Document:

Exhibit 4.2

 

[****] Indicates that certain information contained
herein has been

omitted and filed separately with the Securities and
Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

EXECUTION VERSION

 

US$45,000,000,000

SENIOR FACILITIES AGREEMENT

 

12TH JULY, 2008

 

for

 

INBEV NV

and

INBEV WORLDWIDE S.À R.L.

 

arranged by

 

BANCO SANTANDER, S.A.

BARCLAYS CAPITAL

BNP PARIBAS

DEUTSCHE BANK AG, LONDON
BRANCH

FORTIS BANK SA/NV

ING BANK N.V.

J.P. MORGAN PLC

MIZUHO CORPORATE BANK, LTD.

THE BANK OF TOKYO-MITSUBISHI
UFJ, LTD.

 

and

 

THE ROYAL BANK OF SCOTLAND PLC

as Mandated Lead Arrangers and
Bookrunners

 

and

 

FORTIS BANK SA/NV

acting as Agent

 

FORTIS BANK SA/NV

as Issuing Bank

 

 

Allen &
Overy LLP

 

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

CONTENTS

 

	
  Clause

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  Definitions and
  Interpretation

  	
  1

  
	
  2.

  	
  The Facilities

  	
  37

  
	
  3.

  	
  Purpose

  	
  39

  
	
  4.

  	
  Conditions of Utilisation

  	
  40

  
	
  5.

  	
  Utilisation – Loans

  	
  42

  
	
  6.

  	
  Utilisation – Letters of
  Credit

  	
  44

  
	
  7.

  	
  Letters of Credit

  	
  47

  
	
  8.

  	
  Optional Currencies

  	
  49

  
	
  9.

  	
  Repayment

  	
  49

  
	
  10.

  	
  Illegality, Voluntary
  Prepayment and Cancellation

  	
  50

  
	
  11.

  	
  Mandatory Prepayment

  	
  52

  
	
  12.

  	
  Restrictions

  	
  58

  
	
  13.

  	
  Interest

  	
  59

  
	
  14.

  	
  Interest Periods

  	
  60

  
	
  15.

  	
  Changes to the Calculation
  of Interest

  	
  61

  
	
  16.

  	
  Fees

  	
  62

  
	
  17.

  	
  Tax Gross Up and
  Indemnities

  	
  63

  
	
  18.

  	
  Increased Costs

  	
  68

  
	
  19.

  	
  Other Indemnities

  	
  69

  
	
  20.

  	
  Mitigation by the Lenders

  	
  71

  
	
  21.

  	
  Costs and Expenses

  	
  72

  
	
  22.

  	
  Guarantee and Indemnity

  	
  73

  
	
  23.

  	
  Representations

  	
  76

  
	
  24.

  	
  Information undertakings

  	
  80

  
	
  25.

  	
  Financial Covenants

  	
  84

  
	
  26.

  	
  General Undertakings

  	
  87

  
	
  27.

  	
  Events of Default

  	
  94

  
	
  28.

  	
  Changes to the Lenders

  	
  99

  
	
  29.

  	
  Changes to the Obligors

  	
  104

  
	
  30.

  	
  Role of the Agent, the
  Arrangers, the Issuing Bank and Others

  	
  107

  
	
  31.

  	
  Conduct of Business by the
  Finance Parties

  	
  112

  
	
  32.

  	
  Sharing among the Finance
  Parties

  	
  113

  
	
  33.

  	
  Payment Mechanics

  	
  114

  
	
  34.

  	
  [****]

  	
  117

  
	
  35.

  	
  Notices

  	
  117

  
	
  36.

  	
  Calculations and
  Certificates

  	
  119

  
	
  37.

  	
  Partial Invalidity

  	
  120

  
	
  38.

  	
  Remedies and Waivers

  	
  120

  
	
  39.

  	
  Amendments and Waivers

  	
  120

  
	
  40.

  	
  Counterparts

  	
  122

  
	
  41.

  	
  USA Patriot Act

  	
  122

  
	
  42.

  	
  Governing Law

  	
  123

  
	
  43.

  	
  Enforcement

  	
  123

  

 

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

	
  Schedule

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  1.

  	
  The Original Lenders

  	
  124

  
	
  2.

  	
  Conditions Precedent

  	
  125

  
	
   

  	
  Part 1         Conditions
  Precedent to Signing of this Agreement

  	
  125

  
	
   

  	
  Part 2         Conditions
  Precedent to Initial Utilisation

  	
  127

  
	
   

  	
  Part 3         Conditions
  Precedent Required to be Delivered by an Additional Obligor

  	
  130

  
	
  3.

  	
  Requests

  	
  133

  
	
   

  	
  Part 1         Utilisation
  Request - Loans

  	
  133

  
	
   

  	
  Part 2         Utilisation
  Request - Letters of Credit

  	
  135

  
	
   

  	
  Part 3         Selection
  Notice

  	
  137

  
	
  4.

  	
  Mandatory Cost Formula

  	
  139

  
	
  5.

  	
  Form of Transfer
  Certificate

  	
  142

  
	
  6.

  	
  Form of Accession
  Letter

  	
  144

  
	
  7.

  	
  Form of Resignation
  Letter

  	
  145

  
	
  8.

  	
  Form of Compliance
  Certificate

  	
  146

  
	
  9.

  	
  LMA Form of
  Confidentiality Undertaking

  	
  147

  
	
  10.

  	
  Timetables

  	
  152

  
	
   

  	
  Part 1         Loans

  	
  152

  
	
   

  	
  Part 2         Letters
  of Credit

  	
  154

  
	
  11.

  	
  Form of Letter of
  Credit

  	
  155

  
	
  12.

  	
  Guarantee Principles

  	
  159

  
	
  13.

  	
  Material Brands

  	
  160

  
	
   

  	
   

  	
   

  
	
  Signatures

  	
  161

  
				

 

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

THIS AGREEMENT is dated 12th July, 2008 and made

 

BETWEEN:

 

(1)           INBEV NV, a  naamloze vennootschap/société anonyme,  with its registered office at Grote Markt
1, 1000 Brussels, registered with the Crossroads Bank of Enterprises
(Kruispuntbank voor Ondernemingen/Banque
Carrefour des Entreprises) under number (RPR/RPM) 0417.497.106 (the Company);

 

(2)           INBEV WORLDWIDE S.À R.L., a company incorporated under the laws of Luxembourg,
having its registered office at Parc d’Activité Syrdall, 5, L-5365 Munsbach
(Grand-Duchy of Luxembourg) and on the date of this Agreement in the process of
being registered with the Luxembourg Register of Commerce and Companies with a
share capital of US$21,000 (Bidco);

 

(3)           BANCO SANTANDER, S.A., BARCLAYS
CAPITAL, BNP PARIBAS, DEUTSCHE BANK AG, LONDON BRANCH, FORTIS BANK SA/NV, ING
BANK N.V., J.P. MORGAN PLC, MIZUHO CORPORATE BANK, LTD., THE BANK OF
TOKYO-MITSUBISHI UFJ, LTD. and THE ROYAL BANK OF SCOTLAND PLC as mandated
lead arrangers and bookrunners (whether acting individually or together, the Arrangers);

 

(4)           THE FINANCIAL INSTITUTIONS listed in Schedule 1 (The Original Lenders) as
lenders (the Original Lenders);

 

(5)           FORTIS BANK SA/NV as agent of the other Finance Parties (the Agent); and

 

(6)           FORTIS BANK SA/NV as the issuing bank (the Issuing Bank).

 

IT IS AGREED as
follows:

 

1.             DEFINITIONS
AND INTERPRETATION

 

1.1           Definitions

 

In
this Agreement:

 

Acceptable Bank means:

 

(a)           a bank or financial institution which has a rating for
its long-term unsecured and non credit-enhanced debt obligations of A or higher
by S&P or Fitch Ratings Ltd or A2 or higher by Moody’s or a comparable
rating from an internationally recognised credit rating agency; or

 

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

 

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

 

1

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Accounting Principles means:

 

(a)           in the case of the audited consolidated financial
statements of the Group, IFRS; or

 

(b)           in any other case, the generally accepted accounting principles in the
jurisdiction of incorporation of the relevant person, consistently applied.

 

Acquisition means the acquisition by Bidco of all of the Target Shares pursuant to
a Tender Offer and/or a Merger.

 

Acquisition Costs means all fees, costs and expenses and stamp, registration and other
Taxes incurred by the Company or any other member of the Group in connection
with the Acquisition (including interest hedging costs relating to the
Acquisition or Finance Documents).

 

Acquisition Purpose means any of the purposes set out in paragraphs (a)(i) and (a)(ii) of
Clause 3.1 (Purpose).

 

Additional Acquisition Equity means Equity or a loan (subordinated on terms
satisfactory to the Majority Lenders (it being understood that subordination
provisions which are at least as favourable to the Finance Parties as the
Subordination Agreement referred to in paragraph (a) of the definition
thereof will be so satisfactory)) the proceeds of which are to be applied for
an Acquisition Purpose or to fund an acquisition referred to in paragraph (h) of
the definition of Permitted Acquisition, which is provided on a short term
basis and in respect of which a fully underwritten “standby” Equity take-out
has been entered into (on terms no more conditional than the Underwriting
Agreement), the proceeds of which will be used to refinance that loan in full.

 

Additional Acquisition Equity Facility means a facility evidencing Additional Acquisition
Equity.

 

Additional Borrower means a company which becomes a Borrower in accordance with Clause 29
(Changes to the Obligors).

 

Additional Cost Rate has the meaning given to it in Schedule 4 (Mandatory Cost Formula).

 

Additional Guarantor means a company which becomes a Guarantor in accordance with Clause 29
(Changes to the Obligors).

 

Additional Obligor means an Additional Borrower or an Additional Guarantor.

 

Affiliate means, in relation to any person, a Subsidiary of that person or a
Holding Company of that person or any other Subsidiary of that Holding Company.

 

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.

 

2

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

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

 

Availability Period means:

 

(a)           in relation to each Term Facility, the period from and
including the date of this Agreement to and including:

 

(i)            in respect of any Utilisation to be applied against the purposes set out
in sub-paragraphs (a)(i) and (a)(ii) of Clause 3.1 (Purpose), 20 March 2009;
and

 

(ii)           in respect of Utilisations to be applied against the purposes
set out in sub-paragraphs (a)(iii) and (a)(iv) of Clause 3.1
(Purpose), the date three Months after the Closing Date; and

 

(b)           in relation to the Revolving Facility, the period from
(and including) the date of this Agreement to and including the date one Month
prior to the Termination Date in respect of the Revolving Facility.

 

Available Commitment means, in relation to a Facility, a Lender’s Commitment under that
Facility minus:

 

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

 

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

 

other
than, in relation to any proposed Utilisation under the Revolving Facility
only, that Lender’s participation in any Revolving Facility Utilisations that
are due to be repaid or prepaid on or before the proposed Utilisation Date.

 

Available Facility means, in relation to a Facility, the aggregate for the time being of
each Lender’s Available Commitment in respect of that Facility.

 

Barcelona means Compañía de Bebidas das Américas, a company incorporated under
the laws of the Federative Republic of Brazil with registered address at AmBev,
Rua Dr Renato Paes de Barros, 1017, 4° andar, 04530-001 Sao Paulo, SP, Brazil,
listed on the Bovespa (Sao Paulo Stock Exchange) under the symbols AMBV3
(common shares) and AMBV4 (preferred shares).

 

Base Currency means US Dollars.

 

Base Currency Amount means, in relation to a Utilisation, the amount specified in the
Utilisation Request delivered by a Borrower for that Utilisation (or, if the
amount requested is not denominated in the Base Currency, that amount converted
into the Base Currency at the Agent’s Spot Rate of Exchange

 

3

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

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) and, in the
case of a Letter of Credit, as adjusted under Clause 6.7 (Revaluation of
Letters of Credit) at six-monthly intervals, as adjusted to reflect any
repayment, prepayment, consolidation or division of a Utilisation.

 

Belgian Companies Code means the Belgian Company Code (Code des Sociétés/Wetboek van
Vennootschappen) dated 7 May 1999, as amended from time to time.

 

Belgian Obligor means an Obligor that is resident in Belgium for Belgian tax purposes
or that has a permanent establishment in Belgium to which the advances under
the Finance Documents are effectively connected.

 

Borrower means an Original Borrower or an Additional Borrower unless it has
ceased to be a Borrower in accordance with Clause 29 (Changes to the Obligors).

 

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

 

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

 

exceeds:

 

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

 

Bridge Facility means the subordinated equity bridge loan facility
made available under the Bridge Facility Agreement.

 

Bridge Facility Agreement means the subordinated equity bridge facility
agreement dated on or about the date of this Agreement and made between the Company, Banco Santander S.A.,
BNP Paribas, Deutsche Bank AG, London Branch, Fortis Bank SA/NV, ING Bank N.V.,
J.P. Morgan PLC and The Royal Bank of Scotland plc as the arrangers and Fortis
Bank SA/NV as agent.

 

Bridge Finance Documents means the finance documents as defined in the Bridge Facility
Agreement.

 

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

 

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

 

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

 

4

 

[****] Indicates that certain information contained herein
has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

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 any country which has a country risk weighting of at least A
from S&P or Moody’s or Brazil (provided that it has an investment grade
rating from S&P or Moody’s) or by an instrumentality or agency of any of
them having an equivalent credit rating, maturing within one year after the
relevant date of calculation and not convertible or exchangeable to any other
security;

 

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

 

(i)            for which a recognised trading market exists;

 

(ii)           issued by an issuer incorporated in any country which
has a country risk weighting of at least A from S&P or Moody’s or Brazil
(provided that it has an investment grade rating from S&P or Moody’s);

 

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

 

(iv)          which has a credit rating of either A-2 or higher by S&P
or F1 or higher by Fitch Ratings Ltd or P-2 or higher by Moody’s, or, if no
rating is available in respect of the commercial paper, the issuer of which
has, in respect of its long-term unsecured and non-credit enhanced debt
obligations, an equivalent rating;

 

(d)           bills of exchange issued in any country which has a
country risk weighting of at least A from S&P or Moody’s or Brazil
(provided that it has an investment grade rating from S&P or Moody’s)
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) have
a credit rating of either A-1 or higher by S&P or F1 or higher by Fitch
Ratings Ltd or P-1 or higher by Moody’s, (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 thirty
days’ notice; or

 

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

 

Certain Funds Period means the period from the date of this Agreement to and including the
earlier of:

 

(a)           20 March 2009; and

 

(b)           the Closing Date.

 

Certain Funds Utilisation means any Loan made or to be made under a Facility
during the Certain Funds Period for an Acquisition Purpose.

 

5

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Change of Control means any person or group of persons acting in concert (in each case
other than Stichting InBev or any existing direct or indirect certificate
holder or certificate holders of Stichting InBev) gaining Control of the
Company.

 

For
the purposes of this definition:

 

(a)           acting in concert means, a group of persons who, pursuant to an
agreement or understanding (whether formal or informal), actively co-operate,
through the acquisition directly or indirectly of shares in the Company by any
of them, either directly or indirectly, to obtain Control of the Company; and

 

(b)           Stichting InBev means a company incorporated under the laws of The Netherlands under
registered number 34144185 with registered address at Hofplein 20, 3032AC,
Rotterdam, The Netherlands.

 

Clean-Up Date means the date three Months after the Closing Date.

 

Closing Date means the date on which a Merger is completed with the Target or Bidco
acquires 100% of the issued share capital of the Target.

 

Code
means, at any date, the U.S. Internal Revenue Code of 1986 and the regulations
promulgated and the judicial and administrative decisions rendered under it,
all as the same may be in effect at such date.

 

Commitment means a Facility A Commitment, Facility B Commitment,
Facility C Commitment, Facility D Commitment or Revolving Facility Commitment.

 

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

 

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 and in each case capable of being relied upon by the Company.

 

Control in relation to any entity means either the direct or
indirect ownership of more than 50 per cent. of the share capital or similar
rights of ownership of the entity or the power to direct the management and the
policies of the entity whether through the ownership of share capital, contract
or otherwise.

 

Core
Business means the business of beer
brewing and soft drink manufacturing, trading and/or performing services and/or
carrying out functions (including, without limitation, research and
development, marketing, distribution and retail sales) in connection with the
beer brewing and soft drink manufacturing businesses.

 

Credit
Rating means the corporate
long-term credit issue rating of the present and future senior, unsecured and
unsubordinated debt obligations of the Company.

 

6

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Default
means an Event of Default or any event or circumstance specified in Clause 27
(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.

 

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

 

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.

 

Dutch Obligor means an Obligor incorporated in the Netherlands.

 

Employee Plan means an employee pension benefit plan (other than a Multiemployer
Plan) subject to the provisions of Title IV of ERISA or Section 412 of the
Code or Section 302 of ERISA, and in respect of which a U.S. Obligor or
any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069
of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA.

 

Environmental Law means any applicable law or regulation which relates to:

 

(a)                                  the pollution or protection of the environment;

 

(b)                                 harm to or the protection of human health;

 

(c)                                  the physical conditions of the workplace; or

 

(d)                                 any emission or substance capable of causing harm to
any living organism or the environment.

 

7

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Environmental Permit means any permit, other Authorisation or filing of any notification,
report or assessment required under any Environmental Law for the operation of
the business of any member of the Group.

 

Equity
means any instrument which would be given 100% equity treatment by S&P (as
a “high equity content” instrument) and Moody’s (as a “basket E” instrument)
(being instruments which, on the insolvency of the relevant issuer, would be
automatically subordinated or which are subordinated to Financial Indebtedness
owed to unsecured and unsubordinated creditors of that issuer generally and,
where the issuer is an Obligor, to its liabilities arising under the Finance
Documents).

 

ERISA
means, at any date, the United States Employee Retirement Income Security Act of
1974 and the regulations promulgated and rulings issued thereunder, all as the
same may be in effect at such date.

 

ERISA Affiliate means, in relation to a member of the Group, each person (as defined in
Section 3(9) of ERISA) which together with that member of the Group
would be deemed to be a “single employer” (a) within the meaning of Section
414(b), (c), (m) or (o) of the Code or (b) as a result of that
member of the Group being or having been a general partner of such person.

 

ERISA Event means:

 

(a)                                  the occurrence of a reportable event, within the
meaning of Section 4043 of ERISA, with respect to any Plan unless the 30
day notice requirement with respect to such event has been waived or (ii) the
requirements of Section 4043(b) of ERISA apply with respect to a
contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a
Plan, and an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of
ERISA is reasonably expected to occur with respect to such Plan within the
following 30 days;

 

(b)                                 the application for a minimum funding waiver under Section 303
of ERISA with respect to a Plan;

 

(c)                                  the provision by the administrator of any Plan of a
notice of intent to terminate such Plan, pursuant to Section 4041(a)(2) of
ERISA (including any such notice with respect to a plan amendment referred to
in Section 4041(e) of ERISA);

 

(d)                                 the cessation of operations at a facility of any
Obligor or any ERISA Affiliate in the circumstances described in Section 4062(e)(3) of
ERISA;

 

(e)                                  the incurrence by any Obligor or ERISA Affiliate of
any liability with respect to the withdrawal or partial withdrawal by any
Obligor or any ERISA Affiliate from a Multiple Employer Plan;

 

(f)                                    the conditions for imposition of a lien under Section 302(k) of
ERISA shall have been met with respect to any Plan;

 

(g)                                 the adoption of an amendment to a Plan requiring the
provision of security to such Plan pursuant to Section 307 of ERISA;

 

8

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(h)                                 the institution by the PBGC of proceedings to
terminate a Plan pursuant to Section 4042 of ERISA, or the occurrence of
any event or condition described in Section 4042 of ERISA that constitutes
grounds for the termination of, or the appointment of a trustee to administer,
such Plan;

 

(i)                                     the existence with respect to any Plan of an “accumulated
funding deficiency” (as defined in Section 302(a)(2) of ERISA),
whether or not waived;

 

(j)                                     the failure to make by its due date a required
contribution with respect to any Plan or the failure to make any required
contribution to a Multiemployer Plan;

 

(k)                                  the incurrence or expected incurrence by any Obligor
or ERISA Affiliate of any liability under Title IV of ERISA with respect to any
Plan or Multiemployer Plan;

 

(l)                                     an action, suit, proceeding, hearing, audit or
investigation with respect to the administration, operation or the investment
of assets of any Plan (other than routine claims for benefits) is pending,
expected or threatened;

 

(m)                               the incurrence of an Insufficiency by or with respect
to any Plan.

 

EURIBOR
means, in relation to any Loan in euro:

 

(a)                                  the applicable Screen Rate; or

 

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

 

as
of the Specified Time on the Quotation Day for the offering of deposits in euro
for a period comparable to the Interest Period of the relevant Loan.

 

euro and
€ means the single currency of the
Participating Member States.

 

Event of Default means any event or circumstance specified as such in Clause 27 (Events
of Default).

 

Excluded Disposal means any disposal:

 

(a)                                  of inventory by a member of the Group in its ordinary
course of business and on arm’s length terms;

 

(b)                                 of cash or Cash Equivalent Investments where such
disposal is not otherwise prohibited by the Finance Documents;

 

(c)                                  of assets (excluding shares or other securities issued
by a member of the Group) in exchange for, or for investment (within six months
of the date of disposal) in, other assets comparable or superior as to type,
value and quality;

 

9

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(d)                                 of obsolete plant and equipment or assets, the Net
Proceeds of which are re-applied (within six months of the date of disposal) in
investment in the business of a member of the Group;

 

(e)                                  by a member of the Group to another member of the
Group (provided that the recipient is not an Excluded Subsidiary and, if the
disposing company is an Obligor, the recipient is an Obligor);

 

(f)                                    of receivables in connection with any securitisation
up to an aggregate outstanding amount, at any time, of [****] (or its
equivalent in any other currency);

 

(g)                                 by any Excluded Subsidiary;

 

(h)                                 any disposal of shares in the Company by any member of
the Group;

 

(i)                                     the Post Closing Restructuring;

 

(j)                                     made with the prior written consent of the Majority
Lenders; and

 

(k)                                  not falling within paragraphs (a) to (j) above,
provided that:

 

(i)                                     the disposal is made on arm’s length terms; and

 

(ii)                                  either:

 

(1)                               the Net Proceeds arising from that disposal (or a
series of related disposals) do not exceed [****] (or its equivalent in any
other currency); or

 

(2)                               the Company or Relevant Borrowers have applied at
least [****] in prepayment and/or cancellation of the Facilities in accordance
with Clause 11.4 (Disposal Proceeds) and the aggregate cumulative Net Proceeds
received by the Group in relation to that disposal and all such other disposals
referred to in this sub-paragraph (2) does not, at any time, exceed:

 

I.                                         in any financial year of the Group, [****] (or its
equivalent in any other currency); and

 

II.                                     over the life of the Facilities, [****] (or its
equivalent in any other currency); or

 

(3)                               the Company or Relevant Borrowers have irrevocably
prepaid or repaid Facility A and Facility B in full and the aggregate
cumulative Net Proceeds received by the Group in relation to that disposal and
all such other disposals referred to in sub-paragraph (2) above and this
sub-paragraph (3) does not at any time, exceed:

 

I.                                         in any financial year of the Group, [****] (or its
equivalent in any other currency); and

 

10

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

II.                                     over the life of the Facilities, [****] (or its
equivalent in any other currency).

 

Excluded Subsidiary means each of:

 

(a)                                  Barcelona and each of its Subsidiaries from time to
time; and

 

(b)                                 to the extent that Madrid is a Subsidiary of the
Company, Madrid and each of its Subsidiaries from time to time,

 

provided
that if Barcelona or, as the case may be, Madrid becomes a wholly-owned
Subsidiary of the Company, it and its Subsidiaries shall cease to be Excluded
Subsidiaries.

 

Existing Credit Facility means the €2,500,000,000 revolving loan facility made available to the
Company and other members of the Group pursuant to a credit facility agreement
dated 8 December 2005.

 

Expiry Date means, for a Letter of Credit, the last day of its Term.

 

Facility means a Term Facility or the Revolving Facility.

 

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

 

Facility A Commitment means:

 

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

 

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

 

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

 

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

 

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

 

Facility B Commitment means:

 

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

 

11

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

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

 

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

 

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

 

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

 

Facility C Commitment means:

 

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

 

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

 

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

 

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

 

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

 

Facility D Commitment means:

 

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

 

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

 

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

 

Facility Office means in respect of a Lender or the Issuing Bank, the office or offices
notified by that Lender or the Issuing Bank to the Agent in writing on or
before the date it becomes a Lender or the Issuing Bank (or, following that
date, by not less than five Business Days written notice) as the office or
offices through which it will perform its obligations under this Agreement.

 

Fee Letter means the letter dated 20 June 2008, the letter dated 25 June 2008
and any other letter or letters between the Arrangers and the Company or the
Agent and the Company setting out any of the fees referred to in Clause 16
(Fees).

 

12

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Finance Document means this Agreement, any Accession Letter, any Compliance Certificate,
any Fee Letter, the Subordination Agreement, any Resignation Letter, any
Selection Notice, any Utilisation Request and any other document designated as
a Finance Document
by the Agent and the Company.

 

Finance Party means the Agent, the Arrangers, a Lender or the Issuing Bank.

 

Financial Indebtedness means non-current interest bearing loans and
borrowings, plus current interest bearing loans and borrowings; plus bank
overdrafts (in each case calculated in accordance with the Accounting
Principles); and to the extent not covered by the foregoing, any indebtedness
for or in respect of:

 

(a)                                  moneys borrowed;

 

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

 

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

 

(d)                                 any amount raised pursuant to any issue of shares
which are expressed to be redeemable on or prior to the latest of the
Termination Dates;

 

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

 

(f)                                    the amount of any liability in respect of any advance
or deferred purchase agreement if one of the primary reasons for entering into
such agreement is to raise finance;

 

(g)                                 receivables sold or discounted (other than on a non–recourse
basis);

 

(h)                                 any agreement or option to re–acquire an asset if one
of the primary reasons for entering into such agreement or option is to raise
finance;

 

(i)                                     any amount raised under any other transaction
(including any forward sale or purchase agreement) having the commercial effect
of, and accounted for as, a borrowing; and

 

(j)                                     (without double counting) the amount of any liability
in respect of any guarantee, indemnity, standby or documentary letter of credit
or other similar instrument issued by a bank or financial institution (on
behalf of any Obligor or Material Subsidiary), in each case for any of the
items referred to in paragraphs (a) to (i) above,

 

and
(other than for the purposes of Clause 26.12 (Loans or credit to Excluded
Subsidiaries) and the definition of Permitted Excluded Subsidiary Loan) not
including any Financial Indebtedness owed by one member of the Group to another
member of the Group.

 

Financial Year has the meaning given to that term in Clause 25.1 (Financial
definitions).

 

13

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Foreign Pension Plan means any plan, fund (including, without limitation, any superannuation
fund) or other similar program established or maintained outside the United
States of America by any member of the Group for the benefit of employees of
any member of the Group residing outside the United States of America, which
plan, fund or other similar program provides, or results in, retirement income,
a deferral of income in contemplation of retirement or payments to be made upon
termination of employment, and which plan is not subject to ERISA or the Code.

 

Funding Date means the date of the first Utilisation under the Facilities (or any of
them).

 

Funds Flow Statement means a funds flow statement in agreed form.

 

Group
means the Company and each of its Subsidiaries from time to time.

 

Guarantee Principles means the principles set out in Schedule 12 (Guarantee Principles).

 

Guarantor means an Original Guarantor or an Additional Guarantor, unless it has
ceased to be a Guarantor in accordance with Clause 29 (Changes to the
Obligors).

 

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

 

IFRS
means international accounting standards within the meaning of IAS Regulation
1606/2002 to the extent applicable to the relevant financial statements.

 

Information Memorandum means the document in the form approved by the Company concerning the
Group and the Target Group which was or is to be prepared in relation to this
transaction and distributed by the Arrangers to selected financial
institutions.

 

Insufficiency means, with respect to any Plan, the amount, determined on a plan
termination basis, if any, of its unfunded benefit liabilities, as defined in,
and in accordance with actuarial assumptions set forth in, Section 4001(a)(18)
of ERISA (excluding any accrued but unpaid contributions).

 

Intellectual Property means:

 

(a)                                  any patents, trade marks, service marks, designs,
business names, copyrights, design rights, moral rights, inventions, domain
names, trade names, confidential information, knowhow and other intellectual
property rights and interests, whether registered or unregistered, and any
goodwill therein; and

 

(b)                                 the benefit of all applications and rights to use such
assets of each member of the Group.

 

Interest Period means, in relation to a Loan, each period determined in accordance with
Clause 14 (Interest Periods) and, in relation to an Unpaid Sum, each period
determined in accordance with Clause 13.3 (Default interest).

 

IRS
means the United States Internal Revenue Service or any successor thereto.

 

14

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Issuing Bank means each Lender identified above as an issuing bank and any other
Lender which has notified the Agent that it has agreed to the Company’s request
to be an Issuing Bank pursuant to the terms of this Agreement (and if more than
one Lender has so agreed, such Lenders shall be referred to, whether acting
individually or together, as the Issuing Bank)
provided that, in respect of a
Letter of Credit issued or to be issued pursuant to the terms of this
Agreement, the Issuing Bank shall
be the Issuing Bank which has issued or agreed to issue that Letter of Credit.

 

ITA
means the Income Tax Act 2007.

 

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

 

Judicial Deposit means any cash deposit made in connection with any judicial or
administrative proceeding against a member of the Group.

 

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

 

Legal Opinion means any legal opinion delivered to the Agent under Clause 4.1
(Initial conditions precedent) or Clause 29 (Changes to the Obligors).

 

Legal Reservations means:

 

(a)                                  the principle that certain remedies may be granted or
refused at the discretion of a court and the limitation of enforcement by laws
relating to bankruptcy, insolvency, liquidation, reorganisation, court schemes,
moratoria, administration and other laws generally affecting the rights of
creditors and secured creditors;

 

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

 

(c)                                  the principle that 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;

 

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

 

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

 

(f)                                    any other general principles which are set out as
qualifications or reservations (however described) as to matters of law in any
Legal Opinion.

 

15

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Lender
means:

 

(a)                                  any Original Lender; and

 

(b)                                 any bank, financial institution, trust, fund or other
entity which has become a Party in accordance with Clause 28 (Changes to the
Lenders),

 

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

 

Letter of Credit means:

 

(a)                                  a letter of credit, substantially in the form set out
in Schedule 11 (Form of Letter of Credit) or in any other form requested
by the Company and agreed by the Issuing Bank; or

 

(b)                                 any guarantee, indemnity or other instrument in a form
requested by a Borrower (or the Company on its behalf) and agreed by the
Issuing Bank and the Facility Agent.

 

LIBOR
means, in relation to any Loan:

 

(a)                                  the applicable Screen Rate; or

 

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

 

as
of the Specified Time on the Quotation Day for the offering of deposits in the
currency of that Loan and for a period comparable to the Interest Period for
that Loan.

 

LMA
means the Loan Market Association.

 

Loan
means a Term Loan or a Revolving Facility Loan.

 

Luxembourg Commercial Code means Code de Commerce of Luxembourg.

 

Luxembourg Subsidiary means a company to be formed as a wholly owned subsidiary of Bidco at
the time of and solely for the purpose of completing a Merger with the Target.

 

Madrid
means Grupo Modelo, S.A.B. de C.V., a company incorporated under the laws of
Mexico with registered address Javier Barros Sierra No. 555 Piso 3, Zedec
Santa FE, 01210, Mexico, D.F. with issuer number P4833.

 

Major Event of Default means, with respect to Bidco, a Luxembourg Subsidiary, the Company or a
Material Subsidiary (other than a member of the Target Group) only, any
circumstances constituting a Default under any of Clause 27.1 (Non-payment),
Clause 27.3 (Other obligations) (insofar as it relates to a breach of Clause
26.5 (Merger), Clause 26.6 (Change of business), 26.9 (Negative pledge), 26.16
(Amendments to terms of the Acquisition) or 26.17 (Increase in Offer Price)), Clause
27.6 (Insolvency), 

 

16

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Clause
27.7 (Insolvency proceedings), Clause 27.8 (Creditors’ process), Clause 27.10
(Unlawfulness and invalidity) or Clause 27.12 (Repudiation and rescission
of agreements).

 

Major Representation means a representation or warranty, with respect to Bidco, a Luxembourg
Subsidiary, the Company or a Material Subsidiary (other than a member of the
Target Group) only, under any of Clause 23.2 (Status) to Clause 23.6 (Validity
and admissibility in evidence) inclusive or Clause 23.11 (Pari passu ranking).

 

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).

 

Mandatory Cost means the percentage rate per annum calculated by the Agent in
accordance with Schedule 4 (Mandatory Cost Formula).

 

Margin
means:

 

(a)                                  in relation to any Facility A Loan:

 

(i)                                     from the date of this Agreement to (but excluding) the
date falling one year after the Funding Date, [****] per cent. per annum; and

 

(ii)                                  from (and including) the date falling one year after
the Funding Date, [****] per cent. per annum,

 

provided that such Margin shall be increased by (A) [****] per cent. per annum at
any time that (and for so long as) the Company’s Credit Rating as assessed by
both S&P and Moody’s is lower than BBB- and Baa3, respectively or (B) [****]
per cent. per annum if the Credit Rating as assessed by either S&P or Moody’s
is lower than BBB- or Baa3, respectively;

 

(b)                                 in relation to any Facility B Loan:

 

(i)                                     from the date of this Agreement to (and including) the
date 90 days after the Closing Date, [****] per cent. per annum;

 

(ii)                                  from the date 91 days after the Closing Date to (and
including) the date 180 days after the Closing Date, [****] per cent. per
annum; and

 

(iii)                               from the date 181 days after the Closing Date, [****]
per cent. per annum;

 

(c)                                  in relation to any Facility C Loan, [****]
per cent. per annum and subject to the Margin Grid set out below;

 

(d)                                 in relation to any Facility D Loan, [****] per cent.
per annum and subject to the Margin Grid set out below and provided that the otherwise applicable
Margin from time to time shall, on and after the first anniversary of the
Funding Date, be reduced by:

 

17

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(i)            [****] per cent. per annum following any repayment, reduction or
prepayment of the Term Facilities (except to the extent funded by a Utilisation
under the Revolving Facility or the Existing Credit Facility) (any such
repayment, reduction or prepayment a Margin
Calculation Prepayment) which, when aggregated with the amount of
all other Margin Calculation Prepayments since the Funding Date, reduces the
aggregate principal amount outstanding under the Term Facilities by [****] or
more; and

 

(ii)           an additional [****] per cent. per annum following any
Margin Calculation Prepayment which, when aggregated with the amount of all
Margin Calculation Prepayments since the Funding Date, reduces the aggregate
amount outstanding under the Term Facilities by [****] or more;

 

(e)           in relation to any Revolving Facility Utilisation,
[****] per cent. per annum and subject to the Margin Grid set out below and provided that the otherwise applicable
Margin from time to time shall, on and after the first anniversary of the
Funding Date be reduced by:

 

(i)            [****] per cent. per annum following any Margin
Calculation Repayment which, when aggregated with the amount of all Margin
Calculation Prepayments since the Funding Date, reduces the aggregate amount
outstanding under the Term Facilities by [****] or more; and

 

(ii)           an additional [****] per cent. per annum following any
Margin Calculation Prepayment which, when aggregated with the amount of all
Margin Calculation Prepayments since the Funding Date, reduces the aggregate
amount outstanding under the Term Facilities by [****] or more;

 

(f)            in relation to any Unpaid Sum relating or referable to
a Facility, the rate per annum specified above for that Facility; and

 

(g)           in relation to any other Unpaid Sum, the highest rate specified below,

 

provided that (without prejudice to the additional reductions referred to in
paragraphs (d)(i) to (ii) and (e)(i) to (ii) above) the
Margin in respect of each Utilisation under Facility C, Facility D and the
Revolving Facility will be the percentage per annum set out the Margin Grid
below in for the relevant Facility, as determined by the Company’s Credit
Rating, as assessed by S&P and by Moody’s:

 

	
   

  	
  Credit Rating (S&P/Moody’s)

  	
   

  	
  Facility C Margin (% p.a.)

