Document:

Form of 2005 Credit Facility Agreement

    
      

    

     

    US$325,000,000
      (or equivalent)

     

     

    MULTICURRENCY
      REVOLVING CREDIT FACILITY AGREEMENT

     

    dated
        
      2005

     

    for

     

    ENERGIZER
      ASIA INVESTMENTS PTE. LTD.

    ENERGIZER
      SINGAPORE PTE. LTD.

    SONCA
      PRODUCTS LTD.

    and

    SCHICK
      ASIA LIMITED

    

     

    arranged
      by

    CITIGROUP
      GLOBAL MARKETS SINGAPORE PTE. LTD.

     

    and

     

    STANDARD
      CHARTERED BANK

     

    with

     

    CITICORP
      INVESTMENT BANK (SINGAPORE) LIMITED

    acting
      as
      Agent

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    

       

      CONTENTS

      CLAUSE                                                                         

       

      SECTION
        1

      INTERPRETATION

      
        	
                1.

              	
                Definitions
                  and interpretation

              	 

      

      SECTION
        2

      THE
        FACILITy

      
        	
                2.

              	
                The
                  Facility

              	 

      

      
        	
                3.

              	
                Purpose

              	 

      

      
        	
                4.

              	
                Conditions
                  of Utilisation

              	 

      

      SECTION
        3

      UTILISATION

      
        	
                5.

              	
                Utilisation

              	 

      

      SECTION
        4

      REPAYMENT,
        PREPAYMENT AND
        CANCELLATION

      
        	
                6.

              	
                Repayment

              	 

      

      
        	
                7.

              	
                Prepayment
                  and cancellation

              	 

      

      SECTION
        5

      COSTS
        OF UTILISATION

      
        	
                8.

              	
                Interest

              	 

      

      
        	
                9.

              	
                Interest
                  Periods

              	 

      

      
        	
                10.

              	
                Changes
                  to the calculation of interest

              	 

      

      
        	
                11.

              	
                Fees

              	 

      

      SECTION
        6

      ADDITIONAL
        PAYMENT OBLIGATIONS

      
        	
                12.

              	
                Tax
                  gross up and indemnities

              	 

      

      
        	
                13.

              	
                Increased
                  costs

              	 

      

      
        	
                14.

              	
                Other
                  indemnities

              	 

      

      
        	
                15.

              	
                Mitigation
                  by the Lenders

              	 

      

      
        	
                16.

              	
                Costs
                  and expenses

              	 

      

      SECTION
        7

      GUARANTEE

      
        	
                17.

              	
                Guarantee
                  and indemnity

              	 

      

      SECTION
        8

      REPRESENTATIONS,
        UNDERTAKINGS AND EVENTS OF
        DEFAULT

      
        	
                18.

              	
                Representations

              	 

      

      
        	
                19.

              	
                Information
                  undertakings

              	 

      

      
        	
                20.

              	
                Financial
                  covenants

              	 

      

      
        	
                21.

              	
                General
                  undertakings

              	 

      

      
        	
                22.

              	
                Negative
                  Undertakings

              	 

      

      
        	
                23.

              	
                Events
                  of Default

              	 

      

      SECTION
        9

      CHANGES
        TO PARTIES

      
        	
                24.

              	
                Changes
                  to the Lenders

              	 

      

      
        	
                25.

              	
                Changes
                  to the Obligors

              	 

      

      SECTION
        10

      THE
        FINANCE PARTIES

      
        	
                26.

              	
                Role
                  of the Agent and the Arranger

              	 

      

      
        	
                27.

              	
                Conduct
                  of business by the Finance Parties

              	 

      

      
        	
                28.

              	
                Sharing
                  among the Finance Parties

              	 

      

      SECTION
        11

      ADMINISTRATION

      
        	
                29.

              	
                Payment
                  mechanics

              	 

      

      
        	
                30.

              	
                Set-off

              	 

      

      
        	
                31.

              	
                Disclosure
                  of information

              	 

      

      
        	
                32.

              	
                Notices

              	 

      

      
        	
                33.

              	
                Calculations
                  and certificates

              	 

      

      
        	
                34.

              	
                Partial
                  invalidity

              	 

      

      
        	
                35.

              	
                Remedies
                  and waivers

              	 

      

      
        	
                36.

              	
                Amendments
                  and waivers

              	 

      

      
        	
                37.

              	
                Counterparts

              	 

      

      SECTION
        12

      GOVERNING
        LAW AND ENFORCEMENT

      
        	
                38.

              	
                Governing
                  law

              	 

      

      
        	
                39.

              	
                Enforcement

              	 

      

       

      THE
        SCHEDULES

      SCHEDULE                                                                                             PAGE

       

      
        	
              	 

                SCHEDULE
                  1 The Original Lenders

              

      

      
        	
                 

              	 

                SCHEDULE
                  2 Conditions precedent

              

      

      
        	
              	 

                SCHEDULE
                  3 Utilisation Request

              

      

      
        	
              	 

                SCHEDULE
                  4 Form of Transfer Certificate

              

      

      
        	
              	 

                SCHEDULE
                  5 Form of Compliance Certificate

              

      

      
        	
              	 

                SCHEDULE
                  6 Existing Security, Contingent Obligations and
                  Investments

              

      

      
        	
                 

              	 

                SCHEDULE
                  7 Timetables

              

      

      
        	
                 

              	 

                SCHEDULE
                  8 Litigation

              

      

      
        	
                 

              	 

                SCHEDULE
                  9 Subsidiaries

              

      

      
        	
                 

              	 

                SCHEDULE
                  10 Standing Payment Instructions

              

      

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

     

    

      THIS
        AGREEMENT is dated 2005 and made between:

       

       

      
        	(1)  	
                ENERGIZER
                  ASIA INVESTMENTS PTE. LTD.,
                  a
                  company incorporated in Singapore under registration number 200302032C,
                  ENERGIZER
                  SINGAPORE PTE. LTD.,
                  a
                  company incorporated in Singapore under registration number 194600106W,
                  SONCA
                  PRODUCTS LTD.,
                  a
                  company incorporated in Hong Kong under registration number 167972
                  and
                  SCHICK
                  ASIA LIMITED,
                  a
                  company incorporated in Hong Kong under registration number 629014
                  as
                  borrowers (together the "Borrowers"
                  and each a "Borrower");

              

      

       

       

      
        	(2)  	
                ENERGIZER
                  HOLDINGS, INC.,
                  a
                  company incorporated in Missouri with charter number 00474545 as
                  guarantor
                  (the "Guarantor");

              

      

       

       

      
        	(3)  	
                CITIGROUP
                  GLOBAL MARKETS SINGAPORE PTE. LTD.
                  and STANDARD
                  CHARTERED BANK
                  (whether acting individually or together the "Arranger");

              

      

       

       

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

              

      

       

       

      
        	(5)  	
                CITICORP
                  INVESTMENT BANK (SINGAPORE) LIMITED
                  as
                  agent of the other Finance Parties (the "Agent").

              

      

       

      

       

      IT
        IS
        AGREED as follows:

       

      SECTION
        1

      INTERPRETATION

       

       

      
        	1.  	
                DEFINITIONS
                  AND INTERPRETATION

              

      

       

      
        	1.1  	
                Definitions

              

      

      In
        this
        Agreement:

       

      "Acquisition"
        means
        any transaction, or any series of related transactions, consummated on or
        after
        the date of this Agreement, by which the Guarantor or any of its
        Subsidiaries:

       

      
        	(i)  	
                acquires
                  any business as a going concern or all or substantially all of
                  the assets
                  of any firm, corporation or division thereof, whether through purchase
                  of
                  assets, merger or otherwise; or

              

      

       

      
        	(ii)  	
                directly
                  or indirectly acquires (whether in one transaction or as or after
                  the most
                  recent transaction in a series of transactions) at least a majority
                  (in
                  number of votes) of the shares and/or securities of a corporation
                  which
                  have ordinary voting power for the election of directors or similar
                  body
                  (other than securities having such power only by reason of the
                  happening
                  of a contingency which contingency has not occurred) or a majority
                  (by
                  percentage of voting power) of the outstanding equity interests
                  of another
                  person.

              

      

       

      "Affiliate"
        means,
        in relation to any person, a Subsidiary of that person or a Holding Company
        of
        that person or any other Subsidiary of any Holding Company of that person
        or any
        other person directly or indirectly controlling, controlled by or under control
        with such first-mentioned person.

       

      "Agent's
        Spot Rate of Exchange"
        means
        the spot rate of exchange for the purchase of the relevant currency with
        US
        Dollars in the Singapore foreign exchange market at or about 11:00 a.m. on
        a
        particular day displayed on page "ASAP" of the Reuters screen (or, (i) if
        more
        than one such rate is so displayed, the average of such rates; or (ii) if
        such
        rate is not so displayed or such page or screen ceases to be available, as
        determined by the Agent, acting reasonably).

       

      "Agreement
        Accounting Principles"
        means
        generally accepted accounting principles as in effect in the United States
        from
        time to time or, in the case of the calculation of financial ratios and other
        financial tests required by this Agreement, except as provided in Clause
        19.3
        (Requirements
        as to financial statements),
        as of
        the date of this Agreement, in all cases, applied in a manner consistent
        with
        that used in preparing the Original Financial Statements.

       

      "Approved
        Fund"
        means
        any person (other than a natural person) that is (or will be) engaged in
        making,
        purchasing, holding or otherwise investing in commercial loans and similar
        extensions of credit in the ordinary course of its business and that is
        administered or managed by (a) a Lender, (b) an Affiliate of a Lender, or
        (c) an
        entity or an Affiliate of an entity that administers or manages a
        Lender.

       

      "Authorisation"
        means:

       

      
        	(a)  	
                an
                  authorisation, consent, approval, resolution, licence, exemption,
                  filing,
                  notarisation, lodgement or registration;
                  and/or

              

      

       

      
        	(b)  	
                in
                  relation to anything which will be fully or partly prohibited by
                  law or
                  regulation if a Governmental Agency intervenes or acts in any way
                  within a
                  specified period after lodgement, filing, registration or notification,
                  the expiry of that period without intervention or
                  action.

              

      

       

      "Availability
        Period"
        means
        the period from and including the date of this Agreement to and including
        the
        date which is one Month prior to the Termination Date.

       

      "Available
        Commitment"
        means,
        in relation to a Lender and save as otherwise provided in this Agreement,
        the
        Lender's Commitment minus:

       

      
        	(a)  	
                the
                  amount of its participation in any and all outstanding Loans that
                  have
                  been made; and

              

      

       

      
        	(b)  	
                in
                  relation to any proposed Utilisation, the amount of its participation
                  in
                  any Loans (other than the Loan the subject of such proposed Utilisation)
                  that are due to be made on or before the proposed Utilisation
                  Date,

              

      

       

      other
        than (in relation to any proposed Utilisation) that Lender's participation
        in
        any Loans that are due to be repaid or prepaid on or before the proposed
        Utilisation Date. The Available Commitment of a Lender at any time shall
        be
        calculated in US$, and in making such calculations any amount (including
        without
        limitation the amount of any S$ Loan or any part thereof) that is denominated
        in
        S$ shall be converted into US$ at the Agent's Spot Rate of Exchange as at
        such
        time.

       

      "Available
        Facility"
        means
        the aggregate for the time being of each Lender's Available
        Commitment.

       

      "Benefit
        Plan"
        means a
        defined benefit plan as defined in Section 3(35) of ERISA (other than a
        Multiemployer Plan or Foreign Pension Plan) in respect of which an Obligor
        or an
        ERISA Affiliate is, or within the immediately preceding six (6) years was,
        an
        "employer" as defined in Section 3(5) of ERISA.

       

      "Board
        of Governors"
        means
        the Board of Governors of the Federal Reserve System of the US (or any
        successor).

       

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

       

      
        	(a)  	
                the
                  interest which a Lender should have received for the period from
                  the date
                  of receipt or recovery of all or any part of its participation
                  in a Loan
                  or an Unpaid Sum to the last day of the current Interest Period
                  in respect
                  of that Loan or Unpaid Sum, had the principal amount of that Loan
                  or
                  Unpaid Sum received or recovered 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 of that Loan or Unpaid Sum so received
                  or
                  recovered by it on deposit with a leading bank in the Relevant
                  Interbank
                  Market for a period starting on the Business Day following such
                  receipt or
                  recovery and ending on the last day of that current Interest
                  Period.

              

      

       

      "Business
        Day"
        means a
        day (other than a Saturday or Sunday) on which banks are open for general
        business in Singapore and Hong Kong and, in relation to any date for payment
        or
        purchase of US Dollars, New York City.

       

      "Capital
        Stock"
        means:

       

      
        	(i)  	
                in
                  the case of a corporation, shares or capital
                  stock;

              

      

       

      
        	(ii)  	
                in
                  the case of an association or business entity, any and all shares,
                  interests, participations, rights or other equivalents (however
                  designated) of corporate stock;

              

      

       

      
        	(iii)  	
                in
                  the case of a partnership, partnership interests (whether general
                  or
                  limited); and

              

      

       

      
        	(iv)  	
                any
                  other interest or participation that confers on a person the right
                  to
                  receive a share of the profits and losses of, or distributions
                  of assets
                  of, the person issuing such interest or
                  participation.

              

      

       

      "Capitalised
        Lease"
        of a
        person means any lease of an asset by such person as lessee which would be
        capitalised on a balance sheet of such person prepared in accordance with
        Agreement Accounting Principles.

       

      "Capitalised
        Lease Obligations"
        of a
        person means the amount of the obligations of such person under Capitalised
        Leases which would be capitalised on a balance sheet of such person prepared
        in
        accordance with Agreement Accounting Principles.

       

      "Cash
        Equivalents"
        means:

       

      
        	(a)  	
                marketable
                  direct obligations issued or unconditionally guaranteed by the
                  United
                  States government and backed by the full faith and credit of the
                  United
                  States government;

              

      

       

      
        	(b)  	
                domestic
                  and Eurodollar certificates of deposit and time deposits, bankers'
                  acceptances and floating rate certificates of deposit issued by
                  any
                  commercial bank organised under the laws of the United States,
                  any state
                  thereof, the District of Columbia, any foreign bank, or its branches
                  (fully protected against currency fluctuations for any such deposits
                  with
                  a term of more than ninety (90)
                  days);

              

      

       

      
        	(c)  	
                shares
                  of money market, mutual or similar funds having assets in excess
                  of
                  US$100,000,000 and at least 95% of the investments of which are
                  limited to
                  investment grade securities (being securities rated at least Baa
                  by
                  Moody's Investors Service, Inc. or at least BBB by Standard & Poor's
                  Ratings Group); and

              

      

       

      
        	(d)  	
                commercial
                  paper of United States and foreign banks and bank holding companies
                  and
                  their Subsidiaries and United States and foreign finance, commercial
                  industrial or utility companies which, at the time of acquisition
                  by any
                  member of the Group, are rated A-1 (or better) by Standard & Poor's
                  Ratings Group or P-1 (or better) by Moody's Investors Service,
                  Inc.;

              

      

       

      provided
        that the maturities of such Cash Equivalents described in the foregoing
        paragraphs (a), (b), (c) and (d) shall not exceed 365 days;

       

      
        	(e)  	
                repurchase
                  obligations of any commercial bank organised under the laws of
                  the United
                  States, any state thereof, the District of Columbia, any foreign
                  bank, or
                  its branches having a term not more than thirty (30) days, with
                  respect to
                  securities issued or fully guaranteed or insured by the United
                  States
                  government;

              

      

       

      
        	(f)  	
                securities
                  with maturities of one year or less (from the date of acquisition
                  by any
                  member of the Group) issued or fully guaranteed by any state,
                  commonwealth, territory, political subdivision, taxing authority
                  or by any
                  foreign government, the securities of which state, commonwealth,
                  territory, political subdivision, taxing authority or foreign government
                  (as the case may be) are rated at least BBB by Standard & Poor's
                  Ratings Group or at least Baa by Moody's Investors Service,
                  Inc.;

              

      

       

      
        	(g)  	
                securities
                  with maturities of one year or less (from the date of acquisition
                  by any
                  member of the Group) backed by standby letters of credit issued
                  by any
                  commercial bank organised under the laws of the United States,
                  any state
                  thereof or the District of Columbia (which commercial bank shall
                  have a
                  short-term debt rating of A-1 (or better) by Standard & Poor's Ratings
                  Group or P-1 by Moody's Investors Service, Inc.), or by any foreign
                  bank
                  (which foreign bank shall have a rating of B or better from Thomson
                  BankWatch Global Issuer Rating or, if not rated by Thomson BankWatch
                  Global Issuer Rating, which foreign bank shall be an institution
                  acceptable to the Agent), or its branches;
                  or

              

      

       

      
        	(h)  	
                shares
                  of money market mutual or similar funds at least 95% of the assets
                  of
                  which are invested in the types of investments satisfying the requirements
                  of paragraphs (a) to (g) of this
                  definition.

              

      

       

      "Change
        of Control"
        means
        an event or series of events by which:

       

      
        	(a)  	
                any
                  "person" or "group" (within the meaning of Sections 13(d) and 14(d)(2)
                  of
                  the US Securities Exchange Act of 1934) becomes the "beneficial
                  owner" (as
                  defined in Rule 13d-3 under the Securities Exchange Act of 1934),
                  directly
                  or indirectly, of thirty percent (30%) or more of the voting power
                  of the
                  then outstanding Capital Stock of the Guarantor that is entitled
                  to vote
                  generally in the election of the directors of the
                  Guarantor;

              

      

       

      
        	(b)  	
                during
                  any period of 12 consecutive calendar months, the board of directors
                  of
                  the Guarantor shall cease to have as a majority of its members
                  individuals
                  who either:

              

      

       

      
        	(i)  	
                were
                  directors of the Guarantor on the first day of such period;
                  or

              

      

       

      
        	(ii)  	
                were
                  elected or nominated for election to the board of directors of
                  the
                  Guarantor at the recommendation of or other approval by at least
                  majority
                  of the directors of the Guarantor then still in office at the time
                  of such
                  election or nomination who were directors of the Guarantor on the
                  first
                  day of such period, or whose election or nomination for election
                  was so
                  approved; or

              

      

       

      
        	(c)  	
                The
                  Guarantor consolidates with or merges into another corporation
                  or conveys,
                  transfers or leases all or substantially all of its property to
                  any
                  person, or any corporation consolidates with or merges into the
                  Guarantor,
                  in either event pursuant to a transaction in which the outstanding
                  Capital
                  Stock of the Guarantor is reclassified or changed into or exchanged
                  for
                  cash, securities or other property.

              

      

       

      "Commitment"
        means:

       

      
        	(a)  	
                in
                  relation to an Original Lender, the amount in US Dollars set opposite
                  its
                  name under the heading "Commitment" in Schedule 1 (The
                  Original Lenders)
                  and the amount of any other Commitment transferred to it under
                  this
                  Agreement; or

              

      

       

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

              

      

       

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

       

      "Companies
        Act"
        means
        the Companies Act (Chapter 50) of the Republic of Singapore.

       

      “Companies
        Ordinance”
        means
        the Companies Ordinance (Chapter 32) of the Laws of Hong Kong.

       

      "Compliance
        Certificate"
        means a
        certificate substantially in the form set out in Schedule 5 (Form
        of Compliance Certificate).

       

      "Consolidated
        Assets"
        means
        the total assets of the Guarantor and its Subsidiaries on a consolidated
        basis.

       

      "Consolidated
        Domestic Assets"
        means
        (without double counting) the total assets of the Guarantor and each of its
        consolidated Subsidiaries that is incorporated under the laws of any
        jurisdiction in the United States (other than SPVs).

       

      "Consolidated
        Net Worth"
        means,
        as of any date, all amounts (without double counting) which would be included
        under shareholders' equity (including capital stock, additional paid-in capital
        and retained earnings) on the consolidated balance sheet of the Guarantor
        and
        its consolidated Subsidiaries determined in accordance with Agreement Accounting
        Principles.

       

      "Consolidated
        Total Capitalisation"
        means,
        as of any date, the sum of (without double counting) (i) Indebtedness of
        the
        Guarantor and its consolidated Subsidiaries and (ii) Consolidated Net Worth,
        all
        determined in accordance with Agreement Accounting Principles.

       

      "Contingent
        Obligation",
        as
        applied to any person, means any Contractual Obligation, contingent or
        otherwise, of that person with respect to any Indebtedness or other obligation
        or liability of another person, including, without limitation, any such
        Indebtedness, obligation or liability of another person directly or indirectly
        guaranteed, endorsed (otherwise than for collection or deposit in the ordinary
        course of business), co-made or discounted or sold with recourse by that
        first-mentioned person, or in respect of which that first-mentioned person
        is
        otherwise directly or indirectly liable, including Contractual Obligations
        (contingent or otherwise) arising through any agreement to purchase, repurchase,
        or otherwise acquire such Indebtedness, obligation or liability or any security
        therefor, or to provide funds for the payment or discharge thereof (whether
        in
        the form of loans, advances, stock purchases, capital contributions or
        otherwise), or to maintain solvency, assets, level of income, or other financial
        condition, or to make payment other than for value received. The amount of
        any
        Contingent Obligation of any person in respect of any Indebtedness, obligation
        or liability of another person shall be equal to the present value of the
        portion of such Indebtedness, obligation or liability so guaranteed or otherwise
        supported (in the case of known recurring obligations) and the maximum
        reasonably anticipated liability in respect of the portion of such Indebtedness,
        obligation or liability so guaranteed or otherwise supported assuming such
        first-mentioned person is required to perform thereunder (in all other
        cases).

       

      "Contractual
        Obligation",
        as
        applied to any person, means any obligation or liability in respect of any
        provision of any equity or debt securities issued by that person or any
        indenture, mortgage, deed of trust, security agreement, pledge agreement,
        guarantee, contract, undertaking, agreement or instrument, in any case in
        writing, to which that person is a party or by which it or any of its assets
        is
        bound, or to which it or any of its assets is subject. Without in any way
        limiting the foregoing, as used with respect to any member of the Group,
        Contractual Obligations shall include, without limitation, the Financing
        Facilities and any instruments, documents or agreements executed or delivered
        in
        connection therewith by which any member of the Group is bound.

       

      "Customary
        Permitted Liens"
        means:

       

      
        	(a)  	
                Liens
                  (other than Environmental Security and Liens in favour of the IRS
                  or the
                  PBGC or any Plan) with respect to the payment of Taxes, assessments
                  or
                  governmental charges in all cases which are not yet due or (if
                  foreclosure, distraint, sale or other similar proceedings shall
                  not have
                  been commenced or each such proceeding after being commenced is
                  stayed)
                  which are being contested in good faith by appropriate proceedings
                  properly instituted and diligently conducted and with respect to
                  which
                  adequate reserves or other appropriate provisions are being maintained
                  as
                  may be required in accordance with Agreement Accounting
                  Principles;

              

      

       

      
        	(b)  	
                statutory
                  Liens of landlords and Liens of suppliers, mechanics, carriers,
                  materialmen, warehousemen or workmen and other similar Liens imposed
                  by
                  law created in the ordinary course of business for amounts not
                  yet due or
                  which are being contested in good faith by appropriate proceedings
                  properly instituted and diligently conducted and with respect to
                  which
                  adequate reserves or other appropriate provisions are being maintained
                  as
                  may be required in accordance with Agreement Accounting
                  Principles;

              

      

       

      
        	(c)  	
                Liens
                  (other than Environmental Security and Liens in favour of the IRS
                  or the
                  PBGC or any Plan) incurred or deposits made in the ordinary course
                  of
                  business in connection with workers' compensation, unemployment
                  insurance
                  or other types of social security benefits or to secure the performance
                  of
                  bids, tenders, sales, contracts (other than for the repayment of
                  Indebtedness), surety, appeal and performance bonds; provided that
                  (A) all
                  such Liens do not in the aggregate materially detract from the
                  value of
                  each member of the Group's assets taken as a whole or materially
                  impair
                  the use thereof in the operation of each member of the Group's
                  businesses
                  taken as a whole, and (B) all Liens securing bonds to stay judgments
                  or in
                  connection with appeals do not secure at any time an aggregate
                  amount
                  exceeding US$30,000,000 or the equivalent in any other currency
                  or
                  currencies (such aggregate being the aggregate for all members
                  of the
                  Group)

              

      

       

      
        	(d)  	
                Liens
                  arising with respect to zoning restrictions, easements, licences,
                  reservations, covenants, rights-of-way, utility easements, building
                  restrictions and other similar charges or encumbrances on the use
                  of real
                  property which do not in any case materially detract from the value
                  of the
                  property subject thereto or interfere with the ordinary conduct
                  of the
                  business of each member of the
                  Group;

              

      

       

      
        	(e)  	
                Liens
                  of attachment or judgment with respect to judgments, writs, warrants
                  of
                  attachment, or similar process against any member of the Group
                  which do
                  not and would not constitute an Event of Default under Clause 23.10
                  (Judgments,
                  creditors' process);

              

      

       

      
        	(f)  	
                any
                  interest or title of the lessor in the property subject to any
                  operating
                  lease (but not any finance lease or Capitalised Lease) entered
                  into by any
                  member of the Group in the ordinary course of business;
                  and

              

      

       

      
        	(g)  	
                Liens
                  of commercial depository institutions arising in the ordinary course
                  of
                  business constituting a statutory or common law right of setoff
                  against
                  amounts on deposit with any such
                  institution.

              

      

       

      "Default"
        means
        an Event of Default or any event or circumstance specified in Clause 23
        (Events
        of Default)
        which
        would (with the expiry of a grace period, the giving of notice, the making
        of
        any determination under any Finance Document or any combination of any of
        the
        foregoing) be an Event of Default.

       

      "Disqualified
        Stock"
        means
        any preferred stock and any Capital Stock that, by its terms (or by the terms
        of
        any security into which it is convertible or for which it is exchangeable),
        or
        upon the happening of any event, matures or is mandatorily redeemable, whether
        pursuant to a sinking fund obligation or otherwise, or redeemable at the
        option
        of the holder thereof, in whole or in part, on or prior to the date that
        is 91
        days after the Termination Date.

       

      "DOL"
        means
        the United States Department of Labour and any person succeeding to the
        functions thereof.

       

      "EBIT"
        has the
        meaning given hereto in Clause 20 (Financial
        covenants).

       

      "EBITDA"
        has the
        meaning given hereto in Clause 20 (Financial
        covenants).

       

      "Energizer
        Asia"
        means
        Energizer Asia Investments Pte. Ltd., a company incorporated in Singapore
        under
        registration number 200302032C.

       

      "Energizer
        Singapore"
        means
        Energizer Singapore Pte. Ltd., a company incorporated in Singapore under
        registration number 194600106W.

       

      "Environment"
        means
        living organisms including the ecological systems of which they form part
        and
        the following media:

       

      
        	(a)  	
                air
                  (including air within natural or man-made structures, whether above
                  or
                  below ground);

              

      

       

      
        	(b)  	
                water
                  (including territorial, coastal and inland waters, water under
                  or within
                  land and water in drains and sewers);
                  and

              

      

       

      
        	(c)  	
                land
                  (including land under water).

              

      

       

      "Environmental
        Law"
        means
        all laws and regulations of any applicable jurisdiction which:

       

      
        	(a)  	
                have
                  as a purpose or effect the protection of, and/or prevention of
                  harm or
                  damage to, the Environment;

              

      

       

      
        	(b)  	
                provide
                  remedies or compensation for harm or damage to the Environment;
                  or

              

      

       

      
        	(c)  	
                relate
                  to Hazardous Substances or health and safety
                  matters.

              

      

       

      "Environmental
        Licence"
        means
        any Authorisation required at any time under Environmental Law.

       

      "Environmental
        Security"
        means a
        security in favour of any Governmental Agency for (a) any liability under
        Environmental Law, or (b) damages arising from, or costs incurred by such
        Governmental Agency in response to, an actual or threatened release, escape,
        discharge, migration or leaching of a Hazardous Substance into the
        Environment.

       

      "Equity
        Interests"
        means
        Capital Stock and all warrants, options or other rights to acquire Capital
        Stock
        (but excluding any debt security that is convertible into, or exchangeable
        for,
        Capital Stock).

       

      "ERISA"
        means
        the US Employee Retirement Income Security Act of 1974, as amended from time
        to
        time, including (unless the context otherwise requires) any rules or regulations
        promulgated thereunder.

       

      "ERISA
        Affiliate"
        means
        each person (as defined in Section 3(9) of ERISA) that is a member of a
        controlled group of, or under common control with, any Obligor, within the
        meaning of Section 414(b), (c), (m) or (o) of the Internal Revenue
        Code.

       

      "ERISA
        Event"
        means:

       

      
        	(a)  	
                any
                  reportable event as defined in Section 4043 of ERISA and the regulations
                  issued under such section, with respect to any Benefit Plan, excluding
                  however, such events as to which the PBGC by regulation waived
                  the
                  requirement of Section 4043(a) of ERISA that it be notified within
                  30 days
                  after such event occurs;

              

      

       

      
        	(b)  	
                the
                  withdrawal of the Guarantor or any ERISA Affiliate from a Benefit
                  Plan
                  during a plan year in which the Guarantor or such ERISA Affiliate
                  was a
                  "substantial employer" as defined in Section 4001(a)(2) of ERISA
                  with
                  respect to such plan;

              

      

       

      
        	(c)  	
                the
                  imposition of an obligation under Section 4041 of ERISA to provide
                  affected parties written notice of intent to terminate a Benefit
                  Plan in a
                  distress termination described in Section 4041(c) of ERISA;
                  

              

      

       

      
        	(d)  	
                the
                  institution by the PBGC or any foreign Governmental Agency of proceedings
                  to terminate or appoint a trustee to administer a Benefit Plan
                  or Foreign
                  Pension Plan; 

              

      

       

      
        	(e)  	
                any
                  event or condition which might constitute grounds under Section
                  4042 of
                  ERISA for the termination of, or the appointment of a trustee to
                  administer, any Benefit Plan; or

              

      

       

      
        	(f)  	
                the
                  partial or complete withdrawal of the Guarantor or any ERISA Affiliate
                  from a Multiemployer Plan.

              

      

       

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

       

      "Existing
        Facility"
        means
        (i) a term loan facility in US Dollars in an aggregate amount of up to
        US$125,000,000 and (ii) a revolving loan facility in Singapore Dollars in
        an
        aggregate amount of up to S$220,000,000 under a facility agreement entered
        into
        between, among others, Energizer Asia as borrower, Citigroup Global Markets
        Singapore Merchant Bank Ltd and Standard Chartered Bank as co-ordinating
        arrangers and Citicorp Investment Bank (Singapore) Limited as agent dated
        25
        July 2003.

       

      "Facility"
        means
        the revolving loan facility made or to be made available under this Agreement
        as
        described in Clause 2 (The
        Facility).

       

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

       

      "Fee
        Letter"
        means
        any letter or letters dated on or about the date of this Agreement between
        the
        Arranger and the Borrowers (or the Agent and the Borrowers) setting out any
        of
        the fees referred to in Clause 11 (Fees).

       

      "Finance
        Documents"
        means
        this Agreement, any Hedging Document, any Fee Letter, any Transfer Certificate
        and any other document designated as such by the Agent and the Borrower (each
        a
        "Finance
        Document").

       

      "Finance
        Party"
        means
        the Agent, the Arranger or a Lender.

