Document:

Document

Exhibit 10.55

NiSource Inc.
20__ Omnibus Incentive Plan
20__ Performance Share Unit Award Agreement
    This Performance Share Unit Award Agreement (the “Agreement”) is made and entered into as of _______________ (the “Grant Date”), by and between NiSource Inc., a Delaware corporation (the “Company”), and __________________ an Employee of the Company or an Affiliate (the “Grantee”), pursuant to the terms of the NiSource Inc. 20__ Omnibus Incentive Plan, as amended (the “Plan”).  Any term capitalized but not defined in this Agreement shall have the meaning set forth in the Plan.
Section 1.     Performance Share Unit Award.  The Company hereby grants to the Grantee, on the terms and conditions hereinafter set forth, a target award of [TOTAL TARGET NUMBER] Performance Share Units. The Performance Share Units shall be represented by a bookkeeping entry with respect to the Grantee (the “PSU Account”), and each Performance Share Unit shall be settled in one Share, to the extent provided under this Agreement and the Plan.   This Agreement and the award shall be null and void unless the Grantee accepts this Agreement electronically within the Grantee’s stock plan account with the Company’s stock plan administrator according to the procedures then in effect.
Section 2.     Performance-Based Vesting Conditions.
(a)General.  Subject to the remainder of this Agreement and the Grantee remaining in continuous Service through the 28th day of February that follows each applicable Performance Period (each, a “Vesting Date”), the Performance Share Units shall vest in accordance with the schedule set forth below, based on the Company’s RTSR performance over the _______ through ________ performance period  (the “3-Year Performance Period”); provided, however, that the vesting of a portion of the Performance Share Units may be accelerated based on the Company’s RTSR performance over the __________ through _______ performance period (the “2-Year Performance Period” and, together with the 3-Year Performance Period, the “Performance Periods”) in accordance with the schedule set forth below.  Notwithstanding the foregoing, the number of Performance Share Units eligible for vesting based on performance during the 2-Year Performance Period shall be limited to the product of:  67% multiplied by the target Performance Share Units multiplied by the vesting percentage determined based on the schedule below (the “2-Year Cap”).  The number of Performance Share Units eligible for vesting based on the Company’s RTSR performance during the 3-Year Performance Period shall be reduced by the number of Performance Share Units that vested and were settled with respect to the 2-Year Performance Period.  For the avoidance of doubt, any Performance Share Units that vested and were settled with respect to the 2-Year Performance Period shall not, subject to Section 20.10 of the Plan, be reduced based on performance during the 3-Year Performance Period. 

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Exhibit 10.55

(b)
									
	Performance Level(1)	RTSR Percentile Ranking	Percentage of Performance Share Units Eligible for Vesting(2)
	Trigger	________	____________
	Target	________	____________
	Stretch	_______and above	____________

(1)The vesting level for performance between performance levels shall be determined based on linear interpolation.
(2)The number of Performance Share Units that shall vest based on the Company’s RTSR performance shall be subject to (a) a performance magnifier as described in Section 2(b) below and (b) with respect to Performance Share Units that vest during the 2-Year Performance Period, the 2-Year Cap.
(c)Performance Magnifier.  Subject to the terms of this Agreement and the Plan, the number of Performance Share Units eligible for vesting pursuant to Section 2(a) shall be adjusted based on the following schedule based on performance during the applicable Performance Period:
									
	Performance Measure	Goal(1)	Magnifier(2)
			

(1)The vesting level for performance between performance levels shall be determined based on linear interpolation.
(2)Based on whether the Company achieves or fails to achieve the applicable performance goal, Performance Share Units eligible for vesting pursuant to Section 2(a) shall be increased or decreased in accordance with the percentages noted above, with any increase with respect to the 2-Year Performance Period, subject to the 2-Year Cap.
(d)Maximum Vesting Level.   Notwithstanding anything herein to the contrary, including performance determined under Section 2(b), the maximum vesting level under this Award shall be capped at 200% of the target Performance Share Units.  
(e)Definitions.
(i)“RTSR” means the annualized growth in the dividends and share price of a Share, calculated using a 20 day trading average of the Company’s closing price beginning on __________________ and ending ________________ compared to the TSR performance of the TSR Peer Group. The starting and ending share prices for the computation of RTSR shall equal the average closing price of each company’s common stock over the 20 trading days immediately preceding the first and last day of the performance period.
(ii)“TSR Peer Group” means the peer group of companies approved by the Committee at its meeting on _________________, as adjusted to reflect corporate transactions with respect to peer group companies as approved by the Committee at such meeting.
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Exhibit 10.55

Section 3.     Termination of Employment.
(a)    Termination of Service Prior to Vesting Date.  Except as set forth below, if the Grantee’s Service is terminated for any reason prior to the Vesting Date then the Grantee shall forfeit the unvested Performance Share Units credited to the Grantee’s PSU Account.
(b)    Retirement, Disability or Death.
(i)    Notwithstanding the foregoing, in the event that the Grantee’s Service terminates prior to the Vesting Date as a result of the Grantee’s (i) Retirement, (ii) Disability, or (iii) death and such death occurs with less than or equal to twelve months remaining in the Performance Period, then the Grantee (or the Grantee’s beneficiary or estate in the case of the Grantee’s death) shall vest in a pro rata portion of the Performance Share Units, based on the actual performance results for the applicable Performance Period.  Such pro rata portion of the Performance Share Units with respect to each Performance Period shall be determined by multiplying the number of Performance Share Units earned based on actual performance by a fraction, where the numerator shall equal the number of calendar months (including partial calendar months) that have elapsed from the Grant Date through the date of the Grantee’s termination of Service, and the denominator shall be the number of calendar months from the Grant Date and the applicable Vesting Date, with any Performance Share Units vesting with respect to the 2-Year Performance Period pursuant to this Section 3(b)(i) subject to the 2-Year Cap.
(ii)    If the Grantee terminates Service due to death prior to the Vesting Date and with more than 12 months remaining in the 3-Year Performance Period, then the Grantee’s beneficiary or estate shall vest, on the date of termination, in a pro rata portion of the target Performance Share Units.  Such pro rata portion of the Performance Share Units shall be determined by multiplying the number of target Performance Share Units by a fraction, where the numerator shall equal the number of calendar months (including partial calendar months) that have elapsed from the Grant Date through the date of the Grantee’s termination of Service, and the denominator shall be the number of calendar months (including partial calendar months) that have elapsed between the Grant Date and the Vesting Date.
 (iii)     “Retirement” means the Grantee’s termination from Service at or after attainment of age 55 and completion of at least 10 years of continuous Service measured from the Grantee’s most recent date of hire with the Company or an Affiliate.
(c)    Change in Control.  Notwithstanding the foregoing provisions, in the event of a Change in Control, the Performance Share Units under this Agreement shall be subject to the Change in Control provisions set forth in the Plan.   In the event of any conflict between the Plan and this Agreement, the Plan shall control. Notwithstanding any 
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Exhibit 10.55

other agreement between the Company and the Grantee, the “Good Reason” definition set forth in the Plan shall govern this award.
    Section 4.  Delivery of Shares.  Subject to the terms of this Agreement and except as otherwise provided for herein, the Company shall convert the Performance Share Units in the Grantee’s PSU Account into Shares and issue or deliver the total number of Shares due to the Grantee within 60 days following the applicable Vesting Date (but in any event no later than the March 15th immediately following the year in which the substantial risk of forfeiture with respect to the Performance Share Units lapses) or, if earlier, within 30 days following (a) the Grantee’s death in accordance with Section 3(b)(ii), (b) Grantee’s termination of Service without Cause or due to Good Reason in accordance with the Change in Control provisions of the Plan or (c) a Change in Control in the event the Performance Share Units do not become Alternative Awards under the Plan.  The delivery of the Shares shall be subject to payment of the applicable withholding tax liability and the forfeiture provisions of this Agreement.  If the Grantee dies before the Company has issued or distributed the vested Performance Share Units, the Company shall transfer any Shares with respect to the vested Performance Share Units in accordance with the Grantee’s written beneficiary designation or to the Grantee’s estate if no written beneficiary designation is provided. The issuance or deliver of the Shares hereunder shall be evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company.  The Company shall pay all original issue or transfer taxes and all fees and expenses incident to such issuance or delivery, except as otherwise provided in Section 5.
    Section 5.  Withholding of Taxes.  As a condition precedent to the delivery to Grantee of any Shares upon vesting of the Performance Share Units, Grantee shall, upon request by the Company, pay to the Company such amount of cash as the Company may be required, under all applicable federal, state, local or other laws or regulations, to withhold and pay over as income or other withholding taxes (the “Required Tax Payments”) with respect to the Performance Share Units. If Grantee shall fail to advance the Required Tax Payments after request by the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to Grantee or withhold Shares.  Grantee may elect to satisfy his or her obligation to advance the Required Tax Payments by any of the following means: (a) a cash payment to the Company; (b) delivery to the Company (either actual delivery or by attestation procedures established by the Company) of previously owned whole Shares having a Fair Market Value, determined as of the date the obligation to withhold or pay taxes first arises in connection with the Performance Share Units (the “Tax Date”), equal to the Required Tax Payments; (c) authorizing the Company to withhold from the Shares otherwise to be delivered to Grantee upon the vesting of the Performance Share Units, a number of whole Shares having a Fair Market Value, determined as of the Tax Date, equal to the Required Tax Payments; or (d) any combination of (a), (b) and (c). Shares to be delivered or withheld may not have a Fair Market Value in excess of the minimum amount of the Required Tax Payments. Any fraction of a Share which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be paid in cash by Grantee. No Shares shall be delivered until the Required Tax Payments have been satisfied in full.
    Section 6.  Compliance with Applicable Law.  Notwithstanding anything contained herein to the contrary, the Company’s obligation to issue or deliver certificates evidencing the Performance Share Units shall be subject to all applicable laws, rules and regulations, and to such approvals by any 
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Exhibit 10.55

governmental agencies or national securities exchanges as may be required.  The delivery of all or any Shares that relate to the Performance Share Units shall be effective only at such time that the issuance of such Shares shall not violate any state or federal securities or other laws.  The Company is under no obligation to effect any registration of Shares under the Securities Act of 1933 or to effect any state registration or qualification of the Shares that may be issued under this Agreement.  Subject to Code Section 409A, the Company may, in its sole discretion, delay the delivery of Shares or place restrictive legends on Shares in order to ensure that the issuance of any Shares shall be in compliance with federal or state securities laws and the rules of any exchange upon which the Company’s Shares are traded.  If the Company delays the delivery of Shares in order to ensure compliance with any state or federal securities or other laws, the Company shall deliver the Shares at the earliest date at which the Company reasonably believes that such delivery shall not cause such violation, or at such later date that may be permitted under Code Section 409A.
    Section 7.  Restriction on Transferability.  Except as otherwise provided under the Plan, until the Performance Share Units have vested under this Agreement, the Performance Share Units granted herein and the rights and privileges conferred hereby may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated (by operation of law or otherwise), other than by will or the laws of descent and distribution.  Any attempted transfer in violation of the provisions of this paragraph shall be void, and the purported transferee shall obtain no rights with respect to such Performance Share Units.
    Section 8.  Grantee’s Rights Unsecured.  The right of the Grantee or his or her beneficiary to receive a distribution hereunder shall be an unsecured claim against the general assets of the Company, and neither the Grantee nor his or her beneficiary shall have any rights in or against any amounts credited to the Grantee’s PSU Account, any Shares or any other specific assets of the Company.  All amounts credited to the Grantee’s PSU Account shall constitute general assets of the Company and may be disposed of by the Company at such time and for such purposes as it may deem appropriate.
    Section 9.  No Rights as Stockholder or Employee.  
(a)Unless and until Shares have been issued to the Grantee, the Grantee shall not have any privileges of a stockholder of the Company with respect to any Performance Share Units subject to this Agreement, nor shall the Company have any obligation to issue any dividend or otherwise afford any rights to which Shares are entitled with respect to any such Performance Share Units. 
(b)Nothing in this Agreement or the Award shall confer upon the Grantee any right to continue as an Employee of the Company or any Affiliate or to interfere in any way with the right of the Company or any Affiliate to terminate the Grantee’s Service at any time. 
    Section 10.  Adjustments.  If at any time while the Award is outstanding, the number of outstanding Performance Share Units is changed by reason of a reorganization, recapitalization, stock split or any of the other events described in the Plan (in each case as determined by the Committee), the number and kind of Performance Share Units and the performance goals, as applicable, shall be adjusted in accordance with the provisions of the Plan.  In the event of certain corporate events specified in the Change in Control provisions of the Plan, any Performance Share Units may be 
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Exhibit 10.55

replaced by Alternative Awards or forfeited in exchange for payment of cash in accordance with the Change in Control procedures and provisions of the Plan, as determined by the Committee.
    Section 11.  Notices.  Any notice hereunder by the Grantee shall be given to the Company in writing, and such notice shall be deemed duly given only upon receipt thereof at the following address: Corporate Secretary, NiSource Inc., 801 East 86th Avenue, Merrillville, IN 46410-6271 (or at such other address as the Company may designate by notice to the Grantee).  Any notice hereunder by the Company shall be given to the Grantee in writing, and such notice shall be deemed duly given only upon receipt thereof at such address as the Grantee may have on file with the Company.
    Section 12.  Administration.  The administration of this Agreement, including the interpretation and amendment or termination of this Agreement, shall be performed in accordance with the Plan.  All determinations and decisions made by the Committee, the Board, or any delegate of the Committee as to the provisions of this Agreement shall be conclusive, final, and binding on all persons.  Notwithstanding the foregoing, if subsequent guidance is issued under Code Section 409A that would impose additional taxes, penalties, or interest to either the Company or the Grantee, the Company may administer this Agreement in accordance with such guidance and amend this Agreement without the consent of the Grantee to the extent such actions, in the reasonable judgment of the Company, are considered necessary to avoid the imposition of such additional taxes, penalties, or interest.
    Section 13.  Governing Law.  This Agreement shall be construed and enforced in accordance with the laws of the State of Indiana, without giving effect to the choice of law principles thereof.
    Section 14.  Entire Agreement; Agreement Subject to Plan.  This Agreement and the Plan contain all of the terms and conditions with respect to the subject matter hereof and supersede any previous agreements, written or oral, relating to the subject matter hereof. This Agreement is subject to the provisions of the Plan and shall be interpreted in accordance therewith.  In the event that the provisions of this Agreement and the Plan conflict, the Plan shall control.  The Grantee hereby acknowledges receipt of a copy of the Plan.
    Section 15.  Code Section 409A Compliance.  This Agreement and the Performance Share Units granted hereunder are intended to be exempt from Code Section 409A to the maximum extent possible, and shall be interpreted and construed accordingly. 

[SIGNATURE PAGE FOLLOWS]

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Exhibit 10.55

IN WITNESS WHEREOF, the Company has caused the Performance Share Units subject to this Agreement to be granted, and the Grantee has accepted the Performance Share Units subject to the terms of the Agreement, as of the date first above written.
NiSource Inc.
____________________________________________
By:  _________________
Its:  _________________
7Exhibit 10.1

 

	Weil,
                                         Gotshal & Manges (London) LLP

                                                                                                                110
                                         Fetter Lane

                                                                                London
                                         EC4A 1AY

                                                                                +44
                                         20 7903 1000 main tel

                                                                                +44
                                         20 7903 0990 main fax

                                                                                weil.com
                                         
	 

 

EXECUTION VERSION

 

Dated 15 February 2021

 

TERM LOAN FACILITY AGREEMENT 

 

between

amongst others

 

ODEON CINEMAS GROUP LIMITED

as the Company

 

THE FINANCIAL INSTITUTIONS

as Original Lenders

 

LUCID AGENCY SERVICES LIMITED

as Agent

 

LUCID TRUSTEE SERVICES LIMITED

as Security Agent

 

     

     

    

 

TABLE OF CONTENTS

Page

 

	1   DEFINITIONS
    AND INTERPRETATION	1
	2   THE FACILITIES	40
	3   PURPOSE	43
	4   CONDITIONS OF UTILISATION	43
	5   UTILISATION – LOANS	44
	6   REPAYMENT	45
	7   ILLEGALITY, VOLUNTARY PREPAYMENT
    AND CANCELLATION	45
	8   MANDATORY PREPAYMENT	46
	9   RESTRICTIONS	49
	10   INTEREST	50
	11   INTEREST PERIODS	51
	12   FEES	51
	13   TAX GROSS UP AND INDEMNITIES	54
	14   INCREASED COSTS	62
	15   OTHER INDEMNITIES	64
	16   MITIGATION BY THE LENDERS	66
	17   COSTS AND EXPENSES	66
	18   GUARANTEE AND INDEMNITY	67
	19   REPRESENTATIONS	75
	20   INFORMATION UNDERTAKINGS	82
	21   FINANCIAL CALCULATIONS	85
	22   GENERAL UNDERTAKINGS	87
	23   EVENTS OF DEFAULT	94
	24   CHANGES TO THE LENDERS	99
	25   DEBT PURCHASE TRANSACTIONS	106
	26   CHANGES TO THE OBLIGORS	107
	27   ROLE OF THE AGENT AND OTHERS	109
	28   CONDUCT OF BUSINESS BY THE
    FINANCE PARTIES	117
	29   SHARING AMONG THE FINANCE
    PARTIES	118
	30   PAYMENT MECHANICS	118
	31   SET-OFF	119
	32   NOTICES	124
	33   CALCULATIONS AND CERTIFICATES	124
	34   PARTIAL INVALIDITY	127
	35   REMEDIES AND WAIVERS	127
	36   AMENDMENTS AND WAIVERS	128
	37   CONFIDENTIALITY	132

 

    1

     

    

 

	38   COUNTERPARTS	136
	39   GOVERNING LAW	136
	40   ENFORCEMENT	136
	41   BAIL-IN	137
	42   ACKNOWLEDGEMENT REGARDING
    ANY SUPPORTED QFCS	138
	43   SPECIAL PROVISIONS REGARDING
    ENFORCEMENT UNDER THE LAWS OF SPAIN	139
	44   SPANISH PUBLIC DOCUMENT	141
	SCHEDULE 1 THE ORIGINAL PARTIES	142
	Part A The Original
    Lenders	142
	Part B Original
    Borrower	144
	Part C Original
    Guarantors	145
	Part D Acceding
    Guarantors	146
	SCHEDULE 2 CONDITIONS PRECEDENT	147
	Part A Conditions
    Precedent to Initial Utilisation	147
	Part B Conditions
    Precedent Required to be Delivered by an Additional Obligor	150
	SCHEDULE 3 REQUESTS AND NOTICES	152
	SCHEDULE 4 FORM OF TRANSFER CERTIFICATE	153
	SCHEDULE 5 FORM OF ASSIGNMENT AGREEMENT	157
	SCHEDULE 6 FORM OF ACCESSION DOCUMENT	161
	SCHEDULE 7 FORM OF RESIGNATION LETTER	164
	SCHEDULE 8 FORM OF COMPLIANCE CERTIFICATE	165
	SCHEDULE 9 LMA FORM OF CONFIDENTIALITY UNDERTAKING	166
	SCHEDULE 10 TIMETABLES	170
	SCHEDULE 11 AGREED SECURITY PRINCIPLES	171
	SCHEDULE 12 FORM OF INCREASE CONFIRMATION	180
	SCHEDULE 13 FORMS OF NOTIFIABLE DEBT PURCHASE
    TRANSACTION NOTICE	184
	Part A Form of
    Notice on Entering into Notifiable Debt Purchase Transaction	184
	Part B Form of
    Notice on Termination of Notifiable Debt Purchase Transaction/ Notifiable Debt Purchase Transaction ceasing to be with an
    Equity Investor	185
	SCHEDULE 14 POST-CLOSING TRANSACTION SECURITY	186

 

    2

     

    

 

THIS AGREEMENT dated 15 February
2021 and made

 

BETWEEN:

 

		(1)	ODEON CINEMAS GROUP LIMITED,
                                         a private limited liability company incorporated under the laws of England and Wales
                                         with its registered office at C/O Shoosmiths LLP, 100 Avebury Boulevard, Milton Keynes,
                                         United Kingdom, MK9 1FH and registered with company number 10246724 (the “Company”
                                         and the “Borrower”);

 

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

 

		(3)	THE PERSONS listed in
                                         Part C of Schedule 1 (The Original Parties) as original guarantors (the “Original
                                         Guarantors”);

 

		(4)	LUCID AGENCY SERVICES LIMITED,
                                         a company incorporated under the laws of England and Wales and with registration number
                                         10987833 with its registered office at 6th Floor, No 1 Building 1-5 London Wall Buildings,
                                         London Wall, London, United Kingdom, EC2M 5PG as agent of the other Finance Parties (the
                                         “Agent”); and

 

		(5)	LUCID TRUSTEE SERVICES LIMITED,
                                         company incorporated under the laws of England and Wales and with registration number
                                         10992576 with its registered office at 6th Floor, No 1 Building 1-5 London Wall Buildings,
                                         London Wall, London, United Kingdom, EC2M 5PG as security trustee and as security agent
                                         for the Secured Parties (the “Security Agent”).

 

IT IS AGREED as follows:

 

		1	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement:

 

“Acceding
Guarantors” means the persons listed in Part D of Schedule 1 (The Original Parties) as acceding guarantors.

 

“Acceleration
Notice” means a notice served by the Agent pursuant to and in accordance with Clause 23.16 (Acceleration).

 

“Acceptable
Bank” means:

 

		(a)	a bank or financial institution
                                         which has a rating for its short-term unsecured and non-credit-enhanced debt obligations
                                         of A-1 or higher by Standard & Poor’s Rating Services, F1 or higher by Fitch
                                         Ratings Ltd or P-1 or higher by Moody’s Investor Services Limited or a comparable
                                         rating from an internationally recognised credit rating agency; or

 

		(b)	any other bank or financial
                                         institution approved by the Agent (acting reasonably).

 

“Accepted
Alternative Accounting Principles” means each of the generally accepted accounting principles of the United Kingdom
and IFRS.

 

“Accession
Document” means a document substantially in the form set out in Schedule 6 (Form of Accession Document).

 

“Accounting
Principles” means the generally accepted accounting principles of the United States of America.

 

    1

     

    

 

“Accounting
Reference Date” means 31 December (or such other date as may be agreed in accordance with this Agreement).

 

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

 

“Additional
Obligor” means an Additional Guarantor.

 

“Affiliate”
means:

 

		(a)	in relation to a person,
                                         a Subsidiary or Holding Company of that person, a Subsidiary of any such Holding Company,
                                         and, in the case of any limited partnership, any entity (including any other limited
                                         partnership) which owns or controls or is owned or controlled by such first limited partnership
                                         or is under common ownerships or control with such first limited partnership; and

 

		(b)	for the purposes of Clause
                                         24 (Changes to the Lenders) in relation to any Lender which is a fund, any of
                                         its Related Funds.

 

“Agency
Fee Letter” means the Fee Letter entered into between the Company, the Agent and the Security Agent pursuant to Clause
12.2 (Agency Fee).

 

“Agent’s
Spot Rate of Exchange” means the Agent’s spot rate of exchange for the purchase of the relevant currency with
the Base Currency in the London foreign exchange market at or about 11:00 a.m. on a particular day.

 

“Agreed
Security Principles” means the principles set out in Schedule 11 (Agreed Security Principles).

 

“AMC
Topco” means AMC Entertainment Holdings, Inc.

 

“AMC
Topco Guarantee” means the limited recourse guarantee provided by AMC Topco and delivered as a condition precedent pursuant
to Schedule 2 (Conditions Precedent).

 

“Anti-Corruption
Laws” means any anti-corruption or anti-bribery law, regulation or measure applicable to any of the assets or operations
of the Company and any member of the Group including, without limitation, the U.S. Foreign Corrupt Practices Act of 1977, as amended
(“FCPA”), the UK Bribery Act 2010 (the “Bribery Act”), and any law or measure that implements
the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions or the United Nations
Convention Against Corruption

 

“Anti-Money
Laundering Laws” means all laws or regulations of any jurisdiction applicable to the Company or any member of the Group
that relate to money laundering, counter-terrorist financing auditor record keeping and reporting requirements relating to money
laundering or counter-terrorist financing.

 

“Anti-Terrorism
Laws” means the Executive Order, the anti-terrorism regulations administered by OFAC, the Bank Secrecy Act (26 U.S.C.
 §§ 5311 et seq.), the Money Laundering Control Act of 1986 (18 U.S.C. §§ 1956 et seq.), the United States
of America Patriot Act and any similar law or regulation enacted in the United States, or any similar regulation or anti-terrorism
economic sanction enacted, administered or enforced by the United Nations Security Council, any institution of the European Union
or any government authority, including (without limitation) regulations or sanctions relating to restrictive measures against
Iran promulgated for anti-terrorism purposes.

 

“Approved
Jurisdiction” means any jurisdiction in which a member of the Group is incorporated or established on the date of this
Agreement a member state of the European Union, the United Kingdom, Switzerland, Sweden, Norway, the United States of America
and any other country approved by the Agent (acting on the instructions of the Majority Lenders).

 

    2

     

    

 

“Approved
List” means the list of lenders and potential lenders agreed by the Company and the Original Lenders before the Closing
Date and held by the Agent (as the same may be amended from time to time pursuant to Clause 24.2 (Conditions of Assignment
or Transfer)).

 

“Assignment
Agreement” means an agreement substantially in the form set out in Schedule 5 (Form of Assignment Agreement)
or any other form agreed between the relevant assignor and assignee provided that if that other form does not contain the undertaking
set out in the form set out in Schedule 5 (Form of Assignment Agreement) it shall not be a Creditor Accession Undertaking
as defined in, and for the purposes of, the Intercreditor Agreement.

 

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

 

“Availability
Period” means the period from and including the date of this Agreement to and including the date falling 10 Business
Days from the date of this Agreement.

 

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

 

		(a)	the Base Currency Amount
                                         of its participation in any outstanding Loans under that Facility; and

 

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

 

“Available
Facility” means the aggregate for the time being of each Lender’s Available Commitment.

 

“Baltic Sale”
means the disposal by way of share sale by Odeon Cinemas Group Limited of its shareholding in the entire issued share capital
of Forum Cinemas OÜ and Forum Cinemas Lithuania OÜ.

 

“Bank Levy”
means any amount payable by any Finance Party or any of its Affiliates:

 

		(a)	on the basis of, or in relation
                                         to, its balance sheet or capital base or any part of that person or its liabilities or
                                         minimum regulatory capital or any combination thereof (including, without limitation,
                                         the UK bank levy as set out in Schedule 19 to the Finance Act 2011 and the German bank
                                         levy as set out in the German Restructuring Fund Act 2010 (Restrukturierungsfondgesetz)
                                         (each as amended from time to time)); or

 

		(b)	any tax or levy in any jurisdiction
                                         levied on a similar basis or for a similar purpose,

 

which , in each case, has been
enacted and/or which has been formally announced as proposed as at the date of this Agreement, or (if applicable) in respect of
any party that accedes as a Lender after the date of this Agreement, as at the date of such accession.

 

“Base
Currency” means Sterling.

 

“Base
Currency Amount” means, in relation to a Loan, the amount specified in the Utilisation Request delivered by a Borrower
for that Loan (or, if the amount requested is not denominated in the Base Currency, that amount converted into the Base Currency
at the Agent’s Spot Rate of Exchange on the date which is three Business Days before the Utilisation Date or, if later,
on the date the Agent receives the Utilisation Request in accordance with the terms of this Agreement) as adjusted to reflect
any repayment, prepayment, consolidation or division of a Loan.

 

    3

     

    

 

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

 

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

 

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

 

“Business
Line” means collectively any assets or entities which together comprise a single and identifiable business or service
at any cinema or group of cinemas (excluding for all purposes under the Finance Documents, the general nature of the business
of the Group taken as a whole as at the date of this Agreement).

 

“Capital
Expenditure” means any expenditure or obligation in respect of expenditure which, in accordance with the Accounting
Principles or Accepted Alternative Accounting Principles, is treated as capital expenditure (and including the capital element
of any expenditure or obligation incurred in connection with a Finance Lease).

 

“Cash”
means, at any time, cash in hand or at bank and (in the latter case) credited to an account in the name of a member of the Group
and to which a member of the Group is beneficially entitled and for so long as:

 

		(a)	that cash is repayable within
                                         30 days after the relevant date of calculation;

 

		(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 or not restricted
                                         by this Agreement; and

 

		(d)	the cash is (except as mentioned
                                         in the paragraphs above) freely available to be applied in repayment or prepayment of
                                         the Facilities and/or any other Financial Indebtedness.

 

“Cash
Equivalent Investments” means at any time:

 

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

 

		(b)	any investment in marketable
                                         debt obligations issued or guaranteed by the government of the United Kingdom, any member
                                         state of the European Economic Area, any Participating Member State or the United States
                                         of America, 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 the United Kingdom, any member state of the European Economic Area, any Participating
                                         Member State or the United States of America;

 

		(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 Investor Services Limited (the
                                         “Minimum Rating Requirement”), 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;

 

    4

     

    

 

		(d)	bills of exchange issued
                                         in the United States of America, the United Kingdom, any member state of the European
                                         Economic Area or any Participating Member State (which satisfies the Minimum Rating Requirement
                                         (as defined above)) which are eligible for rediscount at the relevant central bank and
                                         accepted by an Acceptable Bank (or any dematerialised equivalent);

 

		(e)	any investment in money
                                         market funds which (i) satisfies the Minimum Rating Requirement; (ii) which invest substantially
                                         all their assets in securities of the types described in paragraphs (a) to (d) above
                                         and (iii) can be turned into cash on not more than 90 days’ notice; or

 

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

 

in each case and 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 Transaction
Security Documents).

 

“Change
of Control” means:

 

		(a)	UK Newco ceasing to own
                                         legally and beneficially 100% of the issued share capital of Company; or

 

		(b)	UK Newco ceasing to have
                                         the power (directly or indirectly) to:

 

		(i)	vote or direct the voting
                                         of 100 per cent. of the votes being capable of being cast in the general meeting of the
                                         Company; or

 

		(ii)	appoint, remove or direct
                                         the appointment or the removal of, the majority of the directors of the Company; or

 

		(c)	AMC Topco ceasing to have
                                         the power (directly or indirectly) to:

 

		(i)	vote or direct the voting
                                         of more than 50 per cent. of the votes being capable of being cast in the general meeting
                                         of UK Newco; or

 

		(ii)	appoint, remove or direct
                                         the appointment or the removal of the majority directors of UK Newco.

 

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

 

“Closing
Date” means the first Utilisation Date to occur in respect of the Facilities.

 

“Closing
Payments” has the meaning given to that term in Clause 12.1 (Closing Payments).

 

“Closing
Payments Letter” means the letter between the Company and certain entities for and on behalf of the Original Lenders
dated 24 January 2021 setting out Closing Payments to be made in relation to the Facilities.

 

“CoC
Notice Period” has the meaning given to such term in Clause 8.1 (Exit).

 

    5

     

    

 

“Code”
means the US Internal Revenue Code of 1986.

 

“Commitment”
means a Facility B1 Commitment and/or a Facility B2 Commitment, as the context requires.

 

“Compliance
Certificate” means a certificate substantially in the form set out in Schedule 8 (Form of Compliance Certificate).

 

“Confidential
Information” means all information relating to AMC Topco, the Equity Investors, the Company, any Obligor, any Security
Provider, 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 information that:

 

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

 

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

 

		(iii)	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; or

 

		(iv)	constitutes material developed
                                         independently by or on behalf of any Finance Party using the Confidential Information
                                         provided such material shall be held in confidence and applying such security measures
                                         and degree of care that such Finance Party would apply to its own Confidential Information

 

“Confidentiality
Undertaking” means a confidentiality undertaking substantially in a recommended form of the LMA as set out in Schedule
9 (LMA Form of Confidentiality Undertaking) or in any other form agreed between the Company and the Agent.

 

“Constitutional
Documents” means, in respect of any person, its memorandum and articles of association (or the equivalent thereof in
any applicable jurisdiction).

 

“Consolidated
Total Assets” shall mean, as at any date of determination, the total assets of the Group, determined on a consolidated
basis in accordance with the Accounting Principles or Accepted Alternative Accounting Principles, as set out in the most recent
financial statements of the Company delivered to the Agent pursuant to Clause 20.1 (Financial Statements) and as calculated
on a pro forma basis after giving effect to any acquisition or disposal that may have occurred on or after the last day of such
Financial Quarter.

 

“Debt
Purchase Transaction” means, in relation to a person, a transaction where such person:

 

    6

     

    

 

		(a)	purchases by way of assignment
                                         or transfer;

 

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

 

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

 

any Commitment or amount outstanding
under this Agreement.

 

“Declined
Guarantor” means a member of the Group which is not able to become an Additional Guarantor due to a notification by
a Finance Party pursuant to paragraph (f) of Clause 26.2 (Additional Guarantors).

 

“Default”
means an Event of Default or any event or circumstance specified in Clause 23 (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 (other than a Lender which is an Equity Investor):

 

		(a)	which has failed to make
                                         its participation in a Loan available or 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 5.4 (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 paragraphs (a)
                                         and (b) above:

 

		(i)	its failure to pay is caused
                                         by:

 

		(A)	administrative or technical
                                         error; or

 

		(B)	a Disruption Event; and

 

		(C)	payment is made within 3
                                         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.

 

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

 

“Designated
Person” means a person:

 

		(a)	listed in the annex to,
                                         or otherwise subject to the provisions of, the Executive Order;

 

		(b)	listed on the most current
                                         (i) “Specially Designated National and Blocked Person” on the most
                                         current list published by OFAC at its official website, (ii) the EU Consolidated List
                                         of Financial Sanctions Targets, (iii) the Consolidated List of Financial Sanctions Targets
                                         issued by Her Majesty’s Treasury, or any replacement website or other replacement
                                         official publication of such lists (the “SDN Lists”) or owned more
                                         than 50 per cent by or controlled by a person designated on a SDN List;

 

		(c)	resident in or incorporated
                                         under the laws of any Sanctioned Country or, to the best of the Obligors’ knowledge,
                                         otherwise a target of Sanctions;

 

    7

     

    

 

		(d)	publicly designated by the
                                         US Secretary of the Treasury to be owned or controlled by, or acting for or on behalf
                                         of, any person referred to in paragraph (a) or (b) above, or otherwise determined to
                                         be subject to the terms of Section 1 of the Executive Order;

 

		(e)	or entity publicly designated
                                         as a result of having committed, or to pose a significant risk of committing, acts of
                                         “terrorism” as defined in the Executive Order that threaten the security
                                         of US nationals or the national security, foreign policy, or economy of the United States;
                                         or

 

		(f)	which otherwise is, by public
                                         designation of the United Nations Security Council or US or EU government authority,
                                         the subject of any Sanction.

 

“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.

 

“Equity
Investors” means UK Newco and any Affiliate of UK Newco which is not a member of the Group (and provided that at no
time shall an Original Lender or an Affiliate or Related Fund of an Original Lender be deemed to constitute an Equity Investor).

 

“euro”,
 “EUR” and “€” means the single currency of the Participating Member States.

 

“Event
of Default” means any event or circumstance specified as such in Clause 23 (Events of Default).

 

“Events”
means the Government Restrictions, Operational Restrictions, any Strategic Steps and/or any Restructuring Steps.

 

“Exchange
Act” means the US Securities Exchange Act of 1934, as amended.

 

“Executive
Order” means US Executive Order No. 13224 on Blocking Property and Prohibiting Transactions with persons who Commit,
Threaten to Commit, or Support Terrorism, which came into effect on 24 September 2001, as amended.

 

“Existing
Revolving Facility Agreement” means the existing £100,000,000 revolving facility agreement originally dated 7
December 2017 (as amended from time to time) between, amongst others, the Company and Lloyds Bank plc (as agent and security agent).

 

“Existing
Shareholder Loans” means (i) the £300,000,000 promissory note issued by Odeon and UCI Cinemas Holdings Limited
to American Multi-Cinema, Inc. dated 17 September 2019 as amended and/or restated from time to time; and (ii) the £120,000,000
loan facility from American Multi-Cinema, Inc. to Odeon Cinemas Limited, dated 22 July 2020 as amended and/or restated from time
to time.

 

    8

     

    

 

“Export-Control
Laws” means (a) Council Regulation (EC) No 428/2009 (as amended by subsequent regulations), Council Regulation (EC)
No 423/2007 (as amended by subsequent regulations) and any other regulation or measure of the European Union or one of its institutions
which regulates the export of goods (whether directly or indirectly) to or the rendering of services in a country which is not
a member of the European Union and (b) the US Export Administration Regulations or the US International Traffic in Arms Regulations.

 

“Facilities”
means, together, Facility B1 and Facility B2 (and each a “Facility”).

 

“Facility
B1” means the sterling term loan facility made available under this Agreement as described in paragraph (a) of Clause
2.1 (The Facilities).

 

“Facility
B1 Commitment” means:

 

		(a)	in relation to an Original
                                         Lender, the amount in the Base Currency set opposite its name under the heading Facility
                                         B1 Commitment in Part A of Schedule 1 (The Original Parties) and the amount of
                                         any other Facility B1 Commitment transferred to it under this Agreement or assumed by
                                         it in accordance with Clause 2.2 (Increase); and

 

		(b)	in relation to any other
                                         Lender, the amount in the Base Currency of any Facility B1 Commitment transferred to
                                         it under this Agreement or assumed by it in accordance with Clause 2.2 (Increase),

 

to the extent:

 

		(i)	not cancelled, reduced or
                                         transferred by it under this Agreement; and

 

		(ii)	not deemed to be zero pursuant
                                         to Clause 25.2 (Disenfranchisement on Debt Purchase Transactions entered into by Equity
                                         Investors).

 

“Facility
B1 Loan” means a loan made or to be made under Facility B1 or the principal amount outstanding for the time being of
that loan.

 

“Facility
B2” means the euro term loan facility made available under this Agreement as described in paragraph (b) of Clause 2.1
(The Facilities).

 

“Facility
B2 Commitment” means:

 

		(a)	in relation to an Original
                                         Lender, the amount in euros set opposite its name under the heading Facility B2 Commitment
                                         in Part A of Schedule 1 (The Original Parties) and the amount of any other Facility
                                         B2 Commitment transferred to it under this Agreement or assumed by it in accordance with
                                         Clause 2.2 (Increase); and

 

		(b)	in relation to any other
                                         Lender, the amount in euros of any Facility B2 Commitment transferred to it under this
                                         Agreement or assumed by it in accordance with Clause 2.2 (Increase),

 

to the extent:

 

		(i)	not cancelled, reduced or
                                         transferred by it under this Agreement; and

 

		(ii)	not deemed to be zero pursuant
                                         to Clause 25.2 (Disenfranchisement on Debt Purchase Transactions entered into by Equity
                                         Investors).

 

    9

     

    

 

“Facility
B2 Loan” means a loan made or to be made under Facility B2 or the principal amount outstanding for the time being of
that loan.

 

“Facility
Office” means:

 

		(a)	in respect of a Lender,
                                         the office or offices notified by that 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; or

 

		(b)	in respect of any other
                                         Finance Party, the office in the jurisdiction in which it is resident for tax purposes.

 

“Fair
Market Value” means:

 

		(a)	with respect to any asset
                                         or group of assets (other than a Marketable Security) at any date, the value of the consideration
                                         obtainable in a sale of such asset at such date assuming a sale by a willing seller to
                                         a willing purchaser dealing at arm’s length and arranged in an orderly manner over
                                         a reasonable period of time having regard to the nature and characteristics of such asset,
                                         as reasonably determined by a director of the Company or, if such asset shall have been
                                         the subject of a relatively contemporaneous appraisal by an independent third party appraiser,
                                         the basic assumptions underlying which have not materially changed since its date, the
                                         value set forth in such appraisal; and

 

		(b)	with respect to any Marketable
                                         Security at any date, the closing sale price of such Marketable Security on the Business
                                         Day next preceding such date, as appearing in any published list of any national securities
                                         exchange or the NASDAQ Stock Market or, if there is no such closing sale price of such
                                         Marketable Security, the final price for the purchase of such Marketable Security at
                                         face value quoted on such Business Day by a financial institution of recognised standing
                                         regularly dealing in Marketable Securities of such type and selected by the Agent.

 

“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 paragraph (a)
                                         above, the first date from which such payment may become subject to a deduction or withholding
                                         required by FATCA.

 

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

 

    10

     

    

 

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

 

“Fee
Letter” means:

 

		(a)	the Closing Payments Letter;

 

		(b)	any letter or letters dated
                                         on or about the date of this Agreement between the Original Lenders 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 12 (Fees); and

 

		(c)	any agreement setting out
                                         fees payable to a Finance Party referred to in paragraph (e) of Clause 2.2 (Increase)
                                         of this Agreement or under any other Finance Document.

 

“Finance
Document” means this Agreement, any Accession Document, any Compliance Certificate, any Fee Letter, any Hedging Agreement,
the Intercreditor Agreement, any Resignation Letter, any Transaction Security Document, any Utilisation Request, the AMC Topco
Guarantee 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 or the Intercreditor Agreement, a Hedging Agreement shall
be a Finance Document for the purposes of:

 

		(a)	the definition of Material
                                         Adverse Effect;

 

		(b)	the definition of Transaction
                                         Security Document;

 

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

 

		(d)	Clause 18 (Guarantee
                                         and Indemnity); and

 

		(e)	Clause 23 (Events of
                                         Default) (other than paragraph (b) of Clause 23.13 (Repudiation and Rescission
                                         of Agreements) and Clause 23.16 (Acceleration)).

 

“Finance
Lease” means any lease or hire purchase contract which would, in accordance with the Accounting Principles or Accepted
Alternative Accounting Principles, be treated as a finance or capital lease.

 

“Finance
Party” means the Agent, the Security Agent, a Lender, a Lender Affiliate or a Hedge Counterparty provided that where
the term Finance Party is used in, and construed for the purposes of, this Agreement or the Intercreditor Agreement a Hedge Counterparty
shall be a Finance Party only for the purposes of:

 

		(a)	the definition of Secured
                                         Parties;

 

		(b)	paragraph (a)(i) of Clause
                                         1.2 (Construction);

 

		(c)	paragraph (b) of the definition
                                         of Material Adverse Effect; and

 

		(d)	Clause 28 (Conduct of
                                         Business by the Finance Parties).

 

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

 

		(a)	moneys borrowed (in particular,
                                         in respect of any revolving credit or similar facility, moneys borrowed shall only include
                                         the total amount of funds borrowed and then outstanding) and debit balances at banks
                                         or other financial institutions;

 

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

 

    11

     

    

 

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

 

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

 

		(e)	the amount of deferred and
                                         unpaid purchase price of any asset or service, where the deferred payment is arranged
                                         primarily as a means of raising finance and such purchase price is due more than 180
                                         days after the date of supply of such asset or service;

 

		(f)	any amount raised by the
                                         issue of shares which are redeemable (other than at the option of the issuer) before
                                         the latest Termination Date of the Facilities or are otherwise classified as borrowings
                                         under the Accounting Principles or the Accepted Alternative Accounting Principles;

 

		(g)	any amount raised under
                                         any other transaction (including any forward sale or purchase agreement) of a type not
                                         referred to in any other paragraph of this definition having the commercial effect of
                                         a borrowing or otherwise classified as borrowings under the Accounting Principles or
                                         the Accepted Alternative Accounting Principles;

 

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

 

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

 

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

 

excluding in all events;

 

		(i)	contingent obligations
                                         incurred in the ordinary course of business; and

 

		(ii)	any Shareholder Loans.

 

“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 the Accounting Reference Date in each year.

 

“Finnish
Obligor” means any Obligor incorporated under the laws of Finland.

 

“German
Obligor” means any Obligor incorporated in Germany.

 

“Government
Restrictions” means in respect of any member of the Group, the relevant central or local government restrictions imposed,
or to be imposed, across Europe in response to the COVID-19 pandemic, such restrictions including, but not limited to (a) any
requirement to close cinemas; or (b) where cinemas are permitted to open, restrictions on (i) cinema seating capacity, (ii) the
ability to sell food or beverage, or (iii) opening hours.

 

“Group”
means the Company and each of its Subsidiaries for the time being.

 

    12

     

    

 

“Group
Structure Chart” means the group structure chart in the agreed form.

 

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

 

“Guarantor
and Security Coverage Test” has the meaning given to it in paragraph (a) of Clause 22.28 (Guarantors).

 

“Hedge
Counterparty” means any person who has become a Hedge Counterparty in accordance with Clause 24.11 (Accession of
Hedge Counterparties) and which in each case is, or has become, party to the Intercreditor Agreement as a Hedge Counterparty
in accordance with the provisions of the Intercreditor Agreement.

 

“Hedging
Agreement” means a master agreement, confirmation, schedule or other agreement entered into or to be entered into by
an Obligor and a Hedge Counterparty.

 

“Holding
Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is
a Subsidiary.

 

“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), (b) or (c) 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

 

		(B)	a Disruption Event; and

 

payment is made within 3 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 2.2 (Increase).

 

“Insolvency
Event” in relation to a Finance Party means that the Finance Party:

 

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

 

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

 

    13

     

    

 

		(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 exercised in respect
                                         of it one or more of the stabilisation powers pursuant to Part 1 of the Banking Act 2009
                                         and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the
                                         Banking Act 2009 or a bank administration proceeding pursuant to Part 3 of the Banking
                                         Act 2009;

 

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

 

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

 

		(i)	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;

 

		(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 (i) 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:

 

		(a)	any patents, trade marks
                                         and service marks, designs, domain names and copyrights (and any applications for registration
                                         of any of the same), business names, brand names (including the Odeon brand, Filmstaden
                                         brand, UCI brand, Cinesa brand and Finnkino brand) database rights, design rights, moral
                                         rights and rights in inventions, confidential information, knowhow and trade secrets
                                         (including any customer or client lists and/or databases) and other intellectual property
                                         rights and interests (which may now or in the future subsist), whether registered or
                                         unregistered; and

 

    14

     

    

 

		(b)	the benefit of all applications
                                         and rights to use such assets of each member of the Group (which may now or in the future
                                         subsist).

 

“Intercreditor
Agreement” means the intercreditor agreement dated on or about the date of this Agreement and made between, among others,
the Company, the Debtors (as defined in the Intercreditor Agreement), the Security Agent and the Agent.

 

“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 paragraph (a) of Clause 10.3 (Default Interest).

 

“Joint
Venture” means any joint venture entity, whether a company, unincorporated firm, undertaking, association, joint venture
or partnership or any other entity where the Company does not own (indirectly) more than fifty per cent. of the shares or other
ownership interests in the relevant entity.

 

“Joint
Venture Investment” means, in respect of a Joint Venture:

 

		(a)	the subscription for shares
                                         in, making of loans to, or making of investments in a Joint Venture;

 

		(b)	the assumption of liabilities
                                         under any outstanding guarantee or indemnity given in respect of the liabilities of a
                                         Joint Venture; and

 

		(c)	the transfer of any assets
                                         to a Joint Venture.

 

“Joint
Venture Investment Basket” means £15,000,000 over the life of the Facilities.

 

“Key
Creditors” means landlords, suppliers and other trade creditors of the Group.

 

“Legal
Opinion” means any legal opinion delivered to the Agent under Clause 4.1 (Conditions Precedent) or Clause 26
(Changes to the Obligors).

 

“Legal
Reservations” means:

 

		(a)	the principle that equitable
                                         remedies are remedies which may be granted or refused at the discretion of a court, the
                                         principle of reasonableness and fairness (where implied by law), and the limitation of
                                         enforcement by laws relating to insolvency, reorganisation and other laws generally affecting
                                         the rights of creditors;

 

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

 

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

 

		(d)	the principle that interest
                                         on interest or additional interest imposed pursuant to any relevant agreement may be
                                         held to be unenforceable on the grounds that it is a penalty and thus void;

 

		(e)	the principle that an English
                                         court may not give effect to an indemnity for legal costs incurred by an unsuccessful
                                         litigant;

 

    15

     

    

 

		(f)	the principle that the creation
                                         or purported creation of Security over any contract or agreement which is subject to
                                         a prohibition on transfer, assignment or charging may be void, ineffective or invalid
                                         and may give rise to a breach of the contract or agreement over which Security has purportedly
                                         been created;

 

		(g)	the accessory nature of
                                         certain German law governed Security;

 

		(h)	under German law, the fact
                                         that a court may limit the concept of irrevocability by applying restrictions based on
                                         cogent reasons for the respective concerned party to withdraw from the right irrevocably
                                         granted;

 

		(i)	similar principles, rights
                                         and defences under the laws of any Relevant Jurisdiction; and

 

		(j)	any other matters which
                                         are set out as qualifications or reservations as to matters of law of general application
                                         in the Legal Opinions.

 

“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
                                         2.2 (Increase) or Clause 24 (Changes to the Lenders),

 

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

 

“Lloyds
Deposit Agreement” means the deposit agreement dated on or around the date of this Agreement between the Company and
Lloyds Bank plc, pursuant to which Lloyds Bank plc has taken cash collateral in relation to existing letters of credit or bank
guarantees entered into in the ordinary course of business and existing on the date of this Agreement, and such letters of credit
and bank guarantees as permitted pursuant to paragraph (l) of the definition of Permitted Financial Indebtedness.

 

“LMA”
means the Loan Market Association.

 

“Loan”
means a Facility B1 Loan and/or a Facility B2 Loan, as the context requires.

 

“LTM
EBITDA” means, on any day, Consolidated EBITDA as stated in the most recently delivered Compliance Certificate for the
four consecutive Financial Quarters ending on or prior to such day, provided that in the event any acquisition is committed or
made by any member of the Group based on the amount of LTM EBITDA as at any particular date, that acquisition shall not constitute,
or result in, a breach of any provision of any Finance Documents if there is a subsequent change in the amount of LTM EBITDA.

 

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

 

“Marketable
Security” means any marketable shares, voting trust certificate, bond, debenture, note or other evidence of Financial
Indebtedness, whether secured, unsecured, convertible or subordinated, or any certificate of interest, share or participation
in, any temporary or interim certificate for the purchase or acquisition of, or any right to subscribe to, purchase or acquire,
any of the foregoing, but shall not include any evidence of the Secured Obligations (as defined in the Intercreditor Agreement).

 

“Material
Adverse Effect” means any event or circumstance which (after taking into account all relevant circumstances) is materially
adverse to:

 

    16

     

    

 

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

 

		(b)	the ability of the Obligors
                                         (as a whole) to perform their payment obligations under the Finance Documents; or

 

		(c)	subject to the Legal Reservations
                                         and Perfection Requirements the validity or enforceability of, or the effectiveness or
                                         ranking of, any Security granted or purporting to be granted pursuant to any of, the
                                         Finance Documents in a manner and to an extent materially adverse to the interests of
                                         the Finance Parties under the Finance Documents taken as a whole and, without duplication
                                         of any other cure period, if capable of remedy is not remedied within 10 Business Days
                                         of the Company becoming aware of the issue or being given notice of the issue by the
                                         Agent.

 

provided that, any
Events which would, if it were not for this proviso, have, or be reasonably likely to have, a Material Adverse Effect shall not
have, or be considered reasonably likely to have, a Material Adverse Effect.

 

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

 

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

 

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

 

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

 

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

 

“New
Lender” has the meaning given to that term in Clause 24 (Changes to the Lenders).

 

“Non-Call
Period” means the period starting on the Closing Date and ending on the date falling 24 Months after the Closing Date;

 

“Non-Consenting
Lender” has the meaning given to that term in Clause 36.4 (Replacement of Lender).

 

“Non-Obligor”
means a member of the Group which is not an Obligor.

 

“Notifiable
Debt Purchase Transaction” has the meaning given to that term in paragraph (b) of Clause 25.2 (Disenfranchisement
on Debt Purchase Transactions entered into by Equity Investors).

 

“Obligor”
means a Borrower or a Guarantor.