  	
   

  	
  Facility D and Revolving

  Facility Margin (% p.a.)

  	
   

  
	
   

  	
  Higher than or equal to A+/A1

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
  A/A2

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
  A-/A3

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
  BBB+/Baa1

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
  BBB/Baa2

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
  BBB-/Baa3

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
  Lower than BBB-/Baa3

  	
   

  	
  3.00

  	
   

  	
  3.00

  	
   

  

 

18

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

and provided further that:

 

(a)           in the event of a split Credit Rating, the average of
the two corresponding Margins shall apply; and

 

(b)           any change in the Margin for a Utilisation shall take effect on the
first day of the next Interest Period for that Utilisation which starts
following the date on which the relevant Credit Rating changed.

 

Material Adverse Effect means any event or condition that (individually or in aggregate) has a
material adverse effect on:

 

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

 

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

 

Material Subsidiary means, at any time, any member of the Group which:

 

(a)           has earnings before interest, tax, depreciation and amortisation
calculated on the same basis as EBITDA (as defined in Clause 25.1 (Financial
definitions)) representing five per cent. or more of the consolidated EBITDA of
the Group; or

 

(b)           is the owner of the registered trademark of a brand listed in Schedule
13 (Material Brands).

 

Compliance
with the condition set out in paragraph (a) shall be determined by
reference to the most recent Compliance Certificate supplied by the Company
and/or the latest audited financial statements of that Subsidiary (consolidated
in the case of a Subsidiary that itself has Subsidiaries) and the latest
audited consolidated financial statements of the Group.

 

Merger
means a Statutory Merger or a Short Form Merger between a Luxembourg
Subsidiary and the Target with the Target being the surviving entity.

 

Merger Agreement means any agreement to implement a Merger executed between a Luxembourg
Subsidiary and the Target.

 

Model
means the Company’s projections and operational assumptions (including balance
sheet, profit and loss accounts, cashflow statement and financial covenant
calculations) delivered pursuant to Part 2 of Schedule 1 (Conditions
Precedent to Initial Utilisation).

 

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;

 

19

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(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, and Monthly shall be construed accordingly.

 

Moody’s
means Moody’s Investor Services, Inc., or any successor thereto.

 

Multiemployer Plan means a multiemployer plan, as defined in Section (3)(37) of
ERISA, subject to Title IV of ERISA, contributed to for any employees of a U.S.
Obligor or any ERISA Affiliate.

 

Multiple Employer Plan means a single employer plan, as defined in Section 4001(a)(15) of
ERISA, subject to Title IV of ERISA, that (a) is maintained for employees
of any Obligor or any ERISA Affiliate and at least one person other than the
Obligors and the ERISA Affiliates or (b) was so maintained and in respect
of which any Obligor or any ERISA Affiliate could have liability under Section 4064
or 4069 of ERISA in the event such plan has been or were to be terminated.

 

Net Proceeds means the cash proceeds received by any member of the Group and, if the
recipient is not a wholly-owned Subsidiary of the Company, the proceeds
proportionate to the interest held by the Company in such recipient, in respect
of a Disposal, Debt Raising or Equity Raising after deducting:

 

(a)           any fees, including underwriting, arrangement or
advisory fees, agency fees, costs and expenses (including legal fees), bonus
payments to management of an entity disposed of which are incurred by any
member of the Group with respect to that Disposal, Debt Raising or Equity
Raising to persons who are not members of the Group;

 

(b)           any Tax incurred and required to be paid or reserved against in
connection with that Disposal, Debt Raising or Equity Raising or the transfer
of the proceeds to a Borrower (as reasonably determined by the Company after
consultation with its professional tax advisors, on the basis of existing rates
and taking account of any available credit, deduction or allowance);

 

(c)           (but without double deduction) any amounts to be repaid by a member of
the Group to any entity disposed of in respect of intra-Group indebtedness;

 

(d)           the repayment by a member of the Group of third party indebtedness incurred
in connection with the financing of the acquisition of, and secured on, the
asset disposed of;

 

(e)           in respect of a Disposal, any amounts retained by way of provision in
order to cover anticipated liabilities in connection with that Disposal
reasonably determined by the Company after consultation with its professional
advisers; and

 

(f)            in respect of a Disposal, any amount required in order to create a
reasonable reserve for any purchase price adjustment or any indemnification
payments (fixed and contingent) attributable

 

20

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

to
the seller’s obligations to the purchaser undertaken by the Company or any of
its Subsidiaries in connection with such Disposal (but excluding any purchase
price adjustment or any indemnity that, by its terms, will not under any
circumstance be made prior to the last possible Termination Date in respect of
the Facilities), provided that, if
at any time after such reservation was made, the Company determines that the
relevant adjustments or indemnifications payments are not required to be made,
Net Proceeds in respect of the relevant Disposal shall be deemed to have been
received by the Company in an amount equal to the amount of the reserve less
the amount of any relevant adjustments or indemnifications previously paid or
required to be paid.

 

Non-Material Obligor means an Obligor which is not a Material Subsidiary and is not a
Borrower.

 

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

 

Obligor
means a Borrower or a Guarantor.

 

Obligors’ Agent means the Company, appointed to act on behalf of each Obligor in
relation to the Finance Documents pursuant to Clause 2.3 (Obligors’ Agent).

 

Optional
Currency means a currency (other
than the Base Currency) which complies with the conditions set out in Clause 4.3
(Conditions relating to Optional Currencies).

 

Original
Borrower means the Company and
Bidco.

 

Original
Financial Statements
means:

 

(a)           in relation to the Company, its consolidated audited
financial statements for its Financial Year ended 31st December, 2007; and

 

(b)           in relation to Target, its consolidated audited financial statements for
its Financial Year ended 31st December, 2007.

 

Original Guarantor means the Company and Bidco.

 

Original Obligor means an Original Borrower or an Original Guarantor.

 

Parent Contribution Agreement means the parent contribution agreement to be entered
into between the Company and Bidco, in the agreed form.

 

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

 

Party
means a party to this Agreement.

 

PBGC
means the U.S. Pension Benefit Guaranty Corporation, or any entity succeeding
to all or any of its functions under ERISA.

 

21

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Permitted Acquisition means:

 

(a)           the Acquisition;

 

(b)           the acquisition by a member of the Group of an asset sold, leased,
transferred or otherwise disposed of by another member of the Group (provided that
where the disposing entity is an Obligor, the acquiring entity must be an
Obligor);

 

(c)           an acquisition of shares or securities (other than by an Excluded
Subsidiary) pursuant to a share issue by another member of the Group;

 

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

 

(e)           the incorporation of a company which on incorporation becomes a member
of the Group, provided that it does not become an Excluded Subsidiary unless it
is incorporated by an Excluded Subsidiary;

 

(f)            the acquisition of the issued share capital of a limited liability
company or limited liability partnership (including by way of formation) which
has not traded prior to the date of the acquisition;

 

(g)           any acquisition to which the Agent (acting on the instructions of the
Majority Lenders) has given its prior written consent;

 

(h)           an acquisition by a member of the Target Group pursuant to a legally
binding obligation incurred by a member of the Target Group prior to the
Funding Date and which is financed in full using the proceeds of Equity, the
Bridge Facility or Additional Acquisition Equity;

 

(i)            the Post Closing Restructuring;

 

(j)            an acquisition by Barcelona (other than of assets from another member of
the Group) at any time before Barcelona becomes a wholly-owned Subsidiary of
the Company; or

 

(k)           the acquisition of an interest in a company or other entity or the
acquisition of a business not otherwise permitted under sub-paragraphs (a) to
(j) above provided that either:

 

(i)            the Leverage Ratio (by reference to the most recent test date referred
to in Clause 25.2 (Financial condition) for which financial statements are
available, adjusted on a pro forma basis to take into account the effect of the
acquisition (and any related incurrence of Financial Indebtedness) as if it had
occurred on the day before such test date) is equal to or less than [****]; or

 

(ii)           the aggregate of (without double counting):

 

(A)          all amounts paid or to be paid by way of purchase
consideration for the acquisition;

 

22

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(B)           liabilities assumed in respect of Financial Indebtedness (whether by way
of novation, guarantee or otherwise) by any member of the Group as part of the
consideration for the acquisition; and

 

(C)           all Financial Indebtedness of the company acquired,

 

when
aggregated with all such amounts spent or incurred by other members of the
Group on other such acquisitions in any Financial Year does not exceed [****]
(or its equivalent in any other currency).

 

Permitted Excluded Subsidiary Credit Support means:

 

(a)           Financial Indebtedness owed by any Excluded Subsidiary
to any member of the Group (which is not an Excluded Subsidiary); and/or

 

(b)           guarantees provided by a member of the Group (which is not an Excluded
Subsidiary) in respect of the Financial Indebtedness of any Excluded
Subsidiary,

 

where
the aggregate Financial Indebtedness of all Excluded Subsidiaries owed to or
guaranteed by other members of the Group which are not Excluded Subsidiaries
does not exceed [****] (or its equivalent in any other currency) at any time.

 

Permitted Security means:

 

(a)           the Security listed in the document referred to in
paragraph 19 of Part 2 (Conditions precedent to initial Utilisation) of
Schedule 2 (Conditions precedent) except to the extent the principal amount
secured by that Security exceeds the amount stated in that document;

 

(b)           any Security entered into pursuant to any Finance
Document or a Bridge Finance Document;

 

(c)           any lien arising by operation of law and in the
ordinary course of business;

 

(d)           any Security over or affecting any asset acquired by a
member of the Group after the date of this Agreement if:

 

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

 

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

 

(e)           any Security over or affecting any asset of any
company which becomes a member of the Group after the date of this Agreement,
where the Security is created prior to the date on which that company becomes a
member of the Group, if:

 

(i)            the Security was not created in contemplation of the
acquisition (or proposed acquisition) of that company; and

 

23

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(ii)           the principal amount secured has not increased in
contemplation of or since the acquisition (or proposed acquisition) of that
company;

 

(f)            any Security created in the ordinary course of
business to secure any excise or import taxes or duties owed to any state or
state agency or authority (among others and without limitation, a mortgage over
any real property required by the relevant state, state agency or authority to
secure the type of taxes or duties mentioned above will be considered as within
the ordinary course of business);

 

(g)           any Security arising out of rights of consolidation, combination,
netting or set-off over any current and/or deposit accounts with a bank or
financial institution, where it is necessary to agree to those rights in
connection with the opening or operation of any bank accounts or in connection
with a treasury management arrangement operated by a member of the Group, in
each case, in the ordinary course of its business or risk management;

 

(h)           any Security resulting from retention of title or conditional sale
arrangements which are contained in the normal terms of supply of a supplier of
goods to a member of the Group, where the goods are acquired by such member of
the Group in the ordinary course of business and the arrangements do not
constitute Financial Indebtedness;

 

(i)            any Security arising out of rights of netting or set–off arrangements
which are contained in the normal terms of supply of a supplier of goods and/or
services to a member of the Group, where the goods are acquired or services
utilised by such member of the Group in the ordinary course of business and the
arrangements do not constitute Financial Indebtedness;

 

(j)            any Security arising in the ordinary course of business of a member of
the Group in relation to that Group member’s participation in or trading on or
through a clearing system or investment, commodity or stock exchange, where, in
each case, the Security arises under the rules or normal procedures or
legislation governing the clearing system or exchange and neither with the
intention of creating security nor in connection with the borrowing or raising
of money;

 

(k)           any Security created by a member of the Group in favour of an Obligor;

 

(l)            any Security created pursuant to or in respect of any Judicial Deposit;

 

(m)          any Security created or outstanding with the prior written consent of
the Majority Lenders;

 

(n)           pledges over and assignments of documents of title, insurance policies
and sale contracts in relation to goods or services created or made in the
ordinary course of business of a member of the Group to secure the purchase
price of such goods or services;

 

(o)           any Security created by an Excluded Subsidiary; or

 

(p)           any Security over or affecting any assets of the Group which does not
fall within any of paragraphs (a) to (o) above provided that the
total of (i) the aggregate amount secured by all Security referred to in
this paragraph (o) and (ii) the total amount of Subsidiary
Financial

 

24

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Indebtedness
(without double counting Subsidiary Financial Indebtedness incurred under
sub-paragraph (i) of this paragraph (p)) does not, at any time,
exceed [****] (or its equivalent in any other currency).

 

Plan
means a Single Employer Plan or a Multiple Employer Plan.

 

Post Closing Restructuring means an intra group reorganisation by way of
disposal or transfer of the shares in InBev Germany Holding GmbH and its
Subsidiaries to a member of the Target Group following the Closing Date.

 

Qualifying Lender has the meaning given to that term in Clause 17 (Tax Gross Up and
Indemnities).

 

Quarter Date means the last day of a Financial Quarter.

 

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

 

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

 

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

 

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

 

unless
market practice differs in the Relevant Interbank Market for a currency, in
which case the Quotation Day for that currency will be determined by the Agent
in accordance with market practice in the Relevant Interbank Market (and if
quotations would normally be given by leading banks in the Relevant Interbank
Market on more than one day, the Quotation Day will be the last of those days).

 

Reference Banks means the principal London offices of the Agent, Banco Santander, S.A.,
ING Bank N.V., J.P.Morgan Plc and The Royal Bank of Scotland plc and such other
banks as may be appointed by the Agent in consultation with the Company.

 

Reference Date means the earlier of:

 

(a)           the Funding Date; and

 

(b)           31 December 2008.

 

Regulations T, U and X means, respectively, Regulations T, U and X of the Board of Governors
of the Federal Reserve System of the United States (or any successor) as now
and from time to time in effect from the date of this Agreement.

 

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

 

Relevant Borrower means, in relation to a Loan, the Borrower which borrowed such Loan.

 

25

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

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, its jurisdiction of incorporation.

 

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

 

Renewal Request means a written notice delivered to the Agent
in accordance with Clause 6.6 (Renewal of a Letter of Credit).

 

Repeating Representations means each of the
representations set out in Clause 23.2 (Status) to Clause 23.6 (Validity and
admissibility in evidence), paragraph (a) of Clause 23.8 (No default)
and Clause 23.11 (Pari passu ranking).

 

Resignation Letter means a letter substantially in the form set
out in Schedule 7 (Form of Resignation Letter).

 

Restricted Person means any person:

 

(a)           included on the “consolidated list of financial
sanctions targets” maintained by HM Treasury;

 

(b)           in a country which is subject to United Nations sanctions;

 

(c)           included on the list of “Specially Designated Nationals and Blocked
Persons” maintained by the Office of Foreign Assets Control (OFAC) of the United States Department of
the Treasury, as updated or amended from time to time, or any similar list
issued by OFAC;

 

(d)           whose property has been blocked, or is subject to seizure, forfeiture or
confiscation, by any order relating to terrorism or money laundering issued by
the President, Attorney General, Secretary of State, Secretary of Defense,
Secretary of the Treasury or any other U.S. State or Federal governmental
official or entity; or

 

(e)           included on the “List of Persons and Entities Subject to Financial
Sanctions” or any similar list maintained by the European Union.

 

Revolving Facility means the revolving credit facility made available under this Agreement
as described in paragraph (b) of Clause 2.1 (The Facilities).

 

Revolving Facility Commitment means:

 

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

 

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

 

26

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

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

 

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

 

Revolving Facility Utilisation means a Revolving Facility Loan or a Letter of
Credit.

 

Rollover Loan means one or more Revolving Facility Loans:

 

(a)                                  made or to be made on the same day that:

 

(i)                                     a maturing Revolving Facility Loan is due to be
repaid; or

 

(ii)                                  a demand by the Agent pursuant to a drawing in respect
of a Letter of Credit is due to be met;

 

(b)                                 the aggregate amount of which is equal to or less than
the maturing Revolving Facility Loan or the relevant claim in respect of that
Letter of Credit;

 

(c)                                  in the same currency as the maturing Revolving Facility
Loan (unless it arose as a result of the operation of Clause 8.2
(Unavailability of a currency)) or the relevant claim in respect of that Letter
of Credit; and

 

(d)                                 made or to be made to the same Borrower for the
purpose of:

 

(i)                                     refinancing that maturing Revolving Facility Loan; or

 

(ii)                                  satisfying the relevant claim in respect of that
Letter of Credit.

 

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

 

Screen Rate means:

 

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

 

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

 

displayed
on the appropriate page of the Reuters screen.  If the agreed page is replaced or
service ceases to be available, the Agent may specify another page or
service displaying the appropriate rate after consultation with the Company and
the Lenders.

 

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

 

27

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Selection Notice means a notice substantially in the form set out in Part 2 of
Schedule 3 (Requests) given in accordance with Clause 14 (Interest Periods) in
relation to a Term Facility.

 

Share Buyback Disposal means any disposal of shares in the Company by BrandBrew S.A. where the
acquisition of such shares was financed under (and where the proceeds of that
disposal are required to be applied in prepayment of the indebtedness incurred
under the terms (as in effect as at the date of this Agreement, or as
subsequently amended with the consent of the Arrangers) of) the Share Buyback
Facility.

 

Share  Buyback  Facility
means the €200,000,000 facility agreement dated 15th April, 2008 and entered
into between BrandBrew S.A. as borrower and Fortis Bank S.A./N.V as lender.

 

Shareholders’ Approval means the valid adoption of a resolution by the shareholders’ meeting
of the Company validly approving (i) Clause 11.2 (Change of Control or
Sale) and (ii) any other provision in this Agreement granting rights to
third parties which could affect the Company’s assets or could impose an
obligation on the Company where in each case the exercise of those rights is
dependent on the occurrence of a public take-over bid or a Change of Control,
in accordance with article 556 of the Belgian Companies Code.

 

Short Form Merger means a merger pursuant to §253 of the Delaware General Corporation
Law.

 

Single Employer Plan means a single employer plan, as defined in Section 4001(a)(15) of
ERISA, subject to Title IV of ERISA, that (a) is maintained or contributed
to by any Obligor or any ERISA Affiliate for employees of any Obligor or any
ERISA Affiliate and no person other than the Obligors and the ERISA Affiliates
or (b) was so maintained or contributed to and in respect of which any
Obligor or any ERISA Affiliate could have liability under Section 4069 of
ERISA in the event such plan has been or were to be terminated.

 

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

 

Statutory Merger means a merger pursuant to §251 of the Delaware General Corporation
Law.

 

Structure Memorandum means the structure and tax paper prepared by Ernst & Young
entitled “Summary of Initial U.S., Belgian, Dutch and Luxembourg Corporate Tax
Considerations” dated 11th July, 2008.

 

Subordination Agreement means each of:

 

(a)                                  the subordination agreement dated on or about the date
of this Agreement relating to the Facilities and the Bridge Facility dated on
or about the date of this Agreement and made between the Lenders, the Agent,
the lenders of the Bridge Facility and the Obligors; and

 

(b)                                 any other subordination agreement entered into after
the date of this Agreement relating to any Additional Acquisition Equity
Facility, the provisions of which satisfy the criteria set out in the
definition of Additional Acquisition Equity,

 

28

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

and
as the context requires, either or both of the above.

 

Subsidiary means an entity of which a person has direct or indirect control or
owns directly or indirectly more than 50 per cent. of the voting share 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.

 

Subsidiary Financial Indebtedness means the aggregate outstanding principal or capital
amount of all Financial Indebtedness of all members of the Group minus:

 

(a)                                  an amount equal to the aggregate principal or capital
amount of all existing subsidiary financial indebtedness listed in the document
referred to in paragraph 20 of Part 2 (Conditions precedent to initial
Utilisation) of Schedule 2 (Conditions precedent);

 

(b)                                 any Financial Indebtedness of any person who becomes a
member of the Group after the Closing Date which is incurred under arrangements
in existence at the date that person becomes a member of the Group (and not
entered into in contemplation of that person becoming (or proposed to be
becoming) a member of the Group), but only for a period of one year from the
date that person becomes a member of the Group and only to the extent the
principal amount of the Financial Indebtedness has not been incurred since the
date that person became a member of the Group;

 

(c)                                  any Financial Indebtedness of an Obligor;

 

(d)                                 any Financial Indebtedness of any member of the Target
Group in existence on the Closing Date or any refinancing of such indebtedness
for the same or any lower amount; or

 

(e)                                  any Financial Indebtedness of Barcelona until such
time as Barcelona becomes a wholly-owned Subsidiary of the Company.

 

Super Majority Lenders means a Lender or Lenders whose Commitments aggregate more than 90 per
cent of the Total Commitments (or, if the Total Commitments have been reduced
to zero, aggregated more than 90 per cent. of the Total Commitments immediately
prior to that reduction).

 

Syndication Date means each day on which the Agent confirms (for and on behalf of the
Arrangers) that a phase of syndication of the Facilities has been completed.

 

Target
means Anheuser-Busch Companies, Inc., a company incorporated under the law
of the State of Delaware, United States with registered address One Busch
Place, St. Louis, Missouri 63118 with issuer number 035229.

 

TARGET
means the Trans-European Automated Real-time Gross Settlement Express Transfer
payment system which utilises interlinked national real time gross settlement
systems and the European Central Bank’s payment mechanism and which began
operations on 4 January 1999.

 

29

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

TARGET Day means:

 

(a)                                  until such time as TARGET is permanently closed down
and ceases operations, any day on which both TARGET and TARGET2 are; and

 

(b)                                 following such time as TARGET is permanently closed
down and ceases operations, any day on which TARGET2 is,

 

open
for the settlement of payments in euro.

 

Target Group means the Target and its Subsidiaries from time to time.

 

Target Shares means all shares and all rights to shares of Target.

 

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.

 

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).

 

Taxes Act means the Income and Corporation Taxes Act 1988.

 

Tender Offer means any tender offer made or to be made for the Target Shares by
Bidco.

 

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

 

Term Facility means Facility A, Facility B, Facility C or Facility D.

 

Term Loan means a Facility A Loan, a Facility B Loan, a Facility C Loan or a
Facility D Loan.

 

Termination Date means:

 

(a)                                  subject to Clause 2.4 (Extension of Facility A), in
relation to Facility A, 364 days from the Funding Date;

 

(b)                                 in relation to Facility B, 364 days from the Closing
Date;

 

(c)                                  in relation to Facility C, thirty-six Months from the
Reference Date;

 

(d)                                 in relation to Facility D, sixty Months from the
Reference Date; and

 

(e)                                  in relation to the Revolving Facility, sixty Months
from the Reference Date.

 

Total Commitments means the aggregate of the Total Facility A Commitments, the Total
Facility B Commitments, the Total Facility C Commitments, the Total
Facility D Commitments and the Total Revolving Facility Commitments, being
US$45,000,000,000 at the date of this Agreement.

 

30

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

Total Facility A Commitments means the aggregate of the Facility A Commitments,
being US$12,000,000,000 at the date of this Agreement.

 

Total Facility B Commitments means the aggregate of the Facility B Commitments,
being US$7,000,000,000 at the date of this Agreement.

 

Total Facility C Commitments means the aggregate of the Facility C Commitments,
being US$13,000,000,000 at the date of this Agreement.

 

Total Facility D Commitments means the aggregate of the Facility D Commitments,
being US$12,000,000,000 at the date of this Agreement.

 

Total Revolving Facility Commitments means the aggregate of the Revolving Facility
Commitments, being US$1,000,000,000 at the date of this Agreement.

 

Transfer Certificate means a certificate substantially in the form set out in Schedule 5 (Form of
Transfer Certificate) or any other form agreed between the Agent and the
Company.

 

Transfer Date means, in relation to a transfer, the later of:

 

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

 

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

 

Underwriting Agreement means the stand-by equity underwriting agreement dated on or about the
date of this Agreement between the Company and one or more underwriters on
terms acceptable to the Agent (acting reasonably) in respect of the issuance
and/or the placement of the shares of the Company sufficient for the purposes
of refinancing the Bridge Facility in whole and any definitive underwriting
agreement which is executed pursuant to the terms of that stand-by equity
underwriting agreement.

 

Unfunded Current Liability means, in relation to any Plan, the amount, if any,
by which the value of the accumulated plan benefits under that Plan determined
on a plan termination basis in accordance with actuarial assumptions at such
time consistent with those prescribed by the PBGC for purposes of Section 4044
of ERISA, exceeds the fair market value of all plan assets allocable to such
liabilities under Title IV of ERISA (excluding any accrued but unpaid
contributions).

 

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

 

US Dollar, US Dollars and US$ means the lawful currency of the United
States of America from time to time.

 

U.S. and
United States means the United
States of America, its territories, possessions and other areas subject to the
jurisdiction of the United States of America.

 

U.S. Borrower means a Borrower whose jurisdiction of organisation is a state of the
United States of America or the District of Columbia.

 

31

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

U.S. Guarantor means a Guarantor whose jurisdiction of organisation is a state of the
United States of America or the District of Columbia.

 

U.S. Obligor means any U.S. Borrower or U.S. Guarantor.

 

U.S. Tax means any federal, state, local income, gross receipts, license,
premium, windfall profits, customs duties, capital stock, franchise, profits,
withholding, social security (or similar), real property, personal property,
sales, use, registration, value added, alternative or add-on minimum, estimated
or other tax of any kind whatsoever, imposed by the United States or any
political subdivision thereof or taxing authority therein, including any
interest, penalty or addition thereto, whether disputed or not.

 

Utilisation means a Loan or a Letter of Credit.

 

Utilisation Date means the date on which a Utilisation is made.

 

Utilisation Request means a notice substantially in the relevant form set out in Part 1
of Schedule 3 (Requests).

 

VAT
means value added tax calculated in accordance with (but subject to the
derogations according to the VAT regulations of the member states) European
Directive 2006/112/EC (replacing European Directive 77/388/EC) whether charged
in a member state of the European Union or elsewhere and any other tax of a
similar nature.

 

Welfare Plan means a welfare plan, as such term is defined in Section 3(1) of
ERISA, that is maintained or contributed to by any Obligor or an ERISA
Affiliate with respect to which an Obligor or any ERISA Affiliate could incur
liability.

 

Withdrawal Liability has the meaning specified in Part I of Subtitle E of Title IV of
ERISA.

 

1.2          Construction

 

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

 

(i)            the Agent, an Arranger, any Finance Party, any Issuing
Bank, any Lender, any Obligor, any Party or any other person shall be construed so as to include
its successors in title, permitted assigns and permitted transferees;

 

(ii)           a document in agreed
form is a document which is in a form agreed in writing by or on
behalf of the Company and 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;

 

32

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(v)           guarantee means (other than in Clause 22 (Guarantee and
Indemnity)) any guarantee, letter of credit, bond, indemnity or similar
assurance against loss, or any obligation, direct or indirect, actual or
contingent, to purchase or assume any indebtedness of any person or to make an
investment in or loan to any person or to purchase assets of any person where,
in each case, such obligation is assumed in order to provide assurance to the
beneficiary of such guarantee that another person will or can meet any of its
liabilities;

 

(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 Lender’s participation
in relation to a Letter of Credit, shall be construed as a reference to the relevant
amount that is or may become payable by a Lender in relation to that Letter of
Credit;

 

(viii)        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);

 

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

 

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

 

(xi)           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.

 

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

 

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

 

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

 

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

 

33

 

[****] Indicates that certain information contained
herein has been

omitted and filed separately
with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

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

 

(f)            A Borrower repaying
or prepaying a Letter of Credit
means:

 

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

 

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

 

(iii)          the Issuing Bank being satisfied that it has no
further liability under that Letter of Credit or Ancillary Facility,

 

and
the amount by which a Letter of Credit is repaid or prepaid under
paragraphs (f)(i) and (f)(ii) above is the amount of the
relevant cash cover or reduction.

 

(g)           An amount borrowed
includes any amount utilised by way of Letter of Credit.

 

(h)           A Lender funding its
participation in a Utilisation includes a Lender participating in a
Letter of Credit.

 

(i)            An outstanding
amount of a Letter of Credit at any time is the maximum amount that
is or may be payable by the Relevant Borrower in respect of that Letter of
Credit at that time.

 

(j)            A reference to Barclays Capital is a reference to the
investment banking division of Barclays Bank PLC.

 

1.3          Dutch terms

 

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

 

(a)           a necessary action
to authorise where applicable, includes without limitation:

 

(i)            any action required to comply with the Works Councils
Act of the Netherlands (Wet op de ondernemingsraden);
and

 

(ii)           obtaining an unconditional positive advice (advies) from the competent works
council(s);

 

(b)           financial assistance means any act contemplated by:

 

(i)            (for a besloten
vennootschap met beperkte aansprakelijkheid) Article 2:207(c) of
the Dutch Civil Code; or

 

(ii)           (for a naamloze
vennootschap) Article 2:98(c) of the Dutch Civil Code;

 

(c)           a Security
includes any mortgage (hypotheek),
pledge (pandrecht), retention of
title arrangement (eigendomsvoorbehoud),
privilege (voorrecht), right of retention
(recht van retentie), right to
reclaim goods (recht van reclame),
and, in general, any right in rem (beperkt
recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);

 

34

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(d)                                 (i)            a winding-up, administration or dissolution includes a Dutch entity being
declared bankrupt (failliet verklaard)
or dissolved (ontbonden);

 

(ii)           a moratorium
includes surseance van betaling
and a moratorium  is declared or occurs includes surseance
verleend;

 

(iii)          any step or procedure taken in connection with
insolvency proceedings includes a Dutch entity having filed a notice under Section 36
of the Tax Collection Act of the Netherlands (Invorderingswet
1990);

 

(iv)          a trustee in
bankruptcy includes a curator;

 

(v)           an administrator includes a
bewindvoerder; and

 

(vi)          an attachment
includes a beslag.

 

1.4          Luxembourg terms

 

In
this Agreement, a reference to:

 

(a)           a liquidator, trustee in bankruptcy, judicial
custodian, compulsory manager, receiver, administrator receiver, administrator
or similar officer includes any:

 

(i)            juge-commissaire and/or insolvency receiver (curateur) appointed under the Luxembourg
Commercial Code;

 

(ii)           liquidateur appointed under Articles 141 to 151 of the Luxembourg
act of 10 August 1915 on commercial companies, as amended;

 

(iii)          juge-commissaire and/or liquidateur
appointed under Article 203 of the Luxembourg act dated 10 August 1915
on commercial companies, as amended;

 

(iv)          commissaire appointed under the Grand-Ducal decree of
24 May 1935 on the controlled management regime or under Articles 593 to
614 of the Luxembourg Commercial Code; and

 

(v)           juge délégué appointed under the Luxembourg act of 14 April 1886
on the composition to avoid bankruptcy, as amended;

 

(b)           a winding-up,
administration or dissolution
includes, without limitation, bankruptcy (faillite),
liquidation, composition with creditors (concordat
préventif de faillite), moratorium or reprieve from payment (sursis de paiement) and controlled
management (gestion contrôlée);
and

 

(c)           a person being unable to pay its debts
includes that person being in a state of cessation of payments (cessation de paiements).

 

35

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

1.5          Belgian terms

 

In
this Agreement, a reference (in the context of Belgian law or a Belgian
Obligor) to:

 

(a)           a liquidator,
trustee in bankruptcy, judicial custodian, compulsory manager, receiver,
administrator receiver, administrator or similar officer includes any curator
/ curateur, vereffenaar /
liquidateur, voorlopig bewindvoerder / adminstrateur judiciaire gerechtelijk
deskundige / expert judiciare commissaris inzake opschorting / commissaire au
sursis and sekwester / séquestre;

 

(b)           a person being unable
to pay its debts is that person being in a state of cessation of
payments (staking van betaling / cessation
de paiements);

 

(c)           an insolvency includes gerechtelijk akkoord / concordat judiciaire,
faillissement / faillite and any other concurrence between creditors
(samenloop van schuldeisers / concours des
créanciers);

 

(d)           a composition includes any gerechtelijk akkoord / concordat judiciaire;
winding up, administration, liquidation or dissolution
includes any vereffening / liquidation,
ontbinding / dissolution, faillissement / faillite and sluiting van een
onderneming / fermeture d’enterprise;

 

(e)           an assignment or similar arrangement with any creditor
includes a minnelijk akkoord met alle
schuldeisers/ accord amiable avec tous les créanciers;

 

(f)            an attachment, sequestration, distress, execution or analogous events includes any uitvoerend beslag / saisie exécutoire and bewarend
beslag / saisie conservatoire;

 

(g)           a Security includes any
mortgage (hypotheek / hypothèque),
pledge (pand / nantissement),
privilege (voorrecht / privilège),
retention right (eigendomsvoorbehoud /
réserve de propriété), any real surety (zakelijke zekerheid / sûreté réelle) and any transfer by way
of security (overdracht ten titel van
zekerheid / transfert à titre de garantie) and a promise or mandate
to create any of the security interest mentioned above;

 

(h)           constitutional documents means de oprichtingsakte
/ acte constitutif, statuten / statuts and uittreksel van de Kruispuntbank voor
Ondernemingen / Banque Carrefour des Entrepises; and

 

(i)            guarantee means, only for the purpose of the guarantee granted
by a Belgian Obligor pursuant to Clause 22 (Guarantee and Indemnity), an
independent guarantee and not a surety (borg
/ cautionnement).

 

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.

 

36

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(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          Subordination Agreement

 

The
Parties enter into this Agreement subject to the provisions of the
Subordination Agreement.  In the event of
any conflict between the provisions of this Agreement and the provisions of the
Subordination Agreement, the latter shall prevail.

 

2.             THE
FACILITIES

 

2.1          The Facilities

 

(a)           Subject to the terms of this Agreement, the Lenders make available to
Bidco and the Company:

 

(i)            a Base Currency term loan facility in an aggregate amount equal to the
Total Facility A Commitments;

 

(ii)           a Base Currency term loan facility in an aggregate
amount equal to the Total Facility B Commitments;

 

(iii)          a Base Currency term loan facility in an aggregate
amount equal to the Total Facility C Commitments; and

 

(iv)          a Base Currency term loan facility in an aggregate
amount equal to the Total Facility D Commitments.

 

(b)           Subject to the terms of this Agreement, the Lenders make available to
the Borrowers, a multicurrency revolving credit facility in an aggregate amount
the Base Currency Amount of which is equal to the Total Revolving Facility
Commitments.

 

(c)           Each of Bidco and the Company will be permitted to borrow (on a several
basis) under the Term Facilities.  Any
Borrower will be permitted to borrow (on a several basis) under the Revolving
Facility.

 

2.2          Finance Parties’ rights and
obligations

 

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

 

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

 

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

 

37

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

2.3          Obligors’ Agent

 

(a)           Each Obligor (other than the Company) by its execution
of this Agreement or an Accession Letter irrevocably appoints the Company to
act on its behalf as its agent 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 Letter, to make such agreements and to
effect the relevant amendments, supplements and variations capable of being
given, made or effected by any Obligor notwithstanding that they may affect the
Obligor, without further reference to or the consent of that Obligor; and

 

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

 

and
in each case the Obligor shall be bound as though the Obligor itself had given
the notices and instructions (including, without limitation, any Utilisation Requests)
or executed or made the agreements or effected the amendments, supplements or
variations, or received the relevant notice, demand or other communication.

 

(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.

 

2.4          Extension of Facility A

 

(a)           The Company shall be entitled to extend the Termination Date of Facility
A for up to one year by giving notice to the Agent (the Extension Request) not less than 45 days
before the Termination Date specified in Clause 1.1 (Definitions) in respect of
Facility A (for the purposes of this Clause 2.4, the Original Facility A Termination Date).

 

(b)           Any Extension Request shall:

 

(i)            be in writing, unconditional and binding on the Obligors; and

 

(ii)           specify a revised Termination Date for Facility A
which is not more than one year after the Original Facility A Termination Date
(the Revised Facility A Termination Date).