       

      "Financial
        Indebtedness"
        of any
        person means any indebtedness, without double counting, for or in respect
        of:

       

      
        	(a)  	
                moneys
                  borrowed;

              

      

       

      
        	(b)  	
                any
                  amount raised under any acceptance credit, bill acceptance or bill
                  endorsement 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)  	
                the
                  amount of any liability in respect of any lease or hire purchase
                  contract
                  which would, in accordance with Agreement Accounting Principles,
                  be
                  treated as a finance or capital
                  lease;

              

      

       

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

              

      

       

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

              

      

       

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

              

      

       

      
        	(h)  	
                shares
                  which are expressed to be
                  redeemable;

              

      

       

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

              

      

       

      
        	(j)  	
                any
                  Disqualified Stock (and the amount of Financial Indebtedness relating
                  to
                  Disqualified Stock shall be the aggregate amount of the liquidation
                  preference of such Disqualified Stock);
                  and/or

              

      

       

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

              

      

       

      "Financing
        Facilities"
        means
        the US Facility, the Receivables Purchase Facility, the Senior Notes and
        this
        Agreement. 

       

      "Foreign
        Employee Benefit Plan"
        means
        any employee benefit plan as defined in Section 3(3) of ERISA which is
        maintained or contributed to for the benefit of the employees of any member
        of
        the Group, but which is not covered by ERISA pursuant to Section 4(b)(4)
        of
        ERISA.

       

      "Foreign
        Pension Plan"
        means
        any employee pension benefit plan (as defined in Section 3(2) of ERISA)
        which:

       

      
        	(a)  	
                is
                  maintained or contributed to for the benefit of employees of any
                  member of
                  the Group;

              

      

       

      
        	(b)  	
                is
                  not covered by ERISA pursuant to Section 4(b)(4) thereof;
                  and

              

      

       

      
        	(c)  	
                under
                  applicable local law, is required to be funded through a trust
                  or other
                  funding vehicle.

              

      

       

      "Governmental
        Agency"
        means
        any government or any governmental agency, semi-governmental or judicial
        entity
        or authority (including, without limitation, any stock exchange or any
        self-regulatory organisation established under any law or
        regulation).

       

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

       

      "Hazardous
        Substance"
        means
        any waste, pollutant, contaminant or other substance (including any liquid,
        solid, gas, ion, living organism or noise) that may be harmful to human health
        or other life or the Environment or a nuisance to any person or that may
        make
        the use or ownership of any affected land or property more costly.

       

      "Hedging
        Arrangements"
        means
        any commodity, currency or interest purchase, cap or collar agreement, forward
        rate agreements, commodity, interest rate or currency future or option contract,
        foreign exchange or currency purchase or sale agreement, interest rate swap,
        currency swap or combined interest rate and currency swap agreement and any
        other similar agreement.

       

      "Hedging
        Bank"
        means,
        at any time, a Lender or an Affiliate of a Lender party to any Hedging Document
        at that time.

       

      "Hedging
        Documents"
        means
        any Hedging Arrangements entered into by a Borrower in order to hedge such
        Borrower's exposure to fluctuations in interest and/or exchange rates arising
        in
        connection with Loans borrowed by it under this Agreement.

       

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

       

      "Increased
        Costs"
        has the
        meaning given to it in Clause 13.1 (Increased
        Costs).

       

      "Indebtedness"
        of any
        person means, without duplication, such person's:

       

      
        	(a)  	
                obligations
                  for borrowed money;

              

      

       

      
        	(b)  	
                obligations
                  representing the deferred purchase price of property or services
                  (other
                  than accounts payable arising in the ordinary course of such person's
                  business payable on terms customary in the trade), which purchase
                  price is
                  due more than six months from the date of incurrence of the obligation
                  in
                  respect thereof;

              

      

       

      
        	(c)  	
                obligations,
                  whether or not assumed, secured by Liens or payable out of the
                  proceeds or
                  production from assets now or hereafter owned or acquired by such
                  person;

              

      

       

      
        	(d)  	
                obligations
                  which are evidenced by notes, acceptances or other
                  instruments;

              

      

       

      
        	(e)  	
                Capitalised
                  Lease Obligations;

              

      

       

      
        	(f)  	
                Contingent
                  Obligations in respect of
                  Indebtedness;

              

      

       

      
        	(g)  	
                obligations
                  with respect to letters of credit;

              

      

       

      
        	(h)  	
                Off-Balance
                  Sheet Liabilities;

              

      

       

      
        	(i)  	
                Receivables
                  Facility Attributed Indebtedness;
                  and/or

              

      

       

      
        	(j)  	
                Disqualified
                  Stock (and the amount of Indebtedness relating to Disqualified
                  Stock shall
                  be the aggregate amount of the liquidation preference of such Disqualified
                  Stock).

              

      

       

      The
        amount of Indebtedness of any person at any date shall be without
        duplication:

       

      
        	(i)  	
                the
                  outstanding balance at such date of all unconditional and/or
                  contingent obligations
                  as described above and the maximum liability of any Contingent
                  Obligations
                  in respect of any of the above at such date;
                  and

              

      

       

      
        	(ii)  	
                in
                  the case of Indebtedness of any other person secured by a Lien
                  to which
                  the property or assets owned or held by such first-mentioned person
                  is
                  subject, the lesser of (1) the aggregate fair market value at such
                  date of
                  the assets subject to such Lien securing the Indebtedness of any
                  other
                  person and (2) the amount of the Indebtedness so
                  secured.

              

      

       

      "Indirect
        Tax"
        means
        any goods and services tax, consumption tax, value added tax or any Tax of
        a
        similar nature.

       

      "Information
        Memorandum"
        means
        the document dated 11 July 2005 (and any update thereof) in the form approved
        by
        the Guarantor and each of the Borrowers concerning the Group and the Borrowers
        which, at the Borrowers' request and on their behalf, was prepared in relation
        to this transaction and distributed by the Arranger to selected financial
        institutions before the date of this Agreement.

       

      "Internal
        Revenue Code"
        means
        the United States Internal Revenue Code of 1986, as amended and the regulations
        promulgated and any rulings issued thereunder.

       

      "Interest
        Expense"
        has the
        meaning given to it in Clause 20 (Financial
        covenants).

       

      "Interest
        Expense Coverage Ratio"
        has the
        meaning given to it in Clause 20 (Financial
        covenants).

       

      "Interest
        Period"
        means:

       

      
        	(a)  	
                in
                  relation to a Loan, any period determined in accordance with Clause
                  9
                  (Interest
                  Periods);
                  and/or

              

      

       

      
        	(b)  	
                in
                  relation to an Unpaid Sum, any period determined in accordance
                  with Clause
                  8.3 (Default
                  interest).

              

      

       

      "Inventory"
        shall
        mean any and all goods, including, without limitation, goods in transit,
        wheresoever located, whether now owned or hereafter acquired by the Guarantor
        or
        any of its Subsidiaries, which are held for sale or lease, furnished under
        any
        contract of service or held as raw materials, work in process or supplies,
        and
        all materials used or consumed in the business of the Guarantor or any of
        its
        Subsidiaries, and shall include, without limitation, all right, title and
        interest of the Guarantor or any of its Subsidiaries in any property the
        sale or
        other disposition of which has given rise to Receivables and which has been
        returned to or repossessed or stopped in transit by the Guarantor or any
        of its
        Subsidiaries.

       

      "Investment"
        means,
        with respect to any person:

       

      
        	(a)  	
                any
                  purchase or other acquisition by that person of any Indebtedness,
                  Equity
                  Interests or other securities, or of a beneficial interest in any
                  Indebtedness, Equity Interests or other securities, issued by any
                  other
                  person;

              

      

       

      
        	(b)  	
                any
                  purchase by that person of all or substantially all of the assets
                  of a
                  business conducted by another person;
                  and

              

      

       

      
        	(c)  	
                any
                  loan, advance (other than deposits with financial institutions
                  available
                  for withdrawal on demand, prepaid expenses made, or accounts receivable
                  obtained, or advances to employees and similar items made or incurred,
                  in
                  each case in the ordinary course of trading) or capital contribution
                  by
                  that person to any other person, including all Indebtedness to
                  such person
                  arising from a sale of property by such person other than in the
                  ordinary
                  course of its trading.

              

      

       

      "IRS"
        means
        the United States Internal Revenue Service and any person succeeding to the
        functions thereof.

       

      "Judicial
        Manager"
        means
        any judicial manager appointed pursuant to the provisions of the Companies
        Act.

       

      "Lender"
        means:

       

      
        	(a)  	
                any
                  Original Lender; or

              

      

       

      
        	(b)  	
                any
                  person who has become a Lender in accordance with Clause 24 (Changes
                  to the Lenders),

              

      

       

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

       

      "Leverage
        Ratio"
        has the
        meaning given to it in Clause 20 (Financial
        covenants).

       

      "Lien"
        means
        any lien (statutory or other), mortgage, pledge, hypothecation, assignment,
        deposit arrangement, encumbrance or preference, priority or security agreement
        or preferential arrangement of any kind or nature whatsoever (including,
        without
        limitation, the interest of a vendor or lessor under any conditional sale,
        Capitalised Lease or other title retention agreement).

       

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

       

      "Majority
        Lenders"
        means a
        Lender or Lenders the sum of whose Available Commitments and participations
        in
        the Loans then outstanding aggregate more than 50% of the sum of the Available
        Facility and all the Loans then outstanding (or, if the Available Facility
        is
        zero and no Loan is outstanding, a Lender or Lenders the sum of whose
        Commitments aggregate more than 50% of the Total Commitments (or, if the
        Total
        Commitments are then zero, aggregated more than 50% of the Total Commitments
        immediately prior to reduction of the Total Commitments to zero)). For the
        purposes of this definition, any participation in any S$ Loan shall be converted
        to US Dollars at the Agent's Spot Rate of Exchange at the time determination
        under this definition is made.

       

      "Margin"
        means
        0.55 per cent. per annum. 

       

      "Margin
        Stock"
        means
        margin stock or margin security within the meaning of Regulation T, U or
        X.

       

      "Market
        Disruption Event"
        has the
        meaning given to it in Clause 10.2 (Market
        disruption).

       

      "Material
        Adverse Effect"
        means a
        material adverse effect on or material adverse change in:

       

      
        	(a)  	
                the
                  consolidated condition (financial or otherwise), assets, operations,
                  prospects or business of the Obligors taken as a
                  whole;

              

      

       

      
        	(b)  	
                the
                  ability of the Obligors (taken as a whole) to perform and comply
                  with any
                  of the obligations under any Finance Document, in any material
                  respect;
                  or

              

      

       

      
        	(c)  	
                the
                  ability of any Finance Party to enforce, in any material respect,
                  any
                  Finance Document or its rights or remedies under any Finance
                  Document.

              

      

       

      "Material
        Domestic Subsidiary"
        means
        any consolidated Subsidiary (other than any SPV) of the Guarantor:

       

      
        	(a)  	
                incorporated
                  under the laws of any jurisdiction in the United States; and
                  

              

      

       

      
        	(b)  	
                the
                  total assets of which exceed, as at the end of any calendar quarter
                  or, in
                  the case of consummation of a Permitted Acquisition, at the time
                  of
                  consummation of such Permitted Acquisition (calculated by the Guarantor
                  on
                  a pro
                  forma
                  basis in accordance with the Agreement Accounting Principles taking
                  into
                  account the consummation of such Permitted Acquisition), three
                  per cent.
                  of the Consolidated Domestic Assets of the Guarantor and its consolidated
                  Subsidiaries (other than SPVs).

              

      

       

      "Material
        Foreign Subsidiary"
        means
        any consolidated Subsidiary (other than any SPV and the Borrowers) of the
        Guarantor:

       

      
        	(a)  	
                incorporated
                  or organised under the laws of any jurisdiction outside the United
                  States;
                  and 

              

      

       

      
        	(b)  	
                the
                  total assets of which exceed, as at the end of any calendar quarter
                  or, in
                  the case of consummation of a Permitted Acquisition, at the time
                  of
                  consummation of such Permitted Acquisition (calculated by the Guarantor
                  on
                  a pro
                  forma
                  basis in accordance with the Agreement Accounting Principles taking
                  into
                  account the consummation of such Permitted Acquisition), five per
                  cent. of
                  the Consolidated Assets of the Guarantor and its consolidated Subsidiaries
                  (excluding those attributable to SPVs and the
                  Borrowers).

              

      

       

      "Material
        Subsidiaries"
        means
        each of the Guarantor's Material Domestic Subsidiaries and Material Foreign
        Subsidiaries.

       

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

              

      

       

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

              

      

       

      
        	(c)  	
                if
                  any Interest Period begins on the last Business Day of a calendar
                  month
                  and, consistent with the terms of this Agreement, that Interest
                  Period is
                  to be of a duration equal to a whole number of Months, 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.

       

      "Multiemployer
        Plan"
        means,
        at any time, a multiemployer plan (as defined in Section 4001(a)(3) of ERISA)
        then or at any time during the previous six years maintained for, or contributed
        to (or to which there is or was an obligation to contribute) on behalf of,
        employees of any Obligor or ERISA Affiliate.

       

      "Net
        Income"
        has the
        meaning given hereto in Clause 20 (Financial
        covenants).

       

      "Non-ERISA
        Commitments"
        means:

       

      
        	(a)  	
                each
                  pension, medical, dental, life, accident insurance, disability,
                  group
                  insurance, sick leave, profit sharing, deferred compensation, bonus,
                  stock
                  option, stock purchase, retirement, savings, severance, stock ownership,
                  performance, incentive, hospitalisation or other insurance, or
                  other
                  welfare, benefit or fringe benefit plan, policy, trust, understanding
                  or
                  arrangement of any kind; and

              

      

       

      
        	(b)  	
                each
                  employee collective bargaining agreement and each agreement, understanding
                  or arrangement of any kind, with or for the benefit of any present
                  or
                  prior officer, director, employee or consultant (including, without
                  limitation, each employment, compensation, deferred compensation,
                  severance or consulting agreement or arrangement and any agreement
                  or
                  arrangement associated with a change in ownership of any member
                  of the
                  Group), 

              

      

       

      to
        which
        an Obligor or an ERISA Affiliate is a party or with respect to which an Obligor
        or an ERISA Affiliate is or will be required to make any payment other than
        any
        Plans.

       

      "Obligors"
        means
        the Borrowers and the Guarantor (each an "Obligor").

       

      "Off-Balance
        Sheet Liabilities"
        of a
        person means, without duplication:

       

      
        	(a)  	
                any
                  Receivables Facility Attributed Indebtedness and/or repurchase
                  obligation
                  or liability of such person or any of its Subsidiaries with respect
                  to
                  Receivables or notes receivable sold or disposed of by such person
                  or any
                  of its Affiliates (calculated to include the unrecovered investment
                  of
                  purchasers or transferees of Receivables or notes receivable or
                  any other
                  obligation of the Guarantor or the person making such sale or disposal
                  to
                  purchasers/transferees of interests in Receivables or notes receivables
                  or
                  the agent for such
                  purchasers/transferees);

              

      

       

      
        	(b)  	
                any
                  liability under any sale and leaseback transactions which do not
                  create a
                  liability on the consolidated balance sheet of such
                  person;

              

      

       

      
        	(c)  	
                any
                  liability under any financing lease or so-called "synthetic" lease
                  transaction; or

              

      

       

      
        	(d)  	
                any
                  obligations arising with respect to any other transaction which
                  is the
                  functional equivalent of or takes the place of borrowing but which
                  does
                  not constitute a liability on the consolidated balance sheets of
                  such
                  person and its Subsidiaries.

              

      

       

      "Original
        Financial Statements"
        means:

       

      
        	(a)  	
                in
                  relation to the Guarantor, the audited consolidated financial statements
                  of the Group for the financial year ended 30 September 2004;
                  

              

      

       

      
        	(b)  	
                in
                  relation to each of Energizer Asia and Energizer Singapore, its
                  audited
                  unconsolidated financial statements for its financial year ended
                  31
                  December 2004, as delivered to the Lenders together with the Information
                  Memorandum; and

              

      

       

      
        	(c)  	
                in
                  relation to each of Sonca Products and Schick Asia, its audited
                  unconsolidated financial statements for its financial year ended
                  30
                  September 2004, as delivered to the Lenders together with the Information
                  Memorandum.

              

      

       

      "Originators"
        means
        the Guarantor and/or any of its Subsidiaries in their respective capacities
        as
        parties to any Receivables Purchase Documents, as sellers or transferors
        of any
        Receivables and Related Security in connection with a Permitted Receivables
        Transfer.

       

      "Party"
        means a
        party to this Agreement.

       

      "PBGC"
        means
        the Pension Benefit Guaranty Corporation of the USA established pursuant
        to
        Section 4002 of ERISA or any entity succeeding to all or any of its functions
        under ERISA.

       

      "Permitted
        Acquisition"
        has the
        meaning given hereto in Clause 22.4 (Acquisitions
        and Investments).

       

      "Permitted
        Hedging Arrangements"
        means
        any foreign exchange or interest rate swap transactions for spot or forward
        delivery entered into in the ordinary course of business (and not for investment
        for speculative purposes) entered into by any member of the Group to hedge
        its
        or its Subsidiaries' reasonably estimated currency or interest rate
        exposures.

       

      "Permitted
        Receivables Transfer"
        means:

       

      
        	(a)  	
                a
                  sale or other transfer by a member of the Group in its capacity
                  as a party
                  to a Receivables Purchase Document to an SPV of Receivables and
                  Related
                  Security for fair market value and without recourse (except for
                  limited
                  recourse typical of such structured finance transactions);
                  and/or

              

      

       

      
        	(b)  	
                a
                  sale or other transfer by an SPV to (i) purchasers of or other
                  investors
                  in such Receivables and Related Security so sold or transferred
                  to such
                  SPV under (a) above or (ii) any other person (including an SPV)
                  in a
                  transaction in which purchasers or other investors purchase or
                  are
                  otherwise transferred such Receivables and Related Security (so
                  sold or
                  transferred to such SPV under (a) above), in each case pursuant
                  to and in
                  accordance with the terms of the Receivables Purchase
                  Documents.

              

      

       

      "Plan"
        means
        an employee benefit plan defined in Section 3(3) of ERISA in respect of which
        the Guarantor or any member of the Group is, or within the immediately preceding
        six (6) years was, an "employer" as defined in Section 3(5) of
        ERISA.

       

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

       

      "Receivable(s)"
        means
        and includes all of the Guarantor and its Subsidiaries' presently existing
        and
        hereafter arising or acquired accounts, accounts receivable, and all present
        and
        future rights of the Guarantor and its Subsidiaries to payment for goods
        sold or
        leased or for services rendered (except those evidenced by instruments or
        chattel paper), whether or not they have been earned by performance, and
        all
        rights in any merchandise or goods which any of the same may represent, and
        all
        rights, title, security and guarantees with respect to each of the foregoing,
        including, without limitation, any right of stoppage in transit.

       

      "Receivables
        and Related Security"
        means
        Receivables and the related security and collections with respect thereto
        which
        are or are to be sold or transferred by any member of the Group to any
        SPV.

       

      "Receivables
        Facility Attributed Indebtedness"
        means
        the amount of obligations outstanding under a receivables purchase facility
        or
        similar arrangement on any date of determination that would be characterised
        as
        principal if such facility or arrangement were structured as a secured lending
        transaction rather than as a purchase or similar arrangement.

       

      "Receivables
        Facility Financing Costs"
        means
        such portion of the cash fees, service charges, and other costs, as well
        as all
        collections or other amounts retained by purchasers of receivables pursuant
        to a
        receivables purchase facility or similar arrangement, which are in excess
        of
        amounts paid to the Guarantor and its consolidated Subsidiaries (other than
        SPVs) under any receivables purchase facility or similar arrangement for
        the
        purchase of receivables pursuant to such facility or arrangement and are
        the
        equivalent of the interest component of the financing if such facility or
        arrangement were characterised as an on-balance sheet financing
        transaction.

       

      "Receivables
        Purchase Documents"
        means
        (i) the 2000 Receivables Sale Agreement and (ii) the 2000 Receivables Purchase
        Agreement, or any other series of receivables purchase or sale agreements
        generally consistent with terms contained in comparable structured finance
        transactions pursuant to which a member of the Group sells or transfers to
        SPVs
        all of their respective right, title and interest in and to certain Receivables
        and Related Security for further sale or transfer to other purchasers of
        or
        investors in such Receivables and Related Security (in any such case, together
        with the other documents, instruments and agreements executed in connection
        therewith), as any such agreements may be amended, restated, supplemented
        or
        otherwise modified from time to time, or any replacement or substitution
        therefor.

       

      "Receivables
        Purchase Facility"
        means
        the securitisation facility made available to the Guarantor, pursuant to
        which
        the Receivables and Related Security of members of the Group are transferred
        to
        one or more SPVs, and thereafter to certain investors, pursuant to the terms
        and
        conditions of the Receivables Purchase Documents.

       

      "Reference
        Banks"
        means
        the principal Singapore offices of Citibank, N.A. and Standard Chartered
        Bank or
        such other banks as may be appointed by the Agent in consultation with the
        Borrower.

       

      "Regulation
        T",
        "Regulation
        U"
        or
        "Regulation
        X"
        means
        Regulation T, U or, as the case may be, X of the Board of Governors as from
        time
        to time in effect and all official rulings and interpretations thereunder
        or
        thereof.

       

      "Relevant
        Borrower"
        means
        Energizer Singapore, or any other Borrower as may be notified to the Agent
        by
        all the Borrowers jointly from time to time.

       

      "Relevant
        Interbank Market"
        means
        the Singapore interbank market.

       

      "Repeating
        Representations"
        means
        each of the representations set out in Clause 18 (Representations).

       

      "Rollover
        Loan"
        means
        one or more Loans:

       

      
        	(a)  	
                that
                  are made or to be made to a Borrower on the same day that one or
                  more
                  maturing Loans owing by such Borrower is or are due to be
                  repaid;

              

      

       

      
        	(b)  	
                the
                  aggregate amount of which is equal to or less than such maturing
                  Loan(s);
                  and

              

      

       

      
        	(c)  	
                that
                  are made or to be made to the same Borrower for the purpose of
                  refinancing
                  such maturing Loan(s).

              

      

       

      "Schick
        Asia"
        means
        Schick Asia Limited, a company incorporated in Hong Kong under registration
        number 629014.

       

      "Screen
        Rate"
        means:

       

      
        	(a)  	
                in
                  relation to SIBOR, the SIBOR rate for US Dollars for the relevant
                  period;
                  and

              

      

       

      
        	(b)  	
                in
                  relation to SOR, the swap offer rate for Singapore Dollars for
                  the
                  relevant period,

              

      

       

      displayed
        on page 50157 of the Moneyline Telerate screen under the caption "Association
        of
        Banks in Singapore SIBOR and Swap Offer Rate fixing at 11 am Singapore time".
        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 Borrowers 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.

       

      "Senior
        Management Team"
        means
        (a) any of the president, any vice president (including any executive vice
        president), the chief financial officer, the treasurer, the chief executive
        officer, secretary or any other member of management of an Obligor and (b)
        any
        chief executive officer, president, vice president, chief financial officer,
        treasurer, secretary or any other member of management of any Material Domestic
        Subsidiary.

       

      "Senior
        Note Purchase Agreements"
        means,
        collectively, the 2003 Note Purchase Agreement and the 2004 Note Purchase
        Agreement.

       

      "Senior
        Notes"
        means,
        collectively, the 2003 Senior Notes and the 2004 Senior Notes.

       

      "SIBOR"
        means,
        in relation to any US$ Loan and any Interest Period relating
        thereto:

       

      
        	(a)  	
                the
                  applicable Screen Rate; or

              

      

       

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

              

      

       

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

       

      "Singapore"
        means
        The Republic of Singapore.

       

      "Singapore
        Business Day"
        means a
        day (other than Saturday or Sunday) on which deposits may be dealt in on
        the
        Relevant Interbank Market and banks are open for general business in
        Singapore.

       

      "Singapore
        Dollars"
        or
        "S$"
        means
        the lawful currency of Singapore.

       

      "S$
        Loan"
        means a
        Loan that is denominated in Singapore Dollars.

       

      "Sonca
        Products"
        means
        Sonca Products Ltd, a company incorporated in Hong Kong under registration
        number 167972.

       

      "SOR"
        means,
        in relation to any S$ Loan and any Interest Period relating
        thereto:

       

      
        	(a)  	
                the
                  applicable Screen Rate as of the Specified Time on the Quotation
                  Day for
                  the offering of deposits in Singapore Dollars for a period comparable
                  to
                  that Interest Period for that S$ Loan;
                  or

              

      

       

      
        	(b)  	
                (if
                  no Screen Rate is available for Singapore Dollars for that Interest
                  Period
                  of that S$ Loan) the arithmetic mean of the rates (rounded upwards
                  to four
                  decimal places) as supplied to the Agent at its request quoted
                  by the
                  Reference Banks to leading banks in the Relevant Interbank Market,
                  to be,
                  in relation to that Interest Period for that S$ Loan, equal to
                  Y (rounded
                  upwards to four decimal places) calculated by each Reference Bank
                  in
                  accordance with the following
                  formula:

              

      

       

      
        

           

        

      

       

      where

       

      
        	
                 

                F

                 

              	
                 

                =

                 

              	
                 

                the
                  premium (being a positive number) or the discount (being a negative
                  number), as the case may be, which would have been paid or received
                  by
                  such Reference Bank in offering to sell US Dollars forward in exchange
                  for
                  Singapore Dollars on the last day of that Interest Period in the
                  Relevant
                  Interbank Market as of the Specified Time on the Quotation
                  Day;

                 

              
	
                 

                S

                 

              	
                 

                =

                 

              	
                 

                the
                  exchange rate at which such Reference Bank sells US Dollars spot
                  in
                  exchange for Singapore Dollars in the Singapore foreign exchange
                  market,
                  as quoted by such Reference Bank as of the Specified Time on the
                  Quotation
                  Day;

                 

              
	
                 

                R

                 

              	
                 

                =

                 

              	
                 

                the
                  rate at which such Reference Bank is offering US Dollar deposits
                  for that
                  Interest Period in an amount comparable to the US Dollar equivalent
                  of
                  that S$ Loan (such US Dollar equivalent to be determined by such
                  Reference
                  Bank at such rate or rates as such Reference Bank determines to
                  be most
                  appropriate) to prime banks in the Relevant Interbank Market as
                  of the
                  Specified Time on the Quotation Day; and

                 

              
	
                 

                N

                 

              	
                 

                =

                 

              	
                 

                the
                  actual number of days in that Interest Period.

                 

              

      

      

       

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

       

      "SPV"
        means
        any special purpose entity established for the purpose of purchasing receivables
        in connection with a receivables securitisation transaction permitted under
        the
        terms of this Agreement.

       

      "Standing
        Payment Instruction"
        means:

       

      
        	(a)  	
                in
                  relation to an Original Lender, payment instructions set out below
                  the
                  name of that Lender on Schedule 10 (Standing
                  Payment Instructions);

              

      

       

      
        	(b)  	
                in
                  relation to any other Lender, payment instructions set out in the
                  Transfer
                  Certificate to which that Lender is
                  signatory,

              

      

       

      or
        such
        other payment instructions as that Lender may notify to the Agent by not
        less
        than 5 Business Days' notice.

       

      "Subsidiary"
        means
        (in relation to Energizer Asia or Energizer Singapore) a subsidiary within
        the
        meaning of section 5 of the Companies Act, or (in relation to Sonca Products
        or
        Schick Asia) a subsidiary within the meaning of section 2(4) of the Companies
        Ordinance, or (in relation to any other person (the "first
        Person")
        at any
        particular time) any other person which is then either controlled, or more
        than
        50% of whose issued ordinary or common equity share capital or ownership
        interests having ordinary voting power (or the like) is or are then beneficially
        owned, directly or indirectly, by the first Person. 

       

      "Tax"
        means
        any tax, levy, impost, duty or other charge or withholding of a similar nature
        (including any penalty or interest payable in connection with any failure
        to pay
        or any delay in paying any of the same).

       

      "Termination
        Date"
        means
        the date which is 60 calendar months after the date of this Agreement, or
        if
        such date is not a Business Day, the immediately preceding Business
        Day.

       

      "Third
        Parties Act"
        means
        the Contract (Rights of Third Parties) Act 1999 of the United
        Kingdom.

       

      "Total
        Borrowings"
        has the
        meaning given hereto in Clause 20 (Financial
        covenants).

       

      "Total
        Commitments"
        means
        the aggregate of the Commitments, being US$325,000,000 at the date of this
        Agreement.

       

      "Transfer
        Certificate"
        means a
        certificate substantially in the form set out in Schedule 4 (Form
        of Transfer Certificate)
        or in
        any other form agreed between the Agent and the Borrower from time to
        time.

       

      "Transfer
        Date"
        means,
        in relation to a transfer by a Lender of any or all of its rights and
        obligations under this Agreement, the later of:

       

      
        	(a)  	
                the
                  proposed Transfer Date specified in the Transfer Certificate relating
                  to
                  such transfer; and

              

      

       

      
        	(b)  	
                the
                  date on which the Agent executes the Transfer Certificate relating
                  to such
                  transfer.

              

      

       

      "2000
        Receivables Purchase Agreement"
        means
        that certain Receivables Purchase Agreement, dated as of 4 April 2000, as
        amended, extended or replaced in a manner permitted by this Agreement, among
        Energizer Receivables Funding Corporation, a Delaware corporation, as the
        seller
        thereunder, Eveready Battery Company, Inc., a Delaware Corporation, as the
        servicer thereunder, Falcon Asset Securitization Corporation and JPMorgan
        Chase
        Bank, N.A., as successor to Bank One, as the agent thereunder.

       

      "2000
        Receivables Sale Agreement"
        means
        that certain Receivables Sale Agreement, dated as of 4 April 2000, as amended,
        extended or replaced in a manner permitted by this Agreement, between Eveready
        Battery Company, Inc., a Delaware corporation, and Energizer Receivables
        Funding
        Corporation, a Delaware corporation and SPV.

       

      "2003
        Note Purchase Agreement"
        means
        that certain Note Purchase Agreement dated as of 1 June 2003 among the Guarantor
        and the "Purchasers" referred to therein, under which the Guarantor has issued
        senior unsecured notes in the aggregate principal amount of US$700,000,000
        (the
        "2003
        Senior Notes"),
        which
        shall be pari
        passu
        with the
        obligations hereunder and any obligations under the Hedging Documents, as
        such
        Note Purchase Agreement may be amended, modified or supplemented from time
        to
        time in a manner that is not materially adverse to the interests of the
        Lenders.

       

      "2003
        Senior Notes"
        has the
        meaning given to it in the definition of "2003
        Note Purchase Agreement".

       

      "2004
        Note Purchase Agreement"
        means
        that certain Note Purchase Agreement dated as of 1 November, 2004 among the
        Guarantor and the "Purchasers" referred to therein, under which the Guarantor
        has issued senior unsecured notes in an aggregate principal amount not to
        exceed
        US$300,000,000 (the "2004
        Senior Notes"),
        which
        notes shall be pari passu with the obligations hereunder and any obligation
        under the Hedging Documents, as such Note Purchase Agreement may be amended,
        modified or supplemented from time to time in a manner that is not materially
        adverse to the interests of the Lenders.

       

      "2004
        Senior Notes"
        has the
        meaning given to it in the definition of "2004
        Note Purchase Agreement"
        above.

