Document or the Transaction Security;

            

    

  

  

  

  
    
      	

            	(d)	
              the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any other person under or in connection with any Finance Document,
                the transactions contemplated by 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

            

    

  

  

  

  
    
      	

            	(e)	
              the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the
                existence of any Security affecting the Charged Property,

            

    

  

  

  

  and each Secured Party warrants to the Security Agent that it has not relied on and will not at any time rely on the Security Agent in
    respect of any of these matters.

  

  

  
    
      	28.12	
              No responsibility to perfect Transaction Security

            

    

  

  

  

  The Security Agent shall not be liable for any failure to:

  

  

  
    
      	

            	(a)	
              require the deposit with it of any deed or document certifying, representing or constituting the title of any Obligor to any of the Charged Property;

            

    

  

  

  

  
    
      	

            	(b)	
              obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the Finance
                Documents or the Transaction Security;

            

    

  

  

  

  
    
      	

            	(c)	
              register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any applicable laws in any
                jurisdiction or to give notice to any person of the execution of any of the Finance Documents or of the Transaction Security;

            

    

  

  

  

  
    
      	

            	(d)	
              take, or to require any of the Obligors to take, any steps to perfect its title to any of the Charged Property or to render the Transaction Security effective or to
                secure the creation of any ancillary Security under the laws of any jurisdiction; or

            

    

  

  

  

  
    
      	

            	(e)	
              require any further assurances in relation to any of the Security Documents.

            

    

  

  

  

  
    
      	28.13	
              Insurance by Security Agent

            

    

  

  

  

  
    
      	

            	(a)	
              The Security Agent shall not be under any obligation to insure any of the Charged Property, to require any other person to maintain any insurance or to verify any
                obligation to arrange or maintain insurance contained in the Finance Documents.  The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such insurance.

            

    

  

  
    
      

      

    

    -144-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of, directly
                or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by the insurers or any other information of any kind, unless any Secured Party has requested it to do so in writing and the Security Agent
                has failed to do so within fourteen days after receipt of that request.

            

    

  

  

  

  
    
      	28.14	
              Acceptance of Title

            

    

  

  

  

  The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, the right and title that each of
    the Obligors may have to any of the Charged Property and shall not be liable for or bound to require any Obligor to remedy any defect in its right or title.

  

  

  
    
      	28.15	
              Refrain from Illegality

            

    

  

  

  

  The Security Agent may refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or
    regulation of any jurisdiction which would or might otherwise render it liable to any person, and the Security Agent may do anything which is, in its opinion, necessary to comply with any law, directive or regulation.

  

  

  
    
      	28.16	
              Business with the Obligors

            

    

  

  

  

  The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with any of the
    Obligors.

  

  

  
    
      	28.17	
              Releases

            

    

  

  

  

  
    
      	

            	(a)	
              Upon a disposal of any of the Charged Property or the resignation of an Obligor in accordance with Clause 26 (Changes to the Obligors):

            

    

  

  

  

  
    
      	

            	(i)	
              pursuant to the enforcement of the Transaction Security by the Security Agent;

            

    

  

  

  

  
    
      	

            	(ii)	
              if that disposal is permitted under the Finance Documents; or

            

    

  

  

  

  
    
      	

            	(iii)	
              if the Security Agent is instructed to release the Transaction Security granted by the resigning Obligor under the terms of Clause 26 (Changes to the Obligors),

            

    

  

  

  

  the Security Agent shall (at the cost of the Obligors) release for and on its own behalf and for and on behalf of the other Secured
    Parties that property from the Transaction Security or the Transaction Security given by that Obligor and is authorised to execute, without the need for any further authority from the Secured Parties, any release of the Transaction Security or other
    claim over that asset or Obligor and to issue any certificates of non-crystallisation of floating charges that may be required or desirable.

  
    
      

      

    

    -145-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              Upon a disposal of shares in the capital of an Obligor pursuant to the enforcement of the Transaction Security over such shares by the Security Agent, the Security
                Agent is irrevocably authorised (at the cost of the Company and without any consent, sanction, authority or further confirmation from any of the Finance Parties) to release:

            

    

  

  

  

  
    
      	

            	(i)	
              that Obligor and any Subsidiary of that Obligor from all Secured Obligations (including the guarantee provided for under Clause 19 (Guarantee and Indemnity) under any of the Finance Documents;

            

    

  

  

  

  
    
      	

            	(ii)	
              any Transaction Security granted by that Obligor or any Subsidiary of that Obligor over any of its assets; and

            

    

  

  

  

  
    
      	

            	(iii)	
              any other claim of any Finance Party or member of the Group over that Obligor's assets or over the assets of any Subsidiary of that Obligor,

            

    

  

  

  

  on behalf of the relevant Finance Parties.

  

  

  
    
      	28.18	
              Lender indemnity to the Security Agent

            

    

  

  

  

  Each Lender shall (in proportion to its share of the Commitments or, if the Commitments are then zero, to its share of the Commitments
    immediately prior to their reduction to zero) indemnify the Security Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Security Agent (otherwise than by reason of the Security Agent's gross negligence or
    wilful misconduct) in acting as Security Agent under the Finance Documents (unless the Security Agent has been reimbursed by an Obligor pursuant to a Finance Document).

  

  

  
    
      	28.19	
              Resignation of Security Agent

            

    

  

  

  

  
    
      	

            	(a)	
              The Security Agent may resign and appoint one of its Affiliates as successor by giving notice to the Company and to the Agent on behalf of the Lenders.

            

    

  

  

  

  
    
      	

            	(b)	
              Alternatively the Security Agent may resign by giving notice to the other Parties (or to the Agent on behalf of the Lenders) in which case the Majority Lenders may
                appoint a successor Security Agent.

            

    

  

  

  

  
    
      	

            	(c)	
              If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b) above within 30 days after the notice of resignation was given,
                the Security Agent (after consultation with the Agent) may appoint a successor Security Agent.

            

    

  

  

  

  
    
      	

            	(d)	
              The retiring Security Agent shall, at its own cost, make available to the successor Security Agent such documents and records and provide such assistance as the
                successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents.

            

    

  

  

  

  
    
      	

            	(e)	
              The Security Agent's resignation notice shall only take effect upon (i) the appointment of a successor and (ii) the transfer of all of the Transaction Security to
                that successor.

            

    

  

  
    
      

      

    

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            	(f)	
              Upon the appointment of a successor, the retiring Security Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain
                entitled to the benefit of Clauses 27 (Role of the Agent and the Arrangers) and 28 (Role of Security Agent).  Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

            

    

  

  

  

  
    
      	

            	(g)	
              The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph (b) above.  In this event, the Security Agent shall
                resign in accordance with paragraph (b) above.

            

    

  

  

  

  
    
      	28.20	
              Delegation

            

    

  

  

  

  
    
      	

            	(a)	
              The Security Agent may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested
                in it by any of the Finance Documents.

            

    

  

  

  

  
    
      	

            	(b)	
              The delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Security Agent may think fit
                in the interests of the Secured Parties and it shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any delegate or sub-delegate.

            

    

  

  

  

  
    
      	28.21	
              Additional Security Agents

            

    

  

  

  

  
    
      	

            	(a)	
              The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate Security Agent or as a co-Security Agent jointly with it (i) if
                it considers that appointment to be in the interests of the Secured Parties or (ii) for the purposes of conforming to any legal requirements, restrictions or conditions which the Security Agent deems to be relevant or (iii) for obtaining or
                enforcing any judgment in any jurisdiction, and the Security Agent shall give prior notice to the Company and the Agent of that appointment.

            

    

  

  

  

  
    
      	

            	(b)	
              Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on the Security Agent by this Agreement) and the duties and
                obligations that are conferred or imposed by the instrument of appointment.

            

    

  

  

  

  
    
      	

            	(c)	
              The remuneration that the Security Agent may pay to any person, and any costs and expenses incurred by that person in performing its functions pursuant to that
                appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.

            

    

  

  

  

  
    
      	29.	
              HEDGE COUNTERPARTIES AND HEDGING LIABILITIES

            

    

  

  

  

  
    
      	29.1	
              Accession of Hedge Counterparties

            

    

  

  

  

  If any Finance Party provides hedging arrangements to an Obligor which are permitted under Clause 23.27 (Treasury Transactions) and such Finance Party is not yet a party to this Agreement as Hedge Counterparty, such Finance Party providing hedging arrangements to any Obligor shall
    not be entitled to share in any of the Transaction Security or in the benefit of any guarantee or indemnity in respect of any of the liabilities arising in relation to those hedging arrangements nor shall those liabilities be treated as Hedging
    Liabilities, unless such Finance Party accedes to this Agreement, as a Hedge Counterparty by way of such Finance Party executing a Hedge Counterparty Accession Undertaking.

  
    
      

      

    

    -147-

    
      

    
      

      

    

  

  

  

  
    
      	29.2	
              Restriction on payment of Hedging Liabilities

            

    

  

  

  

  The Obligors shall not, and shall procure that no other member of the Group will, make any payment of the Hedging Liabilities at any time
    unless:

  

  

  
    
      	

            	(a)	
              that payment is permitted under Clause  29.3 (Permitted payments of
                  Hedging Liabilities); or

            

    

  

  

  

  
    
      	

            	(b)	
              the taking or receipt of that payment is permitted under paragraph (c) of Clause  29.8 (Permitted enforcement by Hedge Counterparties).

            

    

  

  

  

  
    
      	29.3	
              Permitted payments of  Hedging Liabilities

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to paragraph (b) below, the Obligors may make payments to any Hedge Counterparty in respect of the Hedging Liabilities then due to that Hedge Counterparty
                under any Hedging Agreement in accordance with the terms of that Hedging Agreement:

            

    

  

  

  

  
    
      	

            	(i)	
              if the payment is a scheduled payment arising under the relevant Hedging Agreement;

            

    

  

  

  

  
    
      	

            	(ii)	
              to the extent that the relevant Obligor's obligation to make the payment arises as a result of the operation of:

            

    

  

  

  

  
    
      	

            	(A)	
              any of sections 2(d) (Deduction or Withholding for Tax), 2(e)
                (Default Interest; Other Amounts), 8(a) (Payment in the Contractual Currency), 8(b) (Judgments) and 11 (Expenses) of the 1992 ISDA Master Agreement (if the Hedging Agreement is based on a 1992 ISDA Master Agreement);

            

    

  

  

  

  
    
      	

            	(B)	
              any of sections 2(d) (Deduction or Withholding for Tax), 8(a)
                (Payment in the Contractual Currency), 8(b) (Judgments), 9(h)(i) (Prior to Early Termination) and 11 (Expenses) of the 2002 ISDA Master Agreement (if the Hedging Agreement is based on a 2002 ISDA Master Agreement); or

            

    

  

  

  

  
    
      	

            	(C)	
              any provision of a Hedging Agreement which is similar in meaning and effect to any provision listed in paragraphs (A) or (B) above (if the Hedging Agreement is not
                based on an ISDA Master Agreement);

            

    

  

  

  

  
    
      	

            	(iii)	
              to the extent that the relevant Obligor's obligation to make the payment arises from a Non‐Credit Related Close‐Out;

            

    

  

  

  

  
    
      	

            	(iv)	
              to the extent that:

            

    

  

  
    
      

      

    

    -148-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(A)	
              the relevant Obligor's obligation to make the payment arises from a Credit Related Close‐Out in relation to that Hedging Agreement; and

            

    

  

  

  

  
    
      	

            	(B)	
              no Event of Default is continuing at the time of that payment; or

            

    

  

  

  

  
    
      	

            	(v)	
              if the Majority Lenders give prior written consent to the payment being made.

            

    

  

  

  

  
    
      	

            	(b)	
              No payment may be made to a Hedge Counterparty under paragraph (a) above if any scheduled payment due from that Hedge Counterparty to an Obligor under a Hedging
                Agreement to which they are both party is due and unpaid.

            

    

  

  

  

  
    
      	

            	(c)	
              Failure by an Obligor to make a payment to a Hedge Counterparty which results solely from the operation of paragraph (b) above shall, without prejudice to Clause 29.4
                (Payment obligations continue), not result in a default (however described) in respect of that Obligor under that Hedging Agreement.

            

    

  

  

  

  
    
      	29.4	
              Payment obligations continue

            

    

  

  

  

  No Obligor shall be released from the liability to make any payment (including of default interest, which shall continue to accrue) under
    any Hedging Agreement by the operation of Clauses 29.2 (Restriction on payment of Hedging Liabilities) and 29.3 (Permitted payments of Hedging Liabilities) even if its obligation to make that payment is restricted at any time by the terms of any of those Clauses.

  

  

  
    
      	29.5	
              Amendments and waivers of Hedging Agreements

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to paragraph (b) below, the Hedge Counterparties may not, at any time, amend or waive any term of the Hedging Agreements.

            

    

  

  

  

  
    
      	

            	(b)	
              A Hedge Counterparty may amend or waive any term of a Hedging Agreement in accordance with the terms of that Hedging Agreement if that amendment or waiver does not
                breach another term of this Agreement.

            

    

  

  

  

  
    
      	29.6	
              Security for  Hedge Counterparties

            

    

  

  

  

  The Hedge Counterparties may not take, accept or receive the benefit of any Security, guarantee, indemnity or other assurance against loss
    from any member of the Group in respect of the Hedging Liabilities other than:

  

  

  
    
      	

            	(a)	
              the Transaction Security;

            

    

  

  

  

  
    
      	

            	(b)	
              any guarantee, indemnity or other assurance against loss contained in:

            

    

  

  

  

  
    
      	

            	(i)	
              this Agreement; or

            

    

  

  

  

  
    
      	

            	(ii)	
              the relevant Hedging Agreement no greater in extent than any of those referred to in paragraph (i) above; and

            

    

  

  

  

  
    
      	

            	(c)	
              the indemnities contained in the ISDA Master Agreements (in the case of a Hedging Agreement which is based on an ISDA Master Agreement) or any indemnities which are
                similar in meaning and effect to those indemnities (in the case of a Hedging Agreement which is not based on an ISDA Master Agreement).

            

    

  

  
    
      

      

    

    -149-

    
      

    
      

      

    

  

  

  

  
    
      	29.7	
              Restriction on enforcement by Hedge Counterparties

            

    

  

  

  

  Subject to Clause 29.8 (Permitted
      enforcement by Hedge Counterparties) and Clause  29.9 (Required enforcement by Hedge Counterparties), the Hedge Counterparties shall not
    pre-maturely terminate or close-out any of the hedging transactions or use any right of set-off or payment netting under any of the Hedging Agreements at any time, unless explicitly permitted under this Agreement (including for the avoidance of doubt
    any Close Out Netting).

  

  

  
    
      	29.8	
              Permitted enforcement by Hedge Counterparties

            

    

  

  

  

  
    
      	

            	(a)	
              To the extent it is able to do so under the relevant Hedging Agreement, a Hedge Counterparty may terminate or close‐out in whole or in part any hedging transaction
                under that Hedging Agreement prior to its stated maturity:

            

    

  

  

  

  
    
      	

            	(i)	
              if a notice has been served to the Company by the Agent in accordance with Clause 24.18 (Acceleration);

            

    

  

  

  

  
    
      	

            	(ii)	
              if:

              

            

    

  

  

  

  
    
      	

            	(A)	
              in relation to a Hedging Agreement which is based on the 1992 ISDA Master Agreement:

            

    

  

  

  

  
    
      	

            	(1)	
              an Illegality or Tax Event or Tax Event Upon Merger (each as defined in the 1992 ISDA Master Agreement); or

            

    

  

  

  

  
    
      	

            	(2)	
              an event similar in meaning and effect to a "Force Majeure Event" (as defined in paragraph (B) below),

            

    

  

  

  

  has occurred in respect of that Hedging Agreement;

  

  

  
    
      	

            	(B)	
              in relation to a Hedging Agreement which is based on the 2002 ISDA Master Agreement, an Illegality or Tax Event, Tax Event Upon Merger or a Force Majeure Event (each
                as defined in the 2002 ISDA Master Agreement) has occurred in respect of that Hedging Agreement; or

            

    

  

  

  

  
    
      	

            	(C)	
              in relation to a Hedging Agreement which is not based on an ISDA Master Agreement, any event similar in meaning and effect to an event described in paragraphs (A) or
                (B) above has occurred under and in respect of that Hedging Agreement;

            

    

  

  

  

  
    
      	

            	(iii)	
              if an Event of Default has occurred under either Clause 24.6 (Insolvency)
                or Clause 24.7 (Insolvency proceedings) in relation to an Obligor which is party to that Hedging Agreement;

            

    

  

  
    
      

      

    

    -150-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(iv)	
              if the Majority Lenders give prior written consent to that termination or close‐out being made;

            

    

  

  

  

  
    
      	

            	(v)	
              if the only Secured Obligations are the Hedging Liabilities; or

            

    

  

  

  

  
    
      	

            	(vi)	
              to the extent that termination close-out is necessary, to ensure that the aggregate notional amount hedged by way of interest rate hedge transactions under the
                Hedging Agreements does not exceed the aggregate amount of principal outstanding under this Agreement.

            

    

  

  

  

  
    
      	

            	(b)	
              If an Obligor has defaulted on any payment due under a Hedging Agreement (after allowing any applicable notice or grace periods) and the default has continued
                unwaived for more than 10 Business Days after notice of that default has been given to the Security Agent and the Agent, the relevant Hedge Counterparty:

            

    

  

  

  

  
    
      	

            	(i)	
              may, to the extent it is able to do so under the relevant Hedging Agreement, terminate or close‐out in whole or in part any hedging transaction under that Hedging
                Agreement; and

            

    

  

  

  

  
    
      	

            	(ii)	
              until such time as the Security Agent has given notice to that Hedge Counterparty that the Transaction Security is being enforced (or that any formal steps are being
                taken to enforce the Transaction Security), shall be entitled to exercise any right it might otherwise have to sue for, commence or join legal or arbitration proceedings against any Obligor to recover any Hedging Liabilities due under that
                Hedging Agreement.

            

    

  

  

  

  
    
      	29.9	
              Required enforcement by Hedge Counterparties

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to paragraph (b) below, a Hedge Counterparty shall promptly terminate or close‐out in full any hedging transaction under all or any of the Hedging Agreements
                to which it is party prior to their stated maturity, following:

            

    

  

  

  

  
    
      	

            	(i)	
              if a notice has been served to the Company by the Agent in accordance with Clause 24.18 (Acceleration) and delivery to it of a notice from the Security Agent thereof; and

            

    

  

  

  

  
    
      	

            	(ii)	
              delivery to it of a subsequent notice from the Security Agent (acting on the instructions of the Majority Lenders) instructing it to do so.

            

    

  

  

  

  
    
      	

            	(b)	
              Paragraph (a) above shall not apply to the extent that a notice has been served to the Company by the Agent in accordance with Clause 24.18 (Acceleration) as a result of an arrangement made between any Obligor and the Majority Lenders with the purpose of bringing about such notice.

            

    

  

  

  

  
    
      	

            	(c)	
              If a Hedge Counterparty is entitled to terminate or close‐out any hedging transaction under paragraph (b) of Clause 29.8 (Permitted enforcement Hedge Counterparties) (or would have been able to if that Hedge Counterparty had given the notice referred to in that paragraph) but has not terminated or
                closed out each such hedging transaction, that Hedge Counterparty shall promptly terminate or close‐out in full each such hedging transaction following a request to do so by the Security Agent (acting on the instructions of the Majority
                Lenders).

            

    

  

  
    
      

      

    

    -151-

    
      

    
      

      

    

  

  

  

  
    
      	29.10	
              Treatment of payments due to Obligors on termination of hedging transactions

            

    

  

  

  

  
    
      	

            	(a)	
              If, on termination of any hedging transaction under any Hedging Agreement occurring after a notice has been served to the Company by the Agent in accordance with
                Clause 24.18 (Acceleration) a settlement amount or other amount (following the application of any Close‐Out Netting, Payment Netting or
                Inter‐Hedging Agreement Netting in respect of that Hedging Agreement) falls due from a Hedge Counterparty to the relevant Obligor then that amount shall be paid by that Hedge Counterparty to the Security Agent, treated as the proceeds of
                enforcement of the Transaction Security and applied in accordance with the terms of this Agreement.

            

    

  

  

  

  
    
      	

            	(b)	
              The payment of that amount by the Hedge Counterparty to the Security Agent in accordance with paragraph (a) above shall discharge the Hedge Counterparty's obligation
                to pay that amount to that Obligor.

            

    

  

  

  

  
    
      	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) or Clause 34 (Application of Proceeds) (a "Recovered Amount")
    and applies that amount to a payment due under the Finance Documents then:

  

  

  
    
      	

            	(a)	
              the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery to the 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

            

    

  

  
    
      

      

    

    -152-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(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 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 32.6 (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) (the "Sharing Finance Parties") in accordance with Clause 32.6 (Partial payments) towards the obligations of that Obligor to the Sharing Finance Parties.

  

  

  
    
      	31.3	
              Recovering Finance Party's rights

            

    

  

  

  

  On a distribution by the Agent under Clause 31.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be
    treated as not having been paid by that Obligor.

  

  

  
    
      	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 Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part
                of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the "Redistributed Amount"); and

            

    

  

  

  

  
    
      	

            	(b)	
              as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid
                by that Obligor.

            

    

  

  

  

  
    
      	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 that other Finance Party of the legal or arbitration proceedings; and

            

    

  

  

  

  
    
      	

            	(ii)	
              that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having
                received notice and did not take separate legal or arbitration proceedings.

            

    

  

  
    
      

      

    

    -153-

    
      

    
      

      

    

  

  

  

  
    
      	31.6	
              Ancillary Lenders

            

    

  

  

  

  
    
      	

            	(a)	
              This Clause 31 shall not apply to any receipt or recovery by a Lender in its capacity as an Ancillary Lender at any time prior to service of notice under Clause 24.18
                (Acceleration).

            

    

  

  

  

  
    
      	

            	(b)	
              Following service of notice under Clause 24.18 (Acceleration),
                this Clause 31 shall apply to all receipts or recoveries by Ancillary Lenders except to the extent that the receipt or recovery represents a reduction of the Permitted Gross Outstandings of a Multi-account Overdraft to or towards an amount
                equal to its Designated Net Amount.

            

    

  

  

  

  
    
      

      

    

    -154-

    
      

    
      

      

    

  

  

  

  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, excluding a payment under the terms of an Ancillary Document,
                that Obligor or Lender shall make the same available to the Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the 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 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), Clause 32.4 (Clawback and pre-funding)
    and Clause 27.18 (Deduction from amounts payable by the Agent) 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 specified by
    that Party in the principal financial centre of the country of that currency.

  

  

  
    
      	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 and pre-funding

            

    

  

  

  

  
    
      	

            	(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)	
              Unless paragraph (c) below applies, 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.

            

    

  

  
    
      

      

    

    -155-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              If the Agent has notified the Lenders that it is willing to make available amounts for the account of a Borrower before receiving funds from the Lenders then if and
                to the extent that the Agent does so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower:

            

    

  

  

  

  
    
      	

            	(i)	
              the Agent shall notify the Company of that Lender's identity and the Borrower to whom that sum was made available shall on demand refund it to the Agent; and

            

    

  

  

  

  
    
      	

            	(ii)	
              the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to whom that sum was made available, shall on demand
                pay to the Agent the amount (as certified by the Agent) which will indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

            

    

  

  

  

  
    
      	32.5	
              Impaired Agent

            

    

  

  

  

  
    
      	

            	(a)	
              If, at any time, the Agent becomes an Impaired Agent, an Obligor or a Lender which is required to make a payment under the Finance Documents to the Agent in
                accordance with Clause 32.1 (Payments to the Agent) may instead pay that amount direct to the required recipient(s). In that case such
                payments must be made on the due date for payment under the Finance Documents.

            

    

  

  

  

  
    
      	

            	(b)	
              A Party which has made a payment in accordance with this Clause 32.5 shall be discharged of the relevant payment obligation under the Finance Documents.

            

    

  

  

  

  
    
      	32.6	
              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 amount
                owing to the Agent, the Security Agent and the Arrangers under the Finance Documents;

            

    

  

  

  

  
    
      	

            	(ii)	
              secondly, in or towards payment pro rata of any accrued
                interest, fee or commission due but unpaid under those Finance Documents;

            

    

  

  

  

  
    
      	

            	(iii)	
              thirdly, in or towards payment pro rata of any principal due
                but unpaid under those Finance Documents; 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.

            

    

  

  
    
      

      

    

    -156-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              Paragraphs (a) and (b) above will override any appropriation made by an Obligor.

            

    

  

  

  

  
    
      	32.7	
              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.

  

  

  
    
      	32.8	
              Business Days

            

    

  

  

  

  
    
      	

            	(a)	
              Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month
                (if there is one) or the preceding Business Day (if there is not).

            

    

  

  

  

  
    
      	

            	(b)	
              During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate
                payable on the original due date.

            

    

  

  

  

  
    
      	32.9	
              Currency of account

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to paragraphs (b) to (c) below, Euro is the currency of account and payment for any sum due from an Obligor under any Finance Document.

            

    

  

  

  

  
    
      	

            	(b)	
              Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.

            

    

  

  

  

  
    
      	

            	(c)	
              Any amount expressed to be payable in a currency other than Euro shall be paid in that other currency.

            

    

  

  

  

  
    
      	32.10	
              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 Company); 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 Company) 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.

            

    

  

  
    
      

      

    

    -157-

    
      

    
      

      

    

  

  

  

  
    
      	32.11	
              Disruption to Payment Systems etc.

            

    

  

  

  

  If either the Agent determines (in its discretion) that a Disruption Event has occurred or the Agent is notified by the Company that a
    Disruption Event has occurred:

  

  

  
    
      	

            	(a)	
              the Agent may, and shall if requested to do so by the Company, consult with the Company with a view to agreeing with the Company such changes to the operation or
                administration of the Facilities as the Agent may deem necessary in the circumstances;

            

    

  

  

  

  
    
      	

            	(b)	
              the Agent shall not be obliged to consult with the Company 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 Company 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 39 (Amendments

                  and Waivers);

            

    

  

  

  

  
    
      	

            	(e)	
              the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability 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 32.11; and

            

    

  

  

  

  
    
      	

            	(f)	
              the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

            

    

  

  

  

  
    
      	33.	
              SET-OFF

            

    

  

  

  

  
    
      	

            	(a)	
              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.

            

    

  

  

  

  
    
      	

            	(b)	
              Any credit balances taken into account by an Ancillary Lender when operating a net limit in respect of any overdraft under an Ancillary Facility shall on enforcement
                of the Finance Documents be applied first in reduction of the overdraft provided under that Ancillary Facility in accordance with its terms.

            

    

  

  
    
      

      

    

    -158-

    
      

    
      

      

    

  

  

  

  
    
      	34.	
              APPLICATION OF PROCEEDS

            

    

  

  

  

  
    
      	34.1	
              Order of Application

            

    

  

  

  

  All moneys from time to time received or recovered by the Security Agent in connection with the realisation or enforcement of all or any
    part of the Transaction Security shall be held by the Security Agent to apply them at such times as the Security Agent sees fit, to the extent permitted by applicable law, in the following order of priority:

  

  

  
    
      	

            	(a)	
              in discharging any sums owing to the Security Agent;

            

    

  

  

  

  
    
      	

            	(b)	
              in payment to the Agent, on behalf of the Secured Parties, for application towards the discharge of all sums due and payable by any Obligor under any of the Finance
                Documents in accordance with Clause 32.6 (Partial Payments) and Hedging Agreements;

            

    

  

  

  

  
    
      	

            	(c)	
              if none of the Obligors is under any further actual or contingent liability under any Finance Document (including any Hedging Agreement), in payment to any person to
                whom the Security Agent is obliged to pay in priority to any Obligor; and

            

    

  

  

  

  
    
      	

            	(d)	
              the balance, if any, in payment to the relevant Obligor.

            

    

  

  

  

  
    
      	34.2	
              Investment of Proceeds

            

    

  

  

  

  Prior to the application of the proceeds of the Transaction Security in accordance with Clause 34.1 (Order of Application) the Security Agent may, at its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the
    Security Agent or Agent with any financial institution (including itself) and for so long as the Security Agent thinks fit (the interest being credited to the relevant account) pending the application from time to time of those monies at the Security
    Agent's discretion in accordance with the provisions of this Clause 34.

  

  

  
    
      	34.3	
              Currency Conversion

            

    

  

  

  

  
    
      	

            	(a)	
              For the purpose of or pending the discharge of any of the Secured Obligations the Security Agent may convert any moneys received or recovered by the Security Agent
                from one currency to another, at the spot rate at which the Security Agent is able to purchase the currency in which the Secured Obligations are due with the amount received.

            

    

  

  

  

  
    
      	

            	(b)	
              The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs
                of conversion.

            

    

  

  

  

  
    
      	34.4	
              Permitted Deductions

            

    

  

  

  

  The Security Agent shall be entitled (a) to set aside by way of reserve amounts required to meet and (b) to make and pay, any deductions
    and withholdings (on account of Tax or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under this Agreement, and to pay all Tax which may be assessed against it in respect of any of
    the Charged Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (except in connection with its remuneration for performing its duties under this
    Agreement).

  
    
      

      

    

    -159-

    
      

    
      

      

    

  

  

  

  
    
      	34.5	
              Discharge of Secured Obligations

            

    

  

  

  

  
    
      	

            	(a)	
              Any payment to be made in respect of the Secured Obligations by the Security Agent may be made to the Agent on behalf of the Lenders and that payment shall be a good
                discharge to the extent of that payment, to the Security Agent.

            

    

  

  

  

  
    
      	

            	(b)	
              The Security Agent is under no obligation to make payment to the Agent in the same currency as that in which any Unpaid Sum is denominated.

            

    

  

  

  

  
    
      	34.6	
              Sums received by Obligors

            

    

  

  

  

  If any of the Obligors receives any sum which, pursuant to any of the Finance Documents, should have been paid to the Security Agent, that
    sum shall promptly be paid to the Security Agent for application in accordance with this Clause.

  

  

  
    
      	35.	
              NOTICES

            

    

  

  

  

  
    
      	35.1	
              Communications in writing

            

    

  

  

  

  Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may
    be made by fax or letter.

  

  

  
    
      	35.2	
              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, that identified with its name below;

            

    

  

  

  

  
    
      	

            	(b)	
              in the case of each Lender, each Ancillary 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 and Security Agent, that identified with its name below,

            

    

  

  

  

  or any substitute address or 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.

  

  

  
    
      	35.3	
              Delivery

            

    

  

  

  

  
    
      	

            	(a)	
              Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:

            

    

  

  

  

  
    
      	

            	(i)	
              if by way of fax, when received in legible form; or

            

    

  

  
    
      

      

    

    -160-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(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,

            

    

  

  

  

  and, if a particular department or officer is specified as part of its address details provided under Clause 35.2 (Addresses), if addressed to that department or officer.

  

  

  
    
      	

            	(b)	
              Any communication or document to be made or delivered to the Agent or to the Security Agent will be effective only when actually received by the Agent or the Security
                Agent and then only if it is expressly marked for the attention of the department or officer identified with the Agent's or the Security 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 Company in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.

            

    

  

  

  

  
    
      	

            	(e)	
              All notices to a Lender from the Security Agent shall be sent through the Agent.

            

    

  

  

  

  
    
      	35.4	
              Notification of address and fax number

            

    

  

  

  

  Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 35.2 (Addresses) or changing its own address or fax number, the Agent shall notify the other Parties.

  

  

  
    
      	35.5	
              Communication when Agent is Impaired Agent

            

    

  

  

  

  If the Agent is an Impaired Agent the Parties may, instead of communicating with each other through the Agent, communicate with each other
    directly and (while the Agent is an Impaired Agent) all the provisions of the Finance Documents which require communications to be made or notices to be given to or by the Agent shall be varied so that communications may be made and notices given to or
    by the relevant Parties directly.  This provision shall not operate after a replacement Agent has been appointed.