 

38

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(c)           Upon receipt by the Agent of an Extension Request duly completed in
accordance with paragraph (b) above, the Revised Facility A
Termination Date shall be for all purposes the Termination Date in respect of
Facility A.

 

(d)           The Agent shall promptly notify the Lenders of any extension of the
Termination Date in respect of Facility A pursuant to this Clause 2.4.

 

3.             PURPOSE

 

3.1          Purpose

 

(a)           The Relevant Borrower shall apply all amounts borrowed by it under a
Term Facility towards:

 

(i)            financing:

 

(A)          the acquisition of Target Shares pursuant to the Tender Offer or
tendered thereafter for payment; or

 

(B)           the acquisition of additional shares issued by the Target as necessary
to enable the Borrower to acquire sufficient shares to effect a Short Form Merger;

 

(ii)           financing the cash compensation payable to existing
shareholders in the Target pursuant to a Statutory Merger or Short Form Merger
or the service of appraisal rights;

 

(iii)          payment of the Acquisition Costs; or

 

(iv)          refinancing Financial Indebtedness of the Target and
its Subsidiaries.

 

(b)           The Relevant Borrower shall apply all amounts borrowed by it under the
Revolving Facility (and, in the case of sub-paragraphs (ii) and (iii) below,
any Utilisation by way of Letter of Credit issued on its behalf) towards:

 

(i)            payment of Acquisition Costs;

 

(ii)           refinancing the Financial Indebtedness of the Target
and its Subsidiaries; or

 

(iii)          the general corporate and/or working capital purposes
of the Group.

 

(c)           The Facilities may not be used for the purposes specified in
sub-paragraphs (a)(iv), (b)(ii) or (b)(iii) above unless, on or
before such utilisation, one or more Utilisations for the Acquisition Purpose
have occurred, the Company has obtained Control of the Target and, in the case
of any Utilisation for general corporate or working capital purposes, the
Closing Date has occurred.

 

3.2          Monitoring

 

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

 

39

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

4.            CONDITIONS OF UTILISATION

 

4.1          Initial conditions precedent

 

(a)           No Borrower may deliver a Utilisation Request unless the Agent has
received all of the documents and other evidence listed in Part 1 and Part 2
of Schedule 2 (Conditions Precedent) (other than the items asterisked in Part 2
of Schedule 2 which must be delivered on or before the first Utilisation Date)
in form and substance satisfactory to the Agent.  The Agent shall notify the Company and the
Lenders promptly upon being so satisfied.

 

(b)           If the Funding Date has occurred but the Closing Date has not occurred,
no Borrower may deliver any further Utilisation Request for a Loan (other than
for a purpose referred to in Clause 3.1(a) (i) or (iii) (Purpose))
unless the Agent has received the following documents and evidence in form and
substance satisfactory to the Agent:

 

(i)            except if the Closing Date will occur following a Short Form Merger,
a copy of the executed Merger Agreement on customary terms and otherwise in a
form acceptable to the Agent (acting reasonably);

 

(ii)           evidence that the Closing Date will occur
substantially simultaneously with such Utilisation; and

 

(iii)          a certificate of the Company (signed by a director) or
such other evidence as the Agent may reasonably request, that all conditions to
the consummation of the Acquisition under any Merger Agreement have been
satisfied or will be satisfied on or before such Utilisation Date.

 

The
Agent shall notify the Company and the Lenders promptly upon being so
satisfied.

 

4.2          Further conditions precedent

 

The
Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation)
in relation to a Utilisation other than one to which Clause 4.5 (Utilisations
during the Certain Funds Period) applies if, on the date of the Utilisation
Request and on the proposed Utilisation Date:

 

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

 

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

 

40

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

4.3          Conditions relating to Optional
Currencies

 

(a)           A currency will constitute an Optional Currency in relation
to a Revolving Facility Utilisation if it is euro or:

 

(i)            it is readily available in the amount required and freely convertible
into the Base Currency in the Relevant Interbank Market at the Specified Time
or, if later, on the date the Agent receives the relevant Utilisation Request
and the Utilisation Date for that Utilisation; and

 

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

 

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

 

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

 

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

 

4.4          Maximum number of Utilisations

 

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

 

(i)            more than 12 Term Loans would be outstanding; or

 

(ii)           more than 15 or more Revolving Facility Loans would be
outstanding.

 

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

 

4.5          Utilisations during the Certain Funds
Period

 

(a)           Except as set out in paragraph (b) below, during
the Certain Funds Period, none of the Finance Parties shall be entitled to:

 

(i)            cancel any of its Commitments to the extent that to do so would prevent
or limit the making of a Certain Funds Utilisation;

 

(ii)           rescind, terminate or cancel this Agreement or any of
the Facilities or exercise any similar right or remedy or make or enforce any
claim under the Finance Documents it may have to the extent that to do so would
prevent or limit the making of a Certain Funds Utilisation;

 

(iii)          refuse to participate in the making of a Certain Funds
Utilisation;

 

41

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(iv)          exercise any right of set-off or counterclaim in
respect of a Utilisation to the extent that to do so would prevent or limit the
making of a Certain Funds Utilisation; or

 

(v)           cancel, accelerate or cause repayment or prepayment of any amounts owing
hereunder or under any other Finance Document to the extent that to do so would
prevent or limit the making of a Certain Funds Utilisation,

 

provided that immediately upon the expiry of the Certain Funds Period all rights,
remedies and entitlements shall be available to the Finance Parties
notwithstanding that they may not have been used or been available for use
during the Certain Funds Period.

 

(b)           Paragraph (a) above does not apply if, and to the extent that, the
entitlement arises because:

 

(i)            in the case of sub-paragraph (a)(iii) above, Clause 4.1 (Initial
conditions precedent) has not been complied with;

 

(ii)           a Major Event of Default is continuing or, in the case
of sub-paragraph (a)(iii) above, a Major Event of Default would result
from the proposed Utilisation;

 

(iii)          any of the Major Representations is not true and
accurate;

 

(iv)          Clause 10.1 (Illegality) applies; or

 

(v)           Clause 11.2 (Change of Control or Sale) applies.

 

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 and the Facility to be utilised;

 

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

 

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

 

(iv)          the proposed Interest Period complies with Clause 14
(Interest Periods).

 

42

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

(b)           Multiple Utilisations may be requested in a Utilisation Request where
the proposed Utilisation Date is the Closing Date.  Only one Utilisation may be requested in each
subsequent Utilisation Request.

 

5.3          Currency and amount

 

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

 

(i)            in relation to a Term Facility, the Base Currency; and

 

(ii)           in relation to the Revolving Facility, the Base
Currency or an Optional Currency.

 

(iii)          The amount of the proposed Utilisation of the
Revolving Facility must be:

 

(A)          if the currency selected is the Base Currency, a minimum of
US$25,000,000 or, if less, the Available Facility; or

 

(B)           if the currency selected is euro, a minimum of US$25,000,000 or, if
less, the Available Facility; or

 

(C)           if the currency selected is an Optional Currency, other than euro, the
minimum amount specified by the Agent pursuant to paragraph (b)(ii) of
Clause 4.3 (Conditions relating to Optional Currencies) 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 (save as may follow from Clause 5.5 (Lending
Office)).

 

(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.

 

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

 

5.5          Lending Office

 

(a)           In the event that the Acquisition proceeds by way of Tender Offer and
any Utilisation of any of the Term Facilities is to be made by a non-US
Borrower for an Acquisition Purpose (other than for purposes of consummation of
a Short Form Merger), each Lender shall procure that its respective
participation in such Loan is made available through an office located outside
the United States.

 

(b)           Notwithstanding paragraph (a) above, following the Closing Date,
each Lender shall be free to book and fund its participation in any Loan under
the Facilities through offices in the United States.

 

43

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

5.6          Limitations on Utilisations

 

A
Term Facility may only be utilised if all of the Term Facilities are utilised
pro rata on that date.

 

5.7          Cancellation of Commitment

 

(a)           If on the last day of the Availability Period in respect of the Term
Facilities, the Closing Date has not occurred, all Commitments shall be
immediately cancelled in full.

 

(b)           Any Commitment which is unutilised on the last day of the Availability
Period applicable thereto shall be immediately cancelled.

 

6.             UTILISATION –
LETTERS OF CREDIT

 

6.1          The Revolving Facility

 

(a)           The Revolving Facility may be utilised by way of Letters of Credit.

 

(b)           Clause 5 (Utilisation – Loans) does not apply to
utilisations by way of Letters of Credit.

 

6.2          Delivery of a Utilisation Request for
Letters of Credit

 

A
Borrower (or the Company on its behalf) may request a Letter of Credit to be
issued by delivery to the Agent of a duly completed Utilisation Request not
later than the Specified Time.

 

6.3          Completion of a Utilisation Request
for Letters of Credit

 

Each
Utilisation Request for a Letter of Credit is irrevocable (unless otherwise
agreed by the Issuing Bank) and will not be regarded as having been duly
completed unless:

 

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

 

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

 

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

 

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

 

(e)           the amount of the Letter of Credit requested will not result in the
aggregate Base Currency Amount of all outstanding Letters of Credit exceeding
US$500,000,000 (or its equivalent in any other currency);

 

(f)            the currency and amount of the Letter of Credit comply with Clause 6.4
(Currency and amount);

 

(g)           the proposed beneficiary is not a Restricted Person and is not objected
to by the Issuing Bank (acting reasonably);

 

44

 

[****] Indicates that certain information contained
herein has been

omitted and filed
separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

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

 

(i)            the Expiry Date of the Letter of Credit falls on or before the
Termination Date in respect of the Revolving Facility; and

 

(j)            the delivery instructions for the Letter of Credit are specified.

 

6.4          Currency and amount

 

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

 

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

 

(i)            if the currency selected is the Base Currency, a minimum of
US$25,000,000 or, if less, the Available Facility;

 

(ii)           if the currency selected is euro, a minimum of
US$25,000,000 or, if less, the Available Facility; or

 

(iii)          if the currency selected is an Optional Currency other
than euro, the minimum amount specified by the Agent pursuant to paragraph (b)(ii) of
Clause 4.3 (Conditions relating to Optional Currencies) or, if less, the
Available Facility.

 

6.5          Issue of Letters of Credit

 

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

 

(b)           Subject to Clause 4.1 (Initial conditions precedent), the Issuing Bank
will only be obliged to comply with paragraph (a) above in relation to a
Letter of Credit other than one to which paragraph (c) below applies, if on the date of the Utilisation
Request or Renewal Request and on the proposed Utilisation Date:

 

(i)            no Default (or, in the case of a Letter of Credit to be renewed in
accordance with Clause 6.6 (Renewal of a Letter of Credit), no Event of
Default) is continuing or would result from the proposed Utilisation; and

 

(ii)           in relation to any Utilisation on the Closing Date,
all the representations and warranties in Clause 23 (Representations) or, in
relation to any other Utilisation, the Repeating Representations to be made by
each Obligor are true in all material respects.

 

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

 

45

 

[****] Indicates that certain information contained
herein has been

omitted and filed separately
with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

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

 

6.6          Renewal of a Letter of Credit

 

(a)           A Borrower (or the Company on its behalf) may request that any Letter of
Credit issued on behalf of that Borrower be renewed by delivery to the Agent of
a Renewal Request in substantially similar form to a Utilisation Request for a
Letter of Credit by the Specified Time.

 

(b)           The Finance Parties shall treat any Renewal Request in the same way as a
Utilisation Request for a Letter of Credit except that the conditions set out
in paragraph (h) of Clause 6.3 (Completion of a Utilisation Request for
Letters of Credit) shall not apply.

 

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

 

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

 

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

 

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

 

6.7          Revaluation of Letters of Credit

 

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

 

(b)           The Company shall, if requested by the Agent within five days of any
calculation under paragraph (a) above, ensure that within three Business
Days sufficient Revolving Facility Utilisations are prepaid to prevent the Base
Currency Amount of the Revolving Facility Utilisations exceeding the Total
Revolving Facility Commitments following any adjustment to a Base Currency
Amount under paragraph (a) of this Clause 6.7.

 

46

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

7.                                      LETTERS OF
CREDIT

 

7.1                                  Immediately payable

 

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

 

7.2                                  Claims under a Letter of Credit

 

(a)                                  Each Borrower irrevocably and unconditionally
authorises the Issuing Bank to pay any claim made or purported to be made under
a Letter of Credit requested by it (or requested by the Company on its behalf)
and which appears on its face to be in order (in this Clause 7, a claim).

 

(b)                                 The Relevant Borrower shall within five Business Days
of demand pay to the Agent for the Issuing Bank an amount equal to the amount
of any claim.

 

(c)                                  Each Borrower acknowledges that the Issuing Bank:

 

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

 

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

 

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

 

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

 

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

 

7.3                                  Indemnities

 

(a)                                  The Relevant Borrower shall immediately on demand
indemnify the Issuing Bank against any cost, loss or liability incurred by the
Issuing Bank (otherwise than by reason of the Issuing Bank’s gross negligence
or wilful misconduct) in acting as the Issuing Bank under any Letter of Credit
requested by (or on behalf of) that Borrower.

 

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

 

(c)                                  If any Lender is not permitted (by its constitutional
documents or any applicable law) to comply with paragraph (b) above, then
that Lender will not be obliged to comply with paragraph (b) and shall
instead be deemed to have taken, on the date the Letter of Credit is issued (or
if later, on the date the Lender’s participation in the Letter of Credit is
transferred or assigned to the Lender in accordance with the terms

 

47

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

of
this Agreement), an undivided interest and participation in the Letter of
Credit in an amount equal to its L/C Proportion of that Letter of Credit.  On receipt of demand from the Agent, that
Lender shall pay to the Agent (for the account of the Issuing Bank) an amount
equal to its L/C Proportion of the amount demanded.

 

(d)                                 The Borrower which requested (or on behalf of which
the Company requested) a Letter of Credit shall immediately on demand reimburse
any Lender for any payment it makes to the Issuing Bank under this Clause 7.3
in respect of that Letter of Credit.

 

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

 

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

 

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

 

(ii)                                  the release of any other Obligor or any other person
under the terms of any composition or arrangement with any creditor or 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, any beneficiary under a
Letter of Credit or other person or any non-presentation or non-observance of
any formality or other requirement in respect of any instrument or any failure
to realise the full value of any security;

 

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

 

(v)                                 any amendment (however fundamental) or replacement of
a Finance Document, any Letter of Credit (provided that, in the case of any
amendment to a Letter of Credit, the Company has agreed to such amendment) or
any other document or security;

 

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

 

(vii)                           any insolvency or similar proceedings.

 

7.4                               Rights of contribution

 

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

 

48

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

8.                                      OPTIONAL
CURRENCIES

 

8.1                                  Selection of currency

 

The
Relevant Borrower (or the Company on its behalf) shall select the currency of a
Revolving Facility Utilisation in a Utilisation Request.

 

8.2                                  Unavailability of a currency

 

If
before the Specified Time on any Quotation Day:

 

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

 

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

 

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

 

8.3                                  Agent’s calculations

 

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

 

9.                                      REPAYMENT

 

9.1                                  Repayment of Term Loans

 

(a)                                  The Relevant Borrowers under Facility A shall repay
the aggregate Facility A Loans borrowed by such Borrower in full on the
relevant Termination Date.

 

(b)                                 The Relevant Borrowers under Facility B shall repay
the aggregate Facility B Loans borrowed by such Borrower in full on the
relevant Termination Date.

 

(c)                                  The Relevant Borrowers under Facility C shall repay
the aggregate Facility C Loans borrowed by such Borrower in full on the
relevant Termination Date.

 

(d)                                 The Relevant Borrowers under Facility D shall repay
the aggregate Facility D Loans borrowed by such Borrower in full on the
relevant Termination Date.

 

49

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

9.2                                  Repayment of Revolving Facility Loans

 

The
Relevant Borrower which has drawn a Revolving Facility Loan shall repay that
Loan on the last day of its Interest Period.

 

10.                               ILLEGALITY,
VOLUNTARY PREPAYMENT AND CANCELLATION

 

10.1                           Illegality

 

If
it becomes unlawful in any applicable jurisdiction for a Lender to perform any
of its obligations as contemplated by this Agreement or to fund, issue or
maintain its participation in any Utilisation:

 

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

 

(b)                                 upon the Agent notifying the Company of such notice,
that Lender shall be immediately released from its obligations to participate
in any Utilisations; and

 

(c)                                  by written notice to the Agent, that Lender may:

 

(i)                                     cancel its Commitment, and such Commitment shall be
immediately cancelled upon the Agent notifying the Company of such notice;
and/or

 

(ii)                                  require prepayment of its participation in the
Utilisations, and

 

the
Relevant Borrower shall repay that Lender’s participation in the Utilisations
made to that Borrower on the last day of the Interest Period for each
Utilisation occurring after the Agent has notified the 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).

 

10.2                           Illegality in relation to Issuing
Bank

 

If it becomes unlawful for an Issuing Bank to
issue or leave outstanding any Letter of Credit, then:

 

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

 

(b)                                 upon the Agent notifying the Company, the Issuing Bank
shall not be obliged to issue any Letter of Credit;

 

(c)                                  the Company shall procure that the Relevant Borrower
shall use all reasonable endeavours to procure the release of each Letter of
Credit issued by that Issuing Bank and outstanding at such time.

 

10.3                           Voluntary cancellation

 

The
Relevant Borrower 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

 

50

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

amount
of US$10,000,000) of an Available Facility. 
Any cancellation under this Clause 10.3 shall reduce the Commitments of
the Lenders rateably under that Facility.

 

10.4                           Voluntary prepayment of Term Loans

 

(a)                                  A Borrower to which a Term 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 that Term Loan (but, if in part, being an amount that
reduces the Base Currency Amount of that Term Loan by a minimum amount of
US$25,000,000 and in multiples of US$1,000,000).

 

(b)                                 A Term Loan may only be prepaid after the last day of
the Availability Period (or, if earlier, the day on which the applicable
Available Facility is zero).

 

10.5                           Voluntary prepayment of Revolving
Facility Utilisations

 

A
Borrower to which a Revolving Facility Utilisation 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 Revolving Facility Utilisation (but if in part, being an amount that
reduces the Base Currency Amount of the Revolving Facility Utilisation by a
minimum amount of US$25,000,000).

 

10.6                           Right of cancellation and repayment
in relation to a single Lender or Issuing Bank

 

(a)                                  If:

 

(i)                                     any sum payable to any Lender by an Obligor is
required to be increased under paragraph (c) of Clause 17.2 (Tax
gross-up); or

 

(ii)                                  any Lender or Issuing Bank claims indemnification from
the Company or an Obligor under Clause 17.3 (Tax indemnity) or Clause 18.1
(Increased costs),

 

the Relevant Borrower may, whilst the
circumstance giving rise to the requirement for indemnification continues, give
the Agent notice:

 

(A)                              (if such circumstances relate to a Lender) of
cancellation of the Commitment of that Lender and its intention to procure the
repayment of that Lender’s participation in the Utilisations; or

 

(B)                                (if such circumstances relate to the Issuing Bank) of
repayment of any outstanding Letter of Credit issued by it and cancellation of
its appointment as an Issuing Bank under this Agreement in relation to any
Letters of Credit to be issued in the future.

 

(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.

 

51

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(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 Relevant Borrower to which a Utilisation is outstanding shall repay that
Lender’s participation in that Utilisation together with all interest and other
amounts accrued under the Finance Documents.

 

11.                               MANDATORY
PREPAYMENT

 

11.1                           Definitions

 

For
the purpose of this Clause 11:

 

Debt Raising means any raising of Financial Indebtedness in any public or private
loan or debt capital markets (including any equity-linked instrument or other
hybrid product).

 

Debt Raising Proceeds means the Net Proceeds received by any member of the Group after the
date of this Agreement from a Debt Raising, except Excluded Debt Raising
Proceeds.

 

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

 

Disposal Proceeds means the Net Proceeds received by any member of the Group in respect
of any Disposal, except for Excluded Disposal Proceeds.

 

Excluded Disposal Proceeds means the proceeds derived from an Excluded Disposal.

 

Excluded Debt Raising Proceeds means the proceeds of any Debt Raising:

 

(a)                                  made by an Excluded Subsidiary;

 

(b)                                 which is required by its terms to be converted into an
Equity instrument, provided that such proceeds are applied in prepayment of the
Bridge Facility or any Additional Acquisition Equity Facility;

 

(c)                                  made under the Facilities, the Bridge Facility or any
Additional Acquisition Equity Facility;

 

(d)                                 made available in connection with a project where the
provider of the Financial Indebtedness neither has recourse against any member
of the Group, nor has recourse against the assets of any member of the Group
other than the assets used in connection with or resulting from that project;

 

(e)                                  which constitutes:

 

(i)                                     a utilisation of (or any refinancing of) any
commercial paper issued under a programme existing on 20 June 2008 up to
the maximum amounts available on that date;

 

52

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(ii)                                  a utilisation of any credit facility existing on 20 June 2008
(or, in the case of a member of the Target Group, any credit facility existing
in existence on the Funding Date) up to the maximum amounts available on those
dates;

 

(iii)                               an overdraft or any other line of credit, in each
case, in a principal amount not exceeding US$1,000,000 (or its equivalent in
any other currency);

 

(iv)                              the conduct of treasury operations in the ordinary
course of business in respect of uncommitted lines of credit or cash-pooling
facilities; or

 

(v)                                 a local facility in South Korea, China, Russia,
Hungary, Bulgaria, Romania, Czech Republic, Slovakia, Cuba and Ukraine which is
not syndicated outside the relevant national debt markets, in an aggregate
principal amount not exceeding US$300,000,000 (or its equivalent in any other
currency) at any time;

 

(f)                                    by way of a refinancing of any Financial Indebtedness:

 

(i)                                     of any member of the Group in existence on 20 June 2008;

 

(ii)                                  of any member of the Target Group in existence on the
Funding Date;

 

(iii)                               of any person that becomes a Subsidiary of the Company
and which is existing at the time such person becomes a Subsidiary (other than
Financial Indebtedness incurred solely in contemplation of such person becoming
a Subsidiary of the Company); or

 

(iv)                              secured by Security on assets prior to the acquisition
thereof by the Company or any of its Subsidiaries, provided that such Security
was not created in contemplation of such acquisition and does not extend to any
other assets,

 

provided
that, in each case, the principal amount of that refinancing does not exceed
the amount of the obligations due on account of the Financial Indebtedness
being refinanced; or

 

(g)                                (i)                                      after the date on which Facility A has been
irrevocably repaid or prepaid in full, in respect of Financial Indebtedness
which, when aggregated with the proceeds from the raising of all other
Financial Indebtedness arising under Debt Raising not set out in paragraphs (a) to
(f) above, does not exceed US$500,000,000 (or its equivalent in any other
currency) at any time; or

 

(ii)                                  until (and including) the date on which Facility A has
been irrevocably repaid or prepaid in full, in respect of Financial
Indebtedness which, when aggregated with the proceeds from the raising of all
other Financial Indebtedness arising under Debt Raising not set out in
paragraphs (a) to (f) and (g)(i) above, does not exceed
US$50,000,000 (or its equivalent in any other currency) at any time; or

 

(iii)                               if the Company or Relevant Borrowers have irrevocably
prepaid or repaid Facility A and Facility B in full and the Facility C Loans
and Facility D Loans do not in aggregate

 

53

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

exceed
US$10,000,000,000, in respect of Financial Indebtedness which, when aggregated
with the proceeds from the raising of all other Financial Indebtedness arising
under Debt Raising not set out in paragraphs (a) to (f), (g)(i) and
(g)(ii) above, does not exceed US$1,000,000,000 (or its equivalent in any
other currency) in any financial year of the Group.

 

Equity Raising means any raising of funds by way of (a) issuance of Equity
instruments by a member of the Group (other than an Excluded Subsidiary) or (b) any
disposal of shares in the Company held by any member of the Group (other than a
Share Buyback Disposal to the extent that the proceeds of that disposal are
required to be applied in prepayment of the Share Buyback Facility).

 

Equity Raising Proceeds means the Net Proceeds received by any member of the Group from any
Equity Raising, except for Excluded Equity Raising Proceeds.

 

Excluded Equity Raising Proceeds means the proceeds of an Equity Raising or any part
thereof:

 

(a)                                  which are applied towards prepayment or cancellation
of the Bridge Facility or any Additional Acquisition Equity Facility in
accordance with the Subordination Agreement;

 

(b)                                 which forms part of any employee benefit program or
similar arrangement involving issuance of shares or issuance or exercise of
options to employees or directors of any member of the Group; or

 

(c)                                  which are, other than in the case of an issuance of
Equity instruments by the Company, paid for by any member of the Group.

 

Sale
means the sale of all or substantially all of the assets of the Company
(whether in a single transaction or a series of related transactions).

 

11.2                           Change of Control or Sale

 

Upon
the occurrence of a Change of Control or a Sale:

 

(a)                                  the Company shall notify the Agent upon becoming aware
of such Change of Control or Sale;

 

(b)                                 after such notice, a Lender shall not be obliged to
fund any Utilisation (other than a Rollover Loan);

 

(c)                                  any Lender may, by not less than 30 days’ written
notice to the Agent, cancel its undrawn Commitment and require repayment of its
participation in the Utilisations, together with accrued interest thereon and
all other amounts owed to it under the Finance Documents; and

 

(d)                                 the Company shall procure that the Relevant Borrower
repay any Lender which delivers a notice to the Agent pursuant to sub-paragraph
(c) above on the date falling thirty days after receipt by the Agent of
such notice,

 

54

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

provided
that paragraphs (b), (c) and (d) above shall only become effective
with respect to a Change of Control, under the condition precedent that the
Shareholders’ Approval has been obtained and an extract of the resolution
containing the Shareholders’ Approval has been duly filed with the clerk of the
relevant commercial court in accordance with article 556 of the Belgian
Companies Code.

 

11.3                           Debt Raising Proceeds

 

The
Company shall procure that any Debt Raising Proceeds received by any member of
the Group are applied in prepayment (and, to the extent applicable,
cancellation) of the Facilities in accordance with Clause 11.6 (Application of
prepayments).

 

11.4                           Disposal Proceeds

 

The
Company shall procure that any Disposal Proceeds received by any member of the
Group are applied in prepayment (and, to the extent applicable, cancellation)
of the Facilities or, to the extent no prepayment of the Facilities is required
to be made under that Clause, other Financial Indebtedness of the Group in
accordance with of Clause 11.6 (Application of prepayments).

 

11.5                           Equity Raising Proceeds

 

Subject
to the provisions of the Subordination Agreement, the Company shall procure
that all Equity Raising Proceeds received by any member of the Group are
applied in prepayment (and, to the extent applicable, cancellation) of the
Facilities in accordance with Clause 11.6 (Application of prepayments).

 

11.6                           Application of prepayments

 

(a)                                  Any prepayment made under Clause 10.4 (Voluntary
prepayment of Term Loans) or (subject to the provisions of the Subordination
Agreement) Clause 11.5 (Equity Raising Proceeds) shall be applied in the
following order:

 

(i)                                     first, in prepayment of the Facility B Loans;

 

(ii)                                  secondly, when the Facility B Loans have been prepaid in full,
in prepayment of such other Term Loans as the Company may select;

 

(iii)                               thirdly, in cancellation of Available Commitments under the
Revolving Facility (and the Available Commitment of the Lenders under the
Revolving Facility will be cancelled rateably); and

 

(iv)                              fourthly, in prepayment of Revolving Facility Utilisations
(such that outstanding Revolving Facility Loans shall be prepaid before
outstanding Letters of Credit) (with a corresponding automatic cancellation of
Revolving Facility Commitments by the same amount).

 

(b)                                 A prepayment under Clause 11.4 (Disposal Proceeds)
shall be applied in prepayment of:

 

(i)                                     first, the Facility B Loans; and

 

55

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(ii)                                  secondly, when the Facility B Loans have been prepaid in full,
in prepayment of the Facility A Loans up to an amount such that the aggregate
amount of Disposal Proceeds applied in prepayment of Facility B and Facility A
is not less than US$7,000,000,000; and

 

(iii)                               thirdly, towards the discharge of such other Financial
Indebtedness of the Group as the Company may decide in its discretion.

 

(c)                                  A prepayment under Clause 11.3 (Debt Raising Proceeds)
shall be applied as follows:

 

(i)                                     first, in prepayment of the Facility A Loans;

 

(ii)                                  secondly when the Facility A Loans have been prepaid in full,
in prepayment of the Facility C Loans and/or the Facility D Loans in amounts
and in proportions to be determined by the Company in its discretion;

 

(iii)                               thirdly, when the Facility C Loans and the Facility D Loans
have been prepaid in full, in prepayment of the Facility B Loans;

 

(iv)                              fourthly, in cancellation of Available Commitments under the
Revolving Facility (and the Available Commitment of the Lenders under the
Revolving Facility will be cancelled rateably); and

 

(v)                                 fifthly, in prepayment of Revolving Facility Utilisations
(such that outstanding Revolving Facility Loans shall be prepaid before
outstanding Letters of Credit), with a corresponding automatic cancellation of
Revolving Facility Commitments by the same amount,

 

provided that the Company may (in its discretion) apply an amount which would
otherwise be required to be applied in prepayment of Facility A Loans pursuant
to sub-paragraph  (i) above
towards prepayment of Facility B Loans before prepaying Facility A under
sub-paragraph (i) above provided that the aggregate amount of all Debt
Raising Proceeds so applied towards Facility B do not exceed US$3,500,000,000.

 

(d)                                 Unless the Company makes an election under paragraph (e) below,
the Relevant Borrower shall prepay the relevant Term Loan(s) on the last
day of the current Interest Period in the case of any prepayment relating to
the amounts of Disposal Proceeds, Debt Raising Proceeds or Equity Raising
Proceeds.

 

(e)                                  The Company may, by giving the Agent not less than
three Business Days’ (or such shorter period as the Majority Lenders may agree)
prior written notice, elect that any prepayment under Clauses 11.3 (Debt
Raising Proceeds), 11.4 (Disposal Proceeds) or 11.5 (Equity Raising Proceeds)
be applied in prepayment promptly upon receipt of those proceeds. Any such
notice shall specify the prepayment date, which in any event shall be no later
than the required date for prepayment under paragraph (d) above.  Any notice delivered under this paragraph (e) is
irrevocable.

 

(f)                                    Unless the Company makes an election under paragraph (e) above
then a proportion of the relevant Term Loan(s) equal to the amount of the
relevant prepayment will be due and payable on the last day of its Interest
Period.

 

56

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(g)                                 Where a prepayment is due to be made under Clauses
11.3 (Debt Raising Proceeds) to 11.5 (Equity Raising Proceeds) inclusive during
the Availability Period for a Term Facility and the amount to be applied in
prepayment of Loans under that Term Facility exceeds the outstanding Loans under
that Term Facility on the required prepayment date, there shall be a
corresponding automatic cancellation of Commitments under that Term Facility by
the amount of the excess on the date of the prepayment.

 

11.7                           General

 

(a)                                  The Company and each other Obligor shall use all
reasonable endeavours and take reasonable steps to ensure that any transaction
giving rise to a prepayment obligation is structured in such a way that (i) it
will not be unlawful for any member of the Group to move the relevant proceeds
between members of the Group to enable a mandatory prepayment to be lawfully
made, and the proceeds to be lawfully applied as provided under Clauses 11.3
(Debt Raising Proceeds) to 11.5 (Equity Raising Proceeds) inclusive and (ii) the
costs and expenses referred to in sub-paragraph (b)(iii) below are
minimised.

 

(b)                                 If, however, after the Company and each such Obligor
has used all reasonable endeavours and taken such reasonable steps, it will
still:

 

(i)                                     be unlawful (including, without limitation, by reason
of financial assistance, corporate benefit restrictions on upstreaming cash
intra-Group and the fiduciary and statutory duties of the directors of any
member of the Group) for such a prepayment to be made and/or cash cover to be
provided and/or the proceeds to be so applied, in each case under Clauses 11.3
(Debt Raising Proceeds) to 11.5 (Equity Raising Proceeds) inclusive;

 

(ii)                                  be unlawful (including, without limitation, by reason
of financial assistance, corporate benefit restrictions on upstreaming cash
intra-group and the fiduciary and statutory duties of the directors of any
member of the Group) to make funds available to a member of the Group that
could make such a prepayment and/or provide such cash cover; or

 

(iii)                               result in any member of the Group making funds
available to another member of the Group to enable such a prepayment to be made
and/or cash cover to be provided incurring cost or expense (including, without
limitation, any tax liability) aggregating in excess of 5.0 per cent. of the relevant
Net Proceeds,

 

then
such prepayment and/or provision of cash cover under Clauses 11.3 (Debt Raising
Proceeds) to 11.5 (Equity Raising Proceeds) inclusive shall not be required to
be made and the relevant amount shall be available for application towards the
working capital purposes of the Group (for the avoidance of doubt, it being
understood that such amount is not required to be deposited in a blocked or
secured account).  If at any time the
restriction or other circumstance preventing such prepayment/provision of cash
cover or giving rise to such liability ceases to apply, the Company shall
promptly notify the Agent, and any relevant proceeds will be applied in
prepayment and/or the provision of cash cover in accordance with this Clause 11
at the end of the then current Interest Period provided that such restriction or circumstance ceases to apply
at least 15 Business Days prior to the end of such Interest Period, prepayment
otherwise being made at the end of the next following Interest Period.

 

57

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

12.                               RESTRICTIONS

 

12.1                           Notices of Cancellation or Prepayment

 

Any
notice of cancellation or prepayment given by any Party under Clause 10
(Illegality, Voluntary Prepayment and Cancellation) shall (subject to the terms
thereof) be irrevocable and, unless a contrary indication appears in this
Agreement, any such notice 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.

 

12.2                           Interest and other amounts

 

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

 

12.3                           No reborrowing of Term Facilities

 

(a)                                  Subject to Clause 29.7 (Change of Borrower), no Borrower may reborrow
any part of a Term Facility which is prepaid.

 

(b)                                 Any mandatory prepayment of a Term Facility which is
made before the end of the Availability Period applicable to that Term Facility
shall automatically cancel the Available Commitments for the relevant Term
Facility (if any) in an amount equal to the lower of (i) the then
Available Commitments for that Term Facility and (ii) the amount of the
relevant prepayment.

 

12.4                           Reborrowing of Revolving Facility

 

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

 

12.5                           Prepayment in accordance with
Agreement

 

No
Borrower shall repay or prepay all or any part of the Utilisations or cancel
all or any part of the Commitments except at the times and in the manner
expressly provided for in this Agreement.

 

12.6                           No reinstatement of Commitments

 

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

 

12.7                           Agent’s receipt of Notices

 

If
the Agent receives a notice under Clause 10 (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.

 

58

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

13.                               INTEREST

 

13.1                           Calculation of interest

 

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

 

(a)                                  Margin;

 

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

 

(c)                                  Mandatory Cost, if any.

 

13.2                           Payment of interest

 

The
Relevant Borrower shall pay accrued interest on that Loan on the last day of
each Interest Period (and, if the Interest Period is longer than six Months, on
the dates falling at six monthly intervals after the first day of the Interest
Period).

 

13.3                           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. 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 13.3
shall be immediately payable by the Obligor on demand by the Agent.

 

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

 

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

 

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

 

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

 

13.4                           Notification of rates of interest

 

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

 

59

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

14.                               INTEREST
PERIODS

 

14.1                           Selection of Interest Periods and
Terms

 

(a)                                  The Relevant Borrower (or the Company on behalf of a
Borrower) may select an Interest Period for a Loan in the Utilisation Request
for that Loan or (if the Loan is a Term Loan and has already been borrowed) in
a Selection Notice.

 

(b)                                 Each Selection Notice for a Term Loan is irrevocable
and must be delivered to the Agent by the Relevant Borrower (or the Company on
behalf of the Borrower) to which that Term Loan was made not later than the
Specified Time.

 

(c)                                  If a Borrower (or the Company) fails to deliver a
Selection Notice to the Agent in accordance with paragraph (b) above, the
relevant Interest Period will be one Month.