 

“Obligor/Non-Obligor
Basket” means the aggregate of the utilised amounts under each of the permitted exceptions referred to in paragraph
(d) of the definition of “Permitted Disposal”, paragraph (i) of the definition of “Permitted Financial
Indebtedness”, paragraph (d) of the definition of “Permitted Guarantee”, paragraph (d) of the definition
of “Permitted Loan”, paragraph (c) of “Permitted Security” and paragraph (b) of “Permitted
Share Issue”, which shall not exceed at any time £95,000,000 plus an amount equal to any returns (including, but
not limited to, dividends, interest, distributions, returns of principal, returns of capital, profits on sale, repayments, income
and similar amounts) actually received by an Obligor from a Non-Obligor after the date of this Agreement.

 

    17

     

    

 

 

“Obligors’
Agent” means the Company, appointed to act on behalf of each Obligor and Security Provider in relation to the Finance
Documents pursuant to Clause 2.4 (Obligors’ Agent).

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Operational
Restrictions” means any change to the business or operations of the Group in response to:

 

		(a)	the Government Restrictions;

 

		(b)	limitations on film product
                                         availability resulting directly from the COVID-19 virus; or

 

		(c)	other events or circumstances
                                         resulting directly from the COVID-19 virus,

 

in each case
including but not limited to corporate reorganisations (whether mergers, de-mergers, liquidations of certain entities) and partial
or permanent closures of cinemas.

 

“Original
Guarantor” means each company listed in Part C of Schedule 1 (The Original Parties) as an original guarantor.

 

“Original
Obligor” means the Borrower or an Original Guarantor.

 

“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.

 

“Perfection
Requirements” means any and all appropriate registration, filings, notices and other actions and steps required to be
made in any jurisdiction in order to perfect security created by the Transaction Security Documents.

 

“Permitted
Acquisition” means:

 

		(a)	an acquisition by a member
                                         of the Group of an asset sold, leased, licensed, transferred or otherwise disposed of
                                         by another member of the Group in circumstances constituting a Permitted Disposal or
                                         a Permitted Transaction;

 

		(b)	an acquisition of individual
                                         cinemas or leasehold interests in relation to individual cinemas the aggregate consideration
                                         (including costs and expenses) when aggregated with the consideration (including costs
                                         and expenses) for any other Permitted Acquisition acquired pursuant to this paragraph
                                         (b) and paragraph (e) below does not exceed £15,000,000 or its equivalent in other
                                         currencies over the life of the Facilities;

 

		(c)	an acquisition of securities
                                         which are Cash Equivalent Investments;

 

		(d)	the acquisition of a limited
                                         liability partnership or the issued share capital of a limited liability company (including,
                                         in each case, by way of formation) which has not previously traded, has no material liabilities,
                                         assets or obligations prior to the date of such acquisition, and is incorporated in an
                                         Approved Jurisdiction;

 

    18 

     

    

 

		(e)	an acquisition of:

 

		(i)	more than 50 per cent. of
                                         the voting ownership interests in a person (or additional ownership interests in a member
                                         of the Group) and which gives the relevant member of the Group the power to direct management
                                         and policies of the relevant person acquired; or

 

		(ii)	any business or undertaking,
                                         carried on as a going concern,

 

but only if,
in each case:

 

		(A)	the person, business or
                                         undertaking to be acquired (the “Relevant Target”) is engaged in a
                                         business the general nature of which is similar or complementary to that carried on by
                                         the Group or a part of the Group, provided that the principal business activities of
                                         such person (taken together with its Subsidiaries), business or undertaking are primarily
                                         conducted in one or more Approved Jurisdiction;

 

		(B)	the Relevant Target:

 

		(1)	is not a Designated Person
                                         or owned or controlled by a Designated Person or engages with or otherwise provides funding
                                         to Designated Persons;

 

		(2)	is not (i) located in, (ii)
                                         incorporated under the laws of, (iii) controlled by or (iv) acting on behalf of a person
                                         located in or organised, under the laws of a Sanctioned Country; and

 

		(3)	does not (i) carry on any
                                         business, (ii) engage in transactions with, or (iii) otherwise make funds available to
                                         any person or business in breach of any Anti-Terrorism Law, Export Control Law, Anti-Corruption
                                         Law, Anti-Money Laundering Law or Sanctions law or regulation;

 

		(C)	immediately after giving
                                         effect to the acquisition, the Minimum Liquidity financial covenant would be complied
                                         with on a pro forma basis for the acquisition and on the basis of the Quarterly Financial
                                         Statements that have been delivered under this Agreement;

 

		(D)	no Event of Default is continuing
                                         on the date on which the relevant member of the Group enters into a legally binding contract
                                         for the acquisition;

 

		(E)	either the Relevant Target
                                         has positive LTM EBITDA or its LTM EBITDA is not negative by more than £10,000,000;

 

		(F)	in the case that the Relevant
                                         Target is a limited liability company incorporated in England and Wales, the Relevant
                                         Target accedes to this Agreement as an Additional Guarantor within 45 days of completion
                                         of the relevant acquisition; and

 

		(G)	the total consideration
                                         (including costs and expenses) for the acquisition when aggregated with the consideration
                                         (including costs and expenses) for any other Permitted Acquisition acquired pursuant
                                         to this paragraph (e) and paragraph (b) above does not exceed £15,000,000 or its
                                         equivalent in other currencies over the life of the Facilities;

 

		(f)	an acquisition of shares
                                         or securities pursuant to a Permitted Share Issue (other than shares in the Company);

 

    19 

     

    

 

		(g)	any acquisition of shares
                                         pursuant to the Post-Closing Swedish Transfer; and

 

		(h)	any other acquisition with
                                         the consent of the Agent (acting on the instructions of the Majority Lenders).

 

“Permitted
Disposal” means any sale, lease, licence, transfer or other disposal which is:

 

		(a)	of assets in the ordinary
                                         course of trading of the disposing entity;

 

		(b)	of any asset by an Obligor
                                         to any other Obligor provided that if the disposing company had given Transaction Security
                                         under the Transaction Security Documents over those assets, that asset must, subject
                                         to the Agreed Security Principles (and provided that such assets continue to exist following
                                         the disposal and have not been otherwise extinguished in accordance with the terms of
                                         the Finance Documents), remain subject to Transaction Security, or the acquiring Obligor
                                         must give Transaction Security over those assets following the relevant disposal;

 

		(c)	of any asset by a Non-Obligor
                                         to any other member of the Group;

 

		(d)	of any asset (other than
                                         Intellectual Property) by an Obligor to a Non-Obligor provided that if the disposing
                                         company had given Transaction Security under the Transaction Security Documents over
                                         those assets, that asset must remain subject to Transaction Security, or the acquiring
                                         company must, subject to the Agreed Security Principles (and provided that such assets
                                         continue to exist following the disposal and have not been otherwise extinguished in
                                         accordance with the terms of the Finance Documents), give Transaction Security over those
                                         assets, and provided that following the relevant disposal the aggregate consideration
                                         for all such disposals shall not cause the Obligor/Non-Obligor Basket to be exceeded
                                         (taking into account the aggregate amount incurred under each of the permitted exceptions
                                         listed in the definition of “Obligor/Non-Obligor Basket”), provided further
                                         that if a Non-Obligor subsequently becomes an Obligor the amount equal to the lesser
                                         of:

 

		(i)	the current Fair Market Value
                                         of the assets disposed of to it pursuant to this sub-paragraph since the date of this
                                         Agreement at the time such Non-Obligor becomes an Obligor; and

 

		(ii)	the original amount of the
                                         Fair Market Value of the assets disposed of which was taken into account at the time
                                         of the disposal when calculating whether the Obligor/Non-Obligor Basket had been exceeded,

 

shall be ignored
for the purposes of calculating whether the Obligor/Non-Obligor Basket has been exceeded;

 

		(e)	of assets (other than shares,
                                         Intellectual Property or businesses) in exchange for other assets reasonably comparable
                                         or superior as to type and quality;

 

		(f)	of cash or Cash Equivalent
                                         Investments not otherwise expressly prohibited hereunder;

 

		(g)	of assets compulsorily acquired
                                         by any governmental authority;

 

		(h)	a lease or licence of real
                                         estate in the ordinary course of business;

 

		(i)	of receivables arising pursuant
                                         to a factoring or like arrangement on a non-recourse basis;

 

		(j)	arising as result of any
                                         Permitted Acquisition, Permitted Payment, Permitted Security or Permitted Transaction;

 

    20 

     

    

 

		(k)	of assets (other than individual
                                         cinemas) in the ordinary course of business which are obsolete or which are no longer
                                         required by the business or operations of the disposing entity;

 

		(l)	of individual cinemas or
                                         Business Lines provided that no Event of Default is continuing on the date on which the
                                         relevant member of the Group enters into the legally binding contract for such disposal
                                         and provided further that such disposal is made for not less than Fair Market Value;

 

		(m)	of assets to any third party
                                         (including, but not limited to any Equity Investor) where the aggregate value of the
                                         assets disposed of does not exceed 25 per cent. of the Consolidated Total Assets as at
                                         the most recent Quarter Date in aggregate after the date of this Agreement;

 

		(n)	any disposal of shares arising
                                         pursuant to the Post-Closing Swedish Transfer;

 

		(o)	any disposal arising from
                                         the Baltic Sale; and

 

		(p)	any other sale, lease, licence,
                                         transfer or other disposal with the consent of the Agent (acting on the instructions
                                         of the Majority Lenders).

 

“Permitted
Financial Indebtedness” means Financial Indebtedness:

 

		(a)	arising under any of the
                                         Finance Documents or (until and including the Closing Date) under the Existing Revolving
                                         Facility Agreement;

 

		(b)	arising under any Permitted
                                         Treasury Transaction:

 

		(c)	arising under any Shareholder
                                         Loan;

 

		(d)	arising under a Permitted
                                         Loan, Permitted Guarantee or Permitted Transaction;

 

		(e)	arising under any Permitted
                                         Second Lien Indebtedness;

 

		(f)	arising under any Permitted
                                         Unsecured Indebtedness;

 

		(g)	representing deferred employee
                                         compensation incurred in the ordinary course of business;

 

		(h)	of any person or in any
                                         business or undertaking acquired pursuant to a Permitted Acquisition which is incurred
                                         under arrangements in existence at the date of such acquisition but not incurred or the
                                         principal amount increased (otherwise than by the capitalisation of interest) or its
                                         maturity date extended in contemplation of that acquisition provided that such Financial
                                         Indebtedness is discharged within three Months or the date on which such person is acquired
                                         by a member of the Group;

 

		(i)	arising under any cash pooling
                                         or management arrangement entered into by a member of the Group in the ordinary course
                                         of its banking arrangements for the purposes of netting debit and credit balances, provided
                                         that the aggregate Financial Indebtedness arising under any cash pooling or management
                                         arrangement entered into by a Non-Obligor does not cause the Obligor/Non-Obligor Basket
                                         to be exceeded (taking into account the aggregate amount incurred under each of the permitted
                                         exceptions listed in the definition of “Obligor/Non-Obligor Basket”);

 

		(j)	arising as result of daylight
                                         exposures of any member of the Group in respect of its banking arrangements entered into
                                         the ordinary course of its treasury activities;

 

    21 

     

    

 

		(k)	under any earn out arrangements
                                         or deferred consideration in relation to a Permitted Acquisition (in the case of earn
                                         out arrangements, to the extent that such earn out arrangement constitutes Financial
                                         Indebtedness) provided that such arrangements account for no more than 10 per cent. of
                                         the total consideration payable in relation to such Permitted Acquisition;

 

		(l)	in relation to letters of
                                         credit or bank guarantees required to be provided in the ordinary course of business
                                         in an aggregate amount of up to £42,500,000 at any time or its equivalent in another
                                         currency;

 

		(m)	arising under local working
                                         capital and overdraft facilities provided to members of the Group in an aggregate amount
                                         of up to £10,000,000 at any time or its equivalent in another currency;

 

		(n)	

 

		(i)	arising under any Capital
                                         Lease Obligation; or

 

		(ii)	incurred in relation to the
                                         financing of the acquisition, lease, construction, repair, replacement or improvement
                                         of fixed or capital assets and incurred at the same time or within 270 days of the lease,
                                         construction, repair, replacement or improvement of fixed or capital assets, or, in each
                                         case, a refinancing thereof (provided that the principal amount thereof does not exceed
                                         the principal amount of the Financial Indebtedness being refinanced except by an amount
                                         equal to unpaid accrued interest and premium thereon plus other reasonable amount
                                         paid, and fees and expenses reasonably incurred, in connection with such refinancing
                                         plus an amount equal to any existing commitments unutilised thereunder in an aggregate
                                         amount of up to £20,000,000 or its equivalent in another currency over the life
                                         of the Facilities;

 

		(o)	any Permitted Joint Venture
                                         Investment (to the extent that such investment is granted by way of Financial Indebtedness);

 

		(p)	incurred pursuant to, or
                                         in order to comply with, section 8(a) of the German Act on Partial Retirement (Altersteilzeitgesetz),
                                         or section 7(b) and/or 7(e) of the Fourth Book of the German Social Security Code (Sozialgesetzbuch
                                         (IV));

 

		(q)	any other Financial Indebtedness
                                         incurred with the consent of the Agent (acting on the instructions of the Majority Lenders).

 

“Permitted
Guarantee” means:

 

		(a)	any guarantee arising under
                                         the Finance Documents;

 

		(b)	any guarantee by a Non-Obligor
                                         of the obligations of another member of the Group;

 

		(c)	any guarantee by an Obligor
                                         of the obligations of another Obligor;

 

		(d)	any guarantee by an Obligor
                                         of the obligations of a Non-Obligor provided the aggregate outstanding amount guaranteed
                                         does not cause the Obligor/Non-Obligor Basket to be exceeded (taking into account the
                                         aggregate amount incurred under each of the permitted exceptions listed in the definition
                                         of “Obligor/Non-Obligor Basket”), provided that if a Non-Obligor subsequently
                                         becomes an Obligor any guarantee of its obligations pursuant to this sub-paragraph shall
                                         be ignored for the purposes of calculating whether the Obligor/Non-Obligor Basket has
                                         been exceeded;

 

    22 

     

    

 

		(e)	any guarantee granted by
                                         a person, business or undertaking acquired pursuant to a Permitted Acquisition which
                                         is incurred under arrangements in existence at the date of such acquisition but not incurred
                                         or the principal amount increased (otherwise than by the capitalisation of interest)
                                         or its maturity date extended in contemplation of that acquisition provided that such
                                         guarantee is discharged within three Months or the date on which such person is acquired
                                         by a member of the Group;

 

		(f)	guarantees relating to a
                                         Permitted Acquisition, Permitted Disposal, Permitted Financial Indebtedness or a Permitted
                                         Transaction;

 

		(g)	any guarantee to a landlord
                                         on arm’s length terms other than in respect of Financial Indebtedness;

 

		(h)	any guarantee granted in
                                         connection with a Permitted Disposal other than in respect of Financial Indebtedness;

 

		(i)	any guarantee by a member
                                         of the Group in respect of obligations of another member of the Group which, if it were
                                         a loan by that member of the Group to that other member of the Group, would constitute
                                         a Permitted Loan;

 

		(j)	guarantees given in favour
                                         of directors and officers of any member of the Group in respect of their employment as
                                         such other than in respect of Financial Indebtedness;

 

		(k)	indemnities given to professional
                                         advisers and consultants in the ordinary course of day-to-day business which indemnity
                                         is in customary form and subject to customary limitations;

 

		(l)	any guarantee not permitted
                                         by the preceding paragraphs which is not granted to a member of the Group or an Equity
                                         Investor the outstanding principal amount of which does not exceed when aggregated with
                                         paragraph (h) of the “Permitted Loan” definition), at any time £5,000,000
                                         or its equivalent in another currency;

 

		(m)	any indemnity relating to
                                         any guarantee issued by a bank or financial institution in order to satisfy the requirements
                                         of section 8(a) of the German Act on Partial Retirement (Altersteilzeitgesetz),
                                         or section 7(b) and/or 7(e) of Fourth Book of the German Social Security Code (Sozialgesetzbuch
                                         (IV));

 

		(n)	any guarantee granted with
                                         the consent of the Agent (acting on the instructions of the Majority Lenders).

 

“Permitted
Joint Venture Investment” means any Joint Venture Investment made in respect of a Joint Venture which when aggregated
with all Joint Venture Investments made since the date of this Agreement does not exceed the Joint Venture Investment Basket.

 

“Permitted
Loan” means:

 

		(a)	any trade credit extended
                                         by any member of the Group to its customers on normal commercial terms and in the ordinary
                                         course of its trading activities;

 

		(b)	any loan by a Non-Obligor
                                         to another member of the Group provided that if such loan is to an Obligor it is subject
                                         to the terms of the Intercreditor Agreement;

 

		(c)	any loan by an Obligor to
                                         another Obligor;

 

		(d)	any loan by an Obligor to
                                         a Non-Obligor so long as the aggregate outstanding amount of the Financial Indebtedness
                                         under any such loans does not cause the Obligor/Non-Obligor Basket to be exceeded (taking
                                         into account the aggregate amount incurred under each of the permitted exceptions listed
                                         in the definition of “Obligor/Non-Obligor Basket”), provided that if a Non-Obligor
                                         subsequently becomes an Obligor any loan made available to it pursuant to this sub-paragraph
                                         shall be ignored for the purposes of calculating whether the Obligor/Non-Obligor Basket
                                         has been exceeded;

 

    23 

     

    

 

		(e)	any deferred consideration
                                         on Permitted Disposals up to a limit of 10 per cent. of the value of the relevant assets
                                         disposed of;

 

		(f)	any loan that constitutes
                                         Permitted Financial Indebtedness or a Permitted Transaction;

 

		(g)	any Permitted Joint Venture
                                         Investment (to the extent that investment to a Joint Venture is granted by way of a loan);

 

		(h)	any loan (other than a loan
                                         made by a member of the Group to any Equity Investor) so long as the aggregate amount
                                         of the Financial Indebtedness under such loans does not exceed (when aggregated with
                                         paragraph (l) of the “Permitted Guarantee” definition), at any time, £5,000,000
                                         or its equivalent in another currency; and

 

		(i)	any loan permitted with
                                         the consent of the Agent (acting on the instructions of the Majority Lenders).

 

“Permitted
Payment” means any payment including the making of a loan, the cash payment of a dividend, repayment of equity, reduction
of capital, loan, fee, charge or the cash payment of interest on, or repayment or prepayment of principal in respect of, any Shareholder
Loan, redemption, set-off, acquisition of liabilities or other discharge in each case to fund:

 

		(a)	any fees (including professional
                                         advisor fees), costs and expenses incurred by AMC Topco on behalf of the Group provided
                                         such fees, costs and expenses are reasonably and properly incurred in good faith, and
                                         where any payment is made under this paragraph (a) in respect of fees, costs and expenses
                                         incurred also for the benefit of the AMC Group, such payment shall be limited in an amount
                                         proportionate to the benefit accruing to the Group (in the reasonable opinion of the
                                         Company acting in good faith);

 

		(b)	reasonably and properly
                                         incurred operation costs including (but not limited to) administrative costs, directors
                                         remuneration and fees, tax fees and regulatory costs not to exceed £1,000,000 or
                                         its equivalent in another currency in aggregate in respect of any Financial Year (increasing
                                         each year in line with the UK Consumer Prices Index);

 

		(c)	any payment to an Equity
                                         Investor (and which does not otherwise constitute a Permitted Payment) not to exceed
                                         €114,000,000 over the life of the Facilities;

 

		(d)	any payment to an Equity
                                         Investor of the proceeds of the Baltic Sale, not to exceed €26,000,000 or its equivalent
                                         in another currency over the life of the Facilities; and

 

		(e)	any payment made with the
                                         consent of the Agent (acting on the instructions of the Majority Lenders).

 

“Permitted
Reorganisation” means a transaction pursuant to paragraph (b) or paragraph (e) of the definition of “Permitted
Transaction”.

 

“Permitted
Second Lien Indebtedness” means any indebtedness incurred by the Company without the consent of any Finance Party provided
that:

 

		(a)	the borrower or issuer under
                                         such Permitted Second Lien Indebtedness shall only be the Company;

 

    24 

     

    

 

		(b)	in relation to any person
                                         which becomes a Second Lien Creditor (as defined in the Intercreditor Agreement) under
                                         the Permitted Second Lien Indebtedness, if that person is not already a Second Lien Creditor
                                         (as defined in the Intercreditor Agreement), it shall become party to and subject to
                                         the Intercreditor Agreement prior to or on the date of making such Second Lien Indebtedness
                                         available to the Company;

 

		(c)	such Permitted Second Lien
                                         Indebtedness shall be junior in right of payment to the Facilities and junior in right
                                         of security over the same Charged Property with the Facilities (for the avoidance of
                                         doubt, any additional Security or guarantee granted to secure or guarantee the Permitted
                                         Second Lien Indebtedness shall only be permitted to the extent that such Security or
                                         guarantee is also granted to the Lenders on a first lien basis);

 

		(d)	the final maturity date
                                         of such Permitted Second Lien Indebtedness shall not fall prior to the date falling six
                                         (6) months after the latest Termination Date of the Facilities and there shall be no
                                         scheduled amortisation permitted prior to the date falling six (6) months after the latest
                                         Termination Date;

 

		(e)	any interest payable under
                                         the Permitted Second Lien Indebtedness shall be required to be interest payable-in-kind;

 

		(f)	any Security granted by
                                         any member of the Group in respect of obligations of the Group under any Permitted Second
                                         Lien Indebtedness shall constitute Transaction Security for the purposes of this Agreement
                                         and the Intercreditor Agreement;

 

		(g)	any Permitted Second Lien
                                         Indebtedness shall be on arm’s length basis and can be incurred by way of cash
                                         or exchange offer; and

 

		(h)	no Event of Default under
                                         this Agreement is continuing or would result from the incurrence of such Permitted Second
                                         Lien Indebtedness.

 

“Permitted
Security” means:

 

		(a)	any Transaction Security;

 

		(b)	any lien arising by operation
                                         of law or agreement of similar nature to such a lien and in the ordinary course of trading
                                         (including but not limited to any security granted in connection with the termination
                                         of any DPLA (as defined in Clause 18.13(a) (Guarantee Limitations; Germany) provided
                                         however, that for the avoidance of doubt, the Finance Parties are not required to release
                                         any Transaction Security in connection therewith);

 

		(c)	any netting or set-off arrangement
                                         entered into by any member of the Group which would constitute Permitted Financial Indebtedness
                                         subject in the case of any netting or set-off arrangement entered into between an Obligor
                                         and a Non-Obligor, to the Obligor/Non-Obligor Basket (taking into account the aggregate
                                         amount incurred under each of the permitted exceptions listed in the definition of “Obligor/Non-Obligor
                                         Basket”);

 

		(d)	any Security or Quasi-Security
                                         over or affecting any asset acquired by a member of the Group after the date of this
                                         Agreement and subject to which such is acquired if:

 

		(i)	the Security or Quasi-Security
                                         was not created in contemplation of the acquisition of that asset by a member of the
                                         Group;

 

		(ii)	the principal amount secured
                                         (otherwise than by capitalisation of interest) has not been increased in contemplation
                                         of or since the acquisition of that asset by a member of the Group; and

 

		(iii)	the Security or Quasi-Security
                                         is removed or discharged within three Months or the date of acquisition of such asset;

 

    25 

     

    

 

		(e)	any Security arising under
                                         any retention of title, hire purchase or conditional sale arrangement having similar
                                         effect in respect of goods supplied to a member of the Group in the ordinary course of
                                         business and not arising as a result of any default or omission by any member of the
                                         Group that is continuing for a period or more than 45 days;

 

		(f)	any Security provided in
                                         relation to an Financial Indebtedness permitted pursuant to paragraph (q) of the definition
                                         of Permitted Financial Indebtedness;

 

		(g)	any Security or Quasi-Security
                                         arising in connection with a Permitted Acquisition, Permitted Disposal or a Permitted
                                         Transaction;

 

		(h)	any Transaction Security,
                                         including cash collateral to secure obligations under the Finance Documents and any Hedging
                                         Agreement;

 

		(i)	any Security over any rental
                                         deposits in respect of any real property leased or licensed by a member of the Group
                                         for the purpose of carrying on its business;

 

		(j)	any Security over documents
                                         of title and goods as part of a documentary credit transaction entered into in the ordinary
                                         course of trading;

 

		(k)	any Security over bank accounts,
                                         right of a combination of accounts and/or retention rights in favour of the account holding
                                         bank and granted as part of that financial institution’s standard terms and conditions;

 

		(l)	any Security or Quasi-Security
                                         provided in relation to the Lloyds Deposit Agreement;

 

		(m)	any Security securing Financial
                                         Indebtedness pursuant to the Existing Revolving Facility Agreement, provided that such
                                         Security is released or discharged on or about the Closing Date;

 

		(n)	any Security or Quasi-Security
                                         securing Financial Indebtedness (other than Financial Indebtedness provided by a member
                                         of the Group or an Equity Investor) the outstanding principal amount of which (when aggregated
                                         with the outstanding principal amount of any other Financial Indebtedness which has the
                                         benefit of Security given by any member of the Group in reliance on this paragraph) does
                                         not exceed, at any time, £5,000,000 or its equivalent in another currency in aggregate;

 

		(o)	any Security or Quasi-Security
                                         securing obligations pursuant to, and/or created or subsisting in order to comply with
                                         the requirements of, section 8(a) of the German Act on Partial Retirement (Altersteilzeitgesetz)
                                         or section 7(b) or 7(e) of the Fourth Book of the German Social Security Code (Sozialgesetzbuch
                                         (IV)); and

 

		(p)	any other Security or Quasi-Security
                                         granted with consent of the Agent (acting on the instructions of the Majority Lenders).

 

“Permitted
Share Issue” means an issue of:

 

		(a)	shares by the Company
                                         to UK Newco, provided that such newly issued shares are subject to Transaction Security
                                         and are not by their terms redeemable at the option of the holder prior to the latest
                                         Termination Date and such issue does not lead to a Change of Control;

 

		(b)	shares by one member
                                         of the Group (other than the Company) (the “Subsidiary”) to its direct
                                         Holding Company, subject in the case of shares issued by Non-Obligors to Obligors, to
                                         the Obligor/Non-Obligor Basket (taking into account the aggregate amount incurred under
                                         each of the permitted exceptions listed in the definition of “Obligor/Non-Obligor
                                         Basket”) and provided that, if the existing shares of the Subsidiary are the subject
                                         of Transaction Security, the newly issued shares also become subject to Transaction Security
                                         on the same terms;

 

    26 

     

    

 

		(c)	shares where the issuance
                                         is part of an investment in a Permitted Joint Venture;

 

		(d)	shares to a member of
                                         the Group pursuant to a Permitted Acquisition;

 

		(e)	shares to directors
                                         and other officers who are required to have a minimum shareholding under applicable law
                                         or regulation, to the extent they do not at the time of issue have such a shareholding;
                                         or

 

		(f)	any other issue of shares
                                         made with the consent of the Agent (acting on the instructions of the Majority Lenders).

 

“Permitted
Transaction” means:

 

		(a)	any disposal required, Financial
                                         Indebtedness incurred, guarantee, indemnity, Security or Quasi-Security given, or other
                                         transaction arising, under or in accordance with the Finance Documents;

 

		(b)	any reorganisation, amalgamation,
                                         merger, consolidation, combination, dissolution or corporate reconstruction (for the
                                         purposes of this definition, each a reorganisation) of any member of the Group (other
                                         than the Company) with or into another member of the Group (other than the Company) including,
                                         without limitation, pursuant to a liquidation or winding up, provided that:

 

		(i)	if the relevant member of
                                         the Group was an Obligor immediately prior to such reorganisation being implemented,
                                         all of the assets of that member remain with one or more other Obligors (except to the
                                         extent otherwise constituting a Permitted Disposal) and provided that the Finance Parties
                                         or the Security Agent will receive (subject to the Agreed Security Principles) substantially
                                         the same or equivalent guarantees from it (or its successor) (ignoring for the purpose
                                         of assessing such equivalency any hardening periods and/or limitations required in accordance
                                         with the Agreed Security Principles which do not materially and adversely affect the
                                         value of those guarantees taken as a whole, other than guarantees from any entity which
                                         has ceased to exist as part of such reorganisation) promptly after the reorganisation;
                                         and

 

		(ii)	if the assets or the shares
                                         of the relevant member of the Group were subject to Transaction Security immediately
                                         prior to such reorganisation, the Finance Parties or the Security Agent will receive
                                         (subject to the Agreed Security Principles) substantially the same or equivalent Security
                                         over the same assets and over the same shares (or other interests) in it (or in each
                                         case its successor) (ignoring for the purpose of assessing such equivalency any hardening
                                         periods and/or limitations required in accordance with the Agreed Security Principles
                                         which do not materially and adversely affect the value of enforceability of the security
                                         taken as a whole, other than security from any entity which has ceased to exist as part
                                         of such reorganisation) promptly after the reorganisation (excluding, without limitation,
                                         any Security over any shares, other interests or contractual claims which cease to exist
                                         as part of such reorganisation);

 

		(c)	the dissolution or liquidation
                                         of a Non-Obligor where its assets (after payment of creditors) are passed up to its Holding
                                         Company;

 

		(d)	the novation of the relevant
                                         debtor’s obligations under the Existing Shareholder Loans to the Company and any
                                         assignments, novations, set-offs, amendments in respect of intra-group loans or other
                                         receivables between members of the Group that are in connection with the transfer of
                                         the Group’s treasury management from Odeon Cinemas Limited to the Company;

 

    27 

     

    

 

		(e)	any reorganisation involving
                                         the business or assets of, or shares of (or other interests in) any member of the Group
                                         (other than the Company) which is implemented to comply with any applicable law or regulation
                                         (including all intermediate steps or actions necessary to implement such reorganisation)
                                         provided that (to the greatest extent permissible by law or regulation):

 

		(i)	if the relevant member of
                                         the Group was an Obligor immediately prior to such reorganisation being implemented,
                                         all of the assets, business or shares of that member remain with one or more other Obligors
                                         and provided that the Finance Parties or the Security Agent will receive (subject to
                                         the Agreed Security Principles) substantially the same or equivalent guarantees from
                                         it (or its successor) (ignoring for the purpose of assessing such equivalency any hardening
                                         periods and/or limitations required in accordance with the Agreed Security Principles
                                         which do not materially and adversely affect the value of those guarantees taken as a
                                         whole, other than guarantees from any entity which has ceased to exist as part of such
                                         reorganisation) promptly after the reorganisation; and

 

		(ii)	if the assets or the shares
                                         of the relevant member of the Group were subject to Transaction Security immediately
                                         prior to such reorganisation, the Finance Parties or the Security Agent will receive
                                         (subject to the Agreed Security Principles) substantially the same or equivalent Security
                                         over the same assets and over the same shares (or other interests) in it (or in each
                                         case its successor) (ignoring for the purpose of assessing such equivalency any hardening
                                         periods and/or limitations required in accordance with the Agreed Security Principles
                                         which do not materially and adversely affect the value of enforceability of the security
                                         taken as a whole, other than security from any entity which has ceased to exist as part
                                         of such reorganisation) promptly after the reorganisation (excluding, without limitation,
                                         any Security over any shares, other interests or contractual claims which cease to exist
                                         as part of such reorganisation),

 

and for the
avoidance of doubt, to the extent any provision of paragraph (e)(i) or (e)(ii) above is not permitted by law or regulation, this
shall not constitute a Default or Event of Default under this Agreement;

 

		(f)	any conversion of a loan,
                                         credit or any other indebtedness outstanding which is permitted under any Finance Document
                                         and is owed by a member of the Group to another member of the Group or (in the case of
                                         such loan, credit or other indebtedness owed by the Company) to an Equity Investor into
                                         distributable reserves or share capital of any member of the Group or any other capitalisation,
                                         forgiveness, waiver, release or other discharge of that loan, credit or indebtedness,
                                         in each case on a cashless basis, and provided that if the assets or the shares of the
                                         relevant member of the Group were subject to Transaction Security immediately prior to
                                         such reorganisation or conversion, the Finance Parties or the Security Agent will receive
                                         substantially the same or equivalent Security over the same assets and over the same
                                         shares (or other interests) in it (or in each case its successor) (ignoring for the purpose
                                         of assessing such equivalency any hardening periods and/or limitations required in accordance
                                         with the Agreed Security Principles);

 

		(g)	the Baltic Sale;

 

		(h)	the Post-Closing Swedish
                                         Transfer; and

 

		(i)	a transaction to which the
                                         Agent has consented (acting on the instructions of the Majority Lenders).

 

    28 

     

    

 

“Permitted
Treasury Transaction” means

 

		(a)	any hedging of interest
                                         rate liabilities in respect of any Permitted Financial Indebtedness or the hedging of
                                         actual or projected foreign exchange exposures arising in connection with any Permitted
                                         Financial Indebtedness; and

 

		(b)	any Treasury Transaction
                                         entered into for the hedging of actual or projected exposures (including without limitation
                                         foreign exchange and commodity price hedging) arising in the ordinary course of business
                                         of a member of the Group,

 

in each case,
which has not been entered into for speculative purposes (for the avoidance of doubt, this shall include any Hedging Agreement
entered into by a member of the Group).

 

“Permitted
Unsecured Indebtedness” means any unsecured indebtedness incurred by a member of the Group without the consent of any
Finance Party provided that:

 

		(a)	any person which becomes
                                         an Unsecured Creditor (as such term is defined under the Intercreditor Agreement) under
                                         the Permitted Unsecured Indebtedness shall enter into documentation required for it to
                                         accede as an Unsecured Creditor to the Intercreditor Agreement prior to or on the date
                                         of making such Permitted Unsecured Indebtedness available to any member of the Group,
                                         provided that the requirement for such accession shall only apply to the extent that
                                         the aggregate amount of all committed and/or outstanding Permitted Unsecured Indebtedness
                                         exceeds £12,500,000 (the “Unsecured Indebtedness Threshold”)
                                         and provided further that in the event that such Permitted Unsecured Indebtedness is
                                         provided by an Equity Investor, the Unsecured Indebtedness Threshold shall not apply
                                         and such Equity Investor shall be required to accede as a Subordinated Creditor to the
                                         Intercreditor Agreement (as such term is defined under the Intercreditor Agreement) prior
                                         to or on the date of making such Permitted Unsecured Indebtedness available to a member
                                         of the Group;

 

		(b)	any interest payable under
                                         any Permitted Unsecured Indebtedness to any Unsecured Creditor (as such term is defined
                                         under the Intercreditor Agreement) shall be required to be interest payable-in-kind (and
                                         for the avoidance of doubt, any interest payment in respect of Permitted Unsecured Indebtedness
                                         owed to an Equity Investor (including any such indebtedness which is existing on the
                                         Closing Date) will also be required to be interest payable-in-kind);

 

		(c)	the final maturity date
                                         of such Permitted Unsecured Indebtedness shall not fall prior to the date falling 6 months
                                         after the latest Termination Date of the Facilities and there shall be no scheduled amortisation
                                         permitted prior to the date falling 6 months after the latest Termination Date;

 

		(d)	any Permitted Unsecured
                                         Indebtedness may be incurred by any member of the Group, provided that:

 

		(i)	if the Permitted Unsecured
                                         Indebtedness is incurred by way of exchange offer, such Permitted Unsecured Indebtedness
                                         may only be incurred by the Company; and

 

		(ii)	if the Permitted Unsecured
                                         Indebtedness is provided by an Equity Investor, such Permitted Unsecured Indebtedness
                                         may only be incurred by the Company or Odeon Cinemas Limited; and

 

		(iii)	the aggregate amount of
                                         all Permitted Unsecured Indebtedness committed and/or incurred by Non-Obligors may not
                                         exceed GBP7,500,000 at any time;

 

    29 

     

    

 

		(e)	any Permitted Unsecured
                                         Indebtedness shall not be permitted to benefit from any Security; and

 

		(f)	no Event of Default under
                                         this Agreement is continuing or would result from the incurrence of such Permitted Unsecured
                                         Indebtedness.

 

“Post-Closing
Swedish Transfer” means the transfer of all the issued shares in NCG Holding AB, reg. no. 559094-8328, from the Company
to Odeon and UCI Cinemas Holdings Limited, by way of a sale of shares, capital contribution, an issue of shares or a combination
thereof, or otherwise.

 

“Qualifying
Lender” has the meaning given to that term in Clause 13 (Tax Gross Up and Indemnities).

 

“Quarter
Date” means each of 31 March, 30 June, 30 September and 31 December or such other dates which correspond to the quarter
end dates within the Financial Year.

 

“Quarterly
Financial Statements” means the financial statements delivered pursuant to Clause 20.1 (Financial Statements).

 

“Quasi-Security”
means a:

 

		(a)	sale, transfer or other
                                         disposal to any person who is not a member of the Group of any of its assets on terms
                                         whereby they are or may be leased to or re-acquired by an Obligor or by any other member
                                         of the Group;

 

		(b)	sale, transfer or other
                                         disposal of any of its receivables to any person who is not a member of the Group on
                                         recourse terms;

 

		(c)	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

 

		(d)	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.

 

“Receiver”
means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.

 

“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 in relation to euro, the European interbank market and, in relation to any other currency, the
London interbank market.

 

“Relevant
Jurisdiction” means, in relation to an Obligor:

 

		(a)	its jurisdiction of incorporation;

 

		(b)	any jurisdiction where any
                                         asset subject to or intended to be subject to the Transaction Security to be created
                                         by it is situated; and

 

		(c)	the jurisdiction whose laws
                                         govern the perfection of any of the Transaction Security Documents entered into by it.

 

    30 

     

    

 

“Relevant
Period” means each period of twelve months ending on or about the last day of the Financial Year and each period of
12 months ending on or about the last day of each Financial Quarter.

 

“Repeating
Representations” means each of the representations set out in Clause 19.2 (Status) to paragraphs (b), (c) and
(d) (but excluding paragraph (a)) of Clause 19.4 (Non-Conflict with other Obligations), Clause 19.5 (Power and Authority)
to Clause 19.7 (Governing Law and Enforcement), Clause 19.11 (No Default), Clause 19.24 (Centre of main interests
and establishments), Clause 19.25 (Anti-terrorism/Sanctions) and Clause 19.26 (Anti-money laundering).

 

“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 7 (Form of Resignation Letter).

 

“Restructuring
Steps” means any corporate action, legal proceedings or other procedure or step taken in relation to:

 

		(a)	a company voluntary arrangement
                                         under part 1 of the UK Insolvency Act 1986 in respect of any Obligor; or

 

		(b)	in respect of the Spanish
                                         Obligor, either the submission of the notice set forth in article 583 and ss., or the
                                         commencement of negotiations to reach a refinancing agreement (acuerdo de refinanciación)
                                         as defined in articles 598, 604 or 606., both of the Spanish Royal Legislative Decree
                                         1/2020, of 5 of May, approving the Insolvency Act,

 

in each case,
which is done solely with a view to restructuring the leasehold obligations of any member of the Group (including the Spanish
Obligor). For the sake of clarity, in order to be considered as a Restructuring Step in respect of the Spanish Obligor, the Spanish
Obligor shall expressly include in the notice set forth in article 583 and ss. or in the negotiations to reach a refinancing agreement
(acuerdo de refinanciación) that those actions shall only affect the leasehold obligations of the Spanish Obligor
to be restructured.

 

“Sale”
means the sale of all or substantially all of the business and assets of the Group whether in a single transaction or a series
of related transactions.

 

“Sanction”
means any international economic, trade or financial sanctions laws, regulations, embargoes or restrictive measures imposed, enacted,
administered or enforced by a Sanctions Authority, including, without limitation, any restrictive law, regulation, or measure
against Iran, including U.S. extraterritorial measures such as the Iran Sanctions Act, the Comprehensive Iran Sanctions, Accountability,
and Divestment Act of 2010 and the Iranian Financial Sanctions Regulations administered by OFAC.

 

“Sanctioned
Country” means, at any time, a country or territory which itself is, or whose government is, the target of comprehensive
Sanctions.

 

“Sanctions
Authority” means the United States, the United Nations Security Council, the United Kingdom of Great Britain and Northern
Ireland, the European Union and/or its Member States or the respective governmental and official institutions or agencies of such
entities, including OFAC, the US Department and the US Department of the Treasury.

 

“SEC”
means the Securities and Exchange Commission of the United States or any governmental authority succeeding to any of its principal
functions.

 

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

 

    31 

     

    

 

“Security”
means a mortgage, charge, pledge, lien or other security interest securing any obligation of any person of any other agreement
or arrangement having a similar effect.

 

“Security
Provider” means any member of the Group (which is not an Obligor) which provides Transaction Security and UK Newco.

 

“Shareholder
Loans” means (i) the Existing Shareholder Loans, as novated to the Company on or around the Closing Date and (ii) any
other instrument or agreement including a loan made to the Company or Odeon Cinemas Limited by its direct or indirect Holding
Company (which is not a member of the Group) in each case provided that:

 

		(a)	any such loan made is subordinated
                                         to the Facilities under the terms of the Intercreditor Agreement;

 

		(b)	any payments due under such
                                         loan are non-cash; and

 

		(c)	such loan does not mature
                                         prior to the date six (6) months following the latest Termination Date.

 

“Spanish
Civil Code” means the Spanish Civil Code published by the Royal Decree of July 24, 1889 (Real Decreto de 24 de julio
de 1889 por el que se publica el Código Civil), as amended from time to time.

 

“Spanish
Civil Procedural Act” means the Spanish Act 1/2000, of 7 January, on Civil Procedure (Ley 1/2000, de 7 de enero,
de Enjuiciamiento Civil), as amended from time to time.

 

“Spanish
Companies Act” means the recast text of the Spanish Companies Act approved by the Royal Legislative Decree 1/2010, of
2 of July (Real Decreto Legislativo 1/2010, de 2 de julio, por el que se aprueba el texto refundido de la Ley de Sociedades
de Capital), as amended or restated from time to time.

 

“Spanish
Insolvency Act” means the recast text of the Spanish Insolvency Act approved by the Royal Legislative Decree 1/2020,
of 5 May (Real Decreto Legislativo 1/2020, de 5 de mayo, por el que se aprueba el texto refundido de la Ley Concursal),
as amended or restated from time to time.

 

“Spanish
Public Document” means a documento público, being either an escritura pública or a póliza
mercantil.

 

“Spanish
Security” means any Security governed by the laws of Spain.

 

“Spanish
Transaction Security Documents” means any Transaction Security Document governed by the laws of Spain.

 

“Specified
Time” means a time determined in accordance with Schedule 10 (Timetables).

 

“Sterling”
and “£” means the lawful currency for the time being of the United Kingdom.

 

“Strategic
Steps” means:

 

		(a)	discussions between members
                                         of the Group and Key Creditors regarding the terms on which those Key Creditors might
                                         provide some accommodation to members of the Group, including by delaying or suspending
                                         rental or contractual payments;

 

		(b)	any delay or suspension
                                         of, moratorium or compromise or arrangement exclusively in relation to, rental or contractual
                                         payments to Key Creditors; and

 

		(c)	any steps taken, or to be
                                         taken, by any member of the Group in relation to (a) or (b) above,

 

in each case,
for the purposes of conserving liquidity for the Group.

 

    32 

     

    

 

“Structural
Change” means:

 

		(a)	any reduction in any interest
                                         rate, fee or commission;

 

		(b)	any reduction, deferral
                                         or redenomination of any amount owing under the Finance Documents (other than in relation
                                         to Clause 8.1 (Exit));

 

		(c)	the provision of any additional
                                         tranche or facility in any currency or currencies (whether ranking pari passu with or
                                         junior to (but not senior to) the Facilities);

 

		(d)	any increase in, addition
                                         to or extension of the Availability Period of the Commitment, any extension of the date
                                         of payment of any amount under the Finance Documents (other than in relation to Clause
                                         8.1 (Exit)) or any redenomination of a Commitment into another currency; and

 

		(e)	any changes to the Finance
                                         Documents (other than the release coupled with the retaking of security) consequential
                                         on, incidental to or required to implement or reflect the foregoing.

 

“Subsidiary”
means:

 

		(a)	a subsidiary undertaking
                                         within the meaning of section 1162 of the Companies Act 2006; or

 

		(b)	an entity of which a person
                                         has direct or indirect control or owns directly or indirectly more than 50% of the voting
                                         capital or similar right of ownership and “control” for this purpose
                                         means the power to direct the management and the policies of the entity whether through
                                         the ownership of voting capital, by contract or otherwise; or

 

		(c)	in relation to any person
                                         incorporated or established under the laws of Germany, a company or corporation which
                                         is a dependent entity (abhängiges Unternehmen) of the first mentioned company
                                         or corporation within the meaning of section 17 German Stock Company Act (AktG)
                                         or which is a subsidiary (Tochterunternehmen) within the meaning of section 290
                                         German Commercial Code (HGB).

 

“Super
Majority Lenders” means a Lender or Lenders whose Commitments aggregate more than 85% of the Total Commitments (or,
if the Total Commitments have been reduced to zero, aggregated more than 85% of the Total Commitments immediately prior to that
reduction).

 

“Swedish
Obligor” means any Obligor incorporated under the laws of Sweden.

 

“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).

 

“Termination
Date” means the date falling two years and six months after the Closing Date.

 

“Total
Commitments” means the aggregate of the Total Facility B1 Commitments and the Total Facility B2 Commitments on the Closing
Date.

 

    33 

     

    

 

“Total
Facility B1 Commitments” means the aggregate of the Total Facility B1 Commitments, being £140,000,000 on the Closing
Date.

 

“Total
Facility B2 Commitments” means the aggregate of the Total Facility B2 Commitments, being €296,000,000 on the Closing
Date.

 

“Transaction
Security” means the Security created or expressed to be created in favour of the Security Agent pursuant to the Transaction
Security Documents.

 

“Transaction
Security Documents” means each of the documents listed in Schedule 14 (Transaction Security) and any other document
required to be delivered to the Agent under paragraph 3 of Part A of Schedule 2 (Conditions Precedent) together with any
other document entered into by the Company, UK Newco, any Security Provider or 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.

 

“Transfer
Certificate” means a certificate substantially in the form set out in Schedule 4 (Form of Transfer Certificate)
or any other form agreed between the 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 Assignment Agreement or Transfer Certificate; and

 

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

 

“Treasury
Transaction” means any derivative transaction entered into in connection with protection against or benefit from fluctuation
in any rate or price.

 

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

 

“U.S.
Person” means a United States person within the meaning of section 7701(a)(25) of the U.S. Internal Revenue Code of
1986.

 

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

 

“Utilisation
Request” means a notice substantially in the relevant form set out in Schedule 3 (Requests and Notices).

 

“UK”
means the United Kingdom.

 

“UK
Newco” means AMC UK Holding Limited, a private limited liability company incorporated under the laws of England and
Wales with its registered office at 8th Floor, 1 Stephen Street, London, United Kingdom W1T 1AT and registered with company number
12170346.

 

“VAT”
means:

 

		(a)	any value added tax imposed
                                         by the Value Added Tax Act 1994;

 

		(b)	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

 

    34 

     

    

 

		(c)	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 paragraphs (a) or (b) above, or
                                         imposed elsewhere.

 

		1.2	Construction

 

		(a)	Unless a contrary indication
                                         appears, a reference in any Finance Document to:

 

		(i)	the “Agent”,
                                         any “Finance Party”, any “Lender”, any “Hedge
                                         Counterparty”, any “Obligor”, any “Party”,
                                         any “Secured Party”, the “Security Agent” or any
                                         other person shall be construed so as to include its successors in title, permitted assigns
                                         and permitted transferees and, in the case of the Security Agent, any person for the
                                         time being appointed as Security Agent in accordance with the Finance Documents;

 

		(ii)	a document in “agreed
                                         form” is a document which is previously agreed in writing by or on behalf of
                                         the Company and the Agent or, if not so agreed, is in the form specified by the Agent;

 

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

 

		(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
                                         or restated (however fundamentally);

 

		(v)	“guarantee”
                                         (other than Clause 18 (Guarantee and Indemnity)) means 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 or partnership (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, but if not having the force of law, compliance with which is
                                         customary for entities or persons such as the relevant entity or person) 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; and

 

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

 

    35 

     

    

 

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

 

		(e)	In the event that any
                                         amount or transaction meets the criteria of more than one of the baskets or exceptions
                                         set out in this Agreement, the Company, in its sole discretion, will classify and may
                                         from time to time reclassify that amount or transaction to a particular basket or exception
                                         and will only be required to include that amount or transaction in one of those baskets
                                         or exceptions (and, for the avoidance of doubt, an amount or transaction may, at the
                                         option of the Company, be split between different baskets or exceptions).

 

		1.3	Exchange rate fluctuations

 

When applying
any monetary limits, baskets, thresholds and other exceptions to the representations and warranties, undertakings and Events of
Default in this Agreement, the equivalent to an amount in the Base Currency shall be calculated as at the date of the Group incurring
or making the relevant disposal, acquisition, investment, lease, loan, debt or guarantee or taking other relevant action. No Event
of Default or breach of any representation and warranty or undertaking under this Agreement shall arise merely as a result of
a subsequent change in the equivalent in the Base Currency of any relevant amount due to fluctuations in exchange rates.

 

		1.4	Personal liability

 

No personal liability shall
attach to any director, officer, employee or other individual signing a certificate or other document on behalf of a member of
the Group which proves to be incorrect in any way, unless that individual acted fraudulently, recklessly or was grossly negligent
in giving that certificate or other document in which case any liability will be determined in accordance with applicable law.

 

		1.5	Intercreditor Agreement

 

		(a)	This Agreement is entered
                                         into subject to, and with the benefit of, the terms of the Intercreditor Agreement.

 

		(b)	Notwithstanding anything
                                         to the contrary in this Agreement, the terms of this Intercreditor Agreement will prevail
                                         if there is a conflict between the terms of this Agreement and the terms of the Intercreditor
                                         Agreement.

 

		1.6	Third Party Rights

 

		(a)	Unless expressly provided
                                         to the contrary in a Finance Document a person who is not a Party has no right under
                                         the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”)
                                         to enforce or enjoy the benefit of any term of this Agreement.

 

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

 

		1.7	Security Agent

 

In acting or otherwise exercising
its right or performing its duties under the Finance Documents, the Security Agent shall act in accordance with the provisions
of this Agreement and the Intercreditor Agreement and shall seek any necessary instruction or direction from the Agent or as otherwise
directed under the terms of any Finance Document. In so acting, the Security Agent shall have the rights, benefits, protections,
indemnities and immunities set out in this Agreement and the Intercreditor Agreement.

 

    36 

     

    

 

		1.8	Finnish terms

 

		(a)	Insofar as it applies
                                         to a Finnish Obligor, a reference in this Agreement to:

 

		(i)	“gross negligence”
                                         means törkeä tuottamus under Finnish law;

 

		(ii)	a “liquidator”,
                                         “compulsory manager”, “receiver”, “administrative receiver”,
                                         “administrator” or “similar officer” includes any pesänhoitaja,
                                         selvittäjä or selvitysmies under Finnish law, as applicable;

 

		(iii)	a person being “unable
                                         to pay its debts” means maksukyvytön within the meaning of the Finnish
                                         Bankruptcy Act (in Finnish: konkurssilaki, 120/2004, as amended or re-enacted
                                         from time to time);

 

		(iv)	a “composition”,
                                         “assignment”, “bankruptcy”, “reorganisation” or “similar
                                         arrangement” includes a yrityssaneeraus or konkurssimenettely under
                                         the Finnish Bankruptcy Act (in Finnish: konkurssilaki, 120/2004, as amended) the
                                         Finnish Reorganisation Act (in Finnish: laki yrityksen saneerauksesta, 47/1993,
                                         as amended (as the case may be);

 

		(v)	a “winding-up”,
                                         “administration” or “dissolution” includes a purkaminen,
                                         selvitystila or rekisteristä poistaminen under Chapter 20 of the Finnish
                                         Companies Act (in Finnish: Osakeyhtiölaki, 624/2006, as amended or re-enacted from
                                         time to time);

 

		(vi)	“attachment”,
                                         “sequestration”, “distress”, “execution” or “analogous
                                         procedures” includes any takavarikko, and/or any other turvaamistoimi
                                         granted in accordance with Finnish Law;

 

		(vii)	an “amalgamation”,
                                         “demerger”, “merger”, “consolidation” or “corporate
                                         reconstruction” includes sulautuminen or jakautuminen, as applicable,
                                         in accordance with the Finnish Companies Act (in Finnish: Osakeyhtiölaki,
                                         624/2006, as amended or re-enacted from time to time); and

 

		(viii)	“Constitutional
                                         Documents” means kaupparekisteriote and yhtiöjärjestys.