       

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

       

      "US"
        or
        "United
        States"
        means
        the United States of America.

       

      "US
        Dollars"
        or
        "US$"
        means
        the lawful currency of the United States of America.

       

      "US
        Facility"
        means
        the Revolving Credit Agreement dated 16 November 2004 among the Guarantor,
        the
        institutions listed therein as lenders, JPMorgan Chase Bank, N.A., as
        administrative agent, Bank of America, N.A. as syndication agent and Citibank,
        N.A. as documentation agent, as such agreement may be hereafter amended,
        restated, supplemented, refinanced, increased or reduced from time to time,
        and
        any successor credit agreement or similar facility.

       

      "US$
        Loan"
        means a
        Loan that is denominated in US Dollars.

       

      "Utilisation"
        means a
        utilisation of the Facility.

       

      "Utilisation
        Date"
        means
        the date of a Utilisation, being the date on which the Loan (the subject
        of such
        Utilisation) is to be made.

       

      "Utilisation
        Request"
        means a
        notice substantially in the form set out in Schedule 3 (Requests).

       

      
        	1.2  	
                Construction

              

      

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

              

      

       

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

              

      

       

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

              

      

       

      
        	(iii)  	
                the
                  "control"
                  or "controlling"
                  of one person (the "first
                  person")
                  by another person (the "second
                  person")
                  or the first person being "controlled"
                  by the second person means that the second person (whether directly
                  or
                  indirectly and whether by the ownership of share capital, the possession
                  of voting power, contract or otherwise) has the power to appoint
                  and/or
                  remove all or a majority of the members of the board of directors
                  or other
                  governing body of the first person or otherwise controls or has
                  the power
                  of control over the affairs and policies of the first person and
                  for the
                  purposes of the definition of "Affiliate"
                  in Clause 1.1 (Definitions),
                  other than where such definition is referred to in the definition
                  of
                  "Hedging Bank", means, in addition to the foregoing, that the second
                  person is the beneficial owner of greater than 10 per cent. of
                  any class
                  of voting shares or securities or other voting interests of the
                  first
                  person;

              

      

       

      
        	(iv)  	
                a
                  Finance
                  Document
                  or
                  any other agreement or instrument is a reference to that Finance
                  Document
                  or other agreement or instrument as amended or
                  novated;

              

      

       

      
        	(v)  	
                a
                  "guarantee"
                  also includes an indemnity, and any other obligation (whatever
                  called) of
                  any person to pay, purchase, provide funds (whether by the advance
                  of
                  money, the purchase of or subscription for shares or other securities,
                  the
                  purchase of assets or services, or otherwise) for the payment of,
                  indemnify against the consequences of default in the payment of,
                  or
                  otherwise be responsible for, any indebtedness of any other
                  person.

              

      

       

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

              

      

       

      
        	(vii)  	
                a
                  "person"
                  includes any person, firm, company, corporation, government, state
                  or
                  agency of a state or any association, trust or partnership (whether
                  or not
                  having separate legal personality) or two or more of the
                  foregoing;

              

      

       

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

              

      

       

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

              

      

       

      
        	(x)  	
                a
                  time of day is a reference to Singapore
                  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 or certificate given under or in connection with
                  any
                  Finance Document has the same meaning in that Finance Document,
                  notice or
                  certificate as in this Agreement.

              

      

       

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

              

      

       

      
        	1.3  	
                Third
                  Party Rights

              

      

      
        	(a)  	
                Except
                  as provided in a Finance Document, the terms of a Finance Document
                  may be
                  enforced and enjoyed only by a Party to it and the operation of
                  the Third
                  Parties Act is excluded.

              

      

       

      
        	(b)  	
                Notwithstanding
                  any provision of any Finance Document, the consent of any person
                  who is
                  not a party to a Finance Document is not required to vary, rescind
                  or
                  terminate that Finance Document. 

              

      

       

      SECTION
        2

      THE
        FACILITY

       

       

      
        	2.  	
                THE
                  FACILITY

              

      

       

      
        	2.1  	
                The
                  Facility

              

      

      Subject
        to the terms of this Agreement, the Lenders make available to the Borrowers
        a
        revolving loan facility in US Dollars and Singapore Dollars in an aggregate
        amount (or aggregate equivalent amount) equal to the Total Commitments.

       

      
        	2.2  	
                Finance
                  Parties' rights and
                  obligations

              

      

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

              

      

       

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

              

      

       

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

              

      

       

       

      
        	3.  	
                PURPOSE

              

      

       

      
        	3.1  	
                Purpose

              

      

      Without
        prejudice to the other provisions of this Agreement, each Borrower shall
        apply
        all amounts borrowed by it under the Facility for:

       

      
        	(a)  	
                refinancing
                  existing indebtedness of the
                  Borrowers;

              

      

       

      
        	(b)  	
                repayment
                  of inter-company notes;

              

      

       

      
        	(c)  	
                repatriation
                  of funds to the Guarantor in connection with the American Jobs
                  Creation
                  Act of 2004; and/or

              

      

       

      
        	(d)  	
                general
                  corporate funding purposes of the
                  Borrowers.

              

      

       

      
        	3.2  	
                Monitoring

              

      

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

       

       

      
        	4.  	
                CONDITIONS
                  OF UTILISATION

              

      

       

      
        	4.1  	
                Initial
                  conditions precedent

              

      

      No
        Borrower may deliver a Utilisation Request unless the Agent has received
        all of
        the documents and other evidence listed in and appearing to comply with the
        requirements of Schedule 2 (Conditions
        precedent)
        in form
        and substance satisfactory to the Agent. The Agent shall notify the Relevant
        Borrower 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 any Loan if on the date of the Utilisation Request (relating
        to such
        Loan) and on the proposed Utilisation Date (relating to such Loan):

       

      
        	(a)  	
                in
                  the case of the first Utilisation, the Agent has received evidence,
                  in a
                  form satisfactory to it, that the Relevant Borrower has given irrevocable
                  written notice of prepayment of all of the outstanding indebtedness
                  under
                  the Existing Facility, such prepayment to be made on or before
                  the date
                  falling 2 Business Days after the first Utilisation
                  Date;

              

      

       

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

              

      

       

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

              

      

       

      
        	4.3  	
                Maximum
                  number of Loans

              

      

      A
        Borrower may not deliver a Utilisation Request if as a result of the proposed
        Utilisation nine or more Loans would be outstanding.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        3

      UTILISATION

       

       

      
        	5.  	
                UTILISATION

              

      

       

      
        	5.1  	
                Delivery
                  of a Utilisation Request

              

      

      A
        Borrower may utilise the Facility by delivery to the Agent of a duly completed
        Utilisation Request not later than the Specified Time.

       

      
        	5.2  	
                Completion
                  of a Utilisation Request

              

      

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

              

      

       

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

              

      

       

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

              

      

       

      
        	(iii)  	
                the
                  proposed Interest Period complies with Clause 9 (Interest
                  Periods);
                  and

              

      

       

      
        	(iv)  	
                (in
                  the case of a Rollover Loan) it specifies that the proposed Loan
                  is a
                  Rollover Loan and identifies the Loans towards which the proceeds
                  of such
                  Rollover Loan should be applied or (in the case of any other Loan)
                  it
                  specifies the account and bank (which must be in the principal
                  financial
                  centre of the country of the currency of such proposed Loan) to
                  which the
                  proceeds of such proposed Loan are to be
                  credited.

              

      

       

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

              

      

       

      
        	5.3  	
                Currency
                  and amount

              

      

      
        	(a)  	
                The
                  currency specified in a Utilisation Request must be US Dollars
                  or
                  Singapore Dollars. 

              

      

       

      
        	(b)  	
                The
                  amount of the proposed Loan must be an amount which is not more
                  than the
                  Available Facility (or, in the case of a proposed Loan in Singapore
                  Dollars, an amount which, when converted into US Dollars at the
                  Agent's
                  Spot Rate of Exchange three Business Days before the proposed Utilisation
                  Date for such Loan, is not more than the Available Facility) and
                  which
                  is:

              

      

       

      
        	(i)  	
                (in
                  the case of a proposed Loan in US$) a minimum of US$10,000,000
                  and an
                  integral multiple of US$1,000,000 or if less, equal to the Available
                  Facility immediately prior to the making of such loan;
                  or

              

      

       

      
        	(ii)  	
                (in
                  the case of a proposed Loan in S$) a minimum of S$10,000,000 and
                  an
                  integral multiple of S$1,000,000 or if less, equal to the Available
                  Facility immediately prior to the making of such loan (converted
                  at the
                  Agent’s Spot Rate of Exchange as at the day falling three Business Days
                  before the Utilisation Date for such proposed
                  Loan).

              

      

       

      
        	5.4  	
                Lenders'
                  participation

              

      

      
        	(a)  	
                If
                  the conditions set out in Clauses 4 (Conditions
                  of Utilisation)
                  and 5.1 (Delivery
                  of a Utilisation Request)
                  to 5.3 (Currency
                  and amount)
                  have been met, each Lender shall make its participation in each
                  Loan
                  available by the Utilisation Date for such Loan through its Facility
                  Office.

              

      

       

      
        	(b)  	
                The
                  amount of each Lender's participation in each Loan will be equal
                  to a
                  proportion of such Loan, which proportion is equal to the proportion
                  borne
                  by such Lender's Available Commitment to the Available Facility
                  immediately prior to making such
                  Loan.

              

      

       

      
        	(c)  	
                The
                  Agent shall notify each Lender of the amount of each Loan and the
                  amount
                  of its participation in that Loan, in each case, by the Specified
                  Time.
                  

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        4

      REPAYMENT,
        PREPAYMENT AND CANCELLATION

       

       

      
        	6.  	
                REPAYMENT

              

      

       

      
        	6.1  	
                Repayment
                  of Loans

              

      

      Subject
        to Clause 29.4 (Netting
        of payments),
        the
        Borrower to which any Loan is made shall repay that Loan on the last day
        of its
        Interest Period.

       

      Without
        prejudice to the foregoing, all Loans must be repaid in full on or prior
        to the
        Termination Date.

       

       

      
        	7.  	
                PREPAYMENT
                  AND CANCELLATION

              

      

       

      
        	7.1  	
                Illegality

              

      

      
        	(a)  	
                If
                  it becomes unlawful in any applicable jurisdiction for a Lender
                  to perform
                  any of its obligations as contemplated by this Agreement or to
                  fund or
                  maintain its participation in any Loan or any part
                  thereof:

              

      

       

      
        	(i)  	
                that
                  Lender shall promptly notify the Agent upon becoming aware of that
                  event
                  and the Agent shall promptly notify the Relevant Borrower upon
                  the receipt
                  of such notification from that
                  Lender;

              

      

       

      
        	(ii)  	
                upon
                  the Agent so notifying the Relevant Borrower (the "notification
                  date"),
                  that Lender's Commitment shall be treated as if cancelled for all
                  purposes
                  of this Agreement (other than Clause 24 (Changes
                  to the Lenders)),
                  and that Lender shall have no obligation to fund or participate
                  in any
                  Loan to be made following the notification date, and the Relevant
                  Borrower
                  may deliver a notice pursuant to Clause 24.7 (Replacement
                  of certain Lenders)
                  requesting a replacement of that
                  Lender.

              

      

       

      
        	(b)  	
                If,
                  in relation to any Lender, by the earlier of (A) the sixth Business
                  Day
                  following delivery of the Relevant Borrower’s notice pursuant to Clause
                  24.7 (Replacement
                  of certain Lenders)
                  in respect of such Lender, (B) the date specified by that Lender
                  in the
                  notice delivered to the Agent pursuant to sub-paragraph (a)(i)
                  of this
                  Clause 7.1 (such date being no earlier than the last day of any
                  applicable
                  grace period permitted by law), and (C) the last day of the Interest
                  Period for any Loan outstanding on the notification date (the earliest
                  of
                  such dates being the "relevant
                  date"),
                  that Lender has not been replaced in accordance with Clause 24.7
                  (Replacement
                  of certain Lenders):
                  

              

      

       

      
        	(i)  	
                the
                  Commitment of that Lender will be immediately cancelled for all
                  purposes
                  (including for the purpose of Clause 24 (Changes
                  to the Lenders));
                  and 

              

      

       

      
        	(ii)  	
                each
                  Borrower shall repay that Lender's participation in each Loan made
                  to that
                  Borrower on the last day of the Interest Period for such Loan occurring
                  on
                  or after the relevant date or, if earlier, the date specified by
                  that
                  Lender in the notice delivered by it to the Agent pursuant to
                  sub-paragraph (a)(i) of this Clause
                  7.1.

              

      

       

      
        	7.2  	
                Change
                  of control

              

      

      If
        the
        Guarantor ceases to wholly and beneficially own (directly or indirectly)
        and
        control a Borrower or there is a Change of Control:

       

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

              

      

       

      
        	(b)  	
                none
                  of the Borrowers may make a Utilisation (except for a Rollover
                  Loan)
                  unless otherwise agreed by the Majority Lenders;
                  and

              

      

       

      
        	(c)  	
                if
                  the Majority Lenders so require, the Agent shall, by not less than
                  30
                  days' notice to such Borrower(s), cancel the Facility and declare
                  all
                  outstanding Loans, together with accrued interest, and all other
                  amounts
                  accrued under the Finance Documents immediately due and payable,
                  whereupon
                  the Facility will be cancelled (and the Available Commitment of
                  each
                  Lender shall be reduced to zero) and all of the Loans, together
                  with
                  accrued interest, and all other amounts accrued under the Finance
                  Documents will become immediately due and
                  payable.

              

      

       

      
        	7.3  	
                Voluntary
                  cancellation 

              

      

      The
        Relevant Borrower may, if it gives the Agent not less than 5 Business Days'
        (or
        such shorter period as the Majority Lenders may agree) prior notice, cancel
        the
        whole or any part (being a minimum amount of US$10,000,000 and an integral
        multiple of US$1,000,000) of the Available Facility. Any cancellation under
        this
        Clause 7.3 shall reduce the Commitments of the Lenders rateably.

       

      
        	7.4  	
                Mandatory
                  cancellation

              

      

      The
        Available Facility shall be cancelled immediately following the last day
        of the
        Availability Period.

       

      
        	7.5  	
                Right
                  of repayment and cancellation in relation to a single
                  Lender

              

      

      
        	(a)  	
                If:

              

      

       

      
        	(i)  	
                by
                  reason of the introduction after the date of this Agreement of
                  or any
                  change after the date of this Agreement in (or in the interpretation,
                  administration or application of) any law or regulation, any sum
                  payable
                  to any Lender by an Obligor is required to be increased under paragraph
                  (c) of Clause 12.2 (Tax
                  gross-up)
                  to a greater extent than would have been required had that payment
                  been
                  made on the date of this Agreement;
                  or

              

      

       

      
        	(ii)  	
                any
                  Lender claims indemnification from any of the Borrowers under Clause
                  12.3
                  (Tax
                  indemnity)
                  or Clause 13.1 (Increased
                  costs),

              

      

       

      the
        Relevant Borrower may, whilst the circumstance giving rise to such requirement
        or indemnification continues, give the Agent notice of cancellation of the
        Commitment of that Lender and its intention to procure the repayment of that
        Lender's participation in the Loans.

       

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

              

      

       

      
        	(c)  	
                On
                  the last day of each Interest Period which ends after the Relevant
                  Borrower has given notice under paragraph (a) above in respect
                  of a Lender
                  (or, if earlier, the date specified by the Relevant Borrower in
                  that
                  notice), each Borrower shall repay that Lender's participation
                  in each
                  Loan made to that Borrower.

              

      

       

      
        	7.6  	
                Restrictions

              

      

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

              

      

       

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

              

      

       

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

              

      

       

      
        	(d)  	
                None
                  of the Borrowers shall repay or prepay all or any part of the Loans
                  or
                  cancel all or any part of the Commitments of the Lenders except
                  at the
                  times and in the manner expressly provided for in this
                  Agreement.

              

      

       

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

              

      

       

      
        	(f)  	
                If
                  the Agent receives a notice under this Clause 7 it shall promptly
                  forward
                  a copy of that notice to either the Relevant Borrower (on behalf
                  of all of
                  the Borrowers) or the affected Lender, as
                  appropriate.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        5

      COSTS
        OF UTILISATION

       

       

      
        	8.  	
                INTEREST

              

      

       

      
        	8.1  	
                Calculation
                  of interest

              

      

      Subject
        to Clause 8.3 (Default
        interest),
        the
        rate of interest on each Loan for each Interest Period relating thereto is
        the
        percentage rate per annum which is the aggregate of:

       

      
        	(i)  	
                the
                  Margin; and

              

      

       

      
        	(ii)  	
                (in
                  the case of a US$ Loan) SIBOR for such Loan and such Interest Period
                  or
                  (in the case of a S$ Loan) SOR for such Loan and such Interest
                  Period.

              

      

       

      
        	8.2  	
                Payment
                  of interest

              

      

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

       

      
        	8.3  	
                Default
                  interest

              

      

      
        	(a)  	
                If
                  an Obligor fails to pay any amount payable by it under a Finance
                  Document
                  on its due date, or after the occurrence of an Event of Default
                  and for so
                  long as that Event of Default is continuing, interest shall accrue
                  on each
                  overdue amount and each other amount owed to any or all of the
                  Finance
                  Parties under the Finance Documents, whether or not due, from the
                  due date
                  of that overdue amount or the date of that Event of Default, as
                  the case
                  may be, up to the date of actual payment (both before and after
                  judgment)
                  at a rate which, subject to paragraph (b) below, is the sum of
                  2 per cent.
                  per annum and the rate which would have been payable if each of
                  such
                  overdue and other amounts had, during such period, constituted
                  a Loan in
                  the currency of such overdue or other amount for successive Interest
                  Periods, each of a duration selected by the Agent (acting reasonably).
                  Any
                  interest accruing under this Clause 8.3 on any amount shall be
                  immediately
                  payable by the Obligor owing such amount 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 which interest (at the rate referred
                  to in
                  paragraph (a)) accrues 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 such overdue amount during that first
                  Interest Period shall be the sum of 2 per cent. per annum and the
                  rate
                  which would have applied if such overdue amount had not become
                  due.

              

      

       

      
        	(c)  	
                If
                  an Event of Default occurs on a day which was not the last day
                  of an
                  Interest Period relating to a Loan, then in relation to each amount
                  owed
                  to any or all of the Finance Parties under the Finance Documents
                  (to which
                  amount paragraph (b) does not apply):

              

      

       

      
        	(i)  	
                the
                  first Interest Period for which interest (at the rate referred
                  to in (a))
                  accrues on such amount shall have a duration equal to (if such
                  amount
                  constitutes all or part of any Loan) the unexpired portion of the
                  current
                  Interest Period relating to that Loan or (in any other case) the
                  unexpired
                  portion of the current Interest Period relating to any Loan which
                  Interest
                  Period is the soonest to expire; and

              

      

       

      
        	(ii)  	
                the
                  rate of interest applying to such amount during that first Interest
                  Period
                  shall be the sum of 2 per cent. per annum and the rate which would
                  have
                  applied if such amount had not become
                  due.

              

      

       

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

              

      

       

      
        	8.4  	
                Notification
                  of rates of interest

              

      

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

       

       

      
        	9.  	
                INTEREST
                  PERIODS

              

      

       

      
        	9.1  	
                Selection
                  of Interest Periods

              

      

      
        	(a)  	
                Subject
                  to the provisions of this Agreement, the Borrower to which a Loan
                  is made
                  may:

              

      

       

      
        	(i)  	
                select
                  the Interest Period for that Loan in the Utilisation Request for
                  that
                  Loan; 

              

      

       

      
        	(ii)  	
                select
                  an Interest Period for that Loan of one, two, three or six Months
                  or any
                  other period agreed between such Borrower and the Agent (acting
                  on the
                  instructions of all the Lenders participating in the relevant Loan).
                  

              

      

       

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

              

      

       

      
        	(c)  	
                Each
                  Interest Period for a Loan shall start on the Utilisation Date
                  for such
                  Loan.

              

      

       

      
        	(d)  	
                A
                  Loan has one Interest Period only.

              

      

       

      
        	9.2  	
                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).

       

       

      
        	10.  	
                CHANGES
                  TO THE CALCULATION OF
                  INTEREST

              

      

       

      
        	10.1  	
                Absence
                  of quotations

              

      

      Subject
        to Clause 10.2 (Market
        disruption),
        if
        SIBOR or, if applicable, SOR, for any sum and any Interest Period relating
        thereto 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
        for
        such sum and such Interest Period, the applicable SIBOR or SOR shall be
        determined on the basis of the quotations of the remaining Reference
        Banks.

       

      
        	10.2  	
                Market
                  disruption

              

      

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

              

      

       

      
        	(i)  	
                the
                  Margin; and

              

      

       

      
        	(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.

              

      

       

      
        	(b)  	
                In
                  this Agreement "Market
                  Disruption Event"
                  means in relation to any Loan and any Interest Period relating
                  thereto:

              

      

       

      
        	(i)  	
                at
                  or about noon on the Quotation Day for that Interest Period the
                  Screen
                  Rate is not available or the Screen Rate is zero or negative and
                  none or
                  only one of the Reference Banks supplies a rate to the Agent to
                  determine
                  SIBOR or, if applicable, SOR for such Loan and such Interest Period;
                  or

              

      

       

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

              

      

       

      
        	10.3  	
                Alternative
                  basis of interest or
                  funding

              

      

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

              

      

       

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

              

      

       

      
        	10.4  	
                Break
                  Costs

              

      

      
        	(a)  	
                Each
                  Obligor 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 an Unpaid Sum being paid or recovered from by that
                  Obligor 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 in
                  relation to any Loan or Unpaid Sum and for any Interest Period
                  relating
                  thereto.

              

      

       

       

      
        	11.  	
                FEES

              

      

       

      
        	11.1  	
                Commitment
                  fee

              

      

      
        	(a)  	
                The
                  Borrowers shall jointly and severally pay to the Agent (for the
                  account of
                  each Lender) a fee in US Dollars computed at the rate of 0.25 per
                  cent.
                  per annum on that Lender's Available Commitment for each day during
                  the
                  Availability Period.

              

      

       

      
        	(b)  	
                The
                  commitment fee under paragraph (a) shall accrue on a daily basis
                  and the
                  commitment fee is payable on the last day of each successive period
                  of
                  three Months which ends during the Availability Period, on the
                  last day of
                  that Availability Period and, if a Lender's Commitment is cancelled
                  in
                  full, on the cancelled amount of such Lender's Commitment at the
                  time such
                  cancellation is effective.

              

      

       

      
        	11.2  	
                Arrangement
                  fee

              

      

      The
        Borrowers shall jointly and severally pay to the Arranger an arrangement
        fee in
        the amount and at the times agreed in a Fee Letter.

       

      
        	11.3  	
                Agency
                  fee

              

      

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

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        6

      ADDITIONAL
        PAYMENT OBLIGATIONS

       

       

      
        	12.  	
                TAX
                  GROSS UP AND INDEMNITIES

              

      

       

      
        	12.1  	
                Definitions

              

      

      
        	(a)  	
                In
                  this Clause 12:

              

      

       

      "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 (i) an increase in a payment made by an Obligor to a Finance Party
        under
        Clause 12.2 (Tax
        gross-up)
        or (ii)
        a payment under Clause 12.3 (Tax
        indemnity).

       

      
        	(b)  	
                Unless
                  a contrary indication appears, in this Clause 12 a reference to
                  "determines" or "determined" means a determination made in the
                  absolute
                  discretion of the person making the
                  determination.

              

      

       

      
        	12.2  	
                Tax
                  gross-up

              

      

      
        	(a)  	
                All
                  payments to be made by an Obligor to any Finance Party under or
                  in
                  connection with a Finance Document shall be made free and clear
                  of and
                  without any Tax Deduction, unless a Tax Deduction is required by
                  law in
                  which case the sum payable by that Obligor (to which such Tax Deduction
                  relates) shall be increased to the extent necessary to ensure that
                  the
                  Finance Party concerned receives a sum, net of any Tax Deduction,
                  equal to
                  the sum which it would have received if no Tax Deduction had been
                  required.

              

      

       

      
        	(b)  	
                An
                  Obligor shall promptly upon becoming aware that it must make a
                  Tax
                  Deduction (or that there is any change in the rate or the basis
                  of a Tax
                  Deduction) notify the Agent accordingly. Similarly, a Lender shall
                  notify
                  the Agent on becoming so aware in respect of a payment payable
                  to that
                  Lender. If the Agent receives such notification from a Lender it
                  shall
                  notify the Relevant Borrower and that
                  Obligor.

              

      

       

      
        	(c)  	
                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.

              

      

       

      
        	(d)  	
                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
                  or payment shall deliver to the Agent for the Finance Party entitled
                  to
                  the payment (to which such Tax Deduction relates) an original receipt
                  (or
                  a certified copy thereof) evidencing to the reasonable satisfaction
                  of
                  that Finance Party that the Tax Deduction has been made or (as
                  applicable)
                  any appropriate payment has been paid to the relevant taxing
                  authority.

              

      

       

      
        	12.3  	
                Tax
                  indemnity

              

      

      
        	(a)  	
                Without
                  prejudice to Clause 12.2 (Tax
                  gross-up),
                  if any Finance Party is required to make any payment of or on account
                  of
                  Tax on or in relation to any sum received or receivable under or
                  in
                  connection with the Finance Documents (including any sum deemed
                  for
                  purposes of Tax to be received or receivable by such Finance Party,
                  whether or not actually received or receivable) or if any liability
                  in
                  respect of any such payment is asserted, imposed, levied or assessed
                  against any Finance Party, the Borrowers shall jointly and severally
                  (within three Business Days of demand by the Agent) indemnify the
                  Finance
                  Party which determined it has suffered a loss or liability as a
                  result
                  against such payment or liability together with any interest, penalties,
                  costs and expenses payable or incurred in connection
                  therewith.

              

      

       

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

              

      

       

      
        	(i)  	
                with
                  respect to any Tax imposed:

              

      

       

      
        	(A)  	
                by
                  the jurisdiction in which that Finance Party is incorporated;
                  or

              

      

       

      
        	(B)  	
                by
                  the jurisdiction in which its Facility Office is located,
                  

              

      

       

      which
        is
        calculated by reference to the net income actually received or receivable
        (but,
        for the avoidance of doubt, not including any sum deemed for purposes of
        Tax to
        be received or receivable by that Finance Party but not actually received
        or
        receivable) by that Finance Party; or

       

      
        	(ii)  	
                to
                  the extent that the loss, liability or cost to which paragraph
                  (a) would
                  otherwise apply is compensated for by an increased payment under
                  Clause
                  12.2 (Tax
                  gross-up).

              

      

       

      
        	(c)  	
                A
                  Finance 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 such claim, whereupon the Agent shall promptly notify
                  the
                  Relevant Borrower.

              

      

       

      
        	(d)  	
                A
                  Finance Party shall, on receiving a payment from an Obligor under
                  this
                  Clause 12.3, notify the Agent.

              

      

       

      
        	12.4  	
                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 fully retained that Tax
                  Credit on
                  an affiliated group basis,

              

      

       

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

       

      
        	12.5  	
                Stamp
                  taxes

              

      

      The
        Borrowers shall jointly and severally pay and, within three Business Days
        of
        demand, indemnify each Finance Party against any cost, loss or liability
        that
        Finance Party incurs in relation to any or all stamp duty, registration and
        other similar Taxes payable in respect of any Finance Document.

       

      
        	12.6  	
                Indirect
                  Tax

              

      

      
        	(a)  	
                All
                  consideration expressed to be payable under a Finance Document
                  by any
                  Party to a Finance Party shall be deemed to be exclusive of any
                  Indirect
                  Tax. If any Indirect Tax is chargeable on any supply made by any
                  Finance
                  Party to any Party in connection with a Finance Document, that
                  Party shall
                  pay (unless that Party is the Agent or the Arranger, in which case
                  the
                  Borrowers shall jointly and severally pay) to that Finance Party
                  (in
                  addition to and at the same time as paying the consideration) an
                  amount
                  equal to the amount of that Indirect
                  Tax.

              

      

       

      
        	(b)  	
                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 that Finance Party against all Indirect Tax incurred
                  by that
                  Finance Party in respect of such costs or
                  expenses.

              

      

       

       

      
        	13.  	
                INCREASED
                  COSTS

              

      

       

      
        	13.1  	
                Increased
                  costs

              

      

      
        	(a)  	
                Subject
                  to Clause 13.3 (Exceptions)
                  the Borrowers shall, within three Business Days of a demand by
                  the Agent,
                  jointly and severally 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 after the date of
                  this
                  Agreement 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, enacted, issued or put into effect after the date
                  of this
                  Agreement provided that if the Borrowers are required to pay the
                  amount of
                  any Increased Costs incurred by such Finance Party, and such Finance
                  Party
                  is a Lender, the Relevant Borrower may issue a notice pursuant
                  to Clause
                  24.7 (Replacement
                  of certain Lenders).
                  The term "law"
                  and "regulation"
                  in this paragraph (a) shall include, without limitation, any law
                  or
                  regulation concerning capital adequacy, prudential limits, liquidity
                  reserve assets or Tax.

              

      

       

      
        	(b)  	
                In
                  this Agreement "Increased
                  Costs"
                  means:

              

      

       

      
        	(i)  	
                a
                  reduction in the rate of return from the Facility or on a Finance
                  Party's
                  (or its Affiliate's) overall capital (including, without limitation,
                  as a
                  result of any reduction in the rate of return on capital brought
                  about by
                  more capital being required to be allocated by that Finance Party
                  or one
                  of its Affiliates);

              

      

       

      
        	(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, or undertaken
        or assumed any commitment represented by its Commitment under, or funding
        or
        performing its obligations under any Finance Document.

       

      
        	(c)  	
                It
                  is acknowledged that the requirements of the Report of the Basle
                  Committee
                  on Banking Supervision dated June 2004 and entitled “International
                  Convergence of Capital Measurements and Capital Standards: A Revised
                  Framework” have not yet been implemented as at the date of this Agreement
                  and nothing herein shall prejudice the ability of a Finance Party
                  to make
                  a claim under this Clause 13.1 by reason of such requirements when
                  and to
                  the extent implemented.

              

      

       

      
        	13.2  	
                Increased
                  cost claims

              

      

      
        	(a)  	
                A
                  Finance Party intending to make a claim pursuant to Clause 13.1
                  (Increased
                  costs)
                  shall notify the Agent of the event giving rise to that claim,
                  following
                  which the Agent shall promptly notify the Relevant
                  Borrower.

              

      

       

      
        	(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
                  in
                  respect of any claim made by such Finance Party under Clause 13.1
                  (Increased
                  costs).

              

      

       

      
        	13.3  	
                Exceptions

              

      

      
        	(a)  	
                Clause
                  13.1 (Increased
                  costs)
                  does not apply to any Increased Cost to the extent that such Increased
                  Cost is:

              

      

       

      
        	(i)  	
                attributable
                  to a Tax Deduction required by law to be made by an Obligor and
                  that is
                  compensated by Clause 12.2 (Tax
                  Gross-up);

              

      

       

      
        	(ii)  	
                compensated
                  for by Clause 12.3 (Tax
                  indemnity)
                  (or would have been compensated for under Clause 12.3 (Tax
                  indemnity)
                  but was not so compensated solely because any of the exclusions
                  in
                  paragraph (b) of Clause 12.3 (Tax
                  indemnity)
                  applied); or

              

      

       

      
        	(iii)  	
                attributable
                  to the wilful breach by the Finance Party (that is claiming such
                  Increased
                  Cost) or its Affiliates of any law or
                  regulation.