 

(d)                                 Subject to this Clause 14, a Borrower (or the Company)
may select an Interest Period of one Month, two, three or six Months or any
other period agreed between the Company and the Agent (acting on the
instructions of all the Lenders).

 

(e)           An Interest Period for a Loan shall
not extend beyond the Termination Date applicable to its Facility.

 

(f)                                    Each Interest Period for a Term Loan shall start on
the Utilisation Date or (if already made) on the last day of its preceding
Interest Period.

 

(g)           A Revolving Facility Loan has one
Interest Period only.

 

(h)                                 Prior to the earlier of final Syndication Date and the
date falling six months after the Funding Date, Interest Periods shall be one
Month or such other period as the Agent (acting on the instructions of the
Arrangers) notifies the Company is required in order to reflect the timetable
for the syndication of the Facilities.

 

14.2                           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).

 

14.3                           Consolidation and division of Term
Loans

 

(a)           Subject to paragraph (b) below,
if two or more Interest Periods:

 

(i)                                     relate to Term Loans made under the same Facility in
the same currency;

 

(ii)                                  end on the same date; and

 

(iii)                               are made to the same Borrower,

 

60

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

those
Term Loans will, unless that Borrower (or the Company on its behalf) specifies
to the contrary in the Selection Notice for the next Interest Period, be
consolidated into, and treated as, a single Term Loan on the last day of the
Interest Period.

 

(b)                                 Subject to Clause 4.4 (Maximum number of
Utilisations), and Clause 5.3 (Currency and amount) if the Relevant Borrower
(or the Company on its behalf) requests in a Selection Notice that a Term Loan
be divided into two or more Term Loans, that Term Loan will, on the last day of
its Interest Period, be so divided with Base Currency Amounts specified in that
Selection Notice, having an aggregate Base Currency Amount equal to the Base
Currency Amount of the Term Loan immediately before its division.

 

15.                               CHANGES TO
THE CALCULATION OF INTEREST

 

15.1                           Absence of quotations

 

Subject
to Clause 15.2 (Market disruption), if LIBOR or, if applicable, EURIBOR is to
be determined by reference to the Reference Banks but a Reference Bank does not
supply a quotation by the Specified Time on the Quotation Day, the applicable
LIBOR or EURIBOR shall be determined on the basis of the quotations of the
remaining Reference Banks.

 

15.2                           Market disruption

 

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

 

(i)                                     the Margin;

 

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

 

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

 

(b)                                 In this Agreement Market
Disruption Event means:

 

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

 

(ii)                                  before close of business in London on the Quotation
Day for the relevant Interest Period, the Agent receives notifications from a
Lender or Lenders (whose participations in a Loan exceed 30 per cent. of that
Loan) that the cost to it of obtaining matching deposits in the Relevant
Interbank Market would be in excess of LIBOR or, if applicable, EURIBOR.

 

61

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

15.3                           Alternative basis of interest or
funding

 

(a)                                  If a Market Disruption Event occurs and the Agent or
the Company so requires, the Agent and the Company shall enter into negotiations
(for a period of not more than 30 days) with a view to agreeing a substitute
basis for determining the rate of interest.

 

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

 

15.4                           Break Costs

 

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

 

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

 

16.                               FEES

 

16.1                           Commitment fee

 

The
Company or Bidco shall pay to the Agent (for the account of each Lender) a fee
in the Base Currency in respect of each Lender’s Available Commitment under
each Facility computed at the rate of:

 

(a)                                  from the date of this Agreement to (and including) the
Funding Date, [****] per cent. per annum, payable quarterly in arrear and on
the Funding Date and on the cancelled amount of the relevant Facility at the
time a full cancellation is effective; and

 

(b)                                 from (and excluding) the Funding Date, [****] per
cent. of the applicable Margin from time to time on the relevant Facility until
the end of the relevant Availability Period, payable quarterly in arrear during
the relevant Availability Period, on the last day of the relevant Availability
Period and on the cancelled amount of the relevant Facility at the time a full
cancellation is effective.

 

16.2                           Arrangement fee

 

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

 

16.3                           Agency fee

 

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

 

62

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

16.4                           Fees payable in respect of Letters of
Credit

 

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

 

(b)                                 Each Relevant Borrower shall pay to the Issuing Bank a
fronting fee at the rate of [****]% per annum on the outstanding amount which
is counter-indemnified by the other Lenders of each Letter of Credit requested
by it for the period from the issue of that Letter of Credit until its Expiry
Date.

 

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

 

17.                               TAX GROSS UP
AND INDEMNITIES

 

17.1                           Definitions

 

(a)                                  In this Agreement:

 

Belgian Qualifying Lender means a Lender which can receive any interest payment
made in respect of a Loan by a Belgian Obligor without a Tax Deduction due to
being:

 

(a)                                  a credit institution which is a company resident for
tax purposes in Belgium or which is acting through a Facility Office
established in Belgium, as referred to in the law of 22 March 1993
regarding the supervision of credit institutions;

 

(b)                                 a credit institution within the meaning of article
107, §2, 5, a), second dash of the Royal Decree implementing the Belgian Income
Tax Code which is acting through its head office and which is resident for tax
purposes in a member state of the European Economic Area or in a country with
which Belgium has entered into a double taxation agreement that is in force
(irrespective of whether such agreement provides an exemption from tax imposed
by Belgium);

 

(c)                                  a credit institution within the meaning of article
107, §2, 5, a), second dash of the Royal Decree implementing the Belgian Income
Tax Code, that is acting through a Facility Office which is located in a member
state of the European Economic Area or in a country with which Belgium has
entered into a double taxation agreement that is in force (irrespective of
whether or not the double taxation agreement makes provision for exemption from
tax imposed by Belgium); or

 

(d)                                 a Treaty Lender.

 

63

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

Protected Party means a Finance Party which is or will be subject to any liability or
required to make any payment for or on account of Tax in relation to a sum
received or receivable (or any sum deemed for the purposes of Tax to be
received or receivable) under a Finance Document.

 

Qualifying Lender means a Lender beneficially entitled to interest payable to that Lender
in respect of a Loan made under the Finance Documents and which is:

 

(i)                                     in respect of a Belgian Obligor, a Belgian Qualifying
Lender;

 

(ii)                                  in respect of a Borrower tax resident in U.S., a US
Qualifying Lender; or

 

(iii)                               a Treaty Lender.

 

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

 

Tax Deduction means a deduction or withholding for or on account of Tax from a
payment under a Finance Document.

 

Tax Payment means either the increase in a payment made by an Obligor to a Finance
Party under Clause 17.2 (Tax gross-up) or a payment under Clause 17.3 (Tax
indemnity).

 

Treaty Lender means in respect of a jurisdiction, a Lender entitled under the
provisions of a double taxation treaty to receive payments of interest from an
Obligor that is tax resident in such jurisdiction or that has a permanent
establishment in such jurisdiction to which the advances under the Finance
Documents are effectively connected without a Tax Deduction (subject to the
completion of any necessary procedural formalities).

 

US Qualifying Lender means a Lender which is:

 

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

 

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

 

(iii)                               entitled to receive payments under the Finance
Documents without deduction or withholding of any United States federal income
Taxes either as a result of such payments being effectively connected with the
conduct by such Lender of a trade or business within the United States or under
the portfolio interest exemption, provided such Lender timely has delivered to
the Agent for transmission to the Obligor making such payment two original
copies of either (A) IRS Form W-8ECI (or any successor form) either
directly or under cover of IRS Form W-8IMY (or

 

64

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

any
successor form) certifying that the payments made pursuant to the Finance
Documents are effectively connected with the conduct by that Lender of a trade
or business within the United States or (B) IRS Form W-8BEN (or any
successor form) either directly or under cover of IRS Form W-8IMY (or any
successor form) claiming exemption from withholding in respect of payments made
pursuant to the Finance Documents under the portfolio interest exemption and a
statement certifying that such Lender is not a person described in Section 871(h)(3)(B) or
Section 881(c)(3) of the Code or (C) such other applicable form
prescribed by the IRS certifying as to such Lender’s entitlement to exemption
from United States withholding tax with respect to all payments to be made to
such Lender under the Finance Documents.

 

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

 

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

 

17.2                           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 or Issuing Bank shall
notify the Agent on becoming so aware in respect of a payment payable to that
Lender or Issuing Bank.  If the Agent
receives such notification from a Lender or Issuing Bank it shall notify the
Company and that Obligor.

 

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

 

(d)                                 A Borrower is not required to make an increased
payment to a Lender under paragraph (c) above for a Tax Deduction in
respect of tax imposed by Belgium, Luxembourg or the United States from a
payment of interest on a Loan, 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 it was a Qualifying Lender, but on that date
that Lender is not or has ceased to be a Qualifying Lender other than as a
result of any change after the date it became a Lender under this Agreement in
(or in the interpretation, administration, or application of) any law or
Treaty, or any published practice or concession of any relevant taxing
authority;

 

(ii)                                  the relevant Lender is a Qualifying 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 paragraph (g) below; or

 

65

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange Commission.

Confidential
treatment has been requested with respect to the omitted portions.

 

(iii)                              such Tax Deduction is required in respect of the
Luxembourg law(s) implementing the EU Savings Directive (Council Directive
2003/48/EC) and several agreements entered into between Luxembourg and some EU
dependent and associated territories or the Luxembourg law of 23 December 2005,

 

in
each case, unless the requirement to make an increased payment to a Lender
under paragraph (c) above occurs as a consequence of Bidco being treated
as being resident for tax purposes in both Luxembourg and the U.S. as a result
of it changing its jurisdiction of incorporation in accordance with Clause
26.19 (Jurisdiction of Bidco).

 

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

 

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

 

(g)                                 A Qualifying Lender and each Obligor which makes a
payment to which that Qualifying Lender is entitled shall co-operate in
completing any procedural formalities necessary for that Obligor to obtain
authorisation or to be allowed under the applicable law to make that payment
without a Tax Deduction to make that payment without a Tax Deduction.

 

17.3                           Tax indemnity

 

(a)                                  The Company or Bidco shall (within ten 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 or the transactions occurring under such
Finance Document.

 

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

 

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

 

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

 

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

 

if
that Tax is imposed on or calculated by reference to the net 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:

 

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[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(A)                              is compensated for by an increased payment under
Clause 17.2 (Tax gross-up); or

 

(B)                                would have been compensated for by an increased
payment under Clause 17.2 (Tax gross-up) but was not so compensated solely
because one of the exclusions in paragraph (d) of Clause 17.2 (Tax gross-up)
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 17.3, notify the Agent.

 

17.4                           Tax Credit

 

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

 

(a)                                  a Tax Credit is attributable either to an increased
payment of which that Tax Payment forms part or to that Tax Payment; and

 

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

 

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

 

17.5                           Stamp taxes

 

The
Company or Bidco shall pay and, within ten Business Days of demand, indemnify
each Finance Party against any cost, loss or liability that Finance Party
incurs in relation to all stamp duty, registration, excise and other similar
Taxes payable in respect of any Finance Document except for any such Tax
payable in connection with the entry into a Transfer Certificate and, with
respect to Luxembourg registration duties (droits
d’enregistrement), any Luxembourg tax payable due to a registration
of a Finance Document when such registration is not required to maintain or
preserve the rights of any Finance Party.

 

17.6                           Value added tax

 

(a)                                  All amounts set out, or expressed to be payable under
a Finance Document by any Party to a Finance Party which (in whole or in part)
constitute the consideration for VAT purposes shall be deemed to be exclusive
of any VAT which is chargeable on such supply, and accordingly, subject to
paragraph (c) below, if VAT is chargeable on any supply made by any
Finance Party to any Party under a Finance Document, that Party shall pay to
the Finance Party (in addition to and at the same time as paying the
consideration) an amount equal to the amount of the VAT (and such Finance Party
shall promptly provide an appropriate VAT invoice to such Party), or where
applicable, directly account for such VAT at the appropriate rate under the reverse
charge procedure provided for by article 56 of the European

 

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[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

Directive
2006/112/EC (replacing European Directive 77/388/EC) and any relevant tax
provisions of the jurisdiction in which such Party receives such supply (in which
case no amount equal to the amount of VAT will be due to the Finance Party).

 

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

 

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

 

18.                               INCREASED
COSTS

 

18.1                           Increased costs

 

(a)                                  Subject to Clause 18.3 (Exceptions) the Company or
Bidco shall, within ten Business Days of a demand by the Agent, pay for the
account of a Finance Party the amount of any Increased Costs incurred by that
Finance Party or any of its Affiliates as a result of (i) the introduction
of or any change in (or in the interpretation, administration or application
of) any law or regulation or (ii) compliance with any law or regulation
made after the date of this Agreement.

 

(b)                                 In this Agreement Increased
Costs means:

 

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

 

(ii)                                  an additional or increased cost; or

 

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

 

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

 

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[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

18.2                           Increased cost claims

 

(a)                                  A Finance Party intending to make a claim pursuant to
Clause 18.1 (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.

 

18.3                           Exceptions

 

(a)                                  Clause 18.1 (Increased costs) does not apply to the
extent any Increased Cost is:

 

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

 

(ii)                                  compensated for by Clause 17.3 (Tax indemnity) (or
would have been compensated for under Clause 17.3 (Tax indemnity) but was not
so compensated solely because any of the exclusions in paragraph (b) of
Clause 17.3 (Tax indemnity) applied);

 

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

 

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

 

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

 

(b)                                 In this Clause 18.3 reference to a Tax Deduction has the same meaning given to
the term in Clause 17.1 (Definitions).

 

19.                               OTHER
INDEMNITIES

 

19.1                           Currency indemnity

 

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

 

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

 

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

 

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[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

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

 

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

 

19.2                           Other indemnities

 

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

 

(a)                                  the occurrence of any Event of Default;

 

(b)                                 a failure by an Obligor to pay any amount due under a
Finance Document on its due date, including without limitation, any cost, loss
or liability arising as a result of Clause 32 (Sharing among the Finance
Parties);

 

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

 

(d)                                 issuing or making arrangements to issue a Letter of
Credit requested by the Company or a Borrower in a Utilisation Request but not
issued by reason of the operation of any one or more of the provisions of this
Agreement; or

 

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

 

19.3                           Acquisition Indemnity

 

(a)                                  The Company shall within a reasonable period following
demand indemnify each Finance Party (and each of its Affiliates, and each of
its (or its Affiliates’) directors, officers, employees and agents) (each an Indemnified Person) against any cost,
expense, loss or liability (including without limitation legal fees) incurred
by or awarded against that Indemnified Person in each case arising out of or in
connection with any action, claim, investigation or proceeding commenced or
threatened (including, without limitation, any action, claim, investigation or
proceeding to preserve or enforce rights but excluding any action, claim,
investigation or proceeding commenced by another Indemnified Person) in
relation to:

 

(i)                                     the actual or contemplated use of the proceeds of the
Facilities;

 

(ii)                                  the Acquisition; and/or

 

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[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(iii)                               any Finance Document.

 

(b)                                 The Company will not be liable under paragraph (a) above
for any cost, expense, loss or liability (including without limitation legal
fees) incurred by or awarded against an Indemnified Person if that cost,
expense, loss or liability results directly or indirectly from any breach by
that Indemnified Person of any Finance Document or which results directly or
indirectly from the negligence, breach of contract or wilful misconduct of that
Indemnified Person.

 

(c)                                  If any event occurs in respect of which
indemnification may be sought from the Company, the relevant Indemnified Person
shall only be indemnified if it notifies the Company in writing within a
reasonable time after the relevant Indemnified Person becomes aware of such
event, consults with the Company fully and promptly with respect to the conduct
of the relevant claim, action or proceeding, conducts such claim action or
proceeding properly and diligently (to the extent permitted by law and without
being under any obligation to disclose any information which it is not lawfully
permitted to disclose) and, in relation to any monetary or other claim in
respect of which the Company will have an obligation to indemnify the relevant
Indemnified Person, does not settle any such claim, action or proceeding
without the Company’s prior written consent (such consent not to be
unreasonably withheld or delayed (and deemed to be granted if not withheld in
writing within five Business Days of demand)).

 

(d)                                 Without prejudice to paragraph (c) above, the
Company shall be entitled, with the consent of the relevant Indemnified Party
(not to be unreasonably withheld or delayed), to assume the conduct of any
action, claim, investigation or proceeding in respect of which indemnification
may be sought from the Company.

 

(e)                                  Any Indemnified Person that is not a Party to this
Agreement may rely on this Clause 19.3 subject to Clause 1.6 (Third party
rights) and the provisions of the Contracts (Rights of Third Parties) Act 1999.

 

19.4                           Indemnity to the Agent

 

The Company or Bidco shall within ten Business
Days of demand indemnify the Agent against any cost, loss or liability incurred
by the Agent (acting reasonably) as a result of:

 

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

 

(b)                                 entering into or performing any foreign exchange
contract for the purposes of paragraph (b) of Clause 33.9 (Change of
currency); or

 

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

 

20.                               MITIGATION BY
THE LENDERS

 

20.1                           Mitigation

 

(a)                                  Each Finance Party shall, in consultation with the
Company, take all reasonable steps to mitigate any circumstances which arise
and which would result in any Facility ceasing to be available or any amount

 

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[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

becoming
payable under or pursuant to, or cancelled pursuant to, any of Clause 10.1
(Illegality) (or, in respect of the Issuing Bank, Clause 10.2 (Illegality in
relation to Issuing Bank)), Clause 17 (Tax Gross Up and Indemnities) or
Clause 18 (Increased Costs) or paragraph 3 of Schedule 4 (Mandatory Cost
Formula) 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.

 

20.2                           Limitation of liability

 

(a)                                  The Company shall 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 20.1 (Mitigation).

 

(b)                                 A Finance Party is not obliged to take any steps under
Clause 20.1 (Mitigation) if, in the opinion of that Finance Party (acting
reasonably), to do so might be prejudicial to it.

 

21.                               COSTS AND
EXPENSES

 

21.1                           Transaction expenses

 

The
Company or Bidco shall within ten Business Days of demand pay the Agent, the
Arrangers and the Issuing Bank the amount of all costs and expenses (including
legal fees subject to any agreement on legal fees) reasonably incurred by any
of them in connection with the negotiation, preparation, printing, execution
and syndication of:

 

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

 

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

 

21.2                           Amendment costs

 

If (a) an
Obligor requests an amendment, waiver or consent or (b) an amendment is
required pursuant to Clause 33.9 (Change of currency), the Company or Bidco
shall, within ten Business Days of demand, reimburse the Agent for the amount
of all costs and expenses (including legal fees) reasonably incurred by the
Agent in responding to, evaluating, negotiating or complying with that request
or requirement.

 

21.3                           Enforcement and preservation costs

 

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

 

72

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

22.                               GUARANTEE AND
INDEMNITY

 

22.1                           Guarantee and indemnity

 

Each
Guarantor irrevocably and unconditionally jointly and severally:

 

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

 

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

 

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

 

22.2                           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.

 

22.3                           Reinstatement

 

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

 

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

 

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

 

22.4                           Waiver of defences

 

The
obligations of each Guarantor under this Clause 22 will not be affected by an
act, omission, matter or thing which, but for this Clause 22, would reduce,
release or prejudice any of its obligations under this Clause 22 (without
limitation and whether or not known to it or any Finance Party) including:

 

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

 

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

 

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[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

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

 

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

 

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

 

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

 

(g)                                 any insolvency or similar proceedings.

 

22.5                           Guarantor Intent

 

Without
prejudice to the generality of Clause 22.4 (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: 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.

 

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

 

22.7                           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

 

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[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

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 22.

 

22.8                           Deferral of Guarantors’ rights

 

Without prejudice to the obligations of the
Company under the Parent Contribution Agreement, 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 (other than pursuant to the Parent
Contribution Agreement):

 

(a)                                  to be indemnified by an Obligor;

 

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

 

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

 

If a
Guarantor receives any benefit, payment or distribution in relation to such
rights (other than pursuant to the Parent Contribution Agreement) 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 33
(Payment Mechanics) of this Agreement.

 

22.9                           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

 

75

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

Document
where such rights or security are granted by or in relation to the assets of
the Retiring Guarantor.

 

22.10                    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.

 

22.11                    Guarantee limitations

 

The
obligations of any Additional Guarantor under this Clause 22 are subject to any
limitations set out in the Accession Letter pursuant to which that Additional
Guarantor becomes a party to this Agreement.

 

23.                               REPRESENTATIONS

 

23.1                           General

 

Each
Obligor makes the representations and warranties set out in this Clause 23
to each Finance Party on the date of this Agreement.

 

23.2                           Status

 

(a)                                  It is a corporation, partnership (whether or not
having separate legal personality) or other corporate body duly incorporated or
organised and validly existing under the law of its jurisdiction of
incorporation or organisation or, in respect of Bidco, if and when domesticated
pursuant to Section 388 of the General Corporation Law of the State of
Delaware, United States, the State of Delaware as the jurisdiction deemed to
have been its jurisdiction of incorporation following such domestication.

 

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

 

23.3                           Binding obligations

 

Subject
to the Legal Reservations, the obligations expressed to be assumed by it in
each Finance Document and each Bridge Finance Document to which it is a party
are legal, valid, binding and enforceable obligations.

 

23.4                           Non-conflict with other obligations

 

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

 

(a)                                  any law or regulation applicable to it;

 

(b)                                 the constitutional documents of any Obligor or
Material Subsidiary; or

 

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[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(c)                                  any agreement or instrument binding upon it or any of
its Subsidiaries or any of its or its Subsidiaries’ assets to an extent which
would reasonably be expected to have a Material Adverse Effect.

 

23.5                           Power and authority

 

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

 

23.6                           Validity and admissibility in
evidence

 

All
Authorisations required or desirable:

 

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

 

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

 

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

 

23.7                           Governing law and enforcement

 

(a)                                  Subject to the Legal Reservations, the choice of
English law as the governing law of the Finance Documents will be recognised
and enforced in its jurisdiction of incorporation or organisation.

 

(b)                                 Subject to the Legal Reservations, any judgment
obtained in England in relation to a Finance Document will be recognised and
enforced in its jurisdiction of incorporation or organisation.

 

23.8                           No default

 

(a)                                  Save as otherwise notified to the Agent, no Default is
continuing or would reasonably be expected to result from the making of any
Utilisation.

 

(b)                                 No other event or circumstance is outstanding which
constitutes a default under (i) any other agreement or instrument which is
binding on it or any of its Subsidiaries or (ii) to which its (or any of
its Subsidiaries’) assets are subject which, in either case, would reasonably
be expected to have a Material Adverse Effect.

 

23.9                           No misleading information

 

(a)                                  Any written factual information (which for this
purpose excludes any projections or forward looking statements) regarding the
Company or its Subsidiaries (as at the date of this Agreement) provided to the
Arrangers by or on behalf of the Company or any other member of the Group in
connection with the Facilities (including for the purposes of preparing the
Information Memorandum) (the Information)
is

 

77

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

true
and accurate in all material respects as at the date it is provided or as at
the date (if any) at which it is stated and when taken as a whole.

 

(b)                                 Nothing has occurred or been omitted and no
information has been given or withheld that results in the Information, taken
as a whole, being untrue or misleading in any material respect.

 

(c)                                  Any projections contained in the Information have been
prepared in good faith on the basis of recent historical information and on the
basis of assumptions believed by the preparer to be reasonable as at the time
such assumptions were made, it being understood that projections are as to
future events and are not to be viewed as facts.

 

23.10                    Financial statements

 

(a)                                  The Company’s Original Financial Statements were
prepared in accordance with the Accounting Principles consistently applied.

 

(b)                                 The Company’s Original Financial Statements fairly
represent its consolidated financial condition and operations during the
relevant financial year.

 

23.11                    Pari passu ranking

 

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

 

23.12                    No proceedings pending or threatened

 

No
litigation, arbitration or administrative proceedings of or before any court,
arbitral body or agency which would reasonably be expected to have a Material
Adverse Effect, have (to the best of its knowledge and belief) been started or
threatened against it or any of its Subsidiaries.

 

23.13                    ERISA and Multiemployer Plans

 

(a)                                  With respect to any Plan, no ERISA Event has occurred
or, subject to the passage of time, is reasonably expected to occur that has
resulted in or would reasonably be expected to have a Material Adverse Effect.

 

(b)                                 To the best of the knowledge and belief of the
relevant Obligors, (i) Schedule B (Actuarial Information) to the most
recent annual report (Form 5500 Series) filed with the IRS by any Obligor
or ERISA Affiliate with respect to any Plan and furnished to the Agent is not
incomplete or inaccurate in any respects which would reasonably be expected to
have a Material Adverse Effect and does not unfairly presents the funding
status of such Plan to extent which would reasonably be expected to have a
Material Adverse Effect, and (ii) since the date of such Schedule B, there
has been no change in such funding status which would reasonably be expected to
have a Material Adverse Effect.

 

78

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(c)                                  Neither any U.S. Obligor nor any ERISA Affiliate has
incurred or, so far as the relevant Obligors are aware, is reasonably expected
to incur any Withdrawal Liability to any Multiemployer Plan which has or would
reasonably be expected to have a Material Adverse Effect.

 

(d)                                 Neither any Obligor nor any ERISA Affiliate has been
notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is
in reorganisation or has been terminated, within the meaning of Title IV of
ERISA, and, so far as the relevant Obligors are aware, no such Multiemployer
Plan is reasonably expected to be in reorganisation or to be terminated, within
the meaning of Title IV of ERISA, in each case and to the extent that such
reorganisation or termination would reasonably be expected to have a Material
Adverse Effect.

 

(e)                                  The Obligors and their ERISA Affiliates are in
compliance in all respects with the presently applicable provisions of ERISA
and the Code with respect to each Plan and Multiemployer Plan, except for
failures to so comply which would not reasonably be expected to have a Material
Adverse Effect.  No condition exists or event
or transaction has occurred with respect to any Plan or Multiemployer Plan
which would reasonably be expected to result in the incurrence by any Obligor
or any ERISA Affiliate of any liability, fine or penalty which would reasonably
be expected to have a Material Adverse Effect.

 

(f)                                    No assets of an Obligor constitute the assets of any
Plan within the meaning of the U.S. Department of Labor Regulation § 2510.3-101
to an extent which would reasonably be expected to have a Material Adverse
Effect.

 

23.14                    Investment Companies

 

Neither
the Company nor any Borrower is registered, or is required to be registered, as
an “investment company” under the U.S. Investment Company Act of 1940, as
amended.

 

23.15                    Federal Regulations

 

The
use of the proceeds of each Utilisation in accordance with the terms of this
Agreement (including under Clause 5.5 (Lending Office)) does not violate
Regulation T, U or X promulgated by the Board of Governors of the Federal
Reserve System of the United States.

 

23.16                    Tender Offer and Merger Agreement

 

(a)                                  If the Acquisition is made pursuant to a Statutory
Merger, or if a Merger Agreement has otherwise been entered into on or before
the Funding Date, the documents delivered pursuant to paragraph 9 of Schedule 2
(Conditions Precedent) together with the documents referred to in paragraph (b) below,
if applicable contain all the material terms of the Acquisition.

 

(b)                                 If the Acquisition is made pursuant to a Tender Offer,
the documents delivered pursuant to paragraph 10 of Schedule 2 (Conditions
Precedent) contain all the material terms of the Acquisition.

 

79

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

23.17                    Times when representations made

 

(a)                                  All the representations and warranties in this Clause 23 are made by
each Original Obligor on the date of this Agreement.

 

(b)                                 The representations and warranties in Clause 23.9
(No misleading information) shall be made by each Obligor on each Syndication
Date (subject to any disclosure, by the Company at that time) provided that the Agent provides at least
ten Business Days notice to the Company of that Syndication Date.

 

(c)                                  The Repeating Representations are deemed to be made by
each Obligor on the date of each Utilisation Request, on each Utilisation Date
and on the first day of each Interest Period.

 

(d)                                 The Repeating Representations 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.

 

(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.

 

24.                               INFORMATION
UNDERTAKINGS

 

The
undertakings in this Clause 24 remain in force from the date of this Agreement
for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force.

 

24.1                           Financial statements

 

The
Company shall supply to the Agent in sufficient copies for all the Lenders:

 

(a)                                  as soon as the same become available, but in any event
within 120 days after the end of each of its financial years, its audited
consolidated financial statements for that financial year;

 

(b)                                 if requested by the Agent on behalf of a Finance Party
in respect of a financial year of Bidco and any Obligor, as soon as the same
become available, but in any event not later than 270 days after the end of
that financial year, the audited annual financial statements of Bidco and that
Obligor, provided it prepares audited annual financial statements; and

 

(c)                                  as soon as the same become available, but in any event
not later than 30 September in each financial year, its unaudited
consolidated financial statements for the six Month period ending 30 June in
that financial year.

 

24.2                           Compliance Certificate

 

(a)                                  The Company shall supply to the Agent, with each set
of financial statements delivered pursuant to paragraph (a) or (c) of
Clause 24.1 (Financial statements), a Compliance Certificate setting out (in
reasonable detail):

 

80

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(i)                                     computations as to compliance with Clause 25
(Financial Covenants) as at the date as at which those financial statements
were drawn up;

 

(ii)                                  any Financial Indebtedness of the Group (other than
the Facilities) prepaid in accordance with Clause 11.6 (Application of
prepayments); and

 

(iii)                               of any Debt Raising Proceeds, Equity Raising Proceeds
or Disposal Proceeds received by a member of the Group.

 

(b)                                 Each Compliance Certificate shall be signed by the
chief financial officer of the Company or two authorised signatories of the
Company.

 

24.3                           Requirements as to financial statements

 

(a)                                  Each set of financial statements delivered by the
Company pursuant to Clause 24.1 (Financial statements) shall be certified
by a director or the chief financial officer or two authorised signatories of
the relevant company as fairly representing its financial condition as at the
date as at which those financial statements were drawn up (unless, in the case
of financial statements delivered by the Company pursuant to Clause 24.1 (b) (Financial
statements), expressly disclosed to the Agent in writing to the contrary).

 

(b)                                 The Company shall procure that each set of financial
statements delivered pursuant to Clause 24.1(a) and (c) (Financial
statements) is prepared using the Accounting Principles, accounting practices
and financial reference periods consistent with those applied in the
preparation of the Original Financial Statements for the Company unless, in
relation to any set of financial statements, it notifies the Agent that there
has been a change in the Accounting Principles, the accounting practices or
reference periods and its auditors deliver to the Agent:

 

(i)                                     a description of any change necessary for those
financial statements to reflect the Accounting Principles, accounting practices
and reference periods upon which the Company’s Original Financial Statements
were prepared; and

 

(ii)                                  sufficient information, in form and substance as may
be reasonably required by the Agent, to enable the Lenders to determine whether
Clause 25 (Financial Covenants) has been complied with and make an accurate
comparison between the financial position indicated in those financial
statements and the Company’s Original Financial Statements.

 

Any
reference in this Agreement to those financial statements shall be construed as
a reference to those financial statements as adjusted to reflect the basis upon
which the Original Financial Statements were prepared.

 

24.4                           Information: miscellaneous

 

The
Company shall supply to the Agent (in sufficient copies for all the Lenders, if
the Agent so requests):

 

81

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(a)                                  all documents dispatched by the Company to its
shareholders generally (or any class of them generally) or its creditors
generally at the same time as they are dispatched;

 

(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, and which, if adversely
determined, would reasonably be expected to have a Material Adverse Effect;

 

(c)                                  promptly, such further information regarding the
financial condition, business and operations of any member of the Group as any
Finance Party (through the Agent) may reasonably request subject to any limits
arising from confidentiality obligations owed by the Company or its
Subsidiaries and excluding competition filings;

 

(d)                                 promptly, such further information about the
Acquisition (or its conduct or status) as the Agent may reasonably request
subject to any limits arising from confidentiality obligations owed by the
Company or its Subsidiaries and excluding competition filings;

 

(e)                                  within 60 days after the Closing Date and annually
thereafter, an updated list of Material Subsidiaries; and

 

(f)                                    promptly and in any event within ten Business Days of
any such downgrade, details of any downgrade to the Credit Rating of the
Company as assessed by S&P or Moody’s.

 

24.5                           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 reasonable request by the Agent, the
Company shall supply to the Agent a certificate signed by an authorised
signatory of the Company 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).

 

24.6                           Use of websites

 

(a)                                  The Company may satisfy its 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

 

82

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(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 shall supply the
information to the Agent (in sufficient copies for each Paper Form Lender)
in paper form.  In any event the Company
shall 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

 

(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 (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 shall comply with any such request within ten Business Days.

 

24.7                           “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 after the date
of this Agreement; or

 

(iii)                               a proposed assignment or transfer by a Lender of any
of its rights and obligations under this Agreement to a party that is not a
Lender prior to such assignment or transfer,

 

83

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

obliges
the Agent or any Lender (or, in the case of paragraph (iii) above, any prospective
new Lender) to comply with “know your customer” or similar identification
procedures in circumstances where the necessary information is not already
available to it, each Obligor shall promptly upon the request of the Agent or
any Lender supply, or procure the supply of, such documentation and other
evidence as is reasonably requested by the Agent (for itself or on behalf of
any Lender) or any Lender (for itself or, in the case of the event described in
paragraph (iii) above, on behalf of any prospective new Lender) in order
for the Agent, such Lender or, in the case of the event described in paragraph (iii) above,
any prospective new Lender to carry out and be satisfied it has complied with
all necessary “know your customer” or other similar checks under all applicable
laws and regulations pursuant to the transactions contemplated in the Finance
Documents.

 

(b)                                 Each Lender shall promptly upon the request of the
Agent supply, or procure the supply of, such documentation and other evidence
as is reasonably requested by the Agent (for itself) in order for the Agent to
carry out and be satisfied it has complied with all necessary “know your
customer” or other similar checks under all applicable laws and regulations
pursuant to the transactions contemplated in the Finance Documents.

 

(c)                                  The Company shall, by not less than ten Business Days’
prior written notice to the Agent, notify the Agent (which shall promptly
notify the Lenders) of its intention to request that one of its Subsidiaries
becomes an Additional Obligor pursuant to Clause 29 (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.

 

25.                               FINANCIAL
COVENANTS

 

25.1                           Financial definitions

 

In this Agreement:

 

EBIT
means in respect of the Group on a consolidated basis and in relation to any
period, profit from operations as reported for that period, measured by
reference to the consolidated financial statements to be delivered by the
Company pursuant to Clause 24.1 (Financial statements) in respect of such
period or prior to the date on which any such financial statements are
delivered to the Agent, the Original Financial Statements of the Company:

 

(a)                                  plus (without double counting) dividends or other
profit distributions (net of withholding tax) received in cash by any member of
the Group during such period from any person in respect of

 

84

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

which a member of the Group is a shareholder
(or has an ownership interest) but which is not consolidated within the
financial statements of the Group;

 

(b)                                 minus extraordinary or non-recurring items and/or
non-operational income and gains; and

 

(c)                                  plus extraordinary or non-recurring items and/or
non-operational expenses and losses.

 

EBITDA means in respect of the Group on a consolidated basis
and in relation to any period, EBIT for that period:

 

(a)                                  plus depreciation and impairment of tangible assets;

 

(b)                                 plus amortisation and impairment of intangible assets;

 

(c)                                  plus impairment of goodwill;

 

(d)                                 minus (to the extent otherwise included) any gain over
book value arising in favour of a member of the Group on the disposal of any
non-financial asset (other than any disposal made in the ordinary course of
business) during that period and any gain arising on any revaluation of any
non-financial asset during that period; and

 

(e)                                  plus (to the extent otherwise deducted) any loss
against book value incurred by a member of the Group on the disposal of any
non-financial asset (other than any disposal made in the ordinary course of
business) during that period and any loss arising on any revaluation of any
non-financial asset during that period,

 

as
further adjusted, for the purpose of the financial covenant in paragraph (b) (Leverage)
of Clause 25.2 (Financial condition), to:

 

(i)                                     include the operating profit before interest and tax,
depreciation, amortisation and impairment charges of a member of the Group for
the Relevant Period (or attributable to a business or assets acquired during
the Relevant Period) prior to its becoming a member of the Group or (as the
case may be) prior to the acquisition of the business or assets; and

 

(ii)                                  exclude the operating profit before interest, tax,
depreciation, amortisation and impairment charges attributable to any member of
the Group (or to any business or assets) disposed of during the Relevant
Period.