 

		(b)	If any Party incorporated
                                         in Finland is required to hold an amount on trust on behalf of any other party, such
                                         Finnish party shall hold such money as agent for the other party in a separate account
                                         and shall promptly pay or transfer the same to the other party or as the other party
                                         may direct.

 

		(c)	The Parties agree that
                                         any transfer by novation in accordance with the Finance Documents shall in each case,
                                         in relation to any Transaction Security governed by Finnish law and obligations owed
                                         by any Obligor incorporated in Finland be deemed to constitute an assignment (in Finnish:
                                         siirto) of the relevant rights and obligations and assumption or transfer of such
                                         rights, benefits, obligations and security interests and each such assignment and assumption
                                         or transfer shall be in relation to the proportionate part of the security interests
                                         granted under the relevant Finnish law governed Security Document.

 

		(d)	Notwithstanding anything
                                         to the contrary in any Finance Document, any release of Transaction Security governed
                                         by Finnish law will be effected through a written release confirmation by the Security
                                         Agent. The Security Agent shall provide such release confirmation upon the Security Agent
                                         being satisfied that all the applicable conditions under the Finance Documents for such
                                         release have been fulfilled.

 

    37 

     

    

 

		1.9	German terms

 

In this Agreement,
where it relates to an entity incorporated or established in Germany or an entity having its centre of main interest (as defined
in Article 3(1) regulation No. 2015/848 on insolvency proceedings (recast), as amended, of the European Parliament and of The
Council of the European Union Regulation (EU)) in Germany and unless the contrary intention appears, a reference to:

 

		(a)	a “compulsory
                                         manager”, “receiver”, ”administrator”
                                         includes an Insolvenzverwalter, a vorläufiger Insolvenzverwalter,
                                         a Zwangsverwalter, a Sachverwalter or a vorläufiger Sachwalter;

 

		(b)	a “director”
                                         includes any statutory legal representative(s) (organschaftlicher Vertreter),
                                         a managing director (Geschäftsführer) or member of the board of directors
                                         (Vorstand);

 

		(c)	a “disposal”
                                         includes:

 

		(i)	a Verfügung;

 

		(ii)	the entry into an agreement
                                         upon a priority notice (Auflassungsvormerkung); and

 

		(iii)	an agreement on the
                                         transfer of title to a property (Auflassung) in whole or part;

 

		(d)	“filing for
                                         insolvency” or to “file for insolvency” includes the meaning
                                         Antrag auf Eröffnung des Insolvenzverfahren;

 

		(e)	“merger”
                                         includes any corporate measure contemplated by the German Transformation Act (Umwandlungsgesetz)
                                         as well as any other corporate act by which several entities are consolidated with the
                                         result of one entity becoming the universal legal successor (Gesamtrechtsnachfolger)
                                         of the other; and

 

		(f)	a “winding up,
                                         administration” or “dissolution” (and each of those terms)
                                         includes insolvency proceedings (Insolvenzverfahren).

 

		1.10	Spanish terms

 

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

 

		(a)	“financial assistance”
                                         has the meaning stated under:

 

		(i)	(for a Spanish public
                                         company (sociedad anónima)) Article 150 of the Spanish Companies Act or
                                         in any other legal provision that may substitute such Article 150 or be applicable to
                                         any Person incorporated in Spain in respect of such financial assistance; or

 

		(ii)	(for a Spanish limited
                                         liability company (sociedad de responsabilidad limitada)) Article 143 of the Spanish
                                         Companies Act or in any other legal provision that may substitute such Article 143 or
                                         be applicable to any Person incorporated in Spain in respect of such financial assistance;

 

		(b)	“Constitutional
                                         Documents” means an up-to-date copy of (A) a certificate (certificación)
                                         issued by the relevant Mercantile Registry certifying its due incorporation and existence
                                         (certificación de constitución y existencia), lack of causes of
                                         liquidation or winding-up (certificación de ausencia de causas de liquidación
                                         o disolución), its up-to-date by-laws (certificación de estatutos
                                         actualizados y consolidados) and the composition of its governing body (certificación
                                         de composición del órgano de administración); and (B) any deed
                                         not included therein, if any.

 

		(c)	“guarantee”
                                         includes any guarantee (fianza), performance bond (aval) and an on demand
                                         guarantee (garantía a primer requerimiento);

 

		(d)	“insolvency”
                                         includes, without limitation, concurso or any other equivalent legal proceeding
                                         and any step or proceeding related to it has the meaning attributed to them under the
                                         Spanish Insolvency Act (including, without limitation, any petition filed under articles
                                         583 and ff. of the Spanish Insolvency Act or the occurrence of any of the situations
                                         described in article 5.2 of the Spanish Insolvency Act) and insolvency event or insolvency
                                         proceeding includes, without limitation, a declaración de concurso, necessary
                                         or voluntary (necesario o voluntario) (including, with respect to a member of
                                         the Group incorporated in Spain, any notice to a competent court pursuant to articles
                                         583 and ff. of the Spanish Insolvency Act and its “solicitud de inicio de procedimiento
                                         de concurso, auto de declaracion de concurso, convenio judicial o extrajudicial con acreedores
                                         and transacción judicial o extrajudicial”);

 

    38

     

    

 

		(e)	“matured obligation”
                                         includes, without limitation, any crédito líquido, vencido y
                                         exigible;

 

		(f)	“person being
                                         unable to pay its due and payable debts on a regular basis” includes that person
                                         being in a state of insolvencia or concurso;

 

		(g)	“receiver, administrative
                                         receiver, administrator” or the like includes, without limitation, administración
                                         del concurso or any other person performing the same function;

 

		(h)	“security”
                                         includes, without limitation, any mortgage (hipoteca), pledge (prenda)
                                         (with or without transfer of possession), financial collateral agreement (garantía
                                         financiera pignoraticia), in general, any in rem right governed by Spanish law;

 

		(i)	“set-off”
                                         includes to the extent legally possible the rights to compensate under Spanish Royal
                                         Decree 5/2005 (Real Decreto Ley 5/2005 de 11 de marzo); and

 

		(j)	“winding-up, administration
                                         or dissolution” includes, without limitation, disolución, liquidación,
                                         or administración concursal or any other similar proceedings.

 

		1.11	Swedish terms

 

		(a)	In this Agreement, where
                                         it relates to a Swedish entity, a reference to:

 

		(i)	a composition, assignment
                                         or similar arrangement with any creditor includes a företagsrekonstruktion,
                                         konkursförfarande, or ackordsuppgörelse under the Swedish Bankruptcy
                                         Act (Sw. konkurslagen (1987:672)) or the Swedish Reorganisation Act (Sw.
                                         lag om företagsrekonstruktion (1996:764)) (as the case may be);

 

		(ii)	a compulsory manager,
                                         receiver or administrator includes a förvaltare, företagsrekonstruktör,
                                         likvidator or god man under Swedish law;

 

		(iii)	a guarantee includes
                                         any garanti under Swedish law which is independent from the debt to which it relates
                                         and any borgen under Swedish law which is accessory to or dependant on the debt
                                         to which it relates;

 

		(iv)	merger, consolidation
                                         or amalgamation includes any fusion implemented in accordance with Chapter 23 of the
                                         Swedish Companies Act (Sw. aktiebolagslagen (2005:551));

 

		(v)	gross negligence means
                                         grov vårdslöshet under Swedish law;

 

		(vi)	a reorganisation includes
                                         any contribution of part of its business in consideration of shares (apport) and
                                         any demerger (delning) implemented in accordance with Chapter 24 of the Swedish
                                         Companies Act;

 

		(vii)	a winding-up, administration
                                         or dissolution includes a frivillig likvidation, or tvångslikvidation
                                         under Chapter 25 of the Swedish Companies Act, or företagsrekonstruktion
                                         or konkursförfarande under the Swedish Bankruptcy Act or the Swedish
                                         Reorganisation Act (as the case may be);

 

    39

     

    

 

		(viii)	“Constitutional
                                         Documents” means registreringsbevis and bolagsordning; and

 

		(ix)	“insolvency”
                                         includes such member of the Group being subject to konkurs under the Swedish Bankrupcy
                                         Act, företagsrekonstruktion under the Swedish Companies Reorganisation Act
                                         or tvångslikvidation under Chapter 25 of the Swedish Companies Act.

 

		(b)	If a Party incorporated
                                         in Sweden (the “Swedish Obligated Party”) is required to hold an amount
                                         on trust on behalf of another party (the “Swedish Beneficiary”), the
                                         Swedish Obligated Party shall hold such money as agent for the Swedish Beneficiary on
                                         a separate account in accordance with the Swedish Funds Accounting Act (Sw. Lag om
                                         redovisningsmedel (1944:181)) and shall promptly pay or transfer the same to the
                                         Swedish Beneficiary or as the Swedish Beneficiary may direct.

 

		(c)	For the avoidance of
                                         doubt, the Parties agree that any transfer by novation effected in accordance with Clause
                                         24 (Changes to the Lenders) shall, in relation to any Security created or expressed
                                         to be created under a Transaction Security Document governed by Swedish law, take effect
                                         as an assignment and/or transfer of a proportional interest in relation to such security
                                         interests.

 

		(d)	Notwithstanding any other
                                         provision in this Agreement, the release of any perfected Security (or Security purported
                                         to be perfected) created under a Transaction Security Document governed by Swedish law
                                         (“Swedish Security”) or the disposal (including, without limitation,
                                         any amalgamation, demerger, merger, consolidation, corporate reconstruction (however
                                         only if any of the preceding actions involve the absorption of an entity incorporated
                                         in Sweden and the shares of which are subject to Swedish Security) or any conversion,
                                         set-off or forgiveness of indebtedness which is subject to perfected Swedish Security)
                                         or transfer of any asset which is subject of such Swedish Security shall (unless the
                                         proceeds from a disposal of the relevant secured assets are to be paid immediately to
                                         the Security Agent and are applied in prepayment of amounts outstanding under this Agreement)
                                         always be subject to the prior written consent of the Security Agent, such consent to
                                         be granted at the Security Agent’s sole discretion. Each Secured Party authorises
                                         the Security Agent to release such Swedish Security or the disposal or transfer of any
                                         asset which is subject of such Swedish Security at its discretion without notification
                                         or further reference to the Secured Parties.

 

		2	THE FACILITIES

 

		2.1	The Facilities

 

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

 

		(a)	a sterling term loan
                                         facility in an aggregate amount equal to the Total Facility B1 Commitments; and

 

		(b)	a euro term loan facility
                                         in an aggregate amount equal to the Total Facility B2 Commitments.

 

		2.2	Increase

 

		(a)	The Company may by giving
                                         prior notice to the Agent by no later than the date falling 10 Business Days after the
                                         effective date of a cancellation of:

 

		(i)	the Available Commitments
                                         of a Defaulting Lender in accordance with Clause 7.5 (Right of Cancellation in Relation
                                         to a Defaulting Lender); or

 

		(ii)	the Commitments of a
                                         Lender in accordance with Clause 7.1 (Illegality),

 

    40

     

    

 

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

 

		(A)	the increased Commitments
                                         will be assumed by one or more Lenders or other banks, financial institutions, trusts,
                                         funds or other entities which are regularly engaged in or established for the purpose
                                         of making, purchasing or investing in loans, securities or other financial assets (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 (acting reasonably))
                                         and each of which confirms 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;

 

		(B)	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;

 

		(C)	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;

 

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

 

		(E)	any increase in the
                                         Total Commitments 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 Total
                                         Commitments will only be effective on:

 

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

 

		(ii)	in relation to an Increase
                                         Lender which is not a Lender immediately prior to the relevant increase:

 

		(A)	the Increase Lender
                                         entering into the documentation required for it to accede as a party to the Intercreditor
                                         Agreement; and

 

		(B)	the Agent being satisfied
                                         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 completion of which the Agent shall promptly notify to the
                                         Company and the Increase Lender.

 

		(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.

 

		(d)	Unless the Agent or the
                                         Security Agent otherwise agree or the increased Commitment is assumed by an existing
                                         Lender, the Company shall, on the date upon which the increase takes effect, pay to the
                                         Agent (for its own account) a fee of £2,000 and the Company shall promptly on demand
                                         pay the Agent and the Security Agent the amount of all costs and expenses (including
                                         legal fees) reasonably incurred by either of them and, in the case of the Security Agent,
                                         by any Receiver or Delegate in connection with any increase in Commitments under this
                                         Clause 2.2.

 

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		(e)	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.

 

		(f)	Clause 24.4 (Limitation
                                         of Responsibility of Existing Lenders) shall apply mutatis mutandis in this Clause
                                         2.2 in relation to an Increase Lender as if references in that Clause to:

 

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

 

		(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”.

 

		2.3	Finance Parties’ Rights and Obligations

 

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

 

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

 

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

 

		2.4	Obligors’ Agent

 

		(a)	Each Obligor (other than
                                         the Company) by its execution of this Agreement or an Accession Document irrevocably
                                         appoints the Company to act on its behalf as its agent (and also as its “mandatario
                                         con rappresentanza” pursuant to Italian law) in relation to the Finance Documents
                                         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 Document, 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 increase
                                         that Obligor’s obligations however fundamentally, whether by increasing the liabilities
                                         guaranteed by, or otherwise affecting that, Obligor, and to give confirmations as to
                                         the continuation of surety obligations, without further reference to or the consent of
                                         that Obligor; and

 

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

 

and in each
case the relevant Obligor shall be bound as though that 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.

 

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

 

		(c)	For the purposes of the
                                         provisions of this Agreement (including, but not limited to this Clause 2.4) each Obligor
                                         exempts the Company, to the extent legally possible, from any restrictions on self-dealing
                                         and multi-representation set out in section 181 of the BGB and any similar restriction
                                         under any applicable laws.

 

		3	PURPOSE

 

		3.1	Purpose

 

The Borrower shall apply all
amounts borrowed by it under the Facilities, towards:

 

		(a)	cancellation and repayment
                                         in full of the Existing Revolving Facility Agreement; and

 

		(b)	the general corporate
                                         and working capital purposes of the Group including, without limitation, the funding
                                         of its Subsidiaries, any Capital Expenditure, any Permitted Acquisitions, any restructuring
                                         costs and reorganisation costs and upstreaming amounts (as permitted pursuant to paragraph
                                         (c) of the definition of “Permitted Payment”) (whether by way of repayment
                                         of intercompany loan or Shareholder Loans existing on the Closing Date, distribution
                                         or otherwise) to AMC Topco (in an amount as permitted pursuant to this Agreement).

 

		3.2	Monitoring

 

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

 

		4	CONDITIONS OF UTILISATION

 

		4.1	Conditions Precedent

 

		(a)	The Lenders will only
                                         be obliged to comply with Clause 5.4 (Lenders’ Participation) in relation
                                         to any Loan if on or before the Utilisation Date for that Loan, the Agent has received
                                         (or waived receipt of) all of the documents and other evidence listed in Part A of Schedule
                                         2 (Conditions Precedent) in form and substance satisfactory to the Agent (acting
                                         reasonably).

 

		(b)	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 (a) 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.

 

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		4.2	Maximum Number of Loans

 

		(a)	A Borrower may not deliver
                                         a Utilisation Request if as a result of the proposed Loans more than two Loans would
                                         be outstanding.

 

		5	UTILISATION – LOANS

 

		5.1	Delivery of a Utilisation Request

 

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

 

		5.2	Completion of a Utilisation Request
                                         for Loans

 

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

 

		(i)	it identifies the Borrower;

 

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

 

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

 

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

 

		(b)	Only one Facility B1
                                         Loan and one Facility B2 Loan may be requested in a Utilisation Request.

 

		(c)	No Utilisation Request
                                         may be given by a Borrower during a CoC Notice Period.

 

		5.3	Currency and Amount

 

		(a)	The currency specified
                                         in a Utilisation Request must be:

 

		(i)	the Base Currency (in
                                         respect of a Utilisation Request for a Loan under Facility B1); and

 

		(ii)	euro (in respect of
                                         a Utilisation Request for a Loan under Facility B2.

 

		(b)	The amount of the proposed
                                         Loan must be:

 

		(i)	if the currency selected
                                         is the Base Currency, a minimum of £1,000,000 or, if less, the Available Facility;
                                         or

 

		(ii)	if the currency selected
                                         is euro, a minimum of €1,000,000 or, if less, the Available Facility.

 

		5.4	Lenders’ Participation

 

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

 

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

 

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		5.5	Cancellation of Commitment

 

The Commitments which, at that
time, are unutilised shall be immediately cancelled at the end of the Availability Period.

 

		6	REPAYMENT

 

		(a)	The Borrowers shall repay,
                                         or procure the repayment of, the aggregate outstanding Loans in full on the Termination
                                         Date.

 

		(b)	The Borrowers may not
                                         reborrow any part of a Facility which is repaid.

 

		7	ILLEGALITY, VOLUNTARY PREPAYMENT AND
                                         CANCELLATION

 

		7.1	Illegality

 

If after the date of this Agreement
(or, if later the date the relevant Lender becomes a party) it becomes unlawful in any applicable jurisdiction for a Lender to
perform any of its obligations as contemplated by this Agreement or to fund, issue 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, the Commitment of that Lender will be immediately cancelled or, as the case
                                         may be, on such date that Lender’s Commitment shall be transferred to another person
                                         pursuant to Clause 36.4 (Replacement of Lender); and

 

		(c)	to the extent that Lender’s
                                         participation has not been transferred pursuant to Clause 36.4 (Replacement of Lender),
                                         the applicable 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).

 

		7.2	Voluntary Cancellation

 

The Company may, if it gives
the Agent not less than three 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 £500,000) of the Available Facility. Any cancellation under this Clause
7.2 shall reduce the Commitments of the Lenders rateably.

 

		7.3	Voluntary Prepayment

 

A Borrower to which a Loan has
been made may, if it or the Company gives the Agent not less than three 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 Base
Currency Amount of the Loan by a minimum amount of £500,000).

 

		7.4	Right of Cancellation and Repayment
                                         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 13.2 (Tax
                                         Gross Up); or

 

		(ii)	any Lender claims indemnification
                                         from the Company or an Obligor under Clause 13.3 (Tax Indemnity) or Clause 14.1
                                         (Increased Costs),

 

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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 of that Lender and its intention to procure the repayment of that Lender’s participation in the Loans
or to require the transfer of that Lender’s rights and obligations pursuant to Clause 36.4 (Replacement of Lender).

 

		(b)	On receipt of a notice
                                         referred to in paragraph (a) above in relation to a Lender, the Commitment of that Lender
                                         shall immediately be reduced to zero or transfer to another person pursuant to Clause
                                         36.4 (Replacement of Lender).

 

		(c)	On the last day of each
                                         Interest Period which ends after the Company has given notice under paragraph (a) above
                                         in relation to a Lender (or, if earlier, the date specified by the Company in that notice),
                                         the Borrower shall repay that Lender’s participation in that Loan together with
                                         all interest and other amounts accrued under the Finance Documents, and/or the relevant
                                         Lender shall transfer its rights and obligations pursuant to Clause 36.4 (Replacement
                                         of Lender).

 

		7.5	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 three 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.

 

		8	MANDATORY PREPAYMENT

 

		8.1	Exit

 

		(a)	Upon the occurrence of
                                         a Change of Control or a Sale, the Company will promptly notify the Agent and each Lender,
                                         and each such Lender shall have a period of 30 days after the date of such notice given
                                         by the Company to the Agent and each Lender (such period being the “CoC Notice
                                         Period”) to determine whether it will require its Available Commitment to be
                                         cancelled and all amounts payable under the Finance Documents to that Lender by the Obligors
                                         to be immediately due and payable.

 

		(b)	If, prior to the end
                                         of the CoC Notice Period, a Lender has served notice to the Agent requiring that its
                                         Available Commitment should be cancelled and that all amounts payable under the Finance
                                         Documents to that Lender by the Obligors is to be immediately due and payable then on
                                         such date in respect of such Lender:

 

		(i)	the Available Commitments
                                         of such Lender will be cancelled and such Lender shall have no obligation to participate
                                         in further Loans requested under this Agreement; and

 

		(ii)	all amounts payable
                                         under the Finance Documents by any Obligor to such Lender will become immediately due
                                         and payable and the Obligors will immediately prepay or procure the prepayment of all
                                         Loans provided by that Lender.

 

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		8.2	Disposal and Insurance Proceeds

 

		(a)	For the purposes of
                                         this Clause 8.2 and 8.3 (Application of Mandatory Prepayments):

 

“Disposal”
means a sale, lease, licence, transfer 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 received by any member of the Group for any Disposal made by any member of the Group except for Excluded
Disposal Proceeds.

 

“Excluded Disposal
Proceeds” means any proceeds of any Disposal which is or which are:

 

		(i)	in respect of the Baltic
                                         Sale or the Post-Closing Swedish Transfer;

 

		(ii)	made in accordance with
                                         the definition of Permitted Disposal other than under paragraphs (g), (k), (l), (m) and
                                         (p) of such definition; or

 

		(iii)	Net Proceeds not falling
                                         under paragraphs (i) and (ii) above, the Net Proceeds of which when aggregated with the
                                         Net Proceeds of other Disposals not falling under paragraphs (i) and (ii) above do not
                                         exceed an amount of £15,000,000 over the life of the Facilities.

 

“Excluded
Insurance Proceeds” means any proceeds of insurance claims:

 

		(i)	which are to be applied
                                         to satisfy (or reimburse a member of the Group which has discharged) any liability, charge
                                         or claim upon a member of the Group by a person which is not a member of the Group;

 

		(ii)	applied for a Permitted
                                         Reinvestment Purpose within 12 Months of receipt or which are committed to be applied
                                         within 12 Months and are so applied within 18 Months of receipt (or such longer periods
                                         as the Majority Lenders may agree); or

 

		(iii)	not falling under paragraph
                                         (i) above, which when aggregated with the Net Proceeds of other insurance claims not
                                         falling under paragraph (i) above do not exceed an amount of £15,000,000 over the
                                         life of the Facilities provided that the Net Proceeds of an insurance claim under
                                         paragraph (i) above shall be disregarded for the purposes of calculating the amount of
                                         the Net Proceeds under this sub paragraph.

 

“Insurance
Proceeds” means the Net Proceeds of any insurance claim received by any member of the Group other than third party liability,
public liability, business interruption, loss of earnings, directors liability or similar claims received by members of the Group
and except for Excluded Insurance Proceeds.

 

“Net
Proceeds” means the cash proceeds received by a member of the Group (and, if the recipient is not a wholly owned Subsidiary
of a member of the Group, the proceeds proportionate to the interest held by the Group in the recipient) from any Disposal or
insurance claim after deducting (where applicable):

 

		(i)	reasonable and properly
                                         incurred fees, costs and expenses incurred by any member of the Group with respect to
                                         that Disposal or claim to persons that are not members of the Group (including without
                                         limitation any contracted bonus payments to management of the disposed business);

 

		(ii)	any tax incurred and
                                         required to be paid for by any member of the Group in connection with that Disposal or
                                         claim or the transfer of the proceeds amongst members of the Group to the extent permitted
                                         by this Agreement;

 

		(iii)	amounts retained by
                                         any member of the Group to cover contingent liabilities reasonably expected to arise
                                         in connection with and within 12 months of the Disposal, as certified by two directors
                                         or other officers of the Company who have the authority to legally bind the Company (one
                                         of whom must be the Chief Finance Director or the Group Managing Director) (provided
                                         that any amounts not actually incurred within 12 months shall then be applied in prepayment);
                                         or

 

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		(iv)	repayment by any member
                                         of the Group of third party debt which constitutes Permitted Financial Indebtedness (other
                                         than the Facilities) (including payment of any related breakage costs) secured on the
                                         assets subject to that disposal which is to be prepaid out of those proceeds (provided
                                         that such debt was not incurred or increased in contemplation of the relevant Disposal);

 

“Permitted Reinvestment
Purpose” means the purchase, replacement or repair of assets for use in the business, non-recurring restructuring or
reorganisation costs or the refinancing of any of the foregoing.

 

		(b)	Subject to the Intercreditor
                                         Agreement, the Company shall ensure that the Borrowers prepay Loans, and cancel Available
                                         Commitments, in amounts equal to the following amounts at the time contemplated by Clause
                                         8.3 (Application of Mandatory Prepayments and Cancellations) the amount of:

 

		(i)	Disposal Proceeds; and

 

		(ii)	Insurance Proceeds.

 

		8.3	Application of Mandatory Prepayments
                                         and Cancellations

 

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

 

		(b)	Subject to paragraph
                                         (c) below, the Company may elect that any prepayment under paragraph (b) of Clause 8.2
                                         (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.

 

		(c)	If the Company has made
                                         an election under paragraph (b) above but an Event of 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).

 

		8.4	Right to Refuse Prepayment

 

		(a)	The Agent shall notify
                                         the Lenders as soon as practicable of any proposed prepayment of the Loans under Clause
                                         7.3 (Voluntary prepayment) or Clause 8.2 (Disposal and Insurance Proceeds).

 

		(b)	Any Lender (a “Non-Accepting
                                         Lender”) to which the proposed payment under Clause 7.3 (Voluntary prepayment
                                         of Loans) or Clause 8.2 (Disposal and Insurance Proceeds) would otherwise
                                         be made may, by giving notice to the Agent not less than three (3) Business Days prior
                                         to the date on which a prepayment referred to in paragraph (a) above is to be made
                                         (or such shorter period as the Company and the Majority Lenders may agree) waive its
                                         right to receive such prepayment to the extent specified in its notice.

 

		(c)	If any Non-Accepting
                                         Lender delivers any notice under paragraph (b) above, the amount in respect of which
                                         that Non-Accepting Lender has waived its right to prepayment (the “Waived
                                         Amount”) will be offered to the Lenders that are not Non-Accepting Lenders
                                         pro rata to their respective participations, provided that any balance of the Waived
                                         Amount not so distributed may (at the Company’s election) be retained by any member
                                         of the Group and/or be applied by any member of the Group in accordance with the terms
                                         of this Agreement (except for application to any Non-Accepting Lenders).

 

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		8.5	General

 

		(a)	All prepayments to be
                                         made under paragraph (b) of Clause 8.2 (Disposal and Insurance Proceeds) are subject
                                         to permissibility under local law (including, without limitation, financial assistance,
                                         corporate benefit restrictions on up streaming of cash intra group and the fiduciary
                                         and statutory duties of the directors or officers (or in other circumstances where they
                                         are under a material risk of personal liability)) of the relevant members of the Group).
                                         There will be no requirement to make any such prepayment where Tax or other cost to the
                                         Group of making that payment or making funds available to another member of the Group
                                         to enable such payment to be made is equal to or exceeds five per cent. of the amount
                                         to be prepaid. The Company shall ensure that members of the Group use their reasonable
                                         endeavours to overcome any restrictions and/or minimise any costs of prepayment (including
                                         using funds available elsewhere in the Group which are not subject to such restrictions,
                                         to make such payment). If at any time those restrictions are removed, any relevant proceeds
                                         will be applied in prepayment of the Facilities at the end of the then current Interest
                                         Period (unless an Event of Default has occurred and is continuing in which case such
                                         relevant proceeds shall become immediately due and payable).

 

		(b)	Amounts pending application
                                         in prepayment (other than amount arising on a Change of Control or Sale), or in the purchase
                                         of, or reinvestment in, assets or amounts available for other purposes permitted above,
                                         including as a consequence of the limitations in this Agreement, will be available for
                                         general corporate purposes of the Group and will not be required to be deposited in a
                                         holding or blocked account.

 

		(c)	Where Excluded Disposal
                                         Proceeds and Excluded Insurance Proceeds include amounts which are intended to be used
                                         for a specific purpose within a specified period (as set out in the relevant definition
                                         of Excluded Disposal Proceeds or Excluded Insurance Proceeds), the Obligors’ Agent
                                         shall ensure that those amounts are used for that purpose and shall promptly upon request
                                         deliver a certificate to the Agent confirming the amounts (if any) which have been so
                                         applied and the time periods within which they were applied.

 

		9	RESTRICTIONS

 

		9.1	Notices of Cancellation or Prepayment

 

Any notice of cancellation,
prepayment, authorisation or other election given by any Party under Clause 7 (Illegality, Voluntary Prepayment and Cancellation),
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.

 

		9.2	Interest and other Amounts

 

Any prepayment under this Agreement
shall be made together with accrued interest on the amount prepaid and, subject to Clause 12.4 (Prepayment Fees), without
premium or penalty.

 

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		9.3	Reborrowing of Facility

 

Any
part of a Facility which is prepaid or repaid may not be reborrowed.

 

		9.4	Prepayment in Accordance with Agreement

 

No Borrower shall 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.

 

		9.5	No reinstatement of Commitments

 

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

 

		9.6	Agent’s Receipt of Notices

 

If the Agent receives a notice
under Clause 7 (Illegality, Voluntary Prepayment and Cancellation), it shall promptly forward a copy of that notice or
election to either the Company or the affected Lender, as appropriate.

 

		9.7	Effect of Repayment and Prepayment
                                         on Commitments

 

If all or part of a participation
of a Lender in a Loan under a Facility is repaid or prepaid, that Lender’s Commitment under that Facility shall be reduced
and cancelled by an amount equal to the amount repaid or prepaid.

 

		9.8	Pro Rata Application

 

Unless expressly
provided to the contrary in this Agreement, all prepayments of a Loan (or part of a Loan) shall be applied to the Lenders with
participations in that Loan pro rata to their participations.

 

		10	INTEREST

 

		10.1	Calculation of Interest

 

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

 

		(a)	from the Closing Date
                                         until and including the first anniversary of the Closing Date, 10.75 per cent. per annum;
                                         and

 

		(b)	thereafter, until the
                                         Termination Date, 11.25 per cent. per annum.

 

		10.2	Payment of Interest

 

		(a)	Subject to paragraph
                                         (b) below, any interest accruing in respect of a Loan shall be capitalised on the last
                                         day of each Interest Period for that Loan and shall then be added to the outstanding
                                         principal amount of that Loan (with each Lender’s participation in that Loan being
                                         increased by an amount equal to its pro rata share of the aggregate amount so capitalised).
                                         Any such interest shall after being capitalised, be treated for all purposes of this
                                         Agreement as part of the principal amount of that Loan.

 

		(b)	Notwithstanding paragraph
                                         (a) above, the Company may (in its sole discretion) notify the Agent in writing at least
                                         five (5) Business Days prior to the beginning of the relevant Interest Period that it
                                         elects to pay in cash any amount of accrued interest for that Interest Period, in which
                                         case the relevant Borrower(s) shall pay the relevant amount of accrued interest on the
                                         last day of that Interest Period with the remainder of the accrued interest capitalising
                                         at the interest rate in accordance with paragraph (a) above. If no such notice is delivered,
                                         the whole amount of accrued interest for the relevant Interest Period shall capitalise
                                         in accordance with paragraph (a) above.

 

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		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 two per
                                         cent. (2%) 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(a) shall be immediately payable by the Obligor
                                         on demand by the Agent.

 

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

 

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

 

		(ii)	the rate of interest
                                         applying to the overdue amount during that first Interest Period shall be two per cent.
                                         (2%) higher than the rate which would have applied if the overdue amount had not become
                                         due.

 

		(c)	To the extent permitted
                                         under any applicable law and/or regulation, default interest (if unpaid) arising on an
                                         overdue amount will be compounded with the overdue amount at the end of each Interest
                                         Period applicable to that overdue amount but will remain immediately due and payable.

 

		11	INTEREST PERIODS

 

		11.1	Interest Periods and Terms

 

		(a)	Each Interest Period
                                         shall be 3 Months or such other period agreed between the Company and the Agent (acting
                                         on the instructions of all the Lenders).

 

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

 

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

 

		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).

 

		12	FEES

 

		12.1	Closing Payments

 

The Company shall pay (or shall
procure payment of the same) to the Original Lenders the closing payments (the “Closing Payments”) as specified
in the Closing Payment Letter.

 

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		12.2	Agency Fees

 

The Company shall pay to the
Agent and the Security Agent (for their own account) fees in the amount and at the times agreed in the relevant Fee Letter.

 

		12.3	No Deal, No Fees

 

Notwithstanding
any other provision of the Finance Documents, no fees, commissions, costs or expenses under this Agreement or any other Finance
Document (other than the agreed reasonable legal fees, costs and expenses reasonably and properly incurred up to an amount pre-agreed
with the Group) shall be payable unless the Closing Date occurs.

 

		12.4	Prepayment Fees

 

		(a)	Subject to paragraph
                                         (b) below, if any prepayment (in whole or in part) of any principal amount of a Loan
                                         is made:

 

		(i)	under Clause 7.3 (Voluntary
                                         Prepayment);

 

		(ii)	under Clause 8.2 (Disposal
                                         and Insurance Proceeds); or

 

		(iii)	pursuant to an event
                                         under Clause 23.16 (Acceleration),

 

at any time
during the Non-Call Period, then on the date of such prepayment, in addition to all other sums required to be paid under this
Agreement in connection with such prepayment, including without limitation all accrued and unpaid interest, the relevant Borrower
shall pay to the Agent, for the account of the Lenders pro rata to their participation in the Facilities at the time of prepayment,
a prepayment fee equal to the amount provided for in Column B below for the applicable time period and source of funding identified
in Column A below, and such prepayment fee shall apply to such principal amount so prepaid.

 

	Column
    A	Column
    B
	From
    and including the Closing Date up to (but excluding) the date falling 12 Months after the Closing Date (the “First
    Call Date”) and funded other than directly or indirectly from the proceeds of an AMC DIP Financing	The
    Make-Whole Premium (as defined in paragraph (e) below)
	From
    and including the Closing Date up to (but excluding) the First Call Date, and funded directly or indirectly from the proceeds
    of an AMC DIP Financing	Six
    per cent. (6%) of the principal amount being repaid
	From
    and including the First Call Date up to (but excluding) the date falling 24 Months after the Closing Date	Two
    point five zero per cent. (2.50%) of the principal amount being repaid

 
 

		(b)	For the avoidance of
                                         doubt, no Borrower shall be obliged to pay a prepayment fee to any Lender pursuant to
                                         paragraph (a) above to the extent that that Lender is being prepaid pursuant to Clause
                                         7.1 (Illegality), Clause 7.4 (Right of Cancellation and Repayment in relation
                                         to a Single Lender), Clause 7.5 (Right of Cancellation in relation to a Defaulting
                                         Lender), Clause 8.1 (Exit), Clause 36.4 (Replacement of Lender) or
                                         Clause 36.6 (Replacement of a Defaulting Lender).

 

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		(c)	If any prepayment (in
                                         whole or in part) of any principal amount of a Loan is made in connection with a Change
                                         of Control or Sale pursuant to Clause 8.1 (Exit), then on the date of such prepayment,
                                         in addition to all other sums required to be paid under this Agreement in connection
                                         with such prepayment, including without limitation all accrued and unpaid interest (including
                                         capitalised interest), the relevant Borrower shall pay to the Agent, for the account
                                         of the relevant Lender a prepayment fee equal to one per cent (1%) of the principal amount
                                         being repaid.

 

		(d)	The Make-Whole Premium
                                         shall be calculated by the Agent or on behalf of the Agent by such person as the Agent
                                         shall designate with the Agent and its delegate (if any) acting reasonably and in good
                                         faith.

 

		(e)	For the purposes of
                                         this Clause 12.4:

 

“AMC DIP Financing”
means any facility provided to AMC Topco and/or one of its Subsidiaries, as a debtor and debtor-in-possession pursuant to section
364 of title 11 of the United States Code (the “Bankruptcy Code”) in any case(s) commenced by or against AMC
Topco and/or one or more of its subsidiaries under chapter 11 of the Bankruptcy Code (“Bankruptcy Case”) the
proceeds of which facility are used, at least in part, to pay all amounts outstanding (including the outstanding principal amount,
accrued and unpaid interest (including capitalised interest), and any other fees owed pursuant to this Agreement, if applicable)
under this Agreement prior to the Termination Date.

 

“Bund Rate”
means, as of any prepayment date, the rate per annum equal to the equivalent yield to maturity as of such redemption date of the
Comparable German Bund Issue, assuming a price for the Comparable German Bund Issue (expressed as a percentage of its principal
amount) equal to the Comparable German Bund Price for such relevant date, where: (w) “Comparable German Bund Issue”
means the German Bundesanleihe security selected by any Reference German Bund Dealer as having a fixed maturity most nearly
equal to the period from such prepayment date to the First Call Date, and that would be utilised, at the time of selection and
in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities in a principal
amount approximately equal to the then outstanding principal amount of the Loan and of a maturity most nearly equal to the First
Call Date; (x) “Comparable German Bund Price” means, with respect to any relevant date, the average of all
Reference German Bund Dealer Quotations for such date (which, in any event, must include at least two such quotations), after
excluding the highest and lowest such Reference German Bund Dealer Quotations, or if the Company obtains fewer than four such
Reference German Bund Dealer Quotations, the average of all such quotations; (y) “Reference German Bund Dealer”
means any dealer of German Bundesanleihe securities appointed by the Company in good faith; and (z) “Reference
German Bund Dealer Quotations” means, with respect to each Reference German Bund Dealer and any relevant date, the average
as determined by the Company of the bid and offered prices for the Comparable German Bund Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Company by such Reference German Bund Dealer at 3:30 p.m., Frankfurt, Germany
time on the third Business Day preceding the relevant date.

 

“Gilt Rate”
means, with respect to any Prepayment Date (as defined below), the yield to maturity as of such Prepayment Date of UK Government
Securities with a fixed maturity (as compiled by the Office for National Statistics and published in the most recent Financial
Statistics that have become publicly available at least two Business Days prior to such prepayment (or, if such Financial Statistics
are no longer published, any publicly available source of similar market data)) most nearly equal to the period from such Prepayment
Date to the First Call Date, provided, however, that if the period from such Prepayment Date to the First Call Date is less than
one year, the weekly average yield on actually traded UK Government Securities denominated in sterling adjusted to a fixed maturity
of one year shall be used.

 

    53

     

    

 

“Make-Whole Premium”
means an amount equal to the excess of:

 

		(i)	the present value on
                                         the date of such prepayment (the “Prepayment Date”) of (x) 102.5 per
                                         cent. of the principal amount so repaid, prepaid or transferred (the “Prepayment
                                         Amount”) plus (y) all required and scheduled interest payments that would otherwise
                                         have accrued or been due on the Prepayment Amount (including capitalised amounts) from
                                         (and including) the Prepayment Date to (and excluding) the First Call Date computed upon
                                         the Prepayment Date using a discount rate equal to:

 

		(A)	in relation to Facility
                                         B1, the Gilt Rate at such Prepayment Date plus fifty (50) basis points; or

 

		(B)	in relation to Facility
                                         B2, the Bund Rate at such Prepayment Date,

 

over

 

		(ii)	the principal amount
                                         of the Prepayment Amount.

 

“UK
Government Securities” means direct obligations (or certificates representing an ownership interest in such obligations)
of the United Kingdom (including any agency or instrumentality thereof) for the payment of which the full faith and credit of
such government is given.

 

		(f)	All parties to this
                                         Agreement (other than the Agent and the Security Agent) agree and acknowledge that a
                                         payment or prepayment or repayment of or recovery in respect of a Loan in the circumstances
                                         referred to in paragraph (a) above shall cause commercial harm to the interests of the
                                         Lenders under such Loan, and the prepayment premia payable pursuant to this Clause: (x)
                                         constitute reasonable and proportionate compensation for such harm, (y) are the product
                                         of an arm’s length transaction between sophisticated parties having received independent
                                         legal advice and (z) are payable notwithstanding the then prevailing market conditions
                                         at the time payment of the prepayment premia is made. Each Obligor expressly waives (to
                                         the fullest extent permitted by law) the provisions of any present or future law which
                                         prohibits or may prohibit the collection of the prepayment premia in any of the circumstances
                                         set out in the aforementioned Clause 12.4.

 

		13	TAX GROSS UP AND INDEMNITIES

 

		13.1	Definitions

 

		(a)	In this Agreement:

 

“CTA” means
the Corporation Tax Act 2009.

 

“ITA” means
the Income Tax Act 2007.

 

“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:

 

		(i)	a Lender which is beneficially
                                         entitled to interest payable to that Lender in respect of an advance under a Finance
                                         Document and is:

 

		(A)	a Lender:

 

    54

     

    

 

		(1)	which is a bank (as defined
                                         for the purpose of section 879 of the ITA) making an advance under a Finance Document
                                         and is within the charge to United Kingdom corporation tax as respects any payments of
                                         interest made in respect of that advance or would be within such charge as respects such
                                         payments apart from section 18A of the CTA; or

 

		(2)	in respect of an advance made
                                         under a Finance Document by a person that was a bank (as defined for the purpose of section
                                         879 of the ITA) at the time that that advance was made and within the charge to United
                                         Kingdom corporation tax as respects any payments of interest made in respect of that
                                         advance; or

 

		(B)	a Lender which is:

 

		(1)	a company resident in the
                                         United Kingdom for United Kingdom tax purposes;

 

		(2)	a partnership each member
                                         of which is:

 

		(a)	a company so resident in
                                         the United Kingdom; or

 

		(b)	a company not so resident
                                         in the United Kingdom which carries on a trade in the United Kingdom through a permanent
                                         establishment and which brings into account in computing its chargeable profits (within
                                         the meaning of section 19 of the CTA) the whole of any share of interest payable in respect
                                         of that advance that falls to it by reason of Part 17 of the CTA;

 

		(3)	a company not so resident
                                         in the United Kingdom which carries on a trade in the United Kingdom through a permanent
                                         establishment and which brings into account interest payable in respect of that advance
                                         in computing the chargeable profits (within the meaning of section 19 of the CTA) of
                                         that company; or

 

		(C)	a Treaty Lender; or

 

		(ii)	a Lender which is a building
                                         society (as defined for the purposes of section 880 of the ITA) making an advance under
                                         a Finance Document.

 

“Tax
Confirmation” means a confirmation by a Lender that the person beneficially entitled to interest payable to that Lender
in respect of an advance under a Finance Document is either:

 

		(i)	a company resident in the
                                         United Kingdom for United Kingdom tax purposes;

 

		(ii)	a partnership each member
                                         of which is:

 

		(A)	a company so resident in
                                         the United Kingdom; or

 

		(B)	a company not so resident
                                         in the United Kingdom which carries on a trade in the United Kingdom through a permanent
                                         establishment and which brings into account in computing its chargeable profits (within
                                         the meaning of section 19 of the CTA) the whole of any share of interest payable in respect
                                         of that advance that falls to it by reason of Part 17 of the CTA; or

 

    55

     

    

 

		(iii)	a company not so resident
                                         in the United Kingdom which carries on a trade in the United Kingdom through a permanent
                                         establishment and which brings into account interest payable in respect of that advance
                                         in computing the chargeable profits (within the meaning of section 19 of the CTA) of
                                         that company.

 

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

 

“Tax
Deduction” means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other
than a FATCA Deduction.

 

“Tax
Payment” means either the increase in a payment made by an Obligor to a Finance Party under Clause 13.2 (Tax Gross
Up) or a payment under Clause 13.3 (Tax Indemnity).

 

“Treaty
Lender” means a Lender which:

 

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

 

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

 

		(iii)	meets all other conditions
                                         in the Treaty for full exemption from Tax imposed by the United Kingdom on interest payable
                                         to that Lender in respect of an advance under a Finance Document, subject to the completion
                                         of any necessary procedural formalities.

 

“Treaty
State” means, in respect of a payment of interest under the Finance Documents, a jurisdiction having a double taxation
agreement (a “Treaty”) with the United Kingdom which makes provision for full exemption from Tax imposed by
the United Kingdom on such payment.

 

“UK
Non-Bank Lender” means a Lender which becomes a Party after the day on which this Agreement is entered into and which
gives a Tax Confirmation in the documentation which it executes on becoming a Party.

 

		(b)	Unless a contrary indication
                                         appears, in this Clause 13 a reference to “determines” or “determined”
                                         means a determination made in the absolute discretion of the person making the determination,
                                         acting reasonably.

 

		13.2	Tax Gross Up

 

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

 

		(b)	The 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 an amount
                                         equal to the payment which would have been due if no Tax Deduction had been required.

 

    56

     

    

 

		(d)	A payment shall not be
                                         increased under paragraph (c) above by reason of a Tax Deduction on account of Tax imposed
                                         by the United Kingdom, if on the date on which the payment falls due:

 

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

 

		(ii)	the relevant Lender
                                         is a Qualifying Lender solely by virtue of paragraph (i)(B) of the definition of “Qualifying
                                         Lender” and:

 

		(A)	an officer of HM Revenue
                                         & Customs has given (and not revoked) a direction (a “Direction”)
                                         under section 931 of the ITA which relates to the payment and that Lender has received
                                         from the Obligor making the payment or from the Company a certified copy of that Direction;
                                         and

 

		(B)	the payment could have
                                         been made to the Lender without any Tax Deduction if that Direction had not been made;
                                         or

 

		(iii)	the relevant Lender
                                         is a Qualifying Lender solely by virtue of paragraph (i)(B) of the definition of “Qualifying
                                         Lender” and:

 

		(A)	the relevant Lender
                                         has not given a Tax Confirmation to the Company; and

 

		(B)	the payment could have
                                         been made to the Lender without any Tax Deduction if the Lender had given a Tax Confirmation
                                         to the Company, on the basis that the Tax Confirmation would have enabled the Company
                                         to have formed a reasonable belief,

 

that the payment was an “excepted
payment” for the purpose of section 930 of the ITA; or

 

		(iv)	the relevant Lender
                                         is a Treaty Lender and the Obligor making the payment is able to demonstrate that the
                                         payment could have been made to the Lender without the Tax Deduction had that Lender
                                         complied with its obligations under paragraphs (g), (h) and (i) (as applicable) 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.

 

		(f)	Within thirty days of
                                         making either a Tax Deduction or any payment required in connection with that Tax Deduction,
                                         the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party
                                         entitled to the payment a statement under section 975 of the ITA or other 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)	Subject to paragraph
                                         (h) below, a Treaty Lender and each Obligor which makes a payment to which that 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.

 

    57

     

    

 

 

		(h)	A Treaty Lender which
                                         becomes a Party:

 

		(i)	on the day on which this
                                         Agreement is entered into that holds a passport under the HMRC DT Treaty Passport scheme,
                                         and which wishes that scheme to apply to this Agreement, shall confirm its scheme reference
                                         number and its jurisdiction of tax residence opposite its name in Part A of Schedule
                                         1 (The Original Parties); and

 

		(ii)	after the day on which
                                         this Agreement is entered into that holds a passport under the HMRC DT Treaty Passport
                                         scheme, and which wishes that scheme to apply to this Agreement, shall confirm its scheme
                                         reference number and its jurisdiction of tax residence in the documentation which it
                                         executes on becoming a Party as a Lender,

 

and, having
done so, that Lender shall be under no obligation pursuant to paragraph (g) above.

 

		(i)	If a Lender has confirmed
                                         its scheme reference number and its jurisdiction of tax residence in accordance with
                                         paragraph (h) above and:

 

		(i)	a Borrower making a payment
                                         to that Lender has not filed a duly completed form DTTP2 in respect of such Lender; or

 

		(ii)	a Borrower making a
                                         payment to that Lender has filed a duly completed form DTTP2 in respect of such Lender
                                         but:

 

		(A)	that filing has been
                                         rejected by HM Revenue & Customs; or

 

		(B)	HM Revenue & Customs
                                         has not given the Borrower authority to make payments to that Lender without a Tax Deduction
                                         within 60 days of the date of the filing,

 

and in each case, the Borrower
has notified that Lender in writing, that Lender and the Borrower shall co-operate in completing any additional procedural formalities
necessary for that Borrower to obtain authorisation to make that payment without a Tax Deduction.

 

		(j)	Where a Lender includes
                                         the indication described in paragraph (h)(i) above the Borrower shall, to the extent
                                         that that Lender is a Lender under a Facility made available to the Borrower pursuant
                                         to Clause 2.1 (The Facilities), file a duly completed form DTTP2 in respect of
                                         such Lender with HM Revenue & Customs within 30 days of the date of this Agreement.

 

		(k)	Where a Lender includes
                                         the indication described in paragraph (h)(ii) above, the Borrower shall file a duly completed
                                         form DTTP2 in respect of such Lender with HM Revenue & Customs within 30 days of
                                         the date of the documentation which such Lender executes on becoming a Party as a Lender.

 

		(l)	If a Lender has not included
                                         an indication to the effect that it wishes the HMRC DT Treaty Passport scheme to apply
                                         to this Agreement in accordance with paragraph (h) above, no Obligor shall file any form
                                         relating to the HMRC DT Treaty Passport scheme in respect of that Lender’s Commitment(s)
                                         or its participation in any Loan unless the Lender otherwise agrees.

 

		(m)	A Borrower shall, promptly
                                         on filing a duly completed form DTTP2 with HM Revenue & Customs in respect of a Treaty
                                         Lender, deliver a copy of that form DTTP2 to the Agent for delivery to the relevant Lender.

 

		(n)	A UK Non-Bank Lender
                                         shall promptly notify the Company and the Agent if there is any change in the position
                                         from that set out in the Tax Confirmation.

 

    58 

     

    

 

		13.3	Tax Indemnity

 

		(a)	The Company shall (within
                                         three Business Days of demand by the Agent) pay 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 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, or, if different, under the law
                                         of the jurisdiction in which that Finance Party’s permanent establishment is located
                                         (or deemed to be located) in respect of amounts received or receivable in that jurisdiction,

 

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

 

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

 

		(A)	is compensated for by
                                         an increased payment under Clause 13.2 (Tax Gross Up); or

 

		(B)	would have been compensated
                                         for by an increased payment under Clause 13.2 (Tax Gross Up) but was not so compensated
                                         solely because one of the exclusions in paragraph (d) of Clause 13.2 (Tax Gross Up)
                                         applied; or

 

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

 

		(D)	(for the avoidance of
                                         doubt) relates to any Bank Levy; or

 

		(E)	is compensated for by
                                         Clause 13.6 (Stamp Taxes) or would have been so compensated for by Clause 13.6
                                         (Stamp Taxes) but was not so compensated solely because the exclusion in Clause
                                         13.6 (Stamp Taxes) applied.

 

		(c)	A Protected Party making,
                                         or intending to make a claim under paragraph (a) above shall promptly 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 13.3, notify the Agent.

 

		13.4	Tax Credit

 

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

 

		(i)	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

 

    59 

     

    

 

		(ii)	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.

 

		(b)	If an Obligor is required
                                         to make a Tax Deduction from a payment to a Treaty Lender, in respect of which that Obligor
                                         has made a Tax Payment to that Treaty Lender, then that Treaty Lender shall use all reasonable
                                         efforts to claim a repayment from the tax authority of the Tax so deducted or withheld
                                         and any such repayment obtained by that Treaty Lender shall, for the avoidance of doubt,
                                         constitute a Tax Credit which is attributable to the relevant Tax Deduction in consequence
                                         of which the Tax Payment was required and which has been obtained and utilised by that
                                         Treaty Lender for the purposes of Clause 13.4(a) above.

 

		13.5	Lender Status Confirmation

 

Each Lender which becomes a
Party to this Agreement after the date of this Agreement shall indicate, in the documentation which it executes on becoming a
Party, and for the benefit of the Agent and without liability to any Obligor, which of the following categories it falls in:

 

		(a)	not a Qualifying Lender;

 

		(b)	a Qualifying Lender (other
                                         than a Treaty Lender); or

 

		(c)	a Treaty Lender.

 

If such a Lender fails to indicate
its status in accordance with this Clause 13.5 then that Lender shall be treated for the purposes of this Agreement (including
by each Obligor) as if it is not a Qualifying Lender until such time as it notifies the Agent which category applies (and the
Agent, upon receipt of such notification, shall inform the Company). For the avoidance of doubt, the documentation which a Lender
executes on becoming a Party shall not be invalidated by any failure of a Lender to comply with this Clause 13.5.