  

  

  
    
      	35.6	
              Electronic communication

            

    

  

  

  

  
    
      	

            	(a)	
              Any communication or document to be made or delivered by one Party to another under or in connection with the Finance Documents may be made or delivered by electronic
                mail or other electronic means (including, without limitation, by way of posting to a secure website) to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of
                communication and if those two Parties:

            

    

  

  

  

  
    
      	

            	(i)	
              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

            

    

  

  
    
      

      

    

    -161-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(ii)	
              notify each other of any change to their address or any other such information supplied by them by not less than five Business Days' notice.

            

    

  

  

  

  
    
      	

            	(b)	
              Any electronic communication or document as specified in paragraph (a) above made or delivered by one Party to another will be effective only when actually received
                in readable form and in the case of any electronic communication or document made or delivered by a Party to the Agent or the Security Agent only if it is addressed in such a manner as the Agent or Security Agent shall specify for this
                purpose.

            

    

  

  

  

  
    
      	

            	(c)	
              Any electronic communication or document which becomes effective, in accordance with paragraph (b) above, after 5.00 p.m. in the place of receipt shall be deemed only
                to become effective on the following day.

            

    

  

  

  

  
    
      	35.7	
              English language

            

    

  

  

  

  
    
      	

            	(a)	
              Any notice given under or in connection with any Finance Document must be in English.

            

    

  

  

  

  
    
      	

            	(b)	
              All other documents provided under or in connection with any Finance Document must be:

            

    

  

  

  

  
    
      	

            	(i)	
              in English; or

            

    

  

  

  

  
    
      	

            	(ii)	
              if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the
                document is a constitutional, statutory or other official document.

            

    

  

  

  

  
    
      	36.	
              CALCULATIONS AND CERTIFICATES

            

    

  

  

  

  
    
      	36.1	
              Accounts

            

    

  

  

  

  In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts
    maintained by a Finance Party are prima facie evidence of the matters to which they relate.

  

  

  
    
      	36.2	
              Certificates and determinations

            

    

  

  

  

  Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error,
    conclusive evidence of the matters to which it relates.

  

  

  
    
      	36.3	
              Day count convention

            

    

  

  

  

  Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual
    number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.

  
    
      

      

    

    -162-

    
      

    
      

      

    

  

  

  

  
    
      	37.	
              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.

  

  

  
    
      	38.	
              REMEDIES AND WAIVERS

            

    

  

  

  

  No failure to exercise, nor any delay in exercising, on the part of any Finance Party or Secured Party, any right or remedy under a
    Finance Document shall operate as a waiver of any such right or remedy or constitute an election to affirm any Finance Document.  No election to affirm any Finance Document on the part of any Finance Party or Secured Party shall be effective unless it
    is in writing.  No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy.  The rights and remedies provided in each Finance Document are cumulative and not exclusive
    of any rights or remedies provided by law.

  

  

  
    
      	39.	
              AMENDMENTS AND WAIVERS

            

    

  

  

  

  
    
      	39.1	
              Required consents

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to Clause 39.2 (Exceptions) and Clause 28.17 (Releases) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and the Company and any
                such amendment or waiver will be binding on all Parties.

            

    

  

  

  

  
    
      	

            	(b)	
              The Agent, or in respect of the Security Documents the Security Agent, may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause.

            

    

  

  

  

  
    
      	

            	(c)	
              Without prejudice to the generality of paragraphs (c), (d) and (e) of Clause 27.7  (Rights and discretions), the Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement.

            

    

  

  

  

  
    
      	

            	(d)	
              Each Obligor (other than the Company) agrees to any such amendment or waiver permitted by this Clause 39 which is agreed to by the Company.  This includes any
                amendment or waiver which would, but for this paragraph (d), require the consent of all of the Guarantors.

            

    

  

  

  

  
    
      	39.2	
              Exceptions

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to Clause 39.3 (Replacement of Screen Rate), 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;

            

    

  

  
    
      

      

    

    -163-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(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 any Commitment, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments rateably under
                the relevant Facility;

            

    

  

  

  

  
    
      	

            	(v)	
              a change to the Borrowers or Guarantors other than in accordance with Clause 26 (Changes to the Obligors);

            

    

  

  

  

  
    
      	

            	(vi)	
              any provision which expressly requires the consent of all the Lenders;

            

    

  

  

  

  
    
      	

            	(vii)	
              Clause 2.2 (Finance Parties' rights and obligations), Clause
                8.2 (Extension Option), Clause 20.18 (Sanctions),

                Clause 23.31 (Sanctions), Clause 25 (Changes

                  to the Lenders), this Clause 39, Clause 43 (Governing law) or Clause 44 (Enforcement);

            

    

  

  

  

  
    
      	

            	(viii)	
              the nature or scope of the guarantee and indemnity granted under Clause 19 (Guarantee and indemnity);

            

    

  

  

  

  
    
      	

            	(ix)	
              the nature or scope of the Charged Property or the manner in which the proceeds of enforcement of the Transaction Security are distributed;

            

    

  

  

  

  
    
      	

            	(x)	
              an amendment or waiver which relates to the release of any guarantee and indemnity granted under Clause 19 (Guarantee and indemnity) or of any Transaction Security unless permitted under this Agreement or any other Finance Document or relating to a sale or disposal of an asset which is the
                subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document; or

            

    

  

  

  

  
    
      	

            	(xi)	
              any amendment to the subordination under a Subordinated Shareholder Loan Agreement,

            

    

  

  

  

  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, the Security Agent, a Reference Bank, the Arrangers or any Ancillary Lender (each in
                their capacity as such) may not be effected without the consent of the Agent, the Security Agent, that Reference Bank, the Arrangers or that Ancillary Lender, as the case may be.

            

    

  

  

  

  
    
      	

            	(c)	
              If any Lender fails to respond to a request for a consent, waiver or amendment of or in relation to any of the terms of any Finance Document or other vote of Lenders
                under the terms of this Agreement within 15 Business Days (unless the Company and the Agent agree to a longer time period in relation to any request) of that request being made, its Commitment and/or participation shall not be included for
                the purpose of calculating the Commitments or participations under the Facilities when ascertaining whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Commitments and/or participations has been obtained to
                approve that request.

            

    

  

  
    
      

      

    

    -164-

    
      

    
      

      

    

  

  

  

  
    
      	39.3	
              Replacement of Screen Rate

            

    

  

  

  

  
    
      	

            	(a)	
              Subject to paragraph (a) of Clause 39.2 (Other
                  exceptions), if a Screen Rate Replacement Event has occurred in relation to any Screen Rate for a currency which can be selected for a Loan, any amendment
                  or waiver which relates to:

            

    

  

  

  

  
    
      	

            	(i)	
              providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen Rate;

            

    

  

  

  

  
    
      	

            	(ii)	
               

            

    

  

  

  

  
    
      	

            	(A)	
              aligning any provision of any Finance Document to the use of that Replacement Benchmark;

            

    

  

  

  

  
    
      	

            	(B)	
              enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required
                to enable that Replacement Benchmark to be used for the purposes of this Agreement);

            

    

  

  

  

  
    
      	

            	(C)	
              implementing market conventions applicable to that Replacement Benchmark;

            

    

  

  

  

  
    
      	

            	(D)	
              providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or

            

    

  

  

  

  
    
      	

            	(E)	
              adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the
                application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the
                basis of that designation, nomination or recommendation),

            

    

  

  
    

    

    may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Company.

  

  

  

  
    
      	

            	(b)	
              In this Clause 38.3:

            

    

  

  
    

    

    "Relevant Nominating Body" means
      any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

    

    

    "Replacement Benchmark" means a
      benchmark rate which is:

  

  

  

  
    
      	

            	(i)	
              formally designated, nominated or recommended as the replacement for a Screen Rate by:

            

    

  

  
    
      

      

    

    -165-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(A)	
              the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by that Screen
                Rate); or

            

    

  

  

  

  
    
      	

            	(B)	
              any Relevant Nominating Body,

            

    

  

  
    

    

    and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the
      "Replacement Benchmark" will be the replacement under paragraph (B) above;

  

  

  

  
    
      	

            	(ii)	
              in the opinion of the Majority Lenders and the Company, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate
                successor to a Screen Rate; or

            

    

  

  

  

  
    
      	

            	(iii)	
              in the opinion of the Majority Lenders and the Company, an appropriate successor to a Screen Rate.

            

    

  

  
    

    

    "Screen Rate
        Replacement Event" means, in relation to a Screen Rate:

  

  

  

  
    
      	

            	(i)	
              the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority Lenders and the Company, materially changed;

            

    

  

  

  

  (ii)

  

  

  (A)

  

  

  
    
      	

            	(1)	
              the administrator of that Screen Rate or its supervisor publicly announces that such administrator is insolvent;

            

    

  

  

  

  
    
      	

            	(2)	
              information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or
                similar administrative, regulatory or judicial body which reasonably confirms that the administrator of that Screen Rate is insolvent,

            

    

  

  
    

    

    provided that, in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;

  

  

  

  
    
      	

            	(B)	
              the administrator of that Screen Rate publicly announces that it has ceased or will cease to provide that Screen Rate  permanently or indefinitely and, at that time,
                there is no successor administrator to continue to provide that Screen Rate;

            

    

  

  

  

  
    
      	

            	(C)	
              the supervisor of the administrator of that Screen Rate publicly announces that such Screen Rate has been or will be permanently or indefinitely discontinued; or

            

    

  

  

  

  
    
      	

            	(D)	
              the administrator of that Screen Rate or its supervisor announces that that Screen Rate may no longer be used; or

            

    

  

  
    
      

      

    

    -166-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(iii)	
              the administrator of that Screen Rate determines that that Screen Rate should be calculated in accordance with its reduced submissions or other contingency or
                fallback policies or arrangements and either:

            

    

  

  

  

  
    
      	

            	(A)	
              the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders and the Company) temporary; or

            

    

  

  

  

  
    
      	

            	(B)	
              that Screen Rate is calculated in accordance with any such policy or arrangement for a period no less than one month; or

            

    

  

  

  

  
    
      	

            	(iv)	
              in the opinion of the Majority Lenders and the Company, that  Screen Rate is otherwise no longer appropriate for the purposes of calculating interest under this
                Agreement.

            

    

  

  

  

  
    
      	39.4	
              Excluded Commitments

            

    

  

  

  

  If any Lender notifies the Agent that as a result of the operation of Clauses 20.19 (Sanctions) and Clause 23.31 (Sanctions) it has no voting rights in relation to a specific vote
    of Lenders under the terms of this Agreement:

  

  

  
    
      	

            	(a)	
              its Commitment(s) shall not be included for the purpose of calculating the Total Commitments under the relevant Facility/ies when ascertaining whether any relevant
                percentage (including, for the avoidance of doubt, unanimity) of Total Commitments has been obtained; and

            

    

  

  

  

  
    
      	

            	(b)	
              its status as Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained.

            

    

  

  

  

  
    
      	39.5	
              Disenfranchisement Group members

            

    

  

  

  

  For so long as a member of the Group (including any (in)direct shareholders of the Company and its Affiliates) (i) beneficially owns a
    Commitment or (ii) has entered into a sub-participation agreement relating to a Commitment or other agreement or arrangement having a substantially similar economic effect and such agreement has or arrangement has not been terminated:

  

  

  
    
      	

            	(a)	
              in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of doubt, unanimity) of the aggregate Commitments has been obtained
                to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, such Commitment shall be deemed to be zero; and

            

    

  

  

  

  
    
      	

            	(b)	
              for the purposes of Clause 39.2 (Exceptions), such Group
                member or the person with whom it has entered into such sub-participation, other agreement or arrangement shall be deemed not to be a Lender.

            

    

  

  

  

  
    
      	39.6	
              Disenfranchisement of Defaulting Lenders

            

    

  

  

  

  
    
      	

            	(a)	
              For so long as a Defaulting Lender has any Available Commitment, in ascertaining the Majority Lenders or whether any given percentage (including, for the avoidance of
                doubt, unanimity) of the aggregate Commitments has been obtained to approve any request for a consent, waiver, amendment or other vote under the Finance Documents, that Defaulting Lender's Commitments will be reduced by the amount of its
                Available Commitments.

            

    

  

  
    
      

      

    

    -167-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(b)	
              For the purposes of this Clause 39.6  the Agent may assume that the following Lenders are Defaulting Lenders:

            

    

  

  

  

  
    
      	

            	(i)	
              any Lender which has notified the Agent that it has become a Defaulting Lender;

            

    

  

  

  

  
    
      	

            	(ii)	
              any Lender in relation to which it is aware that any of the events or circumstances referred to in paragraphs (a), (b) or (c) of the definition of "Defaulting Lender"
                has occurred,

            

    

  

  

  

  unless it has received notice to the contrary from the Lender concerned (together with any supporting evidence reasonably requested by the
    Agent) or the Agent is otherwise aware that the Lender has ceased to be a Defaulting Lender.

  

  

  
    
      	39.7	
              Replacement of Lender

            

    

  

  

  

  
    
      	

            	(a)	
              If at any time:

            

    

  

  

  

  
    
      	

            	(i)	
              any Lender becomes a Non-Consenting Lender (as defined in paragraph (c) below); or

            

    

  

  

  

  
    
      	

            	(ii)	
              an Obligor becomes obliged to repay any amount in accordance with Clause 9.1 (Illegality) or to pay additional amounts pursuant to Clause 15.1 (Increased Costs), Clause 14.2 (Tax gross-up) or Clause 14.3 (Tax indemnity)
                to any Lender in excess of amounts payable to the other Lenders generally,

            

    

  

  

  

  then the Company may, on 5 Business Days' prior written notice to the Agent and such Lender, replace such Lender by requiring such Lender
    to (and such Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of its rights and obligations under this
    Agreement to a Lender or other bank, financial institution, trust, fund or other entity (a "Replacement Lender") selected by the Company, and which
    is acceptable to the Agent (unless the Agent is an Impaired Agent, in which case the Lenders) (acting reasonably) and which confirms its willingness to assume and does assume all the obligations of the transferring Lender (including the assumption of
    the transferring Lender's participations on the same basis as the transferring Lender) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender's participation in the outstanding Utilisations
    and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents.

  

  

  
    
      	

            	(b)	
              The replacement of a Lender pursuant to this Clause shall be subject to the following conditions:

            

    

  

  

  

  
    
      	

            	(i)	
              the Company shall have no right to replace the Agent or Security Agent;

            

    

  

  
    
      

      

    

    -168-

    
      

    
      

      

    

  

  

  

  
    
      	

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

            

    

  

  

  

  
    
      	

            	(iii)	
              in the event of a replacement of a Non-Consenting Lender such replacement must take place no later than 40 Business Days after the date the Non-Consenting Lender
                notifies the Company and the Agent of its failure or refusal to give a consent in relation to, or agree to any waiver or amendment to the Finance Documents requested by the Company; and

            

    

  

  

  

  
    
      	

            	(iv)	
              in no event shall the Lender replaced under this paragraph (b) be required to pay or surrender to such Replacement Lender any of the fees received by such Lender
                pursuant to the Finance Documents.

            

    

  

  

  

  
    
      	

            	(c)	
              In the event that:

            

    

  

  

  

  
    
      	

            	(i)	
              the Company or the Agent (at the request of the Company) has requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any
                provisions of the Finance Documents; and

            

    

  

  

  

  
    
      	

            	(ii)	
              Lenders whose Commitments aggregate at least 60 per cent. of the aggregate Commitments (or, if the aggregate Commitments have been reduced to zero, aggregated at
                least 60 per cent. of the aggregate Commitments prior to that reduction) have consented or agreed to such waiver or amendment,

            

    

  

  

  

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

  

  

  
    
      	39.8	
              Replacement of a Defaulting Lender

            

    

  

  

  

  
    
      	

            	(a)	
              The Company may, at any time a Lender has become and continues to be a Defaulting Lender, by giving 5 Business Days' prior written notice to the Agent and such
                Lender:

            

    

  

  

  

  
    
      	

            	(i)	
              replace such Lender by requiring such Lender to (and such Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of its rights and obligations under this Agreement;

            

    

  

  

  

  
    
      	

            	(ii)	
              require such Lender to (and such Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of the undrawn Commitment of the Lender; or

            

    

  

  

  

  
    
      	

            	(iii)	
              require such Lender to (and such Lender shall) transfer pursuant to Clause 25 (Changes to the Lenders) all (and not part only) of its rights and obligations in respect of the Facilities,

            

    

  

  

  

  to a Lender or other bank, financial institution, trust, fund or other entity (a "Replacement Lender") selected by the Company, and which (unless the Agent is an Impaired Agent) is acceptable to the Agent (acting reasonably), which confirms its willingness to assume and does assume
    all the obligations or all the relevant obligations of the transferring Lender (including the assumption

  
    
      

      

    

    -169-

    
      

    
      

      

    

  

  

  

  of the transferring Lender's participations or unfunded participations (as the case may be) on the same basis as the transferring Lender)
    for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of such Lender's participation in the outstanding Utilisations and all accrued interest, Break Costs and other amounts payable in relation thereto
    under the Finance Documents.

  

  

  
    
      	

            	(b)	
              Any transfer of rights and obligations of a Defaulting Lender pursuant to this Clause 39.7 shall be subject to the following conditions:

            

    

  

  

  

  
    
      	

            	(i)	
              the Company shall have no right to replace the Agent or Security Agent;

            

    

  

  

  

  
    
      	

            	(ii)	
              neither the Agent nor the Defaulting Lender shall have any obligation to the Company to find a Replacement Lender;

            

    

  

  

  

  
    
      	

            	(iii)	
              the transfer must take place no later than 5 Business Days after the notice referred to in paragraph (a) above; and

            

    

  

  

  

  
    
      	

            	(iv)	
              in no event shall the Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Defaulting Lender pursuant to the
                Finance Documents.

            

    

  

  

  

  
    
      	40.	
              CONFIDENTIALITY

            

    

  

  

  

  
    
      	40.1	
              Confidential Information

            

    

  

  

  

  Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted
    by Clause 40.2 (Disclosure of Confidential Information), and to ensure that all Confidential Information is protected with security measures and a
    degree of care that would apply to its own confidential information.

  

  

  
    
      	40.2	
              Disclosure of Confidential Information

            

    

  

  

  

  Any Finance Party may disclose:

  

  

  
    
      	

            	(a)	
              to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives such
                Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or
                all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information
                or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;

            

    

  

  

  

  
    
      	

            	(b)	
              to any person:

            

    

  

  

  

  
    
      	

            	(i)	
              to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents
                and to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

            

    

  

  
    
      

      

    

    -170-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(ii)	
              with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction
                under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

            

    

  

  

  

  
    
      	

            	(iii)	
              appointed by any Finance Party or by a person to whom sub paragraph (b)(i) or (ii) above applies to receive communications, notices, information or documents
                delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph (c) of Clause 27.15 (Relationship with the Lenders));

            

    

  

  

  

  
    
      	

            	(iv)	
              who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph b(i) or
                (b)(ii) above;

            

    

  

  

  

  
    
      	

            	(v)	
              to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory
                authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;

            

    

  

  

  

  
    
      	

            	(vi)	
              to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 25.9 (Security over Lenders' rights);

            

    

  

  

  

  
    
      	

            	(vii)	
              to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations,
                proceedings or disputes;

            

    

  

  

  

  
    
      	

            	(viii)	
              who is a Party; or

            

    

  

  

  

  
    
      	

            	(ix)	
              with the consent of the Company;

            

    

  

  

  

  in each case, such Confidential Information as that Finance Party shall consider appropriate if:

  

  

  
    
      	

            	(A)	
              in relation to paragraphs (b)(i), (b)(ii) and b(iii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality
                Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

            

    

  

  

  

  
    
      	

            	(B)	
              in relation to paragraph (b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise
                bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

            

    

  

  
    
      

      

    

    -171-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(C)	
              in relation to paragraphs (b)(v), (b)(vi) and (b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature
                and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;

            

    

  

  

  

  
    
      	

            	(c)	
              to any person appointed by that Finance Party or by a person to whom paragraph (b)(i) or (b)(ii) above applies to provide administration or settlement services in
                respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such
                service provider to provide any of the services referred to in this paragraph (c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA
                Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Company and the relevant Finance Party; and

            

    

  

  

  

  
    
      	

            	(d)	
              to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out
                its normal rating activities in relation to the Finance Documents and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential
                Information may be price-sensitive information.

            

    

  

  

  

  
    
      	40.3	
              Entire agreement

            

    

  

  

  

  This Clause 40 constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the
    Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.

  

  

  
    
      	40.4	
              Inside information

            

    

  

  

  

  Each of the Finance Parties acknowledges 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 including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any
    unlawful purpose.

  
    
      

      

    

    -172-

    
      

    
      

      

    

  

  

  

  
    
      	40.5	
              Notification of disclosure

            

    

  

  

  

  Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Company:

  

  

  
    
      	

            	(a)	
              of the circumstances of any disclosure of Confidential Information made pursuant to paragraph (b)(v) of Clause 40.2 (Disclosure of Confidential Information) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or
                regulatory function; and

            

    

  

  

  

  
    
      	

            	(b)	
              upon becoming aware that Confidential Information has been disclosed in breach of this Clause 40.

            

    

  

  

  

  
    
      	40.6	
              Continuing obligations

            

    

  

  

  

  The obligations in this Clause 40 (Confidentiality)
    are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of twelve months from the earlier of:

  

  

  
    
      	

            	(a)	
              the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or
                otherwise cease to be available; and

            

    

  

  

  

  
    
      	

            	(b)	
              the date on which such Finance Party otherwise ceases to be a Finance Party.

            

    

  

  

  

  
    
      	41.	
              CONFIDENTIALITY OF FUNDING RATES AND REFERENCE BANK QUOTATIONS

            

    

  

  

  

  
    
      	41.1	
              Confidentiality and disclosure

            

    

  

  

  

  
    
      	

            	(a)	
              The Agent and each Obligor agree to keep each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) confidential and not to disclose it to
                anyone, save to the extent permitted by paragraphs (b), (c) and (d) below.

            

    

  

  

  

  
    
      	

            	(b)	
              The Agent may disclose:

            

    

  

  

  

  
    
      	

            	(i)	
              any Funding Rate (but not, for the avoidance of doubt, any Reference Bank Quotation) to the relevant Borrower pursuant to Clause 10.4 (Notification of rates of interest); and

            

    

  

  

  

  
    
      	

            	(ii)	
              any Funding Rate or any Reference Bank Quotation to any person appointed by it to provide administration services in respect of one or more of the Finance Documents
                to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master
                Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Agent and the relevant Lender or Reference Bank, as the case may be.

            

    

  

  
    
      

      

    

    -173-

    
      

    
      

      

    

  

  

  

  
    
      	

            	(c)	
              The Agent may disclose any Funding Rate or any Reference Bank Quotation, and each Obligor may disclose any Funding Rate, to:

            

    

  

  

  

  
    
      	

            	(i)	
              any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that
                Funding Rate or Reference Bank Quotation is to be given pursuant to this paragraph (i) is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so
                inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or Reference Bank Quotation or is otherwise bound by requirements of confidentiality in relation to it;

            

    

  

  

  

  
    
      	

            	(ii)	
              any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other
                regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its
                confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the
                circumstances;

            

    

  

  

  

  
    
      	

            	(iii)	
              any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other
                investigations, proceedings or disputes if the person to whom that Funding Rate or Reference Bank Quotation is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there
                shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and

            

    

  

  

  

  
    
      	

            	(iv)	
              any person with the consent of the relevant Lender or Reference Bank, as the case may be.

            

    

  

  

  

  
    
      	

            	(d)	
              The Agent's obligations in this Clause 41 relating to Reference Bank Quotations are without prejudice to its obligations to make notifications under Clause 10.4 (Notification of rates of interest) provided
                  that (other than pursuant to paragraph (b)(i) above) the Agent shall not include the details of any individual Reference Bank Quotation as part of any such notification.

            

    

  

  

  

  
    
      	

            	(e)	
              Notwithstanding this Clause 41, Alliance Data Systems Inc. and each Obligor are entitled to disclose the Funding Rates if and to the extent required to comply with
                any applicable laws, treaties, regulations, financial reporting requirements, or directions from any governmental authority in any jurisdiction, in effect on the date of this Agreement and as they may change from time to time.

            

    

  

  
    
      

      

    

    -174-

    
      

    
      

      

    

  

  

  

  
    
      	41.2	
              Related obligations

            

    

  

  

  

  
    
      	

            	(a)	
              The Agent and each Obligor acknowledge that each Funding Rate (and, in the case of the Agent, each Reference Bank Quotation) is or may be price-sensitive information
                and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Agent and each Obligor undertake not to use any Funding Rate or, in the case of the
                Agent, any Reference Bank Quotation for any unlawful purpose.

            

    

  

  

  

  
    
      	

            	(b)	
              The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender or Reference Bank, as the case may be:

            

    

  

  

  

  
    
      	

            	(i)	
              of the circumstances of any disclosure made pursuant to paragraph (c)(ii) of Clause 41.1 (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and

            

    

  

  

  

  
    
      	

            	(ii)	
              upon becoming aware that any information has been disclosed in breach of this Clause 41.

            

    

  

  

  

  
    
      	42.	
              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.

  

  

  
    
      

      

    

    -175-

    
      

    
      

      

    

  

  

  

  SECTION 12

  

  

  GOVERNING LAW AND ENFORCEMENT

  

  

  
    
      	43.	
              GOVERNING LAW

            

    

  

  

  

  This Agreement and any non-contractual obligations arising out of or in connection with it are governed by Dutch law.

  

  

  
    
      	44.	
              ENFORCEMENT

            

    

  

  

  

  
    
      	44.1	
              Jurisdiction

            

    

  

  

  

  
    
      	

            	(a)	
              The Courts (Rechtbank) of Amsterdam, The Netherlands, subject
                to ordinary appeal (hoger beroep) and final appeal (cassatie) shall have exclusive jurisdiction to hear and determine any suit, action or proceeding and to settle any disputes (respectively "Proceedings" and "Disputes") arising out of or in connection with this Agreement (including a dispute
                regarding the existence, validity or termination of this Agreement or the consequences of its nullity) and, for such purposes, each of the parties hereto irrevocably submits to the exclusive jurisdiction of such courts.

            

    

  

  

  

  
    
      	

            	(b)	
              This Clause 44.1 (Jurisdiction) is for the benefit of the
                Finance Parties only.  As a result, and notwithstanding paragraph (a) of Clause 44.1, any Finance Party may take 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.

            

    

  

  

  

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

  

  

  
    
      

      

    

    -176-

    
      

    
      

      

    

  

  

  

  SIGNATURES

  

  

  THE COMPANY

  

  

  BRAND LOYALTY GROUP B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  THE ORIGINAL BORROWERS

  

  

  BRAND LOYALTY GROUP B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  BRAND LOYALTY HOLDING B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  BRAND LOYALTY INTERNATIONAL B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  
    
      

      

    

    -177-

    
      

    
      

      

    

  

  

  

  THE ORIGINAL GUARANTORS

  

  

  BRAND LOYALTY GROUP B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  BRAND LOYALTY HOLDING B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  BRAND LOYALTY INTERNATIONAL B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  BRAND LOYALTY AMERICAS B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  
    
      

      

    

    -178-

    
      

    
      

      

    

  

  

  

  BRAND LOYALTY DEVELOPMENT B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  BRAND LOYALTY SOURCING B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  BRAND LOYALTY SPECIAL PROMOTIONS B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  BRAND LOYALTY B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  
    
      

      

    

    -179-

    
      

    
      

      

    

  

  

  

  ICEMOBILE AGENCY B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  WORLD LICENSES B.V.

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  

  

  

  

  BRAND LOYALTY GERMANY GMBH

  

  

  By:  /s/ Claudia Mennen-Vermeule

  Name: Claudia Mennen-Vermeule

              Authorized signatory

  

  

  
    
      

      

    

    -180-

    
      

    
      

      

    

  

  

  

  	
           

          THE AGENT

           

          COÖPERATIEVE RABOBANK U.A.

           

          By:  /s/ J.A. van der Horst

          Name:  J.A. van der Horst

                      Senior Officer Syndicated Loans Agency

                       Rabobank

                       Proxy AB

           

           

           

          THE SECURITY AGENT

           

          COÖPERATIEVE RABOBANK U.A.

           

          By:  /s/ J.A. van der Horst

          Name:  J.A. van der Horst

                      Senior Officer Syndicated Loans Agency

                       Rabobank

                       Proxy AB

        	 	
           

           

           

           

           

          By:  /s/ R. van Esseveld

          Name:  R. van Esseveld

                       Senior Officer Syndicated Loans Agency

                        Rabobank

                        Proxy AB

           

           

            

          

           

           

           

           

          

          By:  /s/ R. van Esseveld

          Name:  R. van Esseveld

                       Senior Officer Syndicated Loans Agency

                        Rabobank

                        Proxy AB

        

  

  

  
    
      

      

    

    -181-

    
      

    
      

      

    

  

  

  

  

  

  	
           

          THE ORIGINAL LENDERS

           

          DEUTSCHE BANK AG, AMSTERDAM BRANCH

           

          By:  /s/ M.M. Lovwerens

          Name:  M.M. Lovwerens

           

           

           

          COÖPERATIEVE RABOBANK U.A.

           

           

          

          By:  /s/ [Illegible]

        	
           

           

           

          DEUTSCHE BANK AG, AMSTERDAM BRANCH

           

          By:  /s/ [Illegible]

           

           

           

           

          

          COÖPERATIEVE RABOBANK U.A.

           

           

          By:  /s/ W.F. Zetteler

          Name:  W.F. Zetteler

                       Managing Director

                        Proxy AB

        

  

  

  
    
      

      

    

    -182-

    
      

    
      

      

    

  

  

  

  

  

  

  

  	
           

          THE ARRANGERS

           

          DEUTSCHE BANK AG, AMSTERDAM BRANCH

           

          By:  /s/ M.M. Lovwerens

          Name:  M.M. Lovwerens

           

           

          COÖPERATIEVE RABOBANK U.A.

           

          By:  /s/ [Illegible]

        	
           

          THE ARRANGERS

           

          DEUTSCHE BANK AG, AMSTERDAM BRANCH

           

          By:  /s/ [Illegible]

           

           

           

          COÖPERATIEVE RABOBANK U.A.