 

Financial Year means the each period of 12 months ending on 31 December.

 

Interest Cover Ratio means the ratio of EBITDA to Net Interest Expense in respect of any Relevant
Period.

 

Leverage Ratio means, in respect of any Relevant Period, the ratio of Total Net Debt
on the last day of that Relevant Period to EBITDA in respect of that Relevant
Period.

 

85

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

Net Interest Expense means, in respect of the Group on a consolidated basis and in relation
to any period, interest expense (as reported) minus interest income (as
reported).

 

Relevant Period means each period of twelve months ending on each Test Date.

 

Test Date means each of the dates specified in the table set out in Clause 25.2
(Financial condition).

 

Total Net Debt means, at any time, the aggregate amount of all obligations of members
of the Group for or in respect of Financial Indebtedness at that time but:

 

(a)                                  excluding any such obligations owed under or in respect of
Equity; and

 

(b)                                 deducting the aggregate amount of cash (including the amount of
any Judicial Deposit) and Cash Equivalent Investments held by any member of the
Group at that time,

 

and
so that no amount shall be included or excluded more than once.

 

25.2                           Financial condition

 

The Company shall ensure that:

 

(a)                                  Interest Cover: the Interest Cover Ratio for the Relevant Period
ending on each of the Test Dates set out in the table below will not be less
than the ratio set out the relevant column in the table below opposite that
Test Date; and

 

(b)                                 Leverage: the Leverage Ratio for the Relevant Period ending on
each of the dates set out in the table below will not exceed the ratio set out
in the relevant column in the table below opposite that Test Date,

 

provided
that, in the case of the testing of the Leverage Ratio only, if the Closing
Date occurs after 31st December, 2008, the first Test Date shall be 31st
December, 2009.

 

	
   

  	
  Relevant Period ending on

  	
   

  	
  Interest Cover Ratio

  	
   

  	
  Leverage Ratio

  
	
   

  	
  [****]

  	
   

  	
  2.5:1

  	
   

  	
  5.2:1

  
	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  
	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  
	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  
	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  
	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  
	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  
	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  
	
   

  	
  [****]

  	
   

  	
  3.0:1

  	
   

  	
  3.5:1

  

 

86

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

25.3                           Financial testing

 

(a)                                  Subject to paragraph (b) below, the financial
covenants set out in Clause 25.2 (Financial condition) shall be calculated in
accordance with the Accounting Principles and tested by reference to each of
the financial statements and/or each Compliance Certificate most recently
delivered pursuant to Clause 24.2 (Compliance Certificate).

 

(b)                                 For the purpose of the financial covenant in paragraph
(b) (Leverage) of Clause 25.2 (Financial condition) for each of the
Relevant Periods ending on a date which is less than twelve months after the
Closing Date, EBITDA shall be calculated for the 12 month period ending on such
date on a pro forma basis as if the Acquisition had been completed at the
beginning of such Relevant Period.

 

26.                               GENERAL
UNDERTAKINGS

 

The
undertakings in this Clause 26 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.  Any undertaking
to procure compliance by another member of the Group shall, in relation to
Madrid (to the extent it is a Subsidiary of the Company), be limited to an
obligation to exercise such voting rights as an Obligor may have with a view to
ensure compliance.

 

26.1                           Authorisations

 

Each
Obligor shall promptly:

 

(a)                                  obtain, comply with and do all that is necessary to
maintain in full force and effect; and

 

(b)                                 supply certified copies to the Agent of,

 

any
Authorisation required under any law or regulation of its jurisdiction of
incorporation to:

 

(i)                                    enable it to perform its obligations under the Finance
Documents and the Bridge Finance Documents; and

 

(ii)                                 ensure the legality, validity, enforceability or
admissibility in evidence its jurisdiction of incorporation of any Finance
Document and any Bridge Finance Document.

 

26.2                           Compliance with laws

 

Each
Obligor shall comply in all respects with all laws to which it may be subject,
if failure so to comply would reasonably be expected to have a Material Adverse
Effect.

 

26.3                           Environmental compliance

 

Each
Obligor will (and will ensure that each of its Subsidiaries will):

 

87

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(a)                                  comply with all Environmental Laws; and

 

(b)                                 obtain, maintain and ensure compliance with all
requisite Environmental Permits,

 

in
each case where failure to do so would have a Material Adverse Effect.

 

26.4                           Taxation

 

Each
Obligor will (and will ensure that each of its Subsidiaries will) pay and
discharge all Taxes imposed upon it or its assets within the time period
allowed (including any grace periods) if failure to pay those Taxes would
reasonably be expected to have a Material Adverse Effect.

 

26.5                        Merger

 

No
Obligor shall (and the Company shall procure that no Material Subsidiary will)
enter into any amalgamation, demerger, merger or corporate reconstruction other
than:

 

(a)                                  a Merger;

 

(b)                                 a merger of Bidco and Target, provided that Bidco is
the surviving company of such merger or the Agent is satisfied that Target has
assumed the obligations of Bidco under the Finance Documents;

 

(c)                                  a Post Closing Restructuring;

 

(d)                                 any amalgamation, demerger, merger or corporate
reconstruction involving any Obligor or Material Subsidiary (other than the
Company) and any other member of the Group (other than where it involves a
Guarantor and a member of the Target Group and that Guarantor would not be the
surviving company); or

 

(e)                                  any other amalgamation, demerger, merger or corporate
reconstruction involving any Obligor or Material Subsidiary (other than the
Company) so long as the relevant Obligor or Material Subsidiary is the
surviving company,

 

provided
that in the case of paragraphs (d) and (e) above, (i) such
amalgamation, demerger, merger or corporate reconstruction shall not affect the
validity, legality or enforceability of the Finance Documents and (ii) the
Obligors and, if relevant, any other company involved in such amalgamation,
demerger, merger or corporate reconstruction shall execute such documents as
may be necessary in order to preserve and protect the validity, legality or
enforceability of the Finance Documents (and, for the avoidance of doubt, any
contribution in kind transaction or similar transaction pursuant to which the Company,
any other Obligor or any Material Subsidiary would acquire assets or shares in
exchange for new shares to be issued by the Company or the Obligor or any
Material Subsidiary respectively is not to be considered as an amalgamation,
demerger, merger or corporate reconstruction for the purpose of this Clause
26.5 unless the issue of shares by the Obligor or any Material Subsidiary would
result in it becoming a Subsidiary of the Target or an Excluded Subsidiary).

 

88

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

26.6                           Change of business

 

The
Company shall procure that neither Company nor the Group taken as a whole
carries on any business which results in any material change to the nature of
the core business of the Group from the Core Business.

 

26.7                           Acquisitions

 

(a)                                  Except as permitted under paragraph (b) below, no
Obligor shall (and the Company shall ensure that no other member of the Group
will):

 

(i)                                     acquire a company or any shares or securities or a
business or undertaking (or, in each case, any interest in any of them); or

 

(ii)                                  incorporate a company.

 

(b)                                 Paragraph (a) above does not apply to an
acquisition of a company, of shares, securities or a business or undertaking
(or, in each case, any interest in any of them) or the incorporation of a
company which is a Permitted Acquisition.

 

26.8                           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 law applying
to companies generally.

 

26.9                           Negative pledge

 

(a)                                  No Obligor shall (and the Company shall ensure that no
other member of the Group will) create or permit to subsist any Security over
any of its assets.

 

(b)                                 No Obligor shall (and the Company shall ensure that no
other member of the Group will):

 

(i)                                     sell, transfer or otherwise dispose of any of its
assets on terms whereby they are or may be leased to or re-acquired by an
Obligor or any other member of the Group;

 

(ii)                                  sell, transfer or otherwise dispose of any of its
receivables on recourse terms;

 

(iii)                               enter into any arrangement under which money or the
benefit of a bank or other account may be applied, set-off or made subject to a
combination of accounts; or

 

(iv)                              enter into any other preferential arrangement having a
similar effect,

 

in
circumstances where the arrangement or transaction is entered into primarily as
a method of raising Financial Indebtedness or of financing the acquisition of
an asset.

 

89

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(c)           Paragraphs (a) and (b) above
do not apply to Permitted Security.

 

(d)                                 Notwithstanding paragraph (c) above, no Obligor
shall (and the Company shall ensure that no other member of the Group will) at
any time create or permit to subsist any Security over or undertake any of the
actions set out in paragraph (b) above in respect of any of the shares in
Barcelona owned by a member of the Group.

 

26.10                    [****]

 

26.11                    Arm’s length basis

 

No
Obligor shall (and the Company shall ensure no member of the Group (other than
Barcelona until such time as Barcelona becomes a wholly-owned Subsidiary of the
Company) will) enter into:

 

(a)                                  any transaction with any Affiliate which is not a
member of the Group; or

 

(b)                                 any written contract with any other person which is
not a member of the Group,

 

except,
in each case, on arm’s length terms.

 

26.12                    Loans or credit to Excluded
Subsidiaries

 

(a)                                  Except as permitted under paragraph (b) below, no
Obligor shall (and the Company shall ensure that no member of the Group (other
than any Excluded Subsidiary) will) be a creditor in respect of any Financial
Indebtedness owing by, or give any guarantee or financial accommodation to, or
for the benefit of, an Excluded Subsidiary (including without limitation in
respect of any Financial Indebtedness of an Excluded Subsidiary).

 

(b)           Paragraph (a) above does not
apply to Permitted Excluded Subsidiary Credit Support.

 

26.13                    Subsidiary Financial Indebtedness

 

Each
Obligor shall procure that Subsidiary Financial Indebtedness, when aggregated
with the aggregate amount secured by the Security referred to in paragraph (o) of
the definition of Permitted Security (other than such Security securing
Subsidiary Financial Indebtedness) shall at no time exceed [****] (or its
equivalent in any other currency).

 

26.14                    Insurance

 

(a)                                  Each Obligor shall (and the Company shall ensure that
each member of the Group will) 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.

 

(b)                                 All insurances must be with reputable independent
insurance companies or underwriters.

 

90

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

26.15                    Intellectual Property

 

Each
Obligor shall (and the Company shall procure that each member of the Group
will):

 

(a)                                  preserve and maintain the subsistence and validity of
the Intellectual Property necessary for the business of the relevant member of
the Group;

 

(b)                                 use reasonable endeavours to prevent any infringement
in any material respect of the Intellectual Property;

 

(c)                                  make registrations and pay all registration fees and
taxes necessary to maintain the Intellectual Property in full force and effect
and record its interest in that Intellectual Property;

 

(d)                                 not use or permit the Intellectual Property to be used
in a way or take any step or omit to take any step in respect of that
Intellectual Property which may materially and adversely affect the existence
or value of the Intellectual Property or imperil the right of any member of the
Group to use such property; and

 

(e)                                  not discontinue the use of the Intellectual Property,

 

where
failure to do so, in the case of paragraphs (a), (b) and (c) above,
or, in the case of paragraphs (d) and (e) above, such use,
permission to use, omission or discontinuation, would reasonably be expected to
have a Material Adverse Effect.

 

26.16                    Amendments to terms of the
Acquisition

 

No
Obligor shall (and the Company shall ensure that no member of the Group will)
amend, vary,

novate, supplement, supersede, waive or terminate any term of a Merger
Agreement or Tender Offer

which:

 

(a)                                  would permit:

 

(i)                                     the initial acceptance of tendered shares (if the
Acquisition is being made pursuant to a Tender Offer); or

 

(ii)                                  the consummation of a Merger (if the Acquisition is
being made without a Tender Offer),

 

in
either case, without satisfaction of customary conditions (as agreed between
the Company and the Arrangers prior to the date of this Agreement); or

 

(b)                                 in relation any other terms (other than the price of
the offer in respect of the Target Shares), would, in the reasonable
opinion of the Majority Lenders, have a materially adverse impact on the
interests of the Lenders.

 

The
Company shall supply the Agent promptly with any amendment made to any Merger
Agreement or any term of the Tender Offer.

 

91

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

26.17                    Increase in Offer Price

 

No
Obligor shall (and the Company shall procure that no member of the Group will)
make any increase in the price of any offer in respect of the Target Shares
above the amount separately agreed with the Arrangers prior to the date of this
Agreement unless such increase is funded wholly from Additional Acquisition
Equity. The Finance Parties agree to the issuance of any Additional Acquisition
Equity issued in compliance with this Agreement.

 

26.18                    Credit Rating

 

(a)                                  The Company will ensure that it maintains a Credit
Rating with S&P and Moody’s.

 

(b)                                 On or before the Closing Date the Company will provide
the Agent with evidence it has obtained a Credit Rating with S&P and Moody’s
(as assessed pro forma for the Acquisition and taking into account the
incurrence of related Financial Indebtedness) of at least BBB- or better from
S&P and Baa3 or better from Moody’s.

 

(c)                                  If S&P or Moody’s ceases to carry on business as a
rating agency or to supply a Credit Rating with respect to the Company, within
30 days after the date on which that event occurs, the Company shall appoint
any other rating agency of international standing which is prepared to issue a
Credit Rating with respect to the Company and which is acceptable to the
Majority Lenders (acting reasonably) to issue a Credit Rating with respect to
the Company.  If any other rating agency
is appointed under this paragraph (c), the Parties agree to amend this
Agreement to make appropriate amendments to the definition of “Margin”.

 

26.19                    Jurisdiction of Bidco

 

(a)                                  Substantially concurrently with the consummation of a
Short Form Merger or as soon as reasonably practicable following any
Merger, the Company shall use its reasonable endeavours to domesticate Bidco’s
tax jurisdiction to the State of Delaware, United States, pursuant to section
368(a)(1)(F) of the US Internal Revenue Code 1986, as amended, provided
that the Company shall ensure that Bidco shall not be domesticated in the
United States unless it has satisfied the conditions referred to in paragraph (b) below.

 

(b)                                 The conditions referred to in paragraph (a) above
are:

 

(i)                                     Bidco shall not change its jurisdiction of incorporation
until after the Closing Date;

 

(ii)                                  the Company shall give the Agent not less than ten
Business Days’ notice before the jurisdiction of incorporation of Bidco is
changed; and

 

(iii)                               if required by the Agent, the delivery to the Agent of
a legal opinion from U.S. counsel with respect to the domestication of Bidco.

 

In
addition, the Company shall deliver to the Agent (as soon as reasonably
practicable after those filings have been made) a copy of any filings required
to be made to effect the domestication.

 

92

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(c)                                  If, following domestication of Bidco to the State of
Delaware, United States, Bidco intends to migrate its statutory and effective
seat (siège) to the State of
Delaware, United States, the Company shall:

 

(i)                                     give the Agent not less than ten Business Days’ notice
before the jurisdiction of incorporation of Bidco is migrated; and

 

(ii)                                  deliver to the Agent as soon as they have become
available each of the following documents and evidence:

 

(A)                              a certified copy of the notarial deeds of change of
the corporate seat and nationality of Bidco (in form and substance acceptable
to the Agent) (the Deed);

 

(B)                                a copy of the certificate of removal from the
Luxembourg trade and companies register;

 

(C)                                evidence that the Deed has been published in the
Luxembourg Official Gazette (Mémorial C);

 

(D)                               a certified copy of the quitus given by the tax
administration that all taxes were duly paid;

 

(E)                                 a certificate from the Luxembourg tax authorities
certifying that further to its transfer of seat, Bidco is no longer be treated
as tax resident in Luxembourg for Luxembourg tax purposes;

 

(F)                                 a copy of any filings required to be made to effect
the migration and all other documentation evidencing Bidco as a Delaware
entity; and

 

(G)                                a legal opinion from U.S. counsel to the Company with
respect to the capacity of Bidco (as a Delaware entity) to be a party to the
Finance Documents and as to the legal, valid and binding nature of the Finance
Documents.

 

26.20                    Guarantors

 

(a)                                  The Company shall procure that, as soon as reasonably
practicable and in any event not later than the date falling 60 days after the
Funding Date and subject to the Guarantee Principles, each of the following
companies shall accede to this Agreement as an Additional Guarantor in
accordance with Clause 29.4 (Additional Guarantors):

 

(i)                                     InBev Belgium SA/NV;

 

(ii)                                  BrandBrew SA;

 

(iii)                               Cobrew NV/SA;

 

(iv)                              InBev Nederland N.V.;

 

(v)                                 InBev France SAS;

 

93

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(vi)                              Interbrew International B.V.;

 

(vii)                           Interbrew Central European Holding B.V.;

 

(viii)                        Sun Interbrew Ltd;

 

(ix)                                Nimbuspath;

 

(x)                                   AmBrew SA; and

 

(xi)                                Pivovary Staropramen a.s.

 

(b)                                 The Company shall procure that, as soon as reasonably
practicable and in any event not later than the date falling 60 days after the
Closing Date and subject to the Guarantee Principles, the Target shall accede
to this Agreement as an Additional Guarantor in accordance with Clause 29.4
(Additional Guarantors).

 

(c)                                  The Company shall procure that, as soon as reasonably
practicable and in any event not later than the date falling 20 days after the
date on which each set of its annual financial statements are delivered to the
Agent pursuant to Clause 24.1(a) (Financial statements) and subject to the
Guarantee Principles and to the extent it is not already a Party, each Material
Subsidiary shall accede to this Agreement as an Additional Guarantor in
accordance with Clause 29.4 (Additional Guarantors), provided that InBev
Germany Holding GmbH shall not be required to become an Additional Guarantor.

 

27.                               EVENTS OF
DEFAULT

 

Each
of the events or circumstances set out in this Clause 27 is an Event of Default
(save for Clause 27.15 (Acceleration) and Clause 27.16 (Clean-Up Period)).

 

27.1                           Non-payment

 

An
Obligor does not pay on the due date any amount payable pursuant to a Finance
Document at the place at and in the currency in which it is expressed to be
payable unless:

 

(a)                                  its failure to pay is caused by:

 

(i)                                     administrative or technical error; or

 

(ii)                                  a Disruption Event; and

 

(b)                                 payment is made within five Business Days of its due
date.

 

27.2                           Financial covenants

 

Any
requirement of Clause 25 (Financial Covenants) is not satisfied.

 

94

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

27.3                           Other obligations

 

(a)                                  An Obligor does not comply with any provision of the
Finance Documents (other than those referred to in Clause 27.1 (Non-payment)
and Clause 27.2 (Financial covenants)).

 

(b)                                 No Event of Default under paragraph (a) above
will occur if the failure to comply is capable of remedy and is remedied
within:

 

(i)                                    (in relation to Clause 24 (Information undertakings)
and Clause 26 (General Undertakings)) 15 Business Days; or

 

(ii)                                 (in relation to any of the other obligations expressed
to be assumed by it in any of the Finance Documents (other than referred to in
Clauses 27.1 (Non-payment) or Clause 27.2 (Financial covenants) 30 Business
Days,

 

of
the Agent giving notice to the Company or relevant Obligor or the Company or an
Obligor becoming (or should have become when exercising normal diligence) aware
of the failure to comply.

 

27.4                           Misrepresentation

 

(a)                                  Any representation or statement made or deemed to be
made by an Obligor in the Finance Documents or any other document delivered by
or on behalf of any Obligor under or in connection with any Finance Document is
or proves to have been incorrect or misleading in any material respect when
made or deemed to be made.

 

(b)                                 No Event of Default under paragraph (a) above
will occur if the failure to comply is capable of remedy and is remedied within
15 Business Days of the Agent giving notice to the Company or relevant Obligor
or the Company or an Obligor becoming (or should have become when exercising
normal diligence) aware of the failure to comply.

 

27.5                        Cross default

 

(a)                                  Any Financial Indebtedness or any indebtedness under a
Derivative Contract of any member of the Group is not paid when due or within
any originally applicable grace period.

 

(b)                                 Any Financial Indebtedness or any indebtedness under a
Derivative Contract of any member of the Group is declared to be or otherwise
becomes due and payable prior to its specified maturity as a result of an event
of default (howsoever described).

 

(c)           No Event of Default will occur under
this Clause 27.5 (Cross default) if:

 

(i)                                     the aggregate amount of Financial Indebtedness, of any
indebtedness (marked to market) under a Derivative Contract and of any
commitment for Financial Indebtedness falling within paragraphs (a) and (b) above
is less than €75,000,000 (or its equivalent in any other currency or
currencies);

 

95

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(ii)                                  in the case of paragraph (a) above, the question
as to whether the relevant amount is due is being contested in good faith by
the relevant member of the Group; or

 

(iii)                               in the case of paragraph (b) above, the relevant
member of the Group and the Company (A) keep the Agent promptly informed
of any communication made or received by the relevant member of the Group or
the Company in relation thereto and deliver to the Agent without delay a copy
of any such communication, and (B) have confirmed to the Agent and the
Agent is satisfied that the relevant creditor(s) has (have) taken no
action whatsoever with a view to declaring or considering whether to declare
the relevant Financial Indebtedness due and payable (including, but without
limitation, holding or calling meetings in relation thereto).

 

(d)                                 In respect of any member of the Group acquired by the
Company after the date of this Agreement, no Event of Default will occur under
this Clause 27.5 in relation to that member of the Group for a period of 45
days after the date of that acquisition.

 

27.6                           Insolvency

 

Any
Obligor or any other Material Subsidiary is unable to pay its debts as they
fall due, suspends making payments on all or substantially all of its debts by
reason of actual or anticipated financial difficulties commences negotiations
with any one or more of its creditors with a view to the general readjustment
or rescheduling of all or a material part of its indebtedness or makes a
general assignment for the benefit of or a composition with its creditors.

 

27.7                           Insolvency proceedings

 

Any
Obligor or any other Material Subsidiary takes any corporate action or other
steps are taken or legal proceedings are started for its winding—up,
dissolution, administration, bankruptcy, moratorium or re—organisation (whether
by way of voluntary arrangement, scheme of arrangement or otherwise) (other
than a solvent liquidation of any dormant company or a solvent liquidation of
any other Material Subsidiary which is not an Obligor) or for the appointment
of a liquidator, curator, receiver, administrator, administrative receiver,
conservator, custodian, trustee or similar officer of it or of any or all of
its revenues and assets unless any such action, proceeding, procedure or step
brought by a third party is stayed or discharged within 20 Business Days.

 

27.8                           Creditors’ process

 

Any
execution or distress is levied against, or an encumbrancer takes possession
of, the whole or any part of, the property, undertaking or assets (other than a
Judicial Deposit) of any Obligor or any other Material Subsidiary or any event
occurs which under the laws of any jurisdiction has a similar or analogous
effect provided that where such execution, distress or taking of possession
relates to any property, undertaking or assets, it shall not be an Event of
Default under this Clause 27.8 if the relevant execution, distress or
taking of possession (other than a Dutch or Belgian executory attachment
(executorial beslag)) is released or discharged within ten Business Days or the
value of such property, undertaking or assets (when aggregated with the value
of any other such property, undertaking or assets of the Group which are then
subject to any such execution, distress or taking of possession) does not
exceed €50,000,000 or the equivalent thereof in other currencies.

 

96

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

27.9                           Analogous Event

 

Any
event occurs which under the laws of any jurisdiction has a similar or analogous
effect to any of those events mentioned in Clause 27.6 (Insolvency), Clause
27.7 (Insolvency proceedings) or Clause 27.8 (Creditors’ process).

 

27.10                    Unlawfulness and invalidity

 

It
is or becomes unlawful for an Obligor to perform any of its obligations under
the Finance Documents.

 

27.11                    Ownership of the Obligors

 

Any
Obligor (other than the Company) ceases to be a Subsidiary of the Company other
than pursuant to a resignation of a Guarantor in accordance with Clause 29.5
(Resignation of a Guarantor).

 

27.12                    Repudiation and rescission of
agreements

 

An
Obligor (or any other relevant party) rescinds or purports to rescind or
repudiates or purports to repudiate a Finance Document, a Bridge Finance
Document or the Underwriting Agreement or evidences an intention to rescind or
repudiate a Finance Document, a Bridge Finance Document or the Underwriting
Agreement.

 

27.13                    Litigation

 

Any
litigation, arbitration, administrative, governmental, regulatory or other
investigations, proceedings or disputes are commenced or threatened in relation
to the Acquisition Documents or the Finance Documents or the transactions
contemplated in the Acquisition Documents or the Finance Documents or against
any member of the Group or its assets which would reasonably be expected to
have a Material Adverse Effect.

 

27.14                    ERISA

 

(a)                                  Any ERISA Event shall have occurred with respect to a
Plan and the sum (determined as of the date of occurrence of such ERISA Event)
of the Insufficiency of such Plan and the Insufficiency of any and all other
Plans with respect to which an ERISA Event shall have occurred and then exist
(or the liability of the Obligors and the ERISA Affiliates related to such
ERISA Event) is an amount that has or would reasonably be expected to have a
Material Adverse Effect.

 

(b)                                 Any Obligor or any ERISA Affiliate shall have been
notified by the sponsor of a Multiemployer Plan that it has incurred Withdrawal
Liability to such Multiemployer Plan in an amount that, when aggregated with
all other amounts required to be paid to Multiemployer Plans by the Obligors
and the ERISA Affiliates as Withdrawal Liability (determined as of the date of
such notification), has or would reasonably be expected to have a Material
Adverse Effect or requires payments in an amount that has or would reasonably
be expected to have a Material Adverse Effect.

 

97

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(c)                                  Any Obligor or any ERISA Affiliate shall have been
notified by the sponsor of a Multiemployer Plan that such Multiemployer Plan is
in reorganisation or is being terminated, within the meaning of Title IV of
ERISA, and as a result of such reorganisation or termination the aggregate annual
contributions of the Obligors and the ERISA Affiliates to all Multiemployer
Plans that are then in reorganisation or being terminated have been or will be
increased over the amounts contributed to such Multiemployer Plans for the plan
years of such Multiemployer Plans immediately preceding the plan year in which
such reorganisation or termination occurs by an amount that has or would
reasonably be expected to have a Material Adverse Effect.

 

27.15                    Acceleration

 

On and at any time after the occurrence of an
Event of Default which is continuing the Agent may, and shall if so directed by
the Majority Lenders, by notice to the Company:

 

(a)                                  cancel the Total Commitments whereupon they shall
immediately be cancelled;

 

(b)                                 declare that all or part of the Utilisations, together
with accrued interest, and all other amounts accrued or outstanding under the
Finance Documents be immediately due and payable, whereupon they shall become
immediately due and payable; and/or

 

(c)                                  declare that all or part of the Utilisations be
payable on demand, at which time they shall immediately become payable on
demand by the Agent on the instructions of the Majority Lenders;

 

(d)                                 declare that cash cover in respect of each Letter of
Credit is immediately due and payable at which time it shall become immediately
due and payable;

 

(e)                                  declare that cash cover in respect of each Letter of
Credit is payable on demand at which time it shall immediately become due and
payable on demand by the Agent on the instructions of the Majority Lenders;
and/or

 

(f)                                    following the taking of any action referred to in
paragraphs (a) or (b) above, by notice to any Dutch Obligor, require
that Dutch Obligor to give a guarantee or Security in favour of the Finance
Parties and/or the Agent and that Dutch Obligor must comply with that request.

 

If an Event of Default under Clause 27.6
(Insolvency) or Clause 27.7 (Insolvency proceedings) shall occur in respect of
any Obligor incorporated in the United States, then without notice to such
Obligor or any other act by the Agent or any other person, the Loans to such
Obligor, interest thereon and all other amounts owed by such Obligor under the
Finance Documents shall become immediately due and payable without presentment,
demand, protest or notice of any kind, all of which are expressly waived.

 

27.16                    Clean-Up Period

 

Notwithstanding any other provision of any
Finance Document:

 

(a)                                  any breach of a representation or an undertaking in
any Finance Document; or

 

98

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

(b)                                 any Event of Default, 

 

will
be deemed not to be a breach of representation or warranty, a breach of
undertaking or an Event of Default (as the case may be) if:

 

(i)                                     it would have been (if it were not for this provision)
a breach of representation or warranty, a breach of undertaking or an Event of
Default only by reason of circumstances relating exclusively to any member of
the Target Group (or any obligation to procure or ensure in relation to a
member of the Target Group);

 

(ii)                                  it is capable of remedy and reasonable steps are being
taken to remedy it;

 

(iii)                               the circumstances giving rise to it have not been
procured by or approved by any member of the Group (other than a member of the
Target Group before it became a Subsidiary of the Company), and such
circumstances were in existence on the Funding Date; and

 

(iv)                              it does not have, and would not reasonably be expected
to have, a Material Adverse Effect.

 

If
the relevant circumstances are continuing on or after the Clean-up Date, there
shall be a breach of representation or warranty, breach of covenant or Event of
Default, as the case may be notwithstanding the above (and without prejudice to
the rights and remedies of the Finance Parties).

 

27.17                    Non-Material Obligors

 

Notwithstanding
anything to the contrary in any of the Finance Documents, if any event or
circumstance occurs in relation to any Non-Material Obligor or any Finance
Documents executed by a Non-Material Obligor which would in respect of any
provision which by its terms refers to an Obligor (in its capacity as Obligor) (a) be
a breach of contract or misrepresentation, (b) be a Default or (c) entitle
the Lenders to terminate or reduce the Commitments or require prepayment of all
or part of the Loans (each a Relevant Event),
no Relevant Event shall be deemed to have occurred or be continuing as a result
of the occurrence of such event or circumstance solely in relation to a
Non-Material Obligor unless:

 

(a)                                  one or more such events or circumstances has occurred
and is continuing which affects one or more Non-Material Obligors which, if
they were a single entity on the last day of the most recent Test Date in
respect of which financial statements are available, would have constituted a
Material Subsidiary; or

 

(b)                                 such event or circumstance would reasonably be
expected to have a Material Adverse Effect.

 

28.                               CHANGES TO
THE LENDERS

 

28.1                           Assignments and transfers by the
Lenders

 

Subject
to this Clause 28, a Lender (the Existing
Lender) may:

 

(a)                                  assign any of its rights; or

 

99

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

(b)                                 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).

 

28.2                           Conditions of assignment or transfer

 

(a)                                  An Existing Lender must consult with the Company for
not less than five days before it may make an assignment or transfer in
accordance with Clause 28.1 (Assignments and transfers by the Lenders) unless
the assignment or transfer is:

 

(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; or

 

(iii)                               made at a time when an Event of Default is continuing.

 

(b)                                 The consent of:

 

(i)                                     the Issuing Bank; and

 

(ii)                                  after the Syndication Date, the Company (such consent
not to be unreasonably withheld and deemed to be given five days after such
consent is requested by an Existing Lender unless expressly refused),

 

is
required for any assignment or transfer by an Existing Lender of its rights
and/or obligations under the Revolving Facility, unless (in the case of any
consent which would otherwise be required to be obtained from the Company) the
assignment or transfer is:

 

(A)                              to another Lender or an Affiliate of a Lender;

 

(B)                                if the Existing Lender is a fund, to a fund which is a
Related Fund of the Existing Lender; or

 

(C)                                made at a time when an Event of Default is continuing.

 

(c)                                  A New Lender may only become a party to this Agreement
if it complies (to the extent applicable) with the provisions of Clause 5.5(a) (Lending
Office).

 

(d)                                 Any partial assignment or transfer must be in an
amount of at least US$10,000,000.

 

(e)                                  An assignment will only be effective on:

 

(i)                                     receipt by the Agent of written confirmation from the
New Lender (in form and substance satisfactory to the Agent) that the New
Lender will assume the same obligations to the other Finance Parties and the
Obligors as it would have been under if it was an Original Lender;

 

100

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

(ii)                                  the New Lender entering into the documentation
required for it to accede as a party to the Subordination 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.

 

(f)                                    A transfer will only be effective if the procedure set
out in Clause 28.5 (Procedure for transfer) is complied with.

 

(g)                                 If:

 

(i)                                     a Lender assigns or transfers any of its rights or
obligations under the Finance Documents or changes its Facility Office; and

 

(ii)                                  as a result of circumstances existing at the date the
assignment, transfer or change occurs, an Obligor would be obliged to make a
payment to the New Lender or Lender acting through its new Facility Office
under Clause 17 (Tax Gross Up and Indemnities) or
Clause 18 (Increased Costs),

 

then
the New Lender or Lender acting through its new Facility Office is only
entitled to receive payment under those Clauses to the same extent as the
Existing Lender or Lender acting through its previous Facility Office would
have been if the assignment, transfer or change had not occurred.

 

28.3                           Assignment or transfer fee

 

Unless
the Agent otherwise agrees and excluding an assignment or transfer (a) to
an Affiliate of a Lender, (b) to a Related Fund, (c) made in
connection with primary syndication of the Facilities or (d) in accordance
with Clause 5.5(b) (Lending Office), 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 US$2,500.

 

28.4                           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 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

 

101

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

(iv)                              the accuracy of any statements (whether written or
oral) made in or in connection with any Finance Document or any other document,

 

and
any representations or warranties implied by law are excluded.

 

(b)                                 Each New Lender confirms to the Existing Lender and
the other Finance Parties that it:

 

(i)                                     has made (and shall continue to make) its own
independent investigation and assessment of the financial condition and affairs
of each Obligor and its related entities in connection with its participation
in this Agreement and has not relied exclusively on any information provided to
it by the Existing Lender in connection with any Finance Document; and

 

(ii)                                  will continue to make its own independent appraisal of
the creditworthiness of each Obligor and its related entities whilst any amount
is or may be outstanding under the Finance Documents or any Commitment is in
force.

 

(c)                                  Nothing in any Finance Document obliges an Existing
Lender to:

 

(i)                                     accept a re-transfer from a New Lender of any of the
rights and obligations assigned or transferred under this Clause 28; 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.

 

28.5                           Procedure for transfer

 

(a)                                  Subject to the conditions set out in Clause 28.2
(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 upon its
completion of all “know your customer” or other checks relating to any person
that it is required to carry out 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, each of the Obligors and the Existing Lender shall be
released from further obligations towards one another under the Finance
Documents and their respective rights against one another under the Finance
Documents shall be cancelled (being the Discharged
Rights and Obligations);

 

102

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

(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 Arrangers, the New Lender, the other
Lenders and the Issuing Bank shall acquire the same rights and assume the same
obligations between themselves as they would have acquired and assumed had the
New Lender been an Original Lender with the rights, and/or obligations acquired
or assumed by it as a result of the transfer and to that extent the Agent, the
Arrangers and the Issuing Bank 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” and
shall accede to the Subordination Agreement as a “Senior Lender”, with rights
and obligations under the Subordination Agreement which differ from the rights
and obligations owed and enjoyed by the Existing Lender under the Subordination
Agreement only insofar as they are owed and enjoyed by the New Lender in place
of the Existing Lender.

 

28.6                           Copy of Transfer Certificate to
Company

 

The
Agent shall, as soon as reasonably practicable after it has executed a Transfer
Certificate, send to the Company and Bidco a copy of that Transfer Certificate
for, but not limited thereto, the purpose of notifying the transfer to the
Company and Bidco.

 

28.7                           Disclosure of information

 

(a)                                  Any Lender may disclose any information about any
Obligor, the Group or the Finance Documents as that Lender shall consider
appropriate to:

 

(i)                                     any of its Affiliates and any other person:

 

(A)                              to (or through) whom that Lender assigns or transfers
(or may potentially assign or transfer) all or any of its rights and obligations
under the Finance Documents;

 

(B)                                with (or through) whom that Lender enters into (or may
potentially enter into) any sub-participation in relation to, or any other
transaction under which payments are to be made by reference to the Finance
Documents or any Obligor; or

 

(C)                                to whom, and to the extent that, information is
required to be disclosed by any applicable law or regulation;

 

(ii)                                  a rating agency or its professional advisers, or (with
the consent of the Company) any other person; or

 

(iii)                               any person for the purpose of obtaining credit risk
insurance with respect to any Obligor, the Group or the Finance Documents,

 

103

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

provided
that, in relation to any disclosure under paragraphs (i)(A) and (B) above,
the person to whom the information is to be given enters into a Confidentiality
Undertaking.

