Document:

a629mkeximfacilityagreem

Private & Confidential                     Dated           25 February     2020                         FLEX LNG AMBER LIMITED                        FLEX LNG AURORA LIMITED                          FLEX FREEDOM LIMITED                       FLEX LNG RELIANCE LIMITED                       FLEX LNG RESOLUTE LIMITED                                as Borrowers                                arranged by                   ABN AMRO BANK N.V., OSLO BRANCH                     CITIBANK N.A., LONDON BRANCH                  COMMONWEALTH BANK OF        AUSTRALIA                            CREDIT SUISSE AG                            DEUTSCHE BANK AG                                     with                  ABN AMRO BANK N.V. ,     OSLO BRANCH                   NORDEA BANK ABP, FILIAL I NORGE                              as Bookrunners                  ABN AMRO BANK N.V. ,     OSLO BRANCH                            as ECA Co-ordinator                   NORDEA BANK ABP,     FILIAL I NORGE                              as KEXIM Agent                   NORDEA BANK ABP, FILIAL I NORGE                                  as Agent                                    and                   NORDEA BANK ABP, FILIAL I NORGE                             as Security Agent                               guaranteed by                               FLEX LNG LTD                                    and                         FLEX LNG FLEET LIMITED                           FACILITY AGREEMENT                  FOR UP TO $629,000,000       TERM LOAN                                  FACILITY   BD-#34696673-v11

 

                                           Contents  Clause                                                                                    Page  1       Definitions and Interpretation ............................................................................1  2       The Facility.................................................................................................... 21  3       Purpose  ........................................................................................................ 25  4       Conditions Precedent  ...................................................................................... 25  5       Drawdown..................................................................................................... 27  6       Repayment.................................................................................................... 29  7       Prepayment and Cancellation........................................................................... 30  8       Interest ........................................................................................................ 33  9       Interest Periods ............................................................................................. 33  10      Changes to the Calculation of Interest  .............................................................. 34  11      Fees ............................................................................................................. 35  12      Tax Gross-up and Indemnities    ......................................................................... 37  13      Increased Costs  ............................................................................................. 41  14      Other Indemnities  .......................................................................................... 42  15      Mitigation by the Lenders  ................................................................................ 44  16      Costs and Expenses........................................................................................ 45  17      Guarantee  and Indemnity................................................................................ 46  18      Security ........................................................................................................ 50  19      Representations and Warranties....................................................................... 52  20      Information Undertakings................................................................................ 56  21      Financial Covenants........................................................................................ 60  22      General Undertakings   ..................................................................................... 61  23      Vessel Covenants   ........................................................................................... 66  24      Events of Default  ........................................................................................... 70  25      Changes to the Parties.................................................................................... 74  26      Role of the Agent, the Security Agent, the KEXIM Agent, the Arrangers,  Bookrunners and ECA Co-ordinator............................................................................. 78  27      Conduct of Business of the Finance Parties   ........................................................ 90   BD-#34696673-v11

 

28      Sharing among the Finance Parties................................................................... 90  29      Payment Mechanics    ........................................................................................ 92  30      Set-Off ......................................................................................................... 94  31      Notices ......................................................................................................... 94  32      Calculations and Certificates ............................................................................ 95  33      Partial Invalidity............................................................................................. 95  34      Remedies and Waivers.................................................................................... 96  35      Amendments and Waivers      ............................................................................... 96  36      Confidential Information.................................................................................. 99  37      Counterparts  ............................................................................................... 102  38      Contractual Recognition of Bail-In  .................................................................. 103  39      Governing Law and Enforcement     .................................................................... 104   Schedule   1 THE ORIGINAL PARTIES AND COMMITMENTS           ............................................ 105  Schedule   2 CONDITIONS PRECEDENT       ....................................................................... 108  Schedule   3 FORM OF DRAWDOWN NOTICE................................................................ 113  Schedule   4 FORM OF SELECTION NOTICE        ................................................................. 114  Schedule   5 FORM OF COMPLIANCE CERTIFICATE         ....................................................... 115  Schedule   6 FORM OF TRANSFER CERTIFICATE        ........................................................... 117  Schedule   7 VESSELS   .............................................................................................. 119  Schedule   8 REPAYMENT SCHEDULE (USD)................................................................. 125  Schedule   9 FORM OF INCREASE CONFIRMATION........................................................ 127   BD-#34696673-v11

 

  THIS FACILITY AGREEMENT is dated ___25 February            2020 and made between:    (1)    THE   ENTITIES     listed in Schedule   1 (The  Original  Parties and  Commitments)     as  borrowers           (the "Borrowers" and each a "Borrower");    (2)    FLEX    LNG   FLEET    LIMITED,     a  company    incorporated    and  existing  under   the  laws   of           Bermuda,    having  company    registration  no. 52351,   whose   registered  office is at Par-la-Ville           Place, 14 Par-la-Ville Road, Hamilton, Bermuda (the "Intermediate Parent");    (3)    FLEX   LNG   LTD.,  a  company    incorporated  and  existing  under  the  laws  of Bermuda,    having           company registration no. 52644, whose registered office is at Par-la-Ville Place, 14 Par-la-Ville           Road,   Hamilton,   Bermuda    (the  "Ultimate    Parent",   and   together   with  the  Intermediate           Parent, the "Guarantors" and each a "Guarantor");    (4)    THE   FINANCIAL      INSTITUTIONS       listed in Schedule   1  as commercial    facility lenders (the           "Original Commercial Facility Lenders");    (5)    THE   FINANCIAL       INSTITUTIONS        listed in  Schedule   1  as  KEXIM    facility lenders  (the           "Original KEXIM Facility Lenders");    (6)    THE   FINANCIAL INSTITUTIONS           listed in Schedule   1 as  KEXIM   guaranteed facility  lenders           (the "Original KEXIM Guaranteed Facility Lenders");    (7)    ABN    AMRO      BANK      N.V.,    OSLO    BRANCH,      CITIBANK      N.A.,   LONDON       BRANCH,           COMMONWEALTH BANK OF AUSTRALIA, CREDIT SUISSE AG, DEUTSCHE BANK AG                                  as           mandated lead arrangers (the "Arrangers");    (8)    THE FINANCIAL INSTITUTIONS listed in Schedule 1              as hedging providers    (each a "Hedge           Provider", jointly the "Hedge Providers");    (9)    ABN AMRO BANK N.V., OSLO BRANCH               as ECA co-ordinator (the "ECA Co-ordinator");    (10)   NORDEA BANK ABP, FILIAL I NORGE              as KEXIM agent (the "KEXIM Agent");    (11)   ABN   AMRO     BANK   N.V.,  OSLO    BRANCH     and  NORDEA      BANK   ABP,   FILIAL   I  NORGE    as           bookrunners (the "Bookrunners");    (12)   NORDEA BANK ABP, FILIAL I NORGE as facility agent of the other Finance Parties (in such           capacity, the "Agent"); and    (13)   NORDEA     BANK    ABP,   FILIAL   I  NORGE    as  security agent   of the other  Finance  Parties  (in           such capacity, the "Security Agent").    IT IS AGREED      as follows:                                         Section    1 - Interpretation    1      Definitions and Interpretation  1.1      Definitions           In this Agreement, unless the context otherwise requires:           "Accordion Lender" has the meaning given to that term in Clause 2.5 (Accordion option).           "Account Bank" means DNB Bank ASA or the Agent, as relevant.           "Affiliate"  means,    in relation  to any   person,  a  Subsidiary   of that  person   or  a  Holding           Company of that person or any other Subsidiary of that Holding Company.     BD-#34696673-v11                                      1

 