           

          By:  /s/ W.F. Zetteler

          Name:  W.F. Zetteler

                       Managing Director

                        Proxy AB Name:

        

  

  

  
    

    

  

  -183-EX-4.1

 Exhibit 4.1 
  

 
  

WAYFAIR INC., as Issuer, 
 WAYFAIR
LLC, as Guarantor, 
 AND 
 U.S.
BANK NATIONAL ASSOCIATION, 
 as Trustee 

INDENTURE 
 Dated as of April
[    ], 2020 
 2.50% Accreting Convertible Senior Notes due 2025 

 
  

 

 TABLE OF CONTENTS 

 

					
	 	 	 	  	 PAGE

	ARTICLE 1 DEFINITIONS
			
	Section 1.01.	 	Definitions	  	1
	Section 1.02.	 	References to Interest	  	11
	
	ARTICLE 2 ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF
NOTES
			
	Section 2.01.	 	Designation and Amount	  	12
	Section 2.02.	 	Form of Notes	  	12
	Section 2.03.	 	Date and Denomination of Notes; Payments of Interest and Defaulted Amounts	  	12
	Section 2.04.	 	Execution, Authentication and Delivery of Notes	  	14
	Section 2.05.	 	Exchange and Registration of Transfer of Notes; Restrictions on Transfer; Depositary	  	15
	Section 2.06.	 	Mutilated, Destroyed, Lost or Stolen Notes	  	20
	Section 2.07.	 	Temporary Notes	  	21
	Section 2.08.	 	Cancellation of Notes Paid, Converted, Etc.	  	21
	Section 2.09.	 	CUSIP Numbers	  	22
	Section 2.10.	 	Repurchases	  	22
	
	ARTICLE 3 SATISFACTION AND DISCHARGE
			
	Section 3.01.	 	Satisfaction and Discharge	  	22
	
	ARTICLE 4 PARTICULAR COVENANTS OF THE COMPANY
			
	Section 4.01.	 	Payment of Accreted Principal Amount	  	22
	Section 4.02.	 	Maintenance of Office or Agency	  	23
	Section 4.03.	 	Appointments to Fill Vacancies in Trustee’s Office	  	23
	Section 4.04.	 	Provisions as to Paying Agent	  	23
	Section 4.05.	 	Existence	  	25
	Section 4.06.	 	Rule 144A Information Requirement and Annual Reports	  	25
	Section 4.07.	 	Stay, Extension and Usury Laws	  	25
	Section 4.08.	 	Compliance Certificate; Statements as to Defaults	  	26
	Section 4.09.	 	Additional Amounts	  	26
	
	ARTICLE 5 LISTS OF HOLDERS AND REPORTS BY THE COMPANY
AND THE TRUSTEE
			
	Section 5.01.	 	Lists of Holders	  	28
	Section 5.02.	 	Preservation and Disclosure of Lists	  	29

  
 i 

					
	ARTICLE 6 DEFAULTS AND REMEDIES
			
	Section 6.01.	 	Events of Default	  	29
	Section 6.02.	 	Acceleration; Rescission and Annulment	  	30
	Section 6.03.	 	Additional Interest	  	31
	Section 6.04.	 	Payments of Notes on Default; Suit Therefor	  	32
	Section 6.05.	 	Application of Monies Collected by Trustee	  	34
	Section 6.06.	 	Proceedings by Holders	  	34
	Section 6.07.	 	Proceedings by Trustee	  	35
	Section 6.08.	 	Remedies Cumulative and Continuing	  	35
	Section 6.09.	 	Direction of Proceedings and Waiver of Defaults by Holders of the Required Percentage	  	35
	Section 6.10.	 	Notice of Defaults	  	36
	Section 6.11.	 	Undertaking to Pay Costs	  	36
	
	ARTICLE 7 CONCERNING THE TRUSTEE
			
	Section 7.01.	 	Duties and Responsibilities of Trustee	  	37
	Section 7.02.	 	Reliance on Documents, Opinions, Etc.	  	38
	Section 7.03.	 	No Responsibility for Recitals, Etc.	  	40
	Section 7.04.	 	Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes .	  	40
	Section 7.05.	 	Monies and Common Stock to Be Held in Trust	  	40
	Section 7.06.	 	Compensation and Expenses of Trustee	  	40
	Section 7.07.	 	Officer’s Certificate as Evidence	  	41
	Section 7.08.	 	Eligibility of Trustee	  	41
	Section 7.09.	 	Resignation or Removal of Trustee	  	41
	Section 7.10.	 	Acceptance by Successor Trustee	  	42
	Section 7.11.	 	Succession by Merger, Etc.	  	43
	Section 7.12.	 	Trustee’s Application for Instructions from the Company	  	44
	
	ARTICLE 8 CONCERNING THE HOLDERS
			
	Section 8.01.	 	Action by Holders	  	44
	Section 8.02.	 	Proof of Execution by Holders	  	44
	Section 8.03.	 	Who Are Deemed Absolute Owners	  	45
	Section 8.04.	 	Company-Owned Notes Disregarded	  	45
	Section 8.05.	 	Revocation of Consents; Future Holders Bound	  	46
	
	ARTICLE 9 HOLDERS’ MEETINGS
			
	Section 9.01.	 	Purpose of Meetings	  	46
	Section 9.02.	 	Call of Meetings by Trustee	  	46
	Section 9.03.	 	Call of Meetings by Company or Holders	  	47
	Section 9.04.	 	Qualifications for Voting	  	47
	Section 9.05.	 	Regulations	  	47
	Section 9.06.	 	Voting	  	48
	Section 9.07.	 	No Delay of Rights by Meeting	  	48

  
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	ARTICLE 10 SUPPLEMENTAL INDENTURES
			
	Section 10.01.	 	Supplemental Indentures Without Consent of Holders	  	48
	Section 10.02.	 	Supplemental Indentures with Consent of Holders	  	49
	Section 10.03.	 	Effect of Supplemental Indentures	  	50
	Section 10.04.	 	Notation on Notes	  	50
	Section 10.05.	 	Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee	  	51
	
	ARTICLE 11 CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
			
	Section 11.01.	 	Company May Consolidate, Etc. on Certain Terms	  	51
	Section 11.02.	 	Successor Person to Be Substituted	  	52
	Section 11.03.	 	Opinion of Counsel to Be Given to Trustee	  	52
	
	ARTICLE 12 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
			
	Section 12.01.	 	Indenture and Notes Solely Corporate Obligations	  	52
	
	ARTICLE 13 NOTE GUARANTEES
			
	Section 13.01.	 	Guarantees	  	53
	Section 13.02.	 	Severability	  	55
	Section 13.03.	 	Limitation of Liability	  	55
	Section 13.04.	 	[reserved]	  	55
	Section 13.05.	 	Subrogation	  	55
	Section 13.06.	 	Reinstatement	  	55
	Section 13.07.	 	Release of a Guarantor	  	55
	Section 13.08.	 	Benefits Acknowledged	  	55
	
	ARTICLE 14 CONVERSION OF NOTES
			
	Section 14.01.	 	Conversion Privilege	  	56
	Section 14.02.	 	Conversion Procedure; Settlement upon Conversion	  	56
	Section 14.03.	 	Increased Conversion Price Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes	  	58
	Section 14.04.	 	Adjustment of Conversion Price	  	60
	Section 14.05.	 	Adjustments of Prices	  	69
	Section 14.06.	 	Shares to Be Fully Paid	  	69
	Section 14.07.	 	Effect of Recapitalizations, Reclassifications and Changes of the Common Stock	  	70
	Section 14.08.	 	Certain Covenants	  	71
	Section 14.09.	 	Responsibility of Trustee	  	72
	Section 14.10.	 	Notice to Holders Prior to Certain Actions	  	72
	Section 14.11.	 	Stockholder Rights Plans	  	73

  
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	ARTICLE 15 REPURCHASE OF NOTES AT OPTION OF HOLDERS
			
	Section 15.01.	 	[Intentionally Omitted]	  	73
	Section 15.02.	 	Repurchase at Option of Holders Upon a Fundamental Change	  	73
	Section 15.03.	 	Withdrawal of Fundamental Change Repurchase Notice	  	76
	Section 15.04.	 	Deposit of Fundamental Change Repurchase Price	  	76
	Section 15.05.	 	Covenant to Comply with Applicable Laws Upon Repurchase of Notes	  	77
	
	ARTICLE 16 OPTIONAL REDEMPTION
			
	Section 16.01.	 	Optional Redemption	  	78
	Section 16.02.	 	Notice of Optional Redemption; Selection of Notes	  	78
	Section 16.03.	 	Payment of Notes Called for Redemption	  	79
	Section 16.04.	 	Restrictions on Redemption	  	80
	
	ARTICLE 17 MISCELLANEOUS PROVISIONS
			
	Section 17.01.	 	Provisions Binding on Company’s Successors	  	80
	Section 17.02.	 	Official Acts by Successor Person	  	80
	Section 17.03.	 	Addresses for Notices, Etc.	  	80
	Section 17.04.	 	Governing Law; Jurisdiction	  	81
	Section 17.05.	 	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	81
	Section 17.06.	 	Legal Holidays	  	82
	Section 17.07.	 	No Security Interest Created	  	82
	Section 17.08.	 	Benefits of Indenture	  	82
	Section 17.09.	 	Table of Contents, Headings, Etc.	  	82
	Section 17.10.	 	Authenticating Agent	  	82
	Section 17.11.	 	Execution in Counterparts	  	83
	Section 17.12.	 	Severability	  	84
	Section 17.13.	 	Waiver of Jury Trial	  	84
	Section 17.14.	 	Force Majeure	  	84
	Section 17.15.	 	Calculations	  	84
	Section 17.16.	 	USA PATRIOT Act	  	84
	Section 17.17.	 	Withholding Taxes	  	84
	Section 17.18.	 	Agreed Tax Treatment	  	85
	
	EXHIBIT
			
	 Exhibit A
	 	 Form of Note
	  	A-1
	 Exhibit B
	 	 Form of Notation of Guarantee
	  	B-1

  

  
 iv 

 INDENTURE dated as of April [      ], 2020 between WAYFAIR
INC., a Delaware corporation, as issuer (the “Company,” as more fully set forth in Section 1.01), WAYFAIR LLC, a Delaware limited liability company, as Guarantor (the “Guarantor,” as more fully set forth in
Section 1.01) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee,” as more fully set forth in Section 1.01). 

In order to declare the terms and conditions upon which the Company’s 2.50% Accreting Convertible Senior Notes due 2025 (the
“Notes”) are, and are to be, authenticated, issued and delivered, and in consideration of the premises and of the purchase and acceptance of the Notes by the Holders thereof, each of the Company and the Guarantor covenants and
agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to time of the Notes (except as otherwise provided below), as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or
unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. The words “herein,” “hereof,”
“hereunder” and words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as well as the singular. 

“Accreted Principal Amount” means at any time with respect to a Note, and subject to the provisions of Section 14.02(h),
the Original Principal Amount of $1,000 per Note plus the aggregate of all interest payments accrued and added thereto on each Interest Accrual Date prior to such time in accordance with the provisions of Section 2.03; provided that the
Accreted Principal Amount shall include all accrued interest to but excluding (i) the date on which the Accreted Principal Amount of the Notes is accelerated in accordance with the provisions of Section 6.02, (ii) any Redemption Date in
accordance with the provisions of Article 16, (iii) any Fundamental Change Repurchase Date in accordance with the provisions of Article 15, and (iv) any Conversion Date under the circumstances set forth in Section 14.02(h), in each case,
as though such date were an Interest Accrual Date. 
 “Additional Amounts” shall have the meaning specified in
Section 4.09(a). 
 “Additional Interest” means all amounts, if any, payable pursuant to Section 6.03. 

“Additional Shares” shall have the meaning specified in Section 14.03(a). 

“Adequate Cash Conversion Provisions” shall have the meaning specified in Section 15.02(e). 

 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For the purposes of this definition, “control,” when used with respect to any specified Person means the power to direct or
cause the direction of the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing. Notwithstanding anything to the contrary herein, the determination of whether one Person is an “Affiliate” of another Person for purposes of this Indenture shall be made based on the facts at the time
such determination is made or required to be made, as the case may be, hereunder. 
 “Bankruptcy Law” means Title 11 of the
United States Code entitled “Bankruptcy” or any other law relating to bankruptcy, insolvency, winding up, liquidation, reorganization or relief of debtors, whether in effect on the date hereof or hereafter. 

“Board of Directors” means the board of directors of the Company or the Guarantor, as the case may be, or a committee of such
board duly authorized to act for it hereunder, or any equivalent body in a limited liability company serving substantially the same function as a board of directors of a corporation. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been duly adopted by the Board of Directors of the Company, and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means, with respect to any Note, any day other than a Saturday, a Sunday or a day on which the Federal Reserve
Bank of New York is authorized or required by law or executive order to close or be closed. 
 “Capital Stock” means, for
any entity, any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) stock issued by that entity. 

“Clause A Distribution” shall have the meaning specified in Section 14.04(c). 

“Clause B Distribution” shall have the meaning specified in Section 14.04(c). 

“Clause C Distribution” shall have the meaning specified in Section 14.04(c). 

“close of business” means 5:00 p.m. (New York City time). 

“Commission” means the U.S. Securities and Exchange Commission. 

“Common Equity” of any Person means Capital Stock of such Person that is generally entitled (a) to vote in the election
of directors of such Person or (b) if such Person is not a corporation, to vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management or policies of such Person. 

  
 2 

 “Common Stock” means the Class A common stock of the Company, par
value $0.001 per share, at the date of this Indenture, subject to Section 14.07. 
 “Company” shall have the meaning
specified in the first paragraph of this Indenture, and subject to the provisions of Article 11, shall include its successors and assigns. 

“Company Order” means a written order of the Company, signed by the Company’s Chief Executive Officer, President, Chief
Financial Officer, Executive or Senior Vice President, any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”), the Company’s Treasurer or Assistant
Treasurer or the Company’s Secretary or any Assistant Secretary, and delivered to the Trustee. 
 “Conversion Agent”
shall have the meaning specified in Section 4.02. 
 “Conversion Date” shall have the meaning specified in
Section 14.02(c). 
 “Conversion Obligation” shall have the meaning specified in Section 14.02(a). 

“Conversion Price” shall initially mean $72.50, subject to adjustment in accordance with the provisions of
Section 14.04. 
 “Conversion Rate” shall have the meaning specified in Section 14.02(a). 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be
administered, which office at the date of this Indenture is located at One Federal Street, Boston, Massachusetts, 02110, Attention: Karen R. Leyden-Beard, Vice President, or such other address as the Trustee may designate from time to time by notice
to the Holders and the Company, or the principal corporate trust office of any successor trustee (or such other address as such successor trustee may designate from time to time by notice to the Holders and the Company). 

“Custodian” means the Trustee, as custodian for The Depository Trust Company, with respect to the Global Notes, or any
successor entity thereto. 
 “Default” means any event that is, or after notice or passage of time, or both, would be, an
Event of Default. 
 “Defaulted Amounts” means any amounts on any Note (including, without limitation, the Redemption
Price, the Fundamental Change Repurchase Price, the Accreted Principal Amount and interest) that are payable but are not punctually paid or duly provided for. 

“Depositary” means, with respect to each Global Note, the Person specified in Section 2.05(c) as the Depositary with
respect to such Notes, until a successor shall have been appointed and become such pursuant to the applicable provisions of this Indenture, and thereafter, “Depositary” shall mean or include such successor. 

  
 3 

 “Distributed Property” shall have the meaning specified in
Section 14.04(c). 
 “Effective Date” shall have the meaning specified in Section 14.03(c), except that, as used
in Section 14.04 and Section 14.05, “Effective Date” means the first date on which shares of the Common Stock trade on the applicable exchange or in the applicable market, regular way, reflecting the relevant share split
or share combination, as applicable. 
 “Event of Default” shall have the meaning specified in Section 6.01. 

“Ex-Dividend Date” means the first date on which shares of the Common Stock trade on
the applicable exchange or in the applicable market, regular way, without the right to receive the issuance, dividend or distribution in question, from the Company or, if applicable, from the seller of Common Stock on such exchange or market (in the
form of due bills or otherwise) as determined by such exchange or market. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “FATCA” shall have the meaning specified
in Section 4.09(a)(i)(D). 
 “Form of Assignment and Transfer” means the “Form of Assignment and Transfer”
attached as Attachment 3 to the Form of Note attached hereto as Exhibit A. 
 “Form of Fundamental Change Repurchase
Notice” means the “Form of Fundamental Change Repurchase Notice” attached as Attachment 2 to the Form of Note attached hereto as Exhibit A. 

“Form of Note” means the “Form of Note” attached hereto as Exhibit A. 

“Form of Notice of Conversion” means the “Form of Notice of Conversion” attached as Attachment 1 to the Form of
Note attached hereto as Exhibit A. 
 “Fundamental Change” shall be deemed to have occurred at the time after the Notes are
originally issued if any of the following occurs: 
 (a)    a “person” or “group”
within the meaning of Section 13(d) of the Exchange Act, other than the Company, its Subsidiaries and the employee benefit plans of the Company and its Subsidiaries, becomes the direct or indirect “beneficial owner,” as defined in
Rule 13d-3 under the Exchange Act, of Common Stock representing more than 50% of the voting power of the Common Stock and files a Schedule TO (or any successor schedule, form or report) or any schedule, form
or report under the Exchange Act disclosing that fact; provided that the voting power of the Common Stock directly or indirectly “beneficially owned,” as defined in Rule 13d-3 under the
Exchange Act, by a Permitted Holder or any Permitted Transferee of such Permitted Holder will exclude (A) 

  
 4 

 
any shares of Common Stock directly or indirectly beneficially owned by such Permitted Holder (or any Permitted Transferee of such Permitted Holder) on the date of this Indenture for so long as
such shares of Common Stock are directly or indirectly beneficially owned by such Permitted Holder (or any Permitted Transferee of such Permitted Holder) and (B) any shares of Common Stock directly or indirectly beneficially owned by such
Permitted Holder (or any Permitted Transferee of such Permitted Holder) and acquired after the date of this Indenture by such Permitted Holder (or any Permitted Transferee of such Permitted Holder) pursuant to equity grants (or the exercise or
conversion thereof by such Permitted Holder (or any Permitted Transferee of such Permitted Holder)) outstanding on the date of this Indenture or subsequently granted under one or more of the equity incentive plans of the Company; 

(b)    the consummation of (A) any recapitalization, reclassification or change of the Common Stock
(other than changes resulting from a subdivision or combination) as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets; (B) any share exchange, consolidation or merger
of the Company pursuant to which the Common Stock will be converted into cash, securities or other property or assets; or (C) any sale, lease or other transfer in one transaction or a series of transactions of all or substantially all of the
consolidated assets of the Company and its Subsidiaries, taken as a whole, to any Person other than one of the Company’s Wholly-Owned Subsidiaries; provided, however, that a transaction described in clause (B) in which the holders
of all classes of the Company’s Common Equity immediately prior to such transaction own, directly or indirectly, more than 50% of all classes of Common Equity of the continuing or surviving Person or transferee or the parent thereof immediately
after such transaction in substantially the same proportions as such ownership immediately prior to such transaction shall not be a Fundamental Change pursuant to this clause (b); 

(c)    the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of
the Company; or 
 (d)    the Common Stock (or other common stock, ordinary shares or shares of Common
Equity (or American depositary shares representing any of the foregoing) constituting Reference Property) ceases to be listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The NASDAQ Global Market (or any of
their respective successors); 
 provided, however, that a transaction or transactions described in clause (a) and/or clause
(b) above (whether or not the proviso to clause (b) above applies to such transaction) shall not constitute a Fundamental Change, if at least 90% of the consideration received or to be received by the common stockholders of the
Company, excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights, in connection with such transaction or transactions consists of shares of common stock, ordinary shares or shares of Common
Equity (or American depositary shares representing any of the foregoing), in each case that are listed or quoted on any of The New York Stock Exchange, The NASDAQ Global Select Market or The 

  
 5 

 
NASDAQ Global Market (or any of their respective successors) or will be so listed or quoted when issued or exchanged in connection with such transaction or transactions and as a result of such
transaction or transactions the Notes become convertible into such consideration, excluding cash payments for fractional shares and cash payments made pursuant to dissenters’ appraisal rights (subject to the provisions of
Section 14.02(a)). If any transaction in which the Common Stock is replaced by the securities of another entity occurs, following completion of any related Make-Whole Fundamental Change Period (or, in the case of a transaction that would have
been a Fundamental Change or a Make-Whole Fundamental Change but for the proviso immediately following clause (d) of the definition thereof, following the effective date of such transaction) references to the Company in this definition
shall instead be references to such other entity. 
 For purposes of this definition of “Fundamental Change” above, any transaction that
constitutes a Fundamental Change pursuant to both clause (a) and clause (b) of such definition (without giving effect to the proviso in clause (b)) shall be deemed a Fundamental Change solely under clause (b) of such definition
(subject to the proviso in clause (b)). 
 “Fundamental Change Company Notice” shall have the meaning specified in
Section 15.02(c). 
 “Fundamental Change Repurchase Date” shall have the meaning specified in Section 15.02(a).

 “Fundamental Change Repurchase Notice” shall have the meaning specified in Section 15.02(b)(i). 

“Fundamental Change Repurchase Price” shall have the meaning specified in Section 15.02(a). 

“Guarantee” means the guarantee by the Guarantor of the Company’s obligations under this Indenture in accordance with
the provisions of Article 13 hereof. 
 “Guarantor” means Wayfair LLC, a Delaware limited liability company. 

“Global Note” shall have the meaning specified in Section 2.05(b). 

“Holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any
Person in whose name at the time a particular Note is registered on the Note Register. 
 “Indenture” means this instrument
as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 
 “Interest Accrual
Date” means each April 1 and October 1 of each year, beginning on October 1, 2020 and ending on, and including, the Maturity Date. 

  
 6 

 “Last Reported Sale Price” of the Common Stock on any date means the
closing sale price per share (or if no closing sale price is reported, the average of the bid and ask prices or, if more than one in either case, the average of the average bid and the average ask prices) on that date as reported in composite
transactions for the principal U.S. national or regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed for trading on a U.S. national or regional securities exchange on the relevant date, the
“Last Reported Sale Price” shall be the last quoted bid price for the Common Stock in the over-the-counter market on the relevant date as reported by
OTC Markets Group Inc. or a similar organization. If the Common Stock is not so quoted, the “Last Reported Sale Price” shall be the average of the mid-point of the last bid and last ask prices
for the Common Stock on the relevant date from a nationally recognized independent investment banking firm selected by the Company for this purpose. 

“Make-Whole Fundamental Change” means any transaction or event that constitutes a Fundamental Change (as defined above and
determined after giving effect to any exceptions to or exclusions from such definition, but without regard to the proviso in clause (b) of the definition thereof). 

“Make-Whole Fundamental Change Period” shall have the meaning specified in Section 14.03(a). 

“Maturity Date” means April 1, 2025. 

“Merger Event” shall have the meaning specified in Section 14.07(a). 

“Notes” shall have the meaning specified in the first paragraph of the recitals of this Indenture and reference to a
“Note” means $1,000 Original Principal Amount of Notes. 
 “Note Register” shall have the meaning
specified in Section 2.05(a). 
 “Note Registrar” shall have the meaning specified in Section 2.05(a). 

“Notice of Conversion” shall have the meaning specified in Section 14.02(b). 

“Notice of Redemption” shall have the meaning specified in Section 16.02(a). 

“Officer” means, with respect to the Company or the Guarantor, the President, the Chief Executive Officer, the Chief
Financial Officer, the Treasurer, the Secretary, any Executive or Senior Vice President or any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”). 

“Officer’s Certificate,” when used with respect to the Company or the Guarantor, means a certificate that is delivered
to the Trustee and that is signed by an Officer of the Company or the Guarantor, as the case may be. Each such certificate shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such
Section. The Officer giving an Officer’s Certificate pursuant to Section 4.08 shall be the principal executive, financial or accounting officer of the Company. 

“open of business” means 9:00 a.m. (New York City time). 

  
 7 

 “Opinion of Counsel” means an opinion in writing signed by legal counsel,
who may be an employee of or counsel to the Company, or other counsel reasonably acceptable to the Trustee, that is delivered to the Trustee, which opinion may contain customary exceptions and qualifications as to the matters set forth therein. Each
such opinion shall include the statements provided for in Section 17.05 if and to the extent required by the provisions of such Section 17.05. 

“Optional Redemption” shall have the meaning specified in Section 16.01. 

“Original Principal Amount” means, at any date or time, the $1,000 original principal amount per Note on the date of this
Indenture. 
 “outstanding,” when used with reference to Notes, shall, subject to the provisions of Section 8.04,
mean, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 

(a)    Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 

(b)    Notes, or portions thereof, that have become due and payable and in respect of which monies in the
necessary amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Company) or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent); 

(c)    Notes that have been paid pursuant to Section 2.06 or Notes in lieu of which, or in
substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.06 unless proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course; 

(d)    Notes converted pursuant to Article 14 and required to be cancelled pursuant to Section 2.08;

 (e)    Notes redeemed pursuant to Article 16; and 

(f)    Notes repurchased by the Company pursuant to Section 2.10 after the Company surrenders them for
cancellation to the Trustee in accordance with Section 2.08. 
 “Paying Agent” shall have the meaning specified in
Section 4.02. 
 “Permitted Holders” means (a) Niraj Shah, the Company’s
Co-Founder, Chief Executive Officer and President and a Director of the Company, in each case, as of the date of this Indenture, and (b) Steven Conine, the Company’s
Co-Founder and a Director of the Company as of the date of this Indenture. 

  
 8 

 “Permitted Sale Transaction” means any sale, conveyance, transfer or lease
of all or substantially all of the Company’s properties and assets to one of its Wholly-Owned Subsidiaries, so long as, concurrently with such transaction, such Wholly-Owned Subsidiary fully and unconditionally guarantees, on a senior basis,
all of the Company’s obligations under the Notes for so long as any Notes are outstanding. 
 “Permitted Transferee”
shall have the meaning set forth in the Company’s Restated Certificate of Incorporation as in effect on the date of this Indenture. 

“Person” means an individual, a corporation, a limited liability company, an association, a partnership, a joint venture, a
joint stock company, a trust, an unincorporated organization or a government or an agency or a political subdivision thereof. 

“Physical Notes” means permanent certificated Notes in registered form issued in denominations of $1,000 Original Principal
Amount and integral multiples thereof. 
 “Predecessor Note” of any particular Note means every previous Note evidencing
all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.06 in lieu of or in exchange for a mutilated, lost, destroyed or stolen
Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note that it replaces. 
 “Record
Date” means, with respect to any dividend, distribution or other transaction or event in which the holders of Common Stock (or other applicable security) have the right to receive any cash, securities or other property or in which the
Common Stock (or such other security) is exchanged for or converted into any combination of cash, securities or other property, the date fixed for determination of holders of the Common Stock (or such other security) entitled to receive such cash,
securities or other property (whether such date is fixed by the Board of Directors, by statute, by contract or otherwise). 

“Redemption Date” shall have the meaning specified in Section 16.02(a). 

“Redemption Price” means, for any Notes to be redeemed pursuant to Section 16.01, 100% of the Accreted Principal Amount
of such Notes (which for purposes of Article 15 shall include accrued interest thereon to, but excluding, the Redemption Date as though such date were an Interest Accrual Date in accordance with the provisions of Section 2.03). 

“Reference Property” shall have the meaning specified in Section 14.07(a). 

“Relevant Taxing Jurisdiction” shall have the meaning specified in Section 4.09(a). 

“Required Percentage” means at least 60 percent; provided that if at any time either (i) “GHP” (as
defined in the Securities Purchase Agreement), together with its Affiliates, or (ii) CB (as defined in the Securities Purchase Agreement), together with its Affiliates, own less than $200.0 million aggregate principal amount of the Notes
issued and outstanding under this Indenture, the Required Percentage for the remaining life of this Indenture means a majority. 

  
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 “Responsible Officer” means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture. 
 “Restricted Securities” shall have the meaning
specified in Section 2.05(c). 
 “Rule 144” means Rule 144 as promulgated under the Securities Act. 

“Rule 144A” means Rule 144A as promulgated under the Securities Act. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Securities Purchase Agreement” means the Securities Purchase Agreement, dated April 6, 2020, among the Company, the
Guarantor and the Purchasers named therein relating to the purchase and sale of the Notes, as such agreement may be amended, supplemented, modified or restated. 

“Significant Subsidiary” means a Subsidiary of the Company that meets the definition of “significant subsidiary” in
Article 1, Rule 1-02(w) of Regulation S-X under the Exchange Act; provided that, in the case of a Subsidiary of the Company that meets the criteria of clause
(3) of the definition thereof but not clause (1) or (2) thereof, such Subsidiary shall not be deemed to be a Significant Subsidiary of the Company unless such Subsidiary’s income from continuing operations before income taxes,
extraordinary items and cumulative effect of a change in accounting principle exclusive of amounts attributable to any non-controlling interests for the last completed fiscal year prior to the date of such
determination exceeds $25,000,000. 
 “Spin-Off” shall have the meaning specified
in Section 14.04(c). 
 “Stock Price” shall have the meaning specified in Section 14.03(c). 

“Subsidiary” means, with respect to any Person, any corporation, association, partnership or other business entity of which
more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers, general partners
or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 

“Successor Company” shall have the meaning specified in Section 11.01(a). 

  
 10 

 “Trading Day” means a day on which (i) trading in the Common Stock (or
other security for which a closing sale price must be determined) generally occurs on The New York Stock Exchange or, if the Common Stock (or such other security) is not then listed on The New York Stock Exchange, on the principal other U.S.
national or regional securities exchange on which the Common Stock (or such other security) is then listed or, if the Common Stock (or such other security) are not then listed on a U.S. national or regional securities exchange, on the principal
other market on which the Common Stock (or such other security) is then traded and (ii) a Last Reported Sale Price for the Common Stock (or such other security) is available on such securities exchange or market; provided that if the
Common Stock (or such other security) is not so listed or traded, “Trading Day” means a Business Day. 

“transfer” shall have the meaning specified in Section 2.05(c). 

“Trigger Event” shall have the meaning specified in Section 14.04(c). 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as it was in force at the date of execution of this
Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date of this Indenture, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust
Indenture Act of 1939, as so amended. 
 “Trustee” means the Person named as the “Trustee” in the first
paragraph of this Indenture until a successor trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

“unit of Reference Property” shall have the meaning specified in Section 14.07(a). 

“Valuation Period” shall have the meaning specified in Section 14.04(c). 

“Wholly-Owned Subsidiary” means, with respect to any Person, any Subsidiary of such Person, except that, solely for purposes
of this definition, the reference to “more than 50%” in the definition of “Subsidiary” shall be deemed replaced by a reference to “100%”. 

Section 1.02. References to Interest. Unless the context otherwise requires, any reference to interest on, or in respect of, any
Note in this Indenture shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable pursuant to Section 6.03. Unless the context otherwise requires, any express mention of Additional
Interest in any provision hereof shall not be construed as excluding Additional Interest in those provisions hereof where such express mention is not made. 

  
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 ARTICLE 2 

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND
EXCHANGE OF NOTES 
 Section 2.01. Designation and Amount. The Notes shall be
designated as the “2.50% Accreting Convertible Senior Notes due 2025.” The aggregate Original Principal Amount of Notes that may be authenticated and delivered under this Indenture is limited to $535,000,000, except for Notes authenticated
and delivered upon registration or transfer of, or in exchange for, or in lieu of other Notes to the extent expressly permitted hereunder. 

Section 2.02. Form of Notes. The Notes and the Trustee’s certificate of authentication to be borne by such Notes shall be
substantially in the respective forms set forth in Exhibit A, the terms and provisions of which shall constitute, and are hereby expressly incorporated in and made a part of this Indenture. To the extent applicable, the Company and the Trustee, by
their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 Any Global Note may
be endorsed with or have incorporated in the text thereof such legends or recitals or changes not inconsistent with the provisions of this Indenture as may be required by the Custodian or the Depositary, or as may be required to comply with any
applicable law or any regulation thereunder or with the rules and regulations of any securities exchange or automated quotation system upon which the Notes may be listed or traded or designated for issuance or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which any particular Notes are subject. 
 Any of the Notes may have such
letters, numbers or other marks of identification and such notations, legends or endorsements as the Officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed
or designated for issuance, or to conform to usage or to indicate any special limitations or restrictions to which any particular Notes are subject. 

Each Global Note shall represent such Original Principal Amount of the outstanding Notes as shall be specified therein and shall provide that
it shall represent the aggregate Original Principal Amount of outstanding Notes from time to time endorsed thereon and that the aggregate Original Principal Amount of outstanding Notes represented thereby may from time to time be increased or
reduced to reflect redemptions, repurchases, cancellations, conversions, transfers or exchanges permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented
thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the Holder of such Notes in accordance with this Indenture. Payment of principal (including the Redemption Price
and the Fundamental Change Repurchase Price, if applicable) of a Global Note shall be made to the Holder of such Note on the date of payment. 