 

		13.6	Stamp Taxes

 

The Company shall pay and, within
three Business Days of demand, indemnify each Secured Party against any cost, loss or liability that Secured Party incurs in relation
to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document, other than (for the avoidance
of doubt) in relation to any assignment, transfer, sub-participation or sub-contracting of any Finance Party’s rights under
any Finance Document.

 

		13.7	VAT

 

		(a)	All amounts expressed
                                         in a Finance Document to be payable by any Party to a Finance Party which (in whole or
                                         in part) constitute the consideration for any supply for VAT purposes shall be deemed
                                         to be exclusive of any VAT which is chargeable on such supply, and accordingly, subject
                                         to paragraph (b) below, if VAT is chargeable on any supply made by any Finance Party
                                         to any Party under a Finance Document and that 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 such VAT (and such Finance Party shall promptly provide
                                         an appropriate VAT invoice to such 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 “Subject 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):

 

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		(i)	(where the Supplier is
                                         the person required to account to the relevant tax authority for the VAT) the Subject
                                         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 Subject 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 Subject
                                         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 13.7 to any Party shall, at any time when such Party is treated as a member of
                                         a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless
                                         the context otherwise requires) a reference to the person who is treated at that time
                                         as making the supply, or (as appropriate) receiving the supply, under grouping rules
                                         (as provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by
                                         the relevant member of the European Union) or any other similar provision in any jurisdiction
                                         which is not a member state of the European Union) so that a reference to a Party shall
                                         be construed as a reference to that Party or the relevant group or unity (or fiscal unity)
                                         of which that Party is a member for VAT purposes at the relevant time or the relevant
                                         representative member (or head) of that group or unity (or fiscal unity) at the relevant
                                         time (as the case may be).

 

		(e)	If VAT is chargeable
                                         on any supply made by a Finance Party to any Party under a Finance Document and if reasonably
                                         requested by the Finance Party, the Party shall promptly give the Finance Party details
                                         of its VAT registration number and any other information as is reasonably requested in
                                         connection with the Finance Party’s VAT reporting requirements for the supply.

 

		13.8	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;

 

		(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

 

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		(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.

 

		13.9	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.

 

		14	INCREASED COSTS

 

		14.1	Increased Costs

 

		(a)	Subject to Clause 14.3
                                         (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 of
                                         regulation after the date of this Agreement or if later, the date upon which the relevant
                                         Finance Party became a Lender;

 

		(ii)	compliance with any
                                         law or regulation made after the date of this Agreement or if later, the date upon which
                                         the relevant Finance Party became a Lender; or

 

		(iii)	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.

 

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		(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” and
                                         “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 on 16 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)	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

 

		(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

 

		(iii)	“Increased
                                         Costs” means:

 

		(A)	a reduction in the rate
                                         of return from a 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.

 

		14.2	Increased Cost Claims

 

		(a)	A Finance Party intending
                                         to make a claim pursuant to Clause 14.1 (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.

 

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		14.3	Exceptions

 

		(a)	Clause 14.1 (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 a Party;

 

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

 

		(iii)	attributable to a Bank
                                         Levy (or any payment attributable to, or liability arising as a consequence of, a Bank
                                         Levy).

 

		(iv)	compensated for by Clause
                                         13.3 (Tax Indemnity) (or would have been compensated for under Clause 13.3 (Tax
                                         Indemnity) but was not so compensated solely because any of the exclusions in paragraph
                                         (b) of Clause 13.3 (Tax Indemnity) applied);

 

		(v)	attributable to the implementation
                                         or application of or compliance with the International Convergence of Capital Measurement
                                         and Capital Standards, a Revised Framework published by the Basel Committee on Banking
                                         Supervision in June 2004 in the form existing on the date of this Agreement (but excluding
                                         an amendment arising out of Basel III) (Basel II) or any other law or regulation
                                         which implements Basel II (whether such implementation, application or compliance is
                                         by a government, regulators, Finance Party or any of its Affiliates) but excluding any
                                         Increased Cost attributable to Basel III or CRD IV or any other law or regulation which
                                         implements Basel III or CRD IV (in each case, except to the extent that the relevant
                                         Finance Party was aware of (or could reasonably be expected to have been aware of) that
                                         Increased Cost on the date on which it became a Finance Party under this Agreement);
                                         or

 

		(vi)	attributable to the
                                         wilful breach by the relevant Finance Party or its Affiliates of any law or regulation
                                         or of any Finance Document.

 

		(b)	In this Clause 14.3 reference
                                         to a “Tax Deduction” has the same meaning given to the term in Clause
                                         13.1 (Definitions).

 

		15	OTHER INDEMNITIES

 

		15.1	Currency Indemnity

 

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

 

		(i)	making or filing a claim
                                         or proof against that Obligor or Security Provider or AMC Topco; or

 

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

 

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

 

		(b)	Each Obligor, AMC Topco
                                         and each Security Provider 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.

 

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		15.2	Other Indemnities

 

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

 

		(a)	the occurrence of any
                                         Event of Default;

 

		(b)	a failure by an Obligor,
                                         AMC Topco or a Security Provider 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 29 (Sharing among the Finance Parties);

 

		(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.

 

		15.3	Indemnity to the Agent

 

The Company shall promptly 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) (or, in the case of any cost, loss or liability pursuant to Clause
                                         30.11 (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.

 

		15.4	Indemnity to the Security Agent

 

		(a)	The Company shall promptly
                                         indemnify the Security Agent and every Receiver and Delegate against any cost, loss or
                                         liability incurred by any of them as a result of:

 

		(i)	any failure by the Company
                                         to comply with its obligations under Clause 17 (Costs and Expenses);

 

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

 

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

 

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

 

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

 

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

 

		(b)	Each Obligor expressly
                                         acknowledges and agrees that the continuation of its indemnity obligations under this
                                         Clause 15.4 will not be prejudiced by any release or disposal under or in accordance
                                         with the terms of the Intercreditor Agreement.

 

		(c)	Upon termination of this
                                         Agreement, the rights and obligations of the Parties under this Clause 15.4 shall survive
                                         and remain in full force and effect. Termination shall not affect or prejudice any right
                                         to damages or other remedy which the Security Agent might have in respect of this Clause
                                         15.4.

 

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

 

		16	MITIGATION BY THE LENDERS

 

		16.1	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 a Facility ceasing to be available or any amount
                                         becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 7.1 (Illegality),
                                         Clause 13 (Tax Gross Up and Indemnities) or Clause 14 (Increased Costs)
                                         including (but not limited to) transferring its rights and obligations under the Finance
                                         Documents to another Affiliate or Facility Office.

 

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

 

		16.2	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 16.1 (Mitigation).

 

		(b)	A Finance Party is not
                                         obliged to take any steps under Clause 16.1 (Mitigation) if, in the opinion of
                                         that Finance Party (acting reasonably), to do so might be prejudicial to it.

 

		17	COSTS AND EXPENSES

 

		17.1	Transaction Expenses

 

The Company shall (subject to
any arrangements agreed prior to the date of this Agreement) promptly on (and in any event within 3 Business Days of) demand pay
the Agent (subject to Clause 27.16 (Agent’s Management Time)) and the Security Agent the amount of all costs and
expenses (including legal fees and, in relation to any fees incurred in relation to a Spanish Obligor or Spanish Transaction Security
Documents only, notarial or registration fees, taxes and stamp duty) reasonably incurred by any of them (and, in the case of the
Security Agent by any Receiver or Delegate) in connection with the negotiation, preparation, printing, execution, syndication
and perfection of:

 

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		(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.

 

		17.2	Amendment Costs

 

If (a) an Obligor, AMC Topco
or a Security Provider requests an amendment, waiver or consent or (b) an amendment is required pursuant to Clause 30.10 (Change
of Currency), the Company shall, promptly on (and, in any event, within 3 Business Days of) demand, reimburse each of the
Agent (subject to Clause 27.16 (Agent’s Management Time)) and the Security Agent for the amount of all costs and
expenses (including legal fees) reasonably incurred by the Agent and the Security Agent (and, in the case of the Security Agent
by any Receiver or Delegate) in responding to, evaluating, negotiating or complying with that request or requirement.

 

		17.3	Enforcement and Preservation Costs

 

The Company shall promptly on
(and, in any event, within 3 Business Days of) demand, pay to the Secured Parties the amount of all costs and expenses (including
legal fees and, in relation to a Spanish Obligor or Spanish Transaction Security Documents only, notarial or registration fees
or the fees and costs of any Spanish court clerk (procurador de los tribunales) even if their intervention is not mandatory)
incurred by it in connection with the enforcement of or the preservation of any rights under any Finance Document and the Transaction
Security and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Transaction
Security or enforcing these rights.

 

		18	GUARANTEE AND INDEMNITY

 

		18.1	Guarantee and Indemnity

 

Each Guarantor irrevocably and
unconditionally jointly and severally:

 

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

 

		(b)	undertakes with each
                                         Finance Party that whenever another Obligor does not pay any amount when due under or
                                         in connection with any Finance Document, 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 an
                                         Obligor not paying any amount which would, but for such unenforceability, invalidity
                                         or illegality, have been payable by it under any Finance Document on the date when it
                                         would have been due. The amount payable by a Guarantor under this indemnity will not
                                         exceed the amount it would have had to pay under this Clause 18 if the amount claimed
                                         had been recoverable on the basis of a guarantee.

 

		18.2	Continuing Guarantee

 

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

 

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		18.3	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 18 will continue or be reinstated as if the discharge, release or arrangement had not occurred.

 

		18.4	Waiver of Defences

 

		(a)	The obligations of each
                                         Guarantor under this Clause 18 will not be affected by an act, omission, matter or thing
                                         which, but for this Clause 18, would reduce, release or prejudice any of its obligations
                                         under this Clause 18 (without limitation and whether or not known to it or any Finance
                                         Party) including:

 

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

 

		(ii)	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;

 

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

 

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

 

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

 

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

 

		(vii)	any insolvency or similar
                                         proceedings.

 

		18.5	Guarantor Intent

 

Without prejudice to the generality
of Clause 18.4 (Waiver of Defences), each Guarantor expressly confirms that it intends that this guarantee shall extend
from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents
and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any
of the following: business 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.

 

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

 

		18.7	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 18.

 

		18.8	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
18:

 

		(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 18.1 (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 on trust for the Finance Parties and shall promptly pay or transfer the same to the
Agent or as the Agent may direct for application in accordance with Clause 30 (Payment Mechanics).

 

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		18.9	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.

 

		18.10	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.

 

		18.11	Guarantee Limitations: General

 

This guarantee does not apply
to any liability to the extent that it would result in this guarantee constituting unlawful financial assistance within the meaning
of sections 678 or 679 of the Companies Act 2006 or section 82 of the Companies Act 2014 of Ireland and, with respect to any Additional
Guarantor, is subject to any limitations set out in the Accession Document applicable to such Additional Guarantor.

 

		18.12	Guarantee Limitations: Finland

 

Notwithstanding
any other provisions of this Agreement, the obligations of a Finnish Obligor under this guarantee shall not apply to any liability
to the extent (and only to the extent) that it would result in this guarantee constituting unlawful financial assistance or unlawful
distribution of assets within the meaning of the mandatory provisions of Chapter 13, Section 1 or Chapter 13, Section 10 of the
Finnish Companies Act (in Finnish: osakeyhtiölaki, 624/2006, as amended). For the avoidance of doubt, the limitation
referred to above shall not apply in respect of a Finnish Obligor to any amount made available to or owed by that Finnish Obligor
or any of its direct or indirect Subsidiaries under the Finance Documents. The Finnish Act on Guarantees and Third Party Pledges
(in Finnish: laki takauksesta ja vierasvelkapanttauksesta, 361/1999, as amended) does not apply to this Agreement and to
the guarantee constituted hereby.

 

		18.13	Guarantee Limitations: Germany

 

		(a)	In this Clause 18.13:

 

“AktG” means
the German Stock Corporation Act (Aktiengesetz).

 

“Auditor’s Determination”
means a determination pursuant to paragraph (b)(iv) below.

 

“BGB” means
the German Civil Code (Bürgerliches Gesetzbuch, BGB).

 

“DPLA” means
a domination and/or profit and loss pooling agreement (Beherrschungs- und/oder Gewinnabführungsvertrag) as defined
in Section 291 (1) AktG.

 

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“GmbH” means
(i) a limited liability company (Gesellschaft mit beschränkter Haftung, GmbH), and/or (ii) a limited partnership (Kommanditgesellchaft)
with a limited liability company (Gesellschaft mit beschränkter Haftung, GmbH) as general partner (Komplementär),
in each case incorporated under the laws of Germany.

 

“GmbH Capital Impairment”
means the GmbH Net Assets of a GmbH Guarantor falling below the amount (Entstehung einer Unterbilanz) required to maintain
that GmbH Guarantor’s registered share capital (Stammkapital) or an increase of an existing shortage (Vertiefung
einer Unterbilanz) of its registered share capital (Stammkapital).

 

“GmbH Guarantor”
means a Guarantor that is a GmbH.

 

“GmbH Net Assets”
means the net assets (Reinvermögen) of a GmbH Guarantor calculated in accordance with Section 42 GmbHG, Sections 242,
264 HGB and the generally accepted accounting principles applicable (Grundsätze ordnungsgemäßer Buchführung)
from time to time in Germany as adjusted pursuant to paragraph (b)(vi) below.

 

“GmbHG”
means the German Limited Company Act (Gesetz betreffend die Gesellschaften mit beschränkter Haftung, GmbHG).

 

“HGB” means
the German Commercial Code (Handelsgesetzbuch, HGB).

 

“Limited Obligation”
means any guarantee and any other liability, indemnity or other payment obligation of a GmbH Guarantor under this Clause 18.13
(Guarantees Limitations: Germany) or any other provision of the Finance Documents.

 

“Limited Upstream
Obligations” means any Limited Obligation if and to the extent such Limited Obligation secures or relates to liabilities
which are owed by direct or indirect shareholders of the relevant GmbH Guarantor (upstream) or Subsidiaries of such shareholders
(such Subsidiaries do not to include the relevant GmbH Guarantor and any subsidiary of that relevant GmbH Guarantor) (cross-stream).

 

“Liquidity Impairment”
means a GmbH Guarantor being unable to fulfil its liabilities towards its creditors.

 

“Management Notification”
means the notification pursuant to paragraph (b)(iii) below.

 

“Subsidiary”
means a subsidiary within the meaning of Sections 15 through 17 AktG.

 

		(b)	GmbH Guarantee Limitation
                                         Language:

 

		(i)	The Parties agree that
                                         if and to the extent any payment under any Limited Upstream Obligation would cause a
                                         GmbH Capital Impairment then the Finance Parties shall not enforce and any GmbH Guarantor
                                         shall, subject to paragraphs (ii) through (vii) below, have a defence (Einrede)
                                         against any claim under the Limited Upstream Obligation if and to the extent such GmbH
                                         Capital Impairment would occur.

 

		(ii)	The restrictions in
                                         paragraph (i) shall not apply:

 

		(A)	if and to the extent
                                         the Limited Upstream Obligation of the GmbH Guarantor secures any indebtedness under
                                         any Finance Document in respect of:

 

		(1)	loans to the extent
                                         such loans are (directly or indirectly) on-lent (by way of a conduit loan (Durchleitungsdarlehen))
                                         or otherwise passed on to the relevant GmbH Guarantor or its Subsidiaries;

 

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		(2)	bank guarantees or
                                         letters of credit that are issued for the benefit of any of the creditors of the GmbH
                                         Guarantor or the GmbH Guarantor’s Subsidiaries,

 

in each case, to the extent
that any such on-lending or bank guarantees or letters of credit are still outstanding at the time of the enforcement of the relevant
Limited Upstream Obligation; for the avoidance of doubt, nothing in this paragraph (ii) shall have the effect that such on-lent
amounts may be enforced multiple times (under any security assignment of the relevant on-loan receivable or otherwise) (no double
dip);

 

		(B)	if, at the time of enforcement
                                         of the Limited Upstream Obligation, a DPLA (either directly or indirectly through an
                                         unbroken chain of domination and/or profit transfer agreements) exists between the relevant
                                         Obligor whose obligations are secured by the relevant Limited Upstream Obligation as
                                         dominating company (herrschendes Unternehmen) and the relevant GmbH Guarantor
                                         as a dominated company (beherrschtes Unternehmen), provided that:

 

		(1)	the GmbH Guarantor
                                         is a Subsidiary of the relevant Obligor whose obligations are secured by the relevant
                                         Limited Upstream Obligation; or

 

		(2)	the GmbH Guarantor
                                         and the relevant Obligor whose obligations are secured by the relevant Limited Upstream
                                         Obligation are both Subsidiaries of a joint (direct or indirect) parent company with
                                         such parent company as dominating entity (herrschendes Unternehmen),

 

but in each case only if
and to the extent that the existence of such DPLA renders Section 30 (1) sentence 1 GmbHG inapplicable;

 

		(C)	if and to the extent
                                         any payment under the Limited Upstream Obligation is covered (gedeckt) by a fully
                                         valuable and recoverable consideration or recourse claim (vollwertiger Gegenleistungs-
                                         oder Rückgewähranspruch) of the GmbH Guarantor against the relevant Obligor
                                         whose obligations are secured by the relevant Limited Upstream Obligation;

 

		(D)	if and to the extent
                                         that the Security Agent demonstrates and proofs that such limitation is not necessary
                                         for the purpose of protecting the GmbH Guarantor's managing directors from the risk of
                                         personal liability pursuant to sections 43,30 of the GmbHG; or

 

		(E)	if the relevant GmbH
                                         Guarantor has not complied with its obligations pursuant to paragraphs (iii) and/or (iv)
                                         (as applicable) below; however, if and to the extent that the relevant Limited Upstream
                                         Obligation has been enforced without regard to the restrictions contained in this paragraph
                                         (b) because the Management Notification and/or Auditor’s Determination has not
                                         (or not in a timely manner) been delivered pursuant to paragraphs (iii) and/or (iv) (as
                                         applicable) below, but the Auditor’s Determination has then been delivered within
                                         four months from its due date in accordance with paragraph (iv) below, the Finance Parties
                                         shall upon demand of the GmbH Guarantor to the Agent repay any amount received from the
                                         GmbH Guarantor which pursuant to the Auditor’s Determination would not have been
                                         available for enforcement, provided that such demand for repayment is made to the Agent
                                         within one month (Ausschlussfrist) after the Auditor’s Determination had
                                         been delivered.

 

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		(iii)	If the relevant GmbH
                                         Guarantor does not notify the Agent within fifteen (15) Business Days after the making
                                         of a demand against that GmbH Guarantor under the relevant Limited Upstream Obligation:

 

		(A)	to what extent such
                                         Limited Upstream Obligation is an upstream or cross-stream guarantee or indemnity; and

 

		(B)	to what extent a GmbH
                                         Capital Impairment would occur as a result of an enforcement of the Limited Upstream
                                         Obligation (setting out in reasonable detail the amount of its GmbH Net Assets, providing
                                         an up-to-date pro forma balance sheet).

 

then the restrictions set
out in paragraph (i) above shall cease to apply until a Management Notification has been provided.

 

		(iv)	If the Agent disagrees
                                         with the Management Notification, it may within twenty (20) Business Days of its receipt,
                                         request the relevant GmbH Guarantor to provide to the Agent within thirty-five (35) Business
                                         Days of receipt of such request a determination by the auditors appointed by the GmbH
                                         Guarantor (at its own cost and expense) setting out in reasonable detail the amount in
                                         which the payment under the Limited Upstream Obligation would cause a GmbH Capital Impairment
                                         subject to the terms set out under this paragraph (b). The Auditor's Determination shall
                                         include an up-to-date balance sheet of the GmbH Guarantor, which shall be prepared in
                                         accordance with this Clause 18.13, Section 42 GmbHG, Sections 242, 264 HGB and the generally
                                         accepted accounting principles applicable (Grundsätze ordnungsgemäßer
                                         Buchführung) applied by the GmbH Guarantor from time to time and shall contain
                                         further information (in reasonable detail) relating to adjustments set out in paragraph
                                         (vi) below. Save for manifest errors, the Auditor’s Determination shall be binding
                                         on all parties.

 

		(v)	If, after it has been
                                         provided with an Auditor’s Determination which prevented it from demanding any
                                         or only partial payment under the Limited Upstream Obligation, the Agent ascertains in
                                         good faith that the financial conditions of the GmbH Guarantor as set out in the Auditor’s
                                         Determination has substantially improved, the Agent (acting reasonably) may, at the GmbH
                                         Guarantor’s cost and expense, arrange for the preparation of an updated balance
                                         sheet of the GmbH Guarantor by applying the same principles that were used for the preparation
                                         of the Auditor’s Determination by the auditors who prepared the Auditor’s
                                         Determination in order for such Auditors to determine whether (and, if so, to what extent)
                                         the GmbH Capital Impairment has been cured as result of the improvement of the financial
                                         condition of the GmbH Guarantor. The Agent may not arrange for the preparation of an
                                         Auditor’s Determination prior to the expiry of six months from the date of the
                                         issuance of the preceding Auditor’s Determination. The Agent may only demand payment
                                         under the Limited Upstream Obligation to the extent the Auditors determine that the GmbH
                                         Capital Impairment has been cured.

 

		(vi)	The GmbH Net Assets
                                         shall be adjusted as follows:

 

		(A)	the amount of any increase
                                         in the registered share capital of the relevant GmbH Guarantor which was carried out
                                         after the relevant GmbH Guarantor became a Party shall be deducted from the amount of
                                         the registered share capital (Stammkapital) of the relevant GmbH Guarantor if
                                         it was not permissible under the Finance Documents and has been carried out without the
                                         prior written consent of the Agent;

 

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		(B)	loans or other liabilities
                                         incurred by the relevant GmbH Guarantor in violation of the Finance Documents shall not
                                         be taken into account as liabilities; and

 

		(C)	to the extent Section
                                         253 (6), Section 268 (8) and/or Section 272 (5) HGB provide for a restriction on distribution,
                                         such restriction shall be taken into account and complied with when determining the amount
                                         available for enforcement and accordingly the GmbH Net Assets shall be reduced to the
                                         extent necessary to comply with the respective HGB Sections;

 

		(vii)	Where a GmbH Guarantor
                                         claims in accordance with the provisions of this paragraph (b) that the Limited Upstream
                                         Obligation can only be enforced in a limited amount as a result of the GmbH Guarantor
                                         not having sufficient Net Assets to maintain its registered share capital, it shall realise
                                         at market value, to the extent lawful and commercially justifiable, any and all of its
                                         assets that are show in the balance sheet with a book value (Buchwert) that is
                                         significantly lower than the market value of the assets and are not necessary for the
                                         relevant GmbH Guarantor’s business (nicht betriebsnotwendig).

 

		(c)	The Parties agree that
                                         if and to the extent any payment under any Limited Upstream Obligations would cause a
                                         Liquidity Impairment for such GmbH Guarantor then the Finance Parties hall not enforce
                                         and the GmbH Guarantor shall have a defence (Einrede) against any claim under
                                         the Limited Upstream Obligation if and to the extent such Liquidity Impairment would
                                         occur.

 

		(d)	Where the provisions
                                         of this Clause 18.13 apply to a limited partnership (Kommanditgesellschaft), all
                                         references to the assets of a GmbH Guarantor shall mutatis mutandis include a reference
                                         to the assets of the general partner (Komplementär) of such limited partnership
                                         (Kommanditgesellschaft). If any of the Finance Parties enforces any Limited Upstream
                                         Obligation against a GmbH Guarantor which is a Subsidiary of another GmbH Guarantor,
                                         enforcement shall, in addition to the limitations set out in this Clause 18.13, further
                                         be limited to an amount which would not cause a GmbH Capital Impairment at such another
                                         GmbH Guarantor.

 

		(e)	In addition to the restrictions
                                         set out in paragraphs (b) through (d) above, if the payment under and/or enforcement
                                         of any Limited Upstream Obligation against such GmbH Guarantor would result in personal
                                         liability of its managing director(s) (Geschäftsführer) for a reimbursement
                                         of payments made under any Limited Upstream Obligation (including without limitation
                                         pursuant to Section 43 GmbHG and/or Section 826 BGB) (a “Liability Event”),
                                         the GmbH Guarantor shall have a defence (Einrede) against the Limited Upstream
                                         Obligation to the extent required in order not to incur such liability.

 

		(f)	The restrictions set
                                         out in this Clause 18.13 do not affect the rights of the Finance Parties to claim any
                                         outstanding amount again at a later point in time if and to the extent the restrictions
                                         set out in this Clause 18.13 would allow such claim at the later point in time.

 

		(g)	Notwithstanding anything
                                         to the contrary in this Agreement, this Clause 18.13 and any rights and/or obligations
                                         arising out of it shall be governed by, and construed in accordance with, German law.

 

		18.14	Guarantee Limitations: Spain

 

		(a)	Any member of the Group
                                         incorporated in Spain acceding to this Agreement as an Additional Obligor will give the
                                         guarantee and indemnity as provided in this Clause 18 (Guarantee and Indemnity),
                                         as well as, subject to the Agreed Security Principles, entering into the relevant Spanish
                                         Transaction Security Documents, in consideration for the Spanish Obligor being an indirect
                                         beneficiary of this Agreement, by virtue among others of that Additional Obligor being
                                         funded (directly or indirectly) by the Company with proceeds of Loans under the Facilities
                                         within the purpose set forth in Clause 3.1(b) (Purpose) of this Agreement).

 

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		(b)	The Secured Parties hereby
                                         undertake that they shall, prior to any Event of Default occurring under Clause 23.7
                                         (Insolvency Proceedings) and/or an automatic acceleration occurring pursuant to
                                         paragraph (b) of Clause 23.16 (Acceleration) (the “Triggers”),
                                         take steps to enforce any rights under or in connection with the Spanish Transaction
                                         Security Documents and any guarantee and indemnity given by any Spanish Obligor only
                                         in a reasonable manner which shall be commensurate with the benefit indirectly arising
                                         for the relevant Spanish Obligor from its entering into this Agreement. After the occurrence
                                         of a Trigger, the Secured Parties will no longer be bound by this undertaking.

 

		(c)	Notwithstanding any other
                                         provisions of this Agreement, the guarantee provided by the Spanish Obligor does not
                                         apply to any liability arising from amounts borrowed by a Borrower under the Facilities
                                         towards any Permitted Acquisitions to the extent that it would result in such guarantee
                                         constituting unlawful financial assistance within the meaning of article 150 of the Spanish
                                         Companies Act, or any other legal provision that may substitute such article in the future.

 

		18.15	Guarantee Limitations: Sweden

 

Notwithstanding
anything to the contrary in this Agreement or any other Finance Document:

 

		(a)	the obligations and liabilities
                                         of each Swedish Obligor under the Finance Documents shall be limited if (and only if)
                                         and to the extent required by the provisions of the Swedish Companies Act (Sw. Aktiebolagslagen
                                         (2005:551)) in force from time to time regulating (i) distribution of assets (including
                                         profits and dividends and any other form of transfer of value (Sw. värdeöverföring)
                                         within the meaning of the Swedish Companies Act) and (ii) unlawful financial assistance
                                         (assuming, in each case, that all steps open to each Swedish Obligor and all its shareholders
                                         to authorise its obligations under the Finance Documents have been taken), and it is
                                         understood that the liability and obligation of each Swedish Obligor under the Finance
                                         Documents only applies to the extent permitted by the above mentioned provisions of the
                                         Swedish Companies Act:

 

		(b)	the guarantee and the
                                         obligations of NCG Holding AB (reg. no. 559094-8328), Filmstaden AB (reg. no. 556035-1651)
                                         and Filmstaden Media AB (reg. no. 556379-4014) under this Agreement and any other Finance
                                         Document shall be limited to its own, any wholly-owned subsidiaries’ and the Company’s
                                         obligations and liabilities under this Agreement and any other Finance Document.

 

		19	REPRESENTATIONS

 

		19.1	General

 

		(a)	Each Obligor makes the
                                         representations and warranties set out in this Clause 19 to each Finance Party.

 

		(b)	Save where otherwise
                                         provided, the representations and warranties set out in this Clause 19 are made by each
                                         Obligor in respect of itself and its Subsidiaries to each Finance Party.

 

		19.2	Status

 

		(a)	It and each of its Subsidiaries
                                         is a limited liability entity duly incorporated and validly existing under the laws of
                                         their respective jurisdictions of incorporation.

 

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

 

		19.3	Binding Obligations

 

Subject to the Legal Reservations:

 

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

 

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

 

		19.4	Non-Conflict with other Obligations

 

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

 

		(a)	on the date of this Agreement,
                                         any law or regulation applicable to it;

 

		(b)	at any time after the
                                         date of this Agreement, any law or regulation applicable to it to an extent which has
                                         or would be reasonably likely to have a Material Adverse Effect;

 

		(c)	its Constitutional Documents;
                                         or

 

		(d)	any agreement or instrument
                                         binding upon it or any Subsidiary or any of its or any Subsidiary’s assets or constitute
                                         a default or termination event (however described) under any such agreement or instrument,
                                         in each case to such an extent or in such a manner which gives rise to or would be reasonably
                                         likely to give rise to a Material Adverse Effect.

 

		19.5	Power and Authority

 

		(a)	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 or will be a
                                         party and the transactions contemplated by those Finance Documents.

 

		(b)	No limit on its powers
                                         will be exceeded as a result of the borrowing, grant of security or giving of guarantees
                                         or indemnities contemplated by the Finance Documents to which it is a party.

 

		19.6	Validity and Admissibility in Evidence

 

		(a)	Subject to the Legal
                                         Reservations and Perfection Requirements, all Authorisations required:

 

		(i)	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

 

		(ii)	to make the Finance
                                         Documents to which it is a party admissible in evidence in its Relevant Jurisdictions,

 

have been obtained or effected
and are in full force and effect except any Authorisation referred to in Clause 19.9 (No Filing or Stamp Taxes), which
Authorisations will be promptly obtained or effected within any applicable time after the date of this Agreement as under the
Agreed Security Principles.

 

		(b)	All Authorisations necessary
                                         for the conduct of the business, trade and ordinary activities of members of the Group
                                         have been obtained or effected and are in full force and effect if failure to obtain
                                         or effect those Authorisations has or is reasonably likely to have a Material Adverse
                                         Effect.

 

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		19.7	Governing Law and Enforcement

 

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

 

		(b)	Subject to the Legal
                                         Reservations and paragraphs (c) and (d) below, 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 Jurisdictions.

 

		(c)	Any judgment obtained
                                         in relation to a Finance Document in the jurisdiction of the United Kingdom will be recognised
                                         and enforceable by the courts of Sweden provided that (i) the Convention on Choice of
                                         Court Agreement concluded on 30 June 2015 (the “Hague Convention”)
                                         or (ii) any other convention having the same effect as the Hague Convention, is in force
                                         and is applicable to such judgment in respect of that Finance Document.

 

		(d)	Any judgments obtained
                                         by courts outside of Germany will be recognised and enforced in Germany subject to certain
                                         conditions, requirements and rules of procedures relating to recognition and enforcement
                                         of judgements as set out in the German Act on Civil Procedures (Zivilprozessordnung,
                                         ZPO), the EU regulation No 1215/2012 of 12 December 2012 on jurisdiction and the
                                         recognition and enforcement of judgments in civil and commercial matters (recast) and/or
                                         any international treaties and conventions, as the case may be.

 

		19.8	Insolvency

 

No:

 

		(a)	corporate action, legal
                                         proceeding or other procedure or step described in paragraph (a) of Clause 23.7 (Insolvency
                                         Proceedings); or

 

		(b)	creditors’ process
                                         described in Clause 23.8 (Creditors’ Process),

 

has been taken or, to the knowledge
of any Obligor, threatened in relation to any member of the Group; and none of the circumstances described in Clause 23.6 (Insolvency)
apply to any member of the Group.

 

		19.9	No Filing or Stamp Taxes

 

Under the laws of its 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, notarial or similar Taxes or fees be paid on or in relation to the Finance
Documents or the transactions contemplated by the Finance Documents except:

 

		(a)	registration of particulars
                                         of the English law governed Transaction Security Documents at the Companies Registration
                                         Office in England and Wales under section 860 of the Companies Act 2006;

 

		(b)	registration of particulars
                                         of the Swedish law governed Transaction Security Documents at the Swedish Intellectual
                                         Property Office (Sw. Patent- och Registreringsverket);

 

		(c)	registration of any business
                                         mortgages and pledges over intellectual property rights granted under the Finnish law
                                         governed Security Documents and payment of associated fees;

 

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		(d)	in case of registration
                                         or filing in the Republic of Italy of any Finance Documents (whether voluntary or not,
                                         including if made in connection with court or administrative proceedings), in case of
                                         enunciation (enunciazione) or in case of use (caso d’uso), as defined
                                         in the Italian Presidential Decree no. 131 of 1986;

 

		(e)	any notarial fees connected
                                         to any share pledge agreement governed by German law;

 

		(f)	the notarial fees connected
                                         with any endorsement by way of security of the shares certificates to be executed in
                                         connection with the pledge over the shares of UCI Italia S.p.A.; and

 

		(g)	any notarial fees connected
                                         to any pledge agreement or promissory security agreement governed by Spanish law and
                                         any notarial and registration fees and stamp duty connected to any mortgage governed
                                         by Spanish law (and registration thereof),

 

along with, in each case payment
of associated fees which shall in each case be made within all applicable time periods under the relevant laws and paid promptly
after the date of the relevant Finance Document. This representation does not apply to any transfer or assignment of any Finance
Party’s rights under any Finance Document.

 

		19.10	Deduction of Tax

 

No Obligor is required to make
any deduction for or on account of Tax from any payment it may make under any Finance Document to:

 

		(a)	a Lender which is a Qualifying
                                         Lender (other than a Treaty Lender) except where a Direction has been given under section
                                         931 of the ITA in relation to the payment concerned; or

 

		(b)	a Treaty Lender where
                                         the payment is one specified in a direction given by the Commissioners of Revenue &
                                         Customs under Regulation 2 of the Double Taxation Relief (Taxes on Income) (General)
                                         Regulations 1970 (SI 1970/488).

 

		19.11	No Default

 

		(a)	No Event of Default and,
                                         on the date of this Agreement, no Default is continuing or is reasonably likely to result
                                         from the making of any Loan or the entry into, the performance of, or any transaction
                                         contemplated by, any Finance Document.

 

		(b)	To the best of the knowledge
                                         and belief of each Obligor (having made due enquiry), no event or circumstance is outstanding
                                         which constitutes (or, with the expiry of a grace period, the giving of notice, the making
                                         of any determination or any combination of any of the foregoing, would constitute) a
                                         default or termination event (however described) under any other agreement or instrument
                                         which is binding on it or any of its Subsidiaries or to which its (or any of its Subsidiaries’)
                                         assets are subject which has or is reasonably likely to have a Material Adverse Effect.

 

		19.12	Financial Statements

 

		(a)	The written factual information
                                         provided to the Finance Parties by or on behalf of the Company or any other member of
                                         the Group prior to the date of this Agreement (the "Information") is
                                         true and accurate in all material respects (taken as a whole) and has been provided in
                                         good faith as at the date it is provided or as at the date (if any) at which it is stated,
                                         taking into account always that the Information has been provided in response to specific
                                         requests from the Finance Parties (and the Company gives no statement, representation
                                         or warranty that the Information itself is sufficient to satisfy the requests of the
                                         Financing Parties);

 

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		(b)	The most recent financial
                                         statements delivered pursuant to Clause 20.1 (Financial Statements) have been
                                         prepared in accordance with either the Accounting Principles or the Accepted Alternative
                                         Accounting Principles and fairly present the results of operations for the period and
                                         companies to which they relate.

 

		19.13	No Proceedings Pending or Threatened

 

No litigation, arbitration or
administrative proceedings or investigations of, or before, any court, arbitral body or agency which if adversely determined against
any member of the Group would be reasonably likely to have a Material Adverse Effect have been started or threatened in writing
against it or any member of the Group.

 

		19.14	No Breach of Laws

 

		(a)	It has not (and none
                                         of its Subsidiaries has) 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 enquiry) threatened
                                         in writing against it or any of its Subsidiaries where that claim has or is reasonably
                                         likely, if determined against it or its Subsidiary, to have a Material Adverse Effect.

 

		19.15	Taxation

 

		(a)	It is not (and none of
                                         its Subsidiaries is) materially overdue in the filing of any Tax returns and it is not
                                         (and none of its Subsidiaries is) overdue in the payment of any amount in respect of
                                         Tax (other than where such payment is being contested in good faith by appropriate process
                                         and may be lawfully withheld, and in respect of which adequate reserves are being maintained)
                                         in an amount which has or is reasonably likely to have a Material Adverse Effect.

 

		(b)	No claims or investigations
                                         have (to the best of its knowledge and belief (having made due enquiry)) been, or are
                                         reasonably likely to be, made, conducted or asserted against it (or any of its Subsidiaries)
                                         with respect to Taxes which if adversely determined would have or would be reasonably
                                         likely to have a Material Adverse Effect.

 

		(c)	It is resident for Tax
                                         purposes only in its jurisdiction of incorporation.

 

		19.16	Security and Financial Indebtedness

 

		(a)	No Security exists over
                                         all or any of the present or future assets of the Company or any Subsidiary other than
                                         as permitted by this Agreement.

 

		(b)	Neither the Company nor
                                         any of its Subsidiaries has any Financial Indebtedness outstanding other than as permitted
                                         by this Agreement.

 

		19.17	Ranking

 

Subject to the Legal Reservations
and the Perfection Requirements, the Transaction Security has or will have first ranking priority and it is not subject to any
prior ranking Security, except as otherwise permitted or not prohibited under this Agreement.

 

		19.18	Good Title to Assets

 

It and each of its Subsidiaries
has a 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 in all material respects as presently conducted.

 

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		19.19	Legal and Beneficial Ownership

 

Each Obligor and each Security
Provider is the legal and beneficial owner of:

 

		(a)	any material assets;
                                         and

 

		(b)	any shares in a Subsidiary,

 

over which it purports to grant
Security pursuant to the Transaction Security Documents to which it is a party.

 

		19.20	Shares

 

The shares of the Company and
any Subsidiary which are subject to the Transaction Security are not subject to any option to purchase or similar rights. The
Constitutional Documents of companies whose shares are subject to the Transaction Security do not and could not restrict or inhibit
any transfer of those shares on creation or enforcement of the Transaction Security.

 

		19.21	Intellectual Property

 

		(a)	The Intellectual Property
                                         required in order to conduct the business of the Group:

 

		(i)	is beneficially owned
                                         by or licensed to members of the Group free from any licences to third parties which
                                         are materially prejudicial to the use of that Intellectual Property in the business and
                                         will not be adversely affected by the transactions contemplated by the Finance Documents
                                         in each case to an extent which has or would be reasonably likely to have a Material
                                         Adverse Effect; and

 

		(ii)	has not lapsed or been
                                         cancelled in any respect which has or would be reasonably likely to have a Material Adverse
                                         Effect and all formal or procedural actions (including payment of fees and any registrations)
                                         have been taken to maintain such Intellectual Property.

 

		(b)	The business of the Group
                                         does not infringe any Intellectual Property of any third party in any respect which has
                                         or is reasonably likely to have a Material Adverse Effect.

 

		19.22	Group Structure Chart and Obligors

 

The Group Structure Chart delivered
to the Agent pursuant to Part A of Schedule 2 (Conditions Precedent) is true, complete and accurate in all material respects
as at the date of the Agreement and together with the officers certificates delivered pursuant to Part A of Schedule 2 (Conditions
Precedent) shows the following information:

 

		(a)	AMC Topco, each Obligor,
                                         each Security Provider, the Company and each Subsidiary, including current name and its
                                         jurisdiction of incorporation and/or establishment; and

 

		(b)	all minority interests
                                         in any Subsidiary.

 

		19.23	Accounting Reference Date

 

The Accounting Reference Date
of the Company is 31 December.

 

		19.24	Centre of main interests and establishments

 

For the purposes of Regulation
(EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the “Regulation”), its centre of main interest
(as that term is used in Article 3(1) of the Regulation) is situated in its jurisdiction of incorporation and it has no “establishment”
(as that term is used in Article 2(10) of the Regulations) in any other jurisdiction.

 

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		19.25	Anti-terrorism/Sanctions

 

		(a)	No member of the Group
                                         or any of their respective affiliates, brokers, agents, directors or officers:

 

		(i)	to its knowledge violated
                                         or is in violation, of any Anti-Terrorism Law, Anti-Corruption Laws Sanctions, or Export-Control
                                         Law;

 

		(ii)	to its knowledge is
                                         a Designated Person or owned or controlled by a Designated Person;

 

		(iii)	to its knowledge deals
                                         in any property or interest in property blocked pursuant to any Anti-Terrorism Law, Anti-Corruption
                                         Law, Export-Control Law or Sanctions laws or regulation;

 

		(iv)	to its knowledge is
                                         located, incorporated or ordinarily resident in Iran, Sudan, Cuba, North Korea, Syria,
                                         Myanmar, Somalia, Libya or Crimea;

 

		(v)	engages in transactions
                                         with or otherwise provides funding to Designated Persons;

 

		(vi)	engages in transactions
                                         with or otherwise makes funds available to any person or business located in Iran, Sudan,
                                         Cuba, Syria, North Korea, Myanmar, Somalia, Libya or Crimea, or any other use of proceeds
                                         that would be prohibited if carried out directly by any Lender under US, UK, or EU law;
                                         or

 

		(vii)	is engaging in any
                                         transaction that evades or avoids, or has the purpose of evading or avoiding, or breaches
                                         or attempts to breach, directly or indirectly, any Sanctions applicable to it.

 

		(b)	The representations set
                                         out in this Clause 19.25 (Anti-terrorism/Sanctions) shall not be made by or with
                                         respect to any party to the extent that such representations would result in a violation
                                         of, or conflict with, or liability under section 7 of the German Foreign Trade Regulation
                                         (Außenwirtschaftsverordnung), any provision of Council Regulation (EC) 2271/96
                                         or any similar applicable anti-boycott law or regulation in force from time to time in
                                         the European Union (and/or any of its member states) or the United Kingdom that are applicable
                                         to such party.

 

		19.26	Anti-money Laundering

 

		(a)	Each member of the Group
                                         has conducted its business in compliance with applicable Anti-Money Laundering Laws and
                                         has instituted and maintained procedures designed to promote and achieve compliance with
                                         such laws.

 

		(b)	Neither member of the
                                         Group, nor to its knowledge, any of its respective directors, officers, affiliates, agents
                                         or brokers has violated or is violating any applicable Anti-Money Laundering Laws.

 

		19.27	Times When Representations Made

 

		(a)	All the representations
                                         and warranties in this Clause 19 are made by each Original Obligor on the date of this
                                         Agreement.

 

		(b)	The Repeating Representations
                                         are deemed to be made by each Obligor on the date of each Utilisation Request and on
                                         each Utilisation Date and on the first day of each Interest Period.

 

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		(c)	All Repeating Representations,
                                         together with the representations and warranties in Clause 19.17 (Ranking) and
                                         19.19 (Legal and Beneficial Ownership), are deemed to be made by each Additional
                                         Obligor on the day on which it becomes (or it is proposed that it becomes) an Additional
                                         Obligor.

 

		(d)	The representations and
                                         warranties in Clause 19.12(a) (Financial Statements) are deemed to be made by
                                         the Company on the date of this Agreement and the representations and warranties in Clause
                                         19.12(b) (Financial Statements) are deemed to be made by each Obligor on the date
                                         on which each set of financial statements referred to therein are delivered to the Agent,
                                         in respect of such financial statements, beginning with the first date on which financial
                                         statements are delivered to the Agent pursuant to Clause 20.1 (Financial Statements).

 

		(e)	Each representation or
                                         warranty deemed to be made after the date of this Agreement shall be deemed to be made
                                         by reference to the facts and circumstances existing at the date the representation or
                                         warranty is deemed to be made.

 

		20	INFORMATION UNDERTAKINGS

 

The undertakings in this Clause
20 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.

 

		20.1	Financial Statements

 

The Company shall supply to
the Agent (if so requested by the Agent, in sufficient copies for all the Lenders) on or before the date falling 60 days after
the end of the first three Financial Quarters of each Financial Year and within 90 days after the end of the fourth Financial
Quarter of each Financial Year) the consolidated financial statements of the Company for that Financial Quarter.

 

		20.2	Provision and Contents of Compliance
                                         Certificate

 

		(a)	The Company shall supply
                                         a Compliance Certificate to the Agent with each set of its Quarterly Financial Statements.

 

		(b)	Each Compliance Certificate
                                         shall set out (in reasonable detail and accompanying evidence of) compliance with the
                                         Minimum Liquidity financial condition set out in Clause 21.2 (Financial Condition).

 

		(c)	Each Compliance Certificate
                                         which is supplied in relation to the set of Quarterly Financial Statements with a Quarter
                                         Date ending 31 December shall set out details of compliance with the Guarantor and Security
                                         Coverage Test and confirm whether or not further members of the Group will accede as
                                         Additional Guarantors in accordance with the relevant provisions of this Agreement.

 

		(d)	Each Compliance Certificate
                                         shall be signed by two directors of the Company one of whom must be either the Chief
                                         Finance Director or the Group Managing Director.

 

		20.3	Requirements as to Financial Statements

 

		(a)	The Company shall procure
                                         that each set of Quarterly Financial Statements includes: a consolidated balance sheet,
                                         profit and loss account and cashflow statement; details of the Group’s main “key
                                         performance indicators”, with prior year comparison, by territory; and management
                                         commentary.

 

		(b)	The “key performance
                                         indicators” to be provided to as part of the Quarterly Financial Statements shall,
                                         at the request of the Agent on behalf of any Lender, be split into a public and private
                                         designation such that the Agent can supply to that Lender only such disclosures as such
                                         Lender wishes to receive.

 

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		(c)	Each set of financial
                                         statements delivered pursuant to Clause 20.1 (Financial Statements):

 

		(i)	shall be certified by
                                         a director of Company as fairly representing its financial condition and operations as
                                         at the date as at which those financial statements were drawn up; and

 

		(ii)	shall be prepared using
                                         the Accounting Principles or Accepted Alternative Accounting Principles

 

		20.4	Year-End

 

		(a)	Subject to paragraph
                                         (b) below, the Company shall not change its Accounting Reference Date.

 

		(b)	The Company may change
                                         its Accounting Reference Date one time only prior to the Termination Date, provided that
                                         for the Financial Year in which the Accounting Reference Date is changed, the Company
                                         shall ensure that the Quarterly Financial Statements to be delivered at the end of the
                                         Financial Quarter following such a change contain sufficient information as may be reasonably
                                         required by the Agent to enable the Lenders to make an accurate comparison between the
                                         financial position indicated in the relevant financial statements most recently delivered
                                         pursuant to Clause 20.1 (Financial statements).

 

		20.5	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 shareholders
                                         (or any class of them) in each case which are required by law to be dispatched to shareholders
                                         (or such class collectively), or by the Company or any Obligors to its creditors generally
                                         (or any class of them) and by the Company or any other Obligor to its other creditors
                                         generally (or any class of them);

 

		(b)	promptly upon becoming
                                         aware of them, the details of any litigation, arbitration or administrative proceedings
                                         which are current, threatened or pending against any member of the Group which in the
                                         reasonable opinion of the Company is material;

 

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

 

		(d)	promptly on becoming
                                         aware of the same, the details of any disposal or insurance claim which will require
                                         a prepayment under Clause 8.2 (Disposal and Insurance Proceeds); and

 

		(e)	promptly on request,
                                         such further information regarding the financial condition, assets and operations of
                                         the Group and/or any member of the Group (including any changes to senior management
                                         of the Group any changes to the Accounting Principles or Accepted Alternative Accounting
                                         Principles and an up to date copy of its shareholders’ register (or equivalent
                                         in its jurisdiction of incorporation)) as any Finance Party through the Agent may reasonably
                                         request, provided that no member of the Group shall be obliged to provide information
                                         under this paragraph (e) if to do so would breach any applicable law or regulation.

 

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		20.6	Notification of Default

 

		(a)	Each Obligor shall notify
                                         the Agent of any Default (and the steps, if any, being taken to remedy it promptly upon
                                         becoming aware of its occurrence (unless that Obligor is aware that a notification has
                                         already been provided by another Obligor).

 

		(b)	Promptly upon a request
                                         by the Agent, the Company shall supply to the Agent a certificate signed by two of its
                                         directors or senior officers 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).

 

		20.7	“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 or the composition of the shareholders of an Obligor after the date of
                                         this Agreement; or

 

		(iii)	a proposed assignment
                                         or transfer by a Lender of any of its rights and/or 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 10 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.

 

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		21	FINANCIAL CALCULATIONS

 

		21.1	Financial Definitions

 

“Acquisition Costs”
means all fees, closing payments, costs and expenses, stamp, registration and other Taxes incurred or required to be paid by a
member of the Group in connection with any Permitted Acquisition (or the financing thereof), the Finance Documents or one-off
costs in connection with the refinancing of any indebtedness of any entity which is the subject of a Permitted Acquisition.

 

“Capital Lease”
means, with respect to any Person, any lease of, or other arrangement conveying the right to use, property by such Person as lessee
that would be classified or accounted for as a capital lease on a balance sheet of such Person.

 

“Capital Lease Obligation”
means, with respect to any Person as of any date, the amount as of such date of all Consolidated obligations of such Person or
any of its Subsidiaries that would be required to be accounted for as Capital Leases.

 

“Capitalised Software
Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities)
by a Person during such period in respect of licensed or purchased software or internally developed software and software enhancements
that are or are required to be reflected as capitalised costs on the consolidated balance sheet of such Person and its Subsidiaries.

 

“Consolidated”
means, with respect to any Person, the consolidation of accounts of such person and its Subsidiaries in accordance with Accounting
Principles or Accepted Alternative Accounting Principles.

 

“Consolidated EBITDA”
means, with respect to any person, the Consolidated Net Income of such Person for such period increased (to the extent deducted
in determining Consolidated Net Income) by the sum (without duplication) of:

 

		(a)	all income taxes of such
                                         Person and its Subsidiaries paid or accrued for such period (other than income taxes
                                         attributable to extraordinary gains and losses), franchise and capital and similar taxes,
                                         and any tax distribution made pursuant to paragraph (b) of the definition of “Permitted
                                         Payment”;

 

		(b)	all interest expense
                                         and similar costs of such Person and its Subsidiaries for such period net of interest
                                         income;

 

		(c)	depreciation expense
                                         of such Person and its Subsidiaries for such period;

 

		(d)	amortisation expense
                                         of such Person and its Subsidiaries for such period including amortisation of capitalised
                                         debt issuance costs, amortisation of intangible assets and Capitalised Software Expenditures
                                         and amortisation of unrecognised prior service costs and actuarial gains and losses related
                                         to pensions and other post-employment benefits,

 

		(e)	Acquisition Costs for
                                         that period;

 

		(f)	non-recurring fees, charges
                                         and other non-recurring expenses (including restructuring charges and severance costs);

 

		(g)	any unrealised foreign
                                         currency transaction gains or losses in respect of Financial Indebtedness, liabilities
                                         or other obligations of the Company or any member of the Group denominated in a currency
                                         other than the functional currency of such person and any unrealised foreign exchange
                                         gains or losses resulting from re-measuring assets, liabilities and other obligations
                                         in foreign currencies (including any currency re-measurements of Financial Indebtedness
                                         and/or any foreign currency transaction of transaction related to currency related risk;
                                         and

 

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		(h)	excluding the impact
                                         of Capital Leases.

 

“Consolidated Net Income”
means, with respect to any person, for any period, the Consolidated net income (or loss) of such person and its Subsidiaries for
such period as determined in accordance with the Accounting Principles or Accepted Alternative Accounting Principles.

 

“Liquidity”
means the aggregate amount of Cash and Cash Equivalent Investments held by members of the Group determined by reference to the
Quarterly Financial Statements.

 

		21.2	Financial Condition

 

The Company
shall ensure that on each Quarter Date, Liquidity shall not be less than GBP 32,500,000 (“Minimum Liquidity”).