       "Agreement" means this facility agreement, as it may be amended, supplemented and varied         from time to time, including its Schedules and any Transfer Certificate.         "Alternative Vessels" means each of the vessels (to be built by the relevant Yard under the         relevant  Shipbuilding  Contract)  described   in Schedule  7  (Vessels)  and  "Alternative   Vessel"         means either of them.         "Annex VI" means Annex VI of the Protocol of 1997 (as subsequently amended from time to         time) to amend the International Convention for the Prevention of Pollution from Ships 1973         (Marpol), as modified by the Protocol of 1978 relating thereto.         "Approved     Broker"   means    each  of Fearnleys,  Clarksons   Platou,  Nordic  Shipping,  Affinity,         Braemar    ACM    Valuations  Ltd.,  Simpson    Spence   Young    or  such  other   independent    and         internationally reputable shipbroker(s) as may be approved in writing by the Agent.         "Approved    Manager" means:         (a)    Bernhard Schulte Shipmanagement;         (b)    Flex LNG Fleet Management AS;         (c)    any company within the Group, other than Flex LNG Fleet Management AS; or         (d)    any other management company acceptable to the Majority Lenders from time to time                as  the  technical  and/or  commercial    manager    of  a Vessel,  such   consent   not  to be                unreasonably withheld or delayed.         "Approved Ship Registry" means each of the Marshall Islands, the Norwegian International         Ship  Registry  (NIS), Liberia  or such  other  international ship  registry as may   be  approved   in         writing by all the Lenders.         "Approved     Classification    Society"   means    each  of  DNV   GL,  Lloyds  Register,   American         Bureau of Shipping (ABS), Bureau Veritas or such other IACS classification society as may be         pre-approved in writing by all the Lenders, such approval not to be unreasonably withheld or         delayed.         “Article  55  BRRD”    means   Article 55  of Directive  2014/59/EU    establishing  a framework    for         the recovery and resolution of credit institutions and investment firms.         "Assignment of Hedging Claims" means a first priority assignment granted or to be granted         by  each  Borrower   in favour  of the Security  Agent  (on  behalf  of the Finance  Parties)  of each         Borrower's   rights, titles and interests under  any  Hedging   Agreements related    to this Facility,         to be in form and substance acceptable to the Security Agent.         "Authorisations" means       an authorisation, consent, approval, resolution, licence, exemption,         filing, notarisation or registration.         "Availability   Period"   means    in relation  to each   Loan  (a)  for  Vessels  with  a  Scheduled         Delivery Date (as indicated in Schedule 7     (Vessels) during 2020), 31 December 2020 and (b)         for Vessels with a Scheduled Delivery Date (as indicated in Schedule 7       (Vessels) during 2021),        30 June 2021 (or such later date as may be approved by the Lenders).         "Available    Commitment"        means    a  Lender's   Commitment      minus   the   amount    of  its         participation in any outstanding Loans.         "Bail-In Action" means the exercise of any Write-down and Conversion Powers.         "Bail-In Legislation" means:         (a)    in relation to an  EEA  Member    Country   which  has  implemented,    or which   at any  time                implements, Article 55 BRRD, the relevant implementing law or regulation as described                in the EU Bail-In Legislation Schedule from time to time; and   BD-#34696673-v11                                      2

 

       (b)    in relation to any state other than such an EEA Member Country or (to the extent that                the  United  Kingdom    is not such  an  EEA   Member    Country)  the  United  Kingdom,    any                analogous law or regulation from time to time which requires contractual recognition          of                any Write-down and Conversion Powers contained in that law or regulation.         "Break Costs" means the amount (if any) by which:         (a)    the interest (excluding the Margin) which a Lender should have received for the period                from the date of receipt of all or part of its participation in a Loan or Unpaid Sum to the                last day of the then current Interest Period in respect of a Loan or Unpaid Sum, had the                principal amount or Unpaid Sum been paid on the last day of that Interest Period;         exceeds:         (b)    the amount    which  that Lender  would   be able  to obtain  by placing  an  amount   equal  to                the principal amount or Unpaid Sum received by it on deposit with a leading bank in the                London interbank market for a period starting on the Business Day following receipt or                recovery and ending on    the last day of the current Interest Period.         "Business Day" means a day (other than a Saturday or Sunday) on which banks are open for         general  business   in London,   Amsterdam,    Seoul,  New   York  and  Oslo  (or any  other  relevant         place of payment under Clause 29 (Payment mechanics)).         "Change of Control" means the occurrence of any of the following events:         (a)    any  company    controlled directly or  indirectly by the  John  Fredriksen  Family  ceases   to                own directly minimum (i) 25% of the shares and the voting rights of the Ultimate Parent                prior to the  Final Maturity  Date  relating to  the Commercial    Facility or (ii) 20%  of the                shares and the voting rights of the Ultimate Parent thereafter until the 8th       anniversary                of the Delivery Date of the final Vessel; or         (b)    without the prior written approval of the Lenders, any individual person or more persons                acting in concert  (other than   any company controlled     directly or indirectly by the John                Fredriksen  Family)  have  the  right or the  ability to control, either directly or indirectly,                the affairs or composition of the majority of the board of directors (or equivalent) of the                Ultimate Parent or becomes owners of 1/3 or more of the voting shares of the Ultimate                Parent; or         (c)    the  Ultimate  Parent  ceases   to own   directly 100%    of the  shares  in the  Intermediate                Parent; or         (d)    the  Intermediate   Parent  ceases   to own   directly 100%    of the  shares  in  each  of the                Borrowers, excluding in the event of a disposal of such shares in accordance with Clause                7.2 (Disposal or Total Loss), in which case that Clause shall apply.         "Charged Property" means all of the assets of the Obligors which from time to time are, or         are expressed or intended to be, the subject of the Security Documents.         "Code" means the US Internal Revenue Code of 1986 (as amended).         "COFR" means the U.S. Certificate of Financial Responsibility program (as in effect from time         to time), based on the U.S. Oil Pollution Act of 1980.         "Commercial      Facility"  means   the  term   loan  facility made   available  by  the  Commercial         Facility Lenders under this Agreement as described in Clause 2 (The Facility) and which shall         include any increase made pursuant to Clause 2.5 (Accordion option).         "Commercial Facility Commitment" means:         (a)    in relation to an Original Commercial Facility Lender, the amount set opposite its name                under   the  heading   "Commercial    Facility Commitment"     in  Schedule   1  (The  Original                Parties  and   Commitments)       and   the  amount    of   any   other  Commercial     Facility    BD-#34696673-v11                                      3

 

              Commitment     (including  by  virtue of  Clause  2.5  (Accordion   option))  transferred  to it                under this Agreement; and         (b)    in relation  to any  other  Commercial    Facility Lender,  the  amount   of  any  Commercial                Facility Commitment    (including  by  virtue of Clause  2.5  (Accordion  option))  transferred                to it under this Agreement,         to the extent not cancelled, reduced or transferred by it under this Agreement.         "Commercial Facility Lender" means:         (a)    the Original Commercial Facility Lenders;         (b)    any Accordion Lender; and         (c)    any  bank   or financial institution which   has  become   a  Party  as  a commercial    facility                lender in accordance with Clause 25 (Changes to the Parties),         which   in each   case  has  not  ceased   to be  a  Party  in accordance    with  the  terms  of  this         Agreement.         "Commercial      Facility Loan"   means    an  advance   of the  Commercial    Facility Commitments         being the Relevant Percentage in relation to the Commercial Facility of a Loan or the principal         amount outstanding for the time being of that advance.         "Commercial Facility Majority Lenders" means subject to the proviso hereto:         (a)    if there are no  Commercial    Facility Loans outstanding,   a Commercial    Facility Lender  or                Commercial    Facility Lenders  whose   Commercial   Facility Commitments     aggregate   equal                to or more than 66 2/3% of the Total Commercial Facility Commitments (or, if the Total                Commercial    Facility Commitments    have   been  reduced   to zero, aggregated   equal  to  or                more  than  66 2/3% of    the  Commercial   Facility Commitments     immediately   prior to the                reduction); or         (b)    at any  other  time, a Commercial    Facility Lender  or Commercial    Facility Lenders  whose                participations in the Commercial    Facility Loans  then  outstanding   aggregate equal   to or                more than 66 2/3% of the Commercial Facility Loans then outstanding.         "Commitment"       means,   in  relation to  a Lender,   its Commercial    Facility Commitment,     its         KEXIM Facility Commitment and its KEXIM Guaranteed Facility Commitment.         "Compliance Certificate" means a certificate substantially in the form as set out in Schedule         5 (Form of Compliance Certificates).         "Confidential    Information"    means   all information  relating  to the  Obligors, the  Group,  the         Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as,         or for the  purpose   of becoming,   a Finance   Party or  which  is received  by a  Finance  Party  in         relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or         the Facility from either:         (a)    the Obligors or any of their respective advisers; or         (b)    another Finance Party, if the information was obtained by that Finance Party directly or                indirectly from the Obligors or any of their advisers,         in whatever   form,  and  includes  information  given  orally and  any  document,   electronic file or         any other way of representing or recording information which contains or is derived or          copied         from such information but excludes information that:                (i)    is or becomes   public  information  other  than  as a direct or  indirect result of any                       breach by that Finance Party of Clause 36.1 (Confidential Information); or   BD-#34696673-v11                                      4