 

(b)                                 Any Confidentiality Undertaking signed by a Lender
pursuant to this Clause 28.7 shall supersede any prior confidentiality
undertaking signed by such Lender for the benefit of any member of the Group.

 

28.8                           Security over Lenders’ rights

 

In
addition to the other rights provided to Lenders under this Clause 28, each
Lender may without consulting with or obtaining consent from any other Party,
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 to a federal reserve, central or
supranational bank, except that no such charge, assignment or other Security
shall:

 

(a)                                  release a Lender from any of its obligations under the
Finance Documents or substitute the beneficiary of the relevant charge,
assignment or Security for the Lender as a party to any of the Finance
Documents; or

 

(b)                                 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,

 

and provided further that under no circumstance shall such central or supranational bank be considered a Lender
hereunder or be entitled to require the assigning or pledging Lender to take,
or refrain from, action hereunder.

 

29.                               CHANGES TO
THE OBLIGORS

 

29.1                           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.

 

29.2                           Additional Borrowers

 

(a)                                  Subject to compliance with the provisions of
paragraphs (c) and (d) of Clause 24.7 (“Know your customer” checks),
the Company may request that any of its wholly-owned Subsidiaries becomes a
Borrower.  That Subsidiary shall become a
Borrower if:

 

(i)                                     if all the Lenders under the relevant Facility under
which that Subsidiary will become a Borrower approve the addition of that
Subsidiary;

 

(ii)                                  subject to the Guarantee Principles, that Subsidiary
also becomes a Guarantor;

 

(iii)                               the Company and that Subsidiary deliver to the Agent a
duly completed and executed Accession Letter;

 

104

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

(iv)                              the Company confirms that no Default is continuing or would
occur as a result of that Subsidiary becoming an Additional Borrower; and

 

(v)                                 the Agent has received all of the documents and other
evidence listed in Part 3 of Schedule 2 (Conditions Precedent) in relation
to that Additional Borrower, each in form and substance satisfactory to the
Agent.

 

(b)                                 The Agent shall notify the Company and the Lenders
promptly upon being satisfied that it has received (in form and substance
satisfactory to it) all the documents and other evidence listed in Part 3
of Schedule 2 (Conditions Precedent).

 

29.3                           Resignation of a Borrower

 

(a)                                  The Company may request that a Borrower ceases to be a
Borrower by delivering to the Agent a Resignation Letter.

 

(b)                                 The Agent shall accept a Resignation Letter and notify
the Company and the Lenders of its acceptance if:

 

(i)                                     no Default is continuing or would result from the
acceptance of the Resignation Letter; and

 

(ii)                                  the Borrower is under no actual or contingent
obligations as a Borrower under any Finance Documents.

 

(c)                                  Upon notification by the Agent to the Company of its
acceptance of the resignation of a Borrower, that company shall cease to be a
Borrower and shall have no further rights or obligations under the Finance
Documents as a Borrower.

 

29.4                           Additional Guarantors

 

(a)                                  Subject to compliance with the provisions of
paragraphs (b) and (c) of Clause 24.7 (“Know your customer” checks),
the Company may request that any of its wholly-owned Subsidiaries become a
Guarantor.

 

(b)                                 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 Letter; and

 

(ii)                                  the Agent has received all of the documents and other
evidence listed in Part 3 of Schedule 2 (Conditions Precedent) in relation
to that Additional Guarantor, each in form and substance satisfactory to the
Agent.

 

(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) all the documents and other evidence listed in Part 3
of Schedule 2 (Conditions Precedent).

 

105

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

29.5                           Resignation of a Guarantor

 

(a)                                  In this Clause 29.5 (Resignation of a Guarantor), Third Party Disposal means the disposal of
an Obligor to a person which is not a member of the Group.

 

(b)                                 The Company may request that a Guarantor (other than
the Company or the Target) ceases to be a Guarantor by delivering to the Agent
a Resignation Letter.

 

(c)                                  The Agent shall accept a Resignation Letter and notify
the Company and the Lenders of its acceptance if:

 

(i)                                     all the Lenders have consented to the resignation of
that Guarantor unless that Guarantor is being disposed of by way of a Third
Party Disposal in which case (subject to the following provisions of this
Clause) no consent shall be required;

 

(ii)                                  no Default is continuing or would result from the
acceptance of the Resignation Letter or, in the case of a disposal of a
Guarantor, no Default exists on the date on which the obligation to dispose of
such Guarantor is entered into; and

 

(iii)                               no payment is due from the Guarantor under Clause 22.1
(Guarantee and indemnity).

 

(d)                                 The Guarantor shall cease to be a Guarantor upon
notification by the Agent to the Company of its acceptance of the resignation
of a Guarantor or, where such resignation is made in connection with a Third
Party Disposal and provided that the conditions in (i) to (iii) above
are satisfied, on the date on which the relevant Third Party Disposal is
consummated.

 

29.6                           Repetition of Representations

 

Delivery
of an Accession Letter constitutes confirmation by the relevant Subsidiary that
the Repeating Representations are true and correct in relation to it as at the
date of delivery as if made by reference to the facts and circumstances then
existing.

 

29.7                           Change of Borrower

 

Any
Facility A Loan, Facility B Loan, Facility C Loan or Facility D Loan
voluntarily prepaid by the Company or Bidco (the Existing Borrower) may be redrawn by Bidco or the Company (as
applicable) (the New Borrower) on
the date for prepayment selected by the Existing Borrower provided that:

 

(a)                                  the redrawing occurs on a date falling no later than
18 months after the Funding Date;

 

(b)                                 the Agent is notified not less than five Business Days
prior to the change of such Borrower;

 

(c)                                  the Loan redrawn is under the same Facility in the
same amount and currency as the Loan prepaid;

 

(d)                                 no Event of Default is continuing; and

 

106

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(e)                                  the prepayment and redrawing of such Loan takes place
on the same day.

 

30.                               ROLE OF THE
AGENT, THE ARRANGERS, THE ISSUING BANK AND OTHERS

 

30.1                           Appointment of the Agent

 

(a)                                  Each of the Arrangers, the Lenders and the Issuing
Bank appoints the Agent to act as its agent under and in connection with the
Finance Documents.

 

(b)                                 Each of the Arrangers, the Lenders and the Issuing
Bank authorises the Agent to exercise the rights, powers, authorities and
discretions specifically given to the Agent under or in connection with the
Finance Documents together with any other incidental rights, powers,
authorities and discretions.

 

30.2                           Duties of the Agent

 

(a)                                  The Agent shall promptly forward to a Party the
original or a copy of any document which is delivered to the Agent for that
Party by any other Party.

 

(b)                                 Except where a Finance Document specifically provides
otherwise, the Agent is not obliged to review or check the adequacy, accuracy
or completeness of any document it forwards to another Party.

 

(c)                                  If the Agent receives notice from a Party referring to
this Agreement, describing a Default and stating that the circumstance
described is a Default, it shall promptly notify the other Finance Parties.

 

(d)                                 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 Arrangers) under this Agreement it shall promptly
notify the other Finance Parties.

 

(e)                                  The Agent’s duties under the Finance Documents are
solely mechanical and administrative in nature.

 

30.3                           Role of the Arrangers

 

Except
as specifically provided in the Finance Documents, the Arrangers have no
obligations of any kind to any other Party under or in connection with any
Finance Document.

 

30.4                           No fiduciary duties

 

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

 

(b)                                 None of the Agent, the Arrangers or the Issuing Bank
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.

 

30.5                           Business with the Group

 

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

 

107

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted portions.

 

30.6                           Rights and discretions

 

(a)                                  The Agent and the Issuing Bank may rely on:

 

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

 

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

 

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

 

(i)                                     no Default has occurred (unless it has actual
knowledge of a Default arising under Clause 27.1 (Non-payment));

 

(ii)                                  any right, power, authority or discretion vested in
any Party or the Majority Lenders has not been exercised; and

 

(iii)                               any notice or request made by the Company (other than
a Utilisation Request or Selection Notice) is made on behalf of and with the
consent and knowledge of all the Obligors.

 

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

 

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

 

(e)                                  The Agent may disclose to any other Party any
information it reasonably believes it has received as agent under this
Agreement.

 

(f)                                    Notwithstanding any other provision of any Finance
Document to the contrary, none of the Agent, the Arrangers or the Issuing Bank
is obliged to do or omit to do anything if it would or might in its reasonable
opinion constitute a breach of any law or regulation or a breach of a fiduciary
duty or duty of confidentiality.

 

30.7                           Majority Lenders’ instructions

 

(a)                                  Unless a contrary indication appears in a Finance
Document, the Agent shall (i) exercise any right, power, authority or
discretion vested in it as Agent in accordance with any instructions given to
it by the Majority Lenders (or, if so instructed by the Majority Lenders,
refrain from exercising any right, power, authority or discretion vested in it
as Agent) and (ii) not be liable for any act (or omission) if it acts (or
refrains from taking any action) in accordance with an instruction of the
Majority Lenders.

 

108

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(b)                                 Unless a contrary indication appears in a Finance Document,
any instructions given by the Majority Lenders will be binding on all the
Finance Parties.

 

(c)                                  The Agent may refrain from acting in accordance with
the instructions of the Majority Lenders (or, if appropriate, the Lenders)
until it has received such security as it may require for any cost, loss or
liability (together with any associated VAT) which it may incur in complying
with the instructions.

 

(d)                                 In the absence of instructions from the Majority
Lenders, (or, if appropriate, the Lenders) the Agent may act (or refrain from
taking action) as it considers to be in the best interest of the Lenders.

 

(e)                                  The Agent is not authorised to act on behalf of a
Lender (without first obtaining that Lender’s consent) in any legal or
arbitration proceedings relating to any Finance Document.

 

30.8                           Responsibility for documentation

 

None of the Agent, the Arrangers or the Issuing
Bank:

 

(a)                                  is responsible for the adequacy, accuracy and/or
completeness of any information (whether oral or written) supplied by the
Agent, the Arrangers, the Issuing Bank, an Obligor or any other person given in
or in connection with any Finance Document or the Information Memorandum; or

 

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

 

30.9                           Exclusion of liability

 

(a)                                  Without limiting paragraph (b) below (and without
prejudice to the provisions of paragraph (e) of Clause 33.10 (Disruption
to Payment Systems etc.)), neither the Agent nor the Issuing Bank will be
liable (including, without limitation, for negligence or any other category of
liability whatsoever) for any action taken by it under or in connection with
any Finance Document, unless directly caused by its gross negligence or wilful
misconduct.

 

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

 

109

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

(d)                                 Nothing in this Agreement shall oblige the Agent or
the Arrangers to carry out any “know your customer” or other checks in relation
to any person on behalf of any Lender and each Lender confirms to the Agent and
the Arrangers that it is solely responsible for any such checks it is required
to carry out and that it may not rely on any statement in relation to such
checks made by the Agent or the Arrangers.

 

30.10                    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 33.10 (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).

 

30.11                    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 other Finance Parties and the Company.

 

(b)                                 Alternatively the Agent may resign by giving notice to
the other Finance Parties and the Company, in which case the Majority Lenders
(after consultation with the Company) may appoint a successor Agent.

 

(c)                                  If the Majority Lenders have not appointed a successor
Agent in accordance with paragraph (b) above within thirty days after
notice of resignation was given, the Agent (after consultation with the
Company) may appoint a successor Agent (acting through an office in the United
Kingdom or Belgium).

 

(d)                                 The retiring Agent shall, at its own cost, make
available to the successor Agent such documents and records and provide such
assistance as the successor Agent may reasonably request for the purposes of
performing its functions as Agent under the Finance Documents.

 

(e)                                  The Agent’s resignation notice shall only take effect
upon the appointment of a successor.

 

(f)                                    Upon the appointment of a successor, the retiring
Agent shall be discharged from any further obligation in respect of the Finance
Documents but shall remain entitled to the benefit of this Clause 30.  Its successor and each of the other Parties
shall have the same rights and obligations amongst themselves as they would
have had if such successor had been an original Party.

 

(g)                                 After consultation with the Company, the Majority
Lenders may, by notice to the Agent, require it to resign in accordance with
paragraph (b) above.  In this event,
the Agent shall resign in accordance with paragraph (b) above.

 

110

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

30.12                    Resignation of the Issuing Bank

 

(a)                                  The Issuing Bank may resign and appoint a successor
Issuing Bank with the prior consent of the Agent and the beneficiary of each
Letter of Credit issued by the retiring Issuing Bank by giving notice to the
Company and the Agent.

 

(b)                                 The resignation of the Issuing Bank and the
appointment of any successor Issuing Bank will both become effective only when
the successor Issuing Bank notifies all the Parties and the beneficiary of each
Letter of Credit issued by the retiring Issuing Bank that it accepts its
appointment. Upon giving the notification the successor Issuing Bank will
succeed to the position of the Issuing Bank and the term Issuing Bank will mean the successor
Issuing Bank.

 

(c)                                  The retiring Issuing Bank must, at its own cost:

 

(i)                                     make available to the successor Issuing Bank those
documents and records and provide any assistance as the successor Issuing Bank
may reasonably request for the purposes of performing its functions as the
Issuing Bank under the Finance Documents; and

 

(ii)                                  enter into and deliver to the successor Issuing Bank
those documents and effect any registrations as may be required for the
transfer or assignment of all of its rights and benefits under the Finance
Documents to the successor Issuing Bank.

 

(d)                                 Upon its resignation becoming effective, this
Clause will continue to benefit the retiring Issuing Bank in respect of
any action taken or not taken by it in connection with the Finance Documents
while it was the Issuing Bank, and, subject to paragraph (c) above,
it will have no further obligations under any Finance Document.

 

30.13                    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, neither the Agent nor the Arrangers are obliged to
disclose to any other person (i) any confidential information or (ii) any
other information if the disclosure would or might in its reasonable opinion
constitute a breach of any law or a breach of a fiduciary duty.

 

30.14                    Relationship with the Lenders

 

(a)                                  The Agent may treat each Lender as a Lender, entitled
to payments under this Agreement and acting through its Facility Office unless
it has received not less than five Business Days’ prior notice from that Lender
to the contrary in accordance with the terms of this Agreement.

 

(b)                                 Each Lender shall supply the Agent with any
information required by the Agent in order to calculate the Mandatory Cost in
accordance with Schedule 4 (Mandatory Cost Formula).

 

111

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

30.15                    Credit appraisal by the Lenders and
Issuing Bank

 

Without
affecting the responsibility of any Obligor for information supplied by it or
on its behalf in connection with any Finance Document, each Lender confirms to
the Agent, the Arrangers and the Issuing Bank that it has been, and will
continue to be, solely responsible for making its own independent appraisal and
investigation of all risks arising under or in connection with any Finance
Document including but not limited to:

 

(a)                                  the financial condition, status and nature of each
member of the Group;

 

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

 

(c)                                  whether that Lender has recourse, and the nature and
extent of that recourse, against any Party or any of its respective assets
under or in connection with any Finance Document, the transactions contemplated
by the Finance Documents or any other agreement, arrangement or document
entered into, made or executed in anticipation of, under or in connection with
any Finance Document; and

 

(d)                                 the adequacy, accuracy and/or completeness of the
Information Memorandum 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.

 

30.16                    Reference Banks

 

If a
Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it
is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with
the Company) appoint another Lender or an Affiliate of a Lender to replace that
Reference Bank.

 

30.17                    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.

 

31.                               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;

 

112

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(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.

 

32.                               SHARING AMONG
THE FINANCE PARTIES

 

32.1                           Payments to Finance Parties

 

If a
Finance Party (a Recovering Finance Party)
receives or recovers any amount from an Obligor other than in accordance with
Clause 33 (Payment Mechanics) and applies that amount to a payment due under
the Finance Documents then:

 

(a)                                  the Recovering Finance Party shall, within three
Business Days, notify details of the receipt or recovery, to the Agent;

 

(b)                                 the Agent shall determine whether the receipt or
recovery is in excess of the amount the Recovering Finance Party would have
been paid had the receipt or recovery been received or made by the Agent and
distributed in accordance with Clause 33 (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 33.5 (Partial payments).

 

32.2                           Redistribution of payments

 

The
Agent shall treat the Sharing Payment as if it had been paid by the relevant
Obligor and distribute it between the Finance Parties (other than the
Recovering Finance Party) in accordance with Clause 33.5 (Partial payments).

 

32.3                           Recovering Finance Party’s rights

 

(a)                                  On a distribution by the Agent under Clause 32.2
(Redistribution of payments), the Recovering Finance Party will be subrogated
to the rights of the Finance Parties which have shared in the redistribution.

 

(b)                                 If and to the extent that the Recovering Finance Party
is not able to rely on its rights under paragraph (a) above, the
relevant Obligor shall be liable to the Recovering Finance Party for a debt
equal to the Sharing Payment which is immediately due and payable.

 

113

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

32.4                           Reversal of redistribution

 

If
any part of the Sharing Payment received or recovered by a Recovering Finance
Party becomes repayable and is repaid by that Recovering Finance Party, then:

 

(a)                                  each Finance Party which has received a share of the
relevant Sharing Payment pursuant to Clause 32.2 (Redistribution of payments)
shall, upon request of the Agent, pay to the Agent for account of that
Recovering Finance Party an amount equal to 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); and

 

(b)                                 that Recovering Finance Party’s rights of subrogation
in respect of any reimbursement shall be cancelled and the relevant Obligor
will be liable to the reimbursing Finance Party for the amount so reimbursed.

 

32.5                           Exceptions

 

(a)                                  This Clause 32 shall not apply to the extent that the
Recovering Finance Party would not, after making any payment pursuant to this
Clause, have a valid and enforceable claim against the relevant Obligor.

 

(b)                                 A Recovering Finance Party is not obliged to share
with any other Finance Party any amount which the Recovering Finance Party has
received or recovered as a result of taking legal or arbitration proceedings,
if:

 

(i)                                     it notified the other Finance Party of the legal or
arbitration proceedings; and

 

(ii)                                  the other Finance Party had an opportunity to
participate in those legal or arbitration proceedings but did not do so as soon
as reasonably practicable having received notice and did not take separate
legal or arbitration proceedings.

 

33.                               PAYMENT
MECHANICS

 

33.1                           Payments to the Agent

 

(a)                                  On each date on which an Obligor or a Lender is
required to make a payment under a Finance Document, that Obligor or Lender
shall make the same available to the Agent (unless a contrary indication
appears in a Finance Document) for value on the due date at the time and in
such funds specified by the Agent as being customary at the time for settlement
of transactions in the relevant currency in the place of payment.

 

(b)                                 Payment shall be made to such account in the principal
financial centre of the country of that currency (or, in relation to euro, in a
principal financial centre in a Participating Member State or London) with such
bank as the Agent specifies.

 

114

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

33.2                           Distributions by the Agent

 

Each
payment received by the Agent under the Finance Documents for another Party
shall, subject to Clause 33.3 (Distributions to an Obligor) and Clause 33.4
(Clawback) be made available by the Agent as soon as practicable after receipt
to the Party entitled to receive payment in accordance with this Agreement (in
the case of a Lender, for the account of its Facility Office), to such account
as that Party may notify to the Agent by not less than five Business Days’
notice with a bank in the principal financial centre of the country of that
currency (or, in relation to euro, in the principal financial centre of a
Participating Member State or London).

 

33.3                           Distributions to an Obligor

 

The
Agent may (with the consent of the Obligor or in accordance with [****]) 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.

 

33.4                           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.

 

33.5                           Partial payments

 

(a)                                  If the Agent receives a payment that is insufficient
to discharge all the amounts then due and payable by an Obligor under the
Finance Documents, the Agent shall apply that payment towards the obligations
of that Obligor under those Finance Documents in the following order:

 

(i)                                     first, in
or towards payment pro rata of any unpaid fees, costs and expenses of the Agent
and the Issuing Bank under the Finance Documents;

 

(ii)                                  secondly, in or towards payment pro rata of any accrued interest, fee or
commission due but unpaid under this Agreement;

 

(iii)                               thirdly, in
or towards payment pro rata of any principal due but unpaid under this
Agreement and any amount due but unpaid under Clause 7.1 (Immediately payable)
and Clause 7.3 (Indemnities); and

 

115

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(iv)                              fourthly, in or towards payment pro rata of any other sum due but unpaid under
the Finance Documents.

 

(b)                                 The Agent shall, if so directed by the Majority
Lenders, vary the order set out in paragraphs (a)(ii) to (iv) above.

 

(c)                                  Paragraphs (a) and (b) above will override
any appropriation made by an Obligor.

 

33.6                           [****]

 

33.7                           Business Days

 

(a)                                  Any payment which is due to be made on a day that is
not a Business Day shall be made on the next Business Day in the same calendar
month (if there is one) or the preceding Business Day (if there is not).

 

(b)                                 During any extension of the due date for payment of
any principal or Unpaid Sum under this Agreement interest is payable on the
principal or Unpaid Sum at the rate payable on the original due date.

 

33.8                           Currency of account

 

(a)                                  Subject to paragraphs (b) to (e) below, the
Base Currency is the currency of account and payment for any sum due from an
Obligor under any Finance Document.

 

(b)                                 A repayment of a Utilisation or Unpaid Sum or a part
of a Utilisation or Unpaid Sum shall be made in the currency in which that
Utilisation or Unpaid Sum is denominated on its due date.

 

(c)                                  Each payment of interest shall be made in the currency
in which the sum in respect of which the interest is payable was denominated
when that interest accrued.

 

(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.

 

33.9                           Change of currency

 

(a)                                  Unless otherwise prohibited by law, if more than one
currency or currency unit are at the same time recognised by the central bank
of any country as the lawful currency of that country, then:

 

(i)                                     any reference in the Finance Documents to, and any
obligations arising under the Finance Documents in, the currency of that
country shall be translated into, or paid in, the currency or currency unit of
that country designated by the Agent (after consultation with the Company); and

 

116

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(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.

 

33.10                    Disruption to Payment Systems etc.

 

If
either the Agent determines (in its discretion) that a Disruption Event has
occurred or the Agent is notified by the Company that a Disruption Event has
occurred:

 

(a)                                  the Agent may, and shall if requested to do so by the
Company, consult with the Company with a view to agreeing with the Company such
changes to the operation or administration of the Facilities as the Agent may
deem necessary in the circumstances;

 

(b)                                 the Agent shall not be obliged to consult with the
Company in relation to any changes mentioned in paragraph (a) if, in its
opinion, it is not practicable to do so in the circumstances and, in any event,
shall have no obligation to agree to such changes;

 

(c)                                  the Agent may consult with the Finance Parties in
relation to any changes mentioned in paragraph (a) but shall not be
obliged to do so if, in its opinion, it is not practicable to do so in the
circumstances;

 

(d)                                 any such changes agreed upon by the Agent and the
Company shall (whether or not it is finally determined that a Disruption Event
has occurred) be binding upon the Parties as an amendment to (or, as the case
may be, waiver of) the terms of the Finance Documents notwithstanding the
provisions of Clause 39 (Amendments and Waivers);

 

(e)                                  the Agent shall not be liable for any damages, costs
or losses 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 33.10; and

 

(f)                                    the Agent shall notify the Finance Parties of all
changes agreed pursuant to paragraph (d) above.

 

34.                               [****]

 

35.                               NOTICES

 

35.1                           Communications in writing

 

Any
communication to be made under or in connection with the Finance Documents
shall be made in writing and, unless otherwise stated, may be made by fax or
letter.

 

117

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

35.2                           Addresses

 

The
address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication
or document to be made or delivered under or in connection with the Finance
Documents is:

 

(a)                                  in the case of the Company:

 

	
  Address:

  	
  InBev
  sa Brouwerijplein 1, B-3000 Leuven, Belgium

  
	
  Fax
  number:

  	
  +32
  (0)1 650 66 70

  
	
  E-mail:

  	
  ricardo.rittes@inbev.com

  
	
  Attention:

  	
  Ricardo
  Rittes, Vice President Global Financial Markets

  

 

(b)                                 in the case of each Lender, the Issuing Bank 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:

 

	
  Address:

  	
  Warandeberg
  3, B 1000 Brussels, Belgium

  
	
  Fax
  number:

  	
  +32
  (0)2 228 06 40

  
	
  E-mail:

  	
  guido.vandenberghe@fortis.com

  
	
  Attention:

  	
  Guido
  Van den Berghe / Jean Pierre Nerinckx

  

 

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.

 

35.3                           Delivery

 

(a)                                  Any communication or document made or delivered by one
person to another under or in connection with the Finance Documents will only
be effective:

 

(i)                                     if by way of fax, when received in legible form; or

 

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

 

and,
if a particular department or officer is specified as part of its address
details provided under Clause 35.2 (Addresses), if addressed to that department
or officer.

 

(b)                                 Any communication or document to be made or delivered
to the Agent will be effective only when actually received by the Agent and
then only if it is expressly marked for the attention of the department or
officer identified with the Agent’s signature below (or any substitute
department or officer as the Agent shall specify for this purpose).

 

(c)                                  All notices from or to an Obligor shall be sent
through the Agent.

 

118

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(d)                                 Any communication or document made or delivered to the
Company in accordance with this Clause 35.3 will be deemed to have been
made or delivered to each of the Obligors.

 

35.4                           Notification of address and fax
number

 

Promptly
upon receipt of notification of an address, and fax number or change of address
or fax number pursuant to Clause 35.2 (Addresses) or changing its own address
or fax number, the Agent shall notify the other Parties.

 

35.5                           Electronic communication

 

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

 

(i)                                     agree that, unless and until notified to the contrary,
this is to be an accepted form of communication;

 

(ii)                                  notify each other in writing of their electronic mail
address and/or any other information required to enable the sending and receipt
of information by that means; and

 

(iii)                               notify each other of any change to their address or
any other such information supplied by them.

 

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

 

35.6                           English language

 

(a)                                  Any notice given under or in connection with any
Finance Document must be in English.

 

(b)                                 All other documents provided under or in connection
with any Finance Document must be:

 

(i)                                     in English; or

 

(ii)                                  if not in English, and if so required by the Agent,
accompanied by a certified English translation and, in this case, the English
translation will prevail unless the document is a constitutional, statutory or
other official document.

 

36.                               CALCULATIONS
AND CERTIFICATES

 

36.1                           Accounts

 

In
any litigation or arbitration proceedings arising out of or in connection with
a Finance Document, the entries made in the accounts maintained by a Finance
Party are prima facie evidence of the matters to which they relate.

 

119

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

36.2                           Certificates and determinations

 

Any
certification or determination by a Finance Party of a rate or amount under any
Finance Document is, in the absence of manifest error, conclusive evidence of
the matters to which it relates.

 

36.3                           Day count convention

 

Any
interest, commission or fee accruing under a Finance Document will accrue from
day to day and is calculated on the basis of the actual number of days elapsed
and a year of 360 days or, in any case where the practice in the Relevant
Interbank Market differs, in accordance with that market practice.

 

37.                               PARTIAL INVALIDITY

 

If,
at any time, any provision of the Finance Documents is or becomes illegal,
invalid or unenforceable in any respect under any law of any jurisdiction,
neither the legality, validity or enforceability of the remaining provisions
nor the legality, validity or enforceability of such provision under the law of
any other jurisdiction will in any way be affected or impaired.

 

38.                               REMEDIES AND
WAIVERS

 

No
failure to exercise, nor any delay in exercising, on the part of any Finance
Party, 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.

 

39.                               AMENDMENTS
AND WAIVERS

 

39.1                           Required consents

 

(a)                                  Subject to Clause 39.2 (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 39.

 

(c)                                  Each Obligor agrees to any such amendment or waiver
permitted by this Clause 39 which is agreed to by the Company.  This includes any amendment or waiver which
would, but for this paragraph (c), require the consent of all of the
Guarantors.

 

39.2                           Exceptions

 

(a)                                  An amendment or waiver that has the effect of changing
or which relates to:

 

(i)                                     the definitions of “Majority Lenders”, “Super Majority
Lenders” or “Margin” in Clause 1.1 (Definitions);

 

120

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

(ii)                                  an extension to the date of payment of any amount
under the Finance Documents other than amounts being payable under Clause 11.3
(Debt Raising Proceeds), Clause 11.4 (Disposal Proceeds) or Clause 11.5 (Equity
Raising Proceeds);

 

(iii)                               a reduction in the Margin or the amount of any payment
of principal, interest, fees or commission payable;

 

(iv)                              an increase in or an extension of any Commitment or
the Total Commitments;

 

(v)                                 a change to the Borrowers or Guarantors other than in
accordance with Clause 29 (Changes to the Obligors);

 

(vi)                              any provision which expressly requires the consent of
all the Lenders;

 

(vii)                           Clause 2.2 (Finance Parties’ rights and obligations),
Clause 28 (Changes to the Lenders) or this Clause 39; or

 

(viii)                        any amendment to the order of priority or
subordination under the Subordination Agreement,

 

shall not be made without the prior consent of
all the Lenders.

 

(b)                                 An amendment or waiver which relates to the rights or
obligations of the Agent, the Arrangers or the Issuing Bank may not be effected
without the consent of the Agent, the Arrangers or the Issuing Bank.

 

39.3                           Replacement of Lender

 

(a)                                  If at any time:

 

(i)                                     any Lender becomes a Non-Consenting Lender (as defined
in paragraph (c) below;

 

(ii)                                  an Obligor becomes obliged to repay any amount in
accordance with Clause 10.1 (Illegality) or Clause 10.2 (Illegality in relation
to Issuing Bank) or to pay additional amounts pursuant to Clause 18 (Increased
Costs), Clause 17.2 (Tax gross-up) or Clause 17.3 (Tax indemnity) to any Lender
in excess of amounts payable to the other Lenders generally; or

 

(iii)                               any Lender becomes insolvent and its assets become
subject to a receiver, liquidator, trustee, custodian or other person having
similar powers or any winding-up, dissolution or administration;

 

then
the Company may, on five Business Days’ prior written notice to the Agent and
that Lender, replace that Lender by requiring that Lender to (and that Lender
shall) transfer pursuant to Clause 28 (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) and (in the
case of any transfer of a Revolving Facility Commitment), the Issuing Bank,
which confirms its willingness to assume and does assume all the obligations of
the transferring Lender (including the assumption of the transferring 

 

121

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

Lender’s
participations on the same basis as the transferring Lender) for a purchase
price in cash payable at the time of transfer equal to the outstanding
principal amount of such Lender’s participation in the outstanding  Utilisations and all accrued interest and/or Letter of
Credit fees, Break Costs and other amounts payable in relation thereto under
the Finance Documents.

 

(b)                                 The replacement of a Lender pursuant to this Clause
39.3 shall be subject to the following conditions:

 

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

 

(ii)                                  neither the Agent nor any Lender shall have any obligation
to 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 30 Business Days after
the date the Non-Consenting Lender notifies the Company and the Agent of its
failure or refusal to agree to any consent, waiver or amendment to the Finance
Documents requested by the Company; and

 

(iv)                              in no event shall the Lender replaced under this
paragraph (b) be required to pay or surrender to such Replacement Lender
any of the fees received by such Lender pursuant to the Finance Documents.

 

(c)                                  In the event that:

 

(i)                                     the Company or the Agent (at the request of the
Company) has requested the Lenders to consent to a waiver or amendment of any
provisions of the Finance Documents;

 

(ii)                                  the waiver or amendment in question requires the
consent of all the Lenders; and

 

(iii)                               the Super Majority Lenders have given their consent,

 

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

 

40.                               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.

 

41.                               USA PATRIOT
ACT

 

Each
Lender hereby notifies each Obligor that such Lender, pursuant to the USA
Patriot Act, will obtain, verify and record information specified under the USA
Patriot Act that identifies such Obligor, which information includes the name
and address of such Obligor and other information that will allow such Lender
to identify such Obligor in accordance with the USA Patriot Act.

 

122

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

42.                               GOVERNING LAW

 

This
Agreement and all non-contractual obligations arising from or in connection
with it are governed by English law.

 

43.                               ENFORCEMENT

 

43.1                           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 non-contractual obligations arising from or in
connection with this Agreement or a dispute regarding the existence, validity
or termination of this Agreement) (a Dispute).

 

(b)                                 The Parties agree that the courts of England are the
most appropriate and convenient courts to settle Disputes and accordingly no
Party will argue to the contrary.

 

(c)                                  This Clause 43.1 is for the benefit of the Finance
Parties only.  As a result, no Finance
Party shall be prevented from taking proceedings relating to a Dispute in any
other courts with jurisdiction.  To the
extent allowed by law, the Finance Parties may take concurrent proceedings in
any number of jurisdictions.

 

43.2                           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 Clifford Chance Secretaries
Limited 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 an 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 ten 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 43 and Clause 42 (Governing Law).

 

THIS AGREEMENT has been entered into on the date stated at the beginning of this
Agreement.

 

123

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

SCHEDULE 1

 

THE ORIGINAL LENDERS

 

	
  Name of Original Lender

  	
   

  	
  Facility A

  Commitment

  (US$)

  	
   

  	
  Facility B

  Commitment

  (US$)

  	
   

  	
  Facility C

  Commitment

  (US$)

  	
   

  	
  Facility D

  Commitment

  (US$)

  	
   

  	
  Revolving

  Facility

  Commitment

  (US$)

  	
   

  	
  Total (US$)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Banco Santander, S.A.,
  Belgian Branch

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Barclays Bank PLC

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  BNP Paribas

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Deutsche Bank Luxembourg S.A.

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Fortis Bank SA/NV

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ING Bank N.V.

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  JPMorgan Chase Bank, N.A.,
  London Branch

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Mizuho Corporate Bank, Ltd.

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Bank of Tokyo-Mitsubishi
  UFJ, Ltd.

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The Royal Bank of Scotland
  plc

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  	
  [****]

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  12,000,000,000

  	
   

  	
  7,000,000,000

  	
   

  	
  13,000,000,000

  	
   

  	
  12,000,000,000

  	
   

  	
  1,000,000,000

  	
   

  	
  45,000,000,000

  	
   

  

 

124

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

SCHEDULE 2

 

CONDITIONS PRECEDENT

 

PART 1

 

CONDITIONS PRECEDENT TO
SIGNING OF THIS AGREEMENT

 

Original Obligors

 

1.                                       A copy of the constitutional documents of each
Original Obligor.

 

2.                                       An up-to-date certificate of incorporation in relation
to Bidco issued by a notary public and containing the information generally
provided for (except for the identity of the shareholder of the Bidco) by the
extracts of the trade and companies register in relation to the companies of
the same form.

 

3.                                       A copy of a resolution of the board of directors of
each Original Obligor:

 

(a)                                  approving the terms of, and the transactions
contemplated by, the Finance Documents to which it is a party and resolving
that it execute the Finance Documents to which it is a party;

 

(b)                                 authorising a specified person or persons to execute
the Finance Documents to which it is a party on its behalf; and

 

(c)                                  authorising a specified person or persons, on its
behalf, to sign and/or despatch all documents and notices (including, if
relevant, any Utilisation Request and Selection Notice) to be signed and/or
despatched by it under or in connection with the Finance Documents to which it
is a party.

 

4.                                       A specimen of the signature of each person authorised
by the resolution referred to in paragraph 3 above.

 

5.                                       A non-bankruptcy certificate in respect of Bidco dated
no more than one day prior to the date of this Agreement.

 

6.                                       A certificate of the Company (signed by a director)
confirming that borrowing or guaranteeing, as appropriate, the Total
Commitments would not cause any borrowing, guaranteeing or similar limit
binding on any Original Obligor to be exceeded.