Section 2.03. Date and Denomination of Notes; Payments of Interest and Defaulted Amounts. (a) The Notes shall be issuable in
registered form without coupons in denominations of $1,000 Original Principal Amount and integral multiples thereof. Each Note shall be dated the date of its authentication and shall bear interest from the date specified on the face of such Note.
Accrued interest on the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months and, for partial months, on the basis of the number of
days actually elapsed in a 30-day month. 

  
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 (b)    No cash interest shall be payable on the Notes. Instead, accrued
interest shall be added as an accretion to the principal amount of the Notes on each Interest Accrual Date. On each Interest Accrual Date, the principal amount of each Note shall be the Accreted Principal Amount of such Note immediately prior to
such Interest Accrual Date plus the amount of interest accrued on such Accreted Principal Amount during the period beginning on the Interest Accrual Date next preceding the applicable Interest Accrual Date (or if none, from April 6,
2020) and ending on, but excluding such Interest Accrual Date. Accordingly, any reference herein to the principal amount of a Note at any time shall be a reference to its Accreted Principal Amount at such time; provided that, any reference to
the payment of accrued and unpaid interest on a Note as of any date shall be deemed to include all interest accrued from the immediately preceding Interest Accrual Date (or if none, from the date of issuance of the Note) which shall be added to the
Accreted Principal Amount of such Note as though such date were an Interest Accrual Date. Interest shall accrue on the Accreted Principal Amount of each Note at the per annum rate of 2.50%. 

On each Interest Accrual Date, the Company shall be required to notify the Trustee and each Holder of the Notes of the then current Accreted
Principal Amount per Note. 
 (c)    Any Defaulted Amounts shall forthwith cease to be payable to the Holder on the
relevant payment date but shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable law, from, and including, such relevant payment date, and such Defaulted Amounts together with such
interest thereon shall be paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 

(i)    The Company may elect to make payment of or cause the Paying Agent to make payment of any Defaulted
Amounts to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of business on a special record date for the payment of such Defaulted Amounts, which shall be fixed in the following manner. The
Company shall notify the Trustee in writing of the amount of the Defaulted Amounts proposed to be paid on each Note and the date of the proposed payment (which shall be not less than 25 days after the receipt by the Trustee of such notice, unless
the Trustee shall consent to an earlier date), and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Amounts or shall make arrangements satisfactory
to the Trustee for such deposit on or prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Amounts as in this clause provided. Thereupon the Company shall
fix a special record date for the payment of such Defaulted Amounts which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment, and not less than 10 days after the receipt by the Trustee of the notice of
the proposed payment. The Company shall promptly notify the Trustee of such special record date and the Trustee, in the name and at the expense of the Company, shall cause 

  
 13 

 
notice of the proposed payment of such Defaulted Amounts and the special record date therefor to be delivered to each Holder not less than 10 days prior to such special record date. Notice of the
proposed payment of such Defaulted Amounts and the special record date therefor having been so sent, such Defaulted Amounts shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at the close of
business on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.03(c). 

(ii)    The Company may make payment of or cause the Paying Agent to make payment of any Defaulted Amounts
in any other lawful manner not inconsistent with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or
automated quotation system, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.04. Execution, Authentication and Delivery of Notes. The Notes shall be signed in the name and on behalf of the
Company by the manual or facsimile signature of its Chief Executive Officer, President, Chief Financial Officer, Treasurer, Secretary or any of its Executive or Senior Vice Presidents. 

At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the Company to
the Trustee for authentication, together with a Company Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Company Order shall authenticate and deliver such Notes, without any further action by the
Company hereunder. 
 Only such Notes as shall bear thereon a certificate of authentication substantially in the form set forth on the form
of Note attached as Exhibit A hereto, executed manually by an authorized officer of the Trustee (or an authenticating agent appointed by the Trustee as provided by Section 17.10), shall be entitled to the benefits of this Indenture or be valid
or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating agent) upon any Note executed by the Company shall be conclusive evidence that the Note so authenticated has been duly authenticated and delivered hereunder
and that the Holder is entitled to the benefits of this Indenture. 
 In case any Officer of the Company who shall have signed any of the
Notes shall cease to be such Officer before the Notes so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Notes nevertheless may be authenticated and delivered or disposed of as though the person
who signed such Notes had not ceased to be such Officer of the Company; and any Note may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Note, shall be the Officers of the Company, although at the
date of the execution of this Indenture any such person was not such an Officer. 

  
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 Section 2.05. Exchange and Registration of Transfer of Notes; Restrictions on
Transfer; Depositary. (a) The Company shall cause to be kept at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency of the Company designated pursuant to Section 4.02, the
“Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Notes and of transfers of Notes. Such register shall be in written form or in any form capable
of being converted into written form within a reasonable period of time. The Trustee is hereby initially appointed the “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. The Company may
appoint one or more co-Note Registrars in accordance with Section 4.02. 
 Upon surrender for
registration of transfer of any Note to the Note Registrar or any co-Note Registrar, and satisfaction of the requirements for such transfer set forth in this Section 2.05, the Company shall execute, and
the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes of any authorized denominations and of a like aggregate Original Principal Amount and bearing such restrictive legends as may
be required by this Indenture. 
 Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate Original
Principal Amount, upon surrender of the Notes to be exchanged at any such office or agency maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Notes that the Holder making the exchange is entitled to receive, bearing registration numbers not contemporaneously outstanding. 

All Notes presented or surrendered for registration of transfer or for exchange, repurchase or conversion shall (if so required by the
Company, the Trustee, the Note Registrar or any co-Note Registrar) be duly endorsed, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Company and duly executed,
by the Holder thereof or its attorney-in-fact duly authorized in writing. 

No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note
Registrar or the Paying Agent for any exchange or registration of transfer of Notes, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a
result of the name of the Holder of new Notes issued upon such exchange or registration of transfer being different from the name of the Holder of the old Notes surrendered for exchange or registration of transfer. 

None of the Company, the Trustee, the Note Registrar or any co-Note Registrar shall be required to
exchange or register a transfer of (i) any Notes surrendered for conversion or, if a portion of any Note is surrendered for conversion, such portion thereof surrendered for conversion, (ii) any Notes, or a portion of any Note, surrendered
for repurchase (and not withdrawn) in accordance with Article 15 or (iii) any Notes selected for Optional Redemption in accordance with Article 16, except the unredeemed portion of any Note being redeemed in part. 

All Notes issued upon any registration of transfer or exchange of Notes in accordance with this Indenture shall be the valid obligations of
the Company, evidencing the same debt, and entitled to the same benefits under this Indenture as the Notes surrendered upon such registration of transfer or exchange. 

  
 15 

 (b)    So long as the Notes are eligible for book-entry settlement with
the Depositary, unless otherwise required by law, subject to the fourth paragraph from the end of Section 2.05(c) all Notes shall be represented by one or more Notes in global form (each, a “Global Note”) registered in the name
of the Depositary or the nominee of the Depositary. The transfer and exchange of beneficial interests in a Global Note that does not involve the issuance of a Physical Note shall be effected through the Depositary (but not the Trustee or the
Custodian) in accordance with this Indenture (including the restrictions on transfer set forth herein) and the procedures of the Depositary therefor. 

(c)    Every Note that bears or is required under this Section 2.05(c) to bear the legend set forth in this
Section 2.05(c) (together with any shares of Common Stock issued upon conversion of the Notes that is required to bear the legend set forth in Section 2.05(d), collectively, the “Restricted Securities”) shall be subject to
the restrictions on transfer set forth in this Section 2.05(c) (including the legend set forth below), unless such restrictions on transfer shall be eliminated or otherwise waived by written consent of the Company, and the Holder of each such
Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.05(c) and in Section 2.05(d), the term “transfer” encompasses any sale,
pledge, transfer or other disposition whatsoever of any Restricted Security. 
 Any certificate evidencing such Note (and all securities
issued in exchange therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof, which shall bear the legend set forth in Section 2.05(d), if applicable) shall bear a legend in substantially the following
form (unless such Notes have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or sold pursuant to the exemption
from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with notice in writing to the Trustee): 

THIS SECURITY AND THE SHARES OF CLASS A COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST
HEREIN, THE ACQUIRER: 
 (1)    REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A
“QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

(2)    AGREES FOR THE BENEFIT OF WAYFAIR INC. (THE “COMPANY”) THAT IT WILL NOT OFFER,
SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT: 
 (A)    TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 

  
 16 

 (B)    PURSUANT TO A REGISTRATION STATEMENT WHICH HAS
BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR 
 (C)    TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE
WITH RULE 144A UNDER THE SECURITIES ACT, OR 
 (D)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED
BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO
THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO
DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. 
 No transfer of any Note will be registered by the Note Registrar unless the applicable box on the Form of Assignment and Transfer
has been checked. 
 Any Note (or security issued in exchange or substitution therefor) (i) on which the Company has agreed to remove
the legend with notice in writing to the Trustee as set forth above in this Section 2.05(c)), (ii) that has been transferred pursuant to a registration statement that has become effective or been declared effective under the Securities Act and
that continues to be effective at the time of such transfer or (iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of
such Note for exchange to the Note Registrar in accordance with the provisions of this Section 2.05, be exchanged for a new Note or Notes, of like tenor and aggregate Original Principal Amount, which shall not bear the restrictive legend
required by this Section 2.05(c) and shall not be assigned a restricted CUSIP number. The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which any of the conditions set forth in clause
(i) through (iii) of the immediately preceding sentence have been satisfied, and, upon such instruction, the Custodian shall so surrender such Global Note for exchange; and any new Global Note so exchanged therefor shall not bear the
restrictive legend specified in this Section 2.05(c) and shall not be assigned a restricted CUSIP number. 
 Notwithstanding any other
provisions of this Indenture (other than the provisions set forth in this Section 2.05(c)), a Global Note may not be transferred as a whole or in part except (i) by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary and (ii) for exchange of a Global Note or a portion thereof for one
or more Physical Notes in accordance with the second immediately succeeding paragraph. 

  
 17 

 The Depositary shall be a clearing agency registered under the Exchange Act. The Company
initially appoints The Depository Trust Company to act as Depositary with respect to each Global Note. Initially, each Global Note shall be issued to the Depositary, registered in the name of Cede & Co., as the nominee of the Depositary,
and deposited with the Trustee as custodian for Cede & Co. 
 If (i) the Depositary notifies the Company at any time that the
Depositary is unwilling or unable to continue as depositary for the Global Notes and a successor depositary is not appointed within 90 days, (ii) the Depositary ceases to be registered as a clearing agency under the Exchange Act and a successor
depositary is not appointed within 90 days or (iii) an Event of Default with respect to the Notes has occurred and is continuing and a beneficial owner of any Note requests that its beneficial interest therein be issued as a Physical Note, the
Company shall execute, and the Trustee, upon receipt of an Officer’s Certificate and a Company Order for the authentication and delivery of Notes, shall authenticate and deliver (x) in the case of clause (iii), a Physical Note to such
beneficial owner in an Original Principal Amount equal to the Original Principal Amount of such Note corresponding to such beneficial owner’s beneficial interest and (y) in the case of clause (i) or (ii), Physical Notes to each
beneficial owner of the related Global Notes (or a portion thereof) in an aggregate Original Principal Amount equal to the aggregate Original Principal Amount of such Global Notes in exchange for such Global Notes, and upon delivery of the Global
Notes to the Trustee such Global Notes shall be canceled. 
 Physical Notes issued in exchange for all or a part of the Global Note pursuant
to this Section 2.05(c) shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, or, in the case of clause (iii) of the
immediately preceding paragraph, the relevant beneficial owner, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver such Physical Notes to the Persons in whose names such Physical Notes are so registered. 

At such time as all interests in a Global Note have been converted, canceled, repurchased, redeemed or transferred, such Global Note shall be,
upon receipt thereof, canceled by the Trustee in accordance with standing procedures and existing instructions between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note is exchanged for
Physical Notes, converted, canceled, repurchased, redeemed or transferred to a transferee who receives Physical Notes therefor or any Physical Note is exchanged or transferred for part of such Global Note, the principal amount of such Global Note
shall, in accordance with the standing procedures and instructions existing between the Depositary and the Custodian, be appropriately reduced or increased, as the case may be, and an endorsement shall be made on such Global Note, by the Trustee or
the Custodian, at the direction of the Trustee, to reflect such reduction or increase. 
 None of the Company, the Trustee or any agent of
the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or maintaining, supervising or

  
 18 

 
reviewing any records relating to such beneficial ownership interests. Subject to its compliance with its obligations under this Indenture, the Company shall have no responsibility or liability
for any act or omission of the Depositary. 
 (d)    Any stock certificate representing Common Stock issued upon
conversion of a Note shall bear a legend in substantially the following form (unless such Common Stock has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues
to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or such Common Stock has been issued upon conversion of a Note that
has transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer, or pursuant to the exemption from registration provided by Rule
144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company with written notice thereof to any transfer agent for the Common Stock): 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

(1)    REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL
BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

(2)    AGREES FOR THE BENEFIT OF WAYFAIR INC. (THE “COMPANY”) THAT IT WILL NOT OFFER,
SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT: 
 (A)    TO
THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 
 (B)    PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME
EFFECTIVE UNDER THE SECURITIES ACT, OR 
 (C)    TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
RULE 144A UNDER THE SECURITIES ACT, OR 
 (D)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY
RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

  
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 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE
COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S CLASS A COMMON STOCK RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

Any such Common Stock (i) on which the Company has agreed to remove the legend with notice in writing to the transfer agent as set forth
above in this Section 2.05(d), (ii) that has been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of such transfer or
(iii) that has been sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, may, upon surrender of the certificates representing such Common Stock for exchange in
accordance with the procedures of the transfer agent for the Common Stock, be exchanged for a new certificate or certificates for a like aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by this
Section 2.05(d). 
 Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be
destroyed, lost or stolen, the Company in its discretion may execute, and upon its written request the Trustee or an authenticating agent appointed by the Trustee shall authenticate and deliver, a new Note, bearing a registration number not
contemporaneously outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution for the Note so destroyed, lost or stolen. In every case the applicant for a substituted Note shall furnish to the Company, to the
Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless from any loss, liability, cost or expense caused by or connected with such substitution, and, in every case
of destruction, loss or theft, the applicant shall also furnish to the Company, to the Trustee and, if applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or theft of such Note and of the ownership
thereof. 
 The Trustee or such authenticating agent may authenticate any such substituted Note and deliver the same upon the receipt of
such security or indemnity as the Trustee, the Company and, if applicable, such authenticating agent may require. No service charge shall be imposed by the Company, the Trustee, the Note Registrar, any co-Note
Registrar or the Paying Agent upon the issuance of any substitute Note, but the Company may require a Holder to pay a sum sufficient to cover any documentary, stamp or similar issue or transfer tax required in connection therewith as a result of the
name of the Holder of the new substitute Note being different from the name of the Holder of the old Note that became mutilated or was destroyed, lost or stolen. In case any Note that has matured or is about to mature or has been surrendered for
required repurchase or is about to be converted in accordance with Article 14 shall become mutilated or be destroyed, lost or stolen, the Company may, in its sole discretion, instead of issuing a substitute Note, pay or

  
 20 

 
authorize the payment of or convert or authorize the conversion of the same (without surrender thereof except in the case of a mutilated Note), as the case may be, if the applicant for such
payment or conversion shall furnish to the Company, to the Trustee and, if applicable, to such authenticating agent such security or indemnity as may be required by them to save each of them harmless for any loss, liability, cost or expense caused
by or connected with such substitution, and, in every case of destruction, loss or theft, evidence satisfactory to the Company, the Trustee and, if applicable, any Paying Agent or Conversion Agent evidence of their satisfaction of the destruction,
loss or theft of such Note and of the ownership thereof. 
 Every substitute Note issued pursuant to the provisions of this
Section 2.06 by virtue of the fact that any Note is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be found at any time, and shall be
entitled to all the benefits of (but shall be subject to all the limitations set forth in) this Indenture equally and proportionately with any and all other Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and
owned upon the express condition that the foregoing provisions are exclusive with respect to the replacement, payment, redemption, conversion or repurchase of mutilated, destroyed, lost or stolen Notes and shall preclude any and all other rights or
remedies notwithstanding any law or statute existing or hereafter enacted to the contrary with respect to the replacement, payment, redemption, conversion or repurchase of negotiable instruments or other securities without their surrender. 

Section 2.07. Temporary Notes. Pending the preparation of Physical Notes, the Company may execute and the Trustee or an
authenticating agent appointed by the Trustee shall, upon written request of the Company, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes shall be issuable in any authorized denomination, and substantially in the
form of the Physical Notes but with such omissions, insertions and variations as may be appropriate for temporary Notes, all as may be determined by the Company. Every such temporary Note shall be executed by the Company and authenticated by the
Trustee or such authenticating agent upon the same conditions and in substantially the same manner, and with the same effect, as the Physical Notes. Without unreasonable delay, the Company shall execute and deliver to the Trustee or such
authenticating agent Physical Notes (other than any Global Note) and thereupon any or all temporary Notes (other than any Global Note) may be surrendered in exchange therefor, at each office or agency maintained by the Company pursuant to
Section 4.02 and the Trustee or such authenticating agent shall authenticate and deliver in exchange for such temporary Notes an equal aggregate principal amount of Physical Notes. Such exchange shall be made by the Company at its own expense
and without any charge therefor. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and subject to the same limitations under this Indenture as Physical Notes authenticated and delivered hereunder. 

Section 2.08. Cancellation of Notes Paid, Converted, Etc. The Company shall cause all Notes surrendered for the purpose of payment
at maturity, repurchase upon a Fundamental Change, redemption, registration of transfer or exchange or conversion, if surrendered to the Company or any of its agents, Subsidiaries or Affiliates, in each case, that the Company controls, to be
delivered to the Trustee for cancellation. All Notes delivered to the Trustee shall be 

  
 21 

 
canceled promptly by it in accordance with its customary procedures. Except for Notes surrendered for transfer or exchange, no Notes shall be authenticated in exchange thereof except as expressly
permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled Notes in accordance with its customary procedures. 

Section 2.09. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use “CUSIP” numbers in all notices issued to Holders as a convenience to such Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Notes or on such notice and that reliance may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers. 

Section 2.10. Repurchases. The Company may, to the extent permitted by law, directly or indirectly (regardless of whether such
Notes are surrendered to the Company), repurchase Notes in the open market or otherwise, whether by the Company or its Subsidiaries or through a privately negotiated transaction or public tender or exchange offer or through counterparties to private
agreements, including by cash-settled swaps or other cash-settled derivatives. Any Notes so repurchased by the Company shall be submitted to the Trustee for cancellation. 

ARTICLE 3 

SATISFACTION AND DISCHARGE 

Section 3.01. Satisfaction and Discharge. This Indenture shall upon request of the Company contained in an Officer’s
Certificate cease to be of further effect, and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when (a) (i) all Notes theretofore authenticated and
delivered (other than Notes which have been destroyed, lost or stolen and which have been replaced, paid or converted as provided in Section 2.06) have been delivered to the Trustee for cancellation; or (ii) the Company has deposited with
the Trustee or delivered to Holders, as applicable, after the Notes have become due and payable, whether on the Maturity Date, any Redemption Date, any Fundamental Change Repurchase Date, upon conversion or otherwise, cash or shares of Common Stock,
as applicable, solely to satisfy the Company’s Conversion Obligation, sufficient to pay all of the outstanding Notes and all other sums due and payable under this Indenture by the Company; and (b) the Company has delivered to the Trustee
an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. Notwithstanding the satisfaction and
discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.06 shall survive. 
 ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Accreted Principal Amount. The Company covenants and agrees that it will cause to be paid the Accreted
Principal Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes. 

  
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 Section 4.02. Maintenance of Office or Agency. The Company will maintain in the
contiguous United States, an office or agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or repurchase (“Paying Agent”) or for conversion (“Conversion
Agent”) and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such
office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office or the office or agency of the Trustee in the contiguous United States; provided, no service of legal process on the Company may be made at any office of the Trustee. 

The Company may also from time to time designate as co-Note Registrars one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in the contiguous United States, for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other
office or agency. The terms “Paying Agent” and “Conversion Agent” include any such additional or other offices or agencies, as applicable. 

The Company hereby initially designates the Trustee as the Paying Agent, Note Registrar, Custodian and Conversion Agent and Global Corporate
Trust Services, 100 Wall Street, Suite 1600, New York, New York 10005 as the office or agency in the Borough of Manhattan, The City of New York, where Notes may be surrendered for registration of transfer or exchange or for presentation for payment
or repurchase or for conversion and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. 

Section 4.03. Appointments to Fill Vacancies in Trustee’s Office. The Company, whenever necessary to avoid or
fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 7.09, a Trustee, so that there shall at all times be a Trustee hereunder. 

Section 4.04. Provisions as to Paying Agent. (a) If the Company shall appoint a Paying Agent other than the Trustee, the
Company will cause such Paying Agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 

(i)    that it will hold all sums held by it as such agent for the payment of the Accreted Principal Amount
(including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of the Notes in trust for the benefit of the Holders of the Notes; 

  
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 (ii)    that it will give the Trustee prompt notice of
any failure by the Company to make any payment of the Accreted Principal Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of the Notes when the same shall be due and payable; and 

(iii)    that at any time during the continuance of an Event of Default, upon request of the Trustee, it
will forthwith pay to the Trustee all sums so held in trust. 
 The Company shall, on or before each due date of the Accreted Principal
Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of the Notes, deposit with the Paying Agent a sum sufficient to pay such Accreted Principal Amount (including the Redemption Price and the Fundamental
Change Repurchase Price, if applicable), and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of any failure to take such action; provided that if such deposit is made on the due date, such
deposit must be received by the Paying Agent by 11:00 a.m., New York City time, on such date. 
 (b)    If the Company
shall act as its own Paying Agent, it will, on or before each due date of the Accreted Principal Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of the Notes, set aside, segregate and hold in trust
for the benefit of the Holders of the Notes a sum sufficient to pay such Accreted Principal Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) t so becoming due and will promptly notify the Trustee in
writing of any failure to take such action and of any failure by the Company to make any payment of the Accreted Principal Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of the Notes when the same
shall become due and payable. 
 (c)    Anything in this Section 4.04 to the contrary notwithstanding, the Company
may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay, cause to be paid or deliver to the Trustee all sums or amounts held in trust by the Company or any Paying Agent hereunder as
required by this Section 4.04, such sums or amounts to be held by the Trustee upon the trusts herein contained and upon such payment or delivery by the Company or any Paying Agent to the Trustee, the Company or such Paying Agent shall be
released from all further liability but only with respect to such sums or amounts. 
 (d)    Any money and Common Stock
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the Accreted Principal Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) and the consideration
due upon conversion of any Note and remaining unclaimed for two years after such Accreted Principal Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) or consideration due upon conversion has become
due and payable shall be paid to the Company on request of the Company contained in an Officer’s Certificate, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money and Common Stock, and all liability of the Company as trustee thereof, shall thereupon cease. 

  
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 Section 4.05. Existence. Subject to Article 11, the Company shall do or cause to
be done all things necessary to preserve and keep in full force and effect its corporate existence. 
 Section 4.06. Rule 144A
Information Requirement and Annual Reports. (a) At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes or any shares of Common Stock issuable upon conversion
thereof shall, at such time, constitute “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective purchaser
of such Notes or any shares of Common Stock issuable upon conversion of such Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act to facilitate the resale of such Notes or shares of Common Stock
pursuant to Rule 144A. 
 (b)    The Company shall file with the Trustee, within 15 days after the same are required to
be filed with the Commission, copies of any documents or reports that the Company is required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act (excluding, for the avoidance of doubt, any such documents or reports,
or portions thereof, subject to confidential treatment and any correspondence with the Commission and giving effect to any grace period provided by Rule 12b-25 under the Exchange Act or any similar or
successor grace period). Any such document or report that the Company files with the Commission via the Commission’s EDGAR system shall be deemed to be filed with the Trustee for purposes of this Section 4.06(b) at the time such documents
are filed via the EDGAR system, it being understood that the Trustee shall have no responsibility to determine whether any documents have been filed on the EDGAR system. Notwithstanding anything to the contrary in this Indenture, the Company shall
in no event be required to file with, or otherwise provide or disclose to, the Trustee or any Holder any information for which the Company is seeking, or has received, confidential treatment from the Commission. 

(c)    Delivery of the reports and documents described in subsection (b) above to the Trustee is for informational
purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to conclusively rely on an Officer’s Certificate). 
 Section 4.07. Stay,
Extension and Usury Laws. The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law
or other law that would prohibit or forgive the Company from paying all or any portion of the Accreted Principal Amount of the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or
the performance of this Indenture; and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

  
 25 

 Section 4.08. Compliance Certificate; Statements as to Defaults. The Company
shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company (beginning with the fiscal year ending on December 31, 2020) an Officer’s Certificate stating whether the signers thereof have knowledge of any
failure by the Company to comply with all conditions and covenants then required to be performed under this Indenture during such fiscal year and, if so, specifying each such failure and the nature thereof. 

In addition, the Company shall deliver to the Trustee, as soon as possible, and in any event within 30 days after the occurrence of any Event
of Default or Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the action that the Company is taking or proposing to take in respect thereof. 

Section 4.09. Additional Amounts. 

(a)    If the Company consolidates with or merges with or into, or sells, conveys, transfers or leases all or substantially
all of the Company’s properties and assets to, another company pursuant to Section 11.02, and the Successor Company is not organized and existing under the laws of the United States of America, any State thereof or the District of
Columbia, then all payments and deliveries made by, or on behalf of, the Successor Company under or with respect to the Notes, including, but not limited to, payments of the Accreted Principal Amount (including, if applicable, the Redemption Price
and the Fundamental Change Repurchase Price) and deliveries of Common Stock or other Reference Property, in each case, upon conversion, shall be made without withholding or deduction for, or on account of, any present or future taxes, duties,
assessments or governmental charges of whatever nature imposed or levied by a taxing authority within any jurisdiction in which the Successor Company is, for tax purposes, organized or resident or doing business or through which payment is made or
deemed made (or any political subdivision or taxing authority thereof or therein) (each, as applicable, a “Relevant Taxing Jurisdiction”), unless such withholding or deduction is required by law or by regulation or governmental
policy having the force of law. In the event that any such withholding or deduction is so required, the Successor Company shall pay such additional amounts (the “Additional Amounts”) as may be necessary to ensure that the net amount
received by the beneficial owner after such withholding or deduction (and after deducting or withholding any taxes on the Additional Amounts) shall equal the amounts that would have been received by such beneficial owner had no such withholding or
deduction been required; provided that no Additional Amounts shall be payable: 

  
 26 

 (i)    for or on account of: 

(A)    any tax, duty, assessment or other governmental charge that would not have been imposed but for:

 (1)    the existence of any present or former connection between the Holder or beneficial owner of
such Note and the Relevant Taxing Jurisdiction, other than merely holding such Note or the receipt of payments thereunder, including, without limitation, such Holder or beneficial owner being or having been a national, domiciliary or resident of
such Relevant Taxing Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or having had a permanent establishment therein; 

(2)    the presentation of such Note (in cases in which presentation is required) more than 30 days after
the later of the date on which the payment of the Accreted Principal Amount of (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) such Note or the delivery of Common Stock and other Reference Property, in
each case, upon conversion of such Note became due and payable pursuant to the terms thereof or was made or duly provided for; or 

(3)    the failure of the Holder or beneficial owner to comply with a timely request from the Successor
Company to provide certification, information, documents or other evidence concerning such Holder’s or beneficial owner’s nationality, residence, identity or connection with the Relevant Taxing Jurisdiction, or to make any declaration or
satisfy any other reporting requirement relating to such matters, if and to the extent that due and timely compliance with such request is required by statute, regulation or administrative practice of the Relevant Taxing Jurisdiction in order to
reduce or eliminate any withholding or deduction as to which Additional Amounts would have otherwise been payable to such Holder or beneficial owner; 

(B)    any estate, inheritance, gift, sale, transfer, excise, personal property or similar tax, assessment
or other governmental charge; 
 (C)    any tax, duty, assessment or other governmental charge that is
payable otherwise than by withholding or deduction from payments under or with respect to the Notes; 

(D)    any tax, assessment, withholding or deduction required by sections 1471 through 1474 of the United
States Internal Revenue Code of 1986, as amended (“FATCA”), any current or future Treasury Regulations or rulings promulgated thereunder, any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA,
any intergovernmental agreement between the United States and any other jurisdiction to implement FATCA or any law enacted by such other jurisdiction to give effect to such agreement, or any agreement with the U.S. Internal Revenue Service under
FATCA; 
 (E)    any tax, duty, assessment or other governmental charge required to be withheld or
deducted by any Paying Agent from any payment of the Accreted Principal Amount of any Notes, if such payment could have been made without such withholding or deduction by at least one other Paying Agent; 

  
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 (F)    any taxes imposed by the United States or any
political subdivision thereof; or 
 (G)    any combination of taxes referred to in the preceding clauses
(A), (B), (C), (D), (E), or (F), 
 (ii)    with respect to any payment of the Accreted Principal Amount
of (including the Fundamental Change Repurchase Price, if applicable) such Note or the delivery of Common Stock or other Reference Property, in each case, upon conversion of such Note to a Holder, if the Holder is a fiduciary, partnership or person
other than the sole beneficial owner of that payment to the extent that such payment would be required to be included in the income under the laws of the Relevant Taxing Jurisdiction, for tax purposes, of a beneficiary or settlor with respect to the
fiduciary, a partner or member of that partnership or a beneficial owner who would not have been entitled to such Additional Amounts had that beneficiary, settlor, partner, member or beneficial owner been the Holder thereof. 

(b)    [reserved]. 

(c)    If the Successor Company is required to make any deduction or withholding from any payments with respect to the
Notes, the Successor Company will deliver to the Trustee official tax receipts evidencing the remittance to the relevant tax authorities of the amounts so withheld or deducted or other evidence reasonably satisfactory to the Trustee. 

(d)    Any reference in this Indenture or the Notes in any context to the delivery of Common Stock or other Reference
Property, in each case, upon conversion of any Note or the payment of the Accreted Principal Amount of (including the Fundamental Change Repurchase Price and Redemption Price, if applicable) any Note or any other amount payable with respect to such
Note, shall be deemed to include payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof pursuant to this Section 4.09. 

ARTICLE 5 
 LISTS
OF HOLDERS AND REPORTS BY THE COMPANY AND THE TRUSTEE 

Section 5.01. Lists of Holders. The Company covenants and agrees that it will furnish or cause to be furnished to the Trustee,
semi-annually, not more than 15 days after each March 15 and September 15 in each year beginning with September 15, 2020, and at such other times as the Trustee may request in writing, within 30 days after receipt by the Company of
any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require of the names and addresses of
the Holders as of a date not more than 15 days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished, except that no such list need be furnished so long as
the Trustee is acting as Note Registrar. 

  
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 Section 5.02. Preservation and Disclosure of Lists. The Trustee shall preserve,
in as current a form as is reasonably practicable, all information as to the names and addresses of the Holders contained in the most recent list furnished to it as provided in Section 5.01 or maintained by the Trustee in its capacity as Note
Registrar, if so acting. The Trustee may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so furnished. 