              

      

       

      
        	(b)  	
                In
                  this Clause 13.3, a reference to a "Tax
                  Deduction"
                  has the same meaning given to the term in Clause 12.1 (Definitions).

              

      

       

       

      
        	14.  	
                OTHER
                  INDEMNITIES

              

      

       

      
        	14.1  	
                Currency
                  indemnity

              

      

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

              

      

       

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

              

      

       

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

              

      

       

      that
        Obligor shall as an independent obligation, within three Business Days of
        demand, indemnify each Finance Party to whom that Sum is due against any
        cost,
        loss or liability arising out of or as a result of such 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 or recovery 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.

              

      

       

      
        	14.2  	
                Other
                  indemnities

              

      

      
        	(a)  	
                The
                  Borrowers shall, within three Business Days of demand, jointly
                  and
                  severally indemnify each Finance Party against any cost, loss or
                  liability
                  incurred by that Finance Party as a result
                  of:

              

      

       

      
        	(i)  	
                the
                  occurrence of any Default;

              

      

       

      
        	(ii)  	
                the
                  Information Memorandum or any other information provided, produced
                  or
                  approved by or on behalf of an Obligor in connection with the Facility
                  being or being alleged to be misleading and/or deceptive in any
                  respect;

              

      

       

      
        	(iii)  	
                any
                  enquiry, investigation, subpoena (or similar order) or litigation
                  with
                  respect to any Obligor or with respect to the transactions contemplated
                  or
                  financed under the Finance
                  Documents;

              

      

       

      
        	(iv)  	
                the
                  use of proceeds of any Loan;

              

      

       

      
        	(v)  	
                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 28 (Sharing
                  among the Finance Parties);

              

      

       

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

              

      

       

      
        	(vii)  	
                a
                  Loan (or part of a Loan) not being prepaid in accordance with a
                  notice of
                  prepayment given by a Borrower.

              

      

       

      
        	(b)  	
                The
                  Borrowers
                  shall, within three Business Days of demand, jointly and severally
                  indemnify each of the Finance Parties, their Affiliates and their
                  respective officers, directors, employees, agents, advisors and
                  representatives (each an "Indemnified
                  Party")
                  from and against any and all claims, damages, losses, liabilities,
                  costs
                  and expenses (including, without limitation, reasonable fees and
                  disbursements of legal counsel), joint or several, that may be
                  incurred by
                  or asserted or awarded against any Indemnified Party, in each case
                  arising
                  out of or in connection with or relating to any or all of the Finance
                  Documents (including without limitation any investigation, litigation
                  or
                  proceeding or the preparation of any defence with respect thereto,
                  arising
                  out of or in connection with or relating to the Finance Documents,
                  whether
                  or not such investigation, litigation or proceeding is brought
                  by a member
                  of the Group, any shareholder or creditor of any member of the
                  Group, an
                  Indemnified Party or any other person) or the transactions contemplated
                  by
                  the Finance Documents, except to the extent that such claim, damage,
                  loss,
                  liability, cost or expense is found in a final, non-appealable
                  judgement
                  by a court of competent jurisdiction to have resulted from such
                  Indemnified Party's gross negligence or wilful
                  misconduct.

              

      

       

      
        	14.3  	
                Indemnity
                  to the Agent

              

      

      The
        Borrowers shall promptly, jointly and severally, indemnify the Agent against
        any
        cost, loss or liability incurred by the Agent (acting reasonably) as a result
        of:

       

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

              

      

       

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

              

      

       

       

      
        	15.  	
                MITIGATION
                  BY THE LENDERS

              

      

       

      
        	15.1  	
                Mitigation

              

      

      
        	(a)  	
                Each
                  Finance Party shall, in consultation with the Relevant Borrower,
                  take all
                  reasonable steps to mitigate any circumstances which arise and
                  which would
                  result in any amount becoming payable under or pursuant to, or
                  cancelled
                  pursuant to, any of Clause 7.1 (Illegality),
                  Clause 12 (Tax
                  gross-up and indemnities)
                  (other than Clause 12.6 (Indirect
                  Tax))
                  or Clause 13 (Increased
                  costs)
                  including (but not limited to) transferring its rights and obligations
                  under the Finance Documents to another Affiliate or Facility Office
                  (whether pursuant to a request from the Relevant Borrower under
                  Clause
                  24.7 (Replacement
                  of certain Lenders)
                  or otherwise).

              

      

       

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

              

      

       

      
        	15.2  	
                Limitation
                  of liability

              

      

      
        	(a)  	
                The
                  Borrowers shall jointly and severally 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 15.1 (Mitigation).

              

      

       

      
        	(b)  	
                A
                  Finance Party is not obliged to take any steps under Clause 15.1
                  (Mitigation)
                  if, in the opinion of that Finance Party (acting reasonably), to
                  do so
                  might be expected to be prejudicial to
                  it.

              

      

       

       

      
        	16.  	
                COSTS
                  AND EXPENSES

              

      

       

      
        	16.1  	
                Transaction
                  expenses

              

      

      The
        Borrowers shall, within 3 Business Days of demand, jointly and severally
        pay the
        Agent and the Arranger the amount of all costs and out-of-pocket expenses
        (including legal fees) reasonably incurred by any of them in connection with
        the
        negotiation, preparation, printing, execution and syndication of:

       

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

              

      

       

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

              

      

       

      
        	16.2  	
                Amendment
                  costs

              

      

      If
        an
        Obligor requests an amendment, waiver or consent, the Borrowers shall, within
        three Business Days of demand, jointly and severally reimburse the Agent
        for the
        amount of all costs and out-of-pocket expenses (including legal fees) reasonably
        incurred by the Agent in responding to, evaluating, negotiating or complying
        with that request or requirement.

       

      
        	16.3  	
                Enforcement
                  costs

              

      

      The
        Borrowers shall, within three Business Days of demand, jointly and severally
        pay
        to each Finance Party the amount of all costs and out-of-pocket 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.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
      

      SECTION
        7

      GUARANTEE

       

       

      
        	17.  	
                GUARANTEE
                  AND INDEMNITY

              

      

       

      
        	17.1  	
                Guarantee
                  and indemnity

              

      

      Each
        of
        the Borrowers and the Guarantor irrevocably and unconditionally jointly and
        severally:

       

      
        	(a)  	
                guarantees
                  to each Finance Party punctual performance by each of the Borrowers
                  of all
                  the obligations of and/or expressed to be assumed by that Borrower
                  under
                  the Finance Documents;

              

      

       

      
        	(b)  	
                undertakes
                  with each Finance Party that whenever a Borrower does not pay any
                  amount
                  when due or expressed to be due under or in connection with any
                  Finance
                  Document, each of the Borrowers and the 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:

              

      

       

      
        	(i)  	
                if
                  any obligation guaranteed or expressed to be guaranteed by it (or
                  anything
                  which would have been an obligation if not unenforceable, invalid
                  or
                  illegal) is or becomes unenforceable, invalid or illegal;
                  or

              

      

       

      
        	(ii)  	
                if,
                  as a result of the introduction of or any change in (or the
                  interpretation, administration or application of) any law or regulation,
                  or compliance with any law, regulation or administrative procedure
                  made
                  after the date of this Agreement, there is a change in the currency,
                  timing, place or manner in which any obligation guaranteed or expressed
                  to
                  be guaranteed by such Borrower and/or Guarantor is payable, or
                  there is a
                  reduction in any amount receivable by a Finance Party under any
                  Finance
                  Document,

              

      

       

      in
        each
        case the amount of such cost, loss or liability shall be equal to the amount
        which that Finance Party would otherwise have been entitled to recover or
        receive.

       

      
        	17.2  	
                Continuing
                  guarantee

              

      

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

       

      
        	17.3  	
                Reinstatement

              

      

      If
        any
        payment by or recovery from 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, reduced or liable to be refunded for
        any
        reason including, without limitation, as a result of insolvency, breach of
        fiduciary or statutory duties or any other reason:

       

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

              

      

       

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

              

      

       

      
        	17.4  	
                Waiver
                  of defences

              

      

      The
        obligations of each Obligor under this Clause 17 will not be affected by
        an act,
        omission, matter or thing which, but for this Clause, would reduce, release
        or
        prejudice any of its obligations under this Clause 17 (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 other
                  Obligor
                  or other person;

              

      

       

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

              

      

       

      
        	(c)  	
                the
                  taking, variation, compromise, exchange, renewal or release of,
                  or refusal
                  or neglect to perfect, execute, take up or enforce, any rights
                  against, or
                  security over assets of, any other 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 any other Obligor
                  or any
                  other person;

              

      

       

      
        	(e)  	
                any
                  amendment (however fundamental) or replacement of a Finance Document
                  or
                  any other document or security;

              

      

       

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

              

      

       

      
        	(g)  	
                any
                  insolvency or similar proceedings;
                  or

              

      

       

      
        	(h)  	
                this
                  Agreement or any other Finance Document not being executed by or
                  binding
                  against any person.

              

      

       

      
        	17.5  	
                Immediate
                  recourse

              

      

      Each
        Obligor 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
        Obligor under this Clause 17. This waiver applies irrespective of any law
        or any
        provision of a Finance Document to the contrary.

       

      
        	17.6  	
                Appropriations

              

      

      Until
        all
        amounts which may be or become payable by any or all of the Obligors under
        or in
        connection with the Finance Documents have been irrevocably paid in full
        and no
        Finance Party is under any further obligation (whether actual or contingent)
        to
        provide any further advance or financial accommodation to any Obligor under
        any
        Finance Document, 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,
                  received or recovered by that Finance Party (or any trustee or
                  agent on
                  its behalf) in respect of those first-mentioned amounts, or apply
                  and
                  enforce the same in such manner and order as it sees fit (whether
                  against
                  those first-mentioned amounts or otherwise) and none of the Obligors
                  shall
                  be entitled to the benefit of the same;
                  and

              

      

       

      
        	(b)  	
                hold
                  in an interest-bearing suspense account any moneys received or
                  recovered
                  from any Obligor or on account of any Obligor's liability under
                  this
                  Clause 17.

              

      

       

      
        	17.7  	
                Deferral
                  of the Obligors’ rights

              

      

      Until
        all
        amounts which may be or become payable by any or all of the Obligors under
        or in
        connection with the Finance Documents have been irrevocably paid in full
        and no
        Finance Party is under any further obligation (whether actual or contingent)
        to
        provide any further advance or financial accommodation to any Obligor under
        any
        Finance Document, none of the Obligors will, unless the Agent otherwise directs,
        exercise any rights which it may have by reason of performance by it of its
        obligations under the Finance Documents:

       

      
        	(a)  	
                to
                  be indemnified by any other
                  Obligor;

              

      

       

      
        	(b)  	
                to
                  claim any contribution from any other guarantor of, or provider
                  of
                  Security or any other assurance for, any of the other Obligors’
                  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, any Finance Documents by any Finance
                  Party,

              

      

       

      provided
        that, until such time as the US Facility ceases to be in effect, the foregoing
        shall not prohibit an Obligor from receiving payment of any obligation owed
        to
        it by another Obligor for so long as the guarantees and indemnities given
        by the
        Obligors in this Clause 17 remain in effect.

       

      
        	17.8  	
                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.

       

      
        	17.9  	
                Benefits

              

      

      
        	(a)  	
                Each
                  Obligor acknowledges that:

              

      

       

      
        	(i)  	
                it
                  will receive valuable direct or indirect benefits as a result of
                  the
                  transactions financed by the Finance Documents and entering into
                  the
                  Finance Documents to which it is a party is for its commercial
                  benefit;

              

      

       

      
        	(ii)  	
                those
                  benefits will constitute reasonably equivalent value and/or fair
                  consideration for the purpose of any applicable
                  law;

              

      

       

      
        	(iii)  	
                but
                  for the agreement by that Obligor to execute and deliver this Agreement,
                  the Agent and the Lenders would not have made available the Facility
                  on
                  the terms set forth in this
                  Agreement;

              

      

       

      
        	(iv)  	
                each
                  Finance Party has acted in good faith in connection with the guarantee
                  given by that Obligor and the transactions contemplated by the
                  Finance
                  Documents; and

              

      

       

      
        	(v)  	
                it
                  has not incurred and does not intend to incur debts beyond its
                  ability to
                  pay as they mature.

              

      

       

      
        	(b)  	
                The
                  Guarantor represents and warrants that, and shall ensure that at
                  all
                  times:

              

      

       

      
        	(i)  	
                the
                  aggregate value (calculated as the lesser of fair valuation and
                  present
                  saleable value) of its assets is greater than the aggregate amount
                  of its
                  debts (including its obligations under the Finance Documents) and
                  any
                  amount that will be required to pay the probable liabilities in
                  respect of
                  those debts;

              

      

       

      
        	(ii)  	
                its
                  capital is not unreasonably small to carry on its business as conducted
                  or
                  proposed to be conducted; and

              

      

       

      
        	(iii)  	
                it
                  has not made a transfer or incurred any obligation under any Finance
                  Document with the intent to hinder, delay or defraud any of its
                  present or
                  future creditors.

              

      

       

      
        	(c)  	
                Without
                  limiting the generality of the foregoing, with respect to any obligation
                  guaranteed under this Clause 17 that, in accordance with the original
                  express terms of the Finance Document pursuant to which such obligation
                  was created, was denominated (or expressed to be denominated) in
                  US
                  Dollars or Singapore Dollars, each Obligor affirms its guarantee,
                  as a
                  primary obligation, to pay the Agent (for the benefit of the Finance
                  Parties) strictly in accordance with the terms of that Finance
                  Document,
                  including all amounts and in the currency expressly agreed to under
                  that
                  Finance Document.

              

      

       

      
        	17.10  	
                Currency
                  Conversions

              

      

      
        	(a)  	
                Subject
                  to paragraph (c) of Clause 17.9 (Benefits),
                  each Obligor's liability under this Agreement shall be to pay the
                  Agent
                  (for the benefit of the Finance Parties) the full amount of the
                  Obligors’
                  obligations pursuant to the Finance Documents in each currency
                  in which
                  they are for the time being denominated or expressed to be denominated
                  (“Contractual
                  Currency”),
                  regardless of any law, regulation or administrative procedures
                  made after
                  the date of this Agreement, provided that (i) if and to the extent
                  that
                  such first-mentioned Obligor does not pay any such amount in such
                  Contractual Currency the Agent may accept payment of all or part
                  of such
                  amount in any other currency and/or (ii) the Agent, wheresoever
                  incorporated, may require the first-mentioned Obligor, in substitution
                  for
                  its liability to pay any such amount in such Contractual Currency,
                  to pay
                  an amount in US Dollars or Singapore Dollars (as specified by the
                  Agent)
                  which is equivalent to such amount of such Contractual Currency
                  remaining
                  unpaid (and in either case the provisions of paragraph (b) below
                  shall
                  apply) to an account specified by the
                  Agent.

              

      

       

      
        	(b)  	
                The
                  equivalent on any day in one currency of any amount denominated
                  in another
                  currency shall be an amount in the first currency equal to the
                  amount
                  which the Agent would have received if the Agent had on such day
                  (or, if
                  such day shall not be a Business Day, on the next succeeding Business
                  Day)
                  made a purchase of the first currency with such amount of such
                  other
                  currency at the Agent's Spot Rate of Exchange less all costs, charges
                  and
                  expenses normally incurred by the Agent or on its behalf in connection
                  with such a purchase.

              

      

       

      
        	17.11  	
                Third
                  Party Rights

              

      

      The
        provisions in this Clause 17 (Guarantee
        and indemnity)
        shall
        be for the benefit of each Hedging Bank, and each Hedging Bank shall be deemed
        to be a Finance Party for the purpose of this Clause 17. Accordingly, subject
        to
        paragraph (b) of Clause 1.3 (Third
        Party Rights),
        any
        Hedging Bank not party to this Agreement may enjoy the benefit of or enforce
        the
        terms of this Clause 17 in accordance with the provisions of the Third Parties
        Act as if it were a Finance Party for the purposes of this Clause
        17.

       

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      SECTION
        8

      REPRESENTATIONS,
        UNDERTAKINGS AND EVENTS OF DEFAULT

       

       

      
        	18.  	
                REPRESENTATIONS

              

      

       

      Each
        Obligor makes the representations and warranties set out in this Clause 18
        to
        each Finance Party on the date of this Agreement.

       

      
        	18.1  	
                Status

              

      

      
        	(a)  	
                Each
                  of it and its Subsidiaries is a corporation, limited liability
                  company,
                  partnership or other commercial entity, duly incorporated or organised,
                  validly existing and in good standing under the law of its jurisdiction
                  of
                  incorporation.

              

      

       

      
        	(b)  	
                Each
                  of it and its Subsidiaries has the power to own and operate its
                  assets and
                  carry on its business as it is being, and is proposed to be,
                  conducted.

              

      

       

      
        	(c)  	
                Each
                  of it and its Subsidiaries is duly qualified to do business as
                  a foreign
                  entity and is in good standing under the laws of each jurisdiction
                  (other
                  than its jurisdictions of incorporation) in which it does business
                  and in
                  which failure to be so qualified and in good standing could reasonably
                  be
                  expected to have a Material Adverse
                  Effect.

              

      

       

      
        	18.2  	
                Binding
                  obligations

              

      

      The
        obligations expressed to be assumed by it in each Finance Document are, subject
        to any general principles of law limiting its obligations which are specifically
        referred to in any legal opinion accepted pursuant to Clause 4 (Conditions
        of Utilisation),
        legal,
        valid, binding and enforceable obligations.

       

      
        	18.3  	
                Non-conflict
                  with other obligations

              

      

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

       

      
        	(a)  	
                conflict
                  with

              

      

       

      
        	(i)  	
                any
                  law or regulation applicable to it;

              

      

       

      
        	(ii)  	
                its
                  or any of its Subsidiaries' constitutional documents;
                  or

              

      

       

      
        	(iii)  	
                any
                  agreement or instrument binding upon it or any of its Subsidiaries
                  or any
                  of its or any of its Subsidiaries’ assets, except to the extent such
                  conflict could not reasonably be expected to have a Material Adverse
                  Effect; and

              

      

       

      
        	(b)  	
                result
                  in or require the creation or imposition of any Security whatsoever
                  upon
                  any of the assets of an Obligor.

              

      

       

      
        	18.4  	
                Power
                  and authority

              

      

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

       

      
        	18.5  	
                Validity
                  and admissibility in
                  evidence

              

      

      All
        Authorisations required or desirable:

       

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

              

      

       

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

              

      

       

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

       

      
        	18.6  	
                Governing
                  law and enforcement

              

      

      
        	(a)  	
                Subject
                  to any matters specifically referred to in any legal opinion accepted
                  pursuant to Clause 4 (Conditions
                  of Utilisation),
                  the choice of English law as the governing law of the Finance Documents
                  will be recognised and enforced in its jurisdiction of
                  incorporation.

              

      

       

      
        	(b)  	
                Subject
                  to any matters specifically referred to in any legal opinion accepted
                  pursuant to Clause 4 (Conditions
                  of Utilisation),
                  any judgment obtained in England in relation to a Finance Document
                  will be
                  recognised and enforced in its jurisdiction of
                  incorporation.

              

      

       

      
        	18.7  	
                Deduction
                  of Tax

              

      

      Subject
        to any matters specifically referred to in any legal opinion accepted pursuant
        to Clause 4 (Conditions
        of Utilisation),
        it is
        not required under the law applicable where it is incorporated or resident
        or at
        its address for the purpose of this Agreement to make any deduction for or
        on
        account of Tax from any payment it may make under any Finance
        Document.

       

      
        	18.8  	
                No
                  filing or stamp taxes

              

      

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

       

      
        	18.9  	
                Tax
                  Examinations

              

      

      
        	(a)  	
                All
                  deficiencies which have been asserted against it or any of its
                  Subsidiaries as a result of any federal, state, local or foreign
                  Tax
                  examination for each taxable year in respect of which an examination
                  has
                  been conducted have been fully paid or finally settled or are being
                  contested in good faith, and no issue has been raised by any taxing
                  authority in any such examination which, by application of similar
                  principles, reasonably can be expected to result in assertion by
                  such
                  taxing authority of a material deficiency for any other year not
                  so
                  examined which has not been reserved for in its audited financial
                  statements to the extent, if any, required by Agreement Accounting
                  Principles. 

              

      

       

      
        	(b)  	
                Except
                  as permitted pursuant to Clause 21.7 (Payment
                  of Taxes and claims; Tax consolidation),
                  neither it nor any of its Subsidiaries anticipates any material
                  Tax
                  liability with respect to the years for which a Tax examination
                  has not
                  been closed pursuant to applicable
                  law.

              

      

       

      
        	18.10  	
                Payment
                  of Taxes

              

      

      
        	(a)  	
                Each
                  member of the Group has paid when due all Taxes required to be
                  paid by it
                  other than any Taxes: 

              

      

       

      
        	(i)  	
                being
                  contested by it in good faith;

              

      

       

      
        	(ii)  	
                for
                  which adequate reserves are being maintained in accordance with
                  Agreement
                  Accounting Principles; and

              

      

       

      
        	(iii)  	
                where
                  payment can be lawfully withheld and will not result in the imposition
                  of
                  any penalty nor in any Security ranking in priority to the claims
                  of any
                  Finance Party under any Finance
                  Document.

              

      

       

      
        	(b)  	
                It
                  has no knowledge of any proposed Tax assessment against it or any
                  of its
                  Subsidiaries that, if made, will have or could reasonably be expected
                  to
                  have a Material Adverse Effect.

              

      

       

      
        	18.11  	
                No
                  default

              

      

      
        	(a)  	
                No
                  Default is continuing or might reasonably be expected to result
                  from the
                  making of any Utilisation.

              

      

       

      
        	(b)  	
                No
                  other event or circumstance is outstanding which constitutes (or
                  which
                  would, with the lapse of time, the giving of notice, the making
                  of any
                  determination under the relevant document or any combination of
                  the
                  foregoing, constitute) a default under any other agreement or instrument
                  which is binding on it or any of its Subsidiaries or to which any
                  of its
                  or any of its Subsidiaries’ assets is subject which could reasonably be
                  expected to have a Material Adverse
                  Effect.

              

      

       

      
        	18.12  	
                No
                  misleading information

              

      

      Any
        factual information provided by or on behalf of any member of the Group (whether
        for the purposes of the Information Memorandum or otherwise in connection
        with
        the Facility), taken as a whole, does not contain, as of the date furnished,
        any
        untrue statement of a material fact or omit to state a material fact necessary
        in order to make the statements contained therein, in light of the circumstances
        under which they were made, not misleading.

       

      
        	18.13  	
                Financial
                  statements

              

      

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

              

      

       

      
        	(b)  	
                Its
                  Original Financial Statements (if any) fairly represent its financial
                  condition and operations (consolidated in the case of the Guarantor
                  and
                  unconsolidated in the case of each of the Borrowers) as at the
                  end of and
                  for the financial year to which such Original Financial Statements
                  relate.

              

      

       

      
        	(c)  	
                There
                  is no material loss contingency (of it or, where relevant, any
                  of its
                  Subsidiaries) within the meaning of Agreement Accounting Principles
                  which
                  has not been reflected in its Original Financial Statements (if
                  any) or in
                  any of its other financial statements prepared and delivered pursuant
                  to
                  this Agreement for the financial period during which such material
                  loss
                  contingency was incurred.

              

      

       

      
        	(d)  	
                There
                  has been no material adverse change in its condition (financial
                  or
                  otherwise), assets, operations, prospects or business (or in the
                  consolidated condition (financial or otherwise), assets, operations,
                  prospects or business of the Guarantor, the Group or the Borrowers)
                  since
                  30 September 2004 or any other event which has had or would reasonably
                  be
                  expected to have a Material Adverse
                  Effect.

              

      

       

      
        	18.14  	
                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 in its place of incorporation applying
        to companies generally.

       

      
        	18.15  	
                No
                  proceedings pending or
                  threatened

              

      

      
        	(a)  	
                Except
                  as set forth in Schedule 8 (Litigation)
                  (the "Disclosed
                  Litigation"),
                  as of the date hereof, there is no material action, suit, proceeding,
                  arbitration or, to the knowledge of any member of the Senior Management
                  Team, investigation before or by any Governmental Agency or private
                  arbitrator pending or to the knowledge of any member of the Senior
                  Management Team, threatened against any Obligor, any of their Subsidiaries
                  or any property of any of them. Neither (a) any of the Disclosed
                  Litigation nor (b) from and after the date hereof, any other action,
                  suit,
                  proceeding, arbitration or, to the knowledge of any member of the
                  Senior
                  Management Team, investigation before or by any Governmental Agency
                  or
                  private arbitrator pending or, to the knowledge of any member of
                  the
                  Senior Management Team, threatened against any Obligor, any of
                  their
                  Subsidiaries or any property of any of them (i) challenges the
                  validity or
                  the enforceability of any material provision of the Finance Documents
                  or
                  (ii) has had or could reasonably be expected to have a Material
                  Adverse
                  Effect.

              

      

       

      
        	(b)  	
                No
                  litigation, arbitration, administrative or, to its knowledge,
                  investigative proceeding of or before any court, arbitral body
                  or agency
                  (including any arising from or relating to Environmental Law) which,
                  if
                  adversely determined, could 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 or its or their
                  assets.

              

      

       

      
        	(c)  	
                No
                  attempt to organise its or any of its Subsidiaries’ employees and no
                  labour disputes are pending or, to its knowledge, threatened, planned
                  or
                  contemplated, which could reasonably be expected to have a Material
                  Adverse Effect.

              

      

       

      
        	(d)  	
                Neither
                  it nor any of its Subsidiaries is: 

              

      

       

      
        	(i)  	
                in
                  violation of any law or regulation applicable to it or any of its
                  assets
                  which violation will have or could reasonably be expected to have
                  a
                  Material Adverse Effect; or

              

      

       

      
        	(ii)  	
                subject
                  to or in default with respect to any final judgment, writ, injunction,
                  restraining order or order of any nature, decree, rule or regulation
                  of
                  any court, agency or Governmental Agency which will have or could
                  reasonably be expected to have a Material Adverse
                  Effect.

              

      

       

      
        	18.16  	
                Environmental
                  laws, licences and
                  releases

              

      

      
        	(a)  	
                Each
                  of it and its Subsidiaries has:

              

      

       

      
        	(i)  	
                complied
                  in all material respects with all Environmental Laws to which it
                  may be
                  subject;

              

      

       

      
        	(ii)  	
                obtained
                  all material Environmental Licences required or desirable in connection
                  with its business; and

              

      

       

      
        	(iii)  	
                complied
                  in all material respects with the terms of those Environmental
                  Licences.

              

      

       

      
        	(b)  	
                No:

              

      

       

      
        	(a)  	
                property
                  currently or previously owned, leased, occupied or controlled by
                  it or any
                  of its Subsidiaries (including any offsite waste management or
                  disposal
                  location utilised by it or any of its Subsidiaries) is contaminated
                  with
                  any Hazardous Substance; and

              

      

       

      
        	(b)  	
                discharge,
                  release, leaching, migration or escape of any Hazardous Substance
                  into the
                  Environment has occurred or is occurring on, under or from that
                  property,
                  

              

      

       

      in
        each
        case in circumstances where that would result in material remediation costs
        or
        material penalties to any member of the Group or give rise to any material
        Contingent Obligation.

       

      
        	(c)  	
                For
                  the purposes of this Clause 18.16, "material"
                  means any non-compliance or other basis for liability which could
                  reasonably be likely to subject any member of the Group to liability,
                  individually or in the aggregate (for all members of the Group)
                  with each
                  basis for liability under this Clause 18.16, in excess of US$30,000,000
                  (or the equivalent in any other currency or
                  currencies).

              

      

       

      
        	18.17  	
                Authorised
                  signatories

              

      

      Each
        person specified as its authorised signatory in any document accepted by
        the
        Agent pursuant to paragraph 1(c) of Schedule 2 (Conditions
        precedent)
        or
        delivered to the Agent pursuant to paragraph (h) of Clause 19.4 (Information:
        miscellaneous)
        is,
        subject to any notice to the contrary delivered to the Agent pursuant to
        Clause
        19.4, authorised to sign all Finance Documents and all Utilisation Requests
        and
        other notices on its behalf under or in connection with the Finance
        Documents.

       

      
        	18.18  	
                Subsidiaries

              

      

      
        	(a)  	
                Schedule
                  9 (Subsidiaries)
                  identifies all Subsidiaries of the Guarantor, both direct and indirect,
                  and indicates the respective holdings of each as of the date of
                  this
                  Agreement and, except as notified to the Agent in writing following
                  the
                  date of this Agreement, as of each Utilisation Date.
                  

              

      

       

      
        	(b)  	
                Each
                  of the Borrowers is directly or indirectly, a wholly-owned (beneficially)
                  and controlled Subsidiary of the
                  Guarantor.

              

      

       

      
        	18.19  	
                ERISA

              

      

      
        	(a)  	
                No
                  Benefit Plan has incurred any material accumulated funding deficiency
                  (as
                  defined in Sections 302(a)(2) of ERISA and 412(a) of the Internal
                  Revenue
                  Code) whether or not waived. 

              

      

       

      
        	(b)  	
                No
                  Obligor nor any ERISA Affiliate has incurred any material liability
                  to the
                  PBGC which remains outstanding other than the payment of premiums.
                  

              

      

       

      
        	(c)  	
                As
                  of the last day of the most recent prior plan year, the market
                  value of
                  assets under each Benefit Plan, other than any Multiemployer Plan,
                  was not
                  by a material amount less than the present value of benefit liabilities
                  thereunder (determined in accordance with the actuarial valuation
                  assumptions described therein). 

              

      

       

      
        	(d)  	
                No
                  Obligor nor any ERISA Affiliate has:

              

      

       

      
        	(i)  	
                failed
                  to make a required contribution or payment to a Multiemployer Plan
                  of a
                  material amount; or 

              

      

       

      
        	(ii)  	
                incurred
                  a material complete or partial withdrawal under Section 4203 or
                  Section
                  4205 of ERISA from a Multiemployer
                  Plan.

              

      

       

      
        	(e)  	
                No
                  Obligor nor any ERISA Affiliate has failed to make an instalment
                  or any
                  other payment of a material amount required under Section 412 of
                  the
                  Internal Revenue Code on or before the due date for such instalment
                  or
                  other payment. 

              

      

       

      
        	(f)  	
                Each
                  Plan, Foreign Employee Benefit Plan and Non-ERISA Commitment complies
                  in
                  all material respects in form, and has been administered in all
                  material
                  respects in accordance with its terms and, in accordance with all
                  applicable laws and regulations, including but not limited to ERISA
                  and
                  the Internal Revenue Code.

              

      

       

      
        	(g)  	
                There
                  have been no and there is no prohibited transaction described in
                  Section
                  406 of ERISA or Section 4975 of the Internal Revenue Code with
                  respect to
                  any Plan for which a statutory or administrative exemption does
                  not exist
                  which could reasonably be expected to subject an Obligor or an
                  ERISA
                  Affiliate to material liability. 