 

7.                                       A certificate of an authorised signatory of the
relevant Original Obligor certifying that each copy document relating to it
specified in this Part 1 of Schedule 2 is correct, complete and in full
force and effect as at a date no earlier than the date of this Agreement.

 

125

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

Finance Documents

 

8.                                       This Agreement, duly executed by the parties to it.

 

9.                                       An executed copy of the Bridge Facility Agreement.

 

10.                                 The Subordination Agreement, duly executed by the
parties to it.

 

11.                                 Each Fee Letter, duly executed by the parties to it.

 

12.                                 An executed copy of the Underwriting Agreement.

 

13.                                 The Structure Memorandum.

 

Financial condition

 

14.                                 The Original Financial Statements.

 

15.                                 The Model.

 

16.                                 A sources and uses report demonstrating that
sufficient financing is available under this Agreement and the Bridge Facility
Agreement (or any Equity raising made pursuant the Underwriting Agreement in
replacement thereof) to complete the Acquisition (and pay all related fees and
expenses) and to refinance identified Financial Indebtedness of the Target
Group which is required to be refinanced as a result of the Acquisition.

 

Other documents and evidence

 

17.                                 Evidence satisfactory to the Agent that each Lender
has carried out and is satisfied with the results of all “know your customer”
or other similar checks required in respect of the Original Obligors.

 

126

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

PART 2    

 

CONDITIONS PRECEDENT TO
INITIAL UTILISATION

 

Certificate and shareholder resolution

 

1.                                       A certificate of an authorised signatory of the
Company certifying that each copy document specified in this Part 2 of
Schedule 2 is correct, complete and in full force and effect as at a date no
earlier than the date of this Agreement.

 

2.                                       A copy of the resolutions of the shareholders of the
Company:

 

(a)                                  approving the Acquisition;

 

(b)                                 granting Shareholders’ Approval, together with
evidence that an extract of such resolutions has been filed with the clerk of
the relevant commercial court in accordance with article 556 of the Belgian
Companies Code; and

 

(c)                                  approving the raising of Equity pursuant to the terms
of the Underwriting Agreement (on the date of this Agreement) in the amount
committed under the Underwriting Agreement as at the date of the Underwriting
Agreement.

 

Legal opinions

 

3.                                       A legal opinion of Allen & Overy LLP, legal
advisers to the Arrangers and the Agent in England,.

 

4.                                       A legal opinion of Allen & Overy Luxembourg,
legal advisers to the Arrangers and the Agent in Luxembourg.

 

5.                                       A legal opinion of Clifford Chance LLP, legal advisers
to the Company and the Belgian Obligors, as to due incorporation and existence,
powers and authority, due authorisation and execution, relating to the Company
and each Belgian Obligor.

 

6.                                       A legal opinion of Allen & Overy LLP, legal
advisers to the Arrangers and the Agent in Belgium, as to the enforceability of
the Finance Documents.

 

7.                                       A legal opinion of Sullivan & Cromwell LLP,
legal advisers to the Company and the Obligors in the United States of America
in relation to matters of U.S. law referred to in Clause 23.14 (Investment
Companies) and Clause 23.15 (Federal Regulations) of this Agreement.

 

Acquisition Documents

 

8.                                       A certificate of the Company (signed by a director)
confirming that:

 

127

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

(a)                                  all relevant waiting periods under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435) have
expired; and

 

(b)                                 all approvals required pursuant to the EC Merger
Regulation (Council Regulation (EC) No. 139/2004) have been received.

 

9.                                       If the Acquisition is made pursuant to a Statutory
Merger, or if a Merger Agreement has otherwise been entered into on or before
the Funding Date, a copy of the executed Merger Agreement on customary terms
(as agreed between the Company and the Arrangers prior to the date of this
Agreement) and otherwise in a form acceptable to the Agent (acting reasonably).
*

 

10.                                 If the Acquisition is made pursuant to a Tender Offer,
a copy of each principal document setting out the terms and conditions of the
Tender Offer on customary terms (as agreed between the Company and the
Arrangers prior to the date of this Agreement) and otherwise in a form
acceptable to the Agent (acting reasonably).

 

11.                                 In the case of a funding to finance a one step Merger,
the Agent being satisfied that the Acquisition will be completed substantially
simultaneously with the funding.

 

12.                                 A certificate of the Company (signed by a director),
or such other evidence as the Agent may reasonably request, that all conditions
to the consummation of the Acquisition under any Merger Agreement or to the
purchase of shares under the Tender Offer (as applicable) have been satisfied
or (subject to Clause 26.16 (Amendments to terms of the Acquisition )) waived
or will be satisfied on or before the first Utilisation Date.

 

13.                                 If the Acquisition is made pursuant to a Tender Offer,
evidence that Bidco will acquire more than 50% of the Target Shares on the
first Utilisation Date.

 

14.                                 An executed copy of the Parent Contribution Agreement.

 

Finance Documents

 

15.                                 (a)                                  A certificate from the agent under the Bridge Facility
confirming that all conditions precedent to first utilisation under the Bridge
Facility Agreement have been satisfied and that a utilisation request has been
delivered under the Bridge Facility Agreement for the full amount of the Bridge
Facility (taking into account any permitted cancellation of the Bridge
Facility) (or such lower amount as is set out in the agreed sources and uses
report referred to in paragraph 16 in Part 1 (Conditions precedent to
signing of this Agreement) of Schedule 2 (Conditions precedent); and, if
applicable, evidence satisfactory to the Agent that the Company has raised
Equity in an amount equal to the amount of the Bridge Facility cancelled in
accordance with the terms of the Bridge Facility Agreement; or

 

(b)                                 Evidence satisfactory to the Agent that the Company
has raised Equity in an amount equal to or greater than the original amount of
the Bridge Facility (such that no part of the Bridge Facility is 

 

128

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

required
to be utilised in order to satisfy the obligations of a member of the Group
under the Tender Offer or a Merger).

 

16.                                 (a)                                  If the offer price for the Target Shares has been
increased above the amount separately agreed with the Arrangers prior to the
date of this Agreement in accordance with Clause 26.17 (Increase in Offer
Price), a certificate from the agent under the Additional Acquisition Equity
Facility confirming that all conditions precedent to first utilisation under
the Additional Acquisition Equity Facility have been satisfied and that a
utilisation request has been delivered under the Additional Acquisition Equity
Facility for the full amount of the Additional Acquisition Equity Facility (taking
into account any permitted cancellation of the Additional Acquisition Equity
Facility) and, if applicable, evidence satisfactory to the Agent that the
Company has raised Equity in an amount equal to the amount of the Additional
Acquisition Equity cancelled in accordance with the terms of the Additional
Acquisition Equity Facility; or

 

(b)                                 evidence satisfactory to the Agent that the Company
has raised Equity in an amount equal to or greater than the original amount of
the Additional Acquisition Equity (such that no part of the Additional
Acquisition Equity is  required to be utilised in order to satisfy the obligations of a member
of the Group under the Tender Offer or a Merger).

 

Financial condition

 

17.                                 The Funds Flow Memorandum.

 

18.                                 Evidence that, as at the Funding Date, the Company has
a written confirmation from each of S&P and Moody’s that the Credit Rating
of the Company (as assessed pro forma for the Acquisition and taking into
account the incurrence of related Financial Indebtedness) will be at least BBB-
or better from S&P and Baa3 or better from Moody’s.

 

Other documents and evidence

 

19.                                 A detailed list of Security created by a member of the
Group over its assets prior to the Signing Date.

 

20.                                 A detailed list of Financial Indebtedness incurred by
a member of the Group prior to the Signing Date.

 

21.                                 Evidence that the fees, costs and expenses then due
from the Company pursuant to Clause 16 (Fees) and Clause 21 (Costs and
Expenses) have been paid or will be paid by the first Utilisation Date.

 

129

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

PART 3    

 

CONDITIONS PRECEDENT REQUIRED
TO BE DELIVERED BY AN ADDITIONAL OBLIGOR

 

1.                                       An Accession Letter, duly executed by the Additional
Obligor and the Company.

 

2.                                       A copy of the constitutional documents of the
Additional Obligor.

 

3.                                       A copy of a resolution of the board of directors of
the Additional Obligor:

 

(a)                                  approving the terms of, and the transactions
contemplated by, the Accession Letter and the Finance Documents and resolving
that it execute the Accession Letter;

 

(b)                                 to the extent relevant, determining, and motivating
the reasons of that determination, that it, as Original Obligor, has a
corporate benefit justifying the assumption of any obligations it has pursuant
to Clause 22 (Guarantee and Indemnity);

 

(c)                                  authorising a specified person or persons to execute
the Accession Letter on its behalf; and

 

(d)                                 authorising a specified person or persons, on its
behalf, to sign and/or despatch all other documents and notices (including, in
relation to an Additional Borrower, any Utilisation Request or Selection
Notice) to be signed and/or despatched by it under or in connection with the
Finance Documents.

 

4.                                       Where appropriate, an up to date extract from the
relevant trade and companies register for the Additional Obligor.

 

5.                                       A copy of the minutes of the shareholders’ meeting or
a unanimous written resolution of the shareholders of each Additional Obligor
incorporated in Belgium approving the terms of, and the transactions
contemplated by, the Finance Documents to which such Obligor is a party, for
the purposes of article 556 of the Belgian Companies Code, together with
evidence that an extract of such resolutions has been duly filed with the clerk
of the relevant commercial court in accordance with article 556 of the Belgian
Companies Code.

 

6.                                       A copy of a resolution of the general meeting of
shareholders of each Dutch Additional Obligor approving the terms of, and the
transactions contemplated by, the Finance Documents to which it is (or will
become) a party.

 

7.                                       To the extent applicable or required pursuant to its
constitutional documents, a copy of a resolution of the supervisory directors
of each Dutch Additional Obligor approving the terms of, and the transactions
contemplated by, the Finance Documents to which it is (or will become) a party.

 

8.                                       An unconditional positive works council advice
(advies) of any competent works council in respect of the transactions
contemplated by the Finance Documents to which a Dutch Additional Obligor is
(or will become) a party.

 

130

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

9.                                       A specimen of the signature of each person authorised
by the resolution referred to in paragraph 3 above.

 

10.                                 A copy of a resolution signed by all the holders of
the issued shares in each Additional Guarantor, approving the terms of, and the
transactions contemplated by, the Finance Documents to which the Additional
Guarantor is a party (where required under applicable law).

 

11.                                 A copy of a good standing certificate (including
verification of tax status) with respect to each U.S. Obligor, issued as
of a recent date by the Secretary of State or other appropriate official of
each U.S. Obligor’s jurisdiction of incorporation or organisation.

 

12.                                 To the extent applicable, a copy of the resolution of
the managing body of the shareholders of each Luxembourg Additional Obligor
approving the resolutions taken as a shareholder of that Additional Obligor.

 

13.                                 A non bankruptcy certificate in respect of each
Luxembourg Additional Obligor dated no more that one day prior to the date of
the relevant Accession Letter.

 

14.                                 A certificate of the Company (signed by a director)
confirming that borrowing or guaranteeing, as appropriate, the Total
Commitments by the Additional Obligor would not cause any borrowing,
guaranteeing or similar limit binding on it to be exceeded.

 

15.                                 A certificate of an authorised signatory of the
Additional Obligor certifying that each copy document listed in this Part 3
of Schedule 2 Schedule 1is correct, complete and in full force and effect as at
a date no earlier than the date of the Accession Letter.

 

16.                                 A copy of any other Authorisation or other document,
opinion or assurance which the Agent considers to be necessary or desirable in
connection with the entry into and performance of the transactions contemplated
by the Accession Letter or for the validity and enforceability of any Finance
Document.

 

17.                                 If available, the latest audited financial statements
of the Additional Obligor.

 

18.                                 A legal opinion of Allen & Overy LLP, legal
advisers to the Arrangers and the Agent in England.

 

19.                                 If the Additional Obligor is incorporated in a
jurisdiction other than England and Wales, a legal opinion of the legal
advisers to the Arrangers and the Agent (or, if it is market practice in the
relevant jurisdiction, legal advisers to the Additional Obligor) in the
jurisdiction in which the Additional Obligor is incorporated.

 

20.                                 A legal opinion of Clifford Chance LLP, legal advisers
to the Additional Belgian Obligors, as to due incorporation and existence,
powers and authority, due authorisation and execution, relating to the each
Additional Belgian Obligor.

 

131

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

21.                                 If the proposed Additional Obligor is incorporated in
a jurisdiction other than England and Wales, evidence that the process agent
specified in Clause 43.2 (Service of process), if not an Obligor, has accepted
its appointment in relation to the proposed Additional Obligor.

 

132

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

SCHEDULE 3

 

REQUESTS

 

PART 1

 

UTILISATION REQUEST - LOANS

 

From:                  [Borrower]

 

To:                              Fortis Bank SA/NV

 

Dated:

 

Dear
Sirs

 

InBev NV — US$45,000,000,000
Senior Facilities Agreement

dated 12th July, 2008 (the Senior Facilities Agreement)

 

	
  1.

  	
  We
  refer to the Senior Facilities Agreement. This is a Utilisation Request.
  Terms defined in the Senior Facilities 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
  A]/[Facility B]/[Facility C]/[Facility D]/[Revolving Facility]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  Currency
  of Loan:

  	
  [·]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  Amount:

  	
  [·] or, if less, the Available Facility

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (f)

  	
  Interest
  Period

  	
  [·]

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  We
  confirm that each condition specified in Clause 4.2 (Further 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.

  

 

133

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted portions.

 

	
  Yours
  faithfully

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  authorised
  signatory for

  	
   

  
	
  [insert
  name of Borrower]

  	
   

  

 

NOTES:

*                                         Select the Facility to be utilised and delete
references to the other Facilities.

 

134

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

PART 2

 

UTILISATION REQUEST - LETTERS
OF CREDIT

 

From:      [Borrower]

 

To:          Fortis Bank SA/NV

 

Dated:

 

Dear
Sirs

 

InBev NV — US$45,000,000,000
Senior Facilities Agreement

dated 12th July, 2008 (the Senior Facilities Agreement)

 

	
  1.

  	
  We
  refer to the Senior Facilities Agreement. This is a Utilisation Request.
  Terms defined in the Senior Facilities Agreement have the same meaning in
  this Utilisation Request unless given a different meaning in this Utilisation
  Request.

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
  We
  wish to arrange for a Letter of Credit to be issued by the Issuing Bank
  specified below (which has agreed to do so) on the following terms:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
  Borrower:

  	
  [·]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Issuing
  Bank:

  	
  [·]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Proposed
  Utilisation Date:

  	
  [·] (or, if that is not a Business Day, the next
  Business Day)

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  Facility
  to be utilised:

  	
  Revolving
  Facility

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  Currency
  of Letter of Credit:

  	
  [·]

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (f)

  	
  Amount:

  	
  [·] or, if less, the Available Facility in relation to
  the Revolving Facility

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (g)

  	
  Term:

  	
  [·]

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
  We
  confirm that each condition specified in paragraph (c) of Clause 6.5
  (Issue of Letters of Credit) is satisfied on the date of this Utilisation
  Request.

  
	
   

  	
   

  
	
  4.

  	
  We
  attach a copy of the proposed Letter of Credit.

  
	
   

  	
   

  
	
  5.

  	
  This
  Utilisation Request is irrevocable (unless the Issuing Bank otherwise
  agrees).

  

 

135

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

	
  Yours
  faithfully,

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  authorised
  signatory for

  	
   

  
	
  [insert
  name of Relevant Borrower]

  	
   

  

 

136

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

PART 3

 

SELECTION NOTICE

 

Applicable to a Term Loan

 

From:      [Borrower]

 

To:          Fortis Bank SA/NV

 

Dated:

 

Dear
Sirs

 

InBev NV — US$45,000,000,000
Senior Facilities Agreement

dated 12th July, 2008 (the Senior Facilities Agreement)

 

1.                                       We refer to the Senior Facilities Agreement.  This is a Selection Notice.  Terms defined in the Senior Facilities
Agreement have the same meaning in this Selection Notice unless given a
different meaning in this Selection Notice.

 

2.                                       We refer to the following Facility [A/B/C/D] Loan[s]
with an Interest Period ending on [·]*.

 

3.                                       [We request that the above Facility [A/B/C/D] Loan[s]
be divided into [·] Facility [A/B/C/D]
Loans with the following Base Currency Amounts and Interest Periods:]**

 

or

 

[We
request that the next Interest Period for the above Facility [A/B/C/D] Loan[s]
is [·]].***

 

4.                                       This Selection Notice is irrevocable.

 

	
  Yours
  faithfully

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  authorised
  signatory for

  	
   

  
	
  [insert
  name of Relevant Borrower]

  	
   

  

 

NOTES:

 

*                                         Insert details of all Term Loans for the relevant
Facility which have an Interest Period ending on the same date.

 

**                                  Use this option if division of Term Loans is
requested.

 

137

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

***                           Use this option if sub-division is not required.

 

138

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

SCHEDULE 4

 

MANDATORY COST FORMULA

 

1.                                       The Mandatory Cost is an addition to the interest rate
to compensate Lenders for the cost of compliance with (a) the requirements
of the Bank of England and/or the Financial Services Authority (or, in either
case, any other authority which replaces all or any of its functions) or (b) the
requirements of the European Central Bank.

 

2.                                       On the first day of each Interest Period (or as soon
as possible thereafter) the Agent shall calculate, as a percentage rate, a rate
(the Additional Cost Rate) for
each Lender, in accordance with the paragraphs set out below.  The Mandatory Cost will be calculated by the
Agent as a weighted average of the Lenders’ Additional Cost Rates (weighted in
proportion to the percentage participation of each Lender in the relevant Loan)
and will be expressed as a percentage rate per annum.

 

3.                                       The Additional Cost Rate for any Lender lending from a
Facility Office in a Participating Member State will be the percentage notified
by that Lender to the Agent.  This
percentage will be certified by that Lender in its notice to the Agent to be
its reasonable determination of the cost (expressed as a percentage of that
Lender’s participation in all Loans made from that Facility Office) of
complying with the minimum reserve requirements of the European Central Bank in
respect of loans made from that Facility Office.

 

4.                                       The Additional Cost Rate for any Lender lending from a
Facility Office in the United Kingdom will be calculated by the Agent as
follows:

 

(a)                                  in relation to a sterling Loan:

 

	
  AB + C(B – D) + E  X 0.01

  	
   % per annum

  
	
  100
  – (A + C)

  

 

(b)                                 in relation to a Loan in any currency other than
sterling:

 

	
  E  X 0.01

  	
   % per annum.

  
	
  300

  

 

Where:

 

A                                      is the percentage of Eligible Liabilities (assuming
these to be in excess of any stated minimum) which that Lender is from time to
time required to maintain as an interest free cash ratio deposit with the Bank
of England to comply with cash ratio requirements.

 

B                                        is the percentage rate of interest (excluding the
Margin and the Mandatory Cost and, if the Loan is an Unpaid Sum, the additional
rate of interest specified in paragraph (a) of Clause 13.3 (Default
interest)) payable for the relevant Interest Period on the Loan.

 

139

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

C                                        is the percentage (if any) of Eligible Liabilities
which that Lender is required from time to time to maintain as interest bearing
Special Deposits with the Bank of England.

 

D                                       is the percentage rate per annum payable by the Bank
of England to the Agent on interest bearing Special Deposits.

 

E                                         is designed to compensate Lenders for amounts payable
under the Fees Rules and is calculated by the Agent as being the average
of the most recent rates of charge supplied by the Reference Banks to the Agent
pursuant to paragraph 7 below and expressed in pounds per £1,000,000.

 

5.                                       For the purposes of this Schedule:

 

(a)                                  Eligible Liabilities and Special Deposits have
the meanings given to them from time to time under or pursuant to the Bank of
England Act 1998 or (as may be appropriate) by the Bank of England;

 

(b)                                 Fees Rules means the rules on periodic fees contained in the FSA Supervision
Manual or such other law or regulation as may be in force from time to time in
respect of the payment of fees for the acceptance of deposits;

 

(c)                                  Fee Tariffs means the fee tariffs specified in the Fees Rules under the
activity group A.1 Deposit acceptors (ignoring any minimum fee or zero rated
fee required pursuant to the Fees Rules but taking into account any
applicable discount rate); and

 

(d)                                 Tariff Base has the meaning given to it in, and will be calculated in accordance
with, the Fees Rules.

 

6.                                       In application of the above formulae, A, B, C and D
will be included in the formulae as percentages (i.e. 5% will be included in
the formula as 5 and not as 0.05).  A
negative result obtained by subtracting D from B shall be taken as zero.  The resulting figures shall be rounded to
four decimal places.

 

7.                                       If requested by the Agent, each Reference Bank shall,
as soon as practicable after publication by the Financial Services Authority,
supply to the Agent, the rate of charge payable by that Reference Bank to the
Financial Services Authority pursuant to the Fees Rules in respect of the
relevant financial year of the Financial Services Authority (calculated for
this purpose by that Reference Bank as being the average of the Fee Tariffs
applicable to that Reference Bank for that financial year) and expressed in
pounds per £1,000,000 of the Tariff Base of that Reference Bank.

 

8.                                       Each Lender shall supply any information required by
the Agent for the purpose of calculating its Additional Cost Rate.  In particular, but without limitation, each
Lender shall supply the following information on or prior to the date on which
it becomes a Lender:

 

(a)                                  the jurisdiction of its Facility Office; and

 

(b)                                 any other information that the Agent may reasonably
require for such purpose.

 

140

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

Each
Lender shall promptly notify the Agent of any change to the information
provided by it pursuant to this paragraph.

 

9.                                       The percentages of each Lender for the purpose of A
and C above and the rates of charge of each Reference Bank for the purpose of E
above shall be determined by the Agent based upon the information supplied to
it pursuant to paragraphs 7 and 8 above and on the assumption that, unless a
Lender notifies the Agent to the contrary, each Lender’s obligations in
relation to cash ratio deposits and Special Deposits are the same as those of a
typical bank from its jurisdiction of incorporation with a Facility Office in
the same jurisdiction as its Facility Office.

 

10.                                 The Agent shall have no liability to any person if
such determination results in an Additional Cost Rate which over or under compensates
any Lender and shall be entitled to assume that the information provided by any
Lender or Reference Bank pursuant to paragraphs 3, 7 and 8 above is true and
correct in all respects.

 

11.                                 The Agent shall distribute the additional amounts
received as a result of the Mandatory Cost to the Lenders on the basis of the
Additional Cost Rate for each Lender based on the information provided by each
Lender and each Reference Bank pursuant to paragraphs 3, 7 and 8 above.

 

12.                                 Any determination by the Agent pursuant to this
Schedule in relation to a formula, the Mandatory Cost, an Additional Cost Rate
or any amount payable to a Lender shall, in the absence of manifest error, be
conclusive and binding on all Parties.

 

13.                                 The Agent may from time to time, after consultation
with the Company and the Lenders, determine and notify to all Parties any
amendments which are required to be made to this Schedule in order to comply
with any change in law, regulation or any requirements from time to time
imposed by the Bank of England, the Financial Services Authority or the
European Central Bank (or, in any case, any other authority which replaces all
or any of its functions) and any such determination shall, in the absence of
manifest error, be conclusive and binding on all Parties.

 

141

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

SCHEDULE 5

 

FORM OF TRANSFER
CERTIFICATE

 

To:          Fortis Bank SA/NV

 

From:      [The Existing Lender] (the Existing Lender) and [The New Lender] (the New Lender)

 

Dated:

 

InBev NV — US$45,000,000,000
Senior Facilities Agreement

dated 12th July, 2008 (the Senior Facilities Agreement)

 

1.                                       We refer to the Senior Facilities Agreement.  This is a Transfer Certificate.  Terms defined in the Senior Facilities
Agreement have the same meaning in this Transfer Certificate unless given a
different meaning in this Transfer Certificate.

 

2.                                       We refer to Clause 28.5 (Procedure for transfer):

 

(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 28.5 (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 35.2
(Addresses) are set out in the Schedule. (1)

 

3.                                       The New Lender expressly acknowledges the limitations
on the Existing Lender’s obligations set out in paragraph (c) of Clause
28.4 (Limitation of responsibility of Existing Lenders).

 

4.                                       The New Lender accedes to the Subordination Agreement
as a “Senior Lender” and agrees to be bound by the terms of the Subordination
Agreement in that capacity.

 

5.                                       This Transfer Certificate 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 Transfer Certificate.

 

6.                                       This Transfer Certificate is governed by English law.

 

(1)                                  A New Lender
may only become a party to this Agreement if it complies (to the extent
applicable) with the provisions of Clause 5.5(a) (Lending Office).

 

142

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

THE SCHEDULE

 

Commitment/rights and
obligations to be transferred

 

[insert relevant details]

[Facility
Office address, fax number and attention details for notices and account
details for payments,]

 

	
  [Existing
  Lender]

  	
  [New
  Lender]

  
	
   

  	
   

  
	
  By:

  	
  By:

  

 

This
Transfer Certificate is accepted by the Agent and the Transfer Date is
confirmed as [·].

 

	
  Fortis
  Bank SA/NV

  
	
   

  
	
  By:

  	
   

  

 

143

 

[****] Indicates that certain information
contained herein has been

omitted and filed separately with the Securities and Exchange
Commission.

Confidential treatment has been requested with respect to the omitted
portions.

 

SCHEDULE 6

 

FORM OF ACCESSION LETTER

 

To:          Fortis Bank SA/NV

 

From:      [Subsidiary] and InBev NV

 

Dated:

 

Dear
Sirs

 

InBev NV — US$45,000,000,000
Senior Facilities Agreement

dated 12th July, 2008 (the Senior Facilities Agreement)

 

1.                                       We refer to the Senior Facilities Agreement.  This is an Accession Letter.  Terms defined in the Senior Facilities
Agreement have the same meaning in this Accession Letter unless given a
different meaning in this Accession Letter.

 

2.                                       [Subsidiary] agrees to become an Additional
[Borrower]/[Guarantor] and to be bound by the terms of the Senior Facilities
Agreement as an Additional [Borrower]/[Guarantor] pursuant to Clause [29.2
(Additional Borrowers)]/[Clause 29.4 (Additional Guarantors)] of the Senior
Facilities 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 are as follows:

 

Address:

 

Fax
No.:

 

Attention:

 

4.                                       This Accession Letter is governed by English law.

 

	
  [This Guarantor Accession Letter is entered into by deed.]

  
	
   

  	
   

  
	
  [Company]

  	
  [Subsidiary]

  

 

144

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

 

SCHEDULE 7

 

FORM OF RESIGNATION
LETTER

 

	
  To:

  	
  Fortis
  Bank SA/NV

  
	
   

  	
   

  
	
  From:

  	
  [resigning
  Obligor] and InBev NV

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Dear
  Sirs

  	
   

  
	
   

  	
   

  	
   

  
	
  InBev NV — US$45,000,000,000
  Senior Facilities Agreement

  dated 12th July, 2008 (the Senior Facilities Agreement)

  
	
   

  	
   

  	
   

  
	
  1.

  	
  We
  refer to the Senior Facilities Agreement. This is a Resignation Letter. Terms
  defined in the Senior Facilities Agreement have the same meaning in this
  Resignation Letter unless given a different meaning in this Resignation
  Letter.

  
	
   

  	
   

  
	
  2.

  	
  Pursuant
  to [Clause 29.3 (Resignation of a Borrower)]/[Clause 29.5 (Resignation of a
  Guarantor)], we request that [resigning Obligor] be released from its
  obligations as a [Borrower]/[Guarantor] under the Senior Facilities
  Agreement.

  
	
   

  	
   

  	
   

  
	
  3.

  	
  This
  letter is governed by English law.

  
	
   

  	
   

  	
   

  
	
   

  	
  [INBEV
  NV]

  	
  [resigning
  Obligor]

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  By:

  

 

145

 

[****]
Indicates that certain information contained herein has been 

omitted
and filed separately with the Securities and Exchange Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

SCHEDULE 8

 

FORM OF COMPLIANCE
CERTIFICATE

 

 

	
  To:

  	
  Fortis
  Bank SA/NV

  
	
   

  	
   

  
	
  From:

  	
  InBev
  NV

  
	
   

  	
   

  
	
  Dated:

  
	
   

  	
   

  
	
  Dear
  Sirs

  

 

InBev NV – US$45,000,000,000
Senior Facilities Agreement

dated 12th July, 2008 (the Senior Facilities Agreement)

 

1.             We refer to the Senior Facilities Agreement.  This is a Compliance Certificate.  Terms defined in the Senior Facilities
Agreement have the same meaning when used in this Compliance Certificate unless
given a different meaning in this Compliance Certificate.

 

2.             We confirm that:

 

(a)           the ratio of EBITDA to Net Interest Expense for the
Relevant Period ended on [·] (the Test Date)
was [·]:1; and

 

(b)           the ratio of Total Net Debt on the Test Date to consolidated EBITDA for
that Relevant Period was [·]:1.

 

3.             [We confirm that the following companies constitute
Material Subsidiaries for the purposes of the Facilities Agreement: [·].*]

 

4.             [We confirm that the following Financial Indebtedness of the Group was
prepaid in the following amounts and on the following dates in accordance with
Clause 11.6 (Application of prepayments).

 

5.             [We confirm that the following members of the Group have received the
following amounts in respect of [Debt Raising Proceeds, Equity Raising Proceeds
or Disposal Proceeds] on the following dates.]

 

	
  Signed

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  [Chief
  Financial Officer/Authorised Signatory]

  	
   

  	
  [Authorised
  Signatory]

  
	
   

  	
  Of

  	
   

  	
  Of

  
	
   

  	
  InBev
  NV

  	
   

  	
  InBev
  NV

  

 

*              To be confirmed annually and
based on annual consolidated accounts only.

 

146

 

[****]
Indicates that certain information contained herein has been 

omitted
and filed separately with the Securities and Exchange Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

SCHEDULE
9

 

LMA FORM OF
CONFIDENTIALITY UNDERTAKING

 

To:          [Potential Lender]

 

InBev NV (the Company) – US$45,000,000,000 Senior Facilities
(the Facilities)

 

Dear Sirs

 

We understand that you are considering participating
in the Facilities.  In consideration of
us agreeing to make available to you certain information inn relation to the
Facilities, by your signature of a copy of this letter you agree as follows:

 

1.             CONFIDENTIALITY

 

1.1          Confidentiality
Undertaking

 

You undertake:

 

(a)           to keep the Confidential
Information confidential and not to disclose it to anyone except as provided
for by paragraph 1.2 below and to ensure that the Confidential Information is
protected with security measures and a degree of care that would apply to your
own confidential information;

 

(b)           to keep confidential and not disclose to anyone except as provided for
by paragraph 1.2 below the fact that the Confidential Information has been made
available or that discussions or negotiations are taking place or have taken place
between us in connection with the Facilities;

 

(c)           to use the Confidential
Information only for the Permitted Purpose; and

 

(d)           to use all reasonable endeavours
to ensure that any person to whom you pass any Confidential Information (unless
disclosed under paragraph 1.2(b) below) acknowledges and complies with the
provisions of this letter as if that person were also a party to it.

 

1.2          Permitted
Disclosure

 

We agree that you may disclose Confidential
Information and those matters referred to in paragraph 1.1(b) above:

 

(a)           to members of the Participant
Group and their officers, directors, employees and professional advisers to the
extent necessary for the Permitted Purpose and to any auditors of members of
the Participant Group;

 

147

 

[****]
Indicates that certain information contained herein has been 

omitted
and filed separately with the Securities and Exchange Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

(b)           (i) where requested or
required by any court of competent jurisdiction or any competent judicial,
governmental, supervisory or regulatory body, (ii) where required by the rules of
any stock exchange on which the shares or other securities of any member of the
Participant Group are listed or (iii) where required by the laws or
regulations of any country with jurisdiction over the affairs of any member of
the Participant Group; or

 

(c)           with the prior written consent of us and the Company.

 

1.3          Notification of
Required or Unauthorised Disclosure

 

You agree (to the extent permitted by law and except
where disclosure is to be made to any competent supervisory or regulatory body
during the ordinary course of its supervisory or regulatory function over you)
to inform us of the full circumstances of any disclosure under
paragraph 1.2(b) or upon becoming aware that Confidential Information
has been disclosed in breach of this letter.

 

1.4          Return of
Copies

 

If we so request in writing, you shall return all
Confidential Information supplied to you by us and destroy or permanently erase
(to the extent technically practicable) all copies of Confidential Information
made by you and use all reasonable endeavours to ensure that anyone to whom you
have supplied any Confidential Information destroys or permanently erases (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 paragraph 1.2(b) above.

 

1.5          Continuing
Obligations

 

The obligations in this letter are continuing and, in
particular, shall survive the termination of any discussions or negotiations
between you and us.  Notwithstanding the
previous sentence, the obligations in paragraph 1.1 above shall cease on the
earlier of (a) the date you become a party to or otherwise acquire (by
assignment or otherwise) a direct interest in the Facilities, (b) twelve
months after you have returned all Confidential Information supplied to you by
us and destroyed or permanently erased (to the extent technically practicable)
all copies of Confidential Information made by you (other than any such
Confidential Information or copies which have been disclosed under paragraph
1.2 above (other than sub-paragraph 1.2(a)) or which, pursuant to paragraph 1.4
above, are not required to be returned or destroyed) and (c) in any event
24 months from the date of this letter.

 

1.6          No
Representation; Consequences of Breach, etc

 

You acknowledge and agree that:

 

(a)           neither we nor any of our
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 

 

148

 

[****] Indicates that
certain information contained herein has been 

omitted and filed
separately with the Securities and Exchange Commission. 

Confidential treatment
has been requested with respect to the omitted portions.

 

accuracy, reliability or
completeness of any of the Confidential Information or any other information
supplied by us or any member of the Group 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 any member of the Group or be otherwise liable to you or any other person
in respect to the Confidential Information or any such information; and

 

(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 or member of the Group may be
granted an injunction or specific performance for any threatened or actual
breach of the provisions of this letter by you.

 

1.7          No Waiver;
Amendments, etc

 

This letter sets out the full extent of your
obligations of confidentiality owed to us in relation to the information the
subject of this letter.  No failure or
delay in exercising any right, power or privilege under this letter will
operate as a waiver thereof nor will any single or partial exercise of any
right, power or privilege preclude any further exercise thereof or the exercise
of any other right, power or privileges under this letter.  The terms of this letter and your obligations
under this letter may only be amended or modified by written agreement between
us.

 

1.8          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.

 

1.9          Nature of
Undertakings

 

The undertakings given by you under this letter are
given to us and (without implying any fiduciary obligations on our part) are
also given for the benefit of the Company and each other member of the Group.

 

2.             MISCELLANEOUS

 

2.1          Third party rights

 

(a)           Subject to paragraph 1.6 and paragraph 1.9 the terms of this letter may
be enforced and relied upon only by you and us and the operation of the
Contracts (Rights of Third Parties) Act 1999 is excluded.

 

(b)           Notwithstanding any provisions of this letter, the parties to this
letter do not require the consent of any Relevant Person or any member of the
Group to rescind or vary this letter at any time.

 

149

 

[****]
Indicates that certain information contained herein has been 

omitted
and filed separately with the Securities and Exchange Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

2.2          Governing Law
and Jurisdiction

 

This letter (including the agreement constituted by
your acknowledgement of its terms) shall be governed by and construed in
accordance with the laws of England and the parties submit to the non-exclusive
jurisdiction of the English courts.

 

2.3          Definitions

 

In this letter (including the acknowledgement set out
below):

 

Confidential Information means any information relating
to the Company, the Group, and the Facilities provided to you
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 knowledge other than as a direct or indirect result of any breach of
this letter or (b) is known by you before the date the information is
disclosed to you by us or any of our affiliates or advisers or is lawfully
obtained by you after that date, other than from a source which is connected
with the Group and which, in either case, as far as you are aware, has not been
obtained in violation of, and is not otherwise subject to, any obligation of
confidentiality.

 

Group means the Company and each of
its holding companies and subsidiaries and each subsidiary of each of its
holding companies.