ARTICLE 6 
 DEFAULTS
AND REMEDIES 
 Section 6.01. Events of Default. Each of the following events shall be an
“Event of Default” with respect to the Notes: 
 (a)    the Guarantee shall for any reason cease to be,
or shall for any reason be asserted in writing by the Guarantor or the Company not to be, in full force and effect and enforceable in accordance with its terms, except to the extent contemplated by this Indenture and the Guarantee; 

(b)    default in the payment of the Accreted Principal Amount of any Note when due and payable on the Maturity Date, upon
Optional Redemption, upon any required repurchase, upon declaration of acceleration or otherwise; 
 (c)    failure by
the Company to comply with its obligation to convert the Notes in accordance with this Indenture upon exercise of a Holder’s conversion right and such failure continues for five Business Days; 

(d)    failure by the Company to issue a Fundamental Change Company Notice in accordance with Section 15.02(c) when
due; 
 (e)    failure by the Company to comply with its obligations under Article 11 or any of its obligations under
Section 6.8 of the Securities Purchase Agreement (it being understood that the Company’s obligations pursuant to such Section 6.8 of the Securities Purchase Agreement shall be extinguished upon the occurrence of certain events
described in the Securities Purchase Agreement); 
 (f)    failure by the Company for 60 days after written notice from
the Trustee or the Holders of at least 25% in Original Principal Amount of the Notes then outstanding has been received by the Company to comply with any of its other agreements contained in the Notes or this Indenture; 

(g)    default by the Company or any Significant Subsidiary of the Company with respect to any mortgage, agreement or
other instrument under which there may be outstanding, or by which there may be secured or evidenced, any indebtedness for money borrowed in excess of $75,000,000 (or its foreign currency equivalent) in the aggregate of the Company and/or any such
Significant Subsidiary, whether such indebtedness now exists or shall hereafter be created 

  
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(i) resulting in such indebtedness becoming or being declared due and payable or (ii) constituting a failure to pay the principal or interest of any such debt when due and payable (after the
expiration of all applicable grace periods) at its stated maturity, upon required repurchase, upon declaration of acceleration or otherwise, in each case of clauses (i) and (ii), if such failure to pay or default is not cured or waived, or such
acceleration is not rescinded or annulled, as applicable, in either case, within 30 days after written notice is delivered to the Company by the Trustee or is delivered to the Company and the Trustee by Holders of at least 25% in aggregate Original
Principal Amount of Notes then outstanding, in accordance with this Indenture; 
 (h)    a final judgment or judgments
for the payment of $50,000,000 (or its foreign currency equivalent) or more (excluding any amounts covered by insurance) in the aggregate rendered against the Company or any Subsidiary of the Company, which judgment is not discharged, paid, bonded,
waived or stayed within 30 days after (i) the date on which the right to appeal thereof has expired if no such appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished; 

(i)    the Company or any Significant Subsidiary shall commence a voluntary case or other proceeding seeking liquidation,
reorganization or other relief with respect to the Company or any such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver,
liquidator, custodian or other similar official of the Company or any such Significant Subsidiary or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due; or 

(j)    an involuntary case or other proceeding shall be commenced against the Company or any Significant Subsidiary
seeking liquidation, reorganization or other relief with respect to the Company or such Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of the Company or such Significant Subsidiary or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 30
consecutive days. 
 Section 6.02. Acceleration; Rescission and Annulment. If one or more Events of Default shall have occurred
and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body), then, and in each and every such case (other than an Event of Default specified in Section 6.01(i) or Section 6.01(j) with respect to the Company or any of its Significant Subsidiaries), unless the
principal of all of the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate Original Principal Amount of the Notes then outstanding determined in accordance with Section 8.04, by
notice in writing to the Company (and to the Trustee if given by Holders), may declare 100% of the Accreted Principal Amount of all the Notes to be due and payable immediately, and upon any 

  
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such declaration the same shall become and shall automatically be immediately due and payable, anything contained in this Indenture or in the Notes to the contrary notwithstanding. If an Event of
Default specified in Section 6.01(i) or Section 6.01(j) with respect to the Company or any of its Significant Subsidiaries occurs and is continuing, 100% of the Accreted Principal Amount of all Notes shall become and shall automatically be
immediately due and payable. 
 The immediately preceding paragraph, however, is subject to the conditions that if, at any time after the
principal of the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the
Trustee a sum sufficient to pay the Accreted Principal Amount of any and all Notes that shall have become due otherwise than by acceleration (with interest on overdue installments of accrued and unpaid interest to the extent that payment of such
interest is enforceable under applicable law, and on such principal at the rate borne by the Notes) and amounts due to the Trustee pursuant to Section 7.06, and if (1) rescission would not conflict with any judgment or decree of a court of
competent jurisdiction and (2) any and all existing Events of Default under this Indenture, other than the nonpayment of the Accreted Principal Amount of Notes that shall have become due solely by such acceleration, shall have been cured or
waived pursuant to Section 6.09, then and in every such case (except as provided in the immediately succeeding sentence) the Holders of the Required Percentage in aggregate Original Principal Amount of the Notes then outstanding, by written
notice to the Company and to the Trustee, may waive all existing and past Defaults or Events of Default with respect to the Notes and rescind and annul such declaration and its consequences and such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent Default or Event of Default, or shall impair any right
consequent thereon. Notwithstanding anything to the contrary herein, no such waiver or rescission and annulment shall extend to or shall affect any continuing Default or Event of Default relating to (i) the nonpayment of the Accreted Principal
Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of any Notes or (ii) a failure to deliver the consideration due upon conversion of the Notes. 

Section 6.03. Additional Interest. Notwithstanding anything in this Indenture or in the Notes to the contrary, to the extent the
Company elects, the sole remedy for an Event of Default relating to the Company’s failure to comply with its obligations as set forth in Section 4.06(b) shall (i) for the first 180 days after the occurrence of such an Event of Default
(beginning on, and including the date on which such an Event of Default first occurs), consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.25% per annum of the Accreted Principal Amount of the Notes
outstanding for each day during such 180-day period on which such Event of Default is continuing and (ii) for the period from, and including, the 181st day after the occurrence of such an Event of Default
to, and including, the 360th day after the occurrence of such an Event of Default, consist exclusively of the right to receive Additional Interest on the Notes at a rate equal to 0.50% per annum of the Accreted Principal Amount of Notes outstanding
for each day during such additional 180-day period on which such an Event of Default is continuing, subject to the second immediately succeeding paragraph. If the Company so elects, such Additional Interest
shall be payable in the same manner and on the same dates as 

  
 31 

 
interest payable on the Notes is added to the Accreted Principal Amount in accordance with the provisions of Section 2.03. On the 361st day after such Event of Default (if the Event of
Default relating to the Company’s failure to file is not cured or waived prior to such 361st day), the Notes shall be immediately subject to acceleration as provided in Section 6.02. The provisions of this paragraph will not affect the
rights of Holders of Notes in the event of the occurrence of any Event of Default other than the Company’s failure to comply with its obligations as set forth in Section 4.06(b). In the event the Company does not elect to pay Additional
Interest following an Event of Default in accordance with this Section 6.03, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

In no event will the rate of any such Additional Interest payable pursuant to this Section 6.03 accrue at a rate in excess of 0.50% per
annum, regardless of the number of events or circumstances giving rise to the requirement to pay such Additional Interest. 
 In order to
elect to pay Additional Interest as the sole remedy during the first 360 days after the occurrence of any Event of Default described in the immediately preceding paragraph, the Company must notify all Holders of the Notes, the Trustee and the Paying
Agent of such election prior to the beginning of such 360-day period. Upon the failure to timely give such notice, the Notes shall be immediately subject to acceleration as provided in Section 6.02. 

Section 6.04. Payments of Notes on Default; Suit Therefor. If an Event of Default described in clause (a) or (b) of
Section 6.01 shall have occurred and be continuing, the Company shall, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of the Notes, the whole amount then due and payable on the Notes for the Accreted Principal
Amount, with interest on any overdue Accreted Principal Amount at the rate borne by the Notes at such time, and, in addition thereto, such further amount as shall be sufficient to cover any amounts due to the Trustee under Section 7.06. If the
Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding
to judgment or final decree and may enforce the same against the Company or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other
obligor upon the Notes, wherever situated. 
 In the event there shall be pending proceedings for the bankruptcy or for the reorganization
of the Company or any other Significant Subsidiary on the Notes under Title 11 of the United States Code, or any other applicable law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar
official shall have been appointed for or taken possession of the Company or such other Significant Subsidiary, the property of the Company or such other Significant Subsidiary, or in the event of any other judicial proceedings relative to the
Company or such other Significant Subsidiary upon the Notes, or to the creditors or property of the Company or such other Significant Subsidiary, the Trustee, irrespective of whether the Accreted Principal Amount of the Notes shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 6.04, shall be 

  
 32 

 
entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of the Accreted Principal Amount of the Notes, and, in case of
any judicial proceedings, to file such proofs of claim and other papers or documents and to take such other actions as it may deem necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceedings relative to the Company or any other obligor on the Notes, its or their creditors, or its or their
property, and to collect and receive any monies or other property payable or deliverable on any such claims, and to distribute the same after the deduction of any amounts due to the Trustee under Section 7.06; and any receiver, assignee or
trustee in bankruptcy or reorganization, liquidator, custodian or similar official is hereby authorized by each of the Holders to make such payments to the Trustee, as administrative expenses, and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due it for reasonable compensation, expenses, advances and disbursements, including agents and counsel fees, and including any other amounts due to the Trustee under
Section 7.06, incurred by it up to the date of such distribution. 
 Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting such Holder or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding. 
 All rights of action and of asserting claims under this Indenture, or under any of the Notes,
may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Notes. 
 In any proceedings brought by the Trustee (and in any proceedings involving the interpretation of any provision of this
Indenture to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Notes, and it shall not be necessary to make any Holders of the Notes parties to any such proceedings. 

In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or
abandoned because of any waiver pursuant to Section 6.09 or any rescission and annulment pursuant to Section 6.02 or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company, the
Holders and the Trustee shall, subject to any determination in such proceeding, be restored respectively to their several positions and rights hereunder, and all rights, remedies and powers of the Company, the Holders and the Trustee shall continue
as though no such proceeding had been instituted. 

  
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 Section 6.05. Application of Monies Collected by Trustee. Any monies collected
by the Trustee pursuant to this Article 6 with respect to the Notes shall be applied in the following order, at the date or dates fixed by the Trustee for the distribution of such monies, upon presentation of the several Notes, and stamping thereon
the payment, if only partially paid, and upon surrender thereof, if fully paid: 
 First, to the payment of all amounts due the
Trustee under this Indenture; 
 Second, to the payment of the whole amount (including, if applicable, the payment of the Redemption
Price and the Fundamental Change Repurchase Price) then owing and unpaid upon the Notes for the Accreted Principal Amount, with interest on the overdue Accreted Principal Amount and in case such monies shall be insufficient to pay in full the whole
amounts so due and unpaid upon the Notes, then to the payment of such Accreted Principal Amount (including, if applicable, the Redemption Price and the Fundamental Change Repurchase Price) and interest without preference or priority of Accreted
Principal Amount over interest, or of interest over Accreted Principal Amount, or of any Note over any other Note, ratably to the aggregate of such Accreted Principal Amount (including, if applicable, the Redemption Price and the Fundamental Change
Repurchase Price); and 
 Third, to the payment of the remainder, if any, to the Company. 

Section 6.06. Proceedings by Holders. Except to enforce the right to receive payment of the Accreted Principal Amount (including,
if applicable, the Redemption Price and the Fundamental Change Repurchase Price) when due, or the right to receive the consideration due upon conversion, no Holder of any Note shall have any right by virtue of or by availing of any provision of this
Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture, or for the appointment of a receiver, trustee, liquidator, custodian or other similar official, or for any other remedy
hereunder, unless: 
 (a)    such Holder previously shall have given to the Trustee written notice of an Event of
Default and of the continuance thereof, as herein provided; 
 (b)    Holders of at least 25% in aggregate Original
Principal Amount of the Notes then outstanding shall have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder; 

(c)    such Holders shall have offered to the Trustee such security or indemnity reasonably satisfactory to it against any
loss, liability or expense to be incurred therein or thereby; 
 (d)    the Trustee for 60 days after its receipt of
such notice, request and offer of such security or indemnity, shall have neglected or refused to institute any such action, suit or proceeding; and 

(e)    no direction that, in the opinion of the Trustee, is inconsistent with such written request shall have been given
to the Trustee by the Holders of the Required Percentage in aggregate Original Principal Amount of the Notes then outstanding within such 60-day period pursuant to Section 6.09, it being understood and
intended, and being expressly covenanted by 

  
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the taker and Holder of every Note with every other taker and Holder and the Trustee that no one or more Holders shall have any right in any manner whatever by virtue of or by availing of any
provision of this Indenture to affect, disturb or prejudice the rights of any other Holder (it being understood that the Trustee shall have no liability or responsibility to determine whether any such action is prejudicial to the Holders), or to
obtain or seek to obtain priority over or preference to any other such Holder, or to enforce any right under this Indenture, except in the manner herein provided and for the equal, ratable and common benefit of all Holders (except as otherwise
provided herein). For the protection and enforcement of this Section 6.06, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity. 

Notwithstanding any other provision of this Indenture and any provision of any Note, the right of any Holder to receive payment or delivery,
as the case may be, of (x) the Accreted Principal Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and (y) the consideration due upon conversion of, such Note, on or after the
respective due dates expressed or provided for in such Note or in this Indenture, or to institute suit for the enforcement of any such payment or delivery, as the case may be, on or after such respective dates against the Company shall not be
impaired or affected without the consent of such Holder. 
 Section 6.07. Proceedings by Trustee. In case of an Event of
Default, the Trustee may in its discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as are necessary to protect and enforce any of such rights, either by suit in equity or by
action at law or by proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal
or equitable right vested in the Trustee by this Indenture or by law. 
 Section 6.08. Remedies Cumulative and Continuing.
Except as provided in the last paragraph of Section 2.06, all powers and remedies given by this Article 6 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of each other or of any
other powers and remedies available to the Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of
the Trustee or of any Holder of any of the Notes to exercise any right or power accruing during the continuance of any Default or Event of Default shall impair any such right or power, or shall be construed to be a waiver of any such Default or
Event of Default or any acquiescence therein; and, subject to the provisions of Section 6.06, every power and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Holders. 
 Section 6.09. Direction of Proceedings and Waiver of Defaults by Holders of
the Required Percentage. The Holders of the Required Percentage in aggregate Original Principal Amount of the Notes at the time outstanding determined in accordance with Section 8.04 shall have the right to direct the time, method and place
of conducting any proceeding for any remedy 

  
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available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes; provided, however, that (a) such direction shall not be in
conflict with any rule of law or with this Indenture, and (b) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. The Trustee may refuse to follow any direction that it determines is
unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. The Holders of the Required Percentage in aggregate Original Principal Amount of the Notes at the time outstanding determined in accordance
with Section 8.04 may on behalf of the Holders of all of the Notes waive any existing or past Default or Event of Default hereunder and its consequences except (i) a default in the payment of the Accreted Principal Amount (including any
Redemption Price and any Fundamental Change Repurchase Price) of the Notes when due that has not been cured, (ii) a failure by the Company to deliver the consideration due upon conversion of the Notes that has not been cured or (iii) a
default in respect of a covenant or provision hereof which under Article 10 cannot be modified or amended without the consent of each Holder of an outstanding Note affected. Upon any such waiver the Company, the Trustee and the Holders of the Notes
shall be restored to their former positions and rights hereunder; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall
have been waived as permitted by this Section 6.09, said Default or Event of Default shall for all purposes of the Notes and this Indenture be deemed to have been cured and to be not continuing; but no such waiver shall extend to any subsequent
or other Default or Event of Default or impair any right consequent thereon. 
 Section 6.10. Notice of Defaults. The Trustee
shall, within 90 days after the occurrence and continuance of a Default of which a Responsible Officer has actual knowledge, deliver to all Holders notice of all Defaults known to a Responsible Officer, unless such Defaults shall have been cured or
waived before the giving of such notice; provided that, except in the case of a Default in the payment of the Accreted Principal Amount of (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) any of the
Notes or a Default in the delivery of the consideration due upon conversion, the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the interests of
the Holders. 
 Section 6.11. Undertaking to Pay Costs. All parties to this Indenture agree, and each Holder of any Note by its
acceptance thereof shall be deemed to have agreed, that any court may, in its discretion, require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken or omitted by it
as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; provided that the provisions of this Section 6.11 (to the extent permitted by law) shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Notes at the time outstanding determined in accordance with Section 8.04, or to any suit
instituted by any Holder for the enforcement of the payment of the Accreted Principal Amount of any Note (including, but not limited to, the Redemption Price and the 

  
 36 

 
Fundamental Change Repurchase Price, if applicable) on or after the due date expressed or provided for in such Note or to any suit for the enforcement of the right to convert any Note, or receive
the consideration due upon conversion, in accordance with the provisions of Article 14. 
 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the
curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In the event an Event of Default has occurred and is continuing, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own
affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of the Holders unless such Holders
have offered to the Trustee indemnity or security reasonably satisfactory to it against any loss, liability or expense that might be incurred by it in compliance with such request or direction. 

No provision of this Indenture shall be construed to relieve the Trustee from liability for its own grossly negligent action, its own grossly
negligent failure to act or its own willful misconduct, except that: 
 (a)    prior to the occurrence of an Event of
Default and after the curing or waiving of all Events of Default that may have occurred: 
 (i)    the
duties and obligations of the Trustee shall be determined solely by the express provisions of this Indenture, and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this
Indenture and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii)    in the absence of gross negligence and willful misconduct on the part of the Trustee, the Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but, in the case of any
such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this
Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein); 

(b)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers
of the Trustee, unless it shall be proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 

  
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 (c)    the Trustee shall not be liable with respect to any action taken
or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less than the Required Percentage in aggregate Original Principal Amount of the Notes at the time outstanding determined as provided in
Section 8.04 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture; 

(d)    whether or not therein provided, every provision of this Indenture relating to the conduct or affecting the
liability of, or affording protection to, the Trustee shall be subject to the provisions of this Section; 
 (e)    the
Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters relating to payment) or notice effected by the Company or any Paying Agent or any records maintained by any co-Note Registrar with respect to the Notes; 
 (f)    if any party fails to deliver a
notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless a
Responsible Officer of the Trustee had actual knowledge of such event; 
 (g)    in the absence of written investment
direction from the Company, all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for
investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the party directing such investments prior to its maturity date or the failure of the party
directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written investment direction from the Company; and 

(h)    in the event that the Trustee is also acting as Custodian, Note Registrar, Paying Agent, Conversion Agent or
transfer agent hereunder, the rights and protections afforded to the Trustee pursuant to this Article 7 shall also be afforded to such Custodian, Note Registrar, Paying Agent, Conversion Agent or transfer agent. 

None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 
 Section 7.02.
Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 7.01: 
 (a)    the Trustee may
conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, note, coupon or other paper or document believed by it in good faith to be
genuine and to have been signed or presented by the proper party or parties; 

  
 38 

 (b)    any request, direction, order or demand of the Company mentioned
herein shall be sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be herein specifically prescribed); and any Board Resolution may be evidenced to the Trustee by a copy thereof certified by the
Secretary or an Assistant Secretary of the Company; 
 (c)    the Trustee may consult with counsel of its selection and
require an Opinion of Counsel and any advice of such counsel or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by it hereunder in good faith and in accordance with such advice or
Opinion of Counsel; 
 (d)    the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the
expense of the Company and shall incur no liability of any kind by reason of such inquiry or investigation; 

(e)    the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by
or through agents, custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder; 

(f)    the permissive rights of the Trustee enumerated herein shall not be construed as duties; 

(g)    the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of
the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture; 

(h)    the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

(i)    the Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder; and 
 (j)    the Trustee may request that the Company deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

  
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 In no event shall the Trustee be liable for any special, punitive, indirect or consequential
loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action other than any such loss or damage caused by the
Trustee’s willful misconduct or gross negligence. The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes, unless either (1) a Responsible Officer shall have actual knowledge of such
Default or Event of Default or (2) written notice of such Default or Event of Default shall have been given to the Trustee by the Company or by any Holder of the Notes. 

Section 7.03. No Responsibility for Recitals, Etc. The recitals contained herein and in the Notes (except in the Trustee’s
certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of
the Notes. The Trustee shall not be accountable for the use or application by the Company of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee in conformity with the provisions of this Indenture. 

Section 7.04. Trustee, Paying Agents, Conversion Agents or Note Registrar May Own Notes. The Trustee, any Paying Agent, any
Conversion Agent or Note Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent, Conversion Agent or Note Registrar. 

Section 7.05. Monies and Common Stock to Be Held in Trust. All monies and Common Stock received by the Trustee shall, until used
or applied as herein provided, be held in trust for the purposes for which they were received. Money and Common Stock held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money or Common Stock received by it hereunder except as may be agreed from time to time by the Company and the Trustee. 

Section 7.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and
the Trustee shall be entitled to, such compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) as mutually agreed to
in writing between the Trustee and the Company, and the Company will pay or reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances reasonably incurred or made by the Trustee in accordance with any of the
provisions of this Indenture in any capacity thereunder (including the reasonable compensation and the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ) except any such expense, disbursement or
advance as shall have been caused by its gross negligence or willful misconduct. The Company also covenants to indemnify the Trustee in any capacity under this Indenture and any other document or transaction entered into in connection herewith and
its agents and any authenticating agent for, and to hold them harmless against, any loss, claim (whether asserted by the Company, a Holder or any other Person), damage, liability or expense incurred without gross negligence or willful misconduct on
the part of the Trustee, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this Indenture or in any other capacity
hereunder, including the costs and expenses of defending 

  
 40 

 
themselves against any claim of liability in the premises. The obligations of the Company under this Section 7.06 to compensate or indemnify the Trustee and to pay or reimburse the Trustee
for expenses, disbursements and advances shall be secured by a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 6.05, funds held in
trust herewith for the benefit of the Holders of particular Notes. The Trustee’s right to receive payment of any amounts due under this Section 7.06 shall not be subordinate to any other liability or indebtedness of the Company. The
obligation of the Company under this Section 7.06 shall survive the satisfaction and discharge of this Indenture and the earlier resignation or removal or the Trustee. The Company need not pay for any settlement made without its consent, which
consent shall not be unreasonably withheld. The indemnification provided in this Section 7.06 shall extend to the officers, directors, agents and employees of the Trustee. 

Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any authenticating
agent incur expenses or render services after an Event of Default specified in Section 6.01(i) or Section 6.01(j) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any
bankruptcy, insolvency or similar laws. 
 Section 7.07. Officer’s Certificate as Evidence. Except as
otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking or omitting any action hereunder,
such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence or willful misconduct on the part of the Trustee, be deemed to be conclusively proved and established by an
Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence and willful misconduct on the part of the Trustee, shall be full warrant to the Trustee for any action taken or omitted by
it under the provisions of this Indenture upon the faith thereof. 
 Section 7.08. Eligibility of Trustee. There shall at all
times be a Trustee hereunder which shall be a Person that is eligible pursuant to the Trust Indenture Act (as if the Trust Indenture Act were applicable hereto) to act as such and has a combined capital and surplus of at least $50,000,000. If such
Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Person shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article. 
 Section 7.09. Resignation or Removal of Trustee. (a) The Trustee
may at any time resign by giving written notice of such resignation to the Company and by delivering notice thereof to the Holders. Upon receiving such notice of resignation, the Company shall promptly appoint a successor trustee by written
instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have
accepted 

  
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appointment within 45 days after the delivery of such notice of resignation to the Holders, the resigning Trustee may, upon ten Business Days’ notice to the Company and the Holders, petition
any court of competent jurisdiction for the appointment of a successor trustee (at the Company’s expense), or any Holder who has been a bona fide holder of a Note or Notes for at least six months (or since the date of this Indenture) may,
subject to the provisions of Section 6.11, on behalf of himself or herself and all others similarly situated, petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may
deem proper and prescribe, appoint a successor trustee. 
 (b)    In case at any time any of the following shall occur:

 (i)    the Trustee shall cease to be eligible in accordance with the provisions of Section 7.08
and shall fail to resign after written request therefor by the Company or by any such Holder, or 

(ii)    the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in either case, the Company may by a Board Resolution remove the Trustee and appoint a successor trustee by written instrument, in duplicate, executed
by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of Section 6.11, any Holder who has been a bona fide holder of a
Note or Notes for at least six months (or since the date of this Indenture) may, on behalf of himself or herself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a
successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c)    The Holders of the Required Percentage in aggregate Original Principal Amount of the Notes at the time outstanding,
as determined in accordance with Section 8.04, may at any time remove the Trustee and nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten days after notice to the Company of such nomination the
Company objects thereto, in which case the Trustee so removed or any Holder, upon the terms and conditions and otherwise as in Section 7.09(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee.

 (d)    Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to any of the
provisions of this Section 7.09 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 7.10. 

Section 7.10. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.09 shall execute,
acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become effective and such successor

  
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trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named
as Trustee herein; but, nevertheless, on the written request of the Company or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver
an instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Company shall execute any and all instruments in writing for more fully and certainly
vesting in and confirming to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a senior claim to which the Notes are hereby made subordinate on all money or property held or collected by such
trustee as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to the provisions of Section 7.06. 

No successor trustee shall accept appointment as provided in this Section 7.10 unless at the time of such acceptance such successor
trustee shall be eligible under the provisions of Section 7.08. 
 Upon acceptance of appointment by a successor trustee as provided in
this Section 7.10, each of the Company and the successor trustee, at the written direction and at the expense of the Company shall send or cause to be sent a notice of the succession of such trustee hereunder to the Holders at their addresses
as they shall appear on the Note Register. If the Company fails to send such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be sent at the expense of the Company.

 Section 7.11. Succession by Merger, Etc. Any corporation or other entity into which the Trustee may be merged or converted or
with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity succeeding to all or substantially all of the
corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto;
provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be eligible under the provisions of Section 7.08.

 In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been
authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in
case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent appointed by such successor trustee may authenticate such Notes either in the name of any predecessor trustee hereunder or
in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided, however,
that the right to adopt the certificate of authentication of any predecessor trustee or to authenticate Notes in the name of any predecessor trustee shall apply only to its successor or successors by merger, conversion or consolidation. 

  
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 Section 7.12. Trustee’s Application for Instructions from the Company. Any
application by the Trustee for written instructions from the Company (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders of the Notes under this Indenture) may, at
the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not
be liable to the Company for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days after
the date any officer that the Company has indicated to the Trustee should receive such application actually receives such application, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such
action (or the effective date in the case of any omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted. 

ARTICLE 8 

CONCERNING THE HOLDERS 

Section 8.01. Action by Holders. Whenever in this Indenture it is provided that the Holders of a specified percentage of the
aggregate principal amount of the Notes (whether expressed as such or as Original Principal Amount or Accreted Principal Amount) may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the
taking of any other action), the fact that at the time of taking any such action, the Holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by
Holders in person or by agent or proxy appointed in writing, or (b) by the record of the Holders voting in favor thereof at any meeting of Holders duly called and held in accordance with the provisions of Article 9, or (c) by a combination
of such instrument or instruments and any such record of such a meeting of Holders. Whenever the Company or the Trustee solicits the taking of any action by the Holders of the Notes, the Company or the Trustee may, but shall not be required to, fix
in advance of such solicitation, a date as the record date for determining Holders entitled to take such action. The record date if one is selected shall be not more than fifteen days prior to the date of commencement of solicitation of such action.

 Section 8.02. Proof of Execution by Holders. Subject to the provisions of Section 7.01, Section 7.02 and
Section 9.05, proof of the execution of any instrument by a Holder or its agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations as may be prescribed by the Trustee or in such manner as shall be
satisfactory to the Trustee. The holding of Notes shall be proved by the Note Register or by a certificate of the Note Registrar. The record of any Holders’ meeting shall be proved in the manner provided in Section 9.06. 

  
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 Section 8.03. Who Are Deemed Absolute Owners. The Company, the Trustee, any
authenticating agent, any Paying Agent, any Conversion Agent and any Note Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note (whether or not such
Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Note Registrar) for the purpose of receiving payment of or on account of the Accreted Principal Amount
(including any Redemption Price and any Fundamental Change Repurchase Price) of such Note, for conversion of such Note and for all other purposes; and neither the Company nor the Trustee nor any Paying Agent nor any Conversion Agent nor any Note
Registrar shall be affected by any notice to the contrary. All such payments or deliveries so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sums or Common Stock so paid or delivered, effectual to
satisfy and discharge the liability for monies payable or shares deliverable upon any such Note. Notwithstanding anything to the contrary in this Indenture or the Notes following an Event of Default, any holder of a beneficial interest in a Global
Note may directly enforce against the Company, without the consent, solicitation, proxy, authorization or any other action of the Depositary or any other Person, such holder’s right to exchange such beneficial interest for a Note in
certificated form in accordance with the provisions of this Indenture. 
 Section 8.04. Company-Owned Notes Disregarded. In
determining whether the Holders of the requisite aggregate principal amount of Notes (whether expressed as such or as Original Principal Amount or Accreted Principal Amount) have concurred in any direction, consent, waiver or other action under this
Indenture, Notes that are owned by the Company, by any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof shall be disregarded and deemed not to be outstanding for the purpose of any such determination; provided
that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, consent, waiver or other action only Notes that a Responsible Officer knows are so owned shall be so disregarded. Notes so owned that have
been pledged in good faith may be regarded as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to so act with respect to such Notes and that the pledgee
is not the Company, a Subsidiary thereof or an Affiliate of the Company or a Subsidiary thereof. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. Upon
request of the Trustee, the Company shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any, known by the Company to be owned or held by or for the account of any of the above described Persons;
and, subject to Section 7.01, the Trustee shall be entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all Notes not listed therein are outstanding for the purpose of any
such determination. Notwithstanding Section 316(a)(1) of the Trust Indenture Act (which, for the avoidance of doubt, shall not apply to this Indenture unless and until this Indenture is qualified under the Trust Indenture Act) or anything
herein to the contrary, to the fullest extent permitted by law, no Notes owned or beneficially owned by any of the Purchasers (as defined in the Securities Purchase Agreement) or any of their respective Affiliates shall be deemed to be owned by the
Company, by any Subsidiary thereof or by any Affiliate of the Company or any Subsidiary thereof. 

  
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 Section 8.05. Revocation of Consents; Future Holders Bound. At any time prior to
(but not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the Holders of the percentage of the aggregate principal amount of the Notes specified in this Indenture in connection with such action,
any Holder of a Note that is shown by the evidence to be included in the Notes the Holders of which have consented to such action may, by filing written notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in
Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all future Holders and owners of such Note and of any
Notes issued in exchange or substitution therefor or upon registration of transfer thereof, irrespective of whether any notation in regard thereto is made upon such Note or any Note issued in exchange or substitution therefor or upon registration of
transfer thereof. 
 ARTICLE 9 

HOLDERS’ MEETINGS 

Section 9.01. Purpose of Meetings. A meeting of Holders may be called at any time and from time to time pursuant to the provisions
of this Article 9 for any of the following purposes: 
 (a)    to give any notice to the Company or to the Trustee or to
give any directions to the Trustee permitted under this Indenture, or to consent to the waiving of any Default or Event of Default hereunder (in each case, as permitted under this Indenture) and its consequences, or to take any other action
authorized to be taken by Holders pursuant to any of the provisions of Article 6; 
 (b)    to remove the Trustee and
nominate a successor trustee pursuant to the provisions of Article 7; 
 (c)    to consent to the execution of an
indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or 
 (d)    to take any
other action authorized to be taken by or on behalf of the Holders of any specified aggregate principal amount of the Notes under any other provision of this Indenture or under applicable law. 

Section 9.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders to take any action specified in
Section 9.01, to be held at such time and at such place as the Trustee shall determine. Notice of every meeting of the Holders, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting and the establishment of any record date pursuant to Section 8.01, shall be delivered to Holders. Such notice shall also be delivered to the Company. Such notices shall be delivered not less than 20 nor more than 90 days prior to the
date fixed for the meeting. 
 Any meeting of Holders shall be valid without notice if the Holders of all Notes then outstanding are present
in person or by proxy or if notice is waived before or after the meeting by the Holders of all Notes then outstanding, and if the Company and the Trustee are either present by duly authorized representatives or have, before or after the meeting,
waived notice. 