 

              (ii)   is identified in writing at the time of delivery as non-confidential by the Obligor or                       any of its advisers; or                (iii)  is known by that Finance Party before the date the information is disclosed to it in                       accordance   with  paragraphs    (a) or  (b)  above  or  is lawfully  obtained  by  that                       Finance Party after that date, from a source which is, as far as that Finance Party                       is aware,  unconnected   with  the Obligor  and  which,  in either case,  as far as that                       Finance Party is aware, has not been obtained in breach of, and is not otherwise                       subject to, any obligation of confidentiality.         "Default"   means   an  Event  of  Default  or any  event  or  circumstance   specified  in Clause  24         (Events  of Default)  which  would   (with the  expiry of a  grace  period, the  giving of notice, the         making of any determination under the Finance Documents or any combination of any of the         foregoing) be an Event of Default.         "Delivery   Date"   means   the date  on  which  a Vessel  is actually delivered,  by  passing  of risk         and title, to the relevant Borrower under the relevant Intermediate MOA, expected to occur on         or about the relevant Scheduled Delivery Date (as indicated in Schedule 7        (Vessels)).         "DOC"    means,   in  relation  to any   technical  Manager    of  a  Vessel,  a  valid document     of         compliance issued to the technical Manager pursuant to paragraph 13.2 of the ISM Code.         "Drawdown Date" means the Business Day on which a Borrower has requested drawdown of         a  Loan  pursuant   to  this Agreement     or, as  the  context  requires,  the  date   on  which  the         drawdown is actually made.         "Drawdown Notice" means a notice substantially in the form set out in Schedule 3             (Form of         Drawdown Notice).         "Earnings" means all moneys whatsoever which are now, or later become, payable (actually         or contingently)   to a  Borrower   and  which  arise out  of the  use  of or operation  of  a Vessel,         including (but not limited to):         (a)    all freight,  hire  and  passage    moneys    payable   to  a  Borrower,   including   (without                limitation) payments of any nature under a charterparty or any other agreement for the                employment, use, possession, management and/or operation of a Vessel;         (b)    any claim under any guarantees related to freight and hire payable to a Borrower as a                consequence of the operation of a Vessel;         (c)    compensation    payable  to a  Borrower   in the event  of any  requisition of a  Vessel  or for                the use of a Vessel by any government authority or other competent authority;         (d)    remuneration for salvage, towage and other services performed by a Vessel payable to                a Borrower;         (e)    demurrage and retention money receivable by a Borrower in relation to a Vessel;         (f)    all moneys   which  are  at any  time  payable  under   the Insurances   in respect  of loss  of                earnings;         (g)    any  damages    for breach  (or payments    for variation or termination)   of any  contract  of                employment of a Vessel payable to a Borrower;         (h)    if and  whenever   a  Vessel  is employed    on  terms  whereby    any  moneys   falling within                paragraphs (a) to (f) above (both inclusive) are pooled or shared with any other person,                that proportion of the net receipts of the relevant pooling or sharing arrangement which                is attributable to such Vessel; and         (i)    any other money whatsoever due or to become due to a Borrower from third parties in                relation to a Vessel, or otherwise.   BD-#34696673-v11                                      5

 

       "Earnings Accounts" means the Borrowers' bank accounts, into which all Earnings are to be         paid, to be held with the Account Bank, and to be subject to the relevant Security Agreement.         "ECA   Commitments"       means,   the  aggregate   of  the KEXIM    Facility Commitments     and  the         KEXIM    Guaranteed    Facility  Commitments,     being   $379,000,000     as  at  the  date   of  this         Agreement.         "EEA   Member      Country"    means    any   member     state  of  the  European    Union,   Iceland,         Liechtenstein and Norway.         "Environmental       Approval"    means    any   permit,   licence,  consent,   approval   and   other         Authorisations   and  the  filing of any  notification, report  or assessment    required  under   any         Environmental Law for the operation of a Vessel.         "Environmental Claim" means any claim, proceeding or investigation by any party in respect         of any Environmental Law or Environmental Approval.         "Environmental      Law"   means    any  law,  regulation,  convention   or  treaty applicable   to an         Obligor and which relates to the pollution or protection of the environment or to the carriage         of material which is capable of polluting the environment.         "EU Bail-In Legislation Schedule" means the document described as such and published by         the Loan Market Association (or any successor person) from time to time.         "Event of Default" means any event or circumstance specified as such in Clause 24 (Events         of Default).         "Facilities"  means   the  Commercial    Facility, the KEXIM   Facility and  the  KEXIM   Guaranteed         Facility and "Facility" means any of them.         "FATCA" means:         (a)    sections 1471 to 1474 of the Code or any associated regulations;         (b)    any   treaty,   law   or  regulation    of  any   other   jurisdiction,  or   relating   to  an                intergovernmental    agreement    between    the US   and  any  other  jurisdiction, which   (in                either  case)  facilitates the  implementation    of any   law  or  regulation  referred  to  in                paragraph (a) above; or         (c)    any agreement pursuant to the implementation of any treaty, law or regulation referred                to in  paragraphs    (a) or  (b)  above   with  the US   Internal  Revenue    Service,  the  US                government or any governmental or taxation authority in any other jurisdiction.         "FATCA Application Date" means:         (a)    in relation to a "withholdable   payment"   described   in section 1473(1)(A)(i)   of the Code                (which relates to payments of interest and certain other payments from sources within                the US), 1 July 2014;         (b)    in relation to  a "passthru   payment"   described   in section  1471(d)(7)   of the  Code  not                falling within paragraph (a) above, the first date from which such payment may become                subject to a deduction or withholding required by FATCA.         "FATCA    Deduction"     means   a  deduction  or  withholding   from  a  payment   under   a  Finance         Document required by FATCA.         "FATCA    Exempt    Party"   means   a Party  that is entitled  to receive  payments   free  from  any         FATCA Deduction.         "Fee   Letter"  means    any  letter or  letters dated  on  or  about  the  date  of  this Agreement         between:   BD-#34696673-v11                                      6

 