 

Participant Group means you, each of your holding
companies and subsidiaries and each subsidiary of each of your holding
companies and where such term is used
in this letter each of your or their directors, officers and employees
(including any sales and trading teams).

 

Permitted Purpose means considering and
evaluating whether to enter into the Facilities.

 

Please acknowledge your agreement to the above by
signing and returning the enclosed copy.

 

Yours faithfully

 

	
   

  	
   

  
	
  For and on behalf of

  
	
   

  
	
  [Lender]

  

 

150

 

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omitted
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Confidential
treatment has been requested with respect to the omitted portions.

 

	
  To:

  	
  [Lender]

  
	
   

  	
   

  
	
   

  	
  The Company

  
	
   

  
	
  We acknowledge and agree to the above:

  
	
   

  
	
   

  	
   

  
	
  For and on behalf of

  	
   

  
	
  [Potential Lender]

  	
   

  
			

 

151

 

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Confidential
treatment has been requested with respect to the omitted portions.

 

SCHEDULE 10

 

TIMETABLES

 

PART 1

 

LOANS

 

	
   

  	
   

  	
  Loans in dollars

  	
   

  	
  Loans in euro

  	
   

  	
  Loans in an 

  Optional Currency 

  (other than euro)

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Approval
  as an Optional Currency, if required (Clause 4.3 (Conditions relating to
  Optional Currencies))

  	
   

  	
  N/A

  	
   

  	
  N/A

  	
   

  	
  Not
  later than 10.00 a.m. on the fifth Business Day prior to the desired
  date of the Loan

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent
  notifies the Company if a currency is approved as an Optional Currency in
  accordance with Clause 4.3 (Conditions relating to Optional Currencies)

  	
   

  	
  N/A

  	
   

  	
  N/A

  	
   

  	
  Not
  later than 11.00 a.m. on the fifth Business Day prior to the desired
  date of the Loan

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Delivery
  of a duly completed Utilisation Request (Clause 5.1 (Delivery of a
  Utilisation Request)) or a Selection Notice (Clause 14.1 (Selection of
  Interest Periods and Terms)

  	
   

  	
  Not
  later than 1.00 p.m. on the fifth Business Day prior to the desired date
  of the Loan

  	
   

  	
  Not
  later than 1.00 p.m. on the fifth Business Day prior to the desired date
  of the Loan

  	
   

  	
  Not
  later than 10.00 a.m. on the fourth Business Day prior to the desired
  date of the Loan

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent
  determines (in relation to a Utilisation) the Base Currency Amount of the
  Loan, if required under Clause 5.4 (Lenders’ participation)

  	
   

  	
  N/A

  	
   

  	
  N/A

  	
   

  	
  Not
  later than 11.00 a.m. on the fourth Business Day prior to the desired
  date of the Loan

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent
  notifies the Lenders of the Loan in accordance with Clause 5.4 (Lenders’
  participation)

  	
   

  	
  Not
  later than 4.00 p.m. on the fifth Business Day prior to the desired date
  of the Loan

  	
   

  	
  Not
  later than 4.00 p.m. on the fifth Business Day prior to the desired date
  of the Loan

  	
   

  	
  Not
  later than 3.00 p.m. on the fourth Business Day prior to the desired
  date of the Loan

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Agent
  receives a notification from a Lender under Clause 8.2 (Unavailability of a
  currency)

  	
   

  	
  N/A

  	
   

  	
  Not
  later than 9.30 a.m. on the fourth Business Day prior to the desired
  date of the Loan

  	
   

  	
  Not
  later than 9.30 a.m. on the third Business Day prior to the desired date
  of the Loan

  

 

152

 

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treatment has been requested with respect to the omitted portions.

 

	
  Agent
  gives notice in accordance with Clause 8.2 (Unavailability of a currency)

  	
   

  	
  N/A

  	
   

  	
  Not
  later than 3.00 p.m. on the fourth Business Day prior to the desired
  date of the Loan

  	
   

  	
  Not
  later than 3.00 p.m. on the third Business Day prior to the desired date
  of the Loan

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  LIBOR
  or EURIBOR is fixed

  	
   

  	
  As
  of 11.00 a.m. on the Quotation Day

  	
   

  	
  As
  of 10.00 a.m. on the Quotation Day

  	
   

  	
  As
  of 10.00 a.m. on the Quotation Day

  

 

All times in this Schedule refer to London
time. 

 

	
  “U”

  	
  =

  	
  date
  of utilisation

  
	
   

  	
   

  	
   

  
	
  “U
  - X”

  	
  =

  	
  X
  Business Days prior to date of utilisation

  

 

153

 

 

 

[****] Indicates that
certain information contained herein has been 

omitted and filed separately
with the Securities and Exchange Commission. 

Confidential treatment has
been requested with respect to the omitted portions.

 

PART 2

 

LETTERS OF CREDIT

 

	
   

  	
   

  	
  Letters of Credit

  
	
   

  	
   

  	
   

  
	
  Delivery
  of a duly completed Utilisation Request (Clause 6.2 (Delivery of a
  Utilisation Request for Letters of Credit)

  	
   

  	
  U-5
  10.00am

  
	
   

  	
   

  	
   

  
	
  Agent
  determines (in relation to a Utilisation) the Base Currency Amount of the
  Letter of Credit if required under Clause 6.5(d) (Issue of Letters of
  Credit) and notifies the Issuing Bank and Lenders of the Letter of Credit in
  accordance Clause 6.5(d) (Issue of Letters of Credit).

  	
   

  	
  U-3
  11.00am

  
	
   

  	
   

  	
   

  
	
  Delivery
  of duly completed Renewal Request in accordance with Clause 6.6(a)

  	
   

  	
  U-5
  10.00am

  

 

	
  “U”

  	
  =

  	
  date
  of utilisation

  
	
   

  	
   

  	
   

  
	
  “U-X”

  	
  =

  	
  Business
  Days prior to date of utilisation

  

 

154

 

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treatment has been requested with respect to the omitted portions.

 

SCHEDULE 11

 

FORM OF LETTER OF CREDIT

 

To:          [Beneficiary](the Beneficiary)

 

Date

 

Irrevocable Standby Letter of
Credit no. [·]

 

At
the request of [·], [Issuing Bank] (the Issuing Bank)
issues this irrevocable standby Letter of Credit (Letter of Credit) in your favour on the following terms and
conditions:

 

1.             Definitions

 

In
this Letter of Credit:

 

Business Day means a day (other than a Saturday or a Sunday) on which banks are open
for general business in [London].*

 

Demand
means a demand for a payment under this Letter of Credit in the form of the
schedule to this Letter of Credit.

 

Expiry Date means [·].

 

Total L/C Amount means [·].

 

2.             Issuing Bank’s agreement

 

(a)           The Beneficiary may request a drawing or drawings
under this Letter of Credit by giving to the Issuing Bank a duly completed
Demand.  A Demand must be received by the
Issuing Bank by no later than [·] p.m. ([London] time) on the Expiry Date.

 

(b)           Subject to the terms of this Letter of Credit, the Issuing Bank
unconditionally and irrevocably undertakes to the Beneficiary that, within
[ten] Business Days of receipt by it of a Demand, it must pay to the Beneficiary
the amount demanded in that Demand.

 

(c)           The Issuing Bank will not be obliged to make a payment under this Letter
of Credit if as a result the aggregate of all payments made by it under this
Letter of Credit would exceed the Total L/C Amount.

 

3.             Expiry

 

(a)           The Issuing Bank will be released from its obligations
under this Letter of Credit on the date (if any) notified by the Beneficiary to
the Issuing Bank as the date upon which the obligations of the Issuing Bank
under this Letter of Credit are released.

 

155

 

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Confidential
treatment has been requested with respect to the omitted portions.

 

(b)           Unless previously released under paragraph (a) above, on [·] p.m.([London] time) on the Expiry Date the
obligations of the Issuing Bank under this Letter of Credit will cease with no
further liability on the part of the Issuing Bank except for any Demand validly
presented under the Letter of Credit that remains unpaid.

 

(c)           When the Issuing Bank is no longer under any further obligations under
this Letter of Credit, the Beneficiary must return the original of this Letter
of Credit to the Issuing Bank.

 

4.             Payments

 

All
payments under this Letter of Credit shall be made in [·] and for value on the due date to the account of the
Beneficiary specified in the Demand.

 

5.             Delivery of Demand

 

Each
Demand shall be in writing, and, unless otherwise stated, may be made by
letter, fax or telex and must be received in legible form by the Issuing Bank
at its address and by the particular department or office (if any) as follows:

 

[

 

]

 

6.             Assignment

 

The
Beneficiary’s rights under this Letter of Credit may not be assigned or
transferred.

 

7.             ISP

 

Except
to the extent it is inconsistent with the express terms of this Letter of
Credit, this Letter of Credit is subject to the International Standby Practices
(ISP 98), International Chamber of Commerce Publication No. 590.

 

8.             Governing Law

 

This
Letter of Credit is governed by English law.

 

9.             Jurisdiction

 

The
courts of England have exclusive jurisdiction to settle any dispute arising out
of or in connection with this Letter of Credit.

 

156

 

[****]
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omitted
and filed separately with the Securities and Exchange Commission. 

Confidential
treatment has been requested with respect to the omitted portions.

 

	
  Yours
  faithfully

  	
   

  
	
   

  
	
  [Issuing
  Bank]

  	
   

  
	
   

  
	
  By:

  	
   

  

 

NOTES:

 

*              This may need to be amended depending on the currency
of payment under the Letter of Credit.

 

157

 

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treatment has been requested with respect to the omitted portions.

 

SCHEDULE

 

FORM OF DEMAND

 

To:          [ISSUING BANK]

 

[Date] 

 

Dears
Sirs

 

Standby Letter of Credit no. [·] issued in favour of [BENEFICIARY] (the Letter of Credit)

 

We
refer to the Letter of Credit.  Terms
defined in the Letter of Credit have the same meaning when used in this Demand.

 

1.             We certify that the sum of [·] is due [and has remained unpaid for at least [·] Business Days] [under [set out underlying contract
or agreement]].  We therefore demand
payment of the sum of [·].

 

2.             Payment should be made to the following account:

 

Name:

 

Account Number:

 

Bank:

 

3.             The date of this Demand is not later than the Expiry
Date.

 

Yours
faithfully

 

 

	
  (Authorised
  Signatory)

  	
  (Authorised
  Signatory)

  

 

For

[BENEFICIARY]

 

158

 

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treatment has been requested with respect to the omitted portions.

 

SCHEDULE 12

 

GUARANTEE PRINCIPLES

 

1.             The guarantees to be provided will be given in accordance with the
agreed guarantee principles set out in this Schedule 12.  This Schedule addresses the manner in which
the agreed guarantee principles (the Guarantee
Principles) will impact on the guarantees proposed to be taken in
relation to the transaction contemplated by this Agreement.

 

2.             The Guarantee Principles embody recognition by all
parties that there may be certain legal, contractual and practical difficulties
in obtaining guarantees from all Obligors in every jurisdiction in which
Obligors are located.  In particular:

 

(a)           general statutory limitations, financial assistance,
corporate benefit, fraudulent preference, “thin capitalisation” rules, earnings
stripping and similar principles may limit the ability of a member of the Group
to provide a guarantee or may require that the guarantee be limited by an
amount or otherwise; the Company will use all reasonable endeavours to assist
in demonstrating that adequate corporate benefit accrues to the Target and each
Obligor;

 

(b)           members of the Group will not be required to give guarantees if it would
conflict with the fiduciary duties of their directors or contravene any legal
or regulatory prohibition (including, without limitation, any prohibition
contained in case law) or result in a material risk of personal or criminal
liability on the part of any officer provided
that the relevant Group member shall use its all reasonable
endeavours to overcome any such obstacle;

 

(c)           no member of the Group will be required to give guarantees if (A) it
would be prevented from doing so due to contractual restrictions applicable to
it or (B) any of its Affiliates or if such contractual restrictions would
oblige it to create any Security as a consequence of granting such guarantee or
(C) such guarantee would be restricted under (A) or (B) as a
result of the implementation of the Post Closing Restructuring provided that (i) in the case of
contractual restrictions affecting any Subsidiaries of the Company as at
20 June 2008, only such contractual restrictions as were disclosed to
the Arrangers prior to signature of the Commitment Letter (the Existing Restrictions) shall be taken into
account under the Guarantee Principles; and (ii) the Company will use all
reasonable endeavours to mitigate all such contractual restrictions, including
seeking waivers in respect of such contractual restrictions (other than those
restrictions identified to the Arrangers before the date of this Agreement as
being restrictions in respect of which it was the Company’s intention not to
seek waivers), so as to permit the relevant members of the Group to provide
guarantees in respect of the Facilities and provided that no such mitigations
shall impair the implementations of the Post Closing Restructuring.

 

159

 

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treatment has been requested with respect to the omitted portions.

 

SCHEDULE 13

 

MATERIAL BRANDS

 

Stella
Artois

 

Beck’s

 

Leffe

 

Jupiler

 

Bass

 

Staropramens

 

Hoegaarden

 

Klinskoe

 

Budweiser
(after the Funding Date)

 

Michelob
(after the Funding Date)

 

Bud
Light (after the Funding Date)

 

160

 

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Confidential
treatment has been requested with respect to the omitted portions.

 

SIGNATURES

 

	
  The
  Company

  
	
   

  
	
  INBEV NV

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Ricardo Rittes

  	
   

  	
  /s/
  André Van der Toorn

  
	
   

  	
  Ricardo
  Rittes

  	
   

  	
  André
  Van der Toorn

  
	
   

  
	
  The
  Original Borrowers

  
	
   

  
	
  INBEV NV

  
	
   

  
	
  By:

  	
  /s/
  Ricardo Rittes

  	
   

  	
  /s/
  André Van der Toorn

  
	
   

  	
  Ricardo
  Rittes

  	
   

  	
  André
  Van der Toorn

  
	
   

  
	
  INBEV
  WORLDWIDE S.À.R.L.

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Ricardo Rittes

  	
   

  	
  /s/
  André Van der Toorn

  
	
   

  	
  Ricardo
  Rittes

  	
   

  	
  André
  Van der Toorn

  
	
   

  
	
  The
  Original Guarantors

  
	
   

  
	
  INBEV NV

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Ricardo Rittes

  	
   

  	
  /s/
  André Van der Toorn

  
	
   

  	
  Ricardo
  Rittes

  	
   

  	
  André
  Van der Toorn

  
	
   

  
	
  INBEV
  WORLDWIDE S.À.R.L.

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Ricardo
  Rittes

  	
   

  	
  /s/ André Van
  der Toorn

  
	
   

  	
  Ricardo Rittes

  	
   

  	
  André Van der
  Toorn

  

 

161

 

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Confidential
treatment has been requested with respect to the omitted portions.

 

	
  The
  Arrangers

  
	
   

  
	
  BANCO
  SANTANDER, S.A.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Juan Andrés Yanes

  	
   

  	
   

  
	
   

  	
  Juan
  Andrés Yanes

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BARCLAYS CAPITAL

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Keith Hatton

  	
   

  	
   

  
	
   

  	
  Keith
  Hatton

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  David Peythieu

  	
   

  	
  /s/
  Valerie Clar

  
	
   

  	
  David
  Peythieu

  	
   

  	
  Valerie
  Clar

  
	
   

  	
   

  	
   

  
	
  DEUTSCHE BANK AG, LONDON BRANCH

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Goetz Laue

  	
   

  	
  /s/
  Michael Starmer-Smith

  
	
   

  	
  Goetz
  Laue

  	
   

  	
  Michael
  Starmer-Smith

  
	
   

  	
   

  	
   

  
	
  FORTIS BANK SA/NV

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Erik Puttemans

  	
   

  	
  /s/ Hans Maas

  
	
   

  	
  Erik Puttemans

  	
   

  	
  Hans Maas

  
	
   

  	
   

  	
   

  
	
  ING BANK N.V.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ R.A. Frijlink

  	
   

  	
  /s/ V.G. van Liere

  
	
   

  	
  R.A. Frijlink

  	
   

  	
  V.G. van Liere

  
	
   

  	
   

  	
   

  
	
  J.P. MORGAN PLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ John Blackborough

  	
   

  	
   

  
	
   

  	
  John Blackborough

  	
   

  	
   

  

 

162

 

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Confidential
treatment has been requested with respect to the omitted portions.

 

	
  MIZUHO CORPORATE BANK, LTD.

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Kevin Andrews

  	
   

  	
   

  
	
   

  	
  Kevin Andrews

  	
   

  	
   

  
	
   

  
	
   

  
	
  THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Graeme Gillies

  	
   

  	
   

  
	
   

  	
  Graeme Gillies

  	
   

  	
   

  
	
   

  
	
  THE ROYAL BANK OF SCOTLAND PLC

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Peter Ellemann

  	
   

  	
   

  
	
   

  	
  Peter Ellemann

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Lenders

  
	
   

  	
   

  	
   

  	
   

  
	
  BANCO SANTANDER, S.A., BELGIAN BRANCH

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Juan Andrés Yanes

  	
   

  	
   

  
	
   

  	
  Juan Andrés Yanes

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BARCLAYS BANK PLC

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Keith Hatton

  	
   

  	
   

  
	
   

  	
  Keith Hatton

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  BNP PARIBAS

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ David Peythieu

  	
   

  	
  /s/ Valerie Clar

  
	
   

  	
  David Peythieu

  	
   

  	
  Valerie Clar

  
	
   

  	
   

  	
   

  	
   

  
	
  DEUTSCHE BANK
  LUXEMBOURG S.A.

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Goetz Laue

  	
   

  	
  /s/ Michael Starmer-Smith

  
	
   

  	
  Goetz Laue

  	
   

  	
  Michael Starmer-Smith

  
	
   

  	
   

  	
   

  	
   

  
	
  FORTIS BANK SA/NV

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Erik Puttemans

  	
   

  	
  /s/ Hans Maas

  
	
   

  	
  Erik Puttemans

  	
   

  	
  Hans Maas

  

 

163

 

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Confidential
treatment has been requested with respect to the omitted portions.

 

	
  ING BANK N.V.

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ R.A. Frijlink

  	
   

  	
  /s/ V.G. van Liere

  
	
   

  	
  R.A. Frijlink

  	
   

  	
  V.G. van Liere

  
	
   

  	
   

  	
   

  	
   

  
	
  JPMORGAN CHASE BANK, N.A., LONDON BRANCH

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ John Blackborough

  	
   

  	
   

  
	
   

  	
  John Blackborough

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  MIZUHO CORPORATE BANK, LTD.

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Kevin Andrews

  	
   

  	
   

  
	
   

  	
  Kevin Andrews

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Graeme Gillies

  	
   

  	
   

  
	
   

  	
  Graeme Gillies

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  THE ROYAL BANK OF SCOTLAND PLC

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Peter Ellemann

  	
   

  	
   

  
	
   

  	
  Peter Ellemann

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  The Agent

  
	
   

  	
   

  	
   

  	
   

  
	
  FORTIS BANK SA/NV

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Erik Puttemans

  	
   

  	
  /s/ Hans Maas

  
	
   

  	
  Erik Puttemans

  	
   

  	
  Hans Maas

  
	
   

  	
   

  	
   

  	
   

  
	
  The Issuing Bank

  
	
   

  	
   

  	
   

  	
   

  
	
  FORTIS BANK SA/NV

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Erik Puttemans

  	
   

  	
  /s/ Hans Maas

  
	
   

  	
  Erik Puttemans

  	
   

  	
  Hans Maas

  

 

164

 

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

First Amendment – Execution Version

 

To:          InBev NV, a naamloze
vennootschap/société anonyme, with its registered office at Grote
Markt 1, 1000 Brussels, registered with the Crossroads Bank of Enterprises (Kruispuntbank  voor Ondernemingen/Banque Carrefour des Entreprises) under
number (RPR/RPM) 0417.497.106
(the Company) for itself and as
agent for each of the other Obligors party to the Agreement (as defined below)

 

From:      Fortis Bank SA/NV as Agent for and on behalf of the other Finance
Parties under the Agreement (as defined below)

 

23 July, 2008

 

Dear
Sirs,

 

USD45,000,000,000 senior facilities agreement (the Agreement) dated 12th July, 2008 between
(among others) the Company and Fortis Bank SA/NV as agent

 

1.             Background

 

(a)           This letter is supplemental to and amends the
Agreement.

 

(b)           Pursuant to clause 39.1 (Required consents) of the Agreement, the
Majority Lenders have consented to the amendments to the Agreement contemplated
by this letter.  Accordingly, we are
authorised to execute this letter on behalf of the Finance Parties.

 

2.             Interpretation

 

(a)           Capitalised terms defined in the Agreement have the same meaning when
used in this letter unless expressly defined in this letter.

 

(b)           The provisions of clause 1.2 (Construction) of the
Agreement apply to this letter as though they were set out in full in this
letter except that references to the Agreement are to be construed as
references to this letter.

 

3.             Amendments

 

(a)           Subject to sub-paragraph (b) below, the Agreement will be amended
from the date of this letter in accordance with sub-paragraph (c) below.

 

(b)           The Agreement will not be amended by this letter
unless the Facility Agent notifies the Company and the Lenders that it has
received a copy of this letter countersigned by the Company. The Facility Agent
must give this notification as soon as reasonably practicable.

 

(c)           The Agreement will be amended as follows:

 

1

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

First Amendment – Execution Version

 

(i)            the definition of “Excluded Disposal” in clause 1.1 (Definitions) of the
Agreement is amended so that the word “and” in paragraph (j) thereof is
replaced with the word “or”;

 

(ii)           the definition of “Financial Indebtedness” in clause
1.1 (Definitions) of the Agreement is amended so that the reference in the
final paragraph thereof to “Permitted Excluded Subsidiary Loan” is replaced
with a reference to “Permitted Excluded Subsidiary Credit Support”;

 

(iii)          paragraph (p) of the definition of “Permitted
Security” in clause 1.1 (Definitions) of the Agreement is amended so that the
reference to “in this paragraph (o)” is replaced with a reference to “in this
paragraph (p)”;

 

(iv)          the definition of “Subsidiary Financial Indebtedness”
in clause 1.1 (Definitions) of the Agreement is amended so that the word “or”
in paragraph (d) thereof is replaced with the word “and”;

 

(v)           clause 26.13 (Subsidiary Financial Indebtedness) of the Agreement is
amended by replacing the reference to “in paragraph (o) of the definition
of Permitted Security” with a reference to “in paragraph (p) of the
definition of Permitted Security”;

 

(vi)          paragraph (a) of clause 26.18 (Credit Rating) of
the Agreement is amended by adding the words “Subject to paragraph (c) below,”
at the beginning of the paragraph; and

 

(vii)         paragraph (c) of clause 26.20 (Guarantors) of the
Agreement is amended by adding the words “(other than an Excluded Subsidiary)”
after the words “each Material Subsidiary” in the fourth line of that
paragraph.

 

4.             Representations

 

Each
Obligor confirms to each Finance Party that on the date of this letter the
Repeating Representations:

 

(a)           are true; and

 

(b)           would also be true if references to the Agreement were
construed as references to the Agreement as amended by this letter.

 

Each
Repeating Representation is applied to the circumstances existing at the time
the Repeating Representation is made.

 

5.             Miscellaneous

 

(a)           This letter is designated as a Finance Document.

 

(b)           The Agreement and this letter will be read and
construed as one document.

 

(c)           Except as otherwise provided in this letter, the Finance Documents
remain in full force and effect.

 

2

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

First Amendment – Execution Version

 

(d)           Except to the extent expressly waived in this letter, no waiver of any
provision of any Finance Document is given by the terms of this letter and the
Finance Parties expressly reserve all their rights and remedies in respect of
any breach of, or other Default under, the Finance Documents.

 

(e)           The provisions of clause 43 (Enforcement) of the Agreement apply to this
letter as though they were set out in full in this letter except that references
to the Agreement are to be construed as references to this letter.

 

6.             Governing law

 

This
letter is governed by English law.

 

	
  /s/
  Herman Sonck

  	
   

  	
  /s/ Guido Van Den Berghe

  
	
  Herman
  Sonck

  	
   

  	
  Guido Van Den Berghe

  
	
  For

  
	
  Fortis Bank SA/NV

  
	
  as
  Agent for and on behalf of the other Finance Parties

  

 

3

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

First Amendment – Execution Version

 

We
acknowledge and agree to the terms of this letter.

 

 

	
  /s/ Benoit Loore

  	
   

  	
  /s/ David Markatos

  
	
  Benoit Loore

  	
   

  	
  David Markatos

  
	
  For

  	
   

  
	
  InBev
  NV

  	
   

  
	
  for
  itself and as agent for the other Obligors

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
  23
  July 2008

  	
   

  
				

 

4

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

Second Amendment – Execution Version

 

To:          InBev NV, a naamloze
vennootschap/société anonyme, with its registered office at Grote
Markt 1, 1000 Brussels, registered with the Crossroads Bank of Enterprises (Kruispuntbank  voor Ondernemingen/Banque Carrefour des Entreprises) under
number (RPR/RPM) 0417.497.106
(the Company) for itself and as
agent for each of the other Obligors party to the Agreement (as defined below)

 

From:      Fortis Bank SA/NV as Agent for and on behalf of the other Finance
Parties under the Agreement (as defined below)

 

21 August, 2008

 

Dear Sirs,

 

USD45,000,000,000 senior facilities agreement (the Agreement) dated 12th July, 2008 between
(among others) the Company and Fortis Bank SA/NV as agent

 

1.             Background

 

(a)           This letter is supplemental to and amends the
Agreement.

 

(b)           Pursuant to clause 39.1 (Required consents) of the Agreement, the
Majority Lenders have consented to the amendments to the Agreement contemplated
by this letter.  Accordingly, we are
authorised to execute this letter on behalf of the Finance Parties.

 

2.             Interpretation

 

(a)           Capitalised terms defined in the Agreement have the same meaning when
used in this letter unless expressly defined in this letter.

 

(b)           The provisions of clause 1.2 (Construction) of the
Agreement apply to this letter as though they were set out in full in this
letter except that references to the Agreement are to be construed as
references to this letter.

 

3.             Amendments

 

(a)           Subject to sub-paragraph (b) below, the Agreement will be amended
from the date of this letter in accordance with sub-paragraph (c) below.

 

(b)           The Agreement will not be amended by this letter
unless the Facility Agent notifies the Company and the Lenders that it has
received a copy of this letter countersigned by the Company. The Facility Agent
must give this notification as soon as reasonably practicable.

 

(c)           The Agreement will be amended by:

 

1

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

Second Amendment – Execution Version

 

(i)            deleting the existing subparagraph (e)(ii) of
Clause 28.2 (Conditions of assignment or transfer), adding the word “and” at
the end of the existing subparagraph (e)(i) of that Clause and renumbering
subparagraph (e)(iii) of that Clause as subparagraph (e)(ii);

 

(ii)           deleting the existing subparagraph (c)(iv) of
Clause 28.5 (Procedure for transfer) and replacing it with the following:

 

“(iv)        the new Lender shall become a Party as a “Lender””;
and

 

(iii)          deleting the existing paragraph 4 of the form of
Transfer Certificate set out in Schedule 5 (Form of Transfer Certificate)
to the Agreement, and renumbering the following paragraphs 5 and 6 as
paragraphs 4 and 5.

 

4.             Representations

 

Each
Obligor confirms to each Finance Party that on the date of this letter the
Repeating Representations:

 

(a)           are true; and

 

(b)           would also be true if references to the Agreement were
construed as references to the Agreement as amended by this letter.

 

Each
Repeating Representation is applied to the circumstances existing at the time
the Repeating Representation is made.

 

5.             Miscellaneous

 

(a)           This letter is designated as a Finance Document.

 

(b)           The Agreement and this letter will be read and
construed as one document.

 

(c)           Except as otherwise provided in this letter, the Finance Documents
remain in full force and effect.

 

(d)           Except to the extent expressly waived in this letter, no waiver of any
provision of any Finance Document is given by the terms of this letter and the
Finance Parties expressly reserve all their rights and remedies in respect of
any breach of, or other Default under, the Finance Documents.

 

(e)           The provisions of clause 43 (Enforcement) of the Agreement apply to this
letter as though they were set out in full in this letter except that
references to the Agreement are to be construed as references to this letter.

 

6.             Governing law

 

This
letter is governed by English law.

 

2

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

Second Amendment – Execution Version

 

	
  /s/
  Herman Sonck

  	
   

  	
  /s/ Evelyne Petit

  
	
  Herman
  Sonck

  	
   

  	
  Evelyne Petit

  
	
  For

  	
   

  
	
  Fortis Bank SA/NV

  	
   

  
	
  as
  Agent for and on behalf of the other Finance Parties

  	
   

  
				

 

3

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

Second Amendment – Execution Version

 

	
  We
  acknowledge and agree to the terms of this letter.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Ricardo Rittes

  	
   

  
	
  Ricardo Rittes

  	
   

  
	
  For

  	
   

  
	
  InBev
  NV

  	
   

  
	
  for
  itself and as agent for the other Obligors

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
  21
  August 2008

  	
   

  
			

 

4

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

Third Amendment – Execution Version

 

To:          InBev NV, a naamloze
vennootschap/société anonyme, with its registered office at Grote
Markt 1, 1000 Brussels, registered with the Crossroads Bank of Enterprises (Kruispuntbank  voor Ondernemingen/Banque Carrefour des Entreprises) under
number (RPR/RPM) 0417.497.106
(the Company) for itself and as
agent for each of the other Obligors party to the Agreement (as defined below)

 

From:      Fortis Bank SA/NV as Agent for and on behalf of the other Finance
Parties under the Agreement (as defined below)

 

3 September, 2008

 

Dear
Sirs,

 

USD45,000,000,000 senior facilities agreement (the Agreement) dated 12th July, 2008 (as
amended from time to time) between (among others) the Company and Fortis Bank
SA/NV as agent

 

7.             Background

 

(a)           This letter is supplemental to and amends the
Agreement.

 

(b)           Pursuant to clause 39.1 (Required consents) of the Agreement, the
Majority Lenders have consented to the amendments to the Agreement contemplated
by this letter.  Accordingly, we are
authorised to execute this letter on behalf of the Finance Parties.

 

8.             Interpretation

 

(a)           Capitalised terms defined in the Agreement have the same meaning when
used in this letter unless expressly defined in this letter.

 

(b)           The provisions of clause 1.2 (Construction) of the
Agreement apply to this letter as though they were set out in full in this
letter except that references to the Agreement are to be construed as
references to this letter.

 

9.             Amendments

 

(a)           Subject to sub-paragraph (b) below, the Agreement will be amended
from the date of this letter in accordance with sub-paragraph (c) below.

 

(b)           The Agreement will not be amended by this letter
unless the Agent notifies the Company and the Lenders that it has received a
copy of this letter countersigned by the Company. The Agent must give this
notification as soon as reasonably practicable.

 

(c)           The Agreement will be amended as follows:

 

1

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

Third Amendment – Execution Version

 

(i)            the words “Part 2 of” will be added before the
words “Schedule 2 (Conditions Precedent)” in paragraphs (a) and (b) of
Clause 23.16 (Tender Offer and Merger Agreement);

 

(ii)           paragraph 15 of Part 2 of Schedule 2 (Conditions
Precedent) to the Agreement shall be replaced with the following wording:

 

“(a)         A certificate from the agent under the Bridge Facility
confirming that all conditions precedent to first utilisation under the Bridge
Facility Agreement have been satisfied and that a utilisation request has been
delivered under the Bridge Facility Agreement for the full amount of the Bridge
Facility (taking into account any permitted cancellation of the Bridge
Facility) (or such lower amount as is set out in the agreed sources and uses report
referred to in paragraph 16 in Part 1 (Conditions precedent to signing of
this Agreement) of Schedule 2 (Conditions precedent); and, if applicable,
evidence satisfactory to the Agent that the Company has raised Equity in an
amount equal to (when taken together with the amount of any proceeds received
by the Company in cash under any foreign exchange hedging contract entered into
by the Company for the purposes of hedging the foreign exchange rate between
euro and US Dollars in connection with the issuance of such Equity) the amount
of the Bridge Facility cancelled in accordance with the terms of the Bridge
Facility Agreement; or

 

(b)           Evidence satisfactory to the Agent that the Company has raised Equity in
an amount equal to or greater than (when taken together with the amount of any
proceeds received by the Company in cash under any foreign exchange hedging
contract entered into by the Company for the purposes of hedging the foreign
exchange rate between euro and US Dollars in connection with the issuance of
such Equity) the original amount of the Bridge Facility (such that no part of
the Bridge Facility is required to be utilised in order to satisfy the
obligations of a member of the Group under the Tender Offer or a Merger).”

 

(iii)          paragraph 16 of Part 2 of Schedule 2 (Conditions
Precedent) to the Agreement shall be deleted and the subsequent paragraphs
renumbered and all corresponding cross references in the Agreement shall be
amended accordingly.

 

10.          Representations

 

Each
Obligor confirms to each Finance Party that on the date of this letter the
Repeating Representations:

 

(a)           are true; and

 

(b)           would also be true if references to the Agreement were
construed as references to the Agreement as amended by this letter.

 

Each
Repeating Representation is applied to the circumstances existing at the time
the Repeating Representation is made.

 

2

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

Third Amendment – Execution Version

 

11.          Miscellaneous

 

(a)           This letter is designated as a Finance Document.

 

(b)           The Agreement and this letter will be read and
construed as one document.

 

(c)           Except as otherwise provided in this letter, the Finance Documents
remain in full force and effect.

 

(d)           Except to the extent expressly waived in this letter, no waiver of any
provision of any Finance Document is given by the terms of this letter and the
Finance Parties expressly reserve all their rights and remedies in respect of
any breach of, or other Default under, the Finance Documents.

 

(e)           The provisions of clause 43 (Enforcement) of the Agreement apply to this
letter as though they were set out in full in this letter except that
references to the Agreement are to be construed as references to this letter.

 

12.          Governing law

 

This
letter is governed by English law.

 

 

	
  /s/
  Herman Sonck

  	
   

  	
  /s/ Guido Van Den Berghe

  
	
  Herman
  Sonck

  	
   

  	
  Guido Van Den Berghe

  
	
  For

  	
   

  
	
  Fortis Bank SA/NV

  	
   

  
	
  as
  Agent for and on behalf of the other Finance Parties

  	
   

  
				

 

3

 

[****] Indicates that certain information contained herein has been 

omitted and filed separately with the Securities and Exchange
Commission. 

Confidential treatment has been requested with respect to the omitted
portions.

Third Amendment – Execution Version

 

We
acknowledge and agree to the terms of this letter.

 

	
  /s/ Ricardo Rittes

  	
   

  
	
  Ricardo Rittes

  	
   

  
	
  For

  	
   

  
	
  InBev
  NV

  	
   

  
	
  for
  itself and as agent for the other Obligors

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:

  	
  3
  September 2008

  	
   

  
			

 

4Exhibit 10.1

 

Consent of Independent Registered
Public Accounting Firm

 

The Board of Directors of
Anheuser-Busch InBev SA/NV :

 

We consent to the use of our
report dated June 26, 2009, with respect to the consolidated balance
sheets of Anheuser-Busch InBev SA/NV and subsidiaries as of December 31,
2008 and 2007, and the related consolidated statements of income, recognized
income and expenses and cash flows for each of the years in the three-year
period ended December 31, 2008, which report appears in the Registration
Statement on Form 20-F of Anheuser-Busch InBev SA/NV. We also consent to
the reference to our firm under the heading “Experts” in such Registration
Statement.

 

 

KPMG Bedrijfsrevisoren –
Réviseurs d’Entreprises

Statutory auditor

represented by

 

	
  /s/ Jos Briers

  	
   

  
	
  Jos Briers

  	
   

  
	
  Réviseur
  d’Entreprises/Bedrijfsrevisor

  	
   

  

 

Brussels, BELGIUM

September 11, 2009

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