  
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 Section 9.03. Call of Meetings by Company or Holders. In case at any time the
Company, pursuant to a Board Resolution, or the Holders of at least 10% of the aggregate principal amount of the Notes then outstanding, shall have requested the Trustee to call a meeting of Holders, by written request setting forth in reasonable
detail the action proposed to be taken at the meeting, and the Trustee shall not have delivered the notice of such meeting within 20 days after receipt of such request, then the Company or such Holders may determine the time and the place for such
meeting and may call such meeting to take any action authorized in Section 9.01, by delivering notice thereof as provided in Section 9.02. 

Section 9.04. Qualifications for Voting. To be entitled to vote at any meeting of Holders a Person shall (a) be a Holder of
one or more Notes on the record date pertaining to such meeting or (b) be a Person appointed by an instrument in writing as proxy by a Holder of one or more Notes on the record date pertaining to such meeting. The only Persons who shall be
entitled to be present or to speak at any meeting of Holders shall be the Persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

Section 9.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Holders, in regard to proof of the holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the
Company or by Holders as provided in Section 9.03, in which case the Company or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the
meeting shall be elected by vote of the Holders of the Required Percentage in aggregate Original Principal Amount of the Notes represented at the meeting and entitled to vote at the meeting. 

Subject to the provisions of Section 8.04, at any meeting of Holders each Holder or proxyholder shall be entitled to one vote for each
$1,000 Original Principal Amount of Notes held or represented by him or her; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the
meeting to be not outstanding. The chairman of the meeting shall have no right to vote other than by virtue of Notes held by it or instruments in writing as aforesaid duly designating it as the proxy to vote on behalf of other Holders. Any meeting
of Holders duly called pursuant to the provisions of Section 9.02 or Section 9.03 may be adjourned from time to time by the Holders of the Required Percentage in aggregate Original Principal Amount of Notes represented at the meeting,
whether or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 

  
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 Section 9.06. Voting. The vote upon any resolution submitted to any meeting of
Holders shall be by written ballot on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the outstanding aggregate Original Principal Amount of the Notes held or represented by them. The permanent
chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of
all votes cast at the meeting. A record in duplicate of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one or more Persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was delivered as provided in Section 9.02. The record shall show the
aggregate Original Principal Amount of the Notes voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one of the duplicates shall be
delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 

Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

Section 9.07. No Delay of Rights by Meeting. Nothing contained in this Article 9 shall be deemed or construed to authorize or
permit, by reason of any call of a meeting of Holders or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved to the Trustee or to the
Holders under any of the provisions of this Indenture or of the Notes. 
 ARTICLE 10 

SUPPLEMENTAL INDENTURES 

Section 10.01. Supplemental Indentures Without Consent of Holders. Each of the Company and the Guarantor, when authorized by the
resolutions of the Board of Directors, and the Trustee, at the Company’s expense, may from time to time and at any time enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 

(a)    to cure any ambiguity, omission, defect or inconsistency; 

(b)    to provide for the assumption by a Successor Company of the obligations of the Company under this Indenture
pursuant to Article 11; 
 (c)    to add guarantees with respect to the Notes; 

(d)    to secure the Notes or the Guarantee; 

(e)    to add to the covenants of the Company or the Guarantor or to add to the Events of Default of the Company for the
benefit of the Holders or surrender any right or power conferred upon the Company or the Guarantor; 

  
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 (f)    to make any change that does not adversely affect the rights of
any Holder; 
 (g)    in connection with any Merger Event, provide that the notes are convertible into Reference
Property, subject to the provisions of Section 14.02, and make such related changes to the terms of the Notes and conversion rights of the Holders to the extent expressly required by Section 14.07; 

(h)    provide for the acceptance of appointment by a successor trustee or facilitate the administration of the trusts
under this Indenture by more than one trustee; 
 (i)    comply with the rules of the Depositary; 

(j)    [reserved]; or 

(k)    comply with any requirement of the Securities and Exchange Commission in connection with the qualification of this
Indenture under the Trust Indenture Act. 
 Upon the written request of the Company, the Trustee is hereby authorized to join with the
Company and the Guarantor in the execution of any such supplemental indenture, to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to, but may in its discretion, enter
into any supplemental indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Any
supplemental indenture authorized by the provisions of this Section 10.01 may be executed by the Company and the Trustee without the consent of the Holders of any of the Notes at the time outstanding, notwithstanding any of the provisions of
Section 10.02. 
 Section 10.02. Supplemental Indentures with Consent of Holders. With the consent (evidenced as provided
in Article 8) of the Holders of the Required Percentage in aggregate Original Principal Amount of the Notes then outstanding (determined in accordance with Article 8 and including, without limitation, consents obtained in connection with a
repurchase of, or tender or exchange offer for, Notes), each of the Company and the Guarantor, when authorized by the resolutions of the Board of Directors, and the Trustee, at the Company’s expense, may from time to time and at any time enter
into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture or of modifying in any manner the rights
of the Holders; provided, however, that, without the consent of each Holder of an outstanding Note affected, no such supplemental indenture shall: 

(a)    reduce the amount of Notes whose Holders must consent to an amendment; 

(b)    reduce the rate of or extend the stated time for the accretion of interest on any Note in accordance with the
provisions of Section 2.03; 
 (c)    change the Original Principal Amount of, reduce the Accreted Principal Amount
of or extend the Maturity Date of any Note; 

  
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 (d)    make any change that adversely affects the conversion rights of
any Notes; 
 (e)    reduce the Redemption Price or the Fundamental Change Repurchase Price of any Note or amend or
modify in any manner adverse to the Holders the Company’s obligation to make such payments, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 

(f)    make any Note payable in a currency other than that stated in the Note; 

(g)    change the ranking of the Notes; 

(h)    change the provisions set forth in Section 4.09 in a manner adverse to the Holders or beneficial owners of the
Notes; 
 (i)    make any change in this Article 10 that requires each Holder’s consent or in the waiver provisions
in Section 6.02 or Section 6.09; or 
 (j)    release the Guarantor from any of its obligations under the
Guarantee or the Indenture otherwise than in accordance with the terms of this Indenture. 
 Upon the written request of the Company, and
upon the filing with the Trustee of evidence of the consent of Holders as aforesaid and subject to Section 10.05, the Trustee shall join with the Company and the Guarantor in the execution of such supplemental indenture unless such supplemental
indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 

Holders do not need under this Section 10.02 to approve the particular form of any proposed supplemental indenture. It shall be
sufficient if such Holders approve the substance thereof. After any such supplemental indenture becomes effective, the Company shall deliver to the Holders a notice briefly describing such supplemental indenture. However, the failure to give such
notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the supplemental indenture. 

Section 10.03. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to the provisions of
this Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee, the Company and the
Holders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes. 
 Section 10.04. Notation on Notes. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to the provisions of this Article 10 may, at the Company’s expense, bear a notation in form approved by the Trustee as to any matter provided

  
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for in such supplemental indenture. If the Company or the Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Trustee and the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may, at the Company’s expense, be prepared and executed by the Company, authenticated by the Trustee (or an authenticating agent duly appointed by the Trustee pursuant
to Section 17.10) and delivered in exchange for the Notes then outstanding, upon surrender of such Notes then outstanding. 

Section 10.05. Evidence of Compliance of Supplemental Indenture to Be Furnished Trustee. In addition to the documents required by
Section 17.05, the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article 10 and is permitted
or authorized by this Indenture and is the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms. 

ARTICLE 11 

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE 

Section 11.01. Company May Consolidate, Etc. on Certain Terms. Subject to the provisions of Section 11.02, the Company shall
not consolidate with, merge with or into, or sell, convey, transfer or lease all or substantially all of its properties and assets to another Person (other than in a Permitted Sale Transaction), unless: 

(a)    the resulting, surviving or transferee Person (the “Successor Company”), if not the Company, shall
be (i) a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia or (ii) a corporation or entity that is treated as a corporation for U.S. federal income tax purposes
organized and existing under the laws of the Cayman Islands, the British Virgin Islands, the Islands of Bermuda, the Netherlands, Belgium, Switzerland, Luxembourg, the Republic of Ireland, Canada or the United Kingdom, and the Successor Company (if
not the Company) shall expressly assume, by supplemental indenture all of the obligations of the Company under the Notes and this Indenture (including, for the avoidance of doubt, the obligation to pay Additional Amounts, as set forth in
Section 4.09); and 
 (b)    immediately after giving effect to such transaction, no Default or Event of Default
shall have occurred and be continuing under this Indenture. 
 For purposes of this Section 11.01, the sale, conveyance, transfer or
lease of all or substantially all of the properties and assets of one or more Subsidiaries of the Company to another Person, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all
of the properties and assets of the Company on a consolidated basis, shall be deemed to be the sale, conveyance, transfer or lease of all or substantially all of the properties and assets of the Company to another Person. 

  
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 Section 11.02. Successor Person to Be Substituted. In case of any such
consolidation, merger, sale, conveyance, transfer or lease and upon the assumption by the Successor Company, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of
the Accreted Principal Amount of all of the Notes, the due and punctual delivery or payment, as the case may be, of any consideration due upon conversion of the Notes and the due and punctual performance of all of the covenants and conditions of
this Indenture to be performed by the Company, such Successor Company (if not the Company) shall succeed to and, except in the case of a lease of all or substantially all of the Company’s properties and assets, shall be substituted for the
Company, with the same effect as if it had been named herein as the party of the first part, and the Company (except in the case of a lease of all or substantially all of the Company’s property and assets) shall be discharged from the
obligations of the Company under the Notes and this Indenture. Such Successor Company thereupon may cause to be signed, and may issue either in its own name or in the name of the Company any or all of the Notes issuable hereunder which theretofore
shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the Company to the Trustee for authentication, and any Notes that such Successor Company
thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance
with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer (but not in the case of a lease), upon compliance with
this Article 11 the Person named as the “Company” in the first paragraph of this Indenture (or any successor that shall thereafter have become such in the manner prescribed in this Article 11) may be dissolved, wound up and liquidated at
any time thereafter and, except in the case of a lease, such Person shall be released from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture and the Notes. 

In case of any such consolidation, merger, sale, conveyance, transfer or lease, such changes in phraseology and form (but not in substance)
may be made in the Notes thereafter to be issued as may be appropriate. 
 Section 11.03. Opinion of Counsel to Be Given to
Trustee. No such consolidation, merger, sale, conveyance, transfer or lease shall be effective unless the Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or lease and any such assumption and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, complies with the provisions of this Article 11. 

ARTICLE 12 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS 
 Section 12.01. Indenture and Notes and Guarantee Solely Obligations of the Company and the Guarantor
Respectively. No recourse for the payment of the Accreted Principal Amount of any Note or in respect of the Guarantee, nor for any claim based thereon or otherwise in 

  
 52 

 
respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or the Guarantor in this Indenture or in any supplemental indenture or in any Note or the
Guarantee, nor because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, employee, agent, Officer, director, manager, member, partner or Subsidiary, as such, past, present or future, of the
Company or the Guarantor or of any successor Person, either directly or through the Company or the Guarantor or any successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Notes and the Guarantee. 

ARTICLE 13 
 NOTE GUARANTEES 

Section 13.01. Guarantees. (a) The Guarantor hereby absolutely, unconditionally and irrevocably guarantees the Notes and
obligations of the Company hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee, and to the Trustee on behalf of such Holder, that (i) the Accreted Principal Amount will be paid in full
when due, whether at the Maturity Date, a Fundamental Change Repurchase Date, a Redemption Date or by acceleration or otherwise (including, without limitation, the amount that would become due but for the operation of any automatic stay provision of
any Bankruptcy Law), together with interest on the overdue Accreted Principal Amount, if any, to the extent lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be paid in full or performed or
observed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same will be paid in full when due or performed or observed in
accordance with the terms of the extension or renewal, whether at the Maturity Date, a Fundamental Change Repurchase Date, a Redemption Date by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the
limitations set forth in Sections 13.03 and 13.07 hereof. 
 The Guarantor hereby agrees that its obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of Notes with respect to any provisions hereof or thereof,
the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the Guarantor. 

(b)    The Guarantor hereby waives (to the extent permitted by law) the benefits of diligence, presentment, demand for
payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the
Guarantee shall not be discharged as to the Notes except by complete performance of the obligations contained therein, this Indenture and the Guarantee. The Guarantor acknowledges that the Guarantee is a guarantee of payment and not of collection.
The Guarantor hereby agrees that, in the event of a default in payment of the Accreted Principal Amount on any Note, whether 

  
 53 

 
at the Maturity Date, a Fundamental Change Purchase Date or a Redemption Date, by acceleration or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of
such Note, subject to the terms and conditions set forth in this Indenture, directly against the Guarantor to enforce the Guarantor’s Guarantee without first proceeding against the Company. The Guarantor agrees that if, after the occurrence and
during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes or to enforce or exercise any other right or remedy with
respect to the Notes, the Guarantor will pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or
any of the Holders. 
 (c)    If any Holder or the Trustee is required by any court or otherwise to return to the
Company or the Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantor, any amount paid by any of them to the Trustee or such Holder, the Guarantee of the Guarantors, to
the extent theretofore discharged, shall be reinstated in full force and effect. The Guarantor further agrees that, as between the Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) subject to this Article 13,
the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of the Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the
purpose of the Guarantee. 
 (d)    The Guarantee shall remain in full force and effect and continue to be effective
should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant
part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or
reduced in amount, or must otherwise be restored or returned by any obligee on the Notes, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the
event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or
returned. 
 (e)    To evidence its Guarantee, the Guarantor hereby agrees that a Notation of Guarantee substantially in
the form attached as Exhibit B hereto will be endorsed by an Officer of the Guarantor on each Note authenticated and delivered to the Trustee and that this Indenture will be executed on behalf of the Guarantor by one of its Officers. The Guarantor
hereby agrees that its Guarantee will remain in full force and effect notwithstanding any failure to endorse on each Note a Notation of Guarantee. The delivery of any Note by the Trustee, after the authentication thereof hereunder, will be deemed to
constitute due delivery of the Notation of Guarantee set forth in this Indenture by the Guarantors. 

  
 54 

 Section 13.02. Severability. In case any provision of the Guarantee shall be
invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 13.03. Limitation of Liability. The Guarantor and by its acceptance hereof each Holder confirms that it is the intention
of all such parties that the Guarantee by the Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state
law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention, the Holders and the Guarantor hereby irrevocably agree that the obligations of the Guarantor under the Guarantee shall be
limited to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of the Guarantor, result in the obligations of the Guarantor under the Guarantee constituting such fraudulent transfer or conveyance. 

Section 13.04. [reserved]  

Section 13.05. Subrogation. The Guarantor shall be subrogated to all rights of Holders against the Company in respect of any
amounts paid by the Guarantor pursuant to the provisions of Section 13.01; provided, however, that if an Event of Default has occurred and is continuing, the Guarantor shall not be entitled to enforce or receive any payments arising out
of, or based upon, such right of subrogation until all amounts then due and payable by the Company under this Indenture and the Notes shall have been paid in full. 

Section 13.06. Reinstatement. The Guarantor hereby agrees that the Guarantee provided for in Section 13.01 shall continue to
be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof, of any obligations or interest thereon is rescinded or must otherwise be restored by a Holder to the Company upon the bankruptcy or insolvency of the
Company or the Guarantor. 
 Section 13.07. Release of a Guarantor. Notwithstanding the foregoing, the Guarantee by the
Guarantor of the Notes shall be automatically and unconditionally released and discharged only upon (a) payment in full of the Accreted Principal Amount of all outstanding Notes or (b) upon a satisfaction and discharge of this Indenture
that complies with the provisions under Section 3.01. 
 Upon any occurrence giving rise to a release of the Guarantee as specified
above, the Trustee shall, at the written direction of the Company set forth in an Officer’s Certificate and upon receipt of an Opinion of Counsel, execute any documents reasonably required in order to evidence or effect such release,
termination and discharge in respect of such Guarantee. 
 Section 13.08. Benefits Acknowledged. The Guarantor acknowledges that
it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that its Guarantee and waiver pursuant to its Guarantee is knowingly made in contemplation of such benefits. 

  
 55 

 ARTICLE 14 

CONVERSION OF NOTES 

Section 14.01. Conversion Privilege. (a) Subject to and upon compliance with the provisions of this Article 14, each Holder
of a Note shall have the right, at such Holder’s option, to convert such Note at any time prior to the close of business on the second Business Day immediately preceding the Maturity Date. 

(b)    [reserved] 

Section 14.02. Conversion Procedure; Settlement upon Conversion. 

(a)    Subject to this Section 14.02, Section 14.03(c) and Section 14.07(a), upon conversion of any Note,
the Company shall deliver to the converting Holder, in respect of each Note being converted, a number of shares of Common Stock equal to the quotient obtained by dividing (x) the Accreted Principal Amount of such Note on the relevant
Conversion Date (subject to Section 14.02(h)) by (y) the Conversion Price in effect on such Conversion Date in accordance with the settlement provisions of this Section 14.02 (such quotient, rounded to the nearest 1/10,000 of a
share of Common Stock, the “Conversion Rate,” and such obligation to deliver the shares of Common Stock pursuant to this Section 14.02, the “Conversion Obligation”), together with a cash payment, if applicable,
in lieu of delivering any fractional share of Common Stock in accordance with subsection (j) of this Section 14.02. 

(b)    Subject to Section 14.02(e), before any Holder of a Note shall be entitled to convert a Note as set forth
above, such Holder shall (i) in the case of a Global Note, comply with the procedures of the Depositary in effect at that time and (ii) in the case of a Physical Note (1) complete, manually sign and deliver an irrevocable notice to
the Conversion Agent as set forth in the Form of Notice of Conversion (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and state in writing the number of Notes to be converted and the name or
names (with addresses) in which such Holder wishes the certificate or certificates for any shares of Common Stock to be delivered upon settlement of the Conversion Obligation to be registered, (2) surrender such Notes, duly endorsed to the
Company or in blank (and accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (3) if required, pay all applicable transfer or similar taxes, if any, pursuant to Section 14.02(e), and
(4) if required, furnish appropriate endorsements and transfer documents. The Trustee (and if different, the Conversion Agent) shall notify the Company of any conversion pursuant to this Article 14 on the Conversion Date for such conversion. No
Notice of Conversion with respect to any Notes may be surrendered by a Holder thereof if such Holder has also delivered a Fundamental Change Repurchase Notice to the Company in respect of such Notes and has not validly withdrawn such Fundamental
Change Repurchase Notice in accordance with Section 15.03. 

  
 56 

 If more than one Note shall be surrendered for conversion at one time by the same Holder,
the Conversion Obligation with respect to such Notes shall be computed on the basis of the aggregate number of Notes (or specified portions thereof to the extent permitted thereby) so surrendered. 

(c)    A Note shall be deemed to have been converted immediately prior to the close of business on the date (the
“Conversion Date”) that the Holder has complied with the requirements set forth in subsection (b) above. The Company shall deliver the consideration due in respect of the Conversion Obligation on the second Business Day
immediately following the relevant Conversion Date. The Company shall issue or cause to be issued, and deliver (if applicable) to the Conversion Agent or to such Holder, or such Holder’s nominee or nominees, the full number of shares of Common
Stock to which such Holder shall be entitled, in certificate form or in book-entry format, in satisfaction of the Company’s Conversion Obligation. 

(d)    In case any Note certificate shall be surrendered for partial conversion, the Company shall execute and the Trustee
shall authenticate and deliver to or upon the written order of the Holder of the Note certificate so surrendered a new Note certificate in authorized denominations in an aggregate Original Principal Amount equal to the unconverted portion of the
surrendered Note certificate, without payment of any service charge by the converting Holder but, if required by the Company or Trustee, with payment of a sum sufficient to cover any documentary, stamp or similar issue or transfer tax or similar
governmental charge required by law or that may be imposed in connection therewith as a result of the name of the Holder of the new Note certificate issued upon such conversion being different from the name of the Holder of the old Note certificate
surrendered for such conversion. 
 (e)    If a Holder submits a Note for conversion, the Company shall pay any
documentary, stamp or similar issue or transfer tax due on the issue of the shares of Common Stock upon conversion, unless the tax is due because the Holder requests such shares to be issued in a name other than the Holder’s name, in which case
the Holder shall pay that tax. The Conversion Agent may refuse to deliver the certificates representing the Common Stock being issued in a name other than the Holder’s name until the Trustee receives a sum sufficient to pay any tax that is due
by such Holder in accordance with the immediately preceding sentence. 
 (f)    Except as provided in
Section 14.04, no adjustment shall be made for dividends on any shares of Common Stock issued upon the conversion of any Note as provided in this Article 14. 

(g)    Upon the conversion of an interest in a Global Note, the Trustee, or the Custodian at the direction of the Trustee,
shall make a notation on such Global Note as to the reduction in the Original Principal Amount represented thereby. The Company shall notify the Trustee in writing of any conversion of Notes effected through any Conversion Agent other than the
Trustee. 
 (h)    Upon conversion, a Holder shall not receive any separate cash payment for accrued interest. The
Company’s settlement of the full Conversion Obligation shall be deemed to satisfy in full its obligation to pay the Accreted Principal Amount of the Note and accrued interest, if 

  
 57 

 
any, from and including the Interest Accrual Date next preceding the relevant Conversion Date to, but not including, such Conversion Date. As a result, accrued interest, if any, to, from and
including the Interest Accrual Date next preceding the relevant Conversion Date but not including, such Conversion Date shall be deemed to be paid in full rather than cancelled, extinguished or forfeited. Notwithstanding the foregoing, (1) for
conversions after the close of business on the fifteenth calendar day immediately preceding the Maturity Date; (2) if the Company has specified a Fundamental Change Repurchase Date that is on or after the fifteenth calendar day immediately
preceding an Interest Accrual Date and on or prior to such Interest Accrual Date; or (3) if the Company has specified a Redemption Date that is on or after the fifteenth calendar day immediately preceding an Interest Accrual Date and on or
prior to such Interest Accrual Date, the Accreted Principal Amount of any Note converted shall, in each case, be deemed to include the interest that would have accreted to the Accreted Principal Amount in accordance with the provisions of
Section 2.03 as though the relevant Conversion Date were an Interest Accrual Date. 
 (i)    The Person in whose
name any shares of Common Stock shall be issuable upon conversion shall be treated as a stockholder of record as of the close of business on the relevant Conversion Date. Upon a conversion of Notes, such Person shall no longer be a Holder of such
Notes surrendered for conversion. 
 (j)    Notwithstanding anything to the contrary in the foregoing in
Section 14.02(a) or otherwise, the Company shall not issue any fractional share of Common Stock upon conversion of the Notes and shall instead pay cash in lieu of delivering any fractional share of Common Stock issuable upon conversion based on
the Last Reported Sale Price of the Common Stock on the relevant Conversion Date. 
 Section 14.03. Increased Conversion Price
Applicable to Certain Notes Surrendered in Connection with Make-Whole Fundamental Changes. (a) If the Effective Date of a Make-Whole Fundamental Change occurs prior to the Maturity Date and, (b) a Holder elects to convert its Notes in
connection with such Make-Whole Fundamental Change, the Company shall, under the circumstances described below, increase the Conversion Rate (as determined giving effect to the then applicable Conversion Price in accordance with the provisions of
Section 14.02(a)) for the Notes so surrendered for conversion by a number of additional shares (the “Additional Shares”) as described below. A conversion of Notes shall be deemed for these purposes to be “in connection
with” such Make-Whole Fundamental Change if the relevant Notice of Conversion is received by the Conversion Agent from, and including, the Effective Date of the Make-Whole Fundamental Change up to, and including, the close of business on the
Business Day immediately prior to the related Fundamental Change Repurchase Date (or, in the case of a Make-Whole Fundamental Change that would have been a Fundamental Change but for the proviso in clause (b) of the definition thereof or
the Adequate Cash Conversion Provisions, the 35th Trading Day immediately following the Effective Date of such Make-Whole Fundamental Change) (such period, the “Make-Whole Fundamental Change Period”). 

(b)    The Company shall notify the Holders of Notes of the Effective Date of any Make-Whole Fundamental Change no later
than five Business Days after such Effective Date. 

  
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 (c)    The number of Additional Shares, if any, by which the Conversion
Rate shall be increased shall be determined by reference to the table below, based on the date on which the Make-Whole Fundamental Change occurs or becomes effective (in each case, the “Effective Date”) and the price paid (or deemed
to be paid) per share of the Common Stock in the Make-Whole Fundamental Change (the “Stock Price”). If the holders of the Common Stock receive in exchange for their Common Stock only cash in a Make-Whole Fundamental Change described
in clause (b) of the definition of Fundamental Change, the Stock Price for such Make-Whole Fundamental Change shall be the cash amount paid per share. Otherwise, the Stock Price shall be the average of the Last Reported Sale Prices of the
Common Stock over the five Trading Day period ending on, and including, the Trading Day immediately preceding the Effective Date of the Make-Whole Fundamental Change. The Company shall make appropriate adjustments to the Stock Price, in its good
faith determination, to account for any adjustment to the Conversion Price that becomes effective, or any event requiring an adjustment to the Conversion Price where the Ex-Dividend Date, Effective Date (as
such term is used in Section 14.04) or expiration date of the event occurs during such five consecutive Trading Day period. 

(d)    The Stock Prices set forth in the column headings of the table below shall be adjusted as of any date on which the
Conversion Price of the Notes is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Conversion Price as so
adjusted and the denominator of which is the Conversion Price immediately prior to such adjustment giving rise to the Stock Price adjustment. The number of Additional Shares set forth in the table below shall be adjusted in a manner directly inverse
to the manner in which, but otherwise at the same time as, the Conversion Price is adjusted as set forth in Section 14.04. 

(e)    The following table sets forth the number of Additional Shares by which the Conversion Rate (as determined giving
effect to the then applicable Conversion Price in accordance with the provisions of Section 14.02(a)) shall be increased for each Note converted pursuant to this Section 14.03 for each Stock Price and Effective Date set forth below (such
that the Additional Share amount determined in accordance with the table below applicable to each Note converted shall equal such Additional Share amount multiplied by a fraction, the numerator of which is the Accreted Principal Amount of such Note
on the applicable Conversion Date and the denominator of which is $1,000): 
  

																									
	  	  	Stock Price
	Effective Date	  	$50.63	  	$60.00	  	$70.00	  	$72.50	  	$80.00	  	$90.00	  	$100.00	  	$125.00	  	$150.00	  	$175.00	  	$200.00	  	$250.00
	 April 6, 2020
	  	5.9580	  	4.4207	  	3.2984	  	3.0754	  	2.5079	  	1.9321	  	1.5022	  	0.8156	  	0.4395	  	0.2242	  	0.1006	  	0.0038
	 April 1, 2021
	  	5.9580	  	4.4207	  	3.2733	  	3.0385	  	2.4454	  	1.8517	  	1.4150	  	0.7346	  	0.3759	  	0.1789	  	0.0714	  	0.0002
	 April 1, 2022
	  	5.9580	  	4.4022	  	3.1381	  	2.8928	  	2.2801	  	1.6789	  	1.2468	  	0.5994	  	0.2786	  	0.1145	  	0.0338	  	0.0000
	 April 1, 2023
	  	5.9580	  	4.2038	  	2.8596	  	2.6047	  	1.9790	  	1.3854	  	0.9763	  	0.4046	  	0.1519	  	0.0406	  	0.0021	  	0.0000
	 April 1, 2024
	  	5.9580	  	3.7525	  	2.2931	  	2.0297	  	1.4105	  	0.8720	  	0.5394	  	0.1519	  	0.0270	  	0.0000	  	0.0000	  	0.0000
	 April 1, 2025
	  	5.9580	  	2.8740	  	0.4930	  	0.0004	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000	  	0.0000

  
 59 

 The exact Stock Prices and Effective Dates may not be set forth in the table above, in which
case: 
 (i)    if the Stock Price is between two Stock Prices in the table above or the Effective Date
is between two Effective Dates in the table, the number of Additional Shares shall be determined by a straight-line interpolation between the number of Additional Shares set forth for the higher and lower Stock Prices and the earlier and later
Effective Dates, as applicable, based on a 365-day year or 366-day year, as applicable; 

(ii)    if the Stock Price is greater than $250.00 per share (subject to adjustment in the same manner as
the Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate; and 

(iii)    if the Stock Price is less than $50.63 per share (subject to adjustment in the same manner as the
Stock Prices set forth in the column headings of the table above pursuant to subsection (d) above), no Additional Shares shall be added to the Conversion Rate. 

(f)    Nothing in this Section 14.03 shall prevent an adjustment to the Conversion Price pursuant to
Section 14.04 in respect of a Make-Whole Fundamental Change. 
 Section 14.04. Adjustment of Conversion Price. The
Conversion Price shall be adjusted from time to time by the Company if any of the following events occurs, except that the Company shall not make any adjustments to the Conversion Price if Holders of the Notes participate (other than in the case of
(x) a share split or share combination or (y) a tender or exchange offer), at the same time and upon the same terms as holders of the Common Stock and solely as a result of holding the Notes, in any of the transactions described in this
Section 14.04, without having to convert their Notes, as if they held a number of shares of Common Stock equal to the applicable Conversion Rate at such time, multiplied by the Original Principal Amount (expressed in thousands) of Notes
held by such Holder. 
 (a)    If the Company exclusively issues shares of Common Stock as a dividend or distribution on
shares of the Common Stock, or if the Company effects a share split or share combination, the Conversion Price shall be adjusted based on the following formula: 
  

 
 where, 
  

					
	CP0	  	=	  	the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date of such dividend or distribution, or immediately prior to the open of business on the Effective
Date of such share split or share combination, as applicable;
			
	CP1	  	=	  	the Conversion Price in effect immediately after the open of business on such Ex-Dividend Date or Effective Date;

  
 60 

					
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date (before giving effect to any such dividend, distribution,
split or combination); and
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after giving effect to such dividend, distribution, share split or share combination.

 Any adjustment made under this Section 14.04(a) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution, or immediately after the open of business on the Effective Date for such share split or share combination, as applicable. If any dividend or distribution of the
type described in this Section 14.04(a) is declared but not so paid or made, the Conversion Price shall be immediately readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, to the
Conversion Price that would then be in effect if such dividend or distribution had not been declared. 
 (b)    If the
Company issues to all or substantially all holders of the Common Stock any rights, options or warrants (other than pursuant to a stockholders rights plan) entitling them, for a period of not more than 45 calendar days after the announcement date of
such issuance, to subscribe for or purchase shares of Common Stock at a price per share that is less than the average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the
Trading Day immediately preceding the date of announcement of such issuance, the Conversion Price shall be decreased based on the following formula: 
  

 
 where, 
  

					
	CP0	  	=	  	the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such issuance;
			
	CP1	  	=	  	the Conversion Price in effect immediately after the open of business on such Ex-Dividend Date;
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the open of business on such Ex-Dividend Date;
			
	X	  	=	  	the total number of shares of Common Stock issuable pursuant to such rights, options or warrants; and
			
	Y	  	=	  	the number of shares of Common Stock equal to the aggregate price payable to exercise such rights, options or warrants, divided by the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day
period ending on, and including, the Trading Day immediately preceding the date of announcement of the issuance of such rights, options or warrants.