       (a)    the Agent (on behalf of any other Finance Parties) and a Borrower; and         (b)    the Agent (for itself) and a Borrower,         in each case, setting out any of the fees referred to in Clause 11 (Fees).         "Final Maturity Date" means, subject to Clause 29.7 (Business Days):         (a)    in respect of each Commercial Facility Loan, the earliest of (i) the date falling 60 months                after the  Drawdown     Date   in respect  of  the  final Loan   or (ii) 30  November     2025,                provided that if the Commercial Facility has been refinanced or restructured in a manner                approved under    Clause  7.9 (Commercial    Facility) such  Final Maturity  Date shall be the                final repayment     date  in  respect  of  that  Commercial    Facility  Loan   following  such                refinancing or restructuring;  or         (b)    in respect  of a KEXIM   Facility Loan, the earlier  of (i) the date falling 144  months   after                the Drawdown     Date  in respect  of the Loan  of which   it forms part  or (ii) 30 November                2032; or         (c)    in respect  of a  KEXIM   Guaranteed    Facility Loan, the  earlier of (i) the date  falling 72                months after the Drawdown Date in respect of the Loan of which it forms part or (ii) 30                November 2026.         "Finance Documents" means         (a)    this Agreement;         (b)    any Fee Letter;         (c)    the Security Documents;         (d)    each   Hedging   Agreement,    other   than  in  respect  of  Clause   35  (Amendments      and                Waivers), Clause 37 (Counterparts) and (in relation to any communications between the                Borrowers and the Hedge Providers) Clause 31 (Notices); and         (e)    any other document designated as such by the Agent and the Borrowers.         "Finance    Party"   means   any   or  all of the  Lenders,   the  Agent,  the  Security   Agent,  the         Arrangers, the Hedge Providers, any Bookrunner, the ECA Co-ordinator or the KEXIM Agent.         "Financial Indebtedness" means any indebtedness for or in respect of:         (a)    moneys borrowed and debit balances at banks or other financial institutions;         (b)    any amount raised by acceptance under any acceptance credit facility or dematerialised                equivalent;         (c)    any amount raised pursuant to any note purchase facility or the issue of bonds, notes,                debentures, loan stock or any similar instrument;         (d)    the  amount   of  any  liability in respect of any   lease or  hire purchase   contract   which                would, in accordance with US GAAP, be treated as a finance or capital lease;         (e)    receivables  sold or  discounted  (other  than  any  receivables  to the extent  they  are sold                on a non-recourse basis);         (f)    any 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  (or, if any  actual amount    is due  as a                result of the termination or close-out of that derivative transaction, that amount) shall                be taken into account);   BD-#34696673-v11                                      7

 

       (g)    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;         (h)    any  amount    of any  liability under  a  deferred  purchase   agreement    if (i) one  of the                primary   reasons  behind   entering  into the  agreement    is to finance  the  acquisition  or                construction of the asset or service in question or (ii) the agreement is in respect of the                supply  of assets  or services  and  payment   is due  more   than 60  days  after the  date  of                supply;         (i)    any amount raised under any other transaction (including any forward sale or purchase,                sale and sale back or sale and leaseback agreement) having the commercial effect of a                borrowing or otherwise classified as borrowings under US GAAP; and         (j)    (without  double-counting)    the amount    of any  liability in respect of any  guarantee    or                indemnity for any of the items referred to in paragraphs (a) to (i) above.         "General   Assignment"      means   a first priority assignment  granted   or to be  granted  by  each         Borrower   in favour  of  the Security   Agent  (on  behalf  of the  Finance  Parties)  of any  of the         Borrowers' rights, titles and interests to (i) any Earnings, (ii) Insurances and (iii) in respect of         any  charterparty   for any  Vessel with  a firm  term  (excluding  options)  exceeding   twelve  (12)         months, its rights, titles and interests to same, to be in form and substance acceptable to the         Security Agent.         "Green   Passport"    means   a document    listing all potential hazardous  materials  on  board  the         relevant Vessel as   further described   by the relevant   Vessel's classification society and/or  the         International Maritime Organization (IMO), hereunder an Inventory of Hazardous Materials as         described thereby.         "Group" means the Ultimate Parent and its Subsidiaries from time to time.         "Group Member" means any Obligor and any other entity which is part of the Group.         "Guarantee" means the unconditional and irrevocable guarantee and indemnity  provided by         the each of the Guarantors pursuant to Clause 17 (Guarantee and indemnity).         "Hedging     Agreement"      means   any   master   agreement,    confirmation,   schedule   or  other         agreement entered or to be entered       into by  any  Borrower and   any  Hedge Provider    to hedge         liabilities relating to the Agreement.         "Holding Company" means, in relation to a person, any other person in respect of which it is         a Subsidiary.         "Increase    Confirmation"     means   a confirmation   certificate substantially in the  form  as  set         out  in Schedule   9 (Form   of Increase   Confirmation)   or any  other  form  agreed   between   the         Agent and the Borrowers.         "Insurance Report" means a report with respect to the Insurances, with a form, scope and         conclusion acceptable to the Lenders, and from a firm of marine insurance brokers acceptable         to the Lenders.         "Insurances"     means,    in relation  to  any  Vessel,  all insurance   policies  and  contracts   of         insurance (which expression includes all entries of any Vessel in a protection and indemnity or         war risk association) which are from time to time during the Security Period in place or taken         out  or entered   into by  or for the  benefit  of any  Borrower   (whether   in the  sole name   of a         Borrower or in the joint names of the Obligors and any other person) in respect of any Vessel         or  otherwise  in  connection   with  a Vessel  and   all benefits thereunder    (including  claims  of         whatsoever nature and return of premiums).         "Interest Payment Date" means the last Business Day of each Interest Period.   BD-#34696673-v11                                      8

 

       "Interest Period" means, in relation to a Loan (or any Commercial Facility Loan forming part         thereof),  each  period  determined    in accordance    with  Clause  9  (Interest  Periods),  and,  in         relation to  an Unpaid   Sum,   each  period  determined   in accordance    with Clause  8.3  (Default         interest).         "Intermediate Buyer" means Sea Reliance Inc. in respect of the Vessel "Flex Artemis", Sea         Resulute Inc. in respect of the Vessel "Flex Resolute", Sea Freedom Shipowning Inc. in respect         of the  Vessel  "Flex  Freedom",   Sea  Aurora   Inc. in respect  of the  Vessel  "Flex  Aurora",  Sea         America Inc. in respect of the Vessel "Flex Amber", which entities are parties as buyers to the         Shipbuilding Contracts, and have entered into the Intermediate MOAs.         "Intermediate     MOA" means each memorandum of agreement for the sale of the respective         Vessels from the Intermediate Buyers as sellers to the respective Borrower as buyer, securing         a  concurrent   delivery  under   the  Shipbuilding   Contract   and   the  Intermediate   MOA,    and         including arrangements for the assignment of Yard's warranties in respect of the Vessel to the         relevant Borrower, to be in form and substance satisfactory to the Agent.         "Interpolated Screen Rate" means, in relation to LIBOR for any Loan, the rate (rounded to         the  same   number   of decimal   places  as the  two  relevant  Screen   Rates)  which  results  from         interpolating on a linear basis between:         (a)    the  applicable  Screen   Rate   for the  longest  period   (for which   that  Screen   Rate  is                available) which is less than the Interest Period of that Loan; and         (b)    the  applicable  Screen   Rate  for  the  shortest  period  (for which   that  Screen   Rate  is                available) which exceeds the Interest Period of that Loan,         each as of 12:00 hours on the Quotation Day for USD.         "ISM   Code"   means    the International   Safety  Management     Code   for the  Safe  Operation   of         Ships and for Pollution Prevention.         "ISPS Code" means the International Ship and Port Facility Security (ISPS) Code as adopted         by the International Maritime Organization's (IMO) Diplomatic Conference of December 2002.         "John   Fredriksen    Family"   means    Mr.  John  Fredriksen,  his direct  lineal descendants,   the         personal   estate  of any   of them   and/or   any  trust  created   for the  benefit  of any   of the         aforementioned persons or their estates.         "KEXIM" means The Export-Import Bank of Korea.         "KEXIM Facility" means the term loan facility made available by the KEXIM Facility Lenders         under this Agreement as described in Clause 2 (The Facility).         "KEXIM Facility Commitment" means:         (a)    in relation to an Original KEXIM Facility Lender, the amount set opposite its name under               the  heading   "KEXIM   Facility Commitment"      in Schedule   1  (The  Original  Parties  and                Commitments) and the amount of any other KEXIM Facility Commitment transferred to                it under this Agreement; and         (b)    in relation  to  any  other  KEXIM    Facility Lender,  the  amount    of any   KEXIM   Facility                Commitment transferred to it under this Agreement,         to the extent not cancelled, reduced or transferred by it under this Agreement.         "KEXIM Facility Lenders" means:         (a)    the Original KEXIM Facility Lender; and   BD-#34696673-v11                                      9

 