              

      

       

      
        	(h)  	
                No
                  Obligor nor any ERISA Affiliate has taken or failed to take any
                  action
                  which would constitute or result in an ERISA Event, which action
                  or
                  inaction could reasonably be expected to subject an Obligor or
                  an ERISA
                  Affiliate to material liability. 

              

      

       

      
        	(i)  	
                No
                  Obligor nor any ERISA Affiliate is subject to any material liability
                  under, or has any potential material liability under, Sections
                  4063, 4064,
                  4069, 4204 or 4212(c) of ERISA. 

              

      

       

      
        	(j)  	
                The
                  present value of the aggregate liabilities to provide all of the
                  accrued
                  benefits under any Foreign Pension Plan do not exceed the current
                  fair
                  market value of the assets held in trust or other funding vehicle
                  for such
                  plan by a material amount.

              

      

       

      
        	(k)  	
                With
                  respect to any Foreign Employee Benefit Plan other than a Foreign
                  Pension
                  Plan, reasonable reserves have been established in accordance with
                  prudent
                  business practice or where required by ordinary accounting practices
                  in
                  the jurisdiction in which such plan is maintained.
                  

              

      

       

      
        	(l)  	
                In
                  this Clause 18.19, "material"
                  means any amount, non-compliance or other basis for liability which
                  could
                  reasonably be expected to subject any member of the Group to liability,
                  individually or in the aggregate (for all members of the Group)
                  with each
                  basis for liability under this Clause 18.19, in excess of US$30,000,000
                  (or the equivalent thereof in any other currency or
                  currencies).

              

      

       

      
        	18.20  	
                Securities
                  Activities

              

      

      
        	(a)  	
                None
                  of the proceeds of the Loans will be used, directly or indirectly,
                  in
                  whole or in part, for "purchasing" or "carrying" Margin Stock or
                  for any
                  purpose which might (whether immediately, incidentally or ultimately)
                  cause all or any part of the Loans to be a "purpose credit" within
                  the
                  meaning of Regulation U or Regulation X and no member of the Group
                  is
                  engaged in the business of extending credit for the purpose of
                  "purchasing" or "carrying" Margin
                  Stock.

              

      

       

      
        	(b)  	
                Following
                  the application of the proceeds of each Loan, not more than 25
                  per cent.
                  of the value of the assets of the Group (on a consolidated basis)
                  will be
                  invested in Margin Stock.

              

      

       

      
        	(c)  	
                Neither
                  any Obligor nor any agent acting on its behalf has taken or will
                  take any
                  action which might cause any Finance Document or any document delivered
                  under or in connection with any Finance Document to violate any
                  regulation
                  of the Board of Governors (including Regulation T, U or X) or violate
                  the
                  United States Securities Exchange Act of 1934 or any applicable
                  US federal
                  or state securities law.

              

      

       

      
        	18.21  	
                Material
                  Agreements

              

      

      
        	(a)  	
                Neither
                  it nor any of its Subsidiaries is a party to or otherwise bound
                  by any
                  agreement, arrangement or instrument or subject to any charter
                  or other
                  corporate or similar obligation or liability which individually
                  or in the
                  aggregate will have or could reasonably be expected to have a Material
                  Adverse Effect. 

              

      

       

      
        	(b)  	
                Neither
                  it nor any of its Subsidiaries has received notice of or has knowledge
                  that:

              

      

       

      
        	(i)  	
                it
                  is in default in the performance, observance or fulfilment of any
                  of the
                  obligations, covenants or conditions contained in any agreement,
                  arrangement or instrument applicable to it; or

              

      

       

      
        	(ii)  	
                any
                  condition exists which, with the giving of notice or the lapse
                  of time or
                  both, would constitute a default with respect to any such agreement,
                  arrangement or instrument, 

              

      

       

      in
        each
        case, except where such default or defaults, if any, individually or in the
        aggregate will not have or could not reasonably be expected to have a Material
        Adverse Effect.

       

      
        	18.22  	
                Assets
                  and Properties

              

      

      
        	(a)  	
                Each
                  of it and other members of the Group has good and marketable title
                  to, or
                  valid leases and licences of or is otherwise entitled to use, all
                  material
                  assets necessary or desirable for it to carry on its business as
                  it is
                  being or is proposed to be conducted, (except insofar as marketability
                  may
                  be limited by any laws or regulations of any agency or Governmental
                  Agency
                  affecting such assets). 

              

      

       

      
        	(b)  	
                Substantially
                  all of its assets and each of its Subsidiaries' assets are in adequate
                  operating condition and repair, ordinary wear and tear expected.
                  

              

      

       

      
        	(c)  	
                Neither
                  any Finance Document nor any transaction contemplated by any Finance
                  Document will affect any right, title or interest of it or its
                  Subsidiaries in and to any of its assets in a manner that has or
                  could
                  reasonably be expected to have a Material Adverse Effect.
                  

              

      

       

      
        	18.23  	
                US
                  Statutory Indebtedness
                  Restrictions

              

      

      No
        member
        of the Group is:

       

      
        	(a)  	
                a
                  "holding company", an "affiliate" of a "holding company" or a "subsidiary
                  company" of a "holding company" within the meaning of, or subject
                  to
                  regulation under, the United States Public Utility Holding Company
                  Act of
                  1935;

              

      

       

      
        	(b)  	
                a
                  "public utility" within the meaning of, or subject to regulation
                  under,
                  the United States Federal Power Act of
                  1920;

              

      

       

      
        	(c)  	
                an
                  "investment company" or a company "controlled" by an "investment
                  company"
                  within the meaning of the United States Investment Company Act
                  of 1940;
                  or

              

      

       

      
        	(d)  	
                subject
                  to regulation under any United States federal or state law or regulation
                  that limits its ability to incur or guarantee
                  indebtedness.

              

      

       

      
        	18.24  	
                Insurance

              

      

      
        	(a)  	
                The
                  insurances required by Clause 21.5 (Insurance)
                  are in full force and effect as required by this
                  Agreement.

              

      

       

      
        	(b)  	
                No
                  event or circumstance has occurred, and there has been no failure
                  to
                  disclose a material fact, which would entitle any insurer to reduce
                  or
                  avoid its liability under any such
                  insurance.

              

      

       

      
        	18.25  	
                Repetition

              

      

      The
        Repeating Representations are deemed to be made by each Obligor by reference
        to
        the facts and circumstances then existing on the date of each Utilisation
        Request and the first day of each Interest Period.

       

       

      
        	19.  	
                INFORMATION
                  UNDERTAKINGS

              

      

       

      The
        undertakings in this Clause 19 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.

       

      
        	19.1  	
                Financial
                  statements

              

      

      Each
        Obligor 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 90 days
                  after
                  the end of each of its financial
                  years:

              

      

       

      
        	(i)  	
                its
                  audited consolidated financial statements for that financial year;
                  and

              

      

       

      
        	(ii)  	
                (in
                  the case of each of the Borrowers) its audited unconsolidated financial
                  statements for that financial year;
                  and

              

      

       

      
        	(b)  	
                as
                  soon as the same become available, but in any event within 45 days
                  after
                  the end of each quarter (other than the last quarter) of each of
                  its
                  financial years:

              

      

       

      
        	(i)  	
                its
                  consolidated financial statements for that financial quarter;
                  and

              

      

       

      
        	(ii)  	
                (in
                  the case of each of the Borrowers) its unconsolidated financial
                  statements
                  for that financial quarter.

              

      

       

      
        	19.2  	
                Compliance
                  Certificate

              

      

      
        	(a)  	
                The
                  Guarantor shall supply to the Agent, with each set of financial
                  statements
                  delivered pursuant to paragraph (a)(i) or (b)(i) of Clause 19.1
                  (Financial
                  statements),
                  a Compliance Certificate:

              

      

       

      
        	(i)  	
                setting
                  out (in reasonable detail) computations as to compliance with Clause
                  20
                  (Financial
                  covenants)
                  as at the date as at which those financial statements were drawn
                  up;
                  

              

      

       

      
        	(ii)  	
                certifying
                  that the financial statements delivered with that Compliance Certificate
                  fairly represent the consolidated financial position of the Group
                  as at
                  the dates indicated and the results of their operations and cash
                  flows for
                  the periods indicated in accordance with Agreement Accounting Principles,
                  subject (save in the case of financial statements delivered pursuant
                  to
                  paragraph (a) of Clause 19.1 (Financial
                  statements))
                  to normal year-end audit adjustments and the absence of footnotes;
                  and

              

      

       

      
        	(iii)  	
                stating
                  that the Repeating Representations are true and correct in all
                  material
                  respects and no Default exists (or if a Default does exist, stating
                  the
                  nature and status thereof) as of the date of such Compliance
                  Certificate.

              

      

       

      
        	(b)  	
                Each
                  Compliance Certificate shall be signed by the chief financial officer
                  or
                  treasurer of the Guarantor.

              

      

       

      
        	19.3  	
                Requirements
                  as to financial statements

              

      

      
        	(a)  	
                Each
                  Obligor shall ensure that each set of financial statements delivered
                  in
                  respect of it (or it and its Subsidiaries) (other than the Guarantor)
                  pursuant to paragraph (a) of Clause 19.1 (Financial
                  statements)
                  shall be certified by one of its directors as fairly representing,
                  in
                  accordance with Agreement Accounting Principles, its (or, as the
                  case may
                  be, its consolidated) financial condition and operations as at
                  the end of
                  and for the period in relation to which those financial statements
                  were
                  drawn up.

              

      

       

      
        	(b)  	
                Each
                  Obligor shall ensure that each set of financial statements delivered
                  by
                  the Guarantor pursuant to paragraph (a) of Clause 19.1 (Financial
                  statements)
                  or by any Obligor pursuant to paragraph (b) of Clause 19.1 (Financial
                  statements)
                  shall be certified by the Chief Financial Officer or Treasurer
                  of the
                  Guarantor as fairly representing, in accordance with Agreement
                  Accounting
                  Principles, its (or, as the case may be, its consolidated or the
                  relevant
                  Obligor's consolidated or unconsolidated) financial condition and
                  operations as at the end of and for the period in relation to which
                  those
                  financial statements were drawn up.

              

      

       

      
        	(c)  	
                Each
                  Obligor shall procure that each set of its financial statements
                  delivered
                  pursuant to Clause 19.1 (Financial
                  statements)
                  is prepared using Agreement Accounting Principles, and accounting
                  practices and financial reference periods consistent with those
                  applied in
                  the preparation of the Original Financial Statements provided that
                  if any
                  changes in generally accepted accounting principles in the United
                  States
                  as at the date of this Agreement are required or permitted after
                  the date
                  of this Agreement and are adopted by the Guarantor or any of its
                  Subsidiaries with the agreement of its independent auditors and
                  such
                  changes result in a change in the method of calculation of any
                  of the
                  financial covenants, tests, restrictions or standards in this Agreement
                  or
                  in the related definitions or terms used in this Agreement ("Accounting
                  Changes"),
                  the Parties agree, at the Guarantor's request, to enter into negotiations,
                  in good faith, in order to amend the provisions of this Agreement
                  in a
                  credit neutral manner so as to reflect equitably such changes with
                  the
                  desired result that the criteria for evaluating the financial condition
                  of
                  the Guarantor and its Subsidiaries shall be the same after such
                  changes as
                  if such changes had not been made. Until such provisions are amended
                  in a
                  manner reasonably satisfactory to the Majority Lenders, no Accounting
                  Change shall be given effect in such calculations and all financial
                  statements and reports required to be delivered under this Agreement
                  shall
                  be prepared in accordance with Agreement Accounting Principles
                  without
                  taking into account such Accounting Changes. In the event such
                  amendment
                  is entered into, all references in this Agreement to Agreement
                  Accounting
                  Principles as of the date of this Agreement shall mean generally
                  accepted
                  accounting principles as in effect in the United States as of the
                  date of
                  such amendment. 

              

      

       

      
        	19.4  	
                Information:
                  miscellaneous

              

      

      Each
        Obligor shall supply to the Agent (in sufficient copies for all the Lenders,
        if
        the Agent so requests):

       

      
        	(a)  	
                copies
                  of all financial statements, reports and notices, if any, sent
                  by the
                  Guarantor to its securities holders or filed with the US Securities
                  and
                  Exchange Commission by the Guarantor (other than Reports on Form
                  8-K which
                  contain only information furnished pursuant to Item 12 thereof)
                  promptly
                  after they are dispatched or filed;

              

      

       

      
        	(b)  	
                all
                  documents dispatched by any Obligor other than the Guarantor to
                  its
                  creditors generally or required to be dispatched to any shareholder
                  pursuant to applicable law or regulation promptly after they are
                  dispatched;

              

      

       

      
        	(c)  	
                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 might, if adversely
                  determined,
                  have a Material Adverse Effect; 

              

      

       

      
        	(d)  	
                promptly
                  upon becoming aware of them, the details of any material labour
                  dispute
                  affecting any member of the Group;

              

      

       

      
        	(e)  	
                promptly
                  upon becoming aware of the addition or removal of a Subsidiary
                  as a
                  Material Subsidiary (as compared with the list of Material Subsidiaries
                  delivered pursuant to Clause 4.1 (Initial
                  conditions precedent)),
                  an updated list of its Material
                  Subsidiaries;

              

      

       

      
        	(f)  	
                promptly
                  upon becoming aware of them and within 10 days of receipt by it,
                  the
                  details of any claim, notice or other communication received by
                  it in
                  respect of (i) any actual or alleged breach of or liability under
                  Environmental Law and/or (ii) any actual or alleged liability as
                  a result
                  of discharge, release, leaching, migration or escape of any Hazardous
                  Substance which, if substantiated, in the case of any member of
                  the Group,
                  could reasonably be expected to result in liabilities of, and/or
                  expenditure by, one or more members of the Group in excess of
                  US$25,000,000 (or its equivalent in another currency or currencies)
                  individually or in aggregate or, in the case of any of the Borrowers
                  otherwise could reasonably be expected to have a Material Adverse
                  Effect;

              

      

       

      
        	(g)  	
                promptly,
                  such further information regarding the financial condition, business
                  and
                  operations of any member of the Group as any Finance Party (through
                  the
                  Agent) may reasonably request; and

              

      

       

      
        	(h)  	
                promptly,
                  notice of any change in the authorised signatories of any Obligor,
                  signed
                  by a director or authorised officer or the secretary of that Obligor
                  whose
                  specimen signature has previously been provided to the Agent, accompanied
                  (where relevant) by a specimen signature of each new
                  signatory.

              

      

       

      
        	19.5  	
                Notification
                  of default

              

      

      Each
        Obligor shall notify the Agent of:

       

      
        	(a)  	
                any
                  Default (specifying its nature and the steps, if any, being taken
                  to
                  remedy it); and 

              

      

       

      
        	(b)  	
                any
                  other development, financial or otherwise, which could reasonably
                  be
                  expected to have a Material Adverse Effect (specifying its nature
                  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).

       

      
        	19.6  	
                ERISA
                  Notices

              

      

      The
        Guarantor shall deliver or cause to be delivered to the Agent and the Lenders,
        at its expense, the following information and notices as soon as reasonably
        possible, and in any event:

       

      
        	(a)  	
                within
                  ten (10) Business Days after any Obligor or any ERISA Affiliate
                  obtains
                  knowledge that an ERISA Event has occurred which could reasonably
                  be
                  expected to subject the Guarantor to liability individually or
                  in the
                  aggregate in excess of US$20,000,000 (or the equivalent thereof
                  in any
                  other currency or currencies), a written statement of the chief
                  financial
                  officer or the treasurer of the Guarantor describing such ERISA
                  Event and
                  the action, if any, which that Obligor or ERISA Affiliate has taken,
                  is
                  taking or proposes to take with respect thereto, and when known,
                  any
                  action taken or threatened by the IRS, DOL or PBGC with respect
                  thereto;

              

      

       

      
        	(b)  	
                within
                  ten (10) Business Days after the filing of any funding waiver request
                  with
                  the IRS, a copy of such funding waiver request and thereafter all
                  communications received by an Obligor or an ERISA Affiliate with
                  respect
                  to such request within ten (10) Business Days after such communication
                  is
                  received; and

              

      

       

      
        	(c)  	
                within
                  ten (10) Business Days after an Obligor or an ERISA Affiliate knows
                  or has
                  reason to know that:

              

      

       

      
        	(i)  	
                a
                  Benefit Plan or a Multiemployer Plan has been
                  terminated;

              

      

       

      
        	(ii)  	
                the
                  administrator or plan sponsor of a Benefit Plan or a Multiemployer
                  Plan
                  intends to terminate a Multiemployer Plan;
                  or

              

      

       

      
        	(iii)  	
                the
                  PBGC has instituted or will institute proceedings to terminate
                  a Benefit
                  Plan or a Multiemployer Plan,

              

      

       

      a
        notice
        describing such matter. 

       

      For
        purposes of this Clause 19.6, an Obligor and an ERISA Affiliate shall be
        deemed
        to know all facts known by the administrator of any Plan of which such Obligor
        or ERISA Affiliate is the plan sponsor.

       

      
        	19.7  	
                Use
                  of websites

              

      

      
        	(a)  	
                Each
                  Obligor 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 Relevant Borrower 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 Relevant Borrower and the Agent are aware of the address of
                  and any
                  relevant password specifications for the Designated Website;
                  and

              

      

       

      
        	(iii)  	
                the
                  information is in a format previously agreed between the Relevant
                  Borrower
                  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 Relevant Borrower accordingly and each Obligor shall supply the
        information to the Agent (in sufficient copies for each Paper Form Lender)
        in
        paper form. In any event each Obligor 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 Relevant Borrower and the
                  Agent.

              

      

       

      
        	(c)  	
                Each
                  Obligor 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)  	
                any
                  of the Obligors 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
        an
        Obligor notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above,
        all
        information to be provided by an Obligor under this Agreement after the date
        of
        that notice shall be supplied in paper form unless and until each of the
        Agent
        and the Website Lenders is satisfied that the circumstances giving rise to
        that
        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 by any
                  Obligor
                  which is posted onto the Designated Website. The relevant Obligor
                  shall
                  comply with any such request within ten Business
                  Days.

              

      

       

      
        	19.8  	
                Access
                  to books, premises and
                  records

              

      

      
        	(a)  	
                Each
                  Obligor shall (and shall ensure that each member of the Group
                  will):

              

      

       

      
        	(i)  	
                keep
                  books and records which accurately reflect in all material respects
                  all of
                  its business, affairs and transactions;
                  and

              

      

       

      
        	(ii)  	
                permit
                  any Finance Party or any of its representatives, professional advisers
                  or
                  contractors, at reasonable times and intervals, and upon reasonable
                  notice, to visit any of its offices or premises (including, without
                  limitation, in connection with environmental compliance, hazards
                  or
                  liabilities), to inspect any of its books and records and to discuss
                  its
                  financial matters with its officers and auditors.
                  

              

      

       

      
        	(b)  	
                Each
                  Obligor hereby authorises its auditors to discuss any of the Group's
                  affairs, finances and accounts with the officers and independent
                  certified
                  public accountants of any Finance Party or any of its representatives,
                  all
                  upon reasonable notice and at such reasonable times during normal
                  business
                  hours, as often as may be reasonably requested (provided that an
                  officer
                  of the Group may, if it so desires, be present at and participate
                  in any
                  such discussion), and to inspect any of its books and records.
                  

              

      

       

      
        	(c)  	
                Each
                  Obligor hereby authorises each firm which prepared any report delivered
                  to
                  any Finance Party in connection with the Finance Documents to discuss
                  such
                  report with any Finance Party.

              

      

       

      
        	(d)  	
                If
                  an Event of Default has occurred and is continuing, each Obligor
                  shall,
                  upon request by the Agent, turn over copies of any of its books
                  and
                  records to the Agent or its
                  representatives.

              

      

       

      
        	19.9  	
                Know
                  your customer

              

      

      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 any Obligor or the composition of the holders
                  of
                  shares or equity interests in any Obligor after the date of this
                  Agreement; or

              

      

       

      
        	(iii)  	
                any
                  proposed assignment or transfer by a Lender of any of its rights
                  and/or
                  obligations under this Agreement to any
                  person,

              

      

       

      obliges
        the Agent or any Lender (or, in the case of paragraph (iii) above, any
        prospective assignee or transferee of any Lender) to comply with “know your
        customer”, anti-money laundering or similar identification procedures in
        circumstances where the necessary information is not readily 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 paragraph (iii) above, on behalf of any
        prospective assignee or transferee of such Lender) in order for the Agent,
        such
        Lender or, the case of paragraph (iii) above, any prospective assignee or
        transferee of such Lender to carry out and be satisfied with the results
        of all
        necessary “know your customer”, anti-money laundering or other similar checks
        under all applicable laws and regulations in connection with the Finance
        Documents and/or the transactions contemplated thereunder.

       

       

      
        	20.  	
                FINANCIAL
                  COVENANTS

              

      

       

      The
        undertakings in this Clause 20 remain in force from the date of this Agreement
        for so long as any amount is outstanding under the Finance Documents or any
        Commitment is in force.

       

      
        	20.1  	
                Maximum
                  Leverage Ratio

              

      

      
        	(a)  	
                The
                  Guarantor shall ensure that at all times the ratio (the "Leverage
                  Ratio")
                  of (i) Total Borrowings to (ii) EBITDA shall not be greater than
                  3.50 to
                  1.00. 

              

      

       

      
        	(b)  	
                The
                  Leverage Ratio shall be calculated and in each case determined
                  as of the
                  last day of each financial quarter based
                  upon:

              

      

       

      
        	(i)  	
                for
                  Total Borrowings, Total Borrowings as of the last day of such financial
                  quarter; and 

              

      

       

      
        	(ii)  	
                for
                  EBITDA, the actual amount for the four-quarter period ending on
                  such day,
                  calculated, with respect to any Permitted Acquisition, on a pro
                  forma basis
                  in
                  accordance with the Agreement Accounting Principles and using
                  unadjusted historical audited and reviewed unaudited financial
                  statements
                  in respect of the business or entity the subject of such Permitted
                  Acquisition obtained from the seller of such business or entity
                  (with the
                  EBITDA component thereof broken down by fiscal quarters in the
                  Guarantor's
                  reasonable judgment).

              

      

       

      
        	20.2  	
                Minimum
                  Interest Expense Coverage
                  Ratio

              

      

      
        	(a)  	
                The
                  Guarantor shall ensure that the ratio (the "Interest
                  Expense Coverage Ratio")
                  for any applicable period of (i) EBIT for such period to (ii) Interest
                  Expense for such period is greater than 3.00 to 1.00 for each financial
                  quarter. 

              

      

       

      
        	(b)  	
                The
                  Interest Expense Coverage Ratio shall be calculated, as of the
                  last day of
                  each financial quarter for the four-quarter period ending on such
                  day
                  calculated, with respect to Permitted Acquisitions, on a pro forma
                  basis
                  in accordance with the Agreement Accounting Principles and using
                  unadjusted historical audited and reviewed unaudited financial
                  statements
                  in respect of the business or entity the subject of such Permitted
                  Acquisition obtained from the seller of such business or entity
                  (with the
                  EBITDA component thereof broken down by financial quarter in the
                  reasonable judgement of the
                  Guarantor).

              

      

       

      
        	20.3  	
                Definitions

              

      

      In
        this
        Clause 20 (Financial
        covenants):

       

      "EBIT"
        means,
        for any period, on a consolidated basis for the Group, the sum of the amounts
        for such period, without double-counting, of (i) Net Income, plus (ii) Interest
        Expense to the extent deducted in computing Net Income, plus (iii) charges
        against income for foreign, federal, state and local Taxes to the extent
        deducted in computing Net Income, plus (iv) any additional non-cash charges
        (except any non-cash charges that require accrual of a reserve for anticipated
        future cash payments for any period) to the extent deducted in computing
        Net
        Income, plus (v) other extraordinary non-cash charges to the extent deducted
        in
        computing Net Income minus (vi) extraordinary gains to the extent added in
        computing Net Income.

       

      "EBITDA"
        means,
        for any period, on a consolidated basis for the Group, the sum of the amounts
        for such period, without duplication, of (i) EBIT, plus (ii) depreciation
        expenses to the extent deducted in computing Net Income, plus (iii) amortisation
        expenses, including, without limitation, amortisation of goodwill and other
        intangible assets, to the extent deducted in computing Net Income.

       

      "Interest
        Expense"
        means,
        for any period, the total interest expense of the Group, whether paid or
        accrued, including, without duplication, Off-Balance Sheet Liabilities
        (including Receivables Facility Financing Costs) and the interest component
        of
        Capitalised Leases, all as determined in conformity with Agreement Accounting
        Principles.

       

      "Net
        Income"
        means,
        for any period, the net earnings (or loss) after taxes of the Guarantor and
        its
        Subsidiaries on a consolidated basis for such period taken as a single
        accounting period determined in conformity with Agreement Accounting
        Principles.

       

      "Total
        Borrowings"
        means
        the sum of all Indebtedness of the Guarantor and its Subsidiaries as determined
        in conformity with Agreement Accounting Principles.

       

       

      
        	21.  	
                GENERAL
                  UNDERTAKINGS

              

      

       

      The
        undertakings in this Clause 21 remain in force from the date of this Agreement
        for so long as any amount is outstanding under the Finance Documents or any
        Commitment is in force. 

       

      
        	21.1  	
                Corporate
                  existence, etc

              

      

      Except
        as
        permitted pursuant to Clause 22.9 (Restrictions
        on fundamental changes),
        each
        Obligor shall, and shall cause each of its Subsidiaries to, at all times
        maintain its existence and preserve and keep, or cause to be preserved and
        kept,
        in full force and effect its rights and franchises material to its
        businesses.

       

      
        	21.2  	
                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 enable it to perform its obligations under any or all of
        the
        Finance Documents and/or to ensure the legality, validity, enforceability
        or
        admissibility in evidence in its jurisdiction of incorporation of any Finance
        Document or (in the case of paragraph (a) above only) otherwise required
        for a
        purpose specified in Clause 18.5 (Validity
        and admissibility in evidence).

       

      
        	21.3  	
                Corporate
                  powers; conduct of
                  business

              

      

      
        	(a)  	
                Each
                  Obligor shall, and shall cause each of its Material Subsidiaries
                  to,
                  qualify and remain qualified to do business in each jurisdiction
                  in which
                  the nature of its business requires it to be so qualified and where
                  the
                  failure to be so qualified would have or could reasonably be expected
                  to
                  have a Material Adverse Effect. 

              

      

       

      
        	(b)  	
                Except
                  as expressly provided in paragraph (b) of the definition of "Permitted
                  Acquisition" set out in Clause 22.4 (Acquisitions
                  and Investments),
                  the Guarantor shall, and will cause each of its Material Subsidiaries
                  to,
                  carry on and conduct its business in substantially the same manner
                  and in
                  substantially the same fields of enterprise as it is presently
                  conducted
                  at the date of this Agreement unless (in the case of a Material
                  Subsidiary) the failure of its Material Subsidiaries to carry on
                  and
                  conduct its business as so described could not reasonably be expected
                  to
                  have a Material Adverse Effect.

              

      

       

      
        	(c)  	
                Each
                  Obligor shall procure that each SPV will not at any time carry
                  on any
                  business or undertake any activity (whether now or in the future)
                  other
                  than purchasing receivables in connection with a receivables
                  securitisation transaction permitted under the terms of this
                  Agreement.

              

      

       

      
        	(d)  	
                The
                  Guarantor may create, acquire in a Permitted Acquisition or capitalise
                  any
                  Subsidiary (a "New
                  Subsidiary")
                  after the date hereof if no Default shall have occurred and be
                  continuing
                  or would result therefrom.

              

      

       

      
        	21.4  	
                Compliance
                  with laws

              

      

      Each
        Obligor shall (and shall ensure that its Subsidiaries will) comply in all
        respects with all laws to which it may be subject, if failure so to comply
        would
        materially impair its ability to perform its obligations under the Finance
        Documents.

       

      
        	21.5  	
                Insurance

              

      

      Each
        Obligor shall (and shall ensure that each of its Subsidiaries will) maintain
        in
        full force and effect insurances on and in relation to its business and assets
        with reputable underwriters or insurance companies against those risks, and
        to
        the extent, usually insured against by prudent companies located in the same
        or
        a similar location and carrying on a similar business.

       

      
        	21.6  	
                Environmental
                  undertakings

              

      

      Each
        Obligor shall (and shall ensure that its Subsidiaries will):

       

      
        	(a)  	
                comply
                  with all Environmental Laws to which it may be
                  subject;

              

      

       

      
        	(b)  	
                obtain
                  all Environmental Licences required or desirable in connection
                  with its
                  business; and

              

      

       

      
        	(c)  	
                comply
                  with the terms of all those Environmental
                  Licences,

              

      

       

      except
        where failure to do so will not have or is not reasonably likely to subject
        the
        Guarantor or any of its Subsidiaries, individually or in aggregate (for all
        members of the Group), to liability in excess of US$30,000,000 (or the
        equivalent thereof in any other currency or currencies).

       

      
        	21.7  	
                Payment
                  of Taxes and claims; Tax
                  consolidation

              

      

      Each
        Obligor shall pay, and cause each of its Subsidiaries to pay:

       

      
        	(a)  	
                all
                  Taxes, assessments and other governmental charges imposed upon
                  it or on
                  any of its properties or assets or in respect of any of its franchises,
                  business, income or assets before any penalty or interest accrues
                  thereon;
                  and 

              

      

       

      
        	(b)  	
                all
                  claims (including, without limitation, claims for labour, services,
                  materials and supplies) for sums which have become due and payable
                  and
                  which by law have or may become secured by a Security and/or Lien
                  (other
                  than a Security or Lien permitted by Clause 22.2 (Liens))
                  upon any of its or such Subsidiary's assets, prior to the time
                  when any
                  penalty or fine shall be incurred with respect thereto,
                  

              

      

       

      provided
        however,
        that no
        such Taxes, assessments and governmental charges referred to in paragraph
        (a)
        above or claims referred to in paragraph (b) above (and interest, penalties
        or
        fines relating thereto) need be paid if being contested in good faith by
        appropriate proceedings diligently instituted and conducted and if such reserve
        or other appropriate provision, if any, as shall be required in conformity
        with
        Agreement Accounting Principles shall have been made therefor.

       

      
        	21.8  	
                ERISA
                  compliance

              

      

      The
        Guarantor shall, and shall cause each of its Subsidiaries to, establish,
        maintain and operate all Plans to comply in all material respects with the
        provisions of ERISA and shall operate all Plans and Non-ERISA Commitments
        to
        comply in all material respects with the applicable provisions of the Internal
        Revenue Code, all other applicable laws, and the regulations and interpretations
        thereunder and the respective requirements of the governing documents for
        such
        Plans and Non-ERISA Commitments, except for any non-compliance which,
        individually or in the aggregate, could not reasonably be expected to have
        a
        Material Adverse Effect.

       

      
        	21.9  	
                Maintenance
                  of assets

              

      

      Each
        Obligor shall cause all assets necessary for the conduct of its business
        or the
        business of any of its Subsidiaries to be maintained and kept in good condition,
        repair and working order and shall supply all necessary equipment and shall
        cause to be made all necessary repairs, renewals, replacements, betterments
        and
        improvements to such assets or equipment, all as in its judgment may be
        necessary for the conduct of its or any of its Subsidiaries' business; provided,
        however,
        that
        nothing in this Clause 21.9 shall prevent any member of the Group from
        discontinuing the operation or maintenance of any such asset or equipment
        if
        such discontinuance is, in its judgment, desirable in the conduct of its
        business or the business of any of its Subsidiaries and not disadvantageous
        in
        the reasonable opinion of the Guarantor in any material respect to the Finance
        Parties.