  
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 Any decrease made under this Section 14.04(b) shall be made successively whenever any such rights,
options or warrants are issued and shall become effective immediately after the open of business on the Ex-Dividend Date for such issuance. To the extent that shares of Common Stock are not delivered after the
expiration of such rights, options or warrants, the Conversion Price shall be increased to the Conversion Price that would then be in effect had the decrease with respect to the issuance of such rights, options or warrants been made on the basis of
delivery of only the number of shares of Common Stock actually delivered. If no such rights, options or warrants are issued, or if no such rights, options or warrants are exercised prior to their expiration, the Conversion Price shall be increased
to the Conversion Price that would then be in effect if such Ex-Dividend Date for such issuance had not occurred. 

For purposes of this Section 14.04(b), in determining whether any rights, options or warrants entitle the holders to subscribe for or
purchase shares of Common Stock at a price per share that is less than such average of the Last Reported Sale Prices of the Common Stock for the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the
date of announcement for such issuance, and in determining the aggregate offering price of such shares of Common Stock, there shall be taken into account any consideration received by the Company for such rights, options or warrants and any amount
payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Company in good faith. 

(c)    If the Company distributes shares of its Capital Stock, evidences of its indebtedness, other assets or property of
the Company or rights, options or warrants to acquire its Capital Stock or other securities, to all or substantially all holders of the Common Stock, excluding (i) dividends, distributions or issuances described in Section 14.04(a) or
Section 14.04(b), (ii) rights issued under a stockholders rights plan prior to separation thereof from the shares of Common Stock in the circumstances described in Section 14.11, (iii) dividends or distributions paid exclusively in cash
described in Section 14.04(d), (iv) distributions of Reference Property upon conversion of, or in exchange for, Common Stock in a transaction described in Section 14.07(a), and (v) Spin-Offs as to which the provisions set forth below
in this Section 14.04(c) shall apply (any of such shares of Capital Stock, evidences of indebtedness, other assets or property or rights, options or warrants to acquire Capital Stock or other securities, the “Distributed
Property”), then the Conversion Price shall be decreased based on the following formula: 
  
 

 
 where, 

  
 62 

					
	CP0	  	=	  	the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such distribution;
			
	CP1	  	=	  	the Conversion Price in effect immediately after the open of business on such Ex-Dividend Date;
			
	SP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date
for such distribution; and
			
	FMV	  	=	  	the fair market value (as determined in good faith by the Company) of the Distributed Property with respect to each outstanding share of Common Stock on the Ex-Dividend Date for such
distribution.

 Any decrease made under the portion of this Section 14.04(c) above shall become effective immediately after the open of
business on the Ex-Dividend Date for such distribution. If such distribution is not so paid or made, the Conversion Price shall be decreased to the Conversion Price that would then be in effect if such
distribution had not been declared. Notwithstanding the foregoing, if “FMV” (as defined above) is equal to or greater than “SP0” (as defined above), in lieu of the foregoing
decrease, each Holder of a Note shall receive, in respect of each such Note, at the same time and upon the same terms as holders of the Common Stock receive the Distributed Property, the amount and kind of Distributed Property such Holder would have
received if such Holder owned a number of shares of Common Stock equal to the Conversion Price in effect on the Ex-Dividend Date for the distribution. If the Board of Directors determines the “FMV”
(as defined above) of any distribution for purposes of this Section 14.04(c) by reference to the actual or when-issued trading market for any securities, it shall in doing so consider the prices in such market over the same period used in
computing the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the Ex-Dividend Date for such
distribution. 
 With respect to an adjustment pursuant to this Section 14.04(c) where there has been a payment of a dividend or other
distribution on the Common Stock of shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other business unit of the Company, that are, or, when issued, will be, listed or admitted for trading
on a U.S. national securities exchange (a “Spin-Off”), the Conversion Price shall be decreased based on the following formula: 

 
 

 
 where, 
  

					
	CP0	  	=	  	the Conversion Price in effect immediately prior to the end of the Valuation Period;
			
	CP1	  	=	  	the Conversion Price in effect immediately after the end of the Valuation Period;

  
 63 

					
	FMV0	  	=	  	the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of the Common Stock applicable to one share of Common Stock (determined by reference to the definition of Last
Reported Sale Price as set forth in Section 1.01 as if references therein to Common Stock were to such Capital Stock or similar equity interest) over the first 10 consecutive Trading Day period after, and including, the Ex-Dividend Date of the Spin-Off (the “Valuation Period”); and
			
	MP0	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the Valuation Period.

 The decrease to the Conversion Price under the preceding paragraph shall occur on the last Trading Day of the Valuation
Period; provided that if the relevant Conversion Date occurs during the Valuation Period, references in the portion of this Section 14.04(c) related to Spin-Offs to 10 Trading Days shall be deemed to be replaced with such lesser number
of Trading Days as have elapsed between the Ex-Dividend Date of such Spin-Off and the Conversion Date in determining the Conversion Price. 

For purposes of this Section 14.04(c) (and subject in all respect to Section 14.11), rights, options or warrants distributed by the
Company to all holders of the Common Stock entitling them to subscribe for or purchase shares of the Company’s Capital Stock, including Common Stock (either initially or under certain circumstances), which rights, options or warrants, until the
occurrence of a specified event or events (“Trigger Event”): (i) are deemed to be transferred with such Common Stock; (ii) are not exercisable; and (iii) are also issued in respect of future issuances of Common Stock,
shall be deemed not to have been distributed for purposes of this Section 14.04(c) (and no adjustment to the Conversion Price under this Section 14.04(c) will be required) until the occurrence of the earliest Trigger Event, whereupon such
rights, options or warrants shall be deemed to have been distributed and an appropriate adjustment (if any is required) to the Conversion Price shall be made under this Section 14.04(c). If any such right, option or warrant, including any such
existing rights, options or warrants distributed prior to the date of this Indenture, are subject to events, upon the occurrence of which such rights, options or warrants become exercisable to purchase different securities, evidences of indebtedness
or other assets, then the date of the occurrence of any and each such event shall be deemed to be the date of distribution and Ex-Dividend Date with respect to new rights, options or warrants with such rights
(in which case the existing rights, options or warrants shall be deemed to terminate and expire on such date without exercise by any of the holders thereof). In addition, in the event of any distribution (or deemed distribution) of rights, options
or warrants, or any Trigger Event or other event (of the type described in the immediately preceding sentence) with respect thereto that was counted for purposes of calculating a distribution amount for which an adjustment to the Conversion Price
under this Section 14.04(c) was made, (1) in the case of any such rights, options or warrants that shall all have been redeemed or purchased without exercise by any holders thereof, upon such final redemption or purchase (x) the
Conversion Price shall be readjusted as if such rights, options or warrants had not been issued and (y) the Conversion Price shall then again be readjusted to give effect to such distribution, deemed distribution or Trigger Event, as the case
may be, as though it were a cash distribution, equal to the per share 

  
 64 

 
redemption or purchase price received by a holder or holders of Common Stock with respect to such rights, options or warrants (assuming such holder had retained such rights, options or warrants),
made to all holders of Common Stock as of the date of such redemption or purchase, and (2) in the case of such rights, options or warrants that shall have expired or been terminated without exercise by any holders thereof, the Conversion Price
shall be readjusted as if such rights, options and warrants had not been issued. 
 For purposes of Section 14.04(a),
Section 14.04(b) and this Section 14.04(c), if any dividend or distribution to which this Section 14.04(c) is applicable also includes one or both of: 

(A)    a dividend or distribution of shares of Common Stock to which Section 14.04(a) is applicable (the
“Clause A Distribution”); or 
 (B)    a dividend or distribution of rights, options or warrants to
which Section 14.04(b) is applicable (the “Clause B Distribution”), 
 then, in either case, (1) such dividend or distribution,
other than the Clause A Distribution and the Clause B Distribution, shall be deemed to be a dividend or distribution to which this Section 14.04(c) is applicable (the “Clause C Distribution”) and any Conversion Price adjustment
required by this Section 14.04(c) with respect to such Clause C Distribution shall then be made, and (2) the Clause A Distribution and Clause B Distribution shall be deemed to immediately follow the Clause C Distribution and any Conversion
Price adjustment required by Section 14.04(a) and Section 14.04(b) with respect thereto shall then be made, except that, if determined by the Company (I) the “Ex-Dividend Date” of the
Clause A Distribution and the Clause B Distribution shall be deemed to be the Ex-Dividend Date of the Clause C Distribution and (II) any shares of Common Stock included in the Clause A Distribution or
Clause B Distribution shall be deemed not to be “outstanding immediately prior to the open of business on such Ex-Dividend Date or Effective Date” within the meaning of Section 14.04(a) or
“outstanding immediately prior to the open of business on such Ex-Dividend Date” within the meaning of Section 14.04(b). 

(d)    If any cash dividend or distribution is made to all or substantially all holders of the Common Stock, the
Conversion Price shall be adjusted based on the following formula: 
  
 

 
 where, 
  

					
	CP0	  	=	  	the Conversion Price in effect immediately prior to the open of business on the Ex-Dividend Date for such dividend or distribution;
			
	CP1	  	=	  	the Conversion Price in effect immediately after the open of business on the Ex-Dividend Date for such dividend or distribution;

  
 65 

					
			
	SP0	  	=	  	the Last Reported Sale Price of the Common Stock on the Trading Day immediately preceding the Ex-Dividend Date for such dividend or distribution; and
			
	C	  	=	  	the amount in cash per share the Company distributes to all or substantially all holders of the Common Stock.

 Any decrease pursuant to this Section 14.04(d) shall become effective immediately after the open of business on the Ex-Dividend Date for such dividend or distribution. If such dividend or distribution is not so paid, the Conversion Price shall be increased, effective as of the date the Board of Directors determines not to make or
pay such dividend or distribution, to be the Conversion Price that would then be in effect if such dividend or distribution had not been declared. Notwithstanding the foregoing, if “C” (as defined above) is equal to or greater than
“SP0” (as defined above), in lieu of the foregoing decrease, each Holder of a Note shall receive, for each Note it holds, at the same time and upon the same terms as holders of Common
Stock, the amount of cash that such Holder would have received if such Holder owned a number of shares of Common Stock equal to the Conversion Price on the Ex-Dividend Date for such cash dividend or
distribution. 
 (e)    If the Company or any of its Subsidiaries make a payment in respect of a tender or exchange
offer for the Common Stock that is subject to the then-applicable tender offer rules under the Exchange Act (other than an odd-lot tender offer), to the extent that the cash and value of any other
consideration included in the payment per share of Common Stock exceeds the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the
last date on which tenders or exchanges may be made pursuant to such tender or exchange offer, the Conversion Price shall be decreased based on the following formula: 
  

 
 where, 
  

					
	CP0	  	=	  	the Conversion Price in effect immediately prior to the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
			
	CP1	  	=	  	the Conversion Price in effect immediately after the close of business on the 10th Trading Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires;
			
	AC	  	=	  	the aggregate value of all cash and any other consideration (as determined by the Company in good faith) paid or payable for shares of Common Stock purchased in such tender or exchange offer;

  
 66 

					
			
	OS0	  	=	  	the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires (prior to giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such
tender or exchange offer);
			
	OS1	  	=	  	the number of shares of Common Stock outstanding immediately after the date such tender or exchange offer expires (after giving effect to the purchase of all shares of Common Stock accepted for purchase or exchange in such tender or
exchange offer); and
			
	SP1	  	=	  	the average of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period commencing on, and including, the Trading Day next succeeding the date such tender or exchange offer expires.

 The decrease to the Conversion Price under this Section 14.04(e) shall occur at the close of business on the 10th Trading
Day immediately following, and including, the Trading Day next succeeding the date such tender or exchange offer expires; provided that in respect of any conversion of Notes if the relevant Conversion Date occurs during the 10 Trading Days
immediately following, and including, the Trading Day next succeeding the expiration date of any tender or exchange offer, references in this Section 14.04(e) with respect to 10 Trading Days shall be deemed replaced with such lesser number of
Trading Days as have elapsed between the date that such tender or exchange offer expires and the Conversion Date in determining the Conversion Price. 
 In
the event that the Company or one of its Subsidiaries is obligated to purchase Common Stock pursuant to any such tender offer or exchange offer described in this clause (e) but the Company or such Subsidiary is permanently prevented by
applicable law from effecting any such purchase or any such purchase is rescinded, the applicable Conversion Price shall be increased to be the Conversion Price that would then be in effect if such tender or exchange offer had not been made or had
not been made only in respect of the purchases that have been effected. 
 (f)    Notwithstanding this
Section 14.04 or any other provision of this Indenture or the Notes, if a Conversion Price adjustment becomes effective on any Ex-Dividend Date, and a Holder that has converted its Notes on or after such Ex-Dividend Date and on or prior to the related Record Date would be treated as the record holder of shares of Common Stock as of the related Conversion Date as described under Section 14.02(i) based on an
adjusted Conversion Price for such Ex-Dividend Date, then, notwithstanding the Conversion Price adjustment provisions in this Section 14.04, the Conversion Price adjustment relating to such Ex-Dividend Date shall not be made for such converting Holder. Instead, such Holder shall be treated as if such Holder were the record owner of shares of the Common Stock on an unadjusted basis and participate in
the related dividend, distribution or other event giving rise to such adjustment. 
 (g)    [reserved] 

(h)    Except as stated herein, the Company shall not adjust the Conversion Price for the issuance of shares of Common
Stock or any securities convertible into or exchangeable for Common Stock or the right to purchase shares of Common Stock or such convertible or exchangeable securities. 

  
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 (i)    In addition to those adjustments required by clauses (a), (b),
(c), (d) and (e) of this Section 14.04, and to the extent permitted by applicable law and subject to the applicable rules of any exchange on which any of the Company’s securities are then listed, the Company from time to time may (but
is not required to) decrease the Conversion Price by any amount for a period of at least 20 Business Days (i) if the Company determines that such decrease would be in the Company’s best interest or (ii) to avoid or diminish any income
tax to holders of Common Stock or rights to purchase shares of Common Stock in connection with a dividend or distribution of shares of Common Stock (or rights to acquire shares of Common Stock) or similar event. Whenever the Conversion Price is
decreased pursuant to the preceding sentence, the Company shall deliver to the Holder of each Note a notice of the decrease at least 15 days prior to the date the decreased Conversion Price takes effect, and such notice shall state the decreased
Conversion Price and the period during which it will be in effect. 
 (j)    Except as described in this
Section 14.04 and Section 14.03, the Conversion Price (including by way of the application of Section 14.03) shall not be required to be adjusted for any transaction or event. Without limiting the foregoing, the Conversion Price shall
not be required to be adjusted: 
 (i)    upon the issuance of shares of Common Stock at a price below
the Conversion Price; 
 (ii)    upon the issuance of any shares of Common Stock pursuant to any present
or future plan providing for the reinvestment of dividends or interest payable on the Company’s securities and the investment of additional optional amounts in shares of Common Stock under any plan; 

(iii)    upon the issuance of any shares of Common Stock or options or rights to purchase those shares
pursuant to any present or future employee, director or consultant benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries; 

(iv)    upon the issuance of any shares of Common Stock pursuant to any option, warrant, right or
exercisable, exchangeable or convertible security not described in clause (ii) of this subsection and outstanding as of the date the Notes were first issued; 

(v)    for a third-party tender offer other than as described in Section 14.04(e); 

(vi)    solely for a change in the par value of the Common Stock; or 

(vii)    for accrued and unpaid interest, if any. 

  
 68 

 (k)    All calculations and other determinations under this Article 14
shall be made by the Company and shall be made to the nearest one-ten thousandth (1/10,000th) of a US dollar. The Company shall not be required to make an adjustment in the Conversion Price unless the
adjustment would require a change of at least 1% in the Conversion Price. However, the Company shall carry forward any adjustments that are less than 1% of the Conversion Price and make such carried forward adjustments (1) upon conversion of
any Note, on the relevant Conversion Date and (2) on each anniversary of the original issue date of the Notes, in each case, without duplication and regardless of whether the aggregate adjustment is less than 1%. 

(l)    Whenever the Conversion Price is adjusted as herein provided, the Company shall promptly file with the Trustee (and
the Conversion Agent if not the Trustee) an Officer’s Certificate setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and until a Responsible Officer of the
Trustee shall have received such Officer’s Certificate, the Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Price and may assume without inquiry that the last Conversion Price of which it has knowledge is still
in effect. Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment of the Conversion Price setting forth the adjusted Conversion Price and the date on which each adjustment becomes effective and shall
deliver such notice of such adjustment of the Conversion Price to each Holder. Failure to deliver such notice shall not affect the legality or validity of any such adjustment. 

(m)    For purposes of this Section 14.04, the number of shares of Common Stock at any time outstanding shall not
include shares of Common Stock held in the treasury of the Company so long as the Company does not pay any dividend or make any distribution on the Common Stock held in the treasury of the Company, but shall include shares of Common Stock issuable
in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. 
 Section 14.05. Adjustments of Prices.
Whenever any provision of this Indenture requires the Company to calculate the Last Reported Sale Prices over a span of multiple days (including the period for determining the Stock Price for purposes of a Make-Whole Fundamental Change), the
Company shall make adjustments in its good faith judgment to each to account for any adjustment to the Conversion Price that becomes effective, or any event requiring an adjustment to the Conversion Price where the
Ex-Dividend Date, Effective Date or expiration date, as the case may be, of the event occurs, at any time during the period when the Last Reported Sale Prices are to be calculated. 

For the avoidance of doubt, the adjustments made pursuant to this Section 14.05 shall be made solely to the extent that the Company
determines in its good faith judgment that any such adjustment is appropriate, without duplication of any adjustment made pursuant to Section 14.04. 

Section 14.06. Shares to Be Fully Paid. The Company shall provide, free from preemptive rights, out of its authorized but unissued
shares or shares held in treasury, sufficient shares of Common Stock to provide for conversion of the Notes from time to time as such Notes are presented for conversion (assuming the minimum Conversion Price pursuant to Section 14.03 (after
giving effect to the application of the provisions of Section 14.03)). 

  
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 Section 14.07. Effect of Recapitalizations, Reclassifications and Changes of the
Common Stock. 
 (a)    In the case of: 

(i)    any recapitalization, reclassification or change of the Common Stock (other than changes in par
value or from no par value or resulting from a subdivision or combination), 
 (ii)    any consolidation,
merger, combination or similar transaction involving the Company, 
 (iii)    any sale, lease or other
transfer to a third party of the consolidated assets of the Company and the Company’s Subsidiaries substantially as an entirety or 

(iv)    any statutory share exchange, 

in each case, as a result of which the Common Stock would be converted into, or exchanged for, stock, other securities, other property or assets (including
cash or any combination thereof) (any such event, a “Merger Event”), then, at and after the effective time of such Merger Event, the right to convert each $1,000 Original Principal Amount of Notes shall be changed into a right to
convert such Original Principal Amount of Notes into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) that a holder of a number of shares of Common Stock equal to the
Conversion Rate immediately prior to such Merger Event would have owned or been entitled to receive (the “Reference Property,” with each “unit of Reference Property” meaning the kind and amount of Reference Property
that a holder of one share of Common Stock is entitled to receive) upon such Merger Event and, prior to or at the effective time of such Merger Event, the Company or the successor or purchasing Person, as the case may be, shall execute with the
Trustee a supplemental indenture permitted under Section 10.01(g) providing for such change in the right to convert each $1,000 Original Principal Amount of Notes. 

If the Merger Event causes the Common Stock to be converted into, or exchanged for, the right to receive more than a single type of
consideration (determined based in part upon any form of stockholder election), then (i) the Reference Property into which the Notes will be convertible shall be deemed to be (x) the weighted average of the types and amounts of
consideration received by the holders of Common Stock that affirmatively make such an election or (y) if no holders of Common Stock affirmatively make such an election, the types and amounts of consideration actually received by the holders of
Common Stock, and (ii) the unit of Reference Property for purposes of the immediately preceding paragraph shall refer to the consideration referred to in clause (i) attributable to one share of Common Stock. If the holders of the Common
Stock receive only cash in such Merger Event, then for all conversions for which the relevant Conversion Date occurs after the effective date of such Merger Event (A) the consideration due upon conversion of each $1,000 Original Principal
Amount of Notes shall be solely cash in an amount equal to the Conversion Rate in effect on the Conversion Date (as may be increased pursuant to Section 14.03), multiplied by the price paid per share of Common Stock

  
 70 

 
in such Merger Event and (B) the Company shall satisfy the Conversion Obligation by paying cash to converting Holders on the second Business Day immediately following the relevant Conversion
Date. The Company shall notify Holders, the Trustee and the Conversion Agent (if other than the Trustee) of such weighted average as soon as reasonably practicable after such determination is made. 

Such supplemental indenture described in the second immediately preceding paragraph shall provide for anti-dilution and other adjustments that
shall be as nearly equivalent as is possible to the adjustments provided for in this Article 14. If, in the case of any Merger Event, the Reference Property includes shares of stock, securities or other property or assets (including cash or any
combination thereof) of a Person other than the successor or purchasing Person, as the case may be, in such Merger Event, then such supplemental indenture shall also be executed by such other Person and shall contain such additional provisions to
protect the interests of the Holders of the Notes as the Company shall reasonably consider necessary by reason of the foregoing, including the provisions providing for the purchase rights set forth in Article 15. 

(b)    When the Company executes a supplemental indenture pursuant to subsection (a) of this Section 14.07, the
Company shall promptly file with the Trustee an Officer’s Certificate briefly stating the reasons therefor, the kind or amount of cash, securities or property or asset that will comprise a unit of Reference Property after any such Merger Event,
any adjustment to be made with respect thereto and that all conditions precedent have been complied with, and shall promptly deliver notice thereof to all Holders. The Company shall cause notice of the execution of such supplemental indenture to be
delivered to each Holder within 20 days after execution thereof. Failure to deliver such notice shall not affect the legality or validity of such supplemental indenture. 

(c)    The Company shall not become a party to any Merger Event unless its terms are consistent with this
Section 14.07. None of the foregoing provisions shall affect the right of a holder of Notes to convert its Notes into shares of Common Stock as set forth in Section 14.01 and Section 14.02 prior to the effective date of such Merger
Event. 
 (d)    The above provisions of this Section shall similarly apply to successive Merger Events. 

Section 14.08. Certain Covenants. (a) The Company covenants that all shares of Common Stock issued upon conversion of Notes
will be fully paid and non-assessable by the Company and free from all taxes, liens and charges with respect to the issue thereof. 

(b)    The Company covenants that, if any shares of Common Stock to be provided for the purpose of conversion of Notes
hereunder require registration with or approval of any governmental authority under any federal or state law before such shares of Common Stock may be validly issued upon conversion, the Company will, to the extent then permitted by the rules and
interpretations of the Commission, secure such registration or approval, as the case may be. 

  
 71 

 (c)    The Company further covenants that if at any time the Common
Stock shall be listed on any national securities exchange or automated quotation system, the Company will use reasonable best efforts to list and keep listed, so long as the Common Stock shall be so listed on such exchange or automated quotation
system, any shares of Common Stock issuable upon conversion of the Notes. 
 Section 14.09. Responsibility of Trustee. The
Trustee and any other Conversion Agent shall not at any time be under any duty or responsibility to any Holder to determine the Conversion Price (or any adjustment thereto) or whether any facts exist that may require any adjustment (including any
decrease) of the Conversion Price, or with respect to the nature or extent or calculation of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the
same. The Trustee and any other Conversion Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities, property or cash that may at any time be issued or delivered
upon the conversion of any Note; and the Trustee and any other Conversion Agent make no representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be responsible for any failure of the Company to issue, transfer or
deliver any shares of Common Stock or stock certificates or other securities or property or cash upon the surrender of any Note for the purpose of conversion or to comply with any of the duties, responsibilities or covenants of the Company contained
in this Article. Without limiting the generality of the foregoing, neither the Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of any provisions contained in any supplemental indenture entered into
pursuant to Section 14.07 relating either to the kind or amount of shares of stock or securities or property (including cash) receivable by Holders upon the conversion of their Notes after any event referred to in such Section 14.07 or to
any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.01, may accept (without any independent investigation) as conclusive evidence of the correctness of any such provisions, and shall be protected in
relying upon, the Officer’s Certificate (which the Company shall be obligated to file with the Trustee prior to the execution of any such supplemental indenture) with respect thereto. 

Section 14.10. Notice to Holders Prior to Certain Actions. In case of any: 

(a)    action by the Company or one of its Subsidiaries that would require an adjustment in the Conversion Price pursuant
to Section 14.04 or Section 14.11; 
 (b)    Merger Event; or 

(c)    voluntary or involuntary dissolution, liquidation or winding-up of the
Company or any of its Subsidiaries; 
 then, in each case (unless notice of such event is otherwise required pursuant to another provision of this
Indenture), the Company shall cause to be filed with the Trustee and the Conversion Agent (if other than the Trustee) and to be sent to each Holder at its address appearing on the Note Register, as promptly as possible but in any event at least 20
days prior to the applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such action by the Company or one of its Subsidiaries or, if a record is not to be taken, the date as of
which the holders of Common Stock of record are to be determined 

  
 72 

 
for the purposes of such action by the Company or one of its Subsidiaries, or (ii) the date on which such Merger Event, dissolution, liquidation or
winding-up is expected to become effective or occur, and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other
property deliverable upon such Merger Event, dissolution, liquidation or winding-up. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such action by the Company
or one of its Subsidiaries, Merger Event, dissolution, liquidation or winding-up. 

Section 14.11. Stockholder Rights Plans. If the Company has a stockholder rights plan in effect upon conversion of the Notes, each
share of Common Stock, if any, issued upon such conversion shall be entitled to receive the appropriate number of rights, if any, and the certificates representing shares of the Common Stock issued upon such conversion shall bear such legends, if
any, in each case as may be provided by the terms of any such stockholder rights plan, as the same may be amended from time to time. However, if, prior to any conversion of Notes, the rights have separated from the shares of Common Stock in
accordance with the provisions of the applicable stockholder rights plan, the Conversion Price shall be adjusted at the time of separation as if the Company distributed to all or substantially all holders of the Common Stock Distributed Property as
provided in Section 14.04(c), subject to readjustment in the event of the expiration, termination or redemption of such rights. 

ARTICLE 15 

REPURCHASE OF NOTES AT OPTION OF
HOLDERS 
 Section 15.01 [Intentionally Omitted].  

Section 15.02. Repurchase at Option of Holders Upon a Fundamental Change. (a) If a Fundamental Change occurs at any
time, each Holder shall have the right, at such Holder’s option, to require the Company to repurchase for cash all of such Holder’s Notes, or any portion thereof that is equal to $1,000 or an integral multiple of $1,000, on the date (the
“Fundamental Change Repurchase Date”) specified by the Company that is not less than 20 calendar days or more than 35 calendar days following the date of the Fundamental Change Company Notice at a repurchase price (the
“Fundamental Change Repurchase Price”) equal to 100% of the Accreted Principal Amount (which for purposes of this Article 15 shall include accrued interest thereon to, but excluding, the Fundamental Change Repurchase Date as though
such date were an Interest Accrual Date in accordance with the provisions of Section 2.03). The Fundamental Change Repurchase Date shall be subject to postponement in order to allow the Company to comply with applicable law as a result of
changes to such applicable law occurring after the date of this Indenture.
 (b)    Repurchases of Notes under this
Section 15.02 shall be made, at the option of the Holder thereof, upon: 
 (i)    delivery to the
Paying Agent by a Holder of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form set forth in Attachment 2 to the Form of Note attached hereto as Exhibit A, if the Notes are Physical Notes, or in

  
 73 

 
compliance with the Depositary’s procedures for surrendering interests in Global Notes, if the Notes are Global Notes, in each case on or before the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date; and 
 (ii)    delivery of the Notes, if
the Notes are Physical Notes, to the Paying Agent at any time after delivery of the Fundamental Change Repurchase Notice (together with all necessary endorsements for transfer) and on or prior to the close of business on the Business Day immediately
preceding the Fundamental Change Repurchase Date at the office of the Paying Agent, or book-entry transfer of the Notes, if the Notes are Global Notes, in compliance with the procedures of the Depositary, in each case such delivery being a condition
to receipt by the Holder of the Fundamental Change Repurchase Price therefor. 
 The Fundamental Change Repurchase Notice in respect of any
Notes to be repurchased shall state: 
 (i)    in the case of Physical Notes, the certificate numbers of
the Notes to be delivered for repurchase; 
 (ii)    the number of Notes to be repurchased; and 

(iii)    that the Notes are to be repurchased by the Company pursuant to the applicable provisions of the
Notes and this Indenture; 
 provided, however, that if the Notes are Global Notes, the Fundamental Change Repurchase Notice must comply with
appropriate Depositary procedures. 
 Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the
Fundamental Change Repurchase Notice contemplated by this Section 15.02 shall have the right to withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the close of business on the Business Day immediately
preceding the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 15.03. 

The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or written notice of
withdrawal thereof. 
 (c)    On or before the 20th calendar day after the occurrence of the effective date of a
Fundamental Change, the Company shall provide to all Holders of Notes and the Trustee and the Paying Agent (in the case of a Paying Agent other than the Trustee) a notice (the “Fundamental Change Company Notice”) of the occurrence
of the effective date of the Fundamental Change and of the repurchase right at the option of the Holders arising as a result thereof. In the case of Physical Notes, such notice shall be by first class mail or, in the case of Global Notes, such
notice shall be delivered in accordance with the applicable procedures of the Depositary. Each Fundamental Change Company Notice shall specify: 

(i)    the events causing the Fundamental Change; 

  
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 (ii)    the date of the Fundamental Change; 

(iii)    the last date on which a Holder may exercise the repurchase right pursuant to this Article 15;

 (iv)    the Fundamental Change Repurchase Price; 

(v)    the Fundamental Change Repurchase Date; 

(vi)    the name and address of the Paying Agent and the Conversion Agent, if applicable; 

(vii)    the then applicable Conversion Price and, if applicable, any adjustments to the Conversion Rate in
accordance with the provisions of Section 14.03; 
 (viii)    that the Notes with respect to which a
Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only if the Holder withdraws the Fundamental Change Repurchase Notice in accordance with the terms of this Indenture; and 

(ix)    the procedures that Holders must follow to require the Company to repurchase their Notes; 

provided, however, that, if the Notes are Global Notes, the Holders (and holders of a beneficial interest in such Global Notes) must comply with the
applicable procedures of the Depositary. 
 No failure of the Company to give the foregoing notices and no defect therein shall limit the
Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Notes pursuant to this Section 15.02. 

At the Company’s request, the Trustee shall give such notice in the Company’s name and at the Company’s expense;
provided, however, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company. 

(d)    Notwithstanding the foregoing, the Company shall not be required to purchase, or to make an offer to purchase, the
Notes upon a Fundamental Change if a third party makes such an offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company as set forth above, and such third party purchases all Notes
properly surrendered and not validly withdrawn under its offer in the same manner, at the same time and otherwise in compliance with the requirements for an offer made by the Company as set forth above. 

(e)    Notwithstanding the foregoing, the Company shall not be required to give such notice or repurchase the Notes as
described above upon a Fundamental Change pursuant to clause (b) of the definition thereof if such Fundamental Change results in the Notes becoming 

  
 75 

 
convertible (pursuant to Section 14.07) into an amount of cash per Note greater than the Fundamental Change Repurchase Price (assuming the maximum amount of accrued interest would be payable
based on the latest possible Fundamental Change Repurchase Date). The provisions set forth in this Section 15.02(e) are referred to in this Indenture as the “Adequate Cash Conversion Provisions.” 

(f)    Notwithstanding the foregoing, no Notes may be repurchased by the Company on any date at the option of the Holders
upon a Fundamental Change if the Accreted Principal Amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a Default by the Company in
the payment of the Fundamental Change Repurchase Price with respect to such Notes). The Paying Agent will promptly return to the respective Holders thereof any Physical Notes held by it during the acceleration of the Notes (except in the case of an
acceleration resulting from a Default by the Company in the payment of the Fundamental Change Repurchase Price with respect to such Notes), or any instructions for book-entry transfer of the Notes in compliance with the procedures of the Depositary
shall be deemed to have been cancelled, and, upon such return or cancellation, as the case may be, the Fundamental Change Repurchase Notice with respect thereto shall be deemed to have been withdrawn. 