       (b)    any bank or financial institution which has become a Party as a KEXIM Facility Lender in                accordance with Clause 25 (Changes to the Parties),         which   in each   case  has  not  ceased   to be  a  Party  in accordance    with  the  terms  of  this         Agreement.         "KEXIM    Facility  Loan"   means    an advance    of the  KEXIM   Facility Commitments     being  the         Relevant   Percentage   in  relation to  the  KEXIM   Facility of a  Loan   or the  principal  amount         outstanding for the time being of that advance.         "KEXIM    Guarantee"     means    the guarantee    issued  or (as  the  context  may   require)  to be         issued  by  KEXIM   as  guarantor  in  favour  of the  KEXIM   Guaranteed    Facility Lenders  (or the         Security Agent on their behalf).         "KEXIM    Guarantee     Premium"     means,   in respect  of a  Vessel,  the amount    of premium    in         respect  of the  issuance  of  the relevant  KEXIM   Guarantee    paid to  KEXIM   on  the Drawdown         Date for the relevant KEXIM Guaranteed Facility Loan for such Vessel. The KEXIM Guarantee         Premium payable in respect of a KEXIM Guaranteed Facility Loan shall be an amount equal to         2.10% of the KEXIM Guaranteed Facility Loan requested to be utilised in the Drawdown Notice         for such KEXIM Guaranteed Facility Loan.         "KEXIM    Guaranteed     Facility"  means    the term   loan facility made   available by  the  KEXIM         Guaranteed Facility Lenders under this Agreement as described in Clause 2 (The Facility).         "KEXIM Guaranteed Facility Commitment" means:         (a)    in relation to an Original KEXIM Guaranteed Facility Lender, the amount set opposite its                name   under  the heading   "KEXIM   Guaranteed Facility   Commitment"     in Schedule   1 (The                Original Parties  and  Commitments)     and   the amount    of any  other  KEXIM   Guaranteed                Facility Commitment transferred to it under this Agreement; and         (b)    in relation to any  other  KEXIM   Guaranteed    Facility Lender,  the amount    of any  KEXIM                Guaranteed Facility Commitment transferred to it under this Agreement,         to the extent not cancelled, reduced or transferred by it under this Agreement.         "KEXIM Guaranteed Facility Lenders" means:         (a)    the Original KEXIM Guaranteed Facility Lenders; and         (b)    any  bank   or financial institution which   has  become   a  Party  as a  KEXIM   Guaranteed                Facility Lender in accordance with Clause 25 (Changes to the Parties),         which   in each   case  has  not  ceased   to be  a  Party  in accordance    with  the  terms  of  this         Agreement.         "KEXIM    Guaranteed     Facility  Loan"   means   an  advance   of  the KEXIM   Guaranteed    Facility         Commitments being the Relevant Percentage in relation to the KEXIM Guaranteed Facility of a         Loan or the principal amount outstanding for the time being of that advance.         “KEXIM     Mandatory      Prepayment       Event”    means     each   of  the   following  events    or         circumstances:         (a)    it is or becomes   unlawful  for KEXIM  to perform any    of its obligations under  the  KEXIM                Guarantee or for a Finance Party to receive the benefit of the KEXIM Guarantee;         (b)    any obligation or obligations of KEXIM     under the KEXIM Guarantee are not or cease to               be legal, valid, binding or enforceable or the KEXIM Guarantee is not or ceases to be in                full force and effect; or   BD-#34696673-v11                                      10

 

       (c)    KEXIM   avoids,  rescinds, repudiates,  suspends,   cancels  or terminates   all or part of the                KEXIM Guarantee or evidences an intention to or purports to avoid, rescind, repudiate,                suspend, cancel or terminate all or part of the KEXIM Guarantee.         “Legal Reservations” means:         (a)    the principle that  equitable  remedies   may  be  granted  or refused  at  the discretion of a                court  and  the limitation of enforcement    by  laws  relating to insolvency,  reorganisation                and other laws generally affecting the rights of creditors;         (b)    the  time  barring  of claims  under  the  Limitation  Act 1980   and  the  Foreign  Limitation                Periods  Act   1984,  the   possibility that  an  undertaking    to  assume    liability for, or                indemnify a person against, non-payment of UK stamp duty may be void and defences                of set-off or counterclaim;          (c)    similar principles, rights and defences under the laws of any Relevant Jurisdiction; and         (d)    any  other  matters  which  are  set out  as qualifications or reservations   as to matters   of                law of general application in the Legal Opinions.         "Lender" means:         (a)    any Commercial Facility Lender;         (b)    any KEXIM Facility Lender; and         (c)    any KEXIM Guaranteed Facility Lender,         and "Lenders" mean all of them.         "LIBOR" means, in relation to any Loan:         (a)    the applicable Screen Rate; or         (b)    (if no Screen   Rate  is available for  the Interest  Period  of that  Loan)  the Interpolated                Screen Rate for that Loan; or         (c)    if:                (i)    no Screen Rate is available for USD; or                (ii)   no  Screen  Rate  is available  for the  Interest  Period  of that  Loan  and   it is not                       possible to calculate an Interpolated Screen Rate for that Loan,         the Reference Bank Rate,         as  of 12:00   hours  on  the  Quotation  Day   for USD   and  for a  period  equal  in length  to the         Interest Period of that Loan, and, if any such rate is below zero, LIBOR will be deemed to be         zero.         "Loan"   means    a means    a loan  made   or  to be  made    under  the  Facilities or the  principal         amount outstanding for the time being of that loan.         "Majority Lenders" means subject to the proviso hereto:         (a)    if there are no Loans outstanding, a Lender or Lenders whose Commitments aggregate                equal to or more than 66 2/3% of the Total Commitments (or, if the Total Commitments                have  been   reduced  to  zero, aggregated   equal  to  or more   than  66  2/3%   of the Total                Commitments immediately prior to the reduction); or   BD-#34696673-v11                                      11

 

       (b)    at  any  other   time,  a  Lender   or  Lenders   whose   participations  in  the  Loans   then                outstanding aggregate equal to or more than 66 2/3% of the Loans then outstanding,         provided always that the Majority Lenders shall always include a minimum of one Commercial         Facility Lender.         "Management        Agreement(s)"      means     any  commercial     and/or   technical   management         agreement entered     into between   any  of the  Borrowers   and  the Manager(s)   regarding   any  of         the Vessels, on terms and conditions acceptable to the Majority Lenders.         "Manager" means any technical or commercial manager of a Vessel.         "Manager's Undertaking" means a subordination statement by each Manager of a Vessel, in         form  and  substance   acceptable   to the  Agent,  whereupon    the Manager    fully subordinates  its         claims  under  any  Management     Agreement(s)     and  otherwise  in respect  of the  Vessel  to the         claims of the Finance Parties under the Finance Document.         "Margin" means:         (a)    in relation to the Commercial Facility, 2.35 per cent per annum;         (b)    in relation to the KEXIM Facility, 2.25 per cent per annum; and         (c)    in relation to the KEXIM Guaranteed Facility, 1.20 per cent per annum.         "Marpol" means the International Convention for the Prevention of Pollution from Ships.         "Market    Value"  means    the fair market   value  of each  Vessel  in USD,  being  the  average   of         valuations  of  the Vessel  obtained   from  two  (2)  Approved   Brokers   by  the  Borrowers.  Such         valuations to be made with or without physical inspection of the relevant Vessel (as the Agent         may   require)  on the  basis of a  sale for prompt   delivery  for cash at  arm's  length  on normal         commercial terms as between a willing buyer and seller, on an "as is, where is" basis, free of         any  existing  charter  or other  contract  of employment     and/or  pool  arrangement.   If the  two         valuations   differ by  more   than   ten  per  cent.  (10.00%)    of the  mean    value  of  the  two         valuations, then a third Approved Broker appointed by the Agent shall provide a valuation and         the  value  of the  Vessel   shall be  the  average   of the  three  valuations.  If the  valuation  is         provided in a range, the mean value of the range shall be used. The valuations shall be for the         cost of the Borrowers.         "Material Adverse     Effect" means a material adverse effect on:         (a)    the  financial position, business  or  operation  of any  Obligor  or the  Group   (taken  as a                whole);         (b)    the ability of any  of the  Obligors  to perform   any  of its obligations  under  the  Finance                Documents; or         (c)    the validity or enforceability of, or the effectiveness or ranking of any Security Interest                granted or purported    to be  granted pursuant    to any  of, the Finance  Documents or the                rights or remedies of any Finance Party under any of the Finance Documents.         "Maximum Loan Amount" means, in relation to a Loan, an amount equal to the lower of:         (a)    65% of the Market Value of the applicable Vessel;      and         (b)    USD 125,800,000.         "Mortgage(s)" means each of the first priority or preferred, as applicable, cross collateralized         ship mortgages and, if applicable, the declaration of pledges or deeds of covenants collateral         thereto,  granted by   each  Borrower  in favour of  the  Security  Agent (on  behalf of  the Finance    BD-#34696673-v11                                      12