 

		21.3	Financial Testing

 

Compliance
with the financial covenant set out in Clause 21.2 (Financial Condition) shall be determined by reference to each of the
Quarterly Financial Statements delivered pursuant to paragraphs Clause 20.1 (Financial Statements) and/or each Compliance
Certificate delivered pursuant to Clause 20.2 (Provision and Contents of Compliance Certificate).

 

		21.4	Equity Cure

 

		(a)	Any non-compliance with
                                         the financial covenant set out in Clause 21.2 (Financial Condition) on any Quarter
                                         Date shall be deemed to have been remedied if the Company has, in respect of the next
                                         Quarter Date (the “Second Period”) delivered a Compliance Certificate
                                         evidencing compliance with the financial covenant set out in Clause 21.2 (Financial
                                         Condition) as at such Quarter Date, unless the Agent or the Security Agent has taken
                                         any action referred to in Clause 23.16 (Acceleration) before delivery of the Compliance
                                         Certificate in respect of the Second Period.

 

		(b)	If, in the event of a
                                         breach of Clause 21.2 (Financial condition) and no later than 20 Business Days
                                         after the earlier of:

 

		(i)	the date on which the
                                         financial statements and accompanying Compliance Certificate for the Quarter Date on
                                         which the breach of Clause 21.2 (Financial condition) is first evidenced are required
                                         to be delivered in accordance with Clause 20.1 (Financial Statements); and

 

		(ii)	the date on which such
                                         financial statements are accompanying Compliance Certificate are actually delivered.

 

(the “Equity Cure
Period”), either:

 

		(A)	Minimum Liquidity has
                                         been restored and the Company has confirmed the same to the Agent; or

 

		(B)	the Company receives
                                         the cash proceeds of a Shareholder Loan (a “Cure Amount”), in such
                                         amount as to restore Minimum Liquidity,

 

and the Company
confirms the same (with accompanying evidence) to the Agent by way of a certificate signed by two directors, one of whom is the
Chief Finance Director or the Group Managing Director, the Company shall be deemed to have satisfied the requirements of Clause
21.2 (Financial condition) as at the relevant Quarter Date with the same effect as though there had been no failure to
comply therewith at such date, and the applicable breach of Clause 21.2 (Financial condition) or any Default or Event of
Default resulting therefrom shall be deemed cured for all purposes of the Finance Documents.

 

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		(c)	The above equity cure
                                         rights may be exercised by way of the cash proceeds of a Cure Amount no more than four
                                         times over the life of the Facilities and no Cure Amount may be injected in any two consecutive
                                         Financial Quarters.

 

		(d)	There shall be no restriction
                                         on a Cure Amount being greater than the minimum amount needed to cure the breach of Clause
                                         21.2 (Financial condition).

 

		(e)	For the avoidance of
                                         doubt, no Cure Amount shall be required to be applied in prepayment or cancellation of
                                         the Facilities.

 

		22	GENERAL UNDERTAKINGS

 

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

 

		22.1	Authorisations

 

Each Obligor shall promptly
obtain, comply with and do all that is necessary to maintain in full force and effect, any Authorisation required under any law
or regulation of a Relevant Jurisdiction to:

 

		(i)	enable it to perform
                                         its obligations under the Finance Documents to which it is a party;

 

		(ii)	ensure (subject to the
                                         Legal Reservations and Perfection Requirements) the legality, validity, enforceability
                                         or admissibility in evidence of any Finance Document to which it is a party; and

 

		(iii)	carry on (and the Company
                                         shall ensure that each member of the Group shall carry) on its business where failure
                                         to do so has or is reasonably likely to have a Material Adverse Effect.

 

		22.2	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.

 

		22.3	Taxation

 

		(a)	Each Obligor shall (and
                                         the Company shall ensure that each member of the Group will) pay and discharge all material
                                         Taxes imposed upon it or its assets within the time period allowed without incurring
                                         penalties unless and only to the extent that:

 

		(i)	such payment is being
                                         contested in good faith;

 

		(ii)	adequate reserves are
                                         being maintained for those Taxes and the estimated costs required to contest them which
                                         have been disclosed in its latest financial statements delivered (or will be disclosed
                                         in the next financial statements to be delivered) to the Agent under Clause 20.1 (Financial
                                         Statements); and

 

		(iii)	such payment can be
                                         lawfully withheld and failure to pay those Taxes does not have or is not reasonably likely
                                         to have a Material Adverse Effect.

 

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		(b)	No member of the Group
                                         may change its residence for Tax purposes.

 

		22.4	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 other than a Permitted Transaction. 

 

		22.5	Change of Business

 

The Company shall procure that
no substantial change is made to the general nature of the business of the Group taken as a whole from that carried on by the
Group at the date of this Agreement, except for any change to the general nature of the business resulting from any of the Events.

 

		22.6	Preservation of Assets

 

Each Obligor shall (and the
Company shall ensure that each other member of the Group shall) maintain in good working order and condition (ordinary wear and
tear excepted) all of its assets necessary in the conduct of its business where failure to do so would have or would reasonably
be expected to have a Material Adverse Effect.

 

		22.7	Acquisitions

 

No Obligor
shall (and the Company shall ensure that no other member of the Group will) acquire:

 

		(a)	the shares or securities
                                         of a company;

 

		(b)	a business;

 

		(c)	an undertaking,

 

other than
a Permitted Acquisition, a Permitted Transaction or as permitted pursuant to Clause 22.8 (Joint Ventures).

 

		22.8	Joint Ventures

 

No Obligor shall (and the Company
shall ensure that no other member of the Group will) make any Joint Venture Investment other than a Permitted Joint Venture Investment
or a Permitted Transaction.

 

		22.9	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.

 

		22.10	Insurances

 

		(a)	Each Obligor shall (and
                                         the Company shall ensure that each other member of the Group shall) maintain insurances
                                         on and in relation to its business and assets against those risks and to the extent as
                                         is usual for companies carrying on the same or substantially similar business where failure
                                         to do so would have or would reasonably be expected to have a Material Adverse Effect.

 

		(b)	All insurances must be
                                         with reputable independent insurance companies or underwriters.

 

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		22.11	Negative Pledge

 

No Obligor shall (and the Company
shall ensure that no member of the Group will) create or permit to subsist any Security or Quasi-Security over any of its assets
other than Permitted Security.

 

		22.12	Disposals

 

No Obligor shall (and the Company
shall ensure that no 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 other than a Permitted Disposal
or a Permitted Transaction.

 

		22.13	Intellectual Property

 

Each Obligor shall (and the
Company shall procure that each Subsidiary will):

 

		(i)	do all such things as
                                         are necessary to maintain, protect and safeguard (including making all registrations
                                         and paying all necessary fees and taxes) the validity of the Intellectual Property necessary
                                         for the business of the Group;

 

		(ii)	not use or permit the
                                         Intellectual Property necessary for the business of the Group to be used in a way or
                                         take any step or omit to take any step in respect of such Intellectual Property which
                                         may materially and adversely affect the right of any Subsidiary to use such property;
                                         and

 

		(iii)	not discontinue the
                                         use of any Intellectual Property necessary for the business of the Group; and

 

		(iv)	use reasonable endeavours
                                         to prevent any infringement in any material respect of the Intellectual Property necessary
                                         for the business of the Group.

 

where failure to do so, could
reasonably be expected to have a Material Adverse Effect.

 

		22.14	Loans or Credit

 

No Obligor shall (and the Company
shall ensure that no member of the Group will) be a creditor in respect of any Financial Indebtedness other than a Permitted Loan,
Permitted Guarantee or a Permitted Transaction.

 

		22.15	No guarantees or indemnity

 

No Obligor shall (and the Company
shall ensure that no member of the Group will) incur or allow to remain outstanding any guarantee in respect of any obligation
of any person other than a Permitted Guarantee or a Permitted Transaction.

 

		22.16	Dividends/Shareholder Loans

 

		(a)	The Company shall not:

 

		(i)	declare, make or pay
                                         any dividend, charge, fee or other distribution (or interest on any unpaid dividend,
                                         charge, fee or other distribution) (whether in cash or in kind) on or in respect of its
                                         share capital (or any class or its shares capital);

 

		(ii)	repay or distribute
                                         any dividend or share premium reserve;

 

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		(iii)	pay or allow any member
                                         of the Group to pay any management, advisory or other fee to (or to the order of) any
                                         of the (direct or indirect) shareholders of the Company or any Holding Company of the
                                         Company;

 

		(iv)	redeem, repurchase,
                                         defease, retire or repay any of its share capital or resolve to do so;

 

		(v)	pay any cash interest
                                         fee or charge accrued or due under any Shareholder Loan or make any distribution or pay
                                         any other amount under any Shareholder Loan; or

 

		(vi)	repay, prepay, defease,
                                         exchange, redeem, discharge or purchase or enter into any sub-participation arrangement
                                         in respect of principal of (including any capitalised interest) or any other amount outstanding
                                         under any Shareholder Loan.

 

		(b)	Paragraph (a) above does
                                         not apply to a Permitted Payment or a Permitted Transaction.

 

		22.17	Financial Indebtedness

 

No Obligor shall (and the Company
shall ensure that no member of the Group will) incur or allow to remain outstanding a Financial Indebtedness other than Permitted
Financial Indebtedness or a Permitted Transaction.

 

		22.18	Arm’s length basis

 

		(a)	Except as permitted under
                                         paragraph (b) below, no Obligor shall (and the Company shall ensure that no member of
                                         the Group will) enter into a material transaction with any person other than on arm’s
                                         length terms or better.

 

		(b)	The following transactions
                                         shall not be a breach of this Clause 22.18:

 

		(i)	transaction between members
                                         of the Group permitted by this Agreement;

 

		(ii)	any Permitted Payment
                                         or a Permitted Transaction.

 

		22.19	Share Capital

 

No
Obligor shall (and the Company shall ensure that no other member of the Group will) issue any shares except pursuant to: 

 

		(a)	a Permitted Share Issue;
                                         or

 

		(b)	a Permitted Transaction.

 

		22.20	Centre of Main Interests

 

No
Obligor shall (and the Company shall ensure that no member of the Group will) whose jurisdiction of incorporation is in a member
state of the European Union or the United Kingdom take, commence or continue any step or action or omit to take any step or action
which, in each case, may cause or allow its “centre of main interests” (as that term is used in Article 3(1) of the
Regulation) to change in a manner or to be located in a place which is not that entity’s jurisdiction of incorporation or
to have “establishment” (as that term is used in Article 2(10) of the Regulation) in any other jurisdiction without
the prior written consent of the Agent (acting on the instructions of the Majority Lenders).

 

		22.21	Treasury Transactions

 

No
Obligor shall (and the Company shall ensure that no member of the Group will) enter into any Treasury Transaction other than a
Permitted Treasury Transaction. 

 

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		22.22	Anti-terrorism/Sanctions

 

		(a)	Each Obligor shall (and
                                         the Company shall ensure that each member of the Group will) conduct its businesses in
                                         compliance with applicable Sanctions, Anti-Terrorism Laws, Export-Control Laws, Anti-Money
                                         Laundering Laws and Anti-Corruption Laws.

 

		(b)	The Obligors shall not,
                                         and shall not permit or authorise any person to (and the Company shall ensure that the
                                         members of the Group will not, and will not permit or authorise any person to) directly
                                         or indirectly:

 

		(i)	use, lend, make payments
                                         of, contribute or otherwise make available, all or any part of the proceeds of any Loan
                                         or other transaction(s) contemplated by this Agreement to fund any trade, business or
                                         other activities in breach of any Sanctions, Anti-Terrorism Laws, Export-Control Laws,
                                         Anti-Money Laundering Laws and Anti-Corruption Laws or for the benefit of any Designated
                                         Person, or

 

		(ii)	engage in any transaction
                                         that (i) evades or avoids, or has the purpose of evading or avoiding, or breaches or
                                         attempts to breach any Sanctions, Anti-Terrorism Laws, Export-Control Laws, Anti-Money
                                         Laundering Laws and/or Anti-Corruption Laws applicable to it and/or (ii) that would reasonably
                                         be expected to result in any Obligor, member of the Group or Lender being in breach of
                                         any Sanctions, Anti-Terrorism Laws, Export-Control Laws, Anti-Money Laundering Laws and/or
                                         Anti-Corruption Laws (if and to the extent applicable to either of them) or becoming
                                         a Designated Person ; or

 

		(iii)	fund all or part of
                                         any payment in connection with a Finance Document out of proceeds derived from business
                                         or transaction with a Designated Person, or from any action which is in breach of any
                                         Sanctions, Anti-Terrorism Laws, Export-Control Laws, Anti-Money Laundering Laws and/or
                                         Anti-Corruption Laws.

 

		(c)	Each Obligor shall (and
                                         the Company shall procure that each member of the Group will) ensure that appropriate
                                         policies and procedures are in place designed to prevent any action being taken that
                                         would be contrary to paragraphs (a) and (b) above.

 

		(d)	The undertakings set
                                         out in this Clause 22.22 (Anti-terrorism/Sanctions) shall not be made by or with
                                         respect to any party to the extent that such undertakings would result in a violation
                                         of, or conflict with, or liability under section 7 of the German Foreign Trade Regulation
                                         (Außenwirtschaftsverordnung), any provision of Council Regulation (EC) 2271/96
                                         or any similar applicable anti-boycott law or regulation in force from time to time in
                                         the European Union (and/or any of its member states) or the United Kingdom that are applicable
                                         to such party.

 

		22.23	Further Assurance

 

		(a)	Subject to the Agreed
                                         Security Principles, each Obligor and each Security Provider shall (and the Company shall
                                         procure that each Subsidiary 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 respective nominee(s)):

 

		(i)	to perfect the Security
                                         created or intended to be created under or evidenced by the Transaction Security Documents
                                         (which may include the execution of a mortgage, charge, assignment or other Security
                                         over all or any of the assets which are, or are intended to be, the subject of the Transaction
                                         Security) or for the exercise of any rights, powers and remedies of the Security Agent
                                         or the Finance Parties provided by or pursuant to the Finance Documents or by law;

 

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		(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 Transaction Security Documents;

 

		(iii)	to grant additional
                                         Transaction Security where required in any jurisdiction (and provided that such acquired
                                         property and assets continue to exist following such acquisition and will not be otherwise
                                         extinguished in accordance with the terms of the Finance Documents) in order to confer
                                         Security over any later acquired property and assets which is of the type intended to
                                         be conferred by or pursuant to the Transaction Security Documents and which is not captured
                                         in the existing Transaction Security Documents; and/or

 

		(iv)	to facilitate the realisation
                                         of the assets which are, or are intended to be, the subject of the Transaction Security.

 

		(b)	Subject to the Agreed
                                         Security Principles, each Obligor and each Security Provider shall (and the Company shall
                                         procure that each Subsidiary 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:

 

		(i)	conferred or intended
                                         to be conferred on the Security Agent or the Finance Parties by or pursuant to the Finance
                                         Documents; and

 

		(ii)	over all bank accounts,
                                         receivables, shares, Intellectual Property and any other class of assets which ought
                                         to be subject to Transaction Security (as per the Agreed Security Principles) (in each
                                         case, howsoever described in any relevant jurisdiction) held by an Obligor which are
                                         not subject to Transaction Security and which should otherwise be (provided that such
                                         assets will continue to exist and will not be otherwise extinguished in accordance with
                                         the terms of the Finance Documents).

 

		22.24	Constitutional Documents

 

The Company shall ensure that
it will not amend its Constitutional Documents (and will ensure that no other member of the Group shall amend its Constitutional
Documents) or change its legal form in a manner or to an extent that would be materially prejudicial to the interests of the Finance
Parties.

 

		22.25	People with Significant Control regime

 

Each Obligor shall (and the
Company shall ensure that each other member of the Group will):

 

		(a)	within the relevant timeframe,
                                         comply with any notice it receives pursuant to Part 21A of the Companies Act 2006 from
                                         any company incorporated in the United Kingdom whose shares are the subject of the Transaction
                                         Security; and

 

		(b)	promptly provide the
                                         Security Agent with a copy of that notice.

 

		22.26	Access

 

If an Event of Default is continuing,
each Obligor shall, and the Company shall ensure that each Subsidiary will, permit the Agent and/or the Security Agent and/or
accountants or other professional advisers and contractors of the Agent or Security Agent free access at all reasonable times
and on reasonable notice at the risk and cost of the Obligor or Company to (a) the premises, assets, books, accounts and records
of each Subsidiary and (b) meet and discuss matters with senior management of the Company.

 

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		22.27	Second Lien and Unsecured Indebtedness

 

		(a)	Subject to paragraph
                                         (b) below, the Company shall not (and shall ensure that no member of the Group will)
                                         make any repayment, prepayment, defeasance, redemption or (re)purchase or otherwise retire
                                         for value or make any payment in respect of any Permitted Second Lien Indebtedness or
                                         any Permitted Unsecured Indebtedness (in each case, which is not a Shareholder Loan).

 

		(b)	Subject to the terms
                                         of the Intercreditor Agreement, paragraph (a) above shall not restrict (i) accruals of
                                         regularly scheduled interest by payment-in-kind, and (ii) any other payment expressly
                                         permitted by the Intercreditor Agreement, in each case in respect of the Permitted Second
                                         Lien Indebtedness or Permitted Unsecured Indebtedness.

 

		22.28	Guarantors

 

		(a)	Subject to the Agreed
                                         Security Principles, the Company shall ensure that:

 

		(i)	as soon as reasonably
                                         practicable and in any event on or before the date which is 60 days after (and excluding)
                                         the Closing Date (the “Initial Test Date”); and

 

		(ii)	thereafter, on the date
                                         which is 60 days after (and excluding) the date on which the financial statements for
                                         the Relevant Period ending on 31 December in any Financial Year are delivered (commencing
                                         with the Financial Year ending 31 December 2021),

 

each member
of the Group as is necessary to ensure that the aggregate of earnings before interest, tax, depreciation and amortisation (calculated
on the same basis as Consolidated EBITDA, as defined in Clause 21.1 (Financial Definitions)) by reference to:

 

		(A)	in respect of the Initial
                                         Test Date, the Quarterly Financial Statements with a Quarter Date ending 31 December
                                         2019; and

 

		(B)	in respect of any test
                                         under paragraph (a)(ii) above, the most recent Quarterly Financial Statements with a
                                         Quarter Date ending 31 December delivered to the Agent under this Agreement,

 

and excluding
any intra group items of the Guarantors represents not less than 75 per cent. of Consolidated EBITDA (as defined in Clause 21.1
(Financial Definitions) (calculated on the same basis as Consolidated EBITDA) (the “Guarantor and Security Coverage
Test”) of the Group, subject to paragraph (b) below, accedes as an Additional Guarantor.

 

		(b)	For the purposes of the
                                         calculations contemplated by paragraph (a) above:

 

		(i)	the earnings before interest,
                                         tax, depreciation and amortisation (calculated on the same basis as Consolidated EBITDA)
                                         of a Guarantor will, if less than zero, be treated as zero (for both the numerator and
                                         the denominator); and

 

		(ii)	the earnings before
                                         interest, tax, depreciation and amortisation (calculated on the same basis as Consolidated
                                         EBITDA) of any member of the Group:

 

		(A)	incorporated in Estonia
                                         or Lithuania;

 

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		(B)	which, in accordance
                                         with the Agreed Security Principles, is not capable of becoming a Guarantor; or

 

		(C)	which is a Declined
                                         Guarantor

 

shall be disregarded.

 

		22.29	Conditions subsequent

 

		(a)	The Company shall, and
                                         shall procure that each Obligor shall unconditionally and irrevocably, (x) repay in full
                                         all amounts due and payable under the Existing Revolving Facility Agreement and (y) remove
                                         or discharge the security created pursuant to the terms of or in connection with the
                                         existing Revolving Facility Agreement on the Closing Date.

 

		(b)	As soon as reasonably
                                         practicable following the Closing Date and in any event no later than the date which
                                         is 60 days after (and excluding) the Closing Date, the Company will procure completion
                                         of the Post-Closing Swedish Transfer.

 

		(c)	The Company shall procure
                                         that:

 

		(i)	each of the Acceding
                                         Guarantors accede to this Agreement as Additional Guarantors in accordance with Clause
                                         26.2 (Additional Guarantors) (provided that the Acceding Guarantors incorporated
                                         in Sweden (being NCG Holding AB, Filmstaden AB and Filmstaden Media AB), shall not accede
                                         as Obligors prior to the completion of the Post-Closing Swedish Transfer); and

 

		(ii)	the relevant Acceding
                                         Guarantors and Security Providers grant the Transaction Security set out in Schedule
                                         14 (Post-Closing Transaction Security) and use commercially reasonably efforts
                                         to provide Security over loyalty agreements and lease agreements,

 

in each case
no later than the date which is 60 days after (and excluding) the Closing Date and provided that the terms of such guarantees
and Transaction Security shall be subject to the Agreed Security Principles.

 

		23	EVENTS OF DEFAULT

 

Each of the events or circumstances
set out in this Clause 23 is an Event of Default (save for Clause 23.16 (Acceleration) and subject to Clause 23.17 (Other
Matters).

 

		23.1	Non-Payment

 

An Obligor or a Security Provider
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
                                         three Business Days of its due date.

 

		23.2	Financial Covenant

 

Subject to Clause 21.4 (Equity
Cure), any requirement of Clause 21.2 (Financial Condition) is not satisfied.

 

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		23.3	Other Obligations

 

		(a)	An Obligor or a Security
                                         Provider (or in the case of the AMC Topco Guarantee, AMC Topco only) does not comply
                                         with any provision of the Finance Documents to which it is a party (other than those
                                         referred to in Clause 23.1 (Non-Payment) and Clause 23.2 (Financial Covenant)).

 

		(b)	No Event of Default under
                                         paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied
                                         within 30 days of the earlier of (i) the Agent giving notice to the Company or the relevant
                                         Obligor or the relevant Security Provider (as applicable) and (ii) the Company or the
                                         relevant Obligor, relevant Security Provider (as applicable) becoming aware of the failure
                                         to comply.

 

		23.4	Misrepresentation

 

Any representation or statement
made or deemed to be made by an Obligor or a Security Provider in the Finance Documents to which it is a party or any other document
delivered by or on behalf of an Obligor or a Security Provider under or in connection with any Finance Document to which it is
a party is or proves to have been incorrect or misleading when made or deemed to be made unless the circumstances giving rise
to the misrepresentation or breach of warranty are capable of remedy and are remedied within 30 days of the earlier of:

 

		(a)	the Agent giving notice
                                         to the Company or the relevant Obligor or relevant Security Provider (as applicable);
                                         and

 

		(b)	the Company or the relevant
                                         Obligor or relevant Security Provider (as applicable) becoming aware of the misrepresentation.

 

		23.5	Cross Default

 

		(a)	Any Financial Indebtedness
                                         of any member of the Group or any Security Provider is not paid when due nor within any
                                         originally applicable grace period.

 

		(b)	Any Financial Indebtedness
                                         of any member of the Group or any Security Provider 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 creditor of any member
                                         of the Group or any Security Provider (other than where the creditor is a member of the
                                         Group) becomes entitled to declare any Financial Indebtedness of any member of the Group
                                         or any Security Provider due and payable prior to its specified maturity as a result
                                         of an event of default (however described).

 

		(d)	No Event of Default will
                                         occur under paragraphs (a) to (c) of this Clause 23.5 if the aggregate amount of Financial
                                         Indebtedness less than £17,500,000 (or its equivalent in any other currency or
                                         currencies).

 

		23.6	Insolvency

 

		(a)	Any member of the Group
                                         or any Security Provider is unable or admits inability to pay its debts as they fall
                                         due or is deemed to or declared to be unable to pay its debts under applicable law, suspends
                                         or threatens to suspend making payments on any of its debts or, by reason of actual or
                                         anticipated financial difficulties, commences negotiations with one or more classes of
                                         its creditors (excluding for this purpose, discussions with a Finance Party) with a view
                                         to rescheduling any of its indebtedness.

 

		(b)	The value of the assets
                                         of any member of the Group or any Security Provider is less than its liabilities (taking
                                         into account contingent and prospective liabilities) and this results in the relevant
                                         person being required by law to take any corporate actions, proceedings, procedure or
                                         step referred to in Clause 23.7 (Insolvency Proceedings).

 

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		(c)	A moratorium is declared
                                         in respect of any indebtedness of any member of the Group or any Security Provider. If
                                         a moratorium occurs, the ending of the moratorium will not remedy any Event of Default
                                         caused by that moratorium.

 

		(d)	Any member of the Group
                                         or Security Provider incorporated in Germany:

 

		(i)	is unable to pay its
                                         debts as they fall due (zahlungsunfähig) within the meaning of section 17
                                         of the German Insolvency Code (Insolvenzordnung); or

 

		(ii)	is overindebted within
                                         the meaning of section 19 of the German Insolvency Code (Insolvenzordnung) and
                                         this results in the relevant person being required by law to file for insolvency.

 

		23.7	Insolvency Proceedings

 

		(a)	Any corporate action,
                                         legal proceedings or other procedure or step is taken in relation to:

 

		(i)	the suspension of payments,
                                         insolvency (concurso) a moratorium of any indebtedness, winding-up, dissolution,
                                         administration, “concordat préventif de faillite” or “sursis
                                         de payment”, the opening of a “gestion contrôlée”,
                                         “faillite” or “liquidation judiciaire” or reorganisation
                                         (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of
                                         the Group or any Security Provider or, in relation to a Spanish Obligor only, the declaration
                                         of insolvency (declaración de concurso), the citing of an application under
                                         article 583 and ff. of the Spanish Insolvency Act or the taking or passing of any resolution
                                         approving any of such citings;

 

		(ii)	a composition, compromise,
                                         assignment or arrangement with any classes of creditors of any member of the Group or
                                         any Security Provider;

 

		(iii)	the appointment of
                                         a provisional or other liquidator, receiver, administrative receiver, administrator,
                                         compulsory manager, “curateur”, “commissaire” or
                                         “expert” in respect to a “gestion contrôlée”,
                                         “liquidateur”, “administrateur judiciaire” or other
                                         similar officer in respect of any member of the Group or any Security Provider or any
                                         of their assets; or

 

		(iv)	enforcement of any Security
                                         over any assets of any member of the Group or any Security Provider with an aggregate
                                         value of ₤17,500,000 (or its equivalent in other currencies).

 

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

 

		(i)	any winding-up petition
                                         which is frivolous or vexatious and is discharged, stayed or dismissed within 21 days
                                         of commencement; and

 

		(ii)	a Permitted Reorganisation.

 

		23.8	Creditors’ Process

 

Any expropriation, attachment,
sequestration, distress or execution or any analogous process in any jurisdiction affects any asset or assets of any member of
the Group or any Security Provider having an aggregate value of ₤17,500,000 (or its equivalent in other currencies) and
is not discharged within 21 days.

 

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		23.9	Unlawfulness and Invalidity

 

		(a)	It is or becomes unlawful
                                         for any Obligor or Security Provider (or any other member of the Group that is a party
                                         to the Intercreditor Agreement) to perform any of its obligations under the Finance Documents
                                         or (subject to the Legal Reservations) any Transaction Security created or expressed
                                         to be created or evidenced by the Transaction Security Documents ceases to be effective
                                         or any subordination created under the Intercreditor Agreement is or becomes unlawful.

 

		(b)	Any obligation or obligations
                                         of any Obligor or any Security Provider under any Finance Documents (or any other member
                                         of the Group under the Intercreditor Agreement) are not (subject to the Legal Reservations)
                                         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)	Subject to the Legal
                                         Reservations, any Finance Document ceases to be in full force and effect or any Transaction
                                         Security or any subordination created under the Intercreditor 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.

 

		23.10	Intercreditor Agreement

 

		(a)	Any party to the Intercreditor
                                         Agreement other than any Finance Party fails to comply with the provisions of, or does
                                         not perform its obligations under, the Intercreditor Agreement; or

 

		(b)	a representation or warranty
                                         given by that party in the Intercreditor Agreement is incorrect in any material respect,

 

and, if the non-compliance
or circumstances giving rise to the misrepresentation are capable of remedy, it is not remedied within 30 days of the earlier
of the Agent giving notice to that party or that party becoming aware of the non-compliance or misrepresentation.

 

		23.11	Cessation of Business

 

The Group taken as a whole 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 Permitted Disposal or Permitted Transaction.

 

		23.12	Expropriation

 

The authority or ability of
any member of the Group or any Security Provider to conduct its business is limited in any material respect 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 that member of the Group or any Security Provider or any of its assets.

 

		23.13	Repudiation and Rescission of Agreements

 

		(a)	A Security Provider or
                                         an Obligor rescinds or purports to rescind or repudiates or purports to repudiate a Finance
                                         Document or any of the Transaction Security or evidences an intention to rescind or repudiate
                                         a Finance Document (to which it is a party) or any Transaction Security which it has
                                         provided.

 

		(b)	Any party to the Intercreditor
                                         Agreement (other than a Finance Party) rescinds or purports to rescind or repudiates
                                         or purports to repudiate the Intercreditor Agreement in whole or in part where to do
                                         so has or is likely to have a material adverse effect on the interests of the Lenders
                                         under the Finance Documents.

 

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		23.14	Litigation

 

Any litigation, arbitration,
administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation
to the Finance Documents or the transactions contemplated in the Finance Documents or against any member of the Group or its assets
which is reasonably likely to be adversely determined and has or is reasonably likely to have a Material Adverse Effect.

 

		23.15	Material Adverse Change

 

Any event or circumstance occurs
which has or is reasonably likely to have a Material Adverse Effect.

 

		23.16	Acceleration

 

		(a)	On and at any time after
                                         the occurrence of an Event of Default which is continuing the Agent may, and shall if
                                         so directed by the Majority Lenders, by notice to the Company:

 

		(i)	cancel the Total Commitments
                                         at which time they shall immediately be cancelled;

 

		(ii)	declare that all or
                                         part of the Loans, together with accrued interest, and all other amounts accrued or outstanding
                                         under the Finance Documents be immediately due and payable, at which time they shall
                                         become immediately due and payable;

 

		(iii)	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; and/or

 

		(iv)	exercise or direct the
                                         Security Agent to exercise any or all of its rights, remedies, powers or discretions
                                         under the Finance Documents.

 

		(b)	Notwithstanding paragraph
                                         (a) above, if any Event of Default arises under Clause 23.7 (Insolvency Proceedings)
                                         as a result of any proceedings being commenced by or against a member of the Group under
                                         the Bankruptcy Code, the Commitments shall immediately terminate and the Loans, together
                                         with accrued interest and all other amounts accrued or outstanding under the Finance
                                         Documents shall be immediately due and payable, all without presentment, demand, protest
                                         or notice of any kind. For the avoidance of doubt, there shall be no such automatic acceleration
                                         pursuant to this Clause 23.16(b) in relation to any member of the Group which is not
                                         subject to proceedings under the Bankruptcy Code.

 

		(c)	Notwithstanding paragraph
                                         (b) above, the Majority Lenders may at their discretion, direct the Agent to, by notice
                                         to the Company, revoke or de-accelerate any automatic acceleration triggered by paragraph
                                         (b) above.

 

		23.17	Other Matters

 

For the purposes of this Clause
23 (Events of Default):

 

		(a)	Government Restrictions
                                         and Operational Restrictions shall not result in any Default or Event of Default with
                                         respect to the event of default in relation to Clause 23.11 (Cessation of Business)
                                         (and provided further that, for the avoidance of doubt, any non-payment of amounts due
                                         to Key Creditors will not cause any Default or Event of Default in relation to that event
                                         of default); and

 

		(b)	the Strategic Steps and
                                         the Restructuring Steps shall not result in any Default or Event of Default with respect
                                         to the events of default in relation to Clauses 23.5 (Cross Default), 23.6 (Insolvency),
                                         23.7 (Insolvency Proceedings) and 23.8 (Creditors’ Process) (and
                                         provided further that, for the avoidance of doubt, any non-payment of amounts due to
                                         Key Creditors of itself will not cause any Default or Event of Default in relation to
                                         these events of default).

 

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		24	CHANGES TO THE LENDERS

 

		24.1	Assignments and Transfers by the Lenders

 

		(a)	Subject to this Clause
                                         24 and to Clause 25 (Debt Purchase Transactions), a Lender (the “Existing
                                         Lender”) may:

 

		(i)	assign any of its rights
                                         (including that Existing Lender’s participation in any Loan); or

 

		(ii)	transfer by novation
                                         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”).

 

		(b)	Notwithstanding paragraph
                                         (a) above, nor the provisions of Clause 24.2 (Conditions of Assignment or Transfer),
                                         no assignment, transfer or sub-participation which transfers voting rights of any rights
                                         and obligations under any Facility may be made to (A) an Industrial Competitor, (B) a
                                         Defaulting Lender or (C) a Loan to Own Investor.

 

		(c)	For the purposes of this
                                         Clause 24.1:

 

“Industrial
Competitor” means a person whose primary business in the ordinary course is in competition with the primary business
of the Group or whose business is substantially similar to a member of the Group (including any supplier or sub-contractor) and
any other person holding directly or indirectly a controlling interest in such person, except where such other person is:

 

		(i)	an entity which is managed
                                         or operated independently from that Industrial Competitor, acting on the other side of
                                         appropriate information barriers implemented or maintained as required by law or regulation
                                         and managed and controlled separately from the person who would otherwise be an Industrial
                                         Competitor and having separate personnel responsible for its interests under the Finance
                                         Documents with no information provided under the Finance Documents disclosed or otherwise
                                         made available to any such person;

 

		(ii)	an Original Lender;
                                         or

 

		(iii)	an Affiliate or a Related
                                         Fund of an Original Lender;

 

“Loan
to Own Investor” means any person whose principal business is in investment strategies whose primary purpose is the
purchase of loans or other debt securities with the intention of (or view to) owning the equity or gaining control of a business,
except where such person is:

 

		(i)	an entity which is managed
                                         or operated independently from that Loan to Own Investor, acting on the other side of
                                         appropriate information barriers implemented or maintained as required by law or regulation
                                         and managed and controlled separately from the person who would otherwise be a Loan to
                                         Own Investor and having separate personnel responsible for its interests under the Finance
                                         Documents with no information provided under the Finance Documents disclosed or otherwise
                                         made available to any such person;

 

		(ii)	an Original Lender;
                                         or

 

		(iii)	an Affiliate or a Related
                                         Fund of an Original Lender.

 

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		24.2	Conditions of Assignment or Transfer

 

		(a)	On or prior to the Closing
                                         Date and in respect only of Commitments that are undrawn, the prior written consent of
                                         the Company (in its sole discretion) is required for any assignment, transfer or sub-participation
                                         in respect of a Facility (unless such assignment, transfer or sub-participation is to
                                         the Existing Lender’s Affiliate or Related Fund or to another Lender or an Affiliate
                                         or Related Fund of another Lender), and any such assignment, transfer or sub-participation
                                         shall be subject to paragraph (j) below.

 

		(b)	Following the Closing
                                         Date, subject to paragraph (b) of Clause 24.1 (Assignments and Transfers by the Lenders)
                                         and paragraph (c) below, no Existing Lender may assign or transfer any of its rights
                                         and/or obligations under any Finance Document to an entity without the prior consent
                                         in writing of the Company (such consent not to be unreasonably withheld or delayed).
                                         A request to assign or transfer from an Existing Lender under this paragraph (b) shall
                                         be made in writing addressed to the Company. If the Company fails to respond to a request
                                         in writing for consent by an Existing Lender to make an assignment or transfer within
                                         10 Business Days of that request being made, the Company shall be deemed to have consented
                                         to such assignment or transfer.

 

		(c)	Subject to paragraph
                                         (b) of Clause 24.1 (Assignments and Transfers by the Lenders), an Existing Lender
                                         may make an assignment or transfer without prior consent from the Company:

 

		(i)	to another Lender or
                                         an Affiliate of a Lender;

 

		(ii)	if the Existing Lender
                                         is a fund, to a fund which is a Related Fund of the Existing Lender;

 

		(iii)	to an entity included
                                         on the Approved List; or

 

		(iv)	if the assignment or
                                         transfer is made at a time when an Event of Default is continuing.

 

		(d)	An assignment or transfer
                                         of a Lender’s participation must be in a minimum amount of £2,000,000.

 

		(e)	An assignment will only
                                         be effective on:

 

		(i)	receipt by the Agent
                                         (whether in the Assignment Agreement 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;

 

		(ii)	the New Lender entering
                                         into the documentation required for it to accede as a party to the Intercreditor Agreement;
                                         and

 

		(iii)	the 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.

 

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		(f)	A transfer will only
                                         be effective if the New Lender enters into the documentation required for it to accede
                                         as a party to the Intercreditor Agreement and if the procedure set out in Clause 24.5
                                         (Procedure for Transfer) is complied with.

 

		(g)	If:

 

		(i)	a Lender assigns, transfers,
                                         sub-participates or subcontracts 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, sub-participation, subcontract or change
                                         occurs, an Obligor would be obliged to make a payment to the Lender (in respect of any
                                         sub-participant or subcontractor) or the New Lender or Lender acting through its new
                                         Facility Office under Clause 13 (Tax Gross Up and Indemnities) or Clause 14.1
                                         (Increased Costs), then the Lender (in respect of any sub-participant or subcontractor),
                                         New Lender or Lender acting through its new Facility Office is only entitled to receive
                                         payment under that Clause to the same extent as the Existing Lender or Lender acting
                                         through its previous Facility Office would have been if the assignment, transfer, sub-participation,
                                         subcontract or change had not occurred.

 

		(h)	The Agent shall notify
                                         the Company of an assignment or transfer by an Existing Lender within 5 Business Days
                                         following date of notification to the Agent of such assignment or transfer.

 

		(i)	Each New Lender, by executing
                                         the relevant Transfer Certificate or Assignment Agreement 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.

 

		(j)	Notwithstanding the other
                                         terms of this Agreement, if an Original Lender (or a New Lender to whom an Original Lender
                                         has transferred a Commitment or any subsequent transferee) transfers any or all of its
                                         Commitments to a New Lender (including an Affiliate or Related Fund) on or prior to the
                                         Closing Date (the “Pre-Closing Transferred Commitments”), provided
                                         the Lenders are obliged to comply with Clause 5.4 (Lenders’ participation)
                                         in relation to a Loan requested by the Company or a Borrower in a Utilisation Request,
                                         that Original Lender (i) shall remain obligated to fund and will fund the Pre-Closing
                                         Transferred Commitments in respect of that Loan and (ii) shall retain exclusive control
                                         over all rights and obligations in relation to such Pre-Closing Transferred Commitments,
                                         including all rights in relation to waivers, consents, modifications and amendments and
                                         confirmations notwithstanding any transfer of such Pre-Closing Transferred Commitments,
                                         in each case, if that New Lender (or any subsequent transferee) has failed to so fund
                                         (or has confirmed that it will not be able to fund) in circumstances where such New Lender
                                         (or any subsequent transferee) is contractually obliged to do so under this Agreement.

 

		(k)	The Company and the Agent
                                         may, each acting reasonably, by agreement amend or revise the Approved List from time
                                         to time. In addition to the foregoing, the Company may unilaterally add or remove up
                                         to five (5) names from the Approved List in each Financial Year by notice to the Agent
                                         with immediate effect, but there shall be no ability to remove existing Lenders or their
                                         Affiliates or Related Funds from the Approved List. Lenders shall be entitled to propose
                                         replacement names (through the Agent) which the Company agrees to consider in good faith.

 

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		24.3	Assignment or Transfer Fee

 

Unless the Agent otherwise agrees
and excluding an assignment or transfer made to an Affiliate of the Existing Lender, the New Lender shall, on the date upon which
an assignment or transfer takes effect, pay to the Agent (for its own account) a fee of £2,500.

 

		24.4	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 or any other member of the Group of its obligations under the
                                         Finance Documents or any other documents; or

 

		(iv)	the accuracy of any
                                         statements (whether written or oral) made in or in connection with any Finance Document
                                         or any other document,

 

and any representations
or warranties implied by law are excluded.

 

		(b)	Each New Lender confirms
                                         to the Existing Lender, the other Finance Parties and the Secured 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 or any other Finance Party in connection with any Finance Document
                                         or the Transaction Security; 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 24; 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.

 

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		24.5	Procedure for Transfer

 

		(a)	Subject to the conditions
                                         set out in Clause 24.2 (Conditions of Assignment or Transfer) a transfer is effected
                                         in accordance with paragraph (c) below when the Agent executes an otherwise duly completed
                                         Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Agent
                                         shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt
                                         by it of a duly completed Transfer Certificate appearing on its face to comply with the
                                         terms of this Agreement and delivered in accordance with the terms of this Agreement,
                                         execute that Transfer Certificate.

 
	 	(b)	The
    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 similar checks under all applicable laws and regulations
    in relation to the transfer to such New Lender.

 

		(c)	On the Transfer Date:

 

		(i)	to the extent that in
                                         the Transfer Certificate the Existing Lender seeks to transfer by novation its rights
                                         and obligations under the Finance Documents and in respect of the Transaction Security
                                         each of the Obligors and the Existing Lender shall be released from further obligations
                                         towards one another under the Finance Documents and in respect of the Transaction Security
                                         and their respective rights against one another under the Finance Documents and in respect
                                         of the Transaction Security shall be cancelled (being the “Discharged Rights
                                         and Obligations”);

 

		(ii)	each of the Obligors
                                         and the New Lender shall assume obligations towards one another and/or acquire rights
                                         against one another which differ from the Discharged Rights and Obligations only insofar
                                         as that Obligor or other member of the Group and the New Lender have assumed and/or acquired
                                         the same in place of that Obligor and the Existing Lender;

 

		(iii)	the Agent, the Security
                                         Agent, the New Lender and the other Lenders, shall acquire the same rights and assume
                                         the same obligations between themselves and in respect of the Transaction Security as
                                         they would have acquired and assumed had the New Lender been an Original Lender with
                                         the rights, and/or obligations acquired or assumed by it as a result of the transfer
                                         and to that extent the Agent, the Security Agent and the Existing Lender shall each be
                                         released from further obligations to each other under the Finance Documents; and

 

		(iv)	the New Lender shall
                                         become a Party as a Lender.

 

		(d)	At the request of the
                                         Agent, and at the cost of the Company, the New Lender, the Existing Lender and the Agent
                                         and the Security Agent (if applicable) shall promptly notarise in Spain the duly completed
                                         Transfer Certificate in Spanish Public Document before a Spanish notary public and all
                                         the powers of attorney granted to the Agent shall be duly ratified as well as all public
                                         or private documents required by the New Lender to evidence the assignment and the transfer
                                         of the benefit of the Spanish Security.

 

		24.6	Procedure for Assignment

 

		(a)	Subject to the conditions
                                         set out in Clause 24.2 (Conditions of Assignment or Transfer) an assignment may
                                         be effected in accordance with paragraph (c) below when the Agent executes an otherwise
                                         duly completed Assignment Agreement delivered to it by the Existing Lender and the New
                                         Lender. The Agent shall, subject to paragraph (b) below, as soon as reasonably practicable
                                         after receipt by it of a duly completed Assignment Agreement appearing on its face to
                                         comply with the terms of this Agreement and delivered in accordance with the terms of
                                         this Agreement, execute that Assignment Agreement.

 

		(b)	The Agent shall only
                                         be obliged to execute an Assignment Agreement 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 similar checks under all applicable laws and regulations in relation to the
                                         assignment to such New Lender.

 

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		(c)	On the Transfer Date:

 

		(i)	the Existing Lender will
                                         assign absolutely to the New Lender its rights under the Finance Documents and in respect
                                         of the Transaction Security expressed to be the subject of the assignment in the Assignment
                                         Agreement;

 

		(ii)	the Existing Lender
                                         will be released from the obligations (the “Relevant Obligations”)
                                         expressed to be the subject of the release in the Assignment Agreement (and any corresponding
                                         obligations by which it is bound in respect of the Transaction Security); and

 

		(iii)	the New Lender shall
                                         become a Party as a Lender and will be bound by obligations equivalent to the Relevant
                                         Obligations.

 

		(d)	Lenders may utilise procedures
                                         other than those set out in this Clause 24.6 to assign their rights under the Finance
                                         Documents (but not, without the consent of the relevant Obligor or unless in accordance
                                         with Clause 24.5 (Procedure for Transfer), to obtain a release by that Obligor
                                         from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent
                                         obligations by a New Lender) provided that they comply with the conditions set out in
                                         Clause 24.2 (Conditions of Assignment or Transfer).

 

		(e)	At the request of the
                                         Agent, and at the cost of the Company, the New Lender, the Existing Lender and the Agent
                                         and the Security Agent (if applicable) shall promptly notarise in Spain the duly completed
                                         Assignment Agreement in Spanish Public Document before a Spanish notary public and all
                                         the powers of attorney granted to the Agent shall be duly ratified as well as all public
                                         or private documents required by the New Lender to evidence the assignment and the transfer
                                         of the benefit of the Spanish Security.

 

		24.7	Sub-participations

 

		(a)	Nothing in any Finance
                                         Document shall restrict the ability of a Lender to sub-participate or sub-contract
                                         any or all of its obligations hereunder, and for the avoidance of doubt the provisions
                                         of Clause 24.2 (Conditions of Assignment or Transfer) shall not apply to such
                                         sub-participation or sub-contracting, provided that:

 

		(i)	such Lender remains a
                                         Lender under this Agreement with all rights and obligations pertaining thereto and remains
                                         liable under this Agreement and the other Finance Documents in relation to those obligations;

 

		(ii)	the Lender retains exclusive
                                         control over all rights and obligations in relation to the participations and Commitments
                                         that are the subject of the relevant agreement or arrangement, including all voting and
                                         similar rights (for the avoidance of doubt, free of any agreement or understanding pursuant
                                         to which it is required to or will consult with any other person in relation to the exercise
                                         of any such rights and/or obligations), unless:

 

		(A)	the proposed sub-participant
                                         or sub-contractor is a person to whom the relevant rights and obligations could have
                                         been assigned or transferred in accordance with the terms of this Clause 24; and

 

		(B)	prior to entering into
                                         the relevant agreement or arrangement the relevant Lender provides the Company with full
                                         details of that proposed sub-participation or sub-contracting agreement and any voting,
                                         consultation or other rights (directly or indirectly) to be granted to the sub-participant
                                         or sub-contractor; and

 

		(iii)	the relationship between
                                         the Lender and the proposed sub-participant is that of a contractual debtor and creditor
                                         (including in the bankruptcy or similar event of the Lender or an Obligor).

 

    104

     

    

 

		24.8	Copy of Transfer Certificate, Assignment
                                         Agreement or Increase Confirmation to Company

 

The Agent shall, as soon as
reasonably practicable after it has executed a Transfer Certificate, an Assignment Agreement or an Increase Confirmation, send
to the Company a copy of that Transfer Certificate, Assignment Agreement or Increase Confirmation.

 

		24.9	Security over Lenders’ Rights

 

In addition to the other rights
provided to Lenders under this Clause 24, each Lender may without consulting with or obtaining consent from any Obligor, at any
time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights
under any Finance Document to secure obligations of that Lender including, without limitation:

 

		(a)	any charge, assignment
                                         or other Security to secure obligations to a federal reserve or central bank; and

 

		(b)	in the case of any Lender
                                         which is a fund, any charge, assignment or other Security granted to any holders (or
                                         trustee or representatives of holders) of obligations owed, or securities issued, by
                                         that Lender as security for those obligations or securities, except that no such charge,
                                         assignment or Security shall:

 

		(i)	release a Lender from
                                         any of its obligations under the Finance Documents or substitute the beneficiary of the
                                         relevant charge, assignment or other Security for the Lender as a party to any of the
                                         Finance Documents; or

 

		(ii)	require any payments
                                         to be made by an Obligor or grant to any person any more extensive rights than those
                                         required to be made or granted to the relevant Lender under the Finance Documents.

 

		24.10	Pro rata interest settlement

 

If the Agent has notified the
Lenders that it is able to distribute interest payments on a “pro rata basis” to Existing Lenders and New Lenders
then (in respect of any transfer pursuant to Clause 24.5 (Procedure for Transfer) or any assignment pursuant to Clause
24.6 (Procedure for Assignment) the Transfer Date of which, in each case, is after the date of such notification and is
not on the last day of an Interest Period):

 

		(a)	any interest or fees
                                         in respect of the relevant participation which are expressed to accrue by reference to
                                         the lapse of time shall continue to accrue in favour of the Existing Lender up to but
                                         excluding the Transfer Date (“Accrued Amounts”) and shall become due
                                         and payable to the Existing Lender (without further interest accruing on them) on the
                                         last day of the current Interest Period (or, if the Interest Period is longer than six
                                         Months, on the next of the dates which falls at six-Monthly intervals after the first
                                         day of that Interest Period); and

 

		(b)	the rights assigned or
                                         transferred by the Existing Lender will not include the right to the Accrued Amounts
                                         so that, for the avoidance of doubt:

 

		(i)	when the Accrued Amounts
                                         become payable, those Accrued Amounts will be payable for the account of the Existing
                                         Lender; and

 

		(ii)	the amount payable to
                                         the New Lender on that date will be the amount which would, but for the application of
                                         this Clause 24.10 have been payable to it on that date, but after deduction of the Accrued
                                         Amounts.

 

    105

     

    

 

		24.11	Accession of Hedge Counterparties

 

Any person which becomes a party
to the Intercreditor Agreement as a Hedge Counterparty shall, at the same time, become Party to this Agreement as a Hedge Counterparty
in accordance with clause 20.8 (Creditor/Agent Accession Undertaking) of the Intercreditor Agreement.

 

		24.12	Spanish law particularities

 

The
Parties agree that a transfer or assignment under this Clause 24 shall constitute an automatic transfer of any Spanish Security
to the New Lender in the manner set out in Article 1203 et seq. of the Spanish Civil Code, and with the effects set out in Articles
1212 and 1528 of the Spanish Civil Code.

 

		25	DEBT PURCHASE TRANSACTIONS

 

		25.1	Debt Purchase Transactions

 

The Company shall not, and shall
procure that each other member of the Group shall not (i) enter into any Debt Purchase Transaction or (ii) beneficially own all
or any part of the share capital of a company that is a Lender or a party to a Debt Purchase Transaction of the type referred
to in paragraphs (b) or (c) of the definition of Debt Purchase Transaction.

 

		25.2	Disenfranchisement on Debt Purchase
                                         Transactions entered into by Equity Investors

 

		(a)	For so long as an Equity
                                         Investor (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 or arrangement has not been terminated:

 

		(i)	in ascertaining the Majority
                                         Lenders, Super Majority Lenders or whether any given percentage (including, for the avoidance
                                         of doubt, unanimity) of the Total 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

 

		(ii)	for the purposes of
                                         Clause 36.3 (Exceptions), such Equity Investor or the person with whom it has
                                         entered into such sub-participation, other agreement or arrangement shall be deemed not
                                         to be a Lender (unless in the case of a person not being an Equity Investor it is a Lender
                                         by virtue otherwise than by beneficially owning the relevant Commitment).

 

		(b)	Each Lender shall, unless
                                         such Debt Purchase Transaction is an assignment or transfer, promptly notify the Agent
                                         in writing if it knowingly enters into a Debt Purchase Transaction with an Equity Investor
                                         (a “Notifiable Debt Purchase Transaction”), such notification to be
                                         substantially in the form set out in Part A of Schedule 14 (Forms of Notifiable Debt
                                         Purchase Transaction Notice).

 

		(c)	A Lender shall promptly
                                         notify the Agent if a Notifiable Debt Purchase Transaction to which it is a party:

 

		(i)	is terminated; or

 

		(ii)	ceases to be with an
                                         Equity Investor, such notification to be substantially in the form set out in Part A
                                         of Schedule 14 (Forms of Notifiable Debt Purchase Transaction Notice).

 

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		(d)	Each Equity Investor
                                         that is a Lender agrees that:

 

		(i)	in relation to any meeting
                                         or conference call to which all the Lenders are invited to attend or participate, it
                                         shall not attend or participate in the same if so requested by the Agent or, unless the
                                         Agent otherwise agrees, be entitled to receive the agenda or any minutes of the same;
                                         and

 

		(ii)	in its capacity as Lender,
                                         unless the Agent otherwise agrees, it shall not be entitled to receive any report or
                                         other document prepared at the behest of, or on the instructions of, the Agent or one
                                         or more of the Lenders.