Section 15.03. Withdrawal of Fundamental Change Repurchase Notice. (a) A Fundamental Change Repurchase Notice may be
withdrawn (in whole or in part) by means of a written notice of withdrawal delivered to the office of the Paying Agent in accordance with this Section 15.03 at any time prior to the close of business on the Business Day immediately preceding
the Fundamental Change Repurchase Date, specifying: 
 (i)    the number of Notes with respect to which
such notice of withdrawal is being submitted (which must be in integral multiples of the Original Principal Amount of $1,000), 

(ii)    if Physical Notes have been issued, the certificate number of the Note in respect of which such
notice of withdrawal is being submitted, and 
 (iii)    the number of Notes, if any (which must be in
integral multiples of the Original Principal Amount of $1,000), that remain subject to the original Fundamental Change Repurchase Notice, which portion must be in integral multiples of the Original Principal Amount of $1,000; 

provided, however, that if the Notes are Global Notes, the notice must comply with appropriate procedures of the Depositary. 

Section 15.04. Deposit of Fundamental Change Repurchase Price. (a) The Company will deposit with the Trustee (or other Paying
Agent appointed by the Company, or if the Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) on or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date an
amount of money sufficient to repurchase all of the Notes to be repurchased at the appropriate Fundamental Change Repurchase Price. Subject to receipt of funds and/or 

  
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Notes by the Trustee (or other Paying Agent appointed by the Company), payment for Notes surrendered for repurchase (and not withdrawn prior to the close of business on the Business Day
immediately preceding the Fundamental Change Repurchase Date) will be made on the later of (i) the Fundamental Change Repurchase Date (provided the Holder has satisfied the conditions in Section 15.02) and (ii) the time of
book-entry transfer or the delivery of such Note to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by Section 15.02 by mailing checks for the amount payable to the Holders of such Notes
entitled thereto as they shall appear in the Note Register; provided, however, that payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its nominee. The Trustee
shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price. 

(b)    If by 11:00 a.m. New York City time, on the Fundamental Change Repurchase Date, the Trustee (or other Paying Agent
appointed by the Company) holds money sufficient to make payment on all the Notes or portions thereof that are to be repurchased on such Fundamental Change Repurchase Date, then, with respect to the Notes that have been properly surrendered for
repurchase and have not been validly withdrawn, (i) such Notes will cease to be outstanding, (ii) interest will cease to accrue on such Notes (whether or not book-entry transfer of the Notes has been made or the Notes have been delivered
to the Trustee or Paying Agent) and (iii) all other rights of the Holders of such Notes will terminate (other than the right to receive the Fundamental Change Repurchase Price). 

(c)    Upon surrender of a Physical Note that is to be repurchased in part pursuant to Section 15.02, the Company
shall execute and the Trustee shall authenticate and deliver to the Holder a new Note in an authorized denomination equal in principal amount to the unrepurchased portion of the Note surrendered. 

Section 15.05. Covenant to Comply with Applicable Laws Upon Repurchase of Notes. In connection with any repurchase offer pursuant
to a Fundamental Change Repurchase Notice, the Company will, if required: 
 (a)    comply with any tender offer rules
under the Exchange Act that may then be applicable; 
 (b)    file a Schedule TO or any other required schedule under
the Exchange Act; and 
 (c)    otherwise comply with all federal and state securities laws in connection with any offer
by the Company to repurchase the Notes; 
 in each case, so as to permit the rights and obligations under this Article 15 to be exercised in the time and in
the manner specified in this Article 15. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture relating to the Company’s obligations to purchase the Notes upon a Fundamental
Change, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under such provisions of this Indenture by virtue of such conflict. 

  
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 ARTICLE 16 

OPTIONAL REDEMPTION 

Section 16.01. Optional Redemption. No sinking fund is provided for the Notes. The Notes shall not be redeemable by the Company
prior to May 9, 2023. On or after May 9, 2023, the Company may redeem, at its option, (an “Optional Redemption”), for cash, all or any portion of the Notes, at the Redemption Price, if the Last Reported Sale Price of the
Common Stock has been at least 276% of the Conversion Price then in effect for at least 20 Trading Days (whether or not consecutive), including at least one of the five Trading Days immediately preceding the date on which the Company provides the
Notice of Redemption in accordance with Section 16.02, during any 30 consecutive Trading Day period ending on, and including, the Trading Day immediately preceding the date on which the Company provides the Notice of Redemption in accordance
with Section 16.02. 
 Holders may surrender Notes subject to Optional Redemption for conversion at any time prior to the close of
business on the second Business Day immediately preceding the Redemption Date (unless the Company fails to pay the Redemption Price, in which case a Holder of Notes subject to Optional Redemption may convert such Notes until the Business Day
immediately preceding the date on which the Redemption Price has been paid or duly provided for). 
 Section 16.02. Notice of
Optional Redemption; Selection of Notes. (a) In case the Company exercises its Optional Redemption right to redeem all or, as the case may be, any part of the Notes pursuant to Section 16.01, it shall fix a date for redemption (each, a
“Redemption Date”) and it shall deliver or cause to be delivered a notice of such Optional Redemption (a “Notice of Redemption”) not less than 15 nor more than 70 calendar days prior to the Redemption Date to the
Trustee, the Paying Agent (if other than the Trustee) and each Holder of Notes. The Redemption Date must be a Business Day. 

(b)    Each Notice of Redemption shall identify the provision of this Indenture permitting Optional Redemption and shall
specify: 
 (i)    the Redemption Date; 

(ii)    the Redemption Price; 

(iii)    that on the Redemption Date, the Redemption Price will become due and payable upon each Note to be
redeemed, and that interest thereon, if any, shall cease to accrue on and after the Redemption Date unless the Company defaults in the payment of the Redemption Price; 

(iv)    the place or places where such Notes subject to Optional Redemption are to be surrendered for
payment of the Redemption Price; 
 (v)    that Holders may surrender Notes subject to such Optional
Redemption for conversion at any time prior to the close of business on the second Business Day immediately preceding the Redemption Date (unless the Company fails to pay the 

  
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Redemption Price, in which case a Holder of Notes subject to such Optional Redemption may convert such Notes until the Business Day immediately preceding the date on which the Redemption Price
has been paid or duly provided for); 
 (vi)    the procedures a converting Holder must follow to convert
its Notes subject to Optional Redemption; 
 (vii)    the Conversion Price; 

(viii)    the CUSIP, ISIN or other similar numbers, if any, assigned to such Notes subject to Optional
Redemption and that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number listed in such notice or printed on the Notes; and 

(ix)    in case the Notes are to be redeemed whole, the number of Notes to be redeemed on the Redemption
Date. 
 A Notice of Redemption shall be irrevocable. At the Company’s prior written request, the Trustee shall give the Notice of
Redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee not later than the close of business the Business Day prior to the date the Notice of Redemption is to be
sent (unless a shorter period shall be satisfactory to the Trustee), an Officer’s Certificate and a Company Order requesting that the Trustee give such Notice of Redemption together with the Notice of Redemption to be given setting forth the
information to be stated therein as provided in the preceding paragraph. The Notice of Redemption, if given in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any
case, failure to give such Notice of Redemption or any defect in the Notice of Redemption to the Holder of any Note designated for Optional Redemption as a whole or in part shall not affect the validity of the proceedings for the Optional Redemption
of any other Note. 
 (c)    If fewer than all of the outstanding Notes are to be redeemed, (i) if the Notes to be
redeemed are Physical Notes, the Trustee shall select the Notes or portions thereof to be redeemed (in Original Principal Amounts of $1,000 or integral multiples of the $1,000 Original Principal Amount in excess thereof) by lot, on a pro rata basis
or by another method the Trustee considers to be fair and appropriate, and in the case of the Global Note, in accordance with, and subject to, the Applicable Procedures. If any Note selected for partial redemption is submitted for conversion in part
after such selection, the portion of the Note submitted for conversion shall be deemed (so far as may be possible) to be the portion selected for redemption. 

Section 16.03. Payment of Notes Called for Redemption. (a) If any Notice of Redemption has been given in respect of the Notes
in accordance with Section 16.02, the Notes shall become due and payable on the Redemption Date at the place or places stated in the Notice of Redemption and at the applicable Redemption Price. On presentation and surrender of the Notes at the
place or places stated in the Notice of Redemption, the Notes shall be paid and redeemed by the Company at the applicable Redemption Price. 

  
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 (b)    Prior to 11:00 a.m., New York City time, on the Redemption Date,
the Company shall deposit with the Paying Agent or, if the Company or a Subsidiary of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 7.05 an amount of cash (in immediately available funds if
deposited on the Redemption Date), sufficient to pay the Redemption Price of all of the Notes to be redeemed on such Redemption Date. Subject to receipt of funds by the Paying Agent, payment for the Notes to be redeemed shall be made on the
Redemption Date for such Notes. The Paying Agent shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Redemption Price. 

Section 16.04. Restrictions on Redemption. The Company may not redeem any Notes on any date if the principal amount of the Notes
has been accelerated in accordance with the terms of this Indenture, and such acceleration has not been rescinded on or prior to the Redemption Date (except in the case of an acceleration resulting from a Default by the Company in the payment of the
Redemption Price with respect to such Notes). 
 ARTICLE 17 

MISCELLANEOUS PROVISIONS 

Section 17.01. Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and
agreements of the Company and the Guarantor contained in this Indenture shall bind its successors and assigns whether so expressed or not. 

Section 17.02. Official Acts by Successor Person. Any act or proceeding by any provision of this Indenture authorized or required
to be done or performed by any board, committee or Officer of the Company shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful
sole successor of the Company. 
 Section 17.03. Addresses for Notices, Etc. Any notice or demand that by any provision of this
Indenture is required or permitted to be given or served by the Trustee or by the Holders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage prepaid by registered or
certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Wayfair Inc., 4 Copley Place, 7th Floor, Boston, Massachusetts 02116, Attention: General Counsel. Any notice, direction, request
or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to the
Corporate Trust Office or sent electronically in PDF format. 
 The Trustee, by notice to the Company, may designate additional or different
addresses for subsequent notices or communications. 

  
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 Any notice or communication delivered or to be delivered to a Holder of Physical Notes shall
be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. Any notice or communication delivered or to be delivered to a
Holder of Global Notes shall be delivered in accordance with the applicable procedures of the Depositary and shall be sufficiently given to it if so delivered within the time prescribed. 

Failure to mail or deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other
Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice to
Holders by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

Section 17.04. Governing Law; Jurisdiction. THIS INDENTURE, EACH NOTE AND THE GUARANTEE, AND ANY CLAIM, CONTROVERSY OR DISPUTE
ARISING UNDER OR RELATED TO THIS INDENTURE, EACH NOTE AND THE GUARANTEE, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAWS PROVISIONS THEREOF). 

The Company irrevocably consents and agrees, for the benefit of the Holders from time to time of the Notes and the Trustee, that any legal
action, suit or proceeding against it with respect to obligations, liabilities or any other matter arising out of or in connection with this Indenture or the Notes may be brought in the courts of the State of New York or the courts of the United
States located in the Borough of Manhattan, New York City, New York and, until amounts due and to become due in respect of the Notes have been paid, hereby irrevocably consents and submits to the non-exclusive
jurisdiction of each such court in personam, generally and unconditionally with respect to any action, suit or proceeding for itself in respect of its properties, assets and revenues. 

The Company irrevocably and unconditionally waives, to the fullest extent permitted by law, any objection which it may now or hereafter have
to the laying of venue of any of the aforesaid actions, suits or proceedings arising out of or in connection with this Indenture brought in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan,
New York City, New York and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 17.05. Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. Upon any
application or demand by the Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall, if requested by the Trustee, furnish to the Trustee an Officer’s Certificate stating that such action is
permitted by the terms of this Indenture. 

  
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 Each Officer’s Certificate provided for, by or on behalf of the Company in this
Indenture and delivered to the Trustee with respect to compliance with this Indenture (other than the Officer’s Certificates provided for in Section 4.08) shall include (a) a statement that the person signing such certificate is
familiar with the requested action and this Indenture; (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement contained in such certificate is based; (c) a statement that, in the
judgment of such person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed judgment as to whether or not such action is permitted by this Indenture; and (d) a statement as to
whether or not, in the judgment of such person, such action is permitted by this Indenture. 
 Notwithstanding anything to the contrary in
this Section 17.05, if any provision in this Indenture specifically provides that the Trustee shall or may receive an Opinion of Counsel in connection with any action to be taken by the Trustee or the Company hereunder, the Trustee shall be
entitled to, or entitled to request, such Opinion of Counsel. 
 Section 17.06. Legal Holidays. In any case where any
Fundamental Change Repurchase Date, Maturity Date or Redemption Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the same force and effect
as if taken on such date, and no interest shall accrue in respect of the delay. 
 Section 17.07. No Security Interest Created.
Nothing in this Indenture or in the Notes, expressed or implied, shall be construed to constitute a security interest under the Uniform Commercial Code or similar legislation, as now or hereafter enacted and in effect, in any jurisdiction. 

Section 17.08. Benefits of Indenture. Nothing in this Indenture or in the Notes or the Guarantee, expressed or implied, shall give
to any Person, other than the Holders, the parties hereto, any Paying Agent, any Conversion Agent, any authenticating agent, any Note Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this
Indenture. 
 Section 17.09. Table of Contents, Headings, Etc. The table of contents and the titles and headings of the articles
and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 17.10. Authenticating Agent. The Trustee may appoint an authenticating agent that shall be authorized to act on its behalf
and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under Section 2.04, Section 2.05, Section 2.06,
Section 2.07, Section 10.04 and Section 15.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. For all
purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the 

  
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Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the
Trustee’s certificate of authentication. Such authenticating agent shall at all times be a Person eligible to serve as trustee hereunder pursuant to Section 7.08. 

Any corporation or other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any
corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust business of any authenticating agent, shall
be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 17.10, without the execution or filing of any paper or any further act on the part of the parties
hereto or the authenticating agent or such successor corporation or other entity. 
 Any authenticating agent may at any time resign by
giving written notice of resignation to the Trustee and to the Company. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Company. Upon
receiving such a notice of resignation or upon such a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section, the Trustee may appoint a successor authenticating agent (which may be the Trustee),
shall give written notice of such appointment to the Company and shall deliver notice of such appointment to all Holders as the names and addresses of such Holders appear on the Note Register. 

The Company agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Company may
terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
 The provisions of Section 7.02,
Section 7.03, Section 7.04, Section 8.03 and this Section 17.10 shall be applicable to any authenticating agent. 
 If
an authenticating agent is appointed pursuant to this Section 17.10, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

                          
                                         
                         , 

as Authenticating Agent, certifies that this is one of the Notes described 

in the within-named Indenture. 
  

			
	By:	 	 

 Authorized Officer 

Section 17.11. Execution in Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an
original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
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 Section 17.12. Severability. In the event any provision of this Indenture or in
the Notes or the Guarantee shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

Section 17.13. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 17.14. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with
accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 17.15.
Calculations. Except as otherwise provided herein, the Company shall be responsible for making all calculations called for under the Notes. These calculations include, but are not limited to, determinations of the Last Reported Sale Prices of
the Common Stock, accruals of interest to be added to the Accreted Principal Amount of the Notes, Additional Interest and the Conversion Price of the Notes. The Company shall make all these calculations in good faith and, absent manifest error, the
Company’s calculations shall be final and binding on Holders of Notes. The Company shall provide a schedule of its calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and Conversion Agent is entitled to rely
conclusively upon the accuracy of the Company’s calculations without independent verification. The Trustee will forward the Company’s calculations to any Holder of Notes upon the request of that Holder at the sole cost and expense of the
Company. 
 Section 17.16. USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA
PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a
relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act. 

Section 17.17. Withholding Taxes. If the Company or other applicable withholding agent pays withholding taxes or backup
withholding on behalf of the Holder or beneficial owner as a result of an adjustment to the Conversion Price, the Company or other applicable withholding agent may, at its option, set off such payments against payments of cash and shares of Common
Stock on the Note. 

  
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 Section 17.18. Agreed Tax Treatment. The Company agrees, for United States
federal income tax purposes, to treat the Notes as indebtedness that is not subject to Treasury Regulations Section 1.1275-4 (Contingent payment debt instruments), unless otherwise required pursuant to a
final “determination” within the meaning of Section 1313(a) of the Code (or any corresponding or similar provision of state, local or non-U.S. law). 

[Remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of
the date first written above. 
  

			
	WAYFAIR INC., as Issuer

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	WAYFAIR LLC, as Guarantor

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [INCLUDE
FOLLOWING LEGEND IF A GLOBAL NOTE] 
 [UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREUNDER IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] 
 [INCLUDE FOLLOWING LEGEND IF A
RESTRICTED SECURITY] 
 [THIS SECURITY AND THE SHARES OF CLASS A COMMON STOCK, IF ANY, ISSUABLE UPON CONVERSION OF THIS SECURITY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A
BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 
 (1) REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A
“QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

(2) AGREES FOR THE BENEFIT OF WAYFAIR INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER
THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT: 
 (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 

(B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR 

(C) TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

  
 A-1 

 (D) PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER
THE SECURITIES ACT OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION
OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(D) ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE
PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 

FOR PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND THE RULES AND REGULATIONS THEREUNDER, THIS
NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT; PLEASE CONTACT [NAME OF CFO OR TAX DIRECTOR], [TITLE], WAYFAIR INC., [ISSUER ADDRESS], TELEPHONE: [###], TO OBTAIN INFORMATION REGARDING THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT AND
THE YIELD TO MATURITY. 

  
 A-2 

 Wayfair Inc. 

2.50% Accreting Convertible Senior Note due 2025 

No.
[            ]                            
[Initial Original Principal Amount]1 $[                    ] 

CUSIP No. [                ] 

Wayfair Inc., a corporation duly organized and validly existing under the laws of the State of Delaware (the “Company,” which
term includes any successor corporation or other entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [CEDE & CO.]2
[                    ]3, or registered assigns, the Accreted Principal Amount hereof [in respect
of the Original Principal Amount of Notes set forth in the “Schedule of Exchanges of Notes” attached hereto]4 on April 1, 2025. The Original Principal Amount hereof, taken together
with the Original Principal Amounts of all other outstanding Notes, shall not exceed $535,000,000 in aggregate at any time. 
 This Note
shall bear interest at the rate of 2.50% per year from [                ], 2020. This Note shall not bear cash interest. In lieu thereof, interest shall accrete to the
Accreted Principal Amount on each Interest Accrual Date as set forth in Section 2.03 of the Indenture. Additional Interest will accrete to the Accreted Principal Amount as set forth in Section 6.03 of the within-mentioned Indenture, and
any reference to interest on, or in respect of, any Note therein shall be deemed to include Additional Interest if, in such context, Additional Interest is, was or would be payable in the form of an accretion to the Accreted Principal Amount
pursuant to Section 6.03, and any express mention of the payment of Additional Interest in any provision therein shall not be construed as excluding Additional Interest in those provisions thereof where such express mention is not made. 

Any Defaulted Amounts shall accrue interest per annum at the rate borne by the Notes, subject to the enforceability thereof under applicable
law, from, and including, the relevant payment date to, but excluding, the date on which such Defaulted Amounts shall have been paid by the Company, at its election, in accordance with Section 2.03(c) of the Indenture. 

The Company shall pay or cause the Paying Agent to pay the Accreted Principal Amount on this Note, if and so long as such Note is a Global
Note, in immediately available funds to the Depositary or its nominee, as the case may be, as the registered Holder of such Note. As provided in and subject to the provisions of the Indenture, the Company shall pay or cause the Paying Agent to pay
the Accreted Principal Amount of any Notes (other than Notes that are Global Notes) at the office or agency designated by the Company for that purpose. The Company has initially designated the Trustee as its Paying Agent and Note Registrar in
respect of the Notes and its agency in the Borough of Manhattan, The City of New York, as a place where Notes may be presented for payment or for registration of transfer and exchange. 

 

	1 	 Include if a global note. 

	2 	 Include if a global note. 

	3 	 Include if a physical note. 

	4 	 Include if a global note. 

  
 A-3 

 Reference is made to the further provisions of this Note set forth on the reverse hereof,
including, without limitation, provisions giving the Holder of this Note the right to convert this Note into shares of Common Stock, on the terms and subject to the limitations set forth in the Indenture. Such further provisions shall for all
purposes have the same effect as though fully set forth at this place. 
 This Note, and any claim, controversy or dispute arising under
or related to this Note, shall be construed in accordance with and governed by the laws of the State of New York (without regard to the conflicts of laws provisions thereof). 

In the case of any conflict between this Note and the Indenture, the provisions of the Indenture shall control and govern. 

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed
manually by the Trustee or a duly authorized authenticating agent under the Indenture. 
 [Remainder of page intentionally left blank]

  
 A-4 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

 

			
	WAYFAIR INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 Dated:
  

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
  

U.S. BANK NATIONAL ASSOCIATION
 as Trustee, certifies that this is
one of the Notes described in the within-named Indenture.

		
	By:	 	  

		 	Authorized Signatory

  
 A-5 

 [FORM OF REVERSE OF NOTE] 

Wayfair Inc. 
 2.50% Accreting
Convertible Senior Note due 2025 
 This Note is one of a duly authorized issue of Notes of the Company, designated as its 2.50% Accreting
Convertible Senior Notes due 2025 (the “Notes”), limited to the aggregate Original Principal Amount of $535,000,000 all issued or to be issued under and pursuant to an Indenture dated as of April [    ], 2020
(the “Indenture”), among the Company, the Guarantor and U.S. Bank National Association (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the
rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized terms used in this Note and not defined in this Note shall have the respective meanings set forth in
the Indenture. 
 In case certain Events of Default shall have occurred and be continuing, the Accreted Principal Amount of all Notes may be
declared, by either the Trustee or Holders of at least 25% in aggregate Original Principal Amount of Notes then outstanding, and upon said declaration shall become, due and payable, in the manner, with the effect and subject to the conditions and
certain exceptions set forth in the Indenture. 
 Subject to the terms and conditions of the Indenture, the Company will make all payments
and deliveries in respect of the Fundamental Change Repurchase Price on the Fundamental Change Repurchase Date (if applicable), the Redemption Price on any Redemption Date (if applicable) and the Accreted Principal Amount on the Maturity Date, as
the case may be, to the Holder who surrenders a Note to a Paying Agent to collect such payments in respect of the Note. The Company will pay cash amounts in money of the United States that at the time of payment is legal tender for payment of public
and private debts. 
 The Indenture contains provisions permitting the Company, the Guarantor and the Trustee in certain circumstances,
without the consent of the Holders of the Notes, and in certain other circumstances, with the consent of the Holders of not less than the Required Percentage in aggregate Original Principal Amount of the Notes at the time outstanding, evidenced as
in the Indenture provided, to execute supplemental indentures modifying the terms of the Indenture and the Notes as described therein. It is also provided in the Indenture that, subject to certain exceptions, the Holders of the Required Percentage
in aggregate Original Principal Amount of the Notes at the time outstanding may on behalf of the Holders of all of the Notes waive any existing or past Default or Event of Default under the Indenture and its consequences. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay or deliver, as the case may be, the Accreted Principal Amount (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and the consideration due upon conversion of,
this Note at the place, at the respective times, at the rate and in the lawful money and/or shares of Common Stock, as the case may be, herein prescribed. 

  
 A-6 

 The Notes are issuable in registered form without coupons in denominations of $1,000
Original Principal Amount and integral multiples thereof. At the office or agency of the Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, Notes may be exchanged for a like aggregate
Original Principal Amount of Notes of other authorized denominations, without payment of any service charge but, if required by the Company or Trustee, with payment of a sum sufficient to cover any transfer or similar tax that may be imposed in
connection therewith as a result of the name of the Holder of the new Notes issued upon such exchange of Notes being different from the name of the Holder of the old Notes surrendered for such exchange. 

The Notes are not subject to redemption prior to May 9, 2023. The Notes shall be redeemable at the Company’s option on or after
May 9, 2023 in accordance with the terms and subject to the conditions specified in the Indenture. No sinking fund is provided for the Notes. 

Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s option and subject to the limitations set forth
in the Indenture, to require the Company to repurchase for cash all of such Holder’s Notes or any portion thereof (in Original Principal Amounts of $1,000 or integral multiples thereof) on the Fundamental Change Repurchase Date at a price equal
to the Fundamental Change Repurchase Price. 
 Subject to the provisions of the Indenture, the Holder hereof has the right, at its option,
at any time prior to the close of business on the second Business Day immediately preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 Original Principal Amount or any integral multiple thereof, into shares of Common
Stock and at the Conversion Price specified in the Indenture, as adjusted from time to time as provided in the Indenture. 
 This Note will
be entitled to the benefits of the Guarantee made for the benefit of the Holders. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations thereunder of the Guarantor, the
Trustee and the Holders. 

  
 A-7 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription of the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM = as tenants in common     

UNIF GIFT MIN ACT = Uniform Gifts to Minors Act 
 CUST =
Custodian 
 TEN ENT = as tenants by the entireties     

JT TEN = joint tenants with right of survivorship and not as tenants in common      

Additional abbreviations may also be used though not in the above list. 

  
 A-8 

 SCHEDULE A5 

SCHEDULE OF EXCHANGES OF NOTES 

Wayfair Inc. 
 2.50% Accreting
Convertible Senior Notes due 2025 
 The initial Original Principal Amount of this Global Note is
             DOLLARS ($[                    ]). The following increases or decreases in
this Global Note have been made: 
  

									
	 Date of exchange
	  	Amount of
decrease in
Original Principal
Amount of this
Global Note	  	Amount of
increase in
Original Principal
Amount of this
Global Note	  	Original Principal
Amount of this
Global Note
following such
decrease or
increase	  	Signature of
authorized
signatory of
Trustee or
Custodian
					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

					
	  
	  	  
	  	  
	  	  
	  	  

  
  

	5	 Include if a global note. 

  
 A-9 

 ATTACHMENT 1 

[FORM OF NOTICE OF CONVERSION] 
  

	To:	 U.S. Bank National Association 

100 Wall Street, Suite 1600 
 New
York, New York 10005 
 Attention: Global Corporate Trust Services 

The undersigned registered owner of this Note hereby exercises the option to convert this Note, or the portion hereof (that is $1,000 Original
Principal Amount or an integral multiple thereof) below designated, into shares of Common in accordance with the terms of the Indenture referred to in this Note, and directs that the shares of Common Stock issuable and deliverable upon such
conversion, together with any cash in lieu of any fractional share, and any Notes representing any unconverted Original Principal Amount hereof, be issued and delivered to the registered Holder hereof unless a different name has been indicated
below. If any shares of Common Stock or any portion of this Note not converted are to be issued in the name of a Person other than the undersigned, the undersigned will pay all documentary, stamp or similar issue or transfer taxes, if any in
accordance with Section 14.02(d) and Section 14.02(e) of the Indenture. Any amount required to be paid to the undersigned on account of interest accompanies this Note. Capitalized terms used herein but not defined shall have the meanings
ascribed to such terms in the Indenture. 
  

							
	Dated:	 	  
	 	  
	 	
		 		 		 	
	 	 	 	 	  
 Signature(s)
	 	 

  

					
	  
 Signature Guarantee
	 		 	
			
	Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities
and Exchange Commission Rule 17Ad-15 if shares of Common Stock are to be issued, or	 		 	

  

  
 1 

			
	Notes are to be delivered, other than to and in the name of the registered holder.	 	
		
	Fill in for registration of shares if to be issued, and Notes if to be delivered, other than to and in the name of the registered holder:	 	
	  
	 	
	(Name)	 	
	  
	 	
	(Street Address)	 	
	  
	 	
	(City, State and Zip Code)	 	
	Please print name and address	 	
		
	 	 	Original Principal Amount to be converted (if less than all):
$            ,000
		
	 	 	NOTICE: The above signature(s) of the Holder(s) hereof must
correspond with the name as written upon the face of the Note in
every particular without alteration or enlargement or any change
whatever.
		
		 	  

	 	 	 Social Security or Other Taxpayer

Identification Number

  
 2 

 ATTACHMENT 2 

[FORM OF FUNDAMENTAL CHANGE REPURCHASE NOTICE] 
  

	To:	 U.S. Bank National Association 

100 Wall Street, Suite 1600 
 New
York, New York 10005 
 Attention: Global Corporate Trust Services 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Wayfair Inc. (the “Company”) as to
the occurrence of a Fundamental Change with respect to the Company and specifying the Fundamental Change Repurchase Date and requests and instructs the Company to pay to the registered holder hereof in accordance with Section 15.02 of the
Indenture referred to in this Note the entire Accreted Principal Amount of this Note, or the portion thereof (that is $1,000 Original Principal Amount or an integral multiple thereof) below designated. Capitalized terms used herein but not defined
shall have the meanings ascribed to such terms in the Indenture. 
 In the case of Physical Notes, the certificate numbers of the Notes to
be repurchased are as set forth below: 

Dated:                         
                                      

 

	
	  
 Signature(s)

	  

	 Social Security or Other Taxpayer

Identification Number

	
	Principal amount to be repaid (if less than all): $                ,000
	
	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

  
 1 

 ATTACHMENT 3 

[FORM OF ASSIGNMENT AND TRANSFER] 
 For value
received                                         
hereby sell(s), assign(s) and transfer(s) unto                          (Please insert social security or Taxpayer Identification
Number of assignee) the within Note, and hereby irrevocably constitutes and appoints
                                 attorney to transfer the said Note on the books of the
Company, with full power of substitution in the premises. 
 In connection with any transfer of the within Note, the undersigned confirms that such Note is
being transferred: 
 ☐     To Wayfair Inc. or a subsidiary thereof; or 

☐     Pursuant to a registration statement that has become or been declared effective under the Securities Act of 1933, as amended;
or 
 ☐     Pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended; or 

☐     Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption
from the registration requirements of the Securities Act of 1933, as amended. 

  
 1 

	
	Dated:                                     
                             
	  

	  

	Signature(s)
	  

	Signature Guarantee
	
	Signature(s) must be guaranteed by an eligible
Guarantor Institution (banks, stock brokers,
savings and loan associations and credit unions)
with membership in an approved signature
guarantee medallion program
pursuant to
Securities and Exchange Commission Rule
17Ad-15 if Notes are to be delivered, other than to
and in the name of the registered holder.

 NOTICE: The signature on the assignment must correspond with the name as written upon the face of the Note in every particular
without alteration or enlargement or any change whatever 

  
 2 

 EXHIBIT B 

[FORM OF NOTATION OF GUARANTEE] 

The undersigned (the “Guarantor”) has unconditionally guaranteed (such guarantee being referred to herein as the
“Guarantee”) (i) the due and punctual payment of the Accreted Principal Amount of the Notes when it becomes due, whether at the Maturity Date, a Fundamental Change Repurchase Date, a Redemption Date or by acceleration or
otherwise, the due and punctual payment of interest on the overdue Accreted Principal Amount, if any, of the Notes, to the extent lawful, and the due and punctual performance and observance of all other obligations of the Company to the Holders or
the Trustee all in accordance with the terms set forth in Article 13 of the Indenture and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 

Each Holder of a Note by accepting such Note agrees that the Guarantor shall have no further liability with respect to its Guarantee if the
Guarantor otherwise ceases to be liable in respect of the Guarantee in accordance with the terms of the Indenture. 
 The Guarantee shall
not be valid or obligatory for any purpose until the certificate of authentication on the Notes upon which the Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized
signatories. 
 Capitalized terms used but not defined herein have the meanings given to them in the Indenture. 

 

			
	WAYFAIR LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-1

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