 

       Parties) in form and substance acceptable to the Security Agent and registered against each of         the Vessels with the applicable Approved Ship Registry.         "New Lender" has the meaning set out in Clause 25 (Changes to the Parties).         "Obligor" means the Borrowers and the Guarantors, or any of them, as the case may be.         "Original    Financial    Statements"      means    the  financial   statements    for  each   Obligor         (consolidated   and  audited in respect of  the Ultimate   Parent), for the financial  year ended 31         December 2018.         "Party" means a party to this Agreement.         "Poseidon    Principles"   means   the  financial industry framework    for assessing  and  disclosing         the climate alignment of ship finance portfolios published on 18 June 2019 as the          same may         be amended or replaced to reflect changes in applicable law or regulation or the introduction         of or  changes   to mandatory    requirements    of the  International  Maritime   Organisation   from         time to time https://www.poseidonprinciples.org at the date of this Agreement.         "Quotation     Day"   means,   in relation  to  any  period  for  which   an  interest rate  is to  be         determined two (2) Business Days before the first day of that period.         "Reference Banks" means those of the Commercial Facility Lenders which are able to act               in         such capacity and/or such other banks as may be appointed by the Agent.         "Reference    Bank   Rate"   means   the arithmetic  mean   of the  rates (rounded   upwards   to four         decimal places) as supplied to the Agent at its request by the Reference Banks, as the rate at        which  the  relevant  Reference  Bank   could borrow   funds  in the applicable  interbank  market   in         the  relevant  currency   and  for  the  relevant  period,  were  it to  obtain  interbank  offers  for         deposits  in that  currency   and  for that  period, and   if a Reference   Bank  does  not  supply  a         quotation  by  12:00   hours  on the  Quotation  Day,  the  applicable  rate shall be  determined   on         the basis of the quotations of the remaining Reference Banks.         "Relevant Jurisdiction" means in relation to any Party:         (a)    its jurisdiction of incorporation;         (b)    any  jurisdiction  where   any  asset  subject  to  or  intended  to  be  subject  to  Security                Interest  under  a Security  Document     to be  created  by  it is situated or  registered, as                applicable;         (c)    any jurisdiction where it conducts its business; and         (d)    the  jurisdiction whose   laws  govern  the  perfection  of any   of the  Security  Documents                entered into by it.         "Relevant Percentage" means:         (a)    in relation to the Commercial Facility, 39.746 per cent;          (b)    in relation to the KEXIM Facility, 30.187 per cent; and         (c)    in relation to the KEXIM Guaranteed Facility, 30.067 per cent.         "Repeating     Representations"      means   each   of the  representations   set  out  in Clause   19         (Representations    and  warranties),  except   for Clauses   19.3  (Binding  obligations),  19.4  (No         conflict with other obligations), 19.6 (Governing law and enforcement), 19.8 (Taxes) and 19.9         (No filing or stamp taxes).         "Resolution Authority" means any body which has authority to exercise any Write-down and         Conversion Powers.   BD-#34696673-v11                                      13

 

       "Restricted Party" means a person or persons, legal or physical that:         (a)    is listed on any Sanctions List;         (b)    is domiciled, resident, located or having its main place of business in, or is incorporated                under  the  laws  of, a country  or a  territory that is or whose   government    is subject  to                Sanctions which attach legal effect to being domiciled, located, having its main place of                business in, or incorporated under the laws such country;         (c)    otherwise the target   of Sanctions   (whether  designated   by  name   or by  reason  of being                included in a class of person);         (d)    with which any Finance Party is prohibited from dealing with or otherwise engaging in a                transaction with due to Sanctions; or         (e)    is directly or indirectly owned    by  more  than  50  per  cent  or controlled,  or acting  on                behalf, at the direction or for the benefit of a person(s) referred to in paragraph (a), (b)                or (c) above.         "Sanctions"    means    any   economic    or financial  sanctions   laws  and/or   regulations,  trade         embargoes,    prohibitions,  restrictive measures,   decisions,  executive   orders, or  notices  from         regulators   implemented,    adapted,    imposed,   administered,    enacted,   or  enforced   by  any         Sanctions Authority.         "Sanctions Authority" means:         (a)    the  United  Nations   Security  Council,  the  European   Union,  the  United   Kingdom,   the                Kingdom   of  Norway,   any country   to which  any  Obligor  is bound,  the  United  States  of                America   (including  but  not  limited  to  the  U.S.  Department    of Treasury's   Office  of                Foreign  Assets  Control  (OFAC)   and  the U.S.  Department    of State),  and  any  authority                acting on behalf of any of them in connection with Sanctions; and         (b)    (for the purposes of Clause 7.3 (Mandatory prepayment –          Illegality) only), the country                of incorporation of a Lender for the time being.         "Sanctions    List"  means   any  list of persons   or  entities subject  to Sanctions   published   in         connection with Sanctions by or on behalf of any Sanctions Authority from time to time.         "Screen    Rate"  means    the London    interbank  offered  rate  administered   by  ICE  Benchmark         Administration Limited (or any other person which takes over the administration of that rate)         for USD for the relevant period displayed on pages LIBOR01 or LIBOR02 of the Reuters screen         (or any  replacement    Reuters  page   which  displays  that rate), or on  the  appropriate  page   of         such other information service which publishes that rate from time to time in place of Reuters.         If such page or service ceases to be available, the Agent may specify another page or service         displaying the relevant rate after consultation with the Ultimate Parent.         "Security Agreement" means:         (a)    in the case  of the  Borrowers,   a first priority pledge granted   or to be  granted  by  each                Borrower   in favour  of the  Security  Agent  (on  behalf  of the  Finance  Parties) over  the                Earnings  Accounts   of  the Borrowers    and  of the  claims  against  any  Borrower   or  any                Guarantor from such Borrower in favour of the Security Agent (on behalf of the Finance                Parties);         (b)    in the case of a Guarantor, the first priority charge of the claims against any Borrower                from such Guarantor,         in each  case to  be in form  and  substance   acceptable to   the Security  Agent,  and  to include a         statement of subordination, whereby the relevant creditor subordinates its claims against the         relevant debtor to the claims of the Finance Parties under the Finance Documents.   BD-#34696673-v11                                      14

 