 

		(e)	Each Subordinated Lender
                                         (as defined in Clause 30.12 (Subordinated Lenders)) agrees that to the extent
                                         and for so long as its Commitment, participation in any Loan or sub-participation or
                                         other agreement or arrangement relating to a Commitment, including, without limitation,
                                         following a Debt Purchase Transaction, could result in the subordination of claims of
                                         any other Lender under the Facilities pursuant to any law regarding the subordination
                                         of shareholder loans or prejudice or adversely affect the Transaction Security or guarantee
                                         and indemnity pursuant to Clause 18 (Guarantee and Indemnity) (or their enforceability)
                                         in any way, the relevant Subordinated Lender shall not be a secured or guaranteed party
                                         (however described) under and for the purposes of any Finance Document and no amount
                                         owing to it under any Finance Document shall be secured by the Transaction Security Documents
                                         (unless the subordination ceases to apply or subsequently or at the same time applies
                                         to the Lenders generally (other than where such subordination of the Lenders generally
                                         is caused by a Debt Purchase Transaction by a Subordinated Lender)).

 

		26	CHANGES TO THE OBLIGORS

 

		26.1	Assignment 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 Guarantors

 

		(a)	Subject to compliance
                                         with the provisions of paragraphs (c) and (d) of Clause 20.7 (“Know Your Customer”
                                         Checks), the Company may request that any of its wholly owned Subsidiaries become
                                         a Guarantor.

 

		(b)	Subject to paragraphs
                                         (e) and (f) below, a member of the Group shall become an Additional Guarantor if:

 

		(i)	the Company and the proposed
                                         Additional Guarantor deliver to the Agent a duly completed and executed Accession Document;
                                         and

 

		(ii)	the Agent has received
                                         (or has waived the right to receive) all of the documents and other evidence listed in
                                         Part B of Schedule 2 (Conditions Precedent) in relation to that Additional Guarantor,
                                         each in form and substance satisfactory to the Agent (acting reasonably).

 

		(c)	The Agent shall notify
                                         the Company and the Lenders promptly upon being satisfied that it has received (in form
                                         and substance satisfactory to it (acting reasonably)) all the documents and other evidence
                                         listed in Part B of Schedule 2 (Conditions Precedent).

 

		(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 (c) 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.

 

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		(e)	Prior to the delivery
                                         of the executed Accession Document pursuant to paragraph (b) above, the Company shall
                                         first deliver a notice to the Agent of details of the jurisdiction of incorporation of
                                         the proposed Additional Guarantor, which the Agent shall promptly (and, in any case,
                                         within one Business Day of receipt) provide to the other Finance Parties.

 

		(f)	A Finance Party may,
                                         within five (5) Business Days of receipt of the notice from the Agent referred to in
                                         paragraph (e) above, notify the Agent that the accession of the relevant member of the
                                         Group as an Additional Guarantor may, in its reasonable opinion, (i) result in criminal
                                         liability to such Finance Party and/or (ii) as a result of such accession become unlawful
                                         in any applicable jurisdiction for a Finance Party to perform any of its obligations
                                         as contemplated by this Agreement or to fund, issue or maintain its participation in
                                         any Loan, and the Agent shall promptly (and, in any case, within one Business Day of
                                         receipt) provide such notice to the Company, in which case such member of the Group shall
                                         become a Declined Guarantor.

 

		26.3	Resignation of a Guarantor

 

		(a)	No Original Obligor or
                                         Acceding Guarantor shall be permitted to resign as a Guarantor save for:

 

		(i)	only in the case of a
                                         Permitted Reorganisation, subject to compliance with paragraph (c) below; or

 

		(ii)	with the approval of
                                         the Super Majority Lenders.

 

		(b)	Subject to paragraph
                                         (a) above, the Company may request that a Guarantor (other than the Company) ceases to
                                         be a Guarantor by delivering to the Agent a Resignation Letter.

 

		(c)	Subject to paragraph
                                         (a) above and paragraph (a) of clause 20.16 (Resignation of a Debtor) of the Intercreditor
                                         Agreement, the Agent shall accept a Resignation Letter and notify the Company and the
                                         Lenders of its acceptance if:

 

		(i)	the Company has confirmed
                                         that no Default is continuing or would result from the acceptance of the Resignation
                                         Letter;

 

		(ii)	no payment is due from
                                         the Guarantor under Clause 18.1 (Guarantee and Indemnity); and

 

		(iii)	the Guarantor and Security
                                         Coverage Test is complied with, provided that for the purpose of this Clause 26.3 only,
                                         the calculation shall not exclude from the denominator any members of the Group which,
                                         in accordance with the Agreed Security Principles, is not capable of becoming a Guarantor
                                         (but for the avoidance of doubt, Declined Guarantors shall be excluded from such calculation).

 

		(d)	The resignation of that
                                         Guarantor shall not be effective until the date of the relevant Permitted Reorganisation
                                         at which time that company shall cease to be a Guarantor and shall have no further rights
                                         or obligations under the Finance Documents as a Guarantor.

 

		(e)	Each Party acknowledges
                                         and agrees that upon a resignation of a Guarantor pursuant to this Clause 26.3, the obligations
                                         of each other Obligor under the Finance Documents and the Transaction Security will be
                                         preserved for benefit of the Finance Parties.

 

		26.4	Repetition of Representations

 

Delivery of an Accession Document
constitutes confirmation by the relevant Subsidiary that the representations and warranties referred to in paragraph (c) of Clause
19.26 (Times When Representations Made) are true and correct in relation to it as at the date of delivery as it made by
reference to the facts and circumstances then existing.

 

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		26.5	Resignation

 

If a Guarantor is or is proposed
to be the subject of a Permitted Reorganisation then:

 

		(a)	the resignation of that
                                         Guarantor shall not become effective until the date of that Permitted Reorganisation;
                                         and

 

		(b)	if the relevant Permitted
                                         Reorganisation does not occur, the Resignation Letter of that Guarantor shall have no
                                         effect and the obligations of that Guarantor shall continue in full force and effect.

 

		27	ROLE OF THE AGENT AND OTHERS

 

		27.1	Appointment of the Agent

 

		(a)	Each of the Lenders appoints
                                         the Agent to act as its agent (for the purposes of the Italian law, “mandatario
                                         con rappresentanza”) under and in connection with the Finance Documents.

 

		(b)	Each of the Lenders authorises
                                         the Agent to perform the duties, obligations and responsibilities and 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 of the Lenders hereby
                                         relieves the Agent from the restrictions pursuant to section 181 of the German Civil
                                         Code (Bürgerliches Gesetzbuch) to the extent legally possible to it. A Lender
                                         that is barred by its constitutional documents or by-laws from granting such exemption
                                         shall notify the Agent accordingly.

 

		27.2	Duties of the Agent

 

		(a)	Subject to paragraph
                                         (b) 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.

 

		(b)	Without prejudice to
                                         Clause 24.8 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation
                                         to Company), paragraph (a) above shall not apply to any Transfer Certificate, any
                                         Assignment Agreement or any Increase Confirmation.

 

		(c)	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.

 

		(d)	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.

 

		(e)	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 or the Security Agent) under this Agreement it
                                         shall promptly notify the other Finance Parties.

 

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		(f)	The Agent shall promptly
                                         provide to the Company following a request by the Company (but no more frequently than
                                         once per Month or as soon as reasonably practicable upon the Agent becoming an Impaired
                                         Agent), a list (which may be in electronic form) setting out the names of the Lenders
                                         as at the date of that request, their respective Commitments, 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.

 

		(g)	The Agent’s duties
                                         under the Finance Documents are solely mechanical and administrative in nature. 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).

 

		27.3	No Fiduciary Duties

 

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

 

		(b)	Neither of the Agent
                                         nor the Security Agent 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.

 

		27.4	Business with the Group

 

The Agent and the Security Agent
may accept deposits from, lend money to and generally engage in any kind of banking or other business with any member of the Group.

 

		27.5	Rights and Discretions

 

		(a)	The Agent may rely on:

 

		(i)	any representation, communication,
                                         notice or document (including, without limitation, any notice given by a Lender pursuant
                                         to paragraph (b) or paragraph (c) of Clause 25.2 (Disenfranchisement on Debt Purchase
                                         Transactions entered into by Equity Investors)) believed by it to be genuine, correct
                                         and appropriately authorised; and

 

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

 

		(b)	The Agent may assume
                                         that:

 

		(i)	any instructions received
                                         by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in
                                         accordance with the terms of the Finance Documents; and

 

		(ii)	unless it has received
                                         notice of revocation, that those instructions have not been revoked.

 

		(c)	The Agent may rely on
                                         a certificate from any person:

 

		(i)	as to any matter of fact
                                         or circumstance which might reasonably be expected to be within the knowledge of that
                                         person; or

 
	 	(ii)	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 sub-paragraph (i) above, may assume the truth and accuracy of that certificate.

 

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		(d)	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 23.1 (Non-Payment));

 

		(ii)	any right, power, authority
                                         or discretion vested in any Party or any group of 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)	no Notifiable Debt Purchase
                                         Transaction:

 

		(A)	has been entered into;

 

		(B)	has been terminated;
                                         or

 

		(C)	has ceased to be with
                                         an Equity Investor.

 

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

 

		(f)	Without prejudice to
                                         the generality of paragraph (e) above or paragraph (g) 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 necessary.

 

		(g)	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.

 

		(h)	The Agent may act in
                                         relation to the Finance Documents through its personnel 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,

 

unless such
error or such loss was directly caused by the Agent’s gross negligence or wilful misconduct.

 

		(i)	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.

 

		(j)	Without prejudice to
                                         the generality of paragraph (e) above, the Agent may disclose the identity of a Defaulting
                                         Lender to the other Finance Parties and the Company and shall disclose the same upon
                                         the written request of the Company or the Majority Lenders.

 

		(k)	Notwithstanding any other
                                         provision of any Finance Document to the contrary the Agent is not obliged to do or omit
                                         to do anything if it would or might in its reasonable opinion constitute a breach of
                                         any law or regulation or a breach of a fiduciary duty or duty of confidentiality. 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 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 holds
                                         the required approval, licence or registration.

 

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		27.6	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)	the Super Majority Lenders
                                         if the relevant Finance Document stipulates the matter is a Super Majority Lender decision;
                                         and

 

		(C)	in all other cases,
                                         the Majority Lenders; and
	 	 	 
	 	not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with
               sub-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 group of Lenders, from that Lender or group of Lenders) as to whether, and
                                         in what manner, it should exercise or refrain from exercising any right, power, authority
                                         or discretion and the Agent may refrain from acting unless and until it receives any
                                         such instructions or clarification that it has requested.

 

		(c)	Save in the case of decisions
                                         stipulated to be a matter for any other Lender or group of Lenders under the relevant
                                         Finance Document and unless a contrary indication appears in a Finance Document, any
                                         instructions given to the 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.

 

		(d)	The Agent may refrain
                                         from acting in accordance with the instructions of any Party (including, without limitation,
                                         bringing any legal action or proceeding arising out of or in connection with the Finance
                                         Documents) until it has received such indemnification and/or security as it may in its
                                         sole discretion require (which may be greater in extent that that contained in the Finance
                                         Documents and which may include payment in advance or otherwise) for any costs, losses
                                         and/or liabilities whatsoever (together with any associated VAT or similar tax) which
                                         it may incur in so acting.

 

		(e)	The Agent may refrain
                                         from doing anything which might, in its sole opinion, constitute a breach of any law
                                         or regulation or be otherwise actionable at the suit of any person, and may do anything
                                         which, in its sole opinion, is necessary or desirable to comply with any applicable law
                                         or regulation.

 

		(f)	In the absence of instructions
                                         from the Majority Lenders, (or, if appropriate, the Lenders) the Agent may act (or refrain
                                         from taking action) as it considers to be in the best interest of the Lenders.

 

		(g)	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
                                         (g) shall not apply to any legal or arbitration proceeding relating to the perfection,
                                         preservation or protection of rights under the Transaction Security Documents or enforcement
                                         of the Transaction Security or Transaction Security Documents.

 

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		27.7	Responsibility for Documentation

 

The Agent is not responsible
or liable for:

 

		(a)	the adequacy, accuracy
                                         and/or completeness of any information (whether oral or written) supplied by the Agent,
                                         an Obligor or any other person given in or in connection with any Finance Document or
                                         the transactions contemplated in the Finance Documents or any other agreement, arrangement
                                         or document entered into, made or executed in anticipation of, under or in connection
                                         with any Finance Document;

 

		(b)	the legality, validity,
                                         effectiveness, adequacy or enforceability of any Finance Document 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;
                                         or

 

		(c)	any determination as
                                         to whether any information provided or to be provided to any Finance Party is non-public
                                         information the use of which may be regulated or prohibited by applicable law or regulation
                                         relating to insider dealing or otherwise.

 

		27.8	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.

 

		27.9	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), the Agent will not 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.

 

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		(b)	No Party (other than
                                         the Agent) may take any proceedings against any officer, employee or agent of the Agent
                                         in respect of any claim it might have against the Agent or in respect of any act or omission
                                         of any kind by that officer, employee or agent in relation to any Finance Document and
                                         any officer, employee or agent of the Agent may rely on this Clause subject to Clause
                                         1.6 (Third Party Rights) and the provisions of the Third Parties Act.

 

		(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 to carry out (a) any know your customer or other checks in relation
                                         to any person; or (b) any check on the extent to which any transaction contemplated by
                                         this Agreement might be unlawful for any Lender (or for any Affiliate of any Lender),
                                         on behalf of any Lender and each Lender confirms to the Agent that it is solely responsible
                                         for any such checks it is required to carry out and that it may not rely on any statement
                                         in relation to such checks made by the Agent.

 

		(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.

 

		27.10	Lenders’ Indemnity to the Agent

 

Each Lender shall (in proportion
to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately
prior to their reduction to zero) indemnify the Agent, within three Business Days of demand, against any cost, loss or liability
(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 30.11 (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).

 

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		27.11	Resignation of the Agent

 

		(a)	The Agent may resign
                                         and appoint one of its Affiliates acting through an office in the United Kingdom as successor
                                         by giving notice to the Lenders and the Company.

 

		(b)	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, the
                                         Agent may, without consultation with or consent of the Company and the Lenders, (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 then 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.

 

		(c)	Alternatively the Agent
                                         may resign by giving 30 days’ notice to the Lenders and the Company, in which case
                                         the Majority Lenders (after consultation with the Company) may appoint a successor Agent.

 

		(d)	If the Majority Lenders
                                         have not appointed a successor Agent in accordance with paragraph (c) above within 20
                                         days after notice of resignation was given, the retiring Agent (after consultation with
                                         the Company) may appoint a successor Agent (acting through an office in the United Kingdom).

 

		(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.

 

		(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 15.3 (Indemnity to the Agent)
                                         and this Clause 27. 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)	The Agent shall resign
                                         in accordance with paragraph (c) above (and, to the extent applicable, shall use reasonable
                                         endeavours to appoint a successor Agent pursuant to paragraph (d) 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 13.8 (FATCA Information) and the Company or 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 13.8 (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) the Company or a Lender reasonably 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 the Company or that Lender, by notice to the Agent, requires it to resign.

 

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		27.12	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 Agent (acting through
                                         an office in the United Kingdom).

 

		(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.

 

		(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 15.3 (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.

 

		27.13	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, the Agent is not obliged to disclose
                                         to any other person (i) any confidential information or (ii) any other information if
                                         the disclosure would or might in its reasonable opinion constitute a breach of any law
                                         or a breach of a fiduciary duty.

 

		27.14	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.

 

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		(b)	Each Lender 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.

 

		(c)	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 32.6 (Electronic 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 32.2 (Addresses) and paragraph (a)(ii)
                                         of Clause 32.6 (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.

 

		27.15	Credit Appraisal by the Lenders

 

Without affecting the responsibility
of any Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender confirms to
the Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation
of all risks arising under or in connection with any Finance Document including but not limited to:

 

		(a)	the financial condition,
                                         status and nature of each member of the Group;

 

		(b)	the legality, validity,
                                         effectiveness, adequacy or 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;

 

		(c)	whether that Secured
                                         Party has recourse, and the nature and extent of that recourse, against any Party or
                                         any of its respective assets under or in connection with any Finance Document, the 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;

 

		(d)	the adequacy, accuracy
                                         and/or completeness of the Group Structure Chart and any other information provided by
                                         the Agent, any Party or by any other person under or in connection with any Finance Document,
                                         the transactions contemplated by the Finance Documents or any other agreement, arrangement
                                         or document entered into, made or executed in anticipation of, under or in connection
                                         with any Finance Document; 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.

 

		27.16	Agent’s Management Time

 

Any amount payable to the Agent
under Clause 27.10 (Lenders’ Indemnity to the Agent), Clause 17 (Costs and Expenses) and Clause 27.10 (Lenders’
Indemnity to the Agent) shall include (subject to the provisions of the Agency Fee Letter) the cost of utilising the Agent’s
management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Agent may
notify to the Company and the Lenders, and is in addition to any fee paid or payable to the Agent under Clause 12 (Fees).

 

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		27.17	Reliance and engagement letters

 

Each Finance Party and Secured
Party confirms that the Agent has authority to accept on its behalf (and ratifies the acceptance on its behalf of any letters
or reports already accepted by the Agent) the terms of any reliance letter or engagement letters and to bind it and to sign such
letters on its behalf and further confirms that it accepts the terms and qualifications set out in such letters.

 

		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.

 

		28	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.

 

		29	SHARING AMONG THE FINANCE PARTIES

 

This
Clause 29 is subject to the provisions of Clause 30.12 (Subordinated Lenders).

 

		29.1	Payments to Finance Parties

 

If a Finance
Party (a “Recovering Finance Party”) receives or recovers any amount from an Obligor, AMC Topco or a Security
Provider other than in accordance with Clause 30 (Payment Mechanics) (a “Recovered Amount”) and applies
that amount to a payment due under the Finance Documents then:

 

		(a)	the Recovering Finance
                                         Party shall, within three Business Days, notify details of the receipt or recovery, to
                                         the 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 30 (Payment Mechanics), without taking account
                                         of any Tax which would be imposed on the Agent in relation to the receipt, recovery or
                                         distribution; and

 

		(c)	the Recovering Finance
                                         Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount
                                         (the “Sharing Payment”) equal to such 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 30.6 (Partial Payments).

 

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		29.2	Redistribution of Payments

 

The Agent shall treat the Sharing
Payment as if it had been paid by the relevant Obligor, AMC Topco or Security Provider and distribute it between the Finance Parties
(other than the Recovering Finance Party) (the “Sharing Finance Parties”) in accordance with Clause 30.6 (Partial
Payments) towards the obligations of that Obligor or Security Provider or AMC Topco to the Sharing Finance Parties.

 

		29.3	Recovering Finance Party’s Rights

 

On a distribution by the Agent
under Clause 29.2 (Redistribution of Payments) of a payment received by a Recovering Finance Party from an Obligor or a
Security Provider or AMC Topco, as between the relevant Obligor or Security Provider or AMC Topco 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 or Security
Provider or AMC Topco.

 

		29.4	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, AMC Topco or Security Provider 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 or Security Provider or AMC Topco.

 

		29.5	Exceptions

 

		(a)	This Clause 29 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 or Security Provider or AMC Topco.

 

		(b)	A Recovering Finance
                                         Party, is not obliged to share with any other Finance Party any amount which the Recovering
                                         Finance Party has received or recovered as a result of taking legal or arbitration proceedings,
                                         if:

 

		(i)	it notified the other
                                         Finance Party of the legal or arbitration proceedings; and

 

		(ii)	the other Finance Party
                                         had an opportunity to participate in those legal or arbitration proceedings but did not
                                         do so as soon as reasonably practicable having received notice and did not take separate
                                         legal or arbitration proceedings.

 

		(c)	The Recovering Finance
                                         Party is not obliged to share any amount recovered from a Spanish Obligor which is declared
                                         insolvent with any other Finance Party which is regarded as a related party (persona
                                         especialmente relacionada) to that Spanish Obligor under the Spanish Insolvency Act.

 

		30	PAYMENT MECHANICS

 

		30.1	Payments to the Agent

 

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		(a)	On each date on which
                                         an Obligor, Security Provider or AMC Topco or a Lender is required to make a payment
                                         under a Finance Document, that Obligor, Security Provider or AMC Topco 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 (or,
                                         in relation to euro, in a principal financial centre in a Participating Member State
                                         or London as specified by the Agent) and with such bank as the Agent, in each case specifies.

 

		30.2	Distributions by the Agent

 

Each payment received by the
Agent under the Finance Documents for another Party shall, subject to Clause 30.3 (Distributions to an Obligor) and Clause
30.4 (Clawback) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment
in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party
may notify to the Agent by not less than five Business Days’ notice with a bank specified by the Party in the principal
financial centre of the country of that currency (or, in relation to euro, in the principal financial centre of a Participating
Member State or London, as specified by that Party).

 

		30.3	Distributions to an Obligor

 

The Agent may (with the consent
of the Obligor or in accordance with Clause 31 (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.

 

		30.4	Clawback

 

		(a)	Where a sum is to be
                                         paid to the Agent under the Finance Documents for another Party, the Agent is not obliged
                                         to pay that sum to that other Party (or to enter into or perform any related exchange
                                         contract) until it has been able to establish to its satisfaction that it has actually
                                         received that sum.

 

		(b)	If the Agent pays an
                                         amount to another Party and it proves to be the case that the Agent had not actually
                                         received that amount, then the Party to whom that amount (or the proceeds of any related
                                         exchange contract) was paid by the Agent shall on demand refund the same to the Agent
                                         together with interest on that amount from the date of payment to the date of receipt
                                         by the Agent, calculated by the Agent to reflect its cost of funds.

 

		30.5	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 30.1 (Payments
                                         to the Agent) may instead either pay that amount direct to the required recipient
                                         or pay that amount to an interest-bearing account held with an Acceptable Bank within
                                         the meaning of paragraph (a) of the definition of Acceptable Bank and in relation to
                                         which no Insolvency Event has occurred and is continuing, in the name of the Obligor
                                         or the Lender making the payment and designated as a trust account for the benefit of
                                         the Party or Parties beneficially entitled to that payment under the Finance Documents.
                                         In each case such payments must be made on the due date for payment under the Finance
                                         Documents.

 

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		(b)	All interest accrued
                                         on the amount standing to the credit of the trust account shall be for the benefit of
                                         the beneficiaries of that trust account pro rata to their respective entitlements.

 

		(c)	A Party which has made
                                         a payment in accordance with this Clause 30.5 shall be discharged of the relevant payment
                                         obligation under the Finance Documents and shall not take any credit risk with respect
                                         to the amounts standing to the credit of the trust account.

 

		(d)	Promptly upon the appointment
                                         of a successor Agent in accordance with Clause 27.12 (Replacement of the Agent),
                                         each Party which has made a payment to a trust account in accordance with this Clause
                                         30.5 shall give all requisite instructions to the bank with whom the trust account is
                                         held to transfer the amount (together with any accrued interest) to the successor Agent
                                         for distribution in accordance with Clause 30.2 (Distributions by the Agent).

 

		30.6	Partial Payments

 

		(a)	If the Agent receives
                                         a payment for application against amounts due in respect of any Finance Documents that
                                         is insufficient to discharge all the amounts then due and payable by an Obligor, AMC
                                         Topco or a Security Provider under those Finance Documents, the Agent shall apply that
                                         payment towards the obligations of that Obligor, AMC Topco or that Security Provider
                                         under those Finance Documents in the following order (subject to Clause 30.12 (Subordinated
                                         Lenders):

 

		(i)	first, in or towards
                                         payment pro rata of any unpaid amounts owing to the Agent and the Security Agent under
                                         those 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 all of the Lenders, vary the order set out in paragraphs (a)(ii) to (iv)
                                         above.

 

		(c)	Nothing in paragraph
                                         (a) will affect the right of any Finance Party to claim any other amount due to that
                                         Finance Party under the Finance Documents.

 

		(d)	Paragraphs (a) and (b)
                                         above will override any appropriation made by an Obligor, AMC Topco or any Security Provider.

 

		30.7	Set-Off by Obligors

 

All payments to be made by an
Obligor, AMC Topco or a Security Provider under the Finance Documents shall be calculated and be made without (and free and clear
of any deduction for) set-off or counterclaim.

 

		30.8	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).

 

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		(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.

 

		30.9	Currency of Account

 

		(a)	Subject to paragraphs
                                         (b) to (e) below, the Base Currency is the currency of account and payment for any sum
                                         due from an Obligor, AMC Topco or a Security Provider under any Finance Document.

 

		(b)	A repayment of a Loan
                                         or Unpaid Sum or a part of a Loan or Unpaid Sum shall be made in the currency in which
                                         that Loan or Unpaid Sum is denominated on its due date.

 

		(c)	Each payment of interest
                                         shall be made in the currency in which the sum in respect of which the interest is payable
                                         was denominated, pursuant to this Agreement, when that interest accrued.

 

		(d)	Each payment in respect
                                         of costs, expenses or Taxes shall be made in the currency in which the costs, expenses
                                         or Taxes are incurred.

 

		(e)	Any amount expressed
                                         to be payable in a currency other than the Base Currency shall be paid in that other
                                         currency.

 

		30.10	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.

 

		30.11	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) above 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;

 

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		(c)	the Agent may consult
                                         with the Finance Parties in relation to any changes mentioned in paragraph (a) above
                                         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 36 (Amendments and Waivers);

 

		(e)	the Agent shall not be
                                         liable for any damages, costs or losses whatsoever (including, without limitation for
                                         negligence, gross negligence or any other category of liability whatsoever but not including
                                         any claim based on the fraud of the Agent) arising as a result of its taking, or failing
                                         to take, any actions pursuant to or in connection with this Clause 30.11; and

 

		(f)	the Agent shall notify
                                         the Finance Parties of all changes agreed pursuant to paragraph (d) above.

 

		30.12	Subordinated Lenders

 

		(a)	In this Clause:

 

“Distributed
Amount” means the amount distributed or paid to the Finance Parties or to the Agent on behalf of the Finance Parties
(or any of them) by the person responsible for the distribution of the assets (including any payments) of an Obligor which is
insolvent or otherwise subject to insolvency or similar proceedings.

 

“Maximum
Amount” means the amount which would, but for any reduction or prohibition of payment or other distribution due to the
relationship between any Subordinated Lender and an Obligor, have been distributed or distributable to the Finance Parties or
to the Agent on behalf of the relevant Finance Parties (or any of them).

 

“Shortfall
Amount” means the amount by which the Maximum Amount exceeds the Distributed Amount.

 

“Subordinated
Lender” means any Lender which has a relationship with an Obligor which leads to a reduction or prohibition of payment
(including payments in form of an insolvency quota) or other distribution (including the proceeds from the enforcement of any
Transaction Security) by that Obligor (including any administrator or insolvency administrator) to that Lender, including, without
limitation, by reason of that Lender:

 

		(i)	being a member of the
                                         Group, Equity Investor or Affiliate of any of those mentioned before; or

 

		(ii)	having acquired (directly
                                         or indirectly) any Commitment, participation in any Loan and/or any other participation
                                         rights (including by way of sub-participation) in any of the Facilities and/or any other
                                         rights and obligations under the Finance Documents from a member of the Group, Equity
                                         Investor or Affiliate of any of those mentioned before in accordance with Clause 24 (Changes
                                         to the Lenders) or otherwise.

 

		(b)	If the Distributed Amount
                                         is less than the Maximum Amount, then, upon application of the Distributed Amount (or
                                         any part thereof) pursuant to Clause 30.6 (Partial payments) towards the discharge
                                         of the obligations of an Obligor under the Finance Documents (including principal, interest,
                                         fees and commissions), the amount which would otherwise be required to be applied towards
                                         any such obligations under the Finance Documents owed to a Subordinated Lender shall
                                         be reduced by the Shortfall Amount attributable to that Subordinated Lender and such
                                         amount shall in addition be applied towards the discharge of the obligations (including
                                         principal, interest, fees, commission) towards the other Finance Parties pro rata in
                                         accordance with Clause 30.6 (Partial payments).

 

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		(c)	Any risk of a shortfall
                                         between the Maximum Amount and the Distributed Amount (whether arising from the prohibition
                                         and/or reduction of payments to the Subordinated Lender and/or from any contestation
                                         (Anfechtung) under applicable law) shall for all purposes of the Finance Documents
                                         be borne by the relevant Subordinated Lender.

 

		(d)	A Subordinated Lender
                                         shall not have the benefit, but only the obligations, of any sharing provisions under
                                         the Finance Documents, including under Clause 29 (Sharing among the Finance Parties),
                                         and shall not be entitled to receive any payment, and the Agent shall not be required
                                         to make any payment to any Subordinated Lender under or in connection with the Finance
                                         Documents in respect of the Shortfall Amount.

 

		31	SET-OFF

 

Following
an Event of Default, a Finance Party may set off any matured obligation due from an Obligor or a Security Provider 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 or Security Provider, 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.

 

		32	NOTICES

 

		32.1	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.

 

		32.2	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
                                         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
                                         or the Security Agent that identified with its name below,

 

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

 

		32.3	Delivery

 

		(a)	Any communication or
                                         document made or delivered by one person to another under or in connection with the Finance
                                         Documents will only be effective:

 

		(i)	if by way of fax, when
                                         received in legible form; or

 

		(ii)	if by way of letter,
                                         when it has been left at the relevant address or five Business Days after being deposited
                                         in the post postage prepaid in an envelope addressed to it at that address, and, if a
                                         particular department or officer is specified as part of its address details provided
                                         under Clause 32.2 (Addresses), if addressed to that department or officer.

 

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		(b)	Any communication or
                                         document to be made or delivered to the Agent, or the Security Agent will be effective
                                         only when actually received by the Agent or Security Agent and then only if it is expressly
                                         marked for the attention of the department or officer identified with the Agent’s
                                         or Security Agent’s signature below (or any substitute department or officer as
                                         the Agent or Security 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 32.3 will be
                                         deemed to have been made or delivered to each of the Obligors Each German Guarantor,
                                         for this purpose, appoints the Company as its receipt agent (Empfangsboten).

 

		(e)	Any communication or
                                         document which becomes effective, in accordance with paragraphs (a) to (d) above,
                                         after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the
                                         following day.

 

		32.4	Notification of Address and Fax Number

 

Promptly upon receipt of notification
of an address or fax number or change of address or fax number pursuant to Clause 32.2 (Addresses) or changing its own
address or fax number, the Agent shall notify the other Parties.

 

		32.5	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.

 

		32.6	Electronic Communication

 

		(a)	Any communication to
                                         be made between any two Parties under or in connection with the Finance Documents may
                                         be made by electronic mail or other electronic means (including, without limitation,
                                         by way of posting to a secure website) if those two Parties:

 

		(i)	notify each other in
                                         writing of their electronic mail address and/or any other information required to enable
                                         the sending and receipt of information by that means; and

 

		(ii)	notify each other of
                                         any change to their address or any other such information supplied by them by not less
                                         than five Business Days’ notice.

 

		(b)	Any such electronic communication
                                         as specified in paragraph (a) above to be made between an Obligor and a Finance Party
                                         may only be made in that way to the extent that those two Parties agree that, unless
                                         and until notified to the contrary, this is to be an accepted form of communication.

 

		(c)	Any such electronic communication
                                         as specified in paragraph (a) above made between any two Parties will be effective only
                                         when actually received (or made available) in readable form and in the case of any electronic
                                         communication made by a Party to the Agent or the Security Agent only if it is addressed
                                         in such manner as the Agent or Security Agent shall specify for this purpose.

 

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		(d)	Each Party accepts that
                                         facsimile, email and other electronic communications are not secure. Subject to the obligations
                                         contained in Clause 37.1 (Confidential information), the Security Agent shall
                                         not incur any liability for receiving instructions from, or transmitting data to, any
                                         other Party via such a non-secure method (except to the extent that the liability or
                                         loss arises from the Security Agent’s, gross negligence, fraud or wilful misconduct).

 

		(e)	Any electronic communication
                                         which becomes effective, in accordance with paragraph (c) above, after 5.00p.m. in the
                                         place in which the Party to whom the relevant communication is sent or made available
                                         has its address for the purpose of this Agreement shall be deemed only to become effective
                                         on the following day.

 

		(f)	Any reference in a Finance
                                         Document to a communication being sent or received shall be construed to include that
                                         communication being made available in accordance with this Clause 32.6.

 

		32.7	Use of Websites

 

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

 

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

 

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

 

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

 

If any Lender (a “Paper
Form Lender”) does not agree to the delivery of information electronically then the Agent shall notify the Company accordingly
and the Company (as the case may be) shall at its own cost supply the information to the Agent (in sufficient copies for each
Paper Form Lender) in paper form. In any event the Company (as the case may be) shall at its own cost supply the Agent with at
least one copy in paper form of any information required to be provided by it.

 

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

 

		(c)	The Company shall promptly
                                         upon becoming aware of its occurrence notify the Agent if:

 

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

 

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

 

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

 

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

 

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

 

If the Company notifies the Agent
under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Company under this Agreement after the
date of that notice shall be supplied in paper form unless and until the Agent and each Website Lender is satisfied that the circumstances
giving rise to the notification are no longer continuing.

 

		(d)	Any Website Lender may
                                         request, through the Agent, one paper copy of any information required to be provided
                                         under this Agreement which is posted onto the Designated Website. The Company (as the
                                         case may be) shall at its own cost comply with any such request within ten Business Days.

 

		32.8	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.

 

		33	CALCULATIONS AND CERTIFICATES

 

		33.1	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.

 

		33.2	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.

 

		33.3	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 365 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with
that market practice.

 

		34	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.

 

		35	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 the Finance Documents shall
operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or
the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive
of any rights or remedies provided by law.

 

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		36	AMENDMENTS AND WAIVERS

 

		36.1	Intercreditor Agreement

 

This Clause 36 is subject to
the terms of the Intercreditor Agreement.

 

		36.2	Required Consents

 

		(a)	Subject to Clause 36.3
                                         (Exceptions) 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 may effect,
                                         on behalf of any Finance Party, any amendment or waiver permitted by this Clause 36,
                                         and each Finance Party hereby irrevocably empowers the Agent to execute and notarise,
                                         on behalf of the Lenders, any document required to give effect to the agreed waiver or
                                         amendment and each Finance Party shall execute and grant any documents or carry out actions
                                         necessary or convenient for the validity of such irrevocable power of attorney in favour
                                         of the Agent.

 

		(c)	Without prejudice to
                                         the generality of paragraphs (e), (f) and (g) of Clause 27.5 (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 agrees to
                                         any such amendment or waiver permitted by this Clause 36 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.

 

		36.3	Exceptions

 

		(a)	An amendment or waiver
                                         that has the effect of changing or which relates to:

 

		(i)	the definitions of Majority
                                         Lenders or “Change of Control” or the definitions used within the definition
                                         of “Change of Control” or “Equity Investor” or “Super Majority
                                         Lenders” or “Structural Change” in Clause 1.1 (Definitions);

 

		(ii)	a change to the Borrowers
                                         or Guarantors other than in accordance with Clause 26 (Changes to the Obligors)
                                         or paragraph (b) below;

 

		(iii)	any provision which
                                         expressly requires the consent of all the Lenders;

 

		(iv)	Clause 2.3 (Finance
                                         Parties’ Rights and Obligations), Clause 5.1 (Delivery of a Utilisation
                                         Request), Clause 7.1 (Illegality), Clause 8.1 (Exit), Clause 24 (Changes
                                         to the Lenders), Clause 26 (Changes to the Obligors), Clause 29 (Sharing
                                         among the Finance Parties), this Clause 36, Clause 39 (Governing Law) or Clause
                                         40.1 (Jurisdiction of English Courts);

 

		(v)	the nature or scope of
                                         the manner in which the proceeds of enforcement of the Transaction Security are distributed
                                         (except insofar as it relates to a sale, disposal or other disposition of an asset which
                                         is the subject of the Transaction Security where such sale, disposal or other disposition
                                         expressly permitted or is not prohibited under this Agreement or any other Finance Document);
                                         or

 

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		(vi)	any amendment to the
                                         order of priority or subordination under the Intercreditor Agreement (except insofar
                                         as it relates to the incurrence of indebtedness or the granting of Security where such
                                         incurrence or grant are expressly permitted under this Agreement or any other Finance
                                         Document);

 

		(vii)	the nature or scope
                                         of the Charged Property (except insofar as it relates to a sale, disposal or other disposition
                                         of an asset which is the subject of the Transaction Security where such sale, disposal
                                         or other disposition is expressly permitted under the Agreement or any other Finance
                                         Document); or

 

		(viii)	the guarantee and
                                         indemnity granted under Clause 18.1 (Guarantee and Indemnity),

 

other than
any amendment, waiver, consent or release required to implement or reflect any Structural Change shall not be made or given without
the prior consent of all Lenders. Notwithstanding anything in the Finance Documents, the right of a Lender to be prepaid following
the occurrence of a Change of Control or Sale and in respect of which a Lender has exercised its right to be prepaid pursuant
to Clause 8.1 (Exit) may only be amended or waived with the consent of that Lender.

 

		(b)	An amendment or waiver
                                         that has the effect of releasing any guarantees or Transaction Security shall not be
                                         made without the prior consent of the Super Majority Lenders unless such release:

 

		(i)	is required to effect
                                         a Permitted Disposal;

 

		(ii)	is permitted under this
                                         Agreement or any other Finance Document;

 

		(iii)	occurs in the circumstances
                                         described in paragraph (b) of Clause 26.3 (Resignation of a Guarantor);

 

		(iv)	is consequential on
                                         or required to implement a Structural Change and is permitted under paragraph (e) of
                                         the definition of Structural Change in Clause 1.1 (Definitions),

 

and the Security Agent shall
be authorised to release any guarantee or Transaction Security in the circumstances described in (ii) to (iv) above without the
consent of any Finance Party.

 

		(c)	An amendment or waiver
                                         which relates to the rights or obligations of the Agent, the Security Agent or a Hedge
                                         Counterparty (each in their capacity as such) may not be effected without the consent
                                         of the Agent, the Security Agent or, as the case may be, that Hedge Counterparty.

 

		(d)	No Structural Change
                                         (or any amendment or waiver which relates to or has the same effect as a Structural Change)
                                         may be made unless it has been approved with the consent of the Majority Lenders and
                                         each Lender that is assuming an additional or increased commitment in the relevant tranche
                                         or facility or whose Commitment is being extended or redenominated or to whom any amount
                                         is owing which is being reduced, deferred or redenominated or whose interest rate, fee
                                         or commission is being reduced (as the case may be).

 

		(e)	The Finance Parties shall
                                         (and hereby irrevocably instruct the Agent and the Security Agent (as the case may be)
                                         to) enter into any documentation necessary to implement a Structural Change once that
                                         Structural Change has been approved by the requisite majority of Lenders determined in
                                         accordance with paragraph (c) above.

 

		(f)	Subject to paragraph
                                         (g) if any Lender fails to respond to any request for a consent, waiver, amendment or
                                         other vote described in paragraph (a) or (c) above 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 Total Commitments or participations under a Facility when ascertaining
whether any relevant percentage (including, for the avoidance of doubt, unanimity) of Total Commitments and/or participations
has been obtained to approve that request.

 

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		(g)	Paragraph (f) above applies
                                         to any consent, waiver or amendment of or in relation to any Finance Document which requires
                                         the approval of all the Lenders and where Lenders whose Commitments aggregate more than
                                         662/3 per cent. of the Total Commitments (or, if the Total Commitments have
                                         been reduced to zero, aggregated more than 662/3 per cent. of the Total Commitments prior
                                         to that reduction) have consented or agreed to such waiver or amendment.

 

		36.4	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 7.1 (Illegality) or to pay additional
                                         amounts pursuant to Clause 14.1 (Increased Costs), Clause 13.2 (Tax Gross Up)
                                         or Clause 13.3 (Tax Indemnity) to any Lender,

 

then the Company
may, on five 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 24 (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 (acting reasonably), 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) in accordance with Clause 24 (Changes to the Lenders) 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 Loans and all accrued interest (to the extent the Agent has not given a notification under Clause 24.10 (Pro
Rata Interest Settlement) and other amounts payable in relation thereto under the Finance Documents provided that if an Equity
Investor is selected by the Company to be a Replacement Lender, the Agent agrees that such Equity Investor is acceptable to it.

 

		(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 the Security Agent;

 

		(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 60 days after
                                         the earlier of (A) 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 (B) the date on which
                                         that Lender is deemed to be a Non-Consenting Lender; and

 

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		(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;

 

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

 

		(iii)	the Majority Lenders
                                         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”.

 

		36.5	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 Total
                                         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.

 

		(b)	For the purposes of this
                                         Clause 36.5, 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.

 

		36.6	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 10 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 24 (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 24 (Changes to the Lenders)
                                         all (and not part only) of the undrawn Commitment of the Lender; or

 

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		(iii)	require such Lender
                                         to (and such Lender shall) transfer pursuant to Clause 24 (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 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 Loans and all
                                         accrued interest (to the extent the Agent has not given an notification under Cause 24.10
                                         (Pro rata interest settlement)) and other amounts payable in relation thereto
                                         under the Finance Documents provided that if an Equity Investor is selected by the Company
                                         to be a Replacement Lender, the Agent agrees that such Equity Investor is acceptable
                                         to it.

 

		(b)	Any transfer of rights
                                         and obligations of a Defaulting 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;

 

		(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 10 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.

 

		37	CONFIDENTIALITY

 

		37.1	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 37.2 (Disclosure
of Confidential Information) and Clause 37.3 (Disclosure to Numbering Service Providers), 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.

 

		37.2	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 or which succeeds (or which may
                                         potentially succeed) it as Agent or Security Agent and, in each case, to any of that
                                         person’s Affiliates, Related Funds, Representatives and professional advisers;

 

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		(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 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
                                         27.14 (Relationship with the Lenders));

 

		(iv)	being an actual or prospective
                                         investor in any Finance Party, a Finance Party’s funding sources or actual or prospective
                                         investor in a Finance Party’s co-investment vehicle;

 

		(v)	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;

 

		(vi)	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;

 

		(vii)	to whom or for whose
                                         benefit that Finance Party charges, assigns or otherwise creates Security (or may do
                                         so) pursuant to Clause 24.9 (Security over Lenders’ Rights);

 

		(viii)	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;

 

		(ix)	who is a Party; or

 

		(x)	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) and (b)(v) 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
                                         (and for the avoidance of doubt, the Finance Party to whom any actual or prospective
                                         investor, funding source or co-investment vehicle relates shall be responsible for any
                                         breach of confidentiality obligations under this Clause 37.2);

 

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		(C)	in relation to paragraphs
                                         (b)(vii), (b)(viii) and (b)(viii) 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;

 

		(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 the Confidential Information may be price sensitive information.

 

		37.3	Disclosure to Numbering Service Providers

 

		(a)	Any Finance Party may
                                         disclose to any national or international numbering service provider appointed by that
                                         Finance Party to provide identification numbering services in respect of this Agreement,
                                         the Facilities and/or one or more Obligors the following information:

 

		(i)	names of Obligors;

 

		(ii)	country of domicile
                                         of Obligors;

 

		(iii)	place of incorporation
                                         of Obligors;

 

		(iv)	date of this Agreement;

 

		(v)	Clause 39 (Governing
                                         Law);

 

		(vi)	the names of the Agent;

 

		(vii)	date of each amendment
                                         and restatement of this Agreement;

 

		(viii)	amount of Total Commitments;

 

		(ix)	currency of Facility;

 

		(x)	type of Facility;

 

		(xi)	ranking of Facility;

 

		(xii)	Termination Date for
                                         Facility;

 

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		(xiii)	changes to any of
                                         the information previously supplied pursuant to paragraphs (i) to (xi) above; and

 

		(xiv)	such other information
                                         agreed between such Finance Party and the Company,

 

to enable such numbering service
provider to provide its usual syndicated loan numbering identification services.

 

		(b)	The Parties acknowledge
                                         and agree that each identification number assigned to this Agreement, the Facilities
                                         and/or one or more Obligors by a numbering service provider and the information associated
                                         with each such number may be disclosed to users of its services in accordance with the
                                         standard terms and conditions of that numbering service provider.

 

		(c)	The Agent shall notify
                                         the Company and the other Finance Parties of:

 

		(i)	the name of any numbering
                                         service provider appointed by the Agent in respect of this Agreement, the Facilities
                                         and/or one or more Obligors; and

 

		(ii)	the number or, as the
                                         case may be, numbers assigned to this Agreement, the Facilities and/or one or more Obligors
                                         by such numbering service provider.

 

		37.4	Entire Agreement

 

This Clause 37 (Confidentiality)
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.

 

		37.5	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.

 

		37.6	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)(vi) of Clause
                                         37.2 (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 37 (Confidentiality).

 

		37.7	Continuing Obligations

 

The obligations in this Clause
37 (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 the Finance Documents have
                                         been paid in full and all Commitments have been cancelled or otherwise cease to be available;
                                         and

 

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		(b)	the date on which such
                                         Finance Party otherwise ceases to be a Finance Party.

 

		38	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.

 

		39	GOVERNING LAW

 

This Agreement and any non-contractual
obligations arising out of or in connection with it are governed by English law.

 

		40	ENFORCEMENT

 

		40.1	Jurisdiction of English Courts

 

		(a)	The courts of England
                                         have exclusive jurisdiction to settle any dispute arising out of or in connection with
                                         this Agreement (including a dispute relating to the existence, validity or termination
                                         of this Agreement or any non-contractual obligation arising out of or in connection with
                                         this Agreement) (a “Dispute”).

 

		(b)	The Parties agree that
                                         the courts of England are the most appropriate and convenient courts to settle Disputes
                                         and accordingly no Party will argue to the contrary.

 

		(c)	This Clause 40.1 is for
                                         the benefit of the Finance Parties and Secured Parties only. As a result, no Finance
                                         Party or Secured Party shall be prevented from taking proceedings relating to a Dispute
                                         in any other courts with jurisdiction. To the extent allowed by law, the Finance Parties
                                         and Secured Parties may take concurrent proceedings in any number of jurisdictions.

 

		40.2	Service of Process

 

		(a)	Without prejudice to
                                         any other mode of service allowed under any relevant law, each Obligor (other than an
                                         Obligor incorporated in England and Wales):

 

		(i)	irrevocably appoints
                                         the Company whose registered address is C/O Shoosmiths LLP, 100 Avebury Boulevard, Milton
                                         Keynes, United Kingdom, MK9 1FH (and the Company hereby irrevocably accepts such appointment)
                                         as its agent for service of process in relation to any proceedings before the English
                                         courts in connection with any Finance Document; and

 

		(ii)	agrees that failure
                                         by an agent for service of process to notify the relevant Obligor of the process will
                                         not invalidate the proceedings concerned.

 

		(b)	If any person appointed
                                         as agent for service of process is unable for any reason to act as agent for service
                                         of process, the Company (on behalf of all the Obligors) must immediately (and in any
                                         event within five days of such event taking place) appoint another agent on terms acceptable
                                         to the Agent. Failing this, the Agent may appoint another agent for this purpose.

 

		(c)	Each Obligor expressly
                                         agrees and consents to the provisions of this Clause 40 and Clause 39 (Governing Law).

 

    136 

     

    

 

		40.3	Complete Agreement

 

The Finance Documents contain
the complete agreement between the Parties on the matters to which they relate and supersede all prior commitments, agreements
and understandings, whether written or oral, on those matters.

 

		41	BAIL-IN

 

		41.1	Contractual recognition of bail-in

 

Notwithstanding
any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges
and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject
to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of: 

 

		(a)	any Bail-In Action in
                                         relation to any such liability, including (without limitation):

 

		(i)	a reduction, in full
                                         or in part, in the principal amount, or outstanding amount due (including any accrued
                                         but unpaid interest) in respect of any such liability;

 

		(ii)	a conversion of all,
                                         or part of, any such liability into shares or other instruments of ownership that may
                                         be issued to, or conferred on, it; and

 

		(iii)	a cancellation of any
                                         such liability; and

 

		(b)	a variation of any term
                                         of any Finance Document to the extent necessary to give effect to any Bail-In Action
                                         in relation to any such liability.

 

		41.2	Definitions relating to contractual
                                         recognition of bail-in

 

In
this Clause 41 (Bail-in):

 

“Article
55 BRRD” means Article 55 of Directive 2014/59/EU establishing a framework for the recovery
and resolution of credit institutions and investment firms.

 

“Bail-In
Action” means the exercise of any Write-down and Conversion Powers.

 

“Bail-In
Legislation” means:

 

		(a)	in relation to an EEA
                                         Member Country which has implemented, or which at any time implements, Article 55 BRRD,
                                         the relevant implementing law or regulation as described in the EU Bail-In Legislation
                                         Schedule from time to time ; and

 

		(b)	in relation to any state
                                         other than such an EEA Member Country or (to the extent that the United Kingdom is not
                                         such an EEA Member Country) the United Kingdom, any analogous law or regulation from
                                         time to time which requires contractual recognition of any Write-down and Conversion
                                         Powers contained in that law or regulation.

 

“EEA
Member Country” means any member state of the European Union, Iceland, Liechtenstein and
Norway.

 

“EU
Bail-In Legislation Schedule” means the document described as such and published by the
Loan Market Association (or any successor person) from time to time.

 

“Resolution
Authority” means any body which has authority to exercise any Write-down and Conversion
Powers.

 

    137 

     

    

 

 

“UK
Bail-In Legislation” means (to the extent that the United Kingdom is not an EEA Member
Country which has implemented, or implements, Article 55 BRRD) Part I of the United Kingdom Banking Act 2009 and any other law
or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other
financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

“Write-down
and Conversion Powers” means:

 

		(a)	in relation to any Bail-In
                                         Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers
                                         described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation
                                         Schedule;

 

		(b)	in relation to any other
                                         applicable Bail-In Legislation:

 

		(i)	any powers under that
                                         Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a
                                         bank or investment firm or other financial institution or affiliate of a bank, investment
                                         firm or other financial institution, to cancel, reduce, modify or change the form of
                                         a liability of such a person or any contract or instrument under which that liability
                                         arises, to convert all or part of that liability into shares, securities or obligations
                                         of that person or any other person, to provide that any such contract or instrument is
                                         to have effect as if a right had been exercised under it or to suspend any obligation
                                         in respect of that liability or any of the powers under that Bail-In Legislation that
                                         are related to or ancillary to any of those powers; and

 

		(ii)	any similar or analogous
                                         powers under that Bail-In Legislation ; and

 

		(c)	in relation to any UK
                                         Bail-In Legislation:

 

		(i)	any powers under that
                                         UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is
                                         a bank or investment firm or other financial institution or affiliate of a bank, investment
                                         firm or other financial institution, to cancel, reduce, modify or change the form of
                                         a liability of such a person or any contract or instrument under which that liability
                                         arises, to convert all or part of that liability into shares, securities or obligations
                                         of that person or any other person, to provide that any such contract or instrument is
                                         to have effect as if a right had been exercised under it or to suspend any obligation
                                         in respect of that liability or any of the powers under that UK Bail-In Legislation that
                                         are related to or ancillary to any of those powers; and

 

		(ii)	any similar or analogous
                                         powers under that UK Bail-In Legislation.