       

      
        	21.10  	
                Use
                  of proceeds

              

      

      Each
        of
        the Borrowers shall use the proceeds of the Loans in accordance with Clause
        3.1
        (Purpose)
        provided that it shall not lend or otherwise make available by financial
        accommodation or otherwise, directly or indirectly, to any Subsidiary of
        the
        Guarantor which is a guarantor of the Guarantor's obligations under the US
        Facility, any proceeds of any Loan in circumstances where the right to repayment
        of such amount would be subordinated (or otherwise subject to restrictions
        on
        repayment) to the rights of any person to whom the Guarantor's obligations
        under
        the US Facility are owed.

       

      
        	21.11  	
                Subordination
                  

              

      

      The
        Guarantor shall procure that any loan or other financial accommodation made
        by
        it to another member of the Group, directly or indirectly, which is not a
        guarantor of the Guarantor's obligations under the US Facility is not
        subordinated (or otherwise subject to restrictions on repayment) to the rights
        of any person to whom the Guarantor's obligations under the US Facility are
        owed.

       

      
        	21.12  	
                Pari
                  passu

              

      

      Each
        Obligor shall ensure that its obligations under the Finance Documents rank
        at
        all times at least pari
        passu
        in right
        of priority and payment with the claims of all its other unsecured and
        unsubordinated creditors, except for obligations mandatorily preferred by
        law
        applying to companies generally.

       

       

      
        	22.  	
                NEGATIVE
                  UNDERTAKINGS 

              

      

       

      The
        undertakings in this Clause 22 remain in force from the date of this Agreement
        for so long as any amount is outstanding under the Finance Documents or any
        Commitment is in force. 

       

      
        	22.1  	
                Indebtedness
                  

              

      

      Each
        Borrower shall not, and the Guarantor shall not permit any of its Subsidiaries
        to, directly or indirectly, create, incur, assume or otherwise become or
        remain
        directly or indirectly liable with respect to any Indebtedness,
        except:

       

      
        	(a)  	
                Indebtedness
                  of the Obligors under Clause 17 (Guarantee
                  and indemnity);

              

      

       

      
        	(b)  	
                Indebtedness
                  in respect of guarantees executed by any member of the Group with
                  respect
                  to any Indebtedness of the Guarantor, provided such Indebtedness
                  is not
                  incurred by the Guarantor in violation of this
                  Agreement;

              

      

       

      
        	(c)  	
                Indebtedness
                  secured by Customary Permitted
                  Liens;

              

      

       

      
        	(d)  	
                Indebtedness
                  constituting Contingent Obligations permitted by Clause 22.5 (Contingent
                  Obligations);

              

      

       

      
        	(e)  	
                Indebtedness
                  arising from loans (a) from any Subsidiary of the Guarantor to
                  any
                  wholly-owned Subsidiary of the Guarantor or (b) from the Guarantor
                  to any
                  wholly-owned Subsidiary;
                  provided that if any Obligor is the obligor on such Indebtedness,
                  such
                  Indebtedness shall, in respect of such Obligor, be expressly subordinate
                  to the payment in full in cash of amounts due from such Obligor
                  under the
                  Finance Documents on terms satisfactory to the
                  Agent;

              

      

       

      
        	(f)  	
                Indebtedness
                  in respect of Permitted Hedging
                  Arrangements;

              

      

       

      
        	(g)  	
                Indebtedness
                  with respect to surety, appeal and performance bonds obtained by
                  any
                  member of the Group (other than the Guarantor) in the ordinary
                  course of
                  business;

              

      

       

      
        	(h)  	
                Indebtedness
                  incurred in connection with the Receivables Purchase Documents,
                  provided,
                  that Receivables Facility Attributed Indebtedness in connection
                  therewith
                  does not exceed US$250,000,000 in the aggregate (for all members
                  of the
                  Group) at any time; 

              

      

       

      
        	(i)  	
                outstanding
                  Indebtedness under the Existing Facility, provided that all of
                  such
                  outstanding Indebtedness shall be repaid and discharged in full
                  on or
                  before the date falling 2 Business Days after the first Utilisation
                  Date;
                  or

              

      

       

      
        	(j)  	
                other
                  Indebtedness in addition to that referred to elsewhere in this
                  Clause 22.1
                  incurred by any Subsidiary of the Guarantor; provided that no Default
                  shall have occurred and be continuing at the date of such incurrence
                  or
                  would result therefrom and provided further that the aggregate
                  outstanding
                  amount of all Indebtedness incurred by any and all such Subsidiaries
                  (other than Indebtedness incurred pursuant to paragraphs (a), (b),
                  (e),
                  (f), (h) and (i)) of this Clause 22.1) shall not at any time exceed
                  20 per
                  cent. of Consolidated Total
                  Capitalisation.

              

      

       

      
        	22.2  	
                Liens

              

      

      
        	(a)  	
                No
                  member of the Group shall (and each of the Borrowers and the Guarantor
                  shall procure that none of its Subsidiaries will) directly or indirectly
                  create, incur, assume or permit to exist any Lien on or with respect
                  to
                  any of their respective property or assets
                  except:

              

      

       

      
        	(i)  	
                Liens,
                  if any, created by, or in connection with, the US Facility or otherwise
                  securing the obligations under the US
                  Facility;

              

      

       

      
        	(ii)  	
                Customary
                  Permitted Liens;

              

      

       

      
        	(iii)  	
                Liens
                  arising under the Receivables Purchase Documents over the Receivables
                  the
                  subject of such Receivables Purchase Documents;
                  and

              

      

       

      
        	(iv)  	
                other
                  Liens, including any Liens listed in Part 1 of Schedule 6 (Existing
                  Security, Contingent Obligations and Investments),
                  (1) securing Indebtedness of the Guarantor and/or (2) securing
                  Indebtedness of the Guarantor's Subsidiaries as permitted pursuant
                  to
                  Clause 22.1 (Indebtedness),
                  all of which, when taken together, secure Indebtedness in an aggregate
                  outstanding principal amount not exceeding five per cent. of Consolidated
                  Assets at any time.

              

      

       

      In
        addition, the Guarantor shall not (and shall ensure that none of its
        Subsidiaries shall) become a party to any agreement, note, indenture or other
        instrument, or take any other action, which would prohibit the creation of
        a
        Lien on any of its properties or other assets in favour of the Agent for
        the
        benefit of itself and the Lenders, as collateral for the Loans; provided
        that
        any agreement, note, indenture or other instrument in connection with purchase
        money indebtedness (including Capitalised Leases) may prohibit the creation
        of a
        Lien in favour of the Agent for the benefit of itself and the Lenders on
        the
        items of property obtained with the proceeds of such purchase money
        indebtedness; provided further that (x) the Senior Note Purchase Agreements
        in
        connection with the Senior Notes may prohibit the creation of a Lien in favour
        of the Agent for the benefit of itself and the Lenders, as collateral for
        the
        Loans; and (y) the Receivables Purchase Documents may prohibit the creation
        of a
        Lien with respect to all of the assets of the SPV (party to such Receivables
        Purchase Documents) and with respect to the Receivables and Related Security
        (relevant to such Receivables Purchase Documents) of any of the Originators
        in
        favour of the Agent for the benefit of itself and the Lenders, as collateral
        for
        the Loans.

       

      
        	(b)  	
                Each
                  of the Borrowers and the Guarantor shall not (and shall procure
                  that none
                  of its Subsidiaries will) become liable, directly, by assumption
                  or by
                  Contingent Obligation, with respect to any lease, whether an operating
                  lease or a Capitalised Lease, of any property (whether real or
                  personal or
                  mixed):

              

      

       

      
        	(i)  	
                which
                  it or one of its Subsidiaries sold or transferred or is to sell
                  or
                  transfer to any other person; or

              

      

       

      
        	(ii)  	
                which
                  it or one of its Subsidiaries intends to use for substantially
                  the same
                  purposes as any other property which has been or is to be sold
                  or
                  transferred by it or one of its Subsidiaries to any other person
                  in
                  connection with such lease, 

              

      

       

      unless
        in
        either case the sale or transfer involved is not prohibited under Clause
        22.3
        (Disposals)
        (for
        this purpose assuming that paragraph (b)(iv) of Clause 22.3 (Disposals)
        does
        not apply) and the lease involved is not prohibited under Clause 22.1
        (Indebtedness).

       

      
        	22.3  	
                Disposals

              

      

      
        	(a)  	
                Subject
                  to paragraph (b) below, no member of the Group shall (and each
                  of the
                  Borrowers and the Guarantor shall ensure that none of its Subsidiaries
                  will) enter into a single transaction or a series of transactions
                  (whether
                  related or not and whether voluntary or involuntary) to sell, lease,
                  transfer or otherwise dispose of any asset, whether now owned or
                  hereafter
                  acquired, or any income or profits therefrom, or enter into any
                  agreement
                  to do so.

              

      

       

      
        	(b)  	
                Paragraph
                  (a) above does not apply to any sale, lease, transfer or other
                  disposal:

              

      

       

      
        	(i)  	
                of
                  Inventory made in the ordinary course of trading of the disposing
                  entity;

              

      

       

      
        	(ii)  	
                of
                  any equipment that is obsolete, excess or no longer used or useful
                  in the
                  ordinary course of trading;

              

      

       

      
        	(iii)  	
                in
                  exchange for other assets comparable or superior as to type, value
                  and
                  quality and for a similar purpose; 

              

      

       

      
        	(iv)  	
                permitted
                  under paragraph (b) of Clause 22.2(Liens);
                  

              

      

       

      
        	(v)  	
                any
                  transfer of an interest in Receivables, Receivables and Related
                  Security,
                  accounts or notes receivable on a limited recourse basis under
                  the
                  Receivables Purchase Documents, provided such transfer qualifies
                  as a
                  legal sale and as a sale under Agreement Accounting Principles
                  and that
                  the aggregate amount of Receivables Facility Attributable Indebtedness
                  (in
                  respect of any and all such transfers, Receivables, Receivables
                  and
                  Related Security and accounts or notes receivable for all members
                  of the
                  Group) does not exceed US$250,000,000 (or the equivalent thereof
                  in any
                  other currency or currencies) at any one time outstanding;
                  or

              

      

       

      
        	(vi)  	
                where
                  the transaction is for not less than fair market value and, when
                  aggregated with any and all other sales, leases, transfers and
                  other
                  disposals by any or all members of the Group (each such transaction
                  being
                  valued at book value), other than any permitted under paragraphs
                  (b)(i) to
                  (v) above, occurring during the financial year in which such
                  first-mentioned transaction occurs, does not exceed 15 per cent.
                  of the
                  Consolidated Assets (such Consolidated Assets being as calculated
                  as at
                  the end of the financial year immediately preceding that in which
                  such
                  first-mentioned transaction is or is to be entered
                  into).

              

      

       

      
        	22.4  	
                Acquisitions
                  and Investments

              

      

      
        	(a)  	
                Except
                  to the extent permitted pursuant to Clause 22.8(Arm's
                  length dealings)
                  below, no member of the Group shall (and each of the Borrowers
                  and the
                  Guarantor shall ensure that none of its Subsidiaries will) directly
                  or
                  indirectly make or own any Investment
                  except:

              

      

       

      
        	(i)  	
                Investments
                  in cash and Cash Equivalents;

              

      

       

      
        	(ii)  	
                any
                  Investments listed in Part II of Schedule 6 (Existing
                  Security, Contingent Obligations and Investments)
                  except to the extent the amount of such Investment exceeds the
                  amount
                  stated in that Schedule

              

      

       

      
        	(iii)  	
                Investments
                  in trade receivables or received in connection with the bankruptcy
                  or
                  reorganisation of suppliers and customers and in settlement of
                  delinquent
                  obligations of, and other disputes with, customers and suppliers
                  arising
                  in the ordinary course of business;

              

      

       

      
        	(iv)  	
                Investments
                  consisting of deposit accounts maintained by the Guarantor or its
                  Subsidiaries;

              

      

       

      
        	(v)  	
                Investments
                  consisting of non-cash consideration from a sale, assignment, transfer,
                  lease, conveyance or other disposition of property permitted by
                  Clause
                  22.3 (Disposals);

              

      

       

      
        	(vi)  	
                Investments
                  in any consolidated Subsidiaries (other than joint ventures);
                  

              

      

       

      
        	(vii)  	
                Investments
                  in joint ventures and non-consolidated Subsidiaries in an aggregate
                  amount
                  not exceeding US$50,000,000 or the equivalent thereof in any other
                  currency or currencies (such aggregate amount being the aggregate
                  for all
                  members of the Group for all times since the date of this
                  Agreement);

              

      

       

      
        	(viii)  	
                Investments
                  constituting Permitted
                  Acquisitions;

              

      

       

      
        	(ix)  	
                Investments
                  constituting Financial Indebtedness permitted by Clause 22.1(Indebtedness)
                  or Contingent Obligations permitted by Clause 22.5 (Contingent
                  Obligations);

              

      

       

      
        	(x)  	
                Investments
                  in the SPVs that (a) are required in connection with the Receivables
                  Purchase Documents and (b) result from and are constituted by the
                  transfers permitted by sub-paragraph (b)(v) of Clause 22.3 (Disposals);
                  

              

      

       

      
        	(xi)  	
                Investments
                  permitted pursuant to Clause 22.6 (Loans
                  and guarantees);
                  and

              

      

       

      
        	(xii)  	
                Investments
                  in addition to those referred to elsewhere in this paragraph (a)
                  in an
                  aggregate amount not exceeding US$50,000,000 or the equivalent
                  thereof in
                  any other currency or currencies (such aggregate amount being the
                  aggregate for all members of the Group for all times since the
                  date of
                  this Agreement).

              

      

       

      
        	(b)  	
                Without
                  in any way limiting Clause 21.3 (Corporate
                  powers, conduct of business)
                  and any other provisions of this Clause 22, each of the Borrowers
                  and the
                  Guarantor shall not (and shall procure that none of its Subsidiaries
                  will)
                  make any Acquisitions, other than Acquisitions meeting the following
                  requirements or otherwise approved by the Majority Lenders (each
                  such
                  Acquisition constituting a "Permitted
                  Acquisition"):

              

      

       

      
        	(i)  	
                no
                  Default shall have occurred and be continuing or would result from
                  such
                  Acquisition or the incurrence of any Indebtedness in connection
                  therewith,
                  and all of the representations and warranties contained herein
                  shall be
                  true and correct on and as of the date of such Acquisition with
                  the same
                  effect as though made on and as of such
                  date;

              

      

       

      
        	(ii)  	
                the
                  Acquisition is consummated pursuant to a negotiated acquisition
                  agreement
                  on a non-hostile basis pursuant to an acquisition agreement approved
                  by
                  the board of directors or other applicable governing body of the
                  seller
                  prior to the commencement thereof;

              

      

       

      
        	(iii)  	
                the
                  businesses or entities being acquired shall be consumer product
                  companies
                  or other businesses that are in substantially the same fields of
                  enterprise or related or incidental to the businesses or activities
                  engaged in by the Guarantor and its Subsidiaries as of the date
                  of this
                  Agreement (or which each member of the Group may engage in accordance
                  with
                  the terms of this Agreement), as well as suppliers to or distributors
                  of
                  products similar to those of the Guarantor and its Subsidiaries;
                  provided,
                  however, that the Guarantor and its Subsidiaries shall be permitted
                  to
                  acquire businesses that do not satisfy the foregoing criteria in
                  this
                  paragraph (iii) so long as the aggregate purchase consideration
                  for all
                  such Acquisitions (by any or all members of the Group that do not
                  so
                  satisfy the foregoing criteria since the date of this Agreement)
                  does not
                  exceed 5 per cent. of the Guarantor's consolidated tangible net
                  assets (on
                  a pro forma basis in accordance with the Agreement Accounting Principles)
                  as of the date of the consummation of each such Acquisition;
                  and

              

      

       

      
        	(iv)  	
                prior
                  to each such Acquisition, the Guarantor shall determine that after
                  giving
                  effect to such Acquisition and the incurrence of any Indebtedness
                  by the
                  Guarantor or any of its Subsidiaries, to the extent permitted by
                  Clause
                  22.1(Indebtedness),
                  in connection therewith, on a pro forma basis in
                  accordance with the Agreement Accounting Principles using
                  historical audited and reviewed unaudited financial statements
                  obtained
                  from the seller in respect of such Acquisition, broken down by
                  financial
                  quarters in the Guarantor's reasonable judgment, as if such Acquisition
                  and such incurrence of Financial Indebtedness relating thereto
                  had
                  occurred on the first day of the twelve Month period ending on
                  the last
                  day of the Guarantor's most recently completed financial quarter,
                  the
                  Guarantor would have been in compliance with the financial covenants
                  in
                  Clause 20 (Financial
                  covenants)
                  and not otherwise in Default.

              

      

       

      
        	22.5  	
                Contingent
                  Obligations

              

      

      Each
        of
        the Borrowers and the Guarantor shall ensure that none of its Subsidiaries
        will
        directly or indirectly create or become or be liable with respect to any
        Contingent Obligation, except:

       

      
        	(a)  	
                recourse
                  obligations resulting from endorsements of negotiable instruments
                  for
                  collection in the ordinary course of
                  business;

              

      

       

      
        	(b)  	
                any
                  Contingent Obligations listed in Part III of Schedule 6 (Existing
                  Security, Contingent Obligations and Investments) except
                  to the extent the amount of such Contingent Obligations exceeds
                  the amount
                  stated in that Schedule;

              

      

       

      
        	(c)  	
                obligations,
                  warranties, and indemnities, not relating to Indebtedness of any
                  person,
                  which have been or are undertaken or made in the ordinary course
                  of
                  business and not for the benefit of or in favour of an Affiliate
                  of the
                  Guarantor or such Subsidiary; 

              

      

       

      
        	(d)  	
                Contingent
                  Obligations with respect to surety, appeal and performance bonds
                  obtained
                  by the Guarantor or any Subsidiary in the ordinary course of
                  business;

              

      

       

      
        	(e)  	
                Contingent
                  Obligations of the Obligors under the Finance
                  Documents;

              

      

       

      
        	(f)  	
                Contingent
                  Obligations of Subsidiaries which are guarantors under a guarantee
                  of the
                  Indebtedness evidenced by the Senior Notes, the Senior Note Purchase
                  Agreements or the US Facility;

              

      

       

      
        	(g)  	
                Contingent
                  Obligations of the Guarantor or any of its Subsidiaries arising
                  under the
                  Receivables Purchase Documents; 

              

      

       

      
        	(h)  	
                Contingent
                  Obligations of non-US Subsidiaries of the Guarantor represented
                  by
                  guarantees of obligations of non-US Subsidiaries;
                  

              

      

       

      
        	(i)  	
                Contingent
                  Obligations incurred in the ordinary course of business by any
                  of the
                  Guarantor's Subsidiaries in respect of obligations of any Subsidiary
                  of
                  the Guarantor; and

              

      

       

      
        	(j)  	
                outstanding
                  Indebtedness under the Existing Facility, provided that all of
                  such
                  outstanding Indebtedness shall be repaid and discharged in full
                  on or
                  before the date falling 2 Business Days after the first Utilisation
                  Date.

              

      

       

      
        	22.6  	
                Loans
                  and guarantees

              

      

      
        	(a)  	
                None
                  of the Borrowers shall:

              

      

       

      
        	(i)  	
                make
                  any loan, or provide any form of credit or financial accommodation,
                  to any
                  other person; or

              

      

       

      
        	(ii)  	
                give
                  or issue any guarantee, indemnity, bond or letter of credit to
                  or for the
                  benefit of any person; or

              

      

       

      
        	(iii)  	
                permit
                  to subsist any guarantee of any Financial Indebtedness of any of
                  its
                  Subsidiaries.

              

      

       

      
        	(b)  	
                Paragraph
                  (a) above does not apply to: 

              

      

       

      
        	(i)  	
                any
                  guarantee or indemnity given pursuant to the Finance Documents;
                  

              

      

       

      
        	(ii)  	
                trade
                  credit given in the ordinary course of trading on normal commercial
                  terms;

              

      

       

      
        	(iii)  	
                loans
                  made to employees as part of their terms of employment;
                  or

              

      

       

      
        	(iv)  	
                any
                  loan, credit or financial accommodation made or provided to, or
                  any
                  guarantee, indemnity, bond or letter of credit given or issued
                  to, or for
                  the benefit of, any wholly-owned, direct or indirect, Subsidiary
                  of the
                  Guarantor, provided that each Borrower shall, at the time such
                  loan,
                  credit or financial accommodation is made or provided or such guarantee,
                  indemnity, bond or letter of credit is given or issued, be deemed
                  to
                  represent and warrant to the Finance Parties that, taking into
                  account its
                  future liabilities and revenues, it is able to, and will remain
                  able to,
                  pay all amounts owed by it under the Finance Documents as such
                  amounts
                  fall due, notwithstanding the making or provision of such loan,
                  credit or
                  financial accommodation or the giving or issue of such guarantee,
                  bond,
                  indemnity or letter of credit, as the case may
                  be.

              

      

       

      
        	22.7  	
                Change
                  of business

              

      

      
        	(a)  	
                Each
                  Borrower shall procure that no material change is made to the general
                  nature of the business of any of the Borrowers or all the Borrowers
                  taken
                  as a whole from that carried on at the date of this
                  Agreement.

              

      

       

      
        	(b)  	
                Each
                  Borrower shall carry on and conduct its business in substantially
                  the same
                  manner and in substantially the same fields of enterprise as it
                  is
                  presently conducted at the date of this
                  Agreement.

              

      

       

      
        	22.8  	
                Arm's
                  length dealings

              

      

      Except
        for:

       

      
        	(a)  	
                the
                  transactions set forth in Part IV of Schedule 6 (Existing Security,
                  Contingent Obligations and Investments),

              

      

       

      
        	(b)  	
                Permitted
                  Receivables Transfers; and 

              

      

       

      
        	(c)  	
                Investments
                  permitted by Clause 22.4(a), 

              

      

       

      each
        of
        the Borrowers and the Guarantor shall not (and shall procure that none of
        its
        Subsidiaries will) directly or indirectly enter into or permit to exist any
        transaction (including, without limitation, the purchase, sale, lease or
        exchange of any asset or the rendering of any service) with any holder or
        holders of any of the Equity Interests of any of the Borrowers or the Guarantor,
        or with any Affiliate of any of the Borrowers or the Guarantor which is not
        its
        Subsidiary, on terms that are less favourable to such Borrower or the Guarantor
        or any of their Subsidiaries, as applicable, than those that might be obtained
        in an arm's length transaction at the time from persons who are not such
        a
        holder or Affiliate.

       

      
        	22.9  	
                Restriction
                  on fundamental changes

              

      

      
        	(a)  	
                The
                  Guarantor shall not (and shall procure that its Subsidiaries do
                  not) enter
                  into any merger or consolidation, or liquidate, wind-up or dissolve
                  (or
                  suffer any liquidation or dissolution), or convey, lease, sell,
                  transfer
                  or otherwise dispose of, in one transaction or series of transactions,
                  all
                  or substantially all of the Guarantor's or any such Subsidiary's
                  business
                  or property, whether now or hereafter acquired,
                  except:

              

      

       

      
        	(i)  	
                transactions
                  permitted under Clauses 22.3 (Disposals)
                  or paragraph (b) of Clause 22.4(Acquisitions
                  and Investments);
                  and 

              

      

       

      
        	(ii)  	
                a
                  Subsidiary of the Guarantor (other than any Borrower) may be merged
                  into
                  or consolidated with the Guarantor (in which case the Guarantor
                  shall be
                  the surviving corporation) or any wholly-owned Subsidiary of the
                  Guarantor.

              

      

       

      
        	(b)  	
                The
                  application of any exception under paragraph (a) above to a Borrower
                  shall
                  be subject to the further requirement that each Borrower shall
                  not enter
                  into any amalgamation, demerger, merger or corporate reconstruction,
                  except that a Borrower may be merged into or consolidated with
                  another
                  Borrower or any wholly-owned Subsidiary of the
                  Guarantor.

              

      

       

      
        	22.10  	
                Margin
                  Regulations

              

      

      None
        of
        the Obligors shall, and each Obligor shall ensure that none of its Subsidiaries
        shall, use all or any portion of the proceeds of any credit extended under
        this
        Agreement to purchase or carry Margin Stock.

       

      
        	22.11  	
                ERISA

              

      

      None
        of
        the Obligors shall:

       

      
        	(a)  	
                permit
                  to exist any accumulated funding deficiency (as defined in Sections
                  302 of
                  ERISA and 412 of the Code), with respect to any Benefit Plan, whether
                  or
                  not waived;

              

      

       

      
        	(b)  	
                terminate,
                  or permit any ERISA Affiliate to terminate, any Benefit Plan which
                  would
                  result in liability of Energizer or any Group member under Title
                  IV of
                  ERISA;

              

      

       

      
        	(c)  	
                fail,
                  or permit any ERISA Affiliate to fail, to pay any required instalment
                  or
                  any other payment required under Section 412 of the Internal Revenue
                  Code
                  on or before the due date for such instalment or other payment;
                  or

              

      

       

      
        	(d)  	
                permit
                  any unfunded liabilities with respect to any Foreign Pension Plan,
                  except
                  as disclosed in the Original Financial
                  Statements,

              

      

       

      except
        where such transactions, events, circumstances, or failures are not,
        individually or in the aggregate, reasonably expected to result in liability
        individually or in the aggregate (for all members of the Group) in excess
        of
        US$25,000,000 (or the equivalent thereof in any other currency or currencies)
        or
        have a Material Adverse Effect.

       

      
        	22.12  	
                Corporate
                  Documents

              

      

      The
        Guarantor shall not (and shall procure that each of its Subsidiaries will
        not)
        amend, modify or otherwise change any of the terms or provisions in any of
        their
        respective constituent documents as in effect on the date of this Agreement
        in
        any manner adverse to the interests of the Lenders, without the prior written
        consent of the Majority Lenders.

       

      
        	22.13  	
                Financial
                  Year

              

      

      The
        Guarantor shall not, and shall procure that none of its consolidated
        Subsidiaries shall, change its fiscal year for accounting or tax purposes
        from
        that used at the date of this Agreement.

       

      
        	22.14  	
                Hedging
                  Obligations

              

      

      The
        Guarantor shall not, and shall ensure that none of its Subsidiaries will,
        enter
        into any Hedging Arrangements other than Permitted Hedging
        Arrangements.

       

      
        	22.15  	
                Issuance
                  of Disqualified Stock

              

      

      The
        Guarantor shall not, and shall ensure that none any of its Subsidiaries shall,
        issue any Disqualified Stock.

       

      
        	22.16  	
                Subsidiary
                  Covenants

              

      

      The
        Guarantor will not, and will not permit any of its Subsidiaries to, create
        or
        otherwise cause to become effective any consensual encumbrance or restriction
        of
        any kind on the ability of any Subsidiary of the Guarantor to pay dividends
        or
        make any other distribution on its stock, redeem or repurchase its stock,
        make
        any other similar payment or distribution, pay any Indebtedness or other
        Loans
        owed to the Guarantor or any other Subsidiary of the Guarantor, make loans
        or
        advances to or other Investments in the Guarantor or any other Subsidiary
        of the
        Guarantor, sell, transfer or otherwise convey any of its property to the
        Guarantor or any other Subsidiary of the Guarantor or merge, consolidate
        with or
        liquidate into the Guarantor or any other Subsidiary of the Guarantor other
        than
        pursuant to (i) this Agreement, and (ii) the Receivables Purchase
        Documents.

       

       

      
        	23.  	
                EVENTS
                  OF DEFAULT

              

      

       

      Each
        of
        the events or circumstances set out in Clauses 23.1 (Non-payment)
        to
        23.17 (Receivables
        Purchase Document Events)
        is an
        Event of Default.

       

      
        	23.1  	
                Non-payment

              

      

      
        	(a)  	
                An
                  Obligor does not pay on the due date any amount of principal of
                  a Loan at
                  the place at and in the currency in which it is expressed to be
                  payable.

              

      

       

      
        	(b)  	
                An
                  Obligor does not pay within 5 Business Days of the due date any
                  other
                  amount payable pursuant to a Finance Document at the place at and
                  in the
                  currency in which it is expressed to be
                  payable.

              

      

       

      
        	23.2  	
                Financial
                  and negative covenants

              

      

      Any
        requirement of Clause 20 (Financial
        covenants)
        and
        Clause 22 (Negative
        Undertakings)
        is not
        satisfied.

       

      
        	23.3  	
                Other
                  obligations

              

      

      
        	(a)  	
                An
                  Obligor does not comply with any provision of the Finance Documents
                  (other
                  than those referred to in Clause 23.1 (Non-payment)
                  and Clause 23.2 (Financial
                  and negative covenants)).

              

      

       

      
        	(b)  	
                No
                  Event of Default will occur under paragraph (a) above with respect
                  to a
                  failure to comply with any provision of the Finance Documents if
                  such
                  failure to comply is capable of remedy and is remedied within 30
                  days of
                  the earlier to occur of the Agent or any Lender giving notice thereof
                  to
                  the Relevant Borrower or the date on which a member of the Senior
                  Management Team of an Obligor becomes aware of such failure to
                  comply or
                  should have known of such failure to
                  comply.

              

      

       

      
        	23.4  	
                Misrepresentation

              

      

      Any
        representation or statement made or deemed to be made by an Obligor in any
        Finance Document 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.

       

      
        	23.5  	
                Cross
                  default

              

      

      Any:

       

      
        	(i)  	
                Indebtedness
                  of any member of the Group or Financial Indebtedness of any of
                  the
                  Borrowers is not paid when due nor within any originally applicable
                  grace
                  period;

              

      

       

      
        	(ii)  	
                Indebtedness
                  of any member of the Group or Financial Indebtedness of any of
                  the
                  Borrowers is declared to be or otherwise becomes due and payable
                  (or
                  otherwise redeemable or repurchaseable) prior to its specified
                  maturity as
                  a result of any actual or potential default, event of default,
                  credit
                  review event or any similar event (however described);
                  or

              

      

       

      
        	(iii)  	
                creditor
                  of any member of the Group or any of the Borrowers becomes entitled
                  to
                  declare any Indebtedness of any member of the Group or any Financial
                  Indebtedness of any of the Borrowers due and payable (or otherwise
                  redeemable or repurchaseable) prior to its specified maturity as
                  a result
                  of any actual or potential default, event of default, credit review
                  event
                  or any similar event (however
                  described),

              

      

       

      provided
        that no Event of Default will occur under this Clause 23.5 if the aggregate
        amount, without double counting, of all Indebtedness (in the case of members
        of
        the Group) and all Financial Indebtedness (in the case of the Borrowers)
        falling
        within paragraphs (i) to (iii) above is less than (or the equivalent thereof
        in
        US$ is less than) US$30,000,000.