       "Security   Documents"      means   all or any  security documents    as  may  be  entered   into from         time to time pursuant to Clause 18 (Security).         "Security Interest" means any mortgage, charge (whether fixed or floating), encumbrance,         pledge,  lien, assignment   by  way  of security,  finance lease,  sale and  repurchase   or sale  and         leaseback   arrangement,   sale  of receivables  on  a recourse  basis  or other  security interest  or         any other agreement or arrangement having the effect of conferring security.         "Security Period"     means the period commencing on the date of this Agreement and ending         the date on which the Agent notifies the Borrowers and the other Finance Parties that:         (a)    all amounts which have become due for payment by the Borrowers or any other party                under the Finance Documents have been paid in full;         (b)    no amount is owing or has accrued (without yet having become due for payment) under                any of the Finance Documents;         (c)    the  Obligors   have   no  future   or  contingent   liability under   any  provision   of  this                Agreement, the other Finance Documents; and         (d)    the Agent and the Majority Lenders do not consider that there is a significant risk that                any  payment   or  transaction  under  a  Finance  Document    would   be set  aside, or would                have to be reversed or adjusted, in any present or possible future proceeding relating to                a Finance Document or any asset covered (or previously covered) by a Security Interest                created by a Finance Document.         "Selection Notice" means a notice substantially in the form set forth in Schedule 4          (Form of         Selection Notice) given in accordance with Clause 9.1 (Selection of Interest Periods).         "Share Pledges" means first priority pledges in favour of the Security Agent (on behalf of the         Finance  Parties)  to be  created  over  all shares  in the  Borrowers   pursuant  to  one  or several         share  pledge   agreements    in form   and  substance   acceptable   to the  Security  Agent,   to be         entered into between the Security Agent and the Intermediate Parent.         "Shipbuilding Contracts" means any or all, as the case may be, of the shipbuilding contracts         entered into between     the applicable  Intermediate Buyer    and  the relevant Yard   regarding the         construction of the Vessels.         "Statement      of  Compliance"      means    a  Statement    of  Compliance     related  to  fuel  oil         consumption pursuant to regulations 6.6 and 6.7 of Annex VI.         "SMC" means a valid safety management certificate issued for a Vessel pursuant to paragraph         13.7 of the ISM Code.         "SMS"    means   a  safety  management     system   for  a Vessel   developed   and  implemented     in         accordance    with   the  ISM   Code   and   including  the   functional  requirements    duties   and         obligations that follow from the ISM Code.         "Subsidiary" means an entity from time to time of which a person:         (a)    has direct or indirect control;         (b)    or owns directly or indirectly more than fifty per cent. (50.00%) (votes and/or capital),         and for the purpose of paragraph a) above, an entity shall be treated as being "controlled" by         a person if  that person is  able to direct  its affairs and/or control either  directly or indirectly,         the composition of its board of directors or equivalent body.         "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).   BD-#34696673-v11                                      15

 

       "Total Commercial Facility Commitments" means the aggregate of the Commercial Facility         Commitments, being $250,000,000 as at the date of this Agreement.         "Total Commitments" means the aggregate of the Total Commercial Facility Commitments,         the Total KEXIM Facility Commitments and the Total KEXIM Guaranteed Facility Commitments,         being $629,000,000 at the date of this Agreement.         "Total   KEXIM     Facility   Commitments"       means    the   aggregate    of  the  KEXIM    Facility         Commitments,     being  $189,879,000    approximately    equal to  50.1%   of the ECA   Commitments         as at the date of this Agreement.         "Total  KEXIM     Guaranteed     Facility  Commitments"       means    the aggregate    of the  KEXIM         Guaranteed Facility Commitments, being $189,121,000 approximately equal to 49.9% of the         ECA Commitments as at the date of this Agreement.         "Total Loss" means, in relation to a Vessel:         (a)    the  actual, constructive,   compromised,    agreed,   arranged   or  other  total loss  of the                Vessel;         (b)    any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full                consideration,  a  consideration  less  than  its proper  value,  a nominal   consideration   or                without  any  consideration, which   is effected by  any  government or    official authority or                by  any  person  or persons   purporting  to be  or to  represent  a governmental    or  official                authority  unless it is within 180 calendar   days  from  the Total  Loss Date redelivered    to                the full control of the relevant Borrower; and         (c)    any capture or seizure of the Vessel (including any hijacking or theft) unless it is within                180  calendar   days  from   the  Total  Loss  Date  redelivered   to the  full control  of the                relevant Borrower.         "Total Loss Date" means:         (a)    in the case of an actual total loss of a Vessel, the date on which it occurred or, if that is                unknown, the date when the Vessel was last heard of;         (b)    in the case  of a constructive,  compromised,     agreed  or arranged total loss of   a Vessel,                the earlier of:                (i)    the date on which a notice of abandonment is given to the insurers; and                (ii)   the date of compromise, arrangement or agreement made by or on behalf of the                       relevant Borrower   with  the Vessel's insurers  in which  the insurers  agree to   treat                       the relevant Vessel as a total loss; or         (c)    in the case of any other type of total loss, on the date (or the most likely date) on which                it appears to the Agent that the event constituting the total loss occurred.         "Transaction    Documents"      means   any  Management     Agreement,    any  Shipbuilding   Contract         and the Intermediate MOAs.         "Transfer Certificate" means a certificate substantially in the form as set out in Schedule 6        (Form of Transfer Certificate) or any other form agreed between the Agent and the Borrowers.         "Transfer Date" means, in relation to a transfer, the later of:         (a)    the proposed Transfer Date specified in the relevant Transfer Certificate; and         (b)    the date on which the Agent executes the relevant Transfer Certificate.   BD-#34696673-v11                                      16

 

       "Trust Property" means, collectively:         (a)    all moneys   duly  received   by the  Security  Agent   under  or  in respect  of  the  Finance                Documents or the KEXIM Guarantee;         (b)    any portion of the balance on any Earnings Account held by or charged to the Security                Agent at any time;         (c)    the  Security  Interests, guarantees,   security,  powers  and   rights given  to the  Security                Agent under and pursuant to the Finance Documents or the KEXIM Guarantee including,                without limitation, the covenants given to the Security Agent in respect of all obligations                of any Obligor;         (d)    all assets paid or transferred to or vested in the Security Agent or its agent or received                or recovered   by the  Security  Agent  or its agent  in connection   with any  of the  Finance                Documents or the KEXIM Guarantee whether from any Obligor or any other person; and         (e)    all or  any   part  of  any  rights,  benefits,  interests  and   other  assets  at  any   time                representing or deriving from any of the above, including all income and other sums at                any  time  received  or  receivable  by the  Security  Agent   or its agent  in respect  of the                same (or any part thereof).         “UK   Bail-In  Legislation”    means   (to  the  extent  that  the United   Kingdom    is not  an  EEA         Member Country which has implemented, or implements, Article 55 BRRD) Part I of the United         Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom         relating  to the  resolution  of unsound    or failing banks,  investment    firms or  other  financial         institutions or  their  affiliates (otherwise  than  through   liquidation, administration   or  other         insolvency proceedings).         "Unpaid Sum" means any sum due and payable but unpaid by an Obligor under the Finance         Documents.         "US" means the United States of America.         "US GAAP" means the generally       accepted account principles in the US.         "US Tax Obligor" means:         (a)    an Obligor which is resident for tax purposes in the US; or         (b)    an  Obligor  some   or  all of whose   payments    under  the  Finance  Documents     are  from                sources within the US for US federal income tax purposes.         "USD"    means   United   States  Dollars,  being  the  lawful  currency   of  the  United  States   of         America.         "VAT" means value added tax and any other tax of similar nature.         "Vessel" means each of the vessels set out in Schedule 7       (Vessel).         "Write-down and Conversion         Powers" means:         (a)    in relation to  any  Bail-In Legislation  described  in the  EU  Bail-In Legislation  Schedule                from time to time, the powers described as such in relation to that Bail-In Legislation in                the EU Bail-In Legislation Schedule;          (b)    in relation to any other applicable Bail-In Legislation:                (i)    any  powers   under   that Bail-In  Legislation  to cancel,  transfer  or dilute  shares                       issued by a person that is a bank or investment firm or other financial institution                       or affiliate of a bank,  investment    firm or  other  financial institution, to cancel,    BD-#34696673-v11                                      17