 

		42	ACKNOWLEDGEMENT REGARDING ANY SUPPORTED
                                         QFCS

 

		(a)	Notwithstanding any other
                                         term of any Finance Document or any other agreement, arrangement or understanding between
                                         the Parties, to the extent that any Finance Document provides support, through a guarantee,
                                         Security or otherwise, for any Hedging Agreement that is a QFC or any other agreement
                                         or instrument that is a QFC (any such support, “QFC Credit Support”,
                                         and any such QFC, a “Supported QFC”), each Party acknowledges and
                                         agrees as follows with respect to the resolution power of the Federal Deposit Insurance
                                         Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
                                         Street Reform and Consumer Protection Act (together with the regulations promulgated
                                         thereunder, the “US Special Resolution Regimes”) in respect of such
                                         Supported QFC and such QFC Credit Support (with the provisions below applicable notwithstanding
                                         that any Finance Document or any Supported QFC may in fact be stated to be governed by
                                         the laws of the United States of America or a state of the United States of America):

 

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		(i)	in the event a Covered
                                         Entity that is party to a Supported QFC (each, a “Covered Party”)
                                         becomes subject to a proceeding under a US Special Resolution Regime, the transfer of
                                         such Supported QFC and the benefit of such QFC Credit Support (and any interest and any
                                         obligation in or under such Supported QFC or such QFC Credit Support, and any right in
                                         property securing such Supported QFC or such QFC Credit Support) from such Covered Party
                                         will be effective to the same extent as the transfer would be effective under the US
                                         Special Resolution Regime if such Supported QFC and such QFC Credit Support (and any
                                         such interest, obligation and right in property) were governed by the laws of the United
                                         States of America or a state of the United States of America;

 

		(ii)	in the event a Covered
                                         Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under
                                         a US Special Resolution Regime, Default Rights under any Finance Document that may otherwise
                                         apply to such Supported QFC or such QFC Credit Support and that may be exercised against
                                         such Covered Party are permitted to be exercised to no greater extent than such Default
                                         Rights could be exercised under the US Special Resolution Regime if such Supported QFC
                                         and each Finance Document were governed by the laws of the United States of America or
                                         a state of the United States of America; and

 

		(iii)	without limiting the
                                         foregoing, each Party understands and agrees that its rights and remedies with respect
                                         to a Defaulting Lender or an Impaired Agent shall not affect any right of any Covered
                                         Party with respect to any Supported QFC or any QFC Credit Support.

 

		(b)	In this Clause 42:

 

“BHC Act Affiliate”
means, in respect of a person, its “affiliate” (as that term is defined in, and interpreted in accordance with, 12
United States Code 1841(k));

 

“Covered Entity”
means:

 

		(i)	a “covered entity”
                                         as that term is defined in, and interpreted in accordance with, 12 Code of Federal Regulations
                                         § 252.82(b);

 

		(ii)	a “covered bank”
                                         as that term is defined in, and interpreted in accordance with, 12 Code of Federal Regulations
                                         § 47.3(b); or

 

		(iii)	a “covered FSI”
                                         as that term is defined in, and interpreted in accordance with, 12 Code of Federal Regulations
                                         § 382.2(b);

 

“Default Right”
has the meaning given to that term in, and shall be interpreted in accordance with, 12 Code of Federal Regulations §§
252.81, 47.2 or 382.1, as applicable; and

 

“QFC” has
the meaning given to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 United
States Code 5390(c)(8)(D).

 

		43	SPECIAL PROVISIONS REGARDING ENFORCEMENT
                                         UNDER THE LAWS OF SPAIN

 

		(a)	Agent accounting

 

The Agent shall open and maintain
in its book a special credit account for each Finance Party under the applicable Finance Document (a “Creditor Party”).
In each of such accounts the Agent shall debit the amounts owed by an Obligor to the applicable Creditor Party, including the
interest, fees, expenses, default interest, additional costs and any other amounts that are payable by an Obligor pursuant to
the relevant Finance Document. Likewise, all amounts received by the Agent from an Obligor pursuant the applicable Finance Document
shall be credited in that account, so that the sum of the balance of the credit account represents the amount owed by an Obligor
to the applicable Creditor Party at any time. For the sake of clarity, the account shall credit any amount received by the Agent
from any third party to the extent such payments are done in compliance with applicable law, KYC and AML requirements.

 

    139

     

    

 

		(b)	Individual account of
                                         each Creditor Party

 

In addition to the special
unified account referred to in Clause 43(a) (Agent accounting) above, each Creditor Party shall open and maintain in its
books a special credit account from which the interest, fees, expenses, default interest, additional costs and any other amounts
that an Obligor owes to such Creditor Party hereunder shall be debited and in which all amounts received by the Creditor Party
from the Obligor under the relevant Finance Document shall be credited. For the sake of clarity, the account shall credit any
amount received by the Agent from any third party to the extent such payments are done in compliance with applicable law, KYC
and AML requirements.

 

		(c)	Determination of balance
                                         due in the event of enforcement before the Spanish courts

 

In the event of enforcement
of a Finance Document before the Spanish courts, the Security Agent shall settle the credit accounts referred to above in Clauses
43(a) (Agent accounting) and 43(b) (Individual account of each Creditor Party). It is expressly agreed for purposes
of enforceability via judicial or out-of- court methods pursuant to Spanish Law, that the balance due from the accounts referred
to in Clauses 43(a) (Agent accounting) and 43(b) (Individual account of each Creditor Party) resulting from the
certificate issued for such purpose by the Security Agent shall be deemed a liquid, due and payable amount enforceable against
an Obligor, provided that it is evidenced in a notarial document that the settlement was made in the form agreed to by the parties
in the enforceable instrument documenting this Agreement (título ejecutivo) and that the balance due matches with
the balance that appears in the corresponding open account of the Creditor Party in connection with the relevant Finance Document.

 

		(d)	Enforcement before the
                                         Spanish courts

 

		(i)	In the event that a Creditor
                                         Party decides, for the purposes of the enforcement of a Finance Document (which has been
                                         raised to the status of Spanish Public Document) before the Spanish courts, to commence
                                         the ordinary enforcement proceeding set forth in Articles 517, et seq., of the Spanish
                                         Civil Procedural Act, the Parties expressly agree for purposes of Article 571, et seq.,
                                         of the Spanish Civil Procedural Act that the settlement to determine the summarily enforceable
                                         debt be made by the Security Agent. Therefore, the following will be sufficient for the
                                         commencement of the summary proceedings: (i) an original notarial first or authentic
                                         copy of the notarial deed (escritura de elevación a público) evidencing
                                         this Agreement (or the relevant Finance Document that has been raised to the status of
                                         Spanish Public Document in Spain); (ii) the notarial document (acta notarial)
                                         which incorporates the certificate, issued by the Security Agent, of the debt for which
                                         the Obligor is liable, as well as the extract of the debit and credit entries and the
                                         entries corresponding to the application of interest that determines the actual balance
                                         for which enforcement is requested and the document providing evidence (documento
                                         fehaciente) that the settlement of the debt has been carried out in the form agreed
                                         to in this Agreement; and (iii) a notarial document (acta notarial) providing
                                         evidence of the prior notice to the Obligor of the amount due as a result of the settlement.

 

		(ii)	The Obligors shall bear
                                         all notarial costs related to the issuance of the notarial instruments referred to in
                                         the previous paragraph.

 

    140

     

    

 

		44	SPANISH PUBLIC DOCUMENT

 

Upon the execution of the Accession
Document by the Spanish Acceding Guarantor, this Agreement, the Intercreditor Agreement, and the Accession Document to be executed
by the Spanish Acceding Guarantor shall be raised to a Spanish Public Document in the form of an escritura pública
for, among others, the purposes contemplated in Article 517 et seq., Spanish Civil Procedural Act and other related provisions.

 

THIS AGREEMENT has been entered
into on the date stated at the beginning of this Agreement.

 

    141

     

    

 

SCHEDULE 1

THE ORIGINAL PARTIES

 

[●] 

 

    142

     

    

 

SCHEDULE 2

CONDITIONS PRECEDENT

 

Part A

Conditions Precedent to Initial Utilisation

 

		1	Original Obligors, UK Newco and AMC Topco.

 

		(a)	A copy of the Constitutional
                                         Documents of each Original Obligor, the UK Newco and the AMC Topco.

 

		(b)	If required or customary
                                         under the relevant local law, a copy of a resolution of the board of directors of each
                                         Original Obligor, UK Newco and AMC Topco:

 

		(i)	approving the terms of, and
                                         the transactions contemplated by, the Finance Documents to which it is a party and resolving
                                         that it execute, deliver and perform each Finance Document to which it is party;

 

		(ii)	determining, and setting
                                         out the reasons of that determination, that it has a corporate benefit justifying the
                                         assumption of any guarantee obligations it has pursuant to this Agreement or similar
                                         provisions of any other Finance Documents and, if applicable, the provision of the Transaction
                                         Security and that the assumption of such obligations and the provision of the Transaction
                                         Security relate to its corporate purpose;

 

		(iii)	authorising a specified
                                         person or persons to execute each Finance Document to which it is a party on its behalf;

 

		(iv)	authorising a specified person
                                         or persons, on its behalf, to sign and/or despatch all other documents and notices (including
                                         any Utilisation Request) to be signed and/or despatched by it under or in connection
                                         with the Finance Documents to which it is a party; and

 

		(v)	(other than in the case of
                                         the Company) authorising the Company to act as its agent in connection with the Finance
                                         Documents.

 

		(c)	A specimen of the signature
                                         of each person authorised by the resolution referred to in paragraph (b) above that has
                                         executed or will execute any Finance Document.

 

		(d)	If required or customary
                                         under the relevant local law, a copy of a resolution signed by all of the holders of
                                         the issued or allotted shares in each Original Obligor and UK Newco approving the terms
                                         of, the transactions contemplated by, and the execution, delivery and performance of
                                         the Finance Documents to which it will be party.

 

		(e)	A certificate of the Company
                                         (for itself and on behalf of each Original Obligor) and UK Newco (signed by a director
                                         or a duly authorised representative) confirming that borrowing or guaranteeing or securing,
                                         as appropriate, the Total Commitments would not, subject to any agreed limitations in
                                         the Finance Documents, cause any borrowing, guarantee, security or similar limit binding
                                         on it to be exceeded.

 

		(f)	A certificate of an authorised
                                         signatory of the Company (for itself and on behalf of each Original Obligor), UK Newco
                                         certifying that each copy document relating to it specified in this Part I of Appendix
                                         A (Conditions Precedent to the Closing Date) is correct, complete and in full
                                         force and effect and has not been amended or superseded as at a date no earlier than
                                         the date of that certificate.

 

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		2	Intercreditor Agreement

 

The Intercreditor Agreement
executed by the parties thereto.

 

		3	Finance Documents

 

		(a)	This Agreement executed
                                         by the parties hereto.

 

		(b)	The following Transaction
                                         Security Documents:

 

		(i)	a first ranking English law
                                         share charge to be entered into by UK Newco in respect of all shares held by it in Odeon
                                         Cinemas Group Limited; and

 

		(ii)	a first ranking English law
                                         debenture to be entered into by each Original Obligor.

 

		(c)	Any notices or documents
                                         required to be given or executed under the terms of the security documents referred to
                                         in paragraph (a) above in accordance with the terms of the relevant Transaction Security
                                         Document.

 

		(d)	All share certificates,
                                         stock transfer forms and other documents of title required to be provided under the security
                                         documents referred to in paragraph (a) above or otherwise required to perfect (or facilitate
                                         the subsequent perfection, where applicable) and/or facilitate enforcement of, such security
                                         documents, in each case to the extent required to be delivered on the date of entry into
                                         such security documents.

 

		(e)	The AMC Topco Guarantee.

 

		(f)	The Fee Letters.

 

		4	Legal Opinions

 

		(a)	A legal opinion of White
                                         & Case LLP, legal advisers to the Lenders in England and addressed to the Finance
                                         Parties.

 

		(b)	A legal opinion of Weil,
                                         Gotshal & Manges LLP, legal advisers to the Company in Delaware and addressed to
                                         the Finance Parties.

 

		5	Other Documents and Evidence

 

		(a)	A copy of the Approved List.

 

		(b)	Evidence that the fees,
                                         costs and expenses then due and payable to the Original Lenders, the Agent and the Security
                                         Agent under the Fee Letters have been paid or will be paid on or prior to the Closing
                                         Date.

 

		(c)	The Group Structure Chart.

 

		(d)	The agreed form of the pay-off
                                         letter and deed of release with respect to the Existing Revolving Facility to be entered
                                         into between the existing agent and the Company.

 

		(e)	All “know your customer”
                                         information relating to each Original Obligor and UK Newco required by each Finance Party
                                         to satisfy its “know your customer” checks.

 

		(f)	A copy of the funds flow
                                         providing for the repayment in full of the Existing Revolving Facility Agreement to be
                                         repaid at the Closing Date together with associated costs and expenses in connection
                                         with the Transaction (provided that in respect of such costs and expenses, appropriate
                                         invoices have been submitted to the Company in advance).

 

    144

     

    

 

		(g)	In respect of each company
                                         incorporated in the United Kingdom whose shares are the subject of the Transaction Security
                                         (a “Charged Company”), either:

 

		(i)	a certificate of an authorised
                                         signatory of UK Newco certifying that:

 

		(A)	each member of the Group
                                         and UK Newco has complied within the relevant timeframe with any notice it has received
                                         pursuant to Part 21A of the Companies Act 2006 from that Charged Company; and

 

		(B)	no “warning notice”
                                         or “restrictions notice” (in each case as defined in Schedule 1B of the Companies
                                         Act 2006) has been issued in respect of those shares,

 

together with a copy of the
 “PSC register” (within the meaning of section 790C(10) of the Companies Act 2006) of that Charged Company, which,
in the case of a Charged Company that is a member of the Group, is certified by an authorised signatory of UK Newco to be correct,
complete and not amended or superseded as at a date no earlier than the Closing Date; or

 

		(ii)	a certificate of an authorised
                                         signatory of UK Newco certifying that such Charged Company is not required to comply
                                         with Part 21A of the Companies Act 2006.

 

    145

     

    

 

Part B

Conditions Precedent Required to be Delivered by an Additional Obligor

 

		1	An
                                         Accession Document executed by the Additional Obligor and the Company (in the case of
                                         an Additional Obligor incorporated or organised under the laws of Spain, duly raised
                                         into the status of a Spanish Public Document).

 

		2	A copy
                                         of the Constitutional Documents of the Additional Obligor, including:

 

		(a)	in the case of any Additional
                                         Obligor incorporated in Germany, an electronic extract (Handelsregisterauszug)
                                         of a recent date from the common register portal of the German federal states (Gemeinsames
                                         Registerportal der Länder), a copy of the articles of association (Satzung),
                                         a copy of the list of its shareholders (Gesellschafterliste) and any by-laws,
                                         if applicable); and

 

		(b)	in the case of any Additional
                                         Obligor incorporated or organised under the laws of Spain, a copy of a deed raising into
                                         the status of a Spanish Public Document the resolutions of the general shareholders meetings
                                         and the resolutions of the management body of each Additional Obligor incorporated or
                                         organised under the laws of Spain.

 

		3	If
                                         required or customary under the relevant local law, a copy of a resolution of the board
                                         of directors:

 

		(a)	approving the terms of,
                                         and the transactions contemplated by, the Accession Document and the Finance Documents
                                         to which it is a party and resolving that it execute, deliver and perform the Accession
                                         Document and any other Finance Document to which it is party;

 

		(b)	determining (and setting
                                         out the reasons of that determination), that it has a corporate benefit justifying the
                                         assumption of any obligations it has pursuant to Clause 18.1 (Guarantee and Indemnity)
                                         of this Agreement and, as the case may be, the provision of the Transaction Security
                                         and that the assumption of such obligations and the provision of the Transaction Security
                                         relate to its corporate purpose;

 

		(c)	authorising a specified
                                         person or persons to execute the Accession Document and other Finance Documents to which
                                         it is a party on its behalf;

 

		(d)	authorising a specified
                                         person or persons, on its behalf, to sign and/or despatch all other documents and notices
                                         to be signed and/or despatched by it under or in connection with the Finance Documents
                                         to which it is a party; and

 

		(e)	authorising the Company
                                         to act as its agent in connection with the Finance Documents,

 

and, in the
case of any Additional Obligor incorporated or organised under the laws of Spain, a copy of a deed raising into the status of
a Spanish Public Document the resolutions of the general shareholders meetings and the resolutions of the management body of each
Additional Obligor incorporated or organised under the laws of Spain.

 

		4	A specimen
                                         of the signature of each person authorised by the resolutions referred to in paragraph
                                         3 above.

 

		5	If
                                         required or customary under the relevant local law, in the case of an Additional Obligor
                                         where such resolution is able to be obtained under the law of the place of incorporation
                                         of such Additional Obligor, a copy of a resolution signed by all of the holders of the
                                         issued or allotted shares in such Additional Obligor, approving the terms of, the transactions
                                         contemplated by, and the execution, delivery and performance of the Accession Document
                                         and the other Finance Documents to which it will be party (and including, in respect
                                         of any Transaction Security and/or guarantees provided by any Swedish Obligor, copies
                                         of the relevant Swedish Obligor’s shareholder’s meeting approving the granting
                                         of such Transaction Security and/or guarantees).

 

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		6	In
                                         relation to a Swedish Obligor and if applicable, evidence of a filing for registration
                                         of change of the board of directors of the relevant Swedish Obligor, including a copy
                                         of the application and any resolutions pertaining thereto.

 

		7	A certificate
                                         of the Additional Obligor (signed by a director or a duly authorised representative)
                                         confirming that:

 

		(a)	subject to the applicable
                                         limitations set out in Clause 18 (Guarantee and Indemnity), borrowing or guaranteeing
                                         or securing, as appropriate, the Total Commitments would not cause any borrowing, guarantee,
                                         security or similar limit binding on it to be exceeded, subject to any limitations set
                                         out in this Agreement or the relevant Accession Document; and

 

		(b)	none of the events or circumstances
                                         specified in Clause 23.6 (Insolvency) or 23.7 (Insolvency Proceedings)
                                         apply to it.

 

		8	A certificate
                                         of an authorised signatory of the Additional Obligor certifying that each copy document
                                         listed in this Part B of Schedule 2 is correct, complete and in full force and effect
                                         and has not been amended or superseded as at a date no earlier than the date of the Accession
                                         Document.

 

		9	If
                                         available, the latest audited financial statements of the Additional Obligor.

 

		10	All
                                         “know your customer” information relating to the Additional Obligor, required
                                         by the Finance Parties and to be provided in accordance with the terms of this Agreement.

 

		11	Legal
                                         opinions addressed to the Finance Parties from their legal advisers or, where customary
                                         in the relevant jurisdiction of the Additional Obligor, the Additional Obligor’s
                                         legal advisers as to the law of the applicable jurisdictions. 

 

		12	At
                                         least one original of the Transaction Security Documents creating Transaction Security
                                         as required in accordance with the Agreed Security Principles (provided that, in relation
                                         to the Acceding Guarantors, such Transaction Security shall be limited to the documentation
                                         set out in Schedule 14 (Post-Closing Transaction Security), duly executed by the
                                         Additional Obligor or its shareholders (as applicable).

 

		13	Any
                                         notices or documents required to be given or executed under the terms of the security
                                         documents referred to in paragraph 12 above on the date of entry into such security document.

 

		14	All
                                         share certificates, stock transfer forms and other documents of title required to be
                                         provided under the security documents referred to in paragraph 12 above or otherwise
                                         required to perfect (or facilitate the subsequent perfection, where applicable) and/or
                                         facilitate enforcement of, such security documents (in each case to the extent required
                                         to be delivered on the date of entry into such security document).

 

		15	Evidence
                                         that all expenses due and payable from the Company under this Agreement in respect of
                                         the Accession Document have been paid.

 

		16	If
                                         the Additional Obligor is incorporated in the United Kingdom, evidence that the Additional
                                         Obligor has done all that is necessary (including, without limitation, by re-registering
                                         as a private company) to comply (if applicable) with sections 677 to 683 of the Companies
                                         Act 2006 in order to enable that Additional Obligor to enter into the Finance Documents
                                         and perform its obligations under the Finance Documents.

 

    147

     

    

 

SCHEDULE 3

REQUESTS AND NOTICES

 

From: [Borrower] [Company]*

 

To:        [Agent]

 

Dated:

 

Dear Sirs

 

Odeon Cinemas Group Limited - Term Loan
Facility Agreement

dated [●] 2021 (the “Facility Agreement”)

 

		1.	We refer to the Facility Agreement.
                                         This is a Utilisation Request. Terms defined in the Facility Agreement have the same
                                         meaning in this Utilisation Request unless given a different meaning in this Utilisation
                                         Request.

 

		2.	We wish to borrow a Loan on the following
                                         terms:

 

	 	(a)	Borrower:	[●]
	 	(b)	Proposed Utilisation Date:	[●] (or, if that is
    not a Business Day, the next Business Day)
	 	(c)	Facility to be utilised:	[Facility B1][Facility B2]
	 	(d)	Currency of Loan:	[●]
	 	(e)	Amount:	[●] or, if less, the
    Available Facility
	 	(f)	Interest Period:	3 Months

 

		3.	We confirm that each condition specified
                                         in Clause 4.1 (Conditions Precedent) is satisfied on the date of this Utilisation
                                         Request.

 

		4.	[The proceeds of this
                                         Loan should be credited to [account]].

 

		5.	This Utilisation Request
                                         is irrevocable.

 

Yours faithfully

 

...............................................

[Insert title of relevant officer] [of the Company on behalf of [insert name of relevant Borrower]]/[insert name
of Borrower]*

NOTES:

 

*       Amend
as appropriate. The Utilisation Request can be given by the Borrower or by the Company.

 

**       [●]

 

    148

     

    

 

SCHEDULE 4

FORM OF TRANSFER CERTIFICATE

 

To:[●] as Agent and [●]
as Security Agent

 

From:[The Existing Lender]
(the “Existing Lender”) and [The New Lender] (the “New Lender”)

 

Dated:

 

Odeon Cinemas Group Limited - Term Loan
Facility Agreement

dated [●] 2021 (the “Facility Agreement”)

 

		1.	We refer to the Facility Agreement and
                                         to the Intercreditor Agreement (as defined in the Facility Agreement). This agreement
                                         (the “Agreement”) shall take effect as a Transfer Certificate for
                                         the purpose of the Facility Agreement and as a Creditor Accession Undertaking for the
                                         purposes of the Intercreditor Agreement (and as defined in the Intercreditor Agreement).
                                         Terms defined in the Facility Agreement have the same meaning in this Agreement unless
                                         given a different meaning in this Agreement.

 

		2.	We refer to Clause 24.5 (Procedure
                                         for Transfer) of the Facility Agreement:

 

		(a)	The Existing Lender and the New
                                         Lender agree to the Existing Lender transferring to the New Lender by novation all or
                                         part of the Existing Lender’s Commitment, rights and obligations referred to in
                                         the Schedule in accordance with Clause 24.5 (Procedure for Transfer).

 

		(b)	The proposed Transfer Date is [●].

 

		(c)	The Facility Office and address,
                                         fax number and attention details for notices of the New Lender for the purposes of Clause
                                         32.2 (Addresses) are set out in the Schedule.

 

		3.	The New Lender confirms, for the benefit
                                         of the Agent and without liability to any Obligor, that it is:

 

		(a)	[a Qualifying Lender (other than
                                         a Treaty Lender);]

 

		(b)	[a Treaty Lender;]

 

		(c)	[not a Qualifying Lender]. 1

 

		4.	The New Lender confirms that it is [not]
                                         a U.S. Person.

 

		6.	The New Lender expressly acknowledges
                                         the limitations on the Existing Lender’s obligations set out in paragraph (c) of
                                         Clause 24.4 (Limitation of Responsibility of Existing Lenders).

 

		[7/8]	[The New Lender confirms that the
                                         person beneficially entitled to interest payable to that Lender in respect of an advance
                                         under a Finance Document is either:

 

		(a)	a company resident in the United
                                         Kingdom for United Kingdom tax purposes;

 

		(b)	a partnership each member of which
                                         is:

 

		(i)	a company so resident in the United
                                         Kingdom; or

 

 

1 Delete as applicable - each
New Lender is required to confirm which of these three categories it falls within.

 

    149

     

    

 

		(ii)	a company not so resident in the
                                         United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
                                         and which brings into account in computing its chargeable profits (within the meaning
                                         of section 19 of the CTA) the whole of any share of interest payable in respect of that
                                         advance that falls to it by reason of Part 17 of the CTA; or

 

		(c)	a company not so resident in the
                                         United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
                                         and which brings into account interest payable in respect of that advance in computing
                                         the chargeable profits (within the meaning of section 19 of the CTA) of that company.]

 

		[8/9]	[The New Lender
                                         confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference
                                         number [●]) and is tax resident in [●], so that interest payable to it by
                                         borrowers is generally subject to full exemption from UK withholding tax and requests
                                         that the Company notify the Borrower that it wishes that scheme to apply to the Facility
                                         Agreement.]

 

		[9/10]	[The New Lender
                                         confirms that it [is]/[is not]* an Equity Investor.]

 

		[10/11]	We refer to clause 20.2 (Change
                                         of Secured Creditors) of the Intercreditor Agreement. In consideration of the New
                                         Lender being accepted as a Senior Lender for the purposes of the Intercreditor Agreement
                                         (and as defined therein), the New Lender confirms that, as from the Transfer Date, it
                                         intends to be party to the Intercreditor Agreement as a Senior Lender, and undertakes
                                         to perform all the obligations expressed in the Intercreditor Agreement to be assumed
                                         by a Senior Lender and agrees that it shall be bound by all the provisions of the Intercreditor
                                         Agreement, as if it had been an original party to the Intercreditor Agreement.

 

		[11/12]	It is expressly agreed that security
                                         created under any Transaction Security Document governed by Spanish law securing the
                                         rights transferred hereby will be preserved for the benefit of the New Lender for the
                                         purposes of Articles 1212 and 1528 of the Spanish Civil Code.

 

 

		*	Delete
                                         as applicable.

		**	Delete
                                         as applicable.

 

    150

     

    

 

 

	[12/13]
	

                                                                     The New Lender
                                         hereby confirms that it has received a copy of each of the Transaction Security Documents
                                         which are governed by German law and are pledges, is aware of their contents and hereby
                                         expressly consents to the declarations of the Security Agent made on behalf of the New
                                         Lender in such Transaction Security Documents.

 

		[13/14]	The New Lender expressly confirms
                                         that it [can/cannot] exempt the Agent from the restrictions pursuant to section 181 of
                                         the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions
                                         applicable to it pursuant to any other law as provided for in the Facility Agreement.

 

	[14/15]	This Agreement may be executed in any number of counterparts and this
    has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

		[15/16]	This Agreement and any non-contractual
                                         obligations arising out of or in connection with it are governed by English law.

 

		[16/17]	This Agreement has been entered
                                         into on the date stated at the beginning of this Agreement.Note:The execution
                                         of this Transfer Certificate may not transfer a proportionate share of the Existing Lender’s
                                         interest in the Transaction Security in all jurisdictions. It is the responsibility of
                                         the New Lender to ascertain whether any other documents or other formalities are required
                                         to perfect a transfer of such a share in the Existing Lender’s Transaction Security
                                         in any jurisdiction and, if so, to arrange for execution of those documents and completion
                                         of those formalities.

 

    151

     

    

 

THE SCHEDULE

COMMITMENT/RIGHTS AND OBLIGATIONS TO BE TRANSFERRED

 

[insert relevant details]

 

[Facility Office address, fax number
and attention details for notices and account details for payments,]

 

	[Existing Lender]	[New Lender]
	By:	By:

 

This Agreement is accepted as a Transfer
Certificate for the purposes of the Facility Agreement by the Agent, and as a Creditor Accession Undertaking for the purposes
of the Intercreditor Agreement by the Security Agent, and the Transfer Date is confirmed as [●].

 

[Agent]

 

By:

 

[Security Agent]

 

By:]

 

 

    152

     

    

 

SCHEDULE 5

FORM OF ASSIGNMENT AGREEMENT

 

		To:	[●] as Agent and [●],
                                         [●] as Security Agent, [●] as Company, for and on behalf of each Obligor

 

		From:	[the Existing Lender] (the “Existing
                                         Lender”) and [the New Lender] (the “New Lender”)

 

		Dated:	

 

Odeon Cinemas Group Limited –
Term Loan Facility Agreement

dated [●] 2021 (the “Facility Agreement”)

 

		1.	We refer to the Facility Agreement
                                         and to the Intercreditor Agreement (as defined in the Facility Agreement). This is an
                                         Assignment Agreement. This agreement (the “Agreement”) shall take
                                         effect as an Assignment Agreement for the purpose of the Facility Agreement and as a
                                         Creditor Accession Undertaking for the purposes of the Intercreditor Agreement (and as
                                         defined in the Intercreditor Agreement). Terms defined in the Facility Agreement have
                                         the same meaning in this Agreement unless given a different meaning in this Agreement.

 

		2.	We refer to Clause 24.6 (Procedure
                                         for Assignment) of the Facility Agreement:

 

		(a)	The Existing Lender assigns absolutely
                                         to the New Lender all the rights of the Existing Lender under the Facility Agreement,
                                         the other Finance Documents and in respect of the Transaction Security which correspond
                                         to that portion of the Existing Lender’s Commitments and participations in Loans
                                         under the Facility Agreement as specified in the Schedule.

 

		(b)	The Existing Lender is released
                                         from all the obligations of the Existing Lender which correspond to that portion of the
                                         Existing Lender’s Commitments and participations in Loans under the Facility Agreement
                                         specified in the Schedule.

 

		(c)	The New Lender becomes a Party
                                         as a Lender and is bound by obligations equivalent to those from which the Existing Lender
                                         is released under paragraph (b) above.

 

		3.	The proposed Transfer Date is [●].

 

		4.	The New Lender confirms, for the benefit
                                         of the Agent and without liability to any Obligor, that it is:

 

		(a)	[a
                                         Qualifying Lender (other than a Treaty Lender);]

 

		(b)	[a
                                         Treaty Lender;]

 

		(c)	[not a Qualifying Lender]. 2

 

		5.	The New Lender confirms that it is [not]
                                         a U.S. Person.

 

		6.	On the Transfer Date the New Lender
                                         becomes:

 

		(a)	Party to the relevant Finance Documents
                                         (other than the Intercreditor Agreement) as a Lender; and

 

		(b)	Party to the Intercreditor Agreement
                                         as a Senior Lender (as defined therein).

 

 

2 Delete as applicable - each
New Lender is required to confirm which of these three categories it falls within.

 

    153

     

    

 

		8.	The Facility Office and address, fax
                                         number and attention details for notices of the New Lender for the purposes of Clause
                                         32.2 (Addresses) are set out in the Schedule.

 

		9.	The New Lender expressly acknowledges
                                         the limitations on the Existing Lender’s obligations set out in paragraph (c) of
                                         Clause 24.4 (Limitation of Responsibility of Existing Lenders).

 

		[10/11]	[The New Lender confirms that
                                         the person beneficially entitled to interest payable to that Lender in respect of an
                                         advance under a Finance Document is either:

 

		(a)	a company resident in the United
                                         Kingdom for United Kingdom tax purposes;

 

		(b)	a partnership each member of which
                                         is:

 

		(i)	a company so resident in the United
                                         Kingdom; or

 

		(ii)	a company not so resident in the
                                         United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
                                         and which brings into account in computing its chargeable profits (within the meaning
                                         of section 19 of the CTA) the whole of any share of interest payable in respect of that
                                         advance that falls to it by reason of Part 17 of the CTA; or

 

		(c)	a company not so resident in the
                                         United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
                                         and which brings into account interest payable in respect of that advance in computing
                                         the chargeable profits (within the meaning of section 19 of the CTA) of that company.]

 

		[11/12]	[The New Lender confirms that
                                         it holds a passport under the HMRC DT Treaty Passport scheme (reference number [●])
                                         and is tax resident in [●], so that interest payable to it by borrowers is generally
                                         subject to full exemption from UK withholding tax and requests that the Company notify
                                         the Borrower that it wishes that scheme to apply to the Facility Agreement.

 

		[12/13]	The New Lender confirms that it
                                         [is]/[is not]* an Equity Investor.

 

		[13/14]	We refer to clause 20.2 (Change
                                         of Secured Creditors) of the Intercreditor Agreement. In consideration of the New
                                         Lender being accepted as a Senior Lender for the purposes of the Intercreditor Agreement
                                         (and as defined in the Intercreditor Agreement), the New Lender confirms that, as from
                                         the Transfer Date, it intends to be party to the Intercreditor Agreement as a Senior
                                         Lender, and undertakes to perform all the obligations expressed in the Intercreditor
                                         Agreement to be assumed by a Senior Lender and agrees that it shall be bound by all the
                                         provisions of the Intercreditor Agreement, as if it had been an original party to the
                                         Intercreditor Agreement.

 

		[14/15]	This Agreement acts as notice
                                         to the Agent (on behalf of each Finance Party) and, upon delivery in accordance with
                                         clause 24.8 (Copy of Transfer Certificate, Assignment Agreement or Increase Confirmation
                                         to Company), to the Company (on behalf of each Obligor) of the assignment referred
                                         to in this Agreement.

 

		[17/18]	It is expressly agreed that security
                                         created under any Transaction Security Document governed by Spanish law securing the
                                         rights assigned hereby will be preserved for the benefit of the New Lender for the purposes
                                         of Articles 1212 and 1528 of the Spanish Civil Code.

 

	[18/19]	The New Lender hereby confirms that it has received a copy of each of
    the Transaction Security Documents which are governed by German law and are pledges, is aware of their contents and hereby
    expressly consents to the declarations of the Security Agent made on behalf of the New Lender in such Transaction Security
    Documents.

 

 

		*	Delete as applicable.

 

    154

     

    

 

 

		[19/20]	The New Lender expressly confirms
                                         that it [can/cannot] exempt the Agent from the restrictions pursuant to section 181 of
                                         the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions
                                         applicable to it pursuant to any other law as provided for in the Facility Agreement.

 

	[20/21]	This Agreement may be executed in any number of counterparts and this
    has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

		[21/22]	This Agreement and any non-contractual
                                         obligations arising out of or in connection with it are governed by English law.

 

		[22/23]	This Agreement has been entered
                                         into on the date stated at the beginning of this Agreement.

 

		Note:	The execution of this
                                         Assignment Agreement may not transfer a proportionate share of the Existing Lender’s
                                         interest in the Transaction Security in all jurisdictions. It is the responsibility of
                                         the New Lender to ascertain whether any other documents or other formalities are required
                                         to perfect a transfer of such a share in the Existing Lender’s Transaction Security
                                         in any jurisdiction and, if so, to arrange for execution of those documents and completion
                                         of those formalities.

 

    155

     

    

 

THE SCHEDULE

COMMITMENT/RIGHTS AND OBLIGATIONS TO BE TRANSFERRED BY ASSIGNMENT, RELEASE AND ACCESSION

 

[insert relevant details]

 

[Facility office address, fax number
and attention details for notices and account details for payments]

 

	[Existing Lender]	[New Lender]
	By:	By:

 

This Agreement is accepted as an Assignment
Agreement for the purposes of the Facility Agreement by the Agent, and as a Creditor Accession Undertaking for the purposes of
the Intercreditor Agreement by the Security Agent, and the Transfer Date is confirmed as [●].

 

Signature of this Agreement by the Agent
constitutes confirmation by the Agent of receipt of notice of the assignment referred to in this Agreement, which notice the Agent
receives on behalf of each Finance Party.

 

[Agent]

 

By:

 

[Security Agent]

 

By:

 

    156

     

    

 

SCHEDULE 6

FORM OF ACCESSION DOCUMENT

 

		To:	[●] as Agent and [●] as
                                         Security Agent for itself and each of the other parties to the Intercreditor Agreement
                                         referred to below

 

		From:	[Subsidiary] and Company]
                                         Dated:

 

Dear Sirs

 

Odeon Cinemas Group Limited –
Term Loan Facility Agreement

dated [●] 2021 (the “Facility Agreement”)

 

		1.	We refer to the Facility Agreement and
                                         to the Intercreditor Agreement. This deed (the “Accession Document”)
                                         shall take effect as an Accession Document for the purposes of the Facility Agreement
                                         and as a Debtor Accession Deed for the purposes of the Intercreditor Agreement (and as
                                         defined in the Intercreditor Agreement). Terms defined in the Facility Agreement have
                                         the same meaning in paragraphs 1- 3 of this Accession Document unless given a different
                                         meaning in this Accession Document.

 

		2.	[In light of Clause 18.14 (Guarantee
                                         Limitations: Spain)]3
                                         [Subsidiary] agrees to become an Additional Guarantor and to be bound
                                         by the terms of the Facility Agreement and the other Finance Documents (other than the
                                         Intercreditor Agreement) as an Additional Guarantor pursuant to Clause 26.2 (Additional
                                         Guarantors) of the Facility Agreement. [Subsidiary] is a company duly incorporated
                                         under the laws of [name of relevant jurisdiction] and is a limited liability company
                                         and registered number [●].

 

		3.	[Subsidiary’s] administrative
                                         details for the purposes of the Facility Agreement and the Intercreditor Agreement are
                                         as follows:

 

Address:

 

Fax No.:

 

Attention:

 

		4.	[Subsidiary] (for the purposes of this
                                         paragraph 4, the “Acceding Debtor”) intends to [incur Liabilities
                                         under the following documents]/[give a guarantee, indemnity or other assurance against
                                         loss in respect of Liabilities under the following documents]:

 

[Insert details (date,
parties and description) of relevant documents]

 

the “Relevant Documents”.

 

IT IS AGREED as follows:

 

		(a)	Terms defined in the Intercreditor
                                         Agreement shall, unless otherwise defined in this Accession Document, bear the same meaning
                                         when used in this paragraph 4.

 

		(b)	The Acceding Debtor and the Security
                                         Agent agree that the Security Agent shall hold:

 

		(i)	[any Transaction Security (other
                                         than Transaction Security governed by Spanish law) in respect of Liabilities created
                                         or expressed to be created pursuant to the Relevant Documents;

 

		(ii)	all proceeds of that Transaction
                                         Security (other than Transaction Security governed by Spanish law); and]4

 

 

3 To be included if the Additional
Guarantor is a company incorporated under the laws of Spain

 

    157

     

    

 

		(iii)	all obligations expressed to be
                                         undertaken by the Acceding Debtor to pay amounts in respect of the Liabilities to the
                                         Security Agent for the benefit of the Secured Parties (in the Relevant Documents or otherwise)
                                         and secured by the Transaction Security together with all representations and warranties
                                         expressed to be given by the Acceding Debtor (in the Relevant Documents or otherwise)
                                         in favour of the Security Agent for the benefit of the Secured Parties,

 

on trust for the Secured Parties
on the terms and conditions contained in the Intercreditor Agreement.

 

		(c)	The Acceding Debtor confirms that
                                         it intends to be party to the Intercreditor Agreement as a Debtor, undertakes to perform
                                         all the obligations expressed to be assumed by a Debtor under the Intercreditor Agreement
                                         and agrees that it shall be bound by all the provisions of the Intercreditor Agreement
                                         as if it had been an original party to the Intercreditor Agreement.

 

		(d)	[In consideration of the Acceding
                                         Debtor being accepted as an Intra-Group Lender for the purposes of the Intercreditor
                                         Agreement, the Acceding Debtor also confirms that it intends to be party to the Intercreditor
                                         Agreement as an Intra-Group Lender, and undertakes to perform all the obligations expressed
                                         in the Intercreditor Agreement to be assumed by an Intra-Group Lender and agrees that
                                         it shall be bound by all the provisions of the Intercreditor Agreement, as if it had
                                         been an original party to the Intercreditor Agreement].5

 

		5.	[This Accession Document will be formalised
                                         in a Spanish Public Document at the cost of the Additional Guarantor, so that it may
                                         have the status of a Spanish Public Document and for all purposes contemplated in Article
                                         517, number 4 of the Spanish Civil Procedural Act. The public deed raising this Accession
                                         Document to the status of Spanish Public Document shall reproduce in Spanish the terms
                                         and conditions of Clause 43 of the Facility Agreement (Special Provisions regarding
                                         enforcement under the Laws of Spain).]6

 

		6.	This Accession Document and any non-contractual
                                         obligations arising out of or in connection with it are governed by English law.

 

 

4 Include
to the extent that the Security created in the Relevant Documents is expressed to be granted to the Security Agent as trustee
for the Secured Parties.

5 Include this paragraph in
this Accession Deed if the Subsidiary is also to accede as an Intra-Group Lender to the Intercreditor Agreement.

6 Include this paragraph if
the Additional Guarantor is a company incorporated under the laws of Spain

 

    158

     

    

 

THIS ACCESSION DOCUMENT has been
signed on behalf of the Security Agent (for the purposes of paragraph 4 above only), signed on behalf of the Company and executed
as a deed by [Subsidiary] and is delivered on the date stated above.

 

	[Subsidiary]	 	 
	 	 	 
	[EXECUTED as a DEED	)	
	By: [Subsidiary]	)	
		 	Director
	 	 	 
		 	Director/Secretary
	 	 	 
	OR	 	 
	 	 	 
	[EXECUTED as a DEED	 	 
	By: [Subsidiary]	 	 
	 	 	 
		 	Signature of Director
	 	 	 
		 	Name of Director
	 	 	 
	in the presence of	 	 
	 	 	 
		 	Signature of witness
	 	 	 
		 	Name of witness
	 	 	 
		 	Address of witness
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
		 	Occupation of witness]
	The [Company]

                                              
	 	 
	By:   	                   	 	[Company]
	The Security Agent	 	 
	[Full Name of Current Security Agent]	 	 
	By:	 	 
	Date:	 	 

 

    159

     

    

 

SCHEDULE 7

FORM OF RESIGNATION LETTER

 

		To:	[●] as Agent

 

		From:	[resigning Obligor] and [Company]

 

		Dated:	

 

Dear Sirs

 

Odeon Cinemas Group Limited –
Term Loan Facility Agreement

dated [●] 2021 (the “Facility Agreement”)

 

		1.	We refer to the Facility Agreement.
                                         This is a Resignation Letter. Terms defined in the Facility Agreement have the same meaning
                                         in this Resignation Letter unless given a different meaning in this Resignation Letter.

 

		2.	Pursuant to Clause 26.3 (Resignation
                                         of a Guarantor), we request that [resigning Obligor] be released from its
                                         obligations as a Guarantor under the Facility Agreement and the Finance Documents (other
                                         than the Intercreditor Agreement).

 

		3.	We confirm that:

 

		(a)	no Default is continuing or would
                                         result from the acceptance of this request; and

 

		(b)	*[[this request is given in relation
                                         to a Permitted Reorganisation of [resigning Obligor];

 

		(c)	[●]***

 

		4.	This Resignation Letter and any non-contractual
                                         obligations arising out of or in connection with it are governed by English law.

 

[Company][resigning Obligor]

 

By:By:

 

NOTES:

 

		*	Insert where resignation only permitted
                                         in case of a Permitted Reorganisation.

		**	Amend as appropriate, e.g. to reflect
                                         agreed procedure for payment of proceeds into a specified account.

		***	Insert any other conditions required
                                         by the Facility Agreement.

 

    160

     

    

 

SCHEDULE 8

FORM OF COMPLIANCE CERTIFICATE

 

		To:	[●] as Agent

 

		From:	[Company]

 

		Dated:	

 

Dear Sirs

 

Odeon Cinemas Group Limited - Term Loan
Facility Agreement

dated [●] 2021 (the “Facility Agreement”)

 

		1.	We refer to the Facility Agreement.
                                         This is a Compliance Certificate. Terms defined in the Facility Agreement have the same
                                         meaning when used in this Compliance Certificate unless given a different meaning in
                                         this Compliance Certificate.

 

		2.	We confirm that Liquidity on the most
                                         recent Quarter Date was [●].

 

		3.	We confirm that no Default is continuing7.

 

		4.	[We confirm that the aggregate of the
                                         earnings before interest, tax, depreciation and amortisation (calculated on the same
                                         basis as Consolidated EBITDA) of the Guarantors (calculated on an unconsolidated basis
                                         and excluding all intra group items and investments in Subsidiaries of any member of
                                         the Group) represents not less than 75% of Consolidated EBITDA of the Group].8

 

	Signed	 		
	 	Director	 	Director
	 	of	 	of
	 	[Company]	 	[Company]
	 	 	 	 

 

 

7 If this statement cannot
be made, the certificate should identify any Default that is continuing and steps, if any, being taken to remedy it.

8 Given only with the compliance
certificate delivered following the end of a Financial Year

 

    161

     

    

 

SCHEDULE 9

LMA FORM OF CONFIDENTIALITY UNDERTAKING

 

[Letterhead of Seller]

 

To:[insert name of Potential Purchaser]

 

Re: Odeon Cinemas Group Limited (the “Company”)
 – Term Loan Facility Agreement dated [●] 2021 (the “Agreement”)

 

Dear Sirs

 

We understand that you are considering
acquiring an interest in the Agreement which, subject to the Agreement, may be by way of novation, assignment, the entering into,
whether directly or indirectly, of a sub-participation 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 or by way of investing in or otherwise financing,
directly or indirectly, any such novation, assignment, sub-participation or other transaction (the “Acquisition”).
In consideration of us agreeing to make available to you certain information, by your signature of a copy of this letter you agree
as follows:

 

		1	CONFIDENTIALITY UNDERTAKING

 

You undertake (a) to keep all
Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 below and
to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to your
own confidential information, and (b) until the Acquisition is completed to use the Confidential Information only for the Permitted
Purpose.9

 

		2	PERMITTED DISCLOSURE

 

We agree that you may disclose:

 

		(a)	to any of your Affiliates
                                         and any of your or their officers, directors, employees, professional advisers and auditors
                                         such Confidential Information as you shall consider appropriate if any person to whom
                                         the Confidential Information is to be given pursuant to this paragraph 2(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)	subject to the requirements
                                         of the Agreement, to any person:

 

		(i)	to (or through) whom you assign
                                         or transfer (or may potentially assign or transfer) all or any of your rights and/or
                                         obligations which you may acquire under the Agreement such Confidential Information as
                                         you shall consider appropriate if the person to whom the Confidential Information is
                                         to be given pursuant to this sub-paragraph (i) of paragraph 2(b) has delivered a letter
                                         to you in equivalent form to this letter;

 

		(ii)	with (or through) whom you
                                         enter into (or may potentially enter into) any sub-participation in relation to, or any
                                         other transaction under which payments are to be made or may be made by reference to
                                         the Agreement or any Obligor such Confidential Information as you shall consider appropriate
                                         if the person to whom the Confidential Information is to be given pursuant to this sub-paragraph
                                         (ii) of paragraph 2(b) has delivered a letter to you in equivalent form to this letter;

 

 

9 Please
note that the Permitted Purpose ceases to apply on completion of the Acquisition however if the Acquisition does not complete,
the prospective purchaser is not permitted to use any Confidential Information it has acquired for any purpose other than the
Permitted Purpose.

 

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		(iii)	to whom information is required
                                         or requested to be disclosed by 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 such Confidential Information as you shall consider appropriate;
                                         and

 

		(c)	notwithstanding paragraphs
                                         2(a) and 2(b) above, Confidential Information to such persons to whom, and on the same
                                         terms as, a Finance Party is permitted to disclose Confidential Information under the
                                         Agreement, as if such permissions were set out in full in this letter and as if references
                                         in those permissions to Finance Party were references to you.

 

		3	NOTIFICATION OF DISCLOSURE

 

You agree (to the extent permitted
by law and regulation) to inform us:

 

		(a)	of the circumstances of
                                         any disclosure of Confidential Information made pursuant to sub-paragraph (iii) of paragraph
                                         2(b) above 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 letter.

 

		4	RETURN OF COPIES

 

If you do not enter into the
Acquisition and we so request in writing, you shall return all Confidential Information supplied to you by us and destroy or permanently
erase (to the extent technically practicable) all copies of Confidential Information made by you and use your reasonable endeavours
to ensure that anyone to whom you have supplied any Confidential Information destroys or permanently erases (to the extent technically
practicable) such Confidential Information and any copies made by them, in each case save to the extent that you or the recipients
are required to retain any such Confidential Information by any applicable law, rule or regulation or by any competent judicial,
governmental, supervisory or regulatory body or in accordance with internal policy, or where the Confidential Information has
been disclosed under sub-paragraph (iii) of paragraph 2(b) above.

 

		5	CONTINUING OBLIGATIONS

 

The obligations in this letter
are continuing and, in particular, shall survive and remain binding on you until (a) if you acquire an interest in the Agreement
by way of novation, the date on which you acquire such an interest; (b) if you enter into the Acquisition other than by way of
novation, the date falling [twelve] months after termination of that Acquisition; or (c) in any other case [twelve] months after
the date of this letter.

 

		6	NO REPRESENTATION; CONSEQUENCES OF BREACH,
                                         ETC

 

You acknowledge and agree that:

 

		(a)	neither we, nor any member
                                         of the Group nor any of our or their respective officers, employees or advisers (each
                                         a “Relevant Person”) (i) make any representation or warranty, express
                                         or implied, as to, or assume any responsibility for, the accuracy, reliability or completeness
                                         of any of the Confidential Information or any other information supplied by us or the
                                         assumptions on which it is based or (ii) shall be under any obligation to update or correct
                                         any inaccuracy in the Confidential Information or any other information supplied by us or be otherwise liable to
you or any other person in respect of the Confidential Information or any such information; and

 

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		(b)	we or members of the Group
                                         may be irreparably harmed by the breach of the terms of this letter and damages may not
                                         be an adequate remedy; each Relevant Person may be granted an injunction or specific
                                         performance for any threatened or actual breach of the provisions of this letter by you.

 

		7	ENTIRE AGREEMENT: NO WAIVER; AMENDMENTS,
                                         ETC

 

		(a)	This letter constitutes
                                         the entire agreement between us in relation to your obligations regarding Confidential
                                         Information and supersedes any previous agreement, whether express or implied, regarding
                                         Confidential Information.

 

		(b)	No failure or delay in exercising
                                         any right or remedy under this letter will operate as a waiver thereof nor will any single
                                         or partial exercise of any right or remedy preclude any further exercise thereof or the
                                         exercise of any other right or remedy under this letter.

 

		(c)	The terms of this letter
                                         and your obligations under this letter may only be amended or modified by written agreement
                                         between us.

 

		8	INSIDE INFORMATION

 

You acknowledge that some or
all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated
or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and you undertake
not to use any Confidential Information for any unlawful purpose.

 

		9	NATURE OF UNDERTAKINGS

 

The undertakings given by you
under this letter are given to us and are also given for the benefit of the Company and each other member of the Group.

 

		10	THIRD PARTY RIGHTS

 

		(a)	Subject to this paragraph
                                         10 and to paragraphs 6 and 9, a person who is not a party to this letter has no right
                                         under the Contracts (Rights of Third Parties) Act 1999 (the “Third Parties Act”)
                                         to enforce or to enjoy the benefit of any term of this letter.

 

		(b)	The Relevant Persons may
                                         enjoy the benefit of the terms of paragraphs 6 and 9 subject to and in accordance with
                                         this paragraph 10 and the provisions of the Third Parties Act.

 

		(c)	Notwithstanding any provisions
                                         of this letter, the parties to this letter do not require the consent of any Relevant
                                         Person to rescind or vary this letter at any time.

 

		11	GOVERNING LAW AND JURISDICTION

 

		(a)	This letter (including the
                                         agreement constituted by your acknowledgement of its terms) (the “Letter”)
                                         and any non-contractual obligations arising out of or in connection with it (including
                                         any non-contractual obligations arising out of the negotiation of the transaction contemplated
                                         by this Letter) are governed by English law.

 

		(b)	The courts of England have
                                         non-exclusive jurisdiction to settle any dispute arising out of or in connection with
                                         this Letter (including a dispute relating to any non-contractual obligation arising out
                                         of or in connection with either this Letter or the negotiation of the transaction contemplated
                                         by this Letter).

 

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		12	DEFINITIONS

 

In this letter (including the
acknowledgement set out below) terms defined in the Agreement shall, unless the context otherwise requires, have the same meaning
and:

 

“Confidential Information”
means all information relating to the Company, any Obligor, the Group, the Finance Documents, [the/a] Facility and/or the Acquisition
which is provided to you in relation to the Finance Documents or [the/a] Facility by us or any of our affiliates or advisers,
in whatever form, and includes information given orally and any document, electronic file or any other way of representing or
recording information which contains or is derived or copied from such information but excludes information that:

 

		(a)	is or becomes public information
                                         other than as a direct or indirect result of any breach by you of this letter; or

 

		(b)	is identified in writing
                                         at the time of delivery as non-confidential by us or our advisers; or

 

		(c)	is known by you before the
                                         date the information is disclosed to you by us or any of our affiliates or advisers or
                                         is lawfully obtained by you after that date, from a source which is, as far as you are
                                         aware, unconnected with the Group and which, in either case, as far as you are aware,
                                         has not been obtained in breach of, and is not otherwise subject to, any obligation of
                                         confidentiality.