       

      
        	23.6  	
                Insolvency

              

      

      
        	(a)  	
                Any
                  of the Borrowers is unable to, or is presumed or deemed to be unable
                  to or
                  admits its inability to pay its debts, suspends making payments
                  on any of
                  its debts or, by reason of actual or anticipated financial difficulties,
                  commences negotiations with one or more of its creditors with a
                  view to
                  rescheduling any of its indebtedness;
                  or

              

      

       

      
        	(b)  	
                the
                  value of the assets of any of the Borrowers is less than its liabilities
                  (taking into account contingent and prospective liabilities);
                  or

              

      

       

      
        	(c)  	
                a
                  moratorium is declared in respect of any indebtedness of any of
                  the
                  Borrowers.

              

      

       

      
        	23.7  	
                Insolvency
                  proceedings

              

      

      Any
        corporate action, legal proceedings or other procedure or step is taken in
        relation to:

       

      
        	(a)  	
                the
                  suspension of payments, a moratorium of any indebtedness, winding-up,
                  dissolution, administration or reorganisation (by way of voluntary
                  arrangement, scheme of arrangement or otherwise) of any of the
                  Borrowers;

              

      

       

      
        	(b)  	
                a
                  composition, assignment or arrangement with any creditor of any
                  of the
                  Borrowers;

              

      

       

      
        	(c)  	
                the
                  appointment of a liquidator, Judicial Manager, receiver, administrator,
                  administrative receiver, compulsory manager or other similar officer
                  in
                  respect of any of the Borrowers or any of its assets;
                  or

              

      

       

      
        	(d)  	
                enforcement
                  of any Security over any assets of any of the
                  Borrowers,

              

      

       

      or
        any
        analogous procedure or step is taken in any jurisdiction unless, in each
        case,
        such procedure or step is frivolous or vexatious and is discharged within
        10
        days of being taken.

       

      
        	23.8  	
                US
                  Involuntary Bankruptcy; Appointment of Receiver,
                  Etc.

              

      

      
        	(a)  	
                An
                  involuntary case shall be commenced against the Guarantor or any
                  of its
                  Material Subsidiaries and the petition shall not be dismissed,
                  stayed,
                  bonded or discharged within sixty (60) days after commencement
                  of the
                  case; or a court having jurisdiction in the premises shall enter
                  a decree
                  or order for relief in respect of the Guarantor or any of its Material
                  Subsidiaries in an involuntary case, under any applicable bankruptcy,
                  insolvency or other similar law now or hereinafter in effect; or
                  any other
                  similar relief shall be granted under any applicable federal, state,
                  local
                  or foreign law.

              

      

       

      
        	(b)  	
                A
                  decree or order of a court having jurisdiction in the premises
                  for the
                  appointment of a receiver, liquidator, sequestrator, trustee, custodian
                  or
                  other officer having similar powers over the Guarantor or any of
                  its
                  Material Subsidiaries or over all or a substantial part of the
                  assets of
                  the Guarantor or any of its Material Subsidiaries shall be entered;
                  or an
                  interim receiver, trustee or other custodian of the Guarantor or
                  any of
                  its Material Subsidiaries or of all or a substantial part of the
                  assets of
                  the Guarantor or any of its Material Subsidiaries shall be appointed
                  or a
                  warrant of attachment, execution or similar process against any
                  substantial part of the assets of the Guarantor of its or any of
                  its
                  Material Subsidiaries shall be issued and any such event shall
                  not be
                  stayed, dismissed, bonded or discharged within sixty (60) days
                  after
                  entry, appointment or issuance or any order, judgment or decree
                  shall be
                  entered against the Guarantor decreeing its involuntary dissolution
                  or
                  split up and such order shall remain undischarged and unstayed
                  for a
                  period in excess of sixty (60) days or the Guarantor shall otherwise
                  dissolve or cease to exist.

              

      

       

      
        	23.9  	
                US
                  Voluntary Bankruptcy; Appointment of Receiver,
                  Etc.

              

      

      The
        Guarantor or any of its Material Subsidiaries shall (i) commence a voluntary
        case under any applicable bankruptcy, insolvency or other similar law now
        or
        hereafter in effect, (ii) consent to the entry of an order for relief in
        an
        involuntary case, or to the conversion of an involuntary case to a voluntary
        case, under any such law, (iii) consent to the appointment of or taking
        possession by a receiver, trustee or other custodian for all or a substantial
        part of its property, (iv) make any assignment for the benefit of creditors,
        (v)
        take any corporate action to authorise any of the foregoing or (vi) is generally
        not paying, or admits in writing its inability to pay, its debts as they
        become
        due. 

       

      
        	23.10  	
                Judgments,
                  creditors' process

              

      

      
        	(a)  	
                Any
                  money judgment (other than a money judgment covered by insurance
                  as to
                  which the insurance company has not disclaimed or reserved the
                  right to
                  disclaim coverage) made or given by any court of competent jurisdiction
                  against a member of the Group or its assets involving in any single
                  case
                  or in the aggregate an amount in excess of US$30,000,000 or its
                  equivalent
                  (such aggregate being the aggregate for all such judgments for
                  all members
                  of the Group) shall remain undischarged, unvacated, unbonded or
                  unstayed
                  for a period of 60 days or, if earlier, by the date 15 days prior
                  to the
                  date of any proposed sale or disposition
                  thereunder.

              

      

       

      
        	(b)  	
                Any
                  expropriation, attachment, sequestration, distress or execution
                  affects
                  any asset or assets of a member of the Group having in any single
                  case or
                  in the aggregate a value of US$30,000,000 or its equivalent (such
                  aggregate being the aggregate for all such events or circumstances
                  for all
                  members of the Group) and is not discharged within 60 days or,
                  if earlier,
                  by the date 15 days prior to the date of any proposed sale or disposition
                  thereunder.

              

      

       

      
        	23.11  	
                Declared
                  company

              

      

      An
        Obligor is declared by the Minister of Finance of Singapore to be a company
        to
        which Part IX of the Companies Act applies.

       

      
        	23.12  	
                Unlawfulness

              

      

      It
        is or
        becomes unlawful for an Obligor to perform any of its obligations under the
        Finance Documents.

       

      
        	23.13  	
                Repudiation

              

      

      An
        Obligor repudiates a Finance Document or evidences an intention to repudiate
        a
        Finance Document or any Finance Document ceases to be in full force and
        effect.

       

      
        	23.14  	
                ERISA
                  Event

              

      

      Any
        ERISA
        Event occurs which the Majority Lenders believe is reasonably likely to subject
        any member of the Group to liability individually or in the aggregate in
        excess
        of US$30,000,000 or the equivalent thereof (such aggregate being the aggregate
        for all members of the Group).

       

      
        	23.15  	
                Waiver
                  of Minimum Funding
                  Standard

              

      

      If
        the
        plan administrator of any Plan applies under Section 412(d) of the Internal
        Revenue Code for a waiver of the minimum funding standards of Section 412(a)
        of
        the Internal Revenue Code and the Majority Lenders believe the substantial
        business hardship upon which the application for the waiver is based could
        reasonably be expected to subject any member of the Group to liability
        individually or in the aggregate in excess of US$30,000,000 or the equivalent
        thereof (such aggregate being the aggregate for all members of the
        Group).

       

      
        	23.16  	
                Environmental
                  Matters

              

      

      Any
        member of the Group shall be the subject of any proceeding or investigation
        pertaining to:

       

      
        	(a)  	
                the
                  release by any Borrower or any of its Subsidiaries of any Hazardous
                  Substance into the Environment;

              

      

       

      
        	(b)  	
                the
                  liability of any Borrower or any of its Subsidiaries arising from
                  the
                  release by any other person of any Hazardous Substance into the
                  Environment; or 

              

      

       

      
        	(c)  	
                any
                  violation of any Environmental Law or Environmental Licence by
                  any member
                  of the Group, 

              

      

       

      which
        has
        or is reasonably likely to subject any member of the Group to liability
        individually or in the aggregate in excess of US$30,000,000 or the equivalent
        thereof (such aggregate being the aggregate for all members of the
        Group).

       

      
        	23.17  	
                Receivables
                  Purchase Document Events

              

      

      A
        "Termination Event" (as defined in the 2000 Receivables Sale Agreement),
        an
        "Amortization Event" (as defined in the 2000 Receivables Purchase Agreement)
        or
        any other breach or event of like import under any Receivables Purchase Document
        permitted hereby (any such event, a "Receivables
        Facility Trigger Event")
        shall:

       

      
        	(a)  	
                occur
                  with respect to the conduct or performance of (i) any member of
                  the Group
                  party to such Receivables Purchase Document, (ii) any servicer
                  of any
                  Receivables (so long as such servicer is the Guarantor or a Subsidiary
                  thereof) under any Receivables Purchase Document, (iii) any guarantor
                  of
                  the obligations of any member of the Group party to such Receivables
                  Purchase Document or servicer under any Receivables Purchase Document
                  or
                  (iv) any of their respective Subsidiaries other than an SPV;
                  and

              

      

       

      
        	(b)  	
                result
                  in the termination of reinvestments of collections or proceeds
                  of
                  Receivables and Related Security under any Receivables Purchase
                  Document
                  or any agreement evidencing Receivables Facility Attributed
                  Indebtedness,

              

      

       

      it
        being
        understood and agreed that the occurrence of a Receivables Facility Trigger
        Event resulting solely from (i) the conduct or performance of an SPV and/or
        (ii)
        the performance or quality of the Receivables securing the obligations under
        the
        Receivables Purchase Documents, taken together with the circumstances described
        in paragraph (b) above shall not give rise to an Event of Default under this
        Clause 23.17.

       

      
        	23.18  	
                Acceleration

              

      

      On
        and at
        any time after the occurrence of an Event of Default the Agent may, and shall
        if
        so directed by the Majority Lenders, by notice to the Relevant
        Borrower:

       

      
        	(a)  	
                cancel
                  the Total Commitments whereupon they (and the Commitment of each
                  Lender)
                  shall immediately be cancelled;

              

      

       

      
        	(b)  	
                declare
                  that all or part of the Loans, together with accrued interest,
                  and all
                  other amounts accrued or outstanding under the Finance Documents
                  be
                  immediately due and payable, whereupon they shall become immediately
                  due
                  and payable; and/or

              

      

       

      
        	(c)  	
                declare
                  that all or part of the Loans be payable on demand, whereupon they
                  shall
                  immediately become payable on demand by the Agent on the instructions
                  of
                  the Majority Lenders.

              

      

       

      
        	23.19  	
                Automatic
                  Acceleration

              

      

      If
        an
        Event of Default occurs under Clause 23.8 (US
        Involuntary Bankruptcy; Appointment of Receiver, Etc.)
        or
        Clause 23.9 (US
        Voluntary Bankruptcy; Appointment of Receiver, Etc.)
        in
        relation to the Guarantor, each amount expressed by Clause 17 (Guarantee
        and indemnity)
        to be
        payable by the Guarantor on demand shall, after that Event of Default has
        occurred, be immediately due and payable by the Guarantor without the need
        for
        any demand or other claim on the Guarantor.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        9

      CHANGES
        TO PARTIES

       

       

      
        	24.  	
                CHANGES
                  TO THE LENDERS

              

      

       

      
        	24.1  	
                Assignments
                  and transfers by the
                  Lenders

              

      

      Subject
        to this Clause 24, a Lender (the "Existing
        Lender")
        may:

       

      
        	(a)  	
                assign
                  any of its rights under this Agreement;
                  or

              

      

       

      
        	(b)  	
                transfer
                  by novation any of its rights and obligations under this
                  Agreement,

              

      

       

      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").

       

      
        	24.2  	
                Conditions
                  of assignment or transfer

              

      

      
        	(a)  	
                The
                  consent of the Relevant Borrower is required for an assignment
                  or transfer
                  by a Lender, unless the assignment or transfer is to another Lender
                  or an
                  Affiliate of a Lender or an Approved Fund of a Lender or a Default
                  is
                  continuing.

              

      

       

      
        	(b)  	
                The
                  consent of the Relevant Borrower to an assignment or transfer must
                  not be
                  unreasonably withheld or delayed. The Relevant Borrower will be
                  deemed to
                  have given its consent five Business Days after any Lender has
                  requested
                  it unless such consent is expressly refused by the Relevant Borrower
                  within that time.

              

      

       

      
        	(c)  	
                Unless
                  the Agent and, if the consent of the Relevant Borrower is required
                  pursuant to paragraph (a) above, the Relevant Borrower otherwise
                  agrees,
                  any assignment or transfer by a Lender must be in an amount (such
                  amount
                  being the sum of the Existing Lender’s participation in the Loans being so
                  assigned or transferred and the Existing Lender's Available Commitment
                  being so transferred) that is (i) not less than US$5,000,000 (and
                  for the
                  purpose of such calculations any participation in any S$ Loan shall
                  be
                  converted into US$ at the Agent's Spot Rate of Exchange at the
                  time of
                  such assignment or transfer) or (ii) equal to the Existing Lender's
                  participation in the Loans and the Existing Lender's Available
                  Commitment.
                  

              

      

       

      
        	(d)  	
                An
                  assignment by the Existing Lender to the New Lender will only be
                  effective
                  on receipt by the Agent of written confirmation from the New Lender
                  (in
                  form and substance satisfactory to the Agent) that the New Lender
                  will
                  assume the same obligations to the other Finance Parties as it
                  would have
                  been under if it was originally party hereto as a
                  Lender.

              

      

       

      
        	(e)  	
                A
                  transfer by the Existing Lender to the New Lender will only be
                  effective
                  if the procedure set out in Clause 24.5 (Procedure
                  for transfer)
                  is complied with.

              

      

       

      
        	(f)  	
                If:

              

      

       

      
        	(i)  	
                an
                  Existing Lender assigns or transfers any of its rights or obligations
                  under the Finance Documents to a New Lender or a Lender changes
                  its
                  Facility Office; and

              

      

       

      
        	(ii)  	
                as
                  a result of circumstances existing at the date such assignment,
                  transfer
                  or change occurs, an Obligor would be obliged to make a payment
                  to such
                  New Lender or (as the case may be) such Lender acting through its
                  new
                  Facility Office under Clause 12 (Tax
                  gross-up and indemnities)
                  or Clause 13 (Increased
                  Costs),

              

      

       

      then
        the
        entitlement of such New Lender or (as the case may be) such Lender acting
        through its new Facility Office to receive payment under those Clauses by
        reference to such circumstances (or a continuation of such circumstances)
        shall
        be limited to the extent as the entitlement of such Existing Lender or (as
        the
        case may be) such Lender acting through its previous Facility Office had
        such
        assignment, transfer or change not occurred.

       

      
        	(g)  	
                The
                  Existing Lender assigning or transferring all or part of its rights
                  and
                  obligations under this Agreement to the New Lender must
                  simultaneously:

              

      

       

      
        	(i)  	
                assign
                  or transfer the same proportionate share of its participation in
                  each of
                  the Loans and (in the case of a transfer) the same proportionate
                  share of
                  its Available Commitment to the New Lender;
                  and

              

      

       

      
        	(ii)  	
                assign
                  to the New Lender a portion of its rights under the other Finance
                  Documents as shall correspond to the rights and/or obligations
                  under this
                  Agreement so assigned or transferred by it to the New
                  Lender.

              

      

       

      
        	24.3  	
                Assignment
                  or transfer fee

              

      

      The
        New
        Lender shall, on the date upon which an assignment or transfer by the Existing
        Lender to it takes effect or the Transfer Certificate is delivered to the
        Agent
        in accordance with Clause 24.5 (Procedure
        for transfer),
        pay to
        the Agent (for its own account) a fee of US$1,000.

       

      
        	24.4  	
                Limitation
                  of responsibility of Existing
                  Lenders

              

      

      
        	(a)  	
                Unless
                  expressly agreed to the contrary, an Existing Lender makes no
                  representation or warranty and assumes no responsibility to a New
                  Lender
                  for:

              

      

       

      
        	(i)  	
                the
                  legality, validity, effectiveness, adequacy or enforceability of
                  the
                  Finance Documents or any other
                  documents;

              

      

       

      
        	(ii)  	
                the
                  financial condition of any Obligor;

              

      

       

      
        	(iii)  	
                the
                  performance and observance by any Obligor of its obligations under
                  the
                  Finance Documents or any other documents;
                  or

              

      

       

      
        	(iv)  	
                the
                  accuracy of any statements (whether written or oral) made in or
                  in
                  connection with any Finance Document or any other
                  document,

              

      

       

      and
        any
        representations or warranties implied by law are excluded.

       

      
        	(b)  	
                The
                  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/or the other Finance Documents 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-assignment or re-transfer from the New Lender of any of the
                  rights
                  and/or obligations assigned or transferred under this Clause 24;
                  or

              

      

       

      
        	(ii)  	
                support
                  any losses directly or indirectly incurred by the New Lender by
                  reason of
                  the non-performance by any Obligor of its obligations under the
                  Finance
                  Documents or otherwise.

              

      

       

      
        	24.5  	
                Procedure
                  for transfer

              

      

      
        	(a)  	
                Subject
                  to the conditions set out in Clause 24.2 (Conditions
                  of assignment or transfer)
                  a
                  transfer by a Lender of any or all of its rights and obligations
                  under
                  this Agreement is effected on the Transfer Date (relating to such
                  transfer) in accordance with paragraph (b) below. The Agent shall,
                  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)  	
                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 this Agreement
                  each
                  of the Obligors and the Existing Lender shall be released from
                  further
                  obligations towards one another under this Agreement and their
                  respective
                  rights against one another under this Agreement shall be cancelled
                  (being
                  the "Discharged
                  Rights and Obligations");

              

      

       

      
        	(ii)  	
                each
                  of the Obligors and the New Lender shall assume obligations towards
                  one
                  another and/or acquire rights against one another under this Agreement
                  which differ from the Discharged Rights and Obligations only insofar
                  as
                  that Obligor and the New Lender have assumed and/or acquired the
                  same in
                  place of that Obligor and the Existing
                  Lender;

              

      

       

      
        	(iii)  	
                the
                  Agent, the Arranger, the New Lender and other Lenders shall acquire
                  the
                  same rights and assume the same obligations between themselves
                  as they
                  would have acquired and assumed had the New Lender been originally
                  party
                  as a Lender with the rights and/or obligations acquired or assumed
                  (or
                  expressed to be acquired or assumed) by it as a result of the transfer
                  (the subject of such Transfer Certificate) and to that extent the
                  Agent,
                  the Arranger and the Existing Lender shall each be released from
                  further
                  obligations to each other under this Agreement;
                  and

              

      

       

      
        	(iv)  	
                the
                  New Lender shall become a Party as a
                  "Lender".

              

      

       

      
        	24.6  	
                Participations

              

      

      For
        the
        avoidance of doubt, nothing in this Agreement shall prevent any Lender from
        entering into any sub-participation, risk participation, credit default swap
        or
        other similar transaction with any other person.

       

      
        	24.7  	
                Replacement
                  of Certain Lenders

              

      

      
        	(a)  	
                Without
                  in any way limiting the obligations of the Obligors under the Finance
                  Documents (including, without limitation, pursuant to Clauses 7.1
                  (Illegality)
                  or 13.1 (Increased
                  Costs)),
                  in the event that a Lender (an "Affected
                  Lender")
                  is entitled to repayment or prepayment pursuant to Clause 7.1
                  (Illegality)
                  or to payment of its Increased Costs pursuant to Clause 13.1 (Increased
                  Costs)
                  and such payments are not payable to any other Lender pursuant
                  to Clauses
                  7.1 (Illegality)
                  or 13.1 (Increased
                  Costs),
                  the Relevant Borrower may deliver a notice to such Affected Lender
                  (with a
                  copy to the Agent) requesting the Affected Lender to transfer all
                  of such
                  Affected Lender's rights and obligations under this Agreement (including,
                  without limitation, its Commitment) to one or more financial institutions
                  or other persons that comply with the provisions of this Clause
                  24
                  (Changes
                  to Lenders),
                  which the Relevant Borrower shall have engaged for such purposes
                  (a
                  "Replacement
                  Lender")
                  and notified to the Affected Lender in such notice from the Relevant
                  Borrower and, on receipt of such notice, such Affected Lender shall
                  use
                  its reasonable efforts to make such transfer in accordance with
                  the
                  foregoing provisions of this Clause 24 (Changes
                  to the Lenders)
                  within five (5) Business Days from the date of such notice (or
                  in the case
                  of Clause 7.1 (Illegality),
                  if earlier, the date specified by the Affected Lender in the notice
                  delivered to the Agent pursuant to sub-paragraph (a)(i) of that
                  Clause
                  7.1(Illegality)
                  or, if earlier, the last day of the Interest Period for any Loan
                  outstanding on the notification date (as defined in Clause 7.1
                  (Illegality)
                  in relation to such Affected Lender) that is the soonest to expire).
                  Such
                  transfer shall not in any way prejudice any of the accrued rights
                  of such
                  Affected Lender under the Finance
                  Documents.

              

      

       

      
        	(b)  	
                The
                  Agent agrees, upon the written request of the Relevant Borrower
                  following
                  the occurrence of an event entitling the Relevant Borrower to deliver
                  a
                  notice under this Clause 24.7, to use its reasonable efforts to
                  help the
                  Relevant Borrower engage one or more financial institutions to
                  act as a
                  Replacement Lender. 

              

      

       

      
        	(c)  	
                For
                  the avoidance of doubt, an Affected Lender need not effect any
                  transfer
                  pursuant to this Clause 24.7, unless prior to (or on) such transfer
                  it
                  receives in cash, (i) all amounts due and owing to the Affected
                  Lender
                  under each Finance Document, including, without limitation, the
                  aggregate
                  outstanding principal amount of the Loans owed to such Affected
                  Lender
                  (whether or not then due and payable), together with accrued interest
                  thereon until the date of such transfer and (ii) Break Costs in
                  connection
                  with such transfer (calculated as if all of the amounts referred
                  to in (i)
                  were paid by the Obligors to such Affected Lender on the date of
                  such
                  transfer).

              

      

       

       

      
        	25.  	
                CHANGES
                  TO THE OBLIGORS

              

      

       

      No
        Obligor may assign any of its rights or transfer any of its rights or
        obligations under any or all of the Finance Documents.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        10

      THE
        FINANCE PARTIES

       

       

      
        	26.  	
                ROLE
                  OF THE AGENT AND THE
                  ARRANGER

              

      

       

      
        	26.1  	
                Appointment
                  of the Agent

              

      

      
        	(a)  	
                Each
                  of the Arranger and the Lenders appoints the Agent to act as its
                  agent
                  under and in connection with the Finance
                  Documents.

              

      

       

      
        	(b)  	
                Each
                  of the Arranger and the Lenders authorises the Agent to exercise
                  the
                  rights, powers, authorities and discretions specifically given
                  to the
                  Agent under or in connection with the Finance Documents together
                  with any
                  other incidental rights, powers, authorities and
                  discretions.

              

      

       

      
        	26.2  	
                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 any Finance
                  Document,
                  describing a Default and stating that the circumstance described
                  is a
                  Default, it shall promptly notify the
                  Lenders.

              

      

       

      
        	(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 Arranger) under any Finance Document it shall promptly
                  notify
                  the other Finance Parties. 

              

      

       

      
        	(e)  	
                The
                  Agent's duties under the Finance Documents are solely mechanical
                  and
                  administrative in nature. The Agent shall have no other duties
                  save as
                  expressly provided in the Finance Documents to which it is
                  party.

              

      

       

      
        	26.3  	
                Role
                  of the Arranger

              

      

      Except
        as
        specifically provided in the Finance Documents, the Arranger has no obligations
        of any kind to any other Party under or in connection with any Finance
        Document.

       

      
        	26.4  	
                No
                  fiduciary duties

              

      

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

              

      

       

      
        	(b)  	
                Neither
                  the Agent nor the Arranger 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.

              

      

       

      
        	26.5  	
                Business
                  with the Group

              

      

      Each
        of
        the Agent and the Arranger may accept deposits from, lend money to and generally
        engage in any kind of banking or other business with any member of the
        Group.

       

      
        	26.6  	
                Rights
                  and discretions of the
                  Agent

              

      

      
        	(a)  	
                The
                  Agent may rely on:

              

      

       

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

              

      

       

      
        	(ii)  	
                any
                  statement purportedly 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 23.1 (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 an Obligor (other than a Utilisation
                  Request) is
                  made on behalf of and with the consent and knowledge of all the
                  Obligors.

              

      

       

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

              

      

       

      
        	(d)  	
                The
                  Agent may act in relation to the Finance Documents through its
                  personnel
                  and agents.

              

      

       

      
        	(e)  	
                The
                  Agent may disclose to any other Party any information it reasonably
                  believes it has received as agent under any Finance Document.
                  

              

      

       

      
        	(f)  	
                Notwithstanding
                  any other provision of any Finance Document to the contrary, neither
                  the
                  Agent nor the Arranger 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.

              

      

       

      
        	26.7  	
                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.

              

      

       

      
        	(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) or under paragraph
                  (d)
                  below until it has received such security as it may require for
                  any cost,
                  loss or liability (together with any associated Indirect Tax) which
                  it may
                  incur in complying with such
                  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.

              

      

       

      
        	26.8  	
                Responsibility
                  for documentation

              

      

      Neither
        the Agent nor the Arranger:

       

      
        	(a)  	
                is
                  responsible for the adequacy, accuracy and/or completeness of any
                  information (whether oral or written) supplied by the Agent, the
                  Arranger,
                  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.

              

      

       

      
        	26.9  	
                Exclusion
                  of liability

              

      

      
        	(a)  	
                Without
                  limiting paragraph (b) below, the Agent will not be liable for
                  any action
                  taken by it, or for omitting to take action 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) may take any proceedings against any
                  officer,
                  employee or agent of the Agent in respect of any claim it might
                  have
                  against the Agent or in respect of any act or omission of any kind
                  by that
                  officer, employee or agent in relation to any Finance Document.
                  Subject to
                  paragraph (b) of Clause 1.3 (Third
                  Party Rights),
                  any third party referred to in this paragraph (b) may enjoy the
                  benefit of
                  or enforce the terms of this paragraph in accordance with 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.

              

      

       

      
        	26.10  	
                Lenders'
                  indemnity to the Agent

              

      

      Each
        Lender shall (in the proportion borne by (a) (if no Loan is outstanding and
        the
        Available Facility is zero) its Commitment to the Total Commitments or, if
        the
        Total Commitments are then zero, such proportion immediately prior to the
        reduction of the Total Commitments to zero or (b) (if any Loan or any part
        thereof is outstanding or the Available Facility is greater than zero) the
        sum
        of (i) its share of the aggregate principal amount of the Loans and (ii)
        its
        Available Commitment to the sum of (i) the aggregate principal amount of
        the
        Loans and (ii) the Available Facility) indemnify the Agent, within three
        Business Days of demand, against any cost, loss or liability incurred by
        the
        Agent (otherwise than by reason of the Agent's gross negligence or wilful
        misconduct) in acting as Agent under the Finance Documents (unless the Agent
        has
        been reimbursed by an Obligor pursuant to a Finance Document) in respect
        of the
        same cost, loss or liability).

       

      
        	26.11  	
                Resignation
                  of the Agent

              

      

      
        	(a)  	
                The
                  Agent may resign and appoint one of its Affiliates acting through
                  an
                  office in Singapore as successor by giving notice to the other
                  Finance
                  Parties and the Relevant Borrower.

              

      

       

      
        	(b)  	
                Alternatively
                  the Agent may resign by giving notice to the other Finance Parties
                  and the
                  Relevant Borrower, in which case the Majority Lenders (after consultation
                  with the Relevant Borrower) may appoint a successor
                  Agent.

              

      

       

      
        	(c)  	
                If
                  the Majority Lenders have not appointed a successor Agent in accordance
                  with paragraph (b) above within 30 days after notice of resignation
                  was
                  given by the Agent, the Agent (after consultation with the Relevant
                  Borrower) may appoint a successor Agent (acting through an office
                  in
                  Singapore).

              

      

       

      
        	(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 26. 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 originally
                  party hereto as Agent.

              

      

       

      
        	(g)  	
                After
                  consultation with the Relevant Borrower, 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.

              

      

       

      
        	26.12  	
                Confidentiality

              

      

      
        	(a)  	
                In
                  acting as agent for the Finance Parties, the Agent shall be regarded
                  as
                  acting through its agency division which shall be treated as a
                  separate
                  entity from any other of its divisions or
                  departments.

              

      

       

      
        	(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 Arranger are obliged to disclose to any person (i)
                  any
                  confidential information or (ii) any other information if the disclosure
                  would or might in its reasonable opinion constitute a breach of
                  any law or
                  regulation or a breach of any contractual or fiduciary
                  duty.

              

      

       

      
        	26.13  	
                Relationship
                  with the Lenders

              

      

      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.

       

      
        	26.14  	
                Credit
                  appraisal by the Lenders

              

      

      Without
        affecting the responsibility of any Obligor for information supplied by it
        or on
        its behalf in connection with any Finance Document, each Lender confirms
        to the
        Agent and the Arranger 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/or 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 to any Finance Document 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.

              

      

       

      
        	26.15  	
                Reference
                  Banks

              

      

      If
        a
        Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which
        it
        is an Affiliate) ceases to be a Lender, the Agent shall (in consultation
        with
        the Relevant Borrower) appoint another Lender or an Affiliate of a Lender
        or any
        bank approved by the Majority Lenders to replace that Reference Bank. If
        a
        Reference Bank ceases generally to offer quotations for SIBOR or SOR, the
        Agent
        shall (in consultation with the Relevant Borrower) appoint another bank or
        financial institution approved by the Majority Lenders to replace that Reference
        Bank.

       

      
        	26.16  	
                Agent's
                  management time

              

      

      Any
        amount payable to the Agent under Clause 14.3 (Indemnity
        to the Agent),
        Clause
        16 (Costs
        and expenses)
        and
        Clause 26.10 (Lenders'
        indemnity to the Agent)
        shall
        include the cost of utilising the Agent's management time or other resources
        and
        will be calculated on the basis of such reasonable daily or hourly rates
        as the
        Agent may notify to the Relevant Borrower and the Lenders, and is in addition
        to
        any fee paid or payable to the Agent under Clause 11 (Fees).

       

      
        	26.17  	
                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 such amount owed by such Party to the Agent. For the purposes
        of
        the Finance Documents that Party shall be regarded as having received any
        amount
        so deducted. 

       

      
        	26.18  	
                Money
                  Laundering

              

      

      Unless
        mandatorily required by applicable law or regulation to which the Agent is
        subject, the Agent shall not be responsible to any other Party for providing
        any
        certification or documents with respect to information (except in respect
        of
        itself) required for any anti-money laundering due diligence purpose. Such
        certificates and related documents shall be provided directly by the Obligors
        provided that the request for such information may be made through the Agent.
        

       

      
        	26.19  	
                Hedging
                  Banks

              

      

      Except
        as
        otherwise expressly stated in this Agreement, the Agent shall have no liability
        under the Finance Documents whatsoever to any Hedging Bank.

       

       

      
        	27.  	
                CONDUCT
                  OF BUSINESS BY THE FINANCE
                  PARTIES

              

      

       

      No
        provision of this Agreement will:

       

      
        	(a)  	
                interfere
                  with the right of any Finance Party to arrange its affairs (tax
                  or
                  otherwise) in whatever manner it thinks
                  fit;

              

      

       

      
        	(b)  	
                oblige
                  any Finance Party to investigate or claim any credit, relief, remission
                  or
                  repayment available to it or the extent, order and manner of any
                  claim;
                  or

              

      

       

      
        	(c)  	
                oblige
                  any Finance Party to disclose any information relating to its affairs
                  (tax
                  or otherwise) or any computations in respect of
                  Tax.

              

      

       

       

      
        	28.  	
                SHARING
                  AMONG THE FINANCE PARTIES

              

      

       

      
        	28.1  	
                Payments
                  to Finance Parties

              

      

      If
        a
        Finance Party (a "Recovering
        Finance Party")
        receives or recovers any amount from or in respect of an Obligor other than
        in
        accordance with Clause 29 (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 that the Recovering Finance Party would have been paid had
                  such
                  receipt or recovery been received or made by the Agent and distributed
                  in
                  accordance with Clause 29 (Payment
                  mechanics),
                  without taking account of any Tax which would be imposed on the
                  Agent in
                  relation to such 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 (by reference to such receipt or recovery),
                  in
                  accordance with Clause 29.6 (Partial
                  payments).

              

      

       

      
        	28.2  	
                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 29.6 (Partial
        payments).

       

      
        	28.3  	
                Recovering
                  Finance Party's rights

              

      

      
        	(a)  	
                On
                  a distribution by the Agent under Clause 28.2 (Redistribution
                  of payments),
                  the Recovering Finance Party will be subrogated to the rights of
                  the
                  Finance Parties which have shared in such distribution under Clause
                  28.2
                  (Redistribution
                  of payments).

              

      

       

      
        	(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.

              

      

       

      
        	28.4  	
                Reversal
                  of redistribution

              

      

      If
        any
        part of the amount received or recovered by the Recovering Finance Party
        from or
        in respect of any Obligor (which amount has given rise to any Sharing Payment)
        becomes repayable and is repaid by that Recovering Finance Party,
        then:

       

      
        	(a)  	
                each
                  Finance Party which has received a share of that Sharing Payment
                  pursuant
                  to Clause 28.2 (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 such Sharing Payment (together with an amount as is necessary
                  to
                  reimburse that Recovering Finance Party for its proportion of any
                  interest
                  on such repayable amount 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.

              

      

       

      
        	28.5  	
                Exceptions

              

      

      
        	(a)  	
                This
                  Clause 28 shall not apply to the extent that the Recovering Finance
                  Party
                  would not, after making any payment pursuant to this Clause, have
                  a valid
                  and enforceable claim against the relevant
                  Obligor.

              

      

       

      
        	(b)  	
                A
                  Recovering Finance Party is not obliged to share with any other
                  Finance
                  Party any amount which the Recovering Finance Party has received
                  or
                  recovered as a result of taking legal or arbitration proceedings,
                  if:

              

      

       

      
        	(i)  	
                it
                  notified that other Finance Party of those legal or arbitration
                  proceedings; and

              

      

       

      
        	(ii)  	
                that
                  other Finance Party had an opportunity to participate in those
                  legal or
                  arbitration proceedings but did not do so as soon as reasonably
                  practicable having received notice and did not take separate legal
                  or
                  arbitration proceedings.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        11

      ADMINISTRATION

       

       

      
        	29.  	
                PAYMENT
                  MECHANICS

              

      

       

      
        	29.1  	
                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 the following accounts of the
                  Agent:

              

      

       

      For
        payment in US$:

       

      Bank   : Citibank
        N.A., New York

       

      Swift   : CITIUS33

       

      For
        Account of : Citicorp
        Investment Bank (Singapore) Limited

       

      Account
        No. : 10999866

       

      For
        payment in S$:

       

      Citibank
        NA Singapore for the account of Citicorp Investment Bank (S) Limited account
        No.
        0-010698-014,

       

      or
        to
        such account in the principal financial centre of the country of that currency
        with such bank as the Agent specifies to the Parties after the date of this
        Agreement.

       

      
        	29.2  	
                Distributions
                  by the Agent

              

      

      
        	(a)  	
                Each
                  payment received by the Agent under the Finance Documents for another
                  Party shall, subject to Clause 26.17 (Deduction
                  from amounts payable by the Agent),
                  Clause 29.3 (Distributions
                  to an Obligor)
                  and Clause 29.5 (Clawback)
                  and to paragraph (b) below, be made available by the Agent by payment
                  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' prior notice,
                  with a
                  bank in the principal financial centre of the country of that currency.
                  Any notice given to the Agent by a Party under this paragraph (a)
                  is only
                  effective when the original notice is received by the Agent signed
                  by an
                  authorised officer of that Party.

              

      

       

      
        	(b)  	
                Notwithstanding
                  paragraph (a) above, any payment to be made under the Finance Documents
                  by
                  the Agent to a Lender in US Dollars or Singapore Dollars shall
                  be made in
                  accordance with that Lender's Standing Payment Instruction for
                  that
                  currency.

              

      

       

      
        	29.3  	
                Distributions
                  to an Obligor

              

      

      The
        Agent
        may (with the consent of the Obligor referred to below or in accordance with
        Clause 30 (Set-off))
        apply
        any amount received by it for any Obligor in or towards payment (on the date
        and
        in the currency and funds of receipt) of any amount due from that Obligor
        under
        any or all of the Finance Documents or in or towards purchase of any amount
        of
        any currency to be so applied.

       

      
        	29.4  	
                Netting
                  of Payments

              

      

      Notwithstanding
        Clause 6.1 (Repayment
        of Loans)
        or
        Clauses 29.1 (Payments
        to the Agent)
        to 29.3
        (Distributions
        to an Obligor)
        or any
        other provision of the Finance Documents, if on any date an amount (the
        "first
        amount")
        is to
        be advanced by a Lender under this Agreement and an amount (the "second
        amount")
        is due
        from an Obligor to that Lender under the Finance Documents in the same currency,
        that Lender shall apply the first amount in or towards payment of the second
        amount (and to the extent of such application the first amount shall be
        considered to have been made available by such Lender to such Obligor). Such
        Lender shall remain obliged to advance any excess in the first amount over
        and
        above the second amount (or, as the case may be, such Obligor shall remain
        liable in respect of any shortfall in the second amount below the first amount)
        in accordance with this Clause 29. Nothing in this Clause 29.4 shall be
        effective to create a charge.

       

      
        	29.5  	
                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.

              

      

       

      
        	29.6  	
                Partial
                  payments

              

      

      
        	(a)  	
                If
                  the Agent receives or recovers any amount in respect of any Obligor
                  under
                  any Finance Document that is insufficient to discharge all the
                  amounts
                  then due and payable by that Obligor under the Finance Documents,
                  the
                  Agent shall apply that payment towards the obligations of that
                  Obligor
                  under the Finance Documents in the following
                  order:

              

      

       

      
        	(i)  	
                first,
                  in or towards payment pro rata of any unpaid fees, costs and expenses
                  of
                  the Agent or the Arranger 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

              

      

       

      
        	(iv)  	
                fourthly,
                  in or towards payment pro rata of any other sum due but unpaid
                  under the
                  Finance Documents,

              

      

       

      provided
        that, for the avoidance of doubt, the Agent shall be entitled to assume that
        no
        amount is due but unpaid to any Hedging Bank under any Hedging Document unless
        it has been expressly notified to the contrary by such Hedging Bank with
        no less
        than three Business Days’ prior written notice. The Agent shall promptly notify
        the Lenders if it receives any such notification from any Hedging Bank (or
        any
        person purporting to be a Hedging Bank).

       

      The
        Agent
        may rely on any certification by any Hedging Bank (or person purporting to
        be a
        Hedging Bank) as to any amount due but unpaid to such Hedging Bank (or such
        person) under any Hedging Document provided that if the Majority Lenders
        shall
        have notified the Agent (prior to such reliance by the Agent) that they do
        not
        agree with such certification by such Hedging Bank (or such person) and that
        they do not agree that such person is a Hedging Bank, the Agent shall be
        protected in all respects if it acts in accordance with the instructions
        of the
        Majority Lenders.

       

      
        	(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.

              

      

       

      
        	29.7  	
                No
                  set-off by Obligors

              

      

      All
        payments to be made by an Obligor under the Finance Documents shall be
        calculated and be made without (and free and clear of any deduction for)
        set-off
        or counterclaim.

       

      
        	29.8  	
                Business
                  Days

              

      

      
        	(a)  	
                Any
                  payment which is due to be made on a day that is not a Business
                  Day shall
                  be made on the next Business Day in the same calendar month (if
                  there is
                  one) or the preceding Business Day (if there is
                  not).

              

      

       

      
        	(b)  	
                During
                  any extension of the due date for payment of any principal or an
                  Unpaid
                  Sum under this Agreement interest is payable on the principal or
                  Unpaid
                  Sum at the rate payable on the original due
                  date.

              

      

       

      
        	29.9  	
                Currency
                  of account

              

      

      
        	(a)  	
                Subject
                  to paragraphs (b) to (e) below, US Dollars is the currency of account
                  and
                  payment for any sum due from an Obligor under any Finance
                  Document.

              

      

       

      
        	(b)  	
                A
                  repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid
                  Sum shall
                  be made in the currency in which that Loan or Unpaid Sum is denominated
                  on
                  its due date.

              

      

       

      
        	(c)  	
                Each
                  payment of interest shall be made in the currency in which the
                  sum in
                  respect of which the interest is payable was denominated 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 US Dollars
                  shall
                  be paid in that other currency.

              

      

       

       

      
        	30.  	
                SET-OFF

              

      

       

      Without
        prior notice to any Obligor, a Finance Party may, but is not obliged to,
        set off
        any matured obligation due from an Obligor under the Finance Documents (to
        the
        extent beneficially owned by that Finance Party) against any matured obligation
        owed by that Finance Party to that Obligor (whether or not matured), regardless
        of the place of payment, booking branch or currency of either obligation.
        If the
        obligations are in different currencies, the Finance Party may convert either
        obligation at a market rate of exchange in its usual course of business for
        the
        purpose of the set-off.

       

       

      
        	31.  	
                DISCLOSURE
                  OF INFORMATION

              

      

       

      
        	31.1  	
                General

              

      

      Without
        prejudice to Clause 31.2 (Tax)
        or to
        the rights of the Finance Parties to disclose information relating to any
        Obligor, any of the Borrowers or the Group whether under the common law or
        the
        Banking Act, Chapter 19 of Singapore (as amended or re-enacted from time
        to
        time, the "Banking
        Act")
        or
        otherwise, each Obligor consents to each Finance Party, its officers (as
        defined
        in the Banking Act) and agents and all persons to whom Section 47 of the
        Banking
        Act applies disclosing any customer information (as defined in the Banking
        Act)
        and any other information relating to any Obligor, the Group, any of the
        Borrowers and the Finance Documents as that Finance Party shall consider
        necessary for any such purposes as it thinks fit, and any other information
        (including personal data) relating to the Obligors and the Obligors' account
        relationship (including deposit accounts) and/or dealing relationship with
        that
        Finance Party, including but not limited to details of the Facility, any
        Finance
        Document, any security taken, transactions undertaken and balances and positions
        with each Lender and any information which is in the public domain
        to:

       

      
        	(a)  	
                any
                  of that Finance Party's agents, contractors or third party service
                  providers or professional advisers who are under a duty of confidentiality
                  to that Finance Party and who provide administrative, telecommunications,
                  computer, payment, collections, security, clearing, credit reference
                  or
                  checking, or other services or facilities to that Finance Party
                  under or
                  in connection with the Facility, this Agreement or any other Finance
                  Document and/or the operation of that Finance Party's business,
                  whether in
                  Singapore or outside Singapore;

              

      

       

      
        	(b)  	
                that
                  Finance Party's head office, branches, representative offices,
                  Subsidiaries, related corporations or Affiliates, in Singapore
                  or overseas
                  (collectively the "Related
                  Parties"
                  and each a "Related
                  Party")
                  for any database or data processing purposes or any other purposes
                  whatsoever, notwithstanding that a Related Party's principal place
                  of
                  business may be outside of Singapore or that such information following
                  disclosure may be collected, held, processed or used by any Related
                  Party
                  in whole or in part outside of
                  Singapore;

              

      

       

      
        	(c)  	
                any
                  regulatory, supervisory or other authority, court of law, tribunal
                  or
                  person, in Singapore or any other jurisdiction, where such disclosure
                  is
                  required by law, regulation, judgment or order of court, order
                  of any
                  tribunal, or the rules or requirements of any regulatory, supervisory
                  or
                  other authority, or otherwise in connection with any legal proceedings
                  taken in connection with any of the Finance
                  Documents;

              

      

       

      
        	(d)  	
                any
                  actual or potential New Lender or other assignee or transferee
                  of any
                  rights and obligations of that Finance Party or other actual or
                  potential
                  participants or sub-participants in any of its rights and/or obligations
                  under or relating to the Facility, this Agreement or any other
                  Finance
                  Document and any security therefor for any purposes connected with
                  the
                  actual or proposed assignment, transfer, participation or
                  sub-participation;

              

      

       

      
        	(e)  	
                any
                  insurer (whether of that Finance Party or an Obligor or otherwise),
                  guarantor or provider of security; 

              

      

       

      
        	(f)  	
                any
                  of that Finance Party's Affiliates or any other
                  person:

              

      

       

      
        	(i)  	
                with
                  (or through) whom that Finance Party 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;

              

      

       

      
        	(ii)  	
                who
                  is a person, or who belongs to a class of persons, specified in
                  the second
                  column of the Third Schedule to the Banking Act (the "Third
                  Schedule")
                  but only for the purposes specified in the first column of the
                  Third
                  Schedule and subject always to the conditions (if any) set out
                  in the
                  third column of the Third Schedule;
                  and

              

      

       

      
        	(iii)  	
                to
                  whom that Finance Party is under a duty to disclose subject, however,
                  to
                  the restrictions on any such disclosure set out in Section 47 of
                  the
                  Banking Act or in the Third
                  Schedule;

              

      

       

      
        	(g)  	
                any
                  person who acquires or is proposing to acquire any interest in,
                  or enters
                  into or is proposing to enter into any merger, amalgamation or
                  other
                  similar arrangement with that Finance Party;
                  and/or

              

      

       

      
        	(h)  	
                any
                  other Finance Party. 

              

      

       

      This
        Clause 31.1 is not, and shall not be deemed to constitute, an express or
        implied
        agreement by any Finance Party with any Obligor for a higher degree of
        confidentiality than that prescribed in Section 47 of the Banking Act and
        in the
        Third Schedule to the Banking Act.

       

      
        	31.2  	
                Tax

              

      

      Notwithstanding
        any other term of this Agreement, confidential information shall not include,
        and each Finance Party (and each employee, representative or other agent
        of any
        Finance Party) may disclose to any and all persons, without limitation of
        any
        kind, the "tax treatment" and "tax structure" (in each case, within the meaning
        of US Treasury Regulation Section 1.6011-4) of the transactions contemplated
        hereby and all materials of any kind (including opinions or other tax analyses)
        that are or have been provided to such Finance Party relating to such tax
        treatment or tax structure; provided that (unless otherwise permitted pursuant
        to the terms of this Agreement) (a) this Clause is not intended to permit
        disclosure of any other information to the extent not related to such tax
        treatment or tax structure and (b) with respect to any document or similar
        item
        that in either case contains information concerning such tax treatment or
        tax
        structure of the transactions contemplated by this Agreement as well as other
        information, this Clause shall only apply to such portions of the document
        or
        similar item that relate to such tax treatment or tax structure. Employees,
        representatives and agents of Finance Parties may, subject to paragraph (b)
        of
        Clause 1.3 (Third
        Party Rights),
        rely
        on this Clause 31.2 pursuant to the Third Parties Act.

       

       

      
        	32.  	
                NOTICES

              

      

       

      
        	32.1  	
                Communications
                  in writing

              

      

      Any
        communication to be made by a Party to another Party under or in connection
        with
        any Finance Documents shall be made in writing and, unless otherwise stated,
        may
        be made by fax, letter or under Clause 32.5 (Electronic
        communication)
        by
        email.

       

      
        	32.2  	
                Addresses

              

      

      The
        address, fax number and (if applicable) email address (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 each Borrower, that identified with its name
                  below;

              

      

       

      
        	(b)  	
                in
                  the case of each Original Lender or any other Obligor, that identified
                  with its name below;

              

      

       

      
        	(c)  	
                in
                  the case of each Lender that becomes a Party after the date of
                  this
                  Agreement, that notified in writing to the Agent on or prior to
                  the date
                  on which it becomes a Party; and

              

      

       

      
        	(d)  	
                in
                  the case of the Agent, that identified with its name
                  below,

              

      

       

      or
        any
        substitute address, fax number or department or officer as the Party may
        notify
        to the Agent (or the Agent may notify to the other Parties, if a change is
        made
        by the Agent) by not less than five Business Days' notice.

       

      
        	32.3  	
                Delivery

              

      

      
        	(a)  	
                Any
                  communication or document made or delivered by one Party to another
                  Party
                  under or in connection with any Finance Documents will only be
                  effective:

              

      

       

      
        	(i)  	
                if
                  sent by fax before 5 p.m. (local time in the place to which it
                  is sent) on
                  a working day in that place, when sent or, if sent by fax at any
                  other
                  time, at 9 a.m. (local time in the place to which it is sent) on
                  the next
                  working day in that place, provided, in each case, that the person
                  sending
                  the fax shall have received a transmission receipt;
                  or

              

      

       

      
        	(ii)  	
                if
                  by way of letter, when it has been left at the relevant address
                  or three
                  Business Days after being deposited in the post postage prepaid
                  in an
                  envelope addressed to it at that address;
                  or

              

      

       

      
        	(iii)  	
                if
                  by way of email, if it complies with the rules under Clause 32.5
                  (Electronic
                  communication)

              

      

       

      and,
        if a
        particular department or officer is specified as part of its address details
        provided under Clause 32.2 (Addresses),
        if
        addressed to that department or officer. For this purpose, working days are
        days
        other than Saturdays, Sundays and bank holidays.

       

      
        	(b)  	
                Any
                  communication or document to be made or delivered to the Agent
                  under or in
                  connection with any Finance Document 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 under or in connection with any Finance
                  Document shall be sent through the
                  Agent.

              

      

       

      
        	(d)  	
                Any
                  communication or document made or delivered to the Relevant Borrower
                  in
                  accordance with this Clause will be deemed to have been made or
                  delivered
                  to each of the Obligors.

              

      

       

      
        	32.4  	
                Notification
                  of address and fax number 

              

      

      Promptly
        upon receipt of notification of an address, fax number and email address
        or
        change of address, fax number or email address pursuant to Clause 32.2
        (Addresses)
        or
        changing its own address, fax number or email address the Agent shall notify
        the
        other Parties.

       

      
        	32.5  	
                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 that
                  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 electronic mail address or any
                  other
                  such information supplied by them.

              

      

       

      Any
        Lender which sets out an email address as part of its "administration details"
        provided by it to the Agent from time to time in connection with the Finance
        Documents is deemed to agree to receiving communications from the Agent by
        electronic mail to that email address.

       

      
        	(b)  	
                Any
                  electronic communication made:

              

      

       

      
        	(i)  	
                by
                  the Agent to a Lender will be effective when it is sent by the
                  Agent
                  unless the Agent receives a message indicating failed delivery;
                  and

              

      

       

      
        	(ii)  	
                by
                  a Lender to the Agent will be effective only when actually received
                  by the
                  Agent and then only if it is addressed in such a manner as the
                  Agent shall
                  specify to that Lender for this
                  purpose.

              

      

       

      
        	(c)  	
                The
                  Agent or a Lender shall notify any affected Parties promptly upon
                  becoming
                  aware that its electronic mail system or other electronic means
                  of
                  communication cannot be used due to technical failure (and that
                  failure is
                  or is likely to be continuing for more than 2 Business Days). Until
                  the
                  Agent or that Lender has notified the other affected Parties that
                  the
                  failure has been remedied, all notices between those parties shall
                  be sent
                  by fax or letter in accordance with this Clause 32 (Notices).

              

      

       

      
        	(d)  	
                Each
                  Party acknowledges and agrees that the privacy and integrity of
                  electronic
                  transmissions cannot be guaranteed. To the extent that any information
                  relating to the Finance Documents is transmitted electronically,
                  each
                  Obligor agrees to release each Finance Party, and each Lender agrees
                  to
                  release each other Finance Party from any loss or liability incurred
                  in
                  connection with the electronic transmission of such information,
                  including
                  the unauthorised interception, alteration or fraudulent generation
                  and
                  transmission of electronic transmissions by third parties provided
                  that
                  the transmitting Party has taken all reasonable prudent precautions
                  to
                  protect the integrity of its electronic communication system.
                  

              

      

       

      
        	32.6  	
                Reliance

              

      

      
        	(a)  	
                Any
                  notice sent under this Clause 32 can be relied on by the recipient
                  if the
                  recipient reasonably believes the notice to be genuine and if it
                  bears
                  what appears to be the signature (original or facsimile) of an
                  authorised
                  signatory of the sender or, as applicable, if it is sent from an
                  email
                  address notified for this purpose pursuant to Clause 32.5 (Electronic
                  communication)
                  (in each case without the need for further enquiry or
                  confirmation).

              

      

       

      
        	(b)  	
                Each
                  Party must take reasonable care to ensure that no forged, false
                  or
                  unauthorised notices are sent to another
                  Party.

              

      

       

      
        	32.7  	
                English
                  language

              

      

      
        	(a)  	
                Any
                  notice given under or in connection with any Finance Document must
                  be in
                  English.

              

      

       

      
        	(b)  	
                All
                  other documents provided under or in connection with any Finance
                  Document
                  must be:

              

      

       

      
        	(i)  	
                in
                  English; or

              

      

       

      
        	(ii)  	
                if
                  not in English, and if so required by the Agent, accompanied by
                  a
                  certified English translation and, in this case, the English translation
                  will prevail unless the document is a constitutional, statutory
                  or other
                  official document.

              

      

       

       

      
        	33.  	
                CALCULATIONS
                  AND CERTIFICATES

              

      

       

      
        	33.1  	
                Accounts

              

      

      In
        any
        litigation or arbitration proceedings arising out of or in connection with
        a
        Finance Document, the entries made in the accounts maintained by a Finance
        Party
        are prima facie evidence of the matters to which they relate.

       

      
        	33.2  	
                Certificates
                  and Determinations

              

      

      Any
        certification or determination by a Finance Party of a rate or amount under
        any
        Finance Document is, in the absence of manifest error, conclusive evidence
        of
        the matters to which it relates.

       

      
        	33.3  	
                Day
                  count convention

              

      

      Any
        interest, commission or fee accruing under a Finance Document will accrue
        from
        day to day and is calculated on the basis of the actual number of days elapsed
        and on the basis of (in the case of any interest, commission or fee that
        is
        denominated in US Dollars) a year of 360 days or (in the case of interest,
        commission or fee that is denominated in Singapore Dollars) a year of 365
        days
        or, in any case where the practice in the Relevant Interbank Market differs,
        in
        accordance with that market practice.

       

       

      
        	34.  	
                PARTIAL
                  INVALIDITY

              

      

       

      If,
        at
        any time, any provision of the Finance Documents is or becomes illegal, invalid
        or unenforceable in any respect under any law of any jurisdiction, neither
        the
        legality, validity or enforceability of the remaining provisions nor the
        legality, validity or enforceability of such provision under the law of any
        other jurisdiction will in any way be affected or impaired.

       

       

      
        	35.  	
                REMEDIES
                  AND WAIVERS

              

      

       

      No
        failure to exercise, nor any delay in exercising, on the part of any Finance
        Party, 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.

       

       

      
        	36.  	
                AMENDMENTS
                  AND WAIVERS

              

      

       

      
        	36.1  	
                Required
                  consents

              

      

      
        	(a)  	
                Subject
                  to Clause 36.2 (Exceptions)
                  any term of a Finance Document may be amended or waived only with
                  the
                  consent of the Majority Lenders and the Obligors and any such amendment
                  or
                  waiver will be binding on all
                  Parties.

              

      

       

      
        	(b)  	
                The
                  Agent may effect, on behalf of any Finance Party, any amendment
                  or waiver
                  permitted by this Clause.

              

      

       

      
        	36.2  	
                Exceptions

              

      

      
        	(a)  	
                An
                  amendment or waiver that has the effect of changing or which relates
                  to:

              

      

       

      
        	(i)  	
                the
                  definition of "Majority Lenders" in Clause 1.1 (Definitions);

              

      

       

      
        	(ii)  	
                an
                  extension to the date of payment of any amount under the Finance
                  Documents;

              

      

       

      
        	(iii)  	
                a
                  reduction in the Margin or a reduction in the amount, or change
                  in the
                  currency, of any payment of principal, interest, fees or commission
                  payable;

              

      

       

      
        	(iv)  	
                an
                  increase in or an extension, or change in the currency, of any
                  Commitment;

              

      

       

      
        	(v)  	
                a
                  change to any of the Borrowers or the
                  Guarantor;

              

      

       

      
        	(vi)  	
                any
                  provision which expressly requires the consent of all the Lenders;
                  or

              

      

       

      
        	(vii)  	
                Clause
                  2.2 (Finance
                  Parties' rights and obligations),
                  Clause 24 (Changes
                  to the Lenders),
                  Clause 28 (Sharing
                  among the Finance Parties),
                  or this Clause 36,

              

      

       

      shall
        not
        be made without the prior consent of all the Lenders.

       

      
        	(b)  	
                An
                  amendment or waiver which relates to the rights or obligations
                  of the
                  Agent or the Arranger may not be effected without the consent of
                  the Agent
                  or (as the case may be) the
                  Arranger.

              

      

       

       

      
        	37.  	
                COUNTERPARTS

              

      

       

      This
        Agreement may be executed in any number of counterparts, and this has the
        same
        effect as if the signatures on the counterparts were on a single copy of
        this
        Agreement.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      SECTION
        12

      GOVERNING
        LAW AND ENFORCEMENT

       

       

      
        	38.  	
                GOVERNING
                  LAW

              

      

       

      This
        Agreement is governed by English law.

       

       

      
        	39.  	
                ENFORCEMENT

              

      

       

      
        	39.1  	
                Jurisdiction

              

      

      
        	(a)  	
                The
                  courts of England have exclusive jurisdiction to settle any dispute
                  arising out of or in connection with this Agreement (including
                  a dispute
                  regarding the existence, validity or termination of this Agreement)
                  (a
                  "Dispute").

              

      

       

      
        	(b)  	
                The
                  Parties agree that the courts of England are the most appropriate
                  and
                  convenient courts to settle Disputes and accordingly no Party will
                  argue
                  to the contrary.

              

      

       

      
        	(c)  	
                This
                  Clause 39.1 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.

              

      

       

      
        	39.2  	
                Service
                  of process

              

      

      Without
        prejudice to any other mode of service allowed under any relevant law, each
        Obligor (other than an Obligor incorporated in England and Wales):

       

      
        	(a)  	
                irrevocably
                  appoints the offices of Bryan Cave LLP at 33 Cannon Street, London,
                  EC4M
                  5TE, England as its agent for service of process in relation to
                  any
                  proceedings before the English courts in connection with any Finance
                  Document; and

              

      

       

      
        	(b)  	
                agrees
                  that failure by a process agent to notify the relevant Obligor
                  of any
                  process will not invalidate the proceedings
                  concerned.

              

      

       

      
        	39.3  	
                Waiver
                  of consequential damages
                  etc.

              

      

      
        	(a)  	
                Each
                  Obligor irrevocably agrees that, in connection with the Finance
                  Documents
                  and the transactions contemplated thereby, no Finance Party nor
                  any of
                  their respective Affiliates, officers, employees or agents shall
                  be liable
                  to any Obligor or any Subsidiary of any Obligor (except to the
                  extent of
                  its own gross negligence or wilful misconduct) nor liable, on any
                  theory
                  of liability, for any special, indirect, consequential or punitive
                  damages
                  and each Obligor agrees that it will not (and agrees to ensure
                  that none
                  of its Subsidiaries will) sue upon any such claim for any such
                  damages,
                  whether or not accrued and whether or not known or suspected to
                  exist in
                  its favour.

              

      

       

      
        	(b)  	
                Subject
                  to paragraph (b) of Clause 1.3 (Third
                  Party Rights),
                  any third party referred to in paragraph (a) above may enjoy the
                  benefit
                  of or enforce the terms of that paragraph in accordance with the
                  provisions of the Third Parties
                  Act.

              

      

       

      This
        Agreement has been entered into on the date stated at the beginning of this
        Agreement.-- Converted by SECPublisher 3.1.0.1, created by BCL Technologies Inc., for SEC Filing

	
NOTE PAYABLE 
		
 		
 
	
	
Principal Amount $ 
		
 		
25,000 
	
	
		
		

	
	
Date: 
		
 		
12/2/2004 
		
 		
 
	
	
		
		

		
		
	

FOR VALUE RECEIVED, Signature Leisure, Inc. hereby promises to pay to the order of Katalyst Capital Group LTD the sum of twenty-five thousand dollars
($25,000), together along with interest thereon at the rate of 8% per annum on the unpaid balance. 

This Note Payable shall be paid in full on or before December 31, 2005, when it shall be due and payable on demand of any holder thereof. It may be prepaid in part or whole without penalty. All payments shall be first
applied to interest and the balance to principal. 

All parties to this Note Payable waive presentment, demand and protest, and all notices thereto. 

In the event of default, the undersigned agree to pay all costs of collections and all reasonable attorney’s fees. 

	
Signed this 2nd day of December, 2004

	
/s/ Stephen W. Carnes

Stephen W. Carnes 

President/CEO 

Signature Leisure, Inc. 

	
NOTE PAYABLE 
		
 		
 
	
	
Principal Amount $ 
		
 		
20,000 
	
	
		
		

	
	
Date: 
		
 		
2/9/2005 
		
 		
 
	
	
		
		

		
		
	

FOR VALUE RECEIVED, Signature Leisure, Inc. hereby promises to pay to the order of Katalyst Capital Group LTD the sum of twenty thousand dollars
($20,000), together along with interest thereon at the rate of 8% per annum on the unpaid balance. 

This Note Payable shall be paid in full on or before December 31, 2005, when it shall be due and payable on demand of any holder thereof. It may be prepaid in part or whole without penalty. All payments shall be first
applied to interest and the balance to principal. 

All parties to this Note Payable waive presentment, demand and protest, and all notices thereto. 

In the event of default, the undersigned agree to pay all costs of collections and all reasonable attorney’s fees. 

	
Signed this 9th day of February, 2005

	
/s/ Stephen W. Carnes

Stephen W. Carnes 

President/CEO 

Signature Leisure, Inc. 

	
NOTE PAYABLE 
		
 		
 
	
	
Principal Amount $ 
		
 		
20,000 
	
	
		
		

	
	
Date: 
		
 		
4/19/2005 
		
 		
 
	
	
		
		

		
		
	

FOR VALUE RECEIVED, Signature Leisure, Inc. hereby promises to pay to the order of Katalyst Capital Group LTD the sum of twenty thousand dollars
($20,000), together along with interest thereon at the rate of 8% per annum on the unpaid balance. 

This Note Payable shall be paid in full on or before December 31, 2005, when it shall be due and payable on demand of any holder thereof. It may be prepaid in part or whole without penalty. All payments shall be first
applied to interest and the balance to principal. 

All parties to this Note Payable waive presentment, demand and protest, and all notices thereto. 

In the event of default, the undersigned agree to pay all costs of collections and all reasonable attorney’s fees. 

	
Signed this 19th day of April, 2005

	
/s/ Stephen W. Carnes

Stephen W. Carnes 

President/CEO 

Signature Leisure, Inc.

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