 

“Group” means
the Company and its subsidiaries for the time being (as such term is defined in the Companies Act 2006).

 

“Permitted Purpose”
means considering and evaluating whether to enter into the Acquisition.

 

Please acknowledge your agreement to the
above by signing and returning the enclosed copy.

 

	Yours faithfully	 
	 	 
	 	 
	For and on behalf of	 
	 	 
	[Seller]	 
	 	 
	 	 
	 	 
	To:      [Seller]	 
	 	 
	The Company and each other member of the Group	 
	 	 
	We acknowledge and agree to the above:	 
	 	 
	 	 
	For and on behalf of	 

 

[Potential Purchaser]

 

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SCHEDULE 10

TIMETABLES

 

	 	Loans in

    sterling	Loans in euro,
	Delivery of a duly completed
    Utilisation Request (Clause 5.1 (Delivery of a Utilisation Request))	U-3

         

        12.00pm

         
	U-3

         

        12.00pm

         

	Agent notifies the Lenders of
    the Loan in accordance with Clause 5.4 (Lenders’ Participation) and, if required, the Base Currency Amount of
    the Loan	U-3

         

        3.30pm

         
	U-3

         

        3.30pm

         

	Each Lender makes its participation
    in a Loan available in accordance with 

    Clause 5.4 (Lenders’ Participation)	U

         

        9.30am

         
	U

         

        9.30am

         

	U=date of utilisation.	 	 
	U – X=X Business
    Days prior to date of utilisation	 	 

 

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SCHEDULE 11

AGREED SECURITY PRINCIPLES

 

The parties have agreed and acknowledged
that their rights and obligations in relation to this transaction in respect of (i) the giving or taking of guarantees; (ii) the
giving or taking of security; and (iii) all the rights and obligations associated with such giving or taking of guarantees and
security, shall be subject to and limited by the agreed security principles set out in this Schedule (the “Agreed Security
Principles”).

 

		1	Description of security

 

		(a)	Subject to these Agreed
                                         Security Principles, the parties agree that the overriding intention is for security
                                         in respect of the Finance Documents only to be granted:

 

		(i)	by each Obligor incorporated
                                         in England and Wales (A) by way of fixed charge over its shares, intellectual property
                                         (as described in sub-paragraph (iii) below), receivables, bank accounts, intercompany
                                         receivables, any hedging agreements, licenses, consents and agreements held by it in
                                         connection with the use of its assets and goodwill and uncalled capital and (B) by way
                                         of assignment of its material insurance policies;

 

		(ii)	by each Obligor incorporated
                                         in Finland, Germany, Spain and Sweden over (A) shares it owns in any entity in accordance
                                         with sub-paragraph (v) below, (B) any intercompany receivables and (C) bank accounts
                                         (without control over use and, in relation to Spanish law governed account pledges, without
                                         control over use until a Declared Default occurs);

 

		(iii)	by each relevant Obligor
                                         incorporated in (A) England and Wales over its intellectual property in the Odeon brand;
                                         (B) Sweden over its intellectual property in the Filmstaden brand; (C) Germany over its
                                         intellectual property in the UCI brand; (D) Spain over its intellectual property in the
                                         Cinesa brand (and, initially, such security shall only be in the form of a promise of
                                         mortgage over intellectual property and an irrevocable power of attorney until an Event
                                         of Default occurs, and afterwards the promissory security shall be replaced with the
                                         relevant mortgage over intellectual property); and (E) Finland over its intellectual
                                         property in the Finnkino brand;

 

		(iv)	using commercially reasonable
                                         endeavours, by each Obligor over certain rights under (i) lease agreements and (ii) loyalty
                                         agreements (“Contracts”), provided that, without prejudice to paragraph
                                         2(e) below, in each case, such security is permitted under the terms of the relevant
                                         Contract and any law or regulation applicable to the relevant Obligor; and

 

		(v)	over shares in: (A) each Obligor
                                         incorporated in England and Wales (including the shares of Odeon Cinemas Group Limited
                                         pursuant to a third party share pledge), NCG Holding AB, Filmstaden AB, Filmstaden Media
                                         AB, United Cinemas International Multiplex GmbH, United Cinemas International Novoplex
                                         GmbH, United Cinemas International Lumoplex GmbH, United Cinemas International Kinoplex
                                         GmbH, United Cinemas International Digiplex GmbH, Cinesa – Compañía
                                         de Iniciativas y Espectáculos, S.A. and Finnkino Oy (the “Obligor Share
                                         Pledges”); and (B) United Cinemas International Multiplex B.V., UCI Holdings
                                         Ireland Limited and UCI Italia SPA (the “European Topco Share Pledges”
                                         and together with the Obligor Share Pledges, the “Transaction Share Pledges”),

 

and that no other security
shall be required to be given by any other person or in relation to any other asset, save, in each case, as provided in paragraph
(b) below (the “Overriding Principle”).

 

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		(b)	Obligors incorporated in
                                         England and Wales and Finland will grant a customary floating charge over all or substantially
                                         all of their assets located in their jurisdiction of incorporation, subject to customary
                                         carve-outs, which are required as a matter of law and/or contractual arrangements which
                                         impose restrictions on the provision of security over certain assets, in accordance with
                                         and subject to these Agreed Security Principles. In respect of any floating charge provided
                                         in Finland, the relevant Obligor will deliver an original signed business mortgage promissory
                                         note to the Finnish Patent and Registration Authority within ten (10) Business Days of
                                         executing the floating charge.

 

		2	Certain Principles

 

The Agreed Security Principles
embody the recognition by all parties that there may be certain legal and practical difficulties in obtaining effective or commercially
reasonable guarantees and security from UK Newco and all members of the Group in which it has been agreed that guarantees and
security will be granted by UK Newco (for the avoidance of doubt, UK Newco is not and will not be a Guarantor) and those members.
In particular:

 

		(a)	general legal and statutory
                                         limitations, regulatory restrictions, financial assistance, capital maintenance, corporate
                                         benefit, equity subordination, detrimental transactions and management insolvency liability
                                         rules, fraudulent preference, limitations of the granting of guarantee by holding companies,
                                         “interest stripping”, “earnings stripping”, “controlled
                                         foreign corporation”, transfer pricing or “thin capitalisation” rules,
                                         tax restrictions, exchange control restrictions, capital maintenance rules and “liquidity
                                         impairment” rules, retention of title claims and similar principles may prohibit,
                                         limit or otherwise restrict the ability of a member of the Group to provide a guarantee
                                         or security or may require that the guarantee or security be limited by an amount or
                                         otherwise. The Company and/or relevant security and/or guarantee provider will use reasonable
                                         endeavours to assist in demonstrating that adequate corporate benefit accrues to each
                                         guarantor of guarantees and security. If any such limit applies, the guarantees and security
                                         provided (or the enforceability thereof) will be subject to customary limitation language
                                         and limited to the maximum amount which the relevant member of the Group may provide
                                         having regard to applicable law (including any jurisprudence) and the rules and principles
                                         outlined above and subject to fiduciary and applicable legal duties of management;

 

		(b)	certain supervisory board,
                                         works council, regulator or regulatory board (or equivalent), or another external body’s
                                         or person’s consent, approval or advice may be required to enable a member of the
                                         Group to provide a guarantee or security. Such guarantee and/or security shall not be
                                         required unless such consent has been received provided that reasonable endeavours have
                                         been used by the relevant member of the Group to obtain the relevant consent or advice
                                         to the extent permissible by law, regulation and custom and such consent has no material
                                         adverse impact on relationships with third parties;

 

		(c)	the giving of a guarantee,
                                         the granting and the terms of security or the perfection of the security granted will
                                         not be required to the extent that it would, as reasonably determined by the Company,
                                         incur any legal fees, registration fees, notarisation and registration fees, stamp duty,
                                         taxes (including any corporate tax applicable to any guarantee fee that may due under
                                         applicable transfer pricing regulations) and any other fees or costs directly associated
                                         with such security or guarantee or limit the deductibility of interest expenses in amounts
                                         which are disproportionate to the benefit obtained by the Finance Parties;

 

		(d)	where there is material
                                         incremental cost involved in creating security over all assets owned by an Obligor in
                                         a particular category the principle stated at paragraph (c) above shall apply and, subject
                                         to these Agreed Security Principles, only the material assets in that category shall
                                         be subject to security;

 

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		(e)	any assets subject to a
                                         legal requirement (including any requirement to obtain consent from customers pursuant
                                         to applicable data protection laws or regulations), contract, lease, licence, instrument,
                                         regulatory constraint (including any agreement with any government or regulatory body)
                                         or other third party arrangements (including shareholder agreements, joint venture agreements
                                         and cash pool arrangements relating to bank accounts) which may prevent those assets
                                         from being charged or assigned (or assets which, if charged or assigned, would give a
                                         third party the right to terminate or otherwise amend any rights, benefits and/or obligations
                                         of the Group in respect of those assets) will be excluded from any relevant security
                                         document and any requirement to give security or guarantee provided that, if the relevant
                                         asset is material and the Company determines (acting reasonably) that such endeavours
                                         will not jeopardise commercial relationships with third parties, the relevant member
                                         of the Group will use reasonable endeavours to obtain any necessary consent or waiver
                                         within forty five (45) days, provided further that if the relevant member of the Group
                                         has not been able to obtain such consent or waver, its obligation to obtain any consent
                                         or waiver will cease on the expiry of that forty five (45) day period;

 

		(f)	members of the Group will
                                         not be required to give guarantees or enter into Transaction Security Documents if (i)
                                         it is not within the legal capacity of the relevant members of the Group to do so (ii)
                                         it results in the security document being null and void, or (iii) it would conflict with
                                         the fiduciary and legal duties of their directors, officers or employees, contravene
                                         any legal or regulatory prohibition, or regulatory condition or result in a risk of personal
                                         civil or criminal liability on the part of any director, officer or employee. The Security
                                         Agent or the other secured parties, as the case may be, shall discharge any guarantees
                                         and release any security which is or are subject to any legal or regulatory prohibition
                                         as is referred to in this paragraph as soon as reasonably practicable after becoming
                                         aware of such prohibition;

 

		(g)	the giving of a guarantee,
                                         the granting of security or the perfection of security granted will not be required if
                                         it would be unduly burdensome or restrict the ability of the relevant member of the Group
                                         to conduct its operations and business in the ordinary course or as otherwise permitted
                                         by the Finance Documents and any requirement under these Agreed Security Principles to
                                         seek the consent of any person or to take or not take any other action shall be subject
                                         to this paragraph (g);

 

		(h)	it is acknowledged that
                                         in certain jurisdictions, it may be impossible, impractical, or disproportionately costly
                                         to create guarantees or security over certain categories of assets, in which event guarantees
                                         or security will not be taken over such assets;

 

		(i)	the security will be first
                                         ranking, to the extent possible, subject to any non-consensual liens and other liens
                                         mandatorily preferred by any applicable law and permitted under the Finance Documents;

 

		(j)	information, such as lists
                                         of assets (including, without limitation, receivables), will be provided if, and only
                                         to the extent, required by local law to be provided to perfect or register the relevant
                                         security interests and when required, unless required to be provided by local law more
                                         frequently, will be provided annually or, following an Event of Default which is continuing,
                                         at the Security Agent’s reasonable request;

 

		(k)	the maximum guaranteed or
                                         secured amount may be limited to minimise stamp duty, notarisation, registration or other
                                         applicable fees, taxes and duties where the benefit of increasing the guaranteed or secured
                                         amount is disproportionate to the level of such fees, taxes and duties (and, in any event,
                                         the maximum aggregate amount payable by the Group in respect of fees, costs, expenses,
                                         disbursements and VAT relating to the provision of guarantees and security shall be limited
                                         to an amount to be agreed between the Security Agent and the Company);

 

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		(l)	no perfection action will
                                         be required in jurisdictions where Obligors are not incorporated but perfection action
                                         may be required in respect of the Transaction Share Pledges in the jurisdiction of incorporation
                                         of the entity whose shares are being charged;

 

		(m)	all security (other than
                                         share security, which shall in each case be subject in all respects to paragraph 7 below)
                                         shall be governed by the law of and secure assets located in the jurisdiction of incorporation
                                         of the Obligor;

 

		(n)	subject to paragraph 4(c)
                                         below, the Security Agent will hold one set of security interests for the Secured Obligations
                                         (as defined in the Intercreditor Agreement) to the extent reasonably practicable taking
                                         into account local law considerations;

 

		(o)	no guarantee or security
                                         will be required from or over ownership interests in, or over the assets of, (i) any
                                         entity incorporated in an Excluded Jurisdiction or (ii) any joint venture or similar
                                         arrangement or any company in which a member of the Group owns a minority interest;

 

		(p)	security shall not be created
                                         to the extent that it would result in a Lender becoming subject to German non-resident
                                         tax liability as regards interest payable under a Facility and/or trigger a German withholding
                                         tax deduction (including any withholding tax deduction upon issuance of an administrative
                                         order by the competent German tax authorities), unless in each case such taxes are for
                                         the account of the relevant Lender and are not subject to any indemnification or gross-
                                         up obligation by any Obligor;

 

		(q)	members of the Group will
                                         not be required to give guarantees or enter into security documents if they are not wholly
                                         owned by another member or members of the Group and no member of the Group will be required
                                         to grant security over shares in any entity which is not wholly-owned by members of the
                                         Group; and

 

		(r)	no member of the Group that
                                         is subject to a license under any law or regulation that would prohibit or materially
                                         restrict the granting of security or giving of guarantees shall be required to grant
                                         any security or give any guarantees, provided that reasonable endeavours to obtain consent
                                         or waivers from any relevant party shall be used by the relevant member of the Group
                                         if the relevant member of the Group is an Obligor and if, in the view of the Company
                                         (acting reasonably), granting such security or giving such guarantee will have no material
                                         adverse impact on relationships with third parties or otherwise force the relevant member
                                         of the Group or the Group to incur any material cost.

 

		3	Terms of Guarantee and Security Documents

 

The following principles will
be reflected in the terms of any guarantee and or security taken as part of this transaction:

 

		(a)	security will not be enforceable
                                         or crystallise until the giving of notice by the Agent under paragraph (a) of Clause
                                         23.16 (Acceleration) or by virtue of an automatic acceleration pursuant to paragraph
                                         (b) of Clause 23.16 (Acceleration) (a “Declared Default”);

 

		(b)	subject to the Intercreditor
                                         Agreement, no claims will be made under guarantees, and security will not be enforceable,
                                         until the occurrence of a Declared Default;

 

		(c)	no notices (and/or acknowledgement)
                                         of pledges or security interests will need to be delivered to third parties until the
                                         occurrence of a Declared Default (unless under the law applicable to such security, such
                                         notice (and/or acknowledgement) is required to be delivered in order to create or perfect
                                         the security and such notice (and/or acknowledgement) continues to allow the Obligor
                                         to freely deal with the relevant asset);

 

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		(d)	each security document (other
                                         than security documents which are required to be notarized in order to be valid and/or
                                         enforceable and may not consequently contain such a provision) will, to the extent legally
                                         possible under the law of the relevant jurisdiction, contain a clause which records that
                                         if there is a conflict between the security document and the Intercreditor Agreement
                                         then (to the extent permitted by law) the provisions of the Intercreditor Agreement shall
                                         take priority over the provisions of the security document;

 

		(e)	the Security Agent will
                                         not have any rights to vote any of the shares held by the Group which are pledged to
                                         them or to block any funds being transferred between Group members prior to the date
                                         on which a Declared Default has occurred;

 

		(f)	the security documents will
                                         not be unduly burdensome on the Obligor or interfere unreasonably with the operation
                                         of its business and should only operate to create or perfect security rather than to
                                         impose new commercial obligations;

 

		(g)	with the exception of the
                                         tax and/or costs provisions which is advisable and/or required by law to repeat and/or
                                         include in the Transaction Security Documents governed by Italian law and/or to be perfected
                                         in Italy, in the Transaction Security Documents there will be no repetition or extension
                                         of clauses set out in the Finance Documents such as those relating to notices, access,
                                         cost and expenses, indemnities, tax gross up, distribution of proceeds and release of
                                         security; representations and undertakings shall be included in the security documents
                                         only to the extent relating to title or required by local law in order to create or perfect
                                         or ensure the priority of the security interest expressed to be created thereby (to the
                                         extent perfection is required by these Agreed Security Principles) (including customary
                                         provisions relating to the creation or perfection of security over the relevant class
                                         of assets);

 

		(h)	representations in any Transaction
                                         Security Document shall be given only on the date on which such security document is
                                         executed and shall not otherwise repeat;

 

		(i)	the Security Agent shall
                                         only be able to exercise any power of attorney granted to it under the security documents
                                         following the occurrence of a Declared Default;

 

		(j)	the Transaction Security
                                         Documents should not operate so as to prevent transactions which are permitted under
                                         the Finance Documents or to require additional consents or authorisations;

 

		(k)	where an Obligor is free
                                         to dispose of an asset forming part of the Transaction Security pursuant to the terms
                                         of the Finance Documents, the Security Agent is under an obligation to release such asset
                                         upon request by the Company and will be entitled to do so without the consent of any
                                         other Finance Party;

 

		(l)	the Transaction Security
                                         Documents will not accrue interest on any amount in respect of which interest is accruing
                                         under the Finance Documents;

 

		(m)	any rights of set off will
                                         not be exercisable until the occurrence of a Declared Default. Such rights shall apply
                                         only to reciprocal matured obligations due and payable to any Finance Party by an Obligor
                                         under a Finance Document;

 

		(n)	the security documents will,
                                         where possible and practical, automatically create security over future assets of the
                                         same type as those already secured; where local law requires supplemental pledges to
                                         be delivered in respect of future acquired assets in order for effective security to
                                         be created over that class of asset, such supplemental pledges shall be provided at intervals
                                         no more frequently than annually (unless required more frequently under local law), except
                                         following a Declared Default;

 

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		(o)	no security will be taken
                                         over livestock, moveable plant, equipment or vehicles if it would require labelling,
                                         segregation, periodic listing, notification, mapping or specification of such livestock,
                                         moveable plant, equipment or vehicles prior to a Declared Default, unless required beforehand
                                         under local law in order to perfect the relevant security interests; and

 

		(p)	no security governed by
                                         Italian law and/or granted by an entity incorporated in Italy shall secure the performance
                                         of obligations in violations of Italian mandatory rules, including, inter alia, any obligations
                                         to pay (i) any portion of interest exceeding the thresholds of the interest rate permitted
                                         under the Italian Usury Law (i.e., Italian Law No. 108 of 7 March 1996, as subsequently
                                         amended, supplemented and implemented from time to time) and related implementing rules
                                         and regulations and (ii) any portion of interest deriving from any compounding of interest
                                         which does not comply with Italian law.

 

		4	Guarantees/Security

 

		(a)	Subject to the due execution
                                         of all relevant security documents, completion of relevant perfection formalities within
                                         statutorily prescribed time limits, payment of all registration fees and documentary
                                         taxes, any other rights arising by operation of law and subject to any guarantee limitation
                                         and qualifications which may be set out in the Finance Documents and subject to the requirements
                                         of the Agreed Security Principles and any third party arrangements, including in paragraph
                                         4(b) below, it is further acknowledged that the Security Agent (or, in the case of any
                                         Transaction Security Document governed by Finnish, Italian or Swedish law, the relevant
                                         secured parties represented by the Security Agent and in the case of any Transaction
                                         Security Document governed by Spanish law, the relevant secured parties) shall receive
                                         the benefit of an upstream, cross stream and downstream guarantee and the security will
                                         be granted to secure all liabilities of the Obligors under the Finance Documents subject
                                         to the Agreed Security Principles.

 

		(b)	The maximum guaranteed or
                                         secured amount provided by a member of the Group may be limited to comply with any law
                                         or regulation in such member’s jurisdiction of incorporation, including laws relating
                                         to “corporate benefit” or insolvency directors liability as may be required
                                         by management to comply with its duties (fiduciary or otherwise).

 

		(c)	To the extent legally effective,
                                         all security shall be given in favour of the Security Agent and not any secured party
                                         individually (or, in the case of any Transaction Security Document governed by Finnish,
                                         Italian or Swedish law, the relevant secured parties represented by the Security Agent
                                         and in the case of any Transaction Security Document governed by Spanish law, the relevant
                                         secured parties). “Parallel debt” provisions will be used where necessary
                                         (except with respect to any Transaction Security Documents governed by Spanish or Italian
                                         law); such provisions will be contained in the Intercreditor Agreement and not the individual
                                         Transaction Security Documents unless required under local laws.

 

		(d)	There shall be no action
                                         required to be taken by any Obligor in relation to the guarantees or security when a
                                         secured party makes any transfer, unless required by law (and notwithstanding anything
                                         to the contrary, no member of the Group shall bear or otherwise be liable for any transfer
                                         taxes, any notarial, registration or perfection fees or any other costs, fees or expenses
                                         that result from any assignment or transfer following primary syndication of the Facilities,
                                         provided that this paragraph (d) shall be without prejudice to Clause 13 (Tax Gross
                                         Up and Indemnities) and paragraph (f) of Clause 24.2 (Conditions of Assignment
                                         or Transfer)). Notwithstanding the foregoing, it is stated that no member of the
                                         Group shall bear any costs related with the notarisation of any assignment or transfer
                                         done by any Finance Party under any Finance Document (if any).

 

		(e)	Transaction Security Documents
                                         governed by Spanish law shall be notarized before a Spanish public notary together with
                                         the Finance Documents.

 

    172

     

    

 

		5	Bank Accounts

 

		(a)	If an Obligor grants security
                                         over its bank accounts it shall be free to deal, operate and transact business in relation
                                         to those accounts (including opening and closing accounts) in the course of its business
                                         until the occurrence of a Declared Default and, in particular, will not be obliged to
                                         maintain a minimum (or positive) balance in the relevant bank account at all time. For
                                         the avoidance of doubt, there will be no “fixed” security over bank accounts,
                                         cash or receivables or any obligation to hold or pay cash or receivables in a particular
                                         account until the occurrence of a Declared Default. It is acknowledged and agreed that
                                         security over any Swedish bank accounts will consequently not be perfected.

 

		(b)	Prior to the occurrence
                                         of a Declared Default, no notice (and/or acknowledgement) of security may be prepared
                                         or served if this would have a detrimental effect on the Obligor’s ability to carry
                                         out its ordinary course business operations.

 

		(c)	Subject to paragraphs (a)
                                         and (b) above, any notification of security over bank accounts will be given to the bank(s)
                                         with whom the accounts are maintained within three (3) Business Days following execution
                                         of the relevant Transaction Security Document. If required under local law to perfect
                                         the security over bank accounts, the relevant Obligor shall use commercially reasonable
                                         endeavours for a maximum period of 20 Business Days from the date of the notice to such
                                         bank to obtain an acknowledgment of the notice from the account bank.

 

		(d)	Any security over bank accounts
                                         shall be subject to any security interests and any other rights (including but not limited
                                         to set off rights) in favour of the account bank which are created either by law or in
                                         the standard terms and conditions of the account bank (from time to time). Neither the
                                         Obligor nor the account bank shall be required to change its banking arrangements or
                                         standard terms and conditions in connection with the granting of bank account security.
                                         There will be no requirement to obtain any acknowledgements and/or consents from the
                                         relevant account bank.

 

		(e)	Prior to the occurrence
                                         of a Declared Default, any Obligor shall be free to close any bank account at any time
                                         without any prior consent or notification requirement. If so closed, the security over
                                         such bank account shall be released.

 

		(f)	If required under local
                                         law, security over bank accounts will be registered subject to the general principles
                                         set out in these Agreed Security Principles.

 

		(g)	Bank account pledges governed
                                         by Spanish law shall be notarised by a Spanish notary.

 

		6	Intercompany Receivables

 

		(a)	Without prejudice to the
                                         Overriding Principle, if an Obligor grants security over its intercompany receivables,
                                         it shall be free to deal with those receivables in the course of its business or as otherwise
                                         permitted under the Finance Documents until the occurrence of a Declared Default.

 

		(b)	No notice of security shall
                                         be prepared or served until the occurrence of a Declared Default (except in relation
                                         to any receivables pledged under a Transaction Security Document governed by Finnish,
                                         Spanish, German or Swedish law, however subject in all cases to the principle set out
                                         in paragraph (a) above).

 

		(c)	Subject to local law requirements,
                                         the execution by a debtor of a Transaction Security Document to which the creditor is
                                         a party (or, the execution of the Intercreditor Agreement by a debtor to the extent the
                                         debtor and creditor relating to the intercompany receivables are a party thereto) shall
                                         be deemed to be sufficient notification of Transaction Security to the relevant debtors
                                         provided that (i) a specific acknowledgement provision is included therein; and (ii)
                                         a German law governed security over intercompany receivables shall always be separately
                                         notified promptly (unverzüglich) after the execution of the relevant Transaction
                                         Security Document.

 

    173

     

    

 

		(d)	If required under local
                                         law, security over intercompany receivables will be registered subject to the general
                                         principles set out in these Agreed Security Principles.

 

		(e)	No list of receivables shall
                                         be required (except, in each case in relation to any receivables pledged under a Transaction
                                         Security Document governed by Finnish, Spanish or Swedish law) until a Declared Default
                                         has occurred.

 

		(f)	Receivables pledges governed
                                         by Spanish law shall be notarised by a Spanish notary.

 

		7	Shares

 

		(a)	Security will be granted
                                         over shares in each Obligor, in accordance with and subject to these Agreed Security
                                         Principles. The shares held by an Obligor in a member of the Group that is not an Obligor
                                         shall not be required to be the subject of security, unless such shares are charged under
                                         the European Topco Share Pledges.

 

		(b)	The relevant security document
                                         will be governed by the laws of the jurisdiction of incorporation of the Obligor whose
                                         shares are subject to security, and not by the law of the jurisdiction of incorporation
                                         of the entity granting the security.

 

		(c)	Where required for creation
                                         or perfection of security purposes by local law (and in relation to any shares pledged
                                         under a Transaction Security Document governed by English, Finnish, Spanish, German and/or
                                         Swedish law, on or promptly10),
                                         following execution of the share charge, any existing share certificate(s) and a stock
                                         transfer form executed in blank (if applicable) will be provided to the Security Agent
                                         and, where required by law, the share certificate or shareholders’ register will
                                         be endorsed or written up and the endorsed share certificate or a copy of the written
                                         up register provided to the Security Agent. If no share certificates have been issued
                                         in relation to the shares of a Finnish entity, such entity will not be required under
                                         the terms of the Transaction Security Documents to issue share certificates, however,
                                         a notice of pledge shall be served on the entity by the pledgor.

 

		(d)	Unless a Declared Default
                                         has occurred, the pledgors shall be permitted to retain and to exercise voting rights
                                         attaching to any shares pledged by them in a manner which does not adversely affect the
                                         validity or enforceability of the security or cause an Event of Default to occur and
                                         the pledgors shall be permitted to receive and retain dividends on pledged shares and
                                         the company whose shares have been charged will be permitted to pay dividends upstream
                                         on pledged shares to the extent permitted under the Finance Documents with the proceeds
                                         to be available to the Group. The voting rights shall remain with the pledgors at all
                                         times prior to the occurrence of a Declared Default, provided that with respect
                                         to Security over shares in an entity incorporated in Germany, the voting rights remain
                                         with the pledgor at all times.

 

		(e)	If required by law or regulation
                                         to perfect or enforce the security, the constitutional documents of the company whose
                                         shares have been pledged shall be amended to remove any restriction on the transfer or
                                         the registration of the transfer of the shares on the taking or enforcement of the security
                                         granted over them and shall not contain any provision in respect of redemption of its
                                         shares (Einziehung in Germany) or restrictions on the assignability and pledgeability
                                         of distribution rights (Gewinnbezugsrechte in Germany).

 

		(f)	Any share pledge shall include
                                         therein, to the extent applicable, references to any financial collateral regulations
                                         applicable in the relevant jurisdiction (including, in the case of a pledge granted over
                                         the shares of any Spanish Entity, to the Spanish Royal Decree-law 5/2005, of 11 March
                                         on financial collateral) and, particularly, to the sale and appropriate enforcement mechanism
                                         envisaged therein.

 

 

10
Reasonably practicable period of time to be agreed given potential COVID-19 restrictions on access.

 

    174

     

    

 

		(g)	Share pledges over a member
                                         of the Group incorporated in Spain or Germany as a GmbH shall be notarized by a Spanish
                                         or German notary, respectively.

 

		8	Insurance Policies

 

Without prejudice to the Overriding
Principle, if an Obligor grants security over its material insurance policies which may be secured under the terms of the relevant
policy:

 

		(a)	insurance claims will be
                                         collected by the Obligor in the ordinary course of business until the occurrence of a
                                         Declared Default;

 

		(b)	notice of any security interest
                                         over insurance policies will only be served on an insurer of the Group’s assets
                                         upon written request of the Security Agent, which may only be given after the occurrence
                                         of a Declared Default;

 

		(c)	prior to a Declared Default,
                                         no loss payee or other annotation or endorsement shall be made on the insurance policy
                                         and no Finance Party shall be named as co-insured; and

 

		(d)	no security will be granted
                                         with respect to insurance policies in respect of which the principal beneficiary is someone
                                         other than a member of the Group.

 

		9	Intellectual Property

 

Without prejudice to the Overriding
Principle, if an Obligor grants security over its intellectual property:

 

		(a)	it shall be free to deal
                                         with, use and licence and otherwise commercialise those assets in the course of its business
                                         (including, without limitation, allowing its intellectual property to lapse if no longer
                                         material to its business or as otherwise permitted by the Finance Documents) or as otherwise
                                         permitted by the terms of the Finance Documents until the occurrence of a Declared Default;

 

		(b)	no security shall be granted
                                         over any intellectual property which cannot be secured under the terms of the relevant
                                         licensing agreement. No notice shall be served to any third party from whom intellectual
                                         property is licensed until the occurrence of a Declared Default;

 

		(c)	notice of any security interest
                                         over intellectual property will only be served on a third party from whom intellectual
                                         property is licensed upon written request of the Security Agent, which may only be given
                                         after the occurrence of a Declared Default;

 

		(d)	if required by local law
                                         to perfect security, security over intellectual property will be required to be registered
                                         under the law of that security document, subject to the general principles set out in
                                         these Agreed Security Principles, save that no security over intellectual property shall
                                         be required to be registered in Spain until the occurrence of a Declared Default; and

 

		(e)	security over intellectual
                                         property rights will be taken on an “as is, where is” basis and the Group
                                         will not be required to procure any changes to, or corrections of filings on, external
                                         registers.

 

		(f)	Security and promissory
                                         security over intellectual property governed by Spanish law shall be notarised by a Spanish
                                         notary.

 

    175

     

    

 

		10	Trade Receivables

 

Without prejudice to the Overriding
Principle, if an Obligor grants security over its material trade receivables:

 

		(a)	it shall be free to deal
                                         with those receivables in the course of its business or as otherwise permitted under
                                         the Finance Documents until the occurrence of a Declared Default;

 

		(b)	no notice of security may
                                         be served until the occurrence of a Declared Default;

 

		(c)	no security will be granted
                                         over any trade receivables which cannot be secured under the terms of the relevant contract;
                                         and

 

		(d)	trade receivables that are
                                         permitted to be sold or discounted (“qualified receivables financings”) shall
                                         not be pledged or secured, to the extent such financing is permitted under the Finance
                                         Documents. To the extent any property or assets (including trade receivables) are required
                                         to be released from the security in connection with or pursuant to such a “qualified
                                         receivables financing”, such property or assets shall be released automatically,
                                         if possible under the relevant law, or otherwise, at the request (and cost) of the relevant
                                         Obligor.

 

		11	Contracts

 

Without prejudice to the Overriding
Principle, if an Obligor grants security over its Contracts,

 

		(a)	it shall be free to deal
                                         with those Contracts in the course of its business or as otherwise permitted under the
                                         Finance Documents until the occurrence of a Declared Default;

 

		(b)	no perfection of security
                                         over Contracts shall be required and no notice of security may be served until the occurrence
                                         of a Declared Default; and

 

		(c)	no security will be granted
                                         over any Contract which, without prejudice to paragraph 2(e) above, cannot be secured
                                         under the terms of the relevant contract or if it would have a material detrimental impact
                                         on the Obligor’s business relationship with the counterparty to the Contract.

 

		12	Real Estate

 

		(a)	No Obligor will be required
                                         to grant security over its real estate, provided that this shall not restrict
                                         any real property being secured under a floating charge (or other similar security) including
                                         under a security document which charges all of the assets of an Obligor.

 

		(b)	There will be no obligation
                                         to investigate title, provide surveys or carry out any other insurance or environmental
                                         due diligence.

 

		13	Release of Security

 

Unless required by local law,
the circumstances in which the security shall be released shall not be dealt with in individual Transaction Security Documents
but, if so required, shall, except to the extent required by local law, be the same as, or not conflict with, those set out in
the Intercreditor Agreement.

 

    176

     

    

 

SCHEDULE 12

FORM OF INCREASE CONFIRMATION

 

		To:	[●] as Agent, [●] as Security
                                         Agent and [●] as Company, for and on behalf of each Obligor

 

From: [the Increase Lender] (the
 “Increase Lender”)

 

Dated:

 

Odeon Cinemas Group Limited - Term Loan
Facility Agreement

dated [●] 2021 (the “Facility Agreement”)

 

		1.	We refer to the Facility Agreement and
                                         to the Intercreditor Agreement (as defined in the Facility Agreement). This agreement
                                         (the “Agreement”) shall take effect as an Increase Confirmation for
                                         the purpose of the Facility Agreement and as a Creditor Accession Undertaking for the
                                         purposes of the Intercreditor Agreement (and as defined in the Intercreditor Agreement).
                                         Terms defined in the Facility Agreement have the same meaning in this Agreement unless
                                         given a different meaning in this Agreement.

 

		2.	We refer to Clause 2.2 (Increase)
                                         of the Facility Agreement.

 

		3.	The Increase Lender agrees to assume
                                         and will assume all of the obligations corresponding to the Commitment specified in the
                                         Schedule (the “Relevant Commitment”) as if it was an Original Lender
                                         under the Facility Agreement.

 

		4.	The Increase Lender confirms, for the
                                         benefit of the Agent and without liability to any Obligor, that it is:

 

		(a)	[a
                                         Qualifying Lender (other than a Treaty Lender);]

 

		(b)	[a
                                         Treaty Lender;]

 

		(c)	[not
                                         a Qualifying Lender].11

 

		5.	The proposed date on which the increase
                                         in relation to the Increase Lender and the Relevant Commitment is to take effect (the
                                         “Increase Date”) is [●].

 

6.       On
the Increase Date, the Increase Lender becomes:

 

		(a)	party to the relevant Finance Documents
                                         (other than the Intercreditor Agreement) as a Lender; and

 

		(b)	party to the Intercreditor Agreement
                                         as a Senior Lender (as defined therein).

 

		7.	The Facility Office and address, fax
                                         number and attention details for notices to the Increase Lender for the purposes of Clause
                                         32.2 (Addresses) are set out in the Schedule.

 

		8.	The Increase Lender expressly acknowledges
                                         the limitations on the Lenders’ obligations referred to in paragraph (f) of Clause
                                         2.2 (Increase).

 

		9.	[The Increase Lender confirms that the
                                         person beneficially entitled to interest payable to that Lender in respect of an advance
                                         under a Finance Document is either:

 

 

11 Delete as applicable -
each Increase Lender is required to confirm which of these three categories it falls within.

 

    177

     

    

 

(a)            a
company resident in the United Kingdom for United Kingdom tax purposes;

 

(b)           a
partnership each member of which is:

 

		(i)	a company so resident in the United
                                         Kingdom; or

 

		(ii)	a company not so resident in the
                                         United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
                                         and which brings into account in computing its chargeable profits (within the meaning
                                         of section 19 of the CTA) the whole of any share of interest payable in respect of that
                                         advance that falls to it by reason of Part 17 of the CTA; or

 

		(c)	a company not so resident in the
                                         United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
                                         and which brings into account interest payable in respect of that advance in computing
                                         the chargeable profits (within the meaning of section 19 of the CTA) of that company.]

 

[9/10].     [The
Increase Lender confirms that it holds a passport under the HMRC DT Treaty Passport scheme (reference number [●]) and
is tax resident in [●], so that interest payable to it by borrowers is generally subject to full exemption from UK withholding
tax and requests that the Company notify the Borrower that it wishes the scheme to apply to the Facility Agreement.]

 

[10/11].   The Increase Lender
confirms that it is not an Equity Investor.

 

[11/12].   [The Increase Lender
represents, agrees and acknowledges that:

 

		(a)	the interests in the Loan(s) to
                                         be received by such Increase Lender will be acquired for investment for the Increase
                                         Lender’s own account, not as a nominee or agent, and not with a view to, or for
                                         resale in connection with, any distribution of any part thereof, and the Increase Lender
                                         has no present intention of selling, granting any participation in, or otherwise distributing
                                         the same;

 

		(b)	the Increase Lender is a lender
                                         of, and investor in, securities of companies and acknowledges that it is able to fend
                                         for itself, can bear the economic risk of its investment, and has such knowledge and
                                         experience in financial or business matters that it is capable of evaluating the merits
                                         and risks of the investment in the Loan(s);

 

		(c)	the Increase Lender understands
                                         that the Loan (s) have not been and will not be registered under the U.S. Securities
                                         Act of 1933, as amended (the Securities Act), and may be reoffered, resold or pledged
                                         or otherwise transferred only _____________ to a Qualified Institutional Buyer (as defined
                                         in Rule 144A under the Securities Act) purchasing for its own account in a transaction
                                         that does not subject the Loan to registration under the Securities Act or _____________
                                         to a non-U.S. Person (as defined in Regulation S under the Securities Act) pursuant to
                                         an offshore transaction in accordance with Regulation S and, in each case, _____________
                                         in accordance with all applicable securities laws, including the securities laws of any
                                         state in the United States; and

 

		(d)	the Increase Lender _____________
                                         is an Accredited Investor (within the meaning of Rule 501 of Regulation D under the Securities
                                         Act) or a Qualified Institutional Buyer (as defined in Rule 144A under the Securities
                                         Act) and is aware that the sale of any interest in the Loan(s) to it is being made in
                                         reliance on an exemption from the registration requirements under the Securities Act
                                         or _____________ is not a U.S. Person (as defined in Regulation S under the Securities
                                         Act), is making the Loan(s) in an offshore transaction and is aware that the sale of
                                         an interest in the Loan(s) to it is being made in reliance on the exemption from the
                                         registration requirements under the Securities Act provided by Regulation S.

 

    178

     

    

 

[12/13].
We refer to clause 20.8 (Creditor/Agent Accession Undertaking) of the Intercreditor Agreement:

 

In consideration of the Increase
Lender being accepted as a Senior Lender for the purposes of the Intercreditor Agreement (and as defined in the Intercreditor
Agreement), the Increase Lender confirms that, as from the Increase Date, it intends to be party to the Intercreditor Agreement
as a Senior Lender, and undertakes to perform all the obligations expressed in the Intercreditor Agreement to be assumed by a
Senior Lender and agrees that it shall be bound by all the provisions of the Intercreditor Agreement, as if it had been an original
party to the Intercreditor Agreement.

 

[13/14].
The Increase Lender expressly confirms that it [can/cannot] exempt the Agent from the restrictions pursuant to section 181 of
the German Civil Code (Bürgerliches Gesetzbuch) and similar restrictions applicable to it pursuant to any other law
as provided for in the Facility Agreement.

 

[14/15].
This Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts
were on a single copy of this Agreement.

 

[15/16].
This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.

 

[16/17].
This Agreement has been entered into on the date stated at the beginning of this Agreement.

 

		Note:	The execution of this
                                         Increase Confirmation may not be sufficient for the Increase Lender to obtain the benefit
                                         of the Transaction Security in all jurisdictions. It is the responsibility of the Increase
                                         Lender to ascertain whether any other documents or other formalities are required to
                                         obtain the benefit of the Transaction Security in any jurisdiction and, if so, to arrange
                                         for execution of those documents and completion of those formalities.

 

    179

     

    

 

THE SCHEDULE

 

RELEVANT COMMITMENT/RIGHTS AND OBLIGATIONS
TO BE ASSUMED BY THE INCREASE LENDER

 

[insert relevant details]

 

[Facility office address, fax number
and attention details for notices and account details for payments]

 

[Increase Lender]

 

By:

 

This Agreement is accepted as an Increase
Confirmation for the purposes of the Facility Agreement by the Agent, and as a Creditor Accession Undertaking for the purposes
of the Intercreditor Agreement by the Security Agent and the Increase Date is confirmed as [●].

 

	Agent	 
	 	 
	By:	 
	 	 
	Security Agent	 
	 	 
	By:	 

 

    180

     

    

 

SCHEDULE 13

FORMS OF NOTIFIABLE DEBT PURCHASE TRANSACTION NOTICE

 

Part A

Form of Notice on Entering into Notifiable Debt Purchase Transaction

 

To: [●] as Agent

 

From: [The Lender] Dated:

 

Odeon Cinemas Group Limited - Term Loan
Facility Agreement

dated [●] 2021 (the “Facility Agreement”)

 

		1.	We refer to paragraph (b) of Clause
                                         25.2 (Disenfranchisement on Debt Purchase Transactions entered into by Equity Investors)
                                         of the Facility Agreement. Terms defined in the Facility Agreement have the same meaning
                                         in this notice unless given a different meaning in this notice.

 

		2.	We have entered into a Notifiable Debt
                                         Purchase Transaction.

 

		3.	The Notifiable Debt Purchase Transaction
                                         referred to in paragraph 2 above relates to the amount of our Commitment(s) as set out
                                         below.

 

	Commitment	Amount of
    our Commitment to which Notifiable Debt Purchase Transaction relates (Base Currency)
	The Facility	[insert amount (of
    that Commitment) to which the relevant Debt Purchase Transaction applies]

[Lender]

 

By:

 

    181

     

    

 

Part B

Form of Notice on Termination of Notifiable Debt Purchase Transaction/

Notifiable Debt Purchase Transaction ceasing to be with an Equity Investor

 

To: [●] as Agent

 

From: [The Lender]

 

Dated:

 

Odeon Cinemas Group Limited - Term Loan
Facility Agreement

dated [●] 2021 (the “Facility Agreement”)

 

		1.	We refer to paragraph (c) of Clause
                                         25.2 (Disenfranchisement on Debt Purchase Transactions entered into by Equity Investors)
                                         of the Facility Agreement. Terms defined in the Facility Agreement have the same meaning
                                         in this notice unless given a different meaning in this notice.

 

		2.	A Notifiable Debt Purchase Transaction
                                         which we entered into and which we notified you of in a notice dated [●] has [terminated]/[ceased
                                         to be with an Equity Investor].12

 

		3.	The Notifiable Debt Purchase Transaction
                                         referred to in paragraph 2 above relates to the amount of our Commitment(s) as set out
                                         below.

 

	Commitment	Amount of
    our Commitment to which Notifiable Debt Purchase Transaction relates (Base Currency)
	The Facility	[insert amount (of
    that Commitment) to which the relevant Debt Purchase Transaction applies]

[Lender]

 

By:

 

 

12 Delete as applicable.

 

    182

     

    

 

SCHEDULE 14

POST-CLOSING TRANSACTION SECURITY

 

	Governing
    law	Obligor
    / Security Provider	Security
	Sweden	Odeon
    and UCI Cinemas Holdings Limited	Shares
    in NCG Holding AB
	NCG
    Holding AB	Shares
    in Filmstaden AB
	Filmstaden
    AB	Shares
    in Filmstaden Media AB
	NCG
    Holding AB, Filmstaden AB and Filmstaden Media AB	Bank
    accounts
	NCG
    Holding AB, Filmstaden AB and Filmstaden Media AB	Intercompany
    receivables 
	Filmstaden
    AB	Intellectual
    property over the Filmstaden brand
	Netherlands	United
    Cinemas International Acquisitions Limited	Shares
    in United Cinemas International Multiplex B.V.
	Ireland	United
    Cinemas International Acquisitions Limited	Shares
    in UCI Holdings Ireland Limited
	Germany	United
    Cinemas International Multiplex B.V.	Shares
    in United Cinemas International Multiplex GmbH, United Cinemas International Novoplex GmbH and United Cinemas International
    Lumoplex GmbH
	United
    Cinemas International Multiplex GmbH	Shares in United Cinemas

        International Kinoplex GmbH and United
        Cinemas International Digiplex GmbH

	United
    Cinemas International Digiplex GmbH, United Cinemas International Kinoplex GmbH, United Cinemas International Multiplex GmbH,
    United Cinemas International Lumoplex GmbH and United Cinemas International Novoplex GmbH	Bank
    accounts
	United
    Cinemas International Digiplex GmbH, United Cinemas International Kinoplex GmbH, United Cinemas International Multiplex GmbH,
    United Cinemas International Lumoplex GmbH and United Cinemas	Intercompany
    receivables
	United
    Cinemas International Multiplex GmbH	Intellectual
    property over the UCI brand
	Spain	United
    Cinemas International Multiplex B.V. and United Cinemas International Acquisitions Limited	Shares in Cinesa – Compañía
        de

        Iniciativas y Espectáculos,
        S.A.

	Cinesa – Compañía
        de

        Iniciativas y Espectáculos,
        S.A.
	Bank
    accounts
	Cinesa – Compañía
        de

        Iniciativas y Espectáculos,
        S.A.
	Intercompany
    receivables
	Cinesa – Compañía
        de

        Iniciativas y Espectáculos,
        S.A.
	Intellectual
    property promise of security over the Cinesa brand and irrevocable powers of attorney

	Italy
    	United
    Cinemas International Multiplex B.V. and United Cinemas International Acquisitions Limited	Shares
    in UCI Italia SPA
	Finland	Filmstaden
    AB	Shares
    in Finnkino Oy
	Finnkino
    Oy	Bank
    accounts, intercompany receivables, intellectual property over the Finnkino brand and floating charge

 

[Signature page
to Term Loan Facility Agreement]

 

    183

     

    

 

SIGNATURES

 

THE COMPANY

 

For and on behalf of

 

	ODEON CINEMAS GROUP LIMITED	 
		 
	/s/ Andrew
    Alker	 
	By: Andrew Alker	 
		 
	Title: Director	 

 

	 
	Notice details
	 
	Address:	C/O Shoosmiths LLP, 100 Avebury Boulevard, Milton Keynes,
    United Kingdom, MK9 1FH
	 
	Facsimile:	N/A
	 
	Email:	aalker@odeonuk.com; ehull@odeonuk.com; cthomas@odeonuk.com
	 
	Attention:	Chief Finance Director; Interim Group Financial Controller, Group Chief
    Legal & Compliance Officer

 

[Signature page
to Term Loan Facility Agreement]

 

     

     

    

 

	THE BORROWER	 
	 	 
	For and on behalf of	 
	 	 
	ODEON CINEMAS GROUP
    LIMITED	 
	 	 
	/s/
    Andrew Alker	 
	By: /s/ Andrew Alker	 
	Title: Director	 

 

[Signature page
to Term Loan Facility Agreement]

 

     

     

    

 

	THE ORIGINAL LENDERS  
     
	     
	By:	 	  
	Name:    	[●]	 
	Title: 	[●]	 

 

[Signature page
to Term Loan Facility Agreement]

 

     

     

    

 

THE AGENT

 

For and on behalf of

 

LUCID AGENCY SERVICES LIMITED

 

	By:  	/s/ Fergus McWilliams	 
	 	Authorised Signatory	 

 

	Address:  	6th Floor 

No 1 Building 1-5 London Wall Buildings

London Wall 

London, EC2M 5PG

United Kingdom
	Fax:  	+ 44 203 002 4691 / +44 844 507 0945
	 	 
	Attention:  	Lucid Agency and Trustee Services Limited (deals@lucid-ats.com)

 

[Signature page
to Term Loan Facility Agreement]

 

     

     

    

 

THE SECURITY AGENT

 

For and on behalf of

 

LUCID TRUSTEE SERVICES LIMITED

 

	By:  	/s/ Fergus McWilliams	 
	 	Authorised
    Signatory	 

 

	Address:  	6th Floor 

No 1 Building 1-5 London Wall Buildings

London Wall 

London, EC2M 5PG

United Kingdom
	Fax:  	+ 44 203 002 4691 / +44 844 507 0945
	 	 
	Attention:  	Lucid Agency and Trustee Services Limited (deals@lucid-ats.com)

 

[Signature page
to Term Loan Facility Agreement]

 

     

     

    

 

	ORIGINAL GUARANTORS	 
	 	 	 
	For and on behalf of	 
	 	 	 
	ABC CINEMAS LIMITED	 
	 	 	 
	/s/ Andrew Alker	 
	By:	Andrew
    Alker	 
	Title: 	Director	 

 

[Signature page to Term Loan Facility
Agreement]

 

    

     

    

 

	For and on behalf of	 
	 	 	 
	BOOKIT LIMITED	 
	 	 	 
	/s/ Andrew Alker	 
	By:	Andrew Alker	 
	Title:	Director	 

 

[Signature page to Term Loan Facility
Agreement]

 

    

     

    

 

	For and on behalf of	 
	 	 	 
	ODEON AND UCI CINEMAS HOLDINGS
    LIMITED	 
	 	 	 
	/s/ Andrew Alker	 
	By:	Andrew Alker	 
	Title:	Director	 

 

[Signature page to Term Loan Facility
Agreement]

 

    

     

    

 

	For and on behalf of	 
	 	 	 
	ODEON CINEMAS LIMITED	 
	 	 
	/s/ Andrew Alker	 
	By:	Andrew Alker	 
	Title:	Director	 

 

[Signature page to Term Loan Facility
Agreement]

 

    

     

    

 

	For and on behalf of	 
	 	 	 
	ODEON CINEMAS GROUP LIMITED	 
	 	 	 
	/s/ Andrew Alker	 
	By:	Andrew
    Alker	 
	Title:	Director	 

 

[Signature page to Term Loan Facility
Agreement]

 

    

     

    

 

	For and on behalf of	 
	 	 	 
	ODEON CINEMAS HOLDINGS LIMITED	 
	 	 	 
	/s/ Andrew Alker	 
	By:	Andrew Alker	 
	Title:	Director	 

 

[Signature page to Term Loan Facility
Agreement]

 

    

     

    

 

	For and on behalf of	 
	 	 	 
	ODEON CINEMAS (RL) LIMITED	 
	 	 	 
	/s/ Andrew Alker	 
	By:	Andrew
    Alker	 
	Title:	Director	 

 

[Signature page to Term Loan Facility
Agreement]

 

    

     

    

 

	For and on behalf of	 
	 	 	 
	ODEON & UCI CINEMAS DIGITAL
    LIMITED	 
	 	 	 
	/s/ Andrew Alker	 
	By:	Andrew Alker	 
	Title:	Director	 

 

[Signature page to Term Loan Facility
Agreement]

 

    

     

    

 

	For and on behalf of
	 	 	 
	ODEON & UCI DIGITAL OPERATIONS
    LIMITED	 
	 	 	 
	/s/ Andrew Alker	 
	By:	Andrew Alker	 
	Title:	Director	 

 

[Signature page to Term Loan Facility
Agreement]

 

    

     

    

 

	For and on behalf of	 
	 	 	 
	UNITED CINEMAS INTERNATIONAL
    ACQUISITIONS LIMITED	 
	 	 	 
	/s/ Andrew Alker	 
	By:	Andrew
    Alker	 
	Title:	Director	 

 

[Signature page to Term Loan Facility
Agreement]

 

    

     

    

 

	For and on behalf of	 
	 	 	 
	UNITED CINEMAS INTERNATIONAL
    (UK) LIMITED	 
	 	 	 
	/s/ Andrew Alker	 
	By:	Andrew
    Alker	 
	Title:	Director	 

 

[Signature page to Term Loan Facility
Agreement]

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