 

                       reduce, modify or change the form of a liability of such a person or any contract                         or instrument   under   which   that liability arises, to convert   all or part  of that                         liability into shares, securities or obligations of that  person  or any  other  person,                         to provide that any such contract or instrument is to have effect as if a right had                         been exercised under it or to suspend any obligation in respect of that liability or                         any of the powers under that Bail-In Legislation that are related to or ancillary to                         any of those powers; and                  (ii)   any similar or analogous powers under that Bail-In Legislation.           (c)    in relation to any UK Bail-In Legislation:                  (i)    any  powers  under  that  UK  Bail-In Legislation to  cancel, transfer or  dilute shares                         issued by a person that is a bank or investment firm or other financial institution                         or affiliate of a bank,  investment    firm or  other  financial institution, to cancel,                         reduce, modify or change the form of a liability of such a person or any contract                         or instrument   under   which   that liability arises, to convert   all or part  of that                         liability into shares, securities or obligations of that  person  or any  other  person,                         to provide that any such contract or instrument is to have effect as if a right had                         been exercised under it or to suspend any obligation in respect of that liability of                         any of the powers under that UK Bail-In Legislation that are related to or ancillary                         to any of those powers; and                  (ii)   any similar or analogous powers under that UK Bail-In Legislation.           "Yard" means:           (a)    in respect of  the Vessels,  "Flex Artemis",  "Flex  Resolute"  and  "Flex Freedom", Daewoo                  Shipbuilding and Marine Engineering Co., Ltd; and           (b)    in respect  of the  Vessels, "Flex  Aurora"  and  "Flex  Amber"   and  the Additional  Vessels,                  Hyundai Samho Heavy Industries Co., Ltd..  1.2      Construction               (a)   Unless a contrary indication appears, any reference in this Agreement to:                  (i)    the "Agent", the "Security Agent", the "Arrangers", any "Finance Party", any                         "Lender",   any   "Obligor",   any   "Hedge    Provider"    or  any  "Party"    shall be                         construed so as to include its successors in title, permitted assigns and permitted                         transferees to, or of, its rights and/or obligations under the Finance Documents;                  (ii)   a "Finance   Document"     or any  other agreement or instrument       is a reference to                         that Finance Document or other agreement or instrument as amended, novated,                         supplemented, extended or restated;                  (iii)  "control"  means   the power to   appoint  a  majority  of the board of  directors or to                         direct the management and policies of an entity, whether through the ownership                         of voting capital, by contract or otherwise;                  (iv)   "indebtedness"     includes  any   obligation  (whether   incurred  as  principal  or as                         surety)  for the payment    or repayment    of borrowed   money,   whether   present   or                         future, actual or contingent;                  (v)    a  "person"    shall  include   any   individual,  firm,  partnership,   joint  venture,                         company,    corporation,   trust, fund,  body,   corporate,   unincorporated    body   of                         persons,  or any  state  or any  agency   of a  state  or association  (whether   or not                         having separate legal personality);                  (vi)   a  "regulation"    includes   any  regulation,   rule,  official directive,  request   or                         guideline  (whether    or  not  having   the  force  of  law)   of any   governmental,      BD-#34696673-v11                                      18

 

                       intergovernmental     or  supranational    body,   agency,    department    or   of  any                         regulatory, self-regulatory or other authority or organisation;                  (vii)  a “Yard Authorised Signatory" means any person:                         (A)   authorised   to  execute   any  document    to be  delivered   pursuant   to or  in                               connection with this Agreement on the Yard's behalf; and                         (B)   in respect   of whom   the  Agent  has  received   evidence  satisfactory  to it of                               such authority and a specimen signature;                  (viii) a provision  of law  is a reference  to that provision  as  it may  be amended    or  re-                        enacted; and                  (ix)   a time   of the  day  is  a reference   to  Central  European   Time   unless  specified                         otherwise.               (b)   Section, Clause and Schedule headings are for ease of reference only.               (c)   Words denoting the singular number shall include the plural and vice versa.               (d)   Unless a contrary indication appears, a term used in any other Finance Document or                     in any notice given under or in connection with any Finance Document has the same                     meaning in that Finance Document or notice as in this Agreement.               (e)   The  ejusdem   generis  rule of construction   shall not apply  to the Finance   Documents                     and accordingly general words shall not be given a restrictive meaning by reason of                     their being preceded or followed by words      indicating a particular class or examples of                     acts, matters or things.               (f)   Unless  the  contrary  intention appears,   a reference  to a  "month"   or  "months"    is a                     reference   to a period  starting  on one  day  in a  calendar  month   and  ending   on the                     numerically corresponding day in the next calendar month, except that;                  (i)    (subject  to paragraph   (iii) below) if the numerically   corresponding   day  is not a                         Business  Day,  that  period  shall end  on  the next  Business   Day  in that  calendar                         month   in which  that  period is to  end  if there is one,  or if there is not,  on the                         immediately preceding Business Day;                  (ii)   if there is no numerically corresponding day in the calendar month in which that                         period is to end,  that period shall  end  on the last Business   Day in  that calendar                         month; and                  (iii)  if an Interest Period  begins  on  the last Business   Day  of a calendar   month,  that                         Interest Period shall end on the last Business Day in the calendar month in which                         that Interest Period is to end.                  The above rules will only apply to the last month of any period.               (g)   A Default and/or an Event of Default is "continuing" if it has not been remedied or                     waived.  1.3      Conflicting provisions           In case of conflict between this Agreement and the terms of any of the Security Documents,           the terms and conditions of this Agreement shall prevail.  1.4      Third party rights               (a)   Unless expressly provided to the contrary in a Finance Document for the benefit of a                     Finance Party, a person who is not a party to a Finance Document has no right under      BD-#34696673-v11                                      19

 

                   the Contracts (Rights of Third Parties) Act 1999 (the "Third Parties Act") to enforce                     or enjoy the benefit of any term of the relevant Finance Document.               (b)   Any  Finance   Document    may  be  rescinded  or  varied by  the parties  to it without the                     consent   of any  person  who   is not a  party  to it (unless otherwise   provided  by  this                     Agreement).               (c)   A person who is not a party to a Finance Document may only enforce its rights under                     that Finance Document through a Finance Party and if and to the extent and in such                     manner as the Finance Party may determine.  1.5      Finance Documents           Where   any  other Finance   Document provides     that this Clause  1.5 shall apply to that Finance           Document, any other provision of this Agreement which, by its terms, purports to apply to all           or any of the Finance Documents and/or any Obligor shall apply to that Finance Document as           if set out in it but with all necessary changes.     BD-#34696673-v11                                      20

 

                                         Section    2  - The Facility    2      The Facility  2.1      The Facility           Subject to the terms of this Agreement, the Lenders agree to make available to the Borrowers            senior  secured   term  loan  facilities up to the  Total  Commitments,     which  Facilities shall be           available  for drawdown    in  up  to five (5)  Loans,  one  for each   respective  Borrower   and  its           respective Vessel, and each Loan shall comprise a Commercial Facility Loan, a KEXIM Facility           Loan and a KEXIM Guaranteed Facility Loan which shall be in the Relevant Percentage of such           Loan.  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  in  respect  of which  a  Finance  Party  shall be  entitled to  enforce  its rights in                     accordance    with paragraph   (c) below.  The  rights of each  Finance   Party include  any                     debt   owing   to  that  Finance  Party   under   the  Finance  Documents     and,   for the                     avoidance   of  doubt,  any  part of a  Loan  or any  other  amount    owed  by  an  Obligor                     which   relates to  a Finance   Party's participation  in the  Facility or its role under  a                     Finance Document (including any such amount payable to the Agent on its behalf) is                     a debt owing to that Finance Party by that Obligor.               (c)   A   Finance  Party   may,   except   as  otherwise   stated  in  the  Finance   Documents,                     separately enforce its rights under the Finance Documents.  2.3      Obligors' agent               (a)   Each   Obligor  (other than  the  Ultimate  Parent)   by its execution   of this Agreement                     irrevocably  appoints  the  Ultimate  Parent  to act on its behalf  as its agent in  relation                     to the Finance Documents and irrevocably by way of security authorises:                  (i)    the  Ultimate  Parent   on  its behalf  to  supply  all information   concerning    itself                         contemplated by this Agreement to the Finance Parties and to give all notices and                         instructions, to make such agreements, to execute such deeds (under hand), and                         to effect the relevant amendments, supplements and variations capable of being                         given, made    or effected  by the  Ultimate  Parent  notwithstanding    that they  may                         affect the other Obligors, without further reference to or the consent of the other                         Obligors; and                  (ii)   each  Finance  Party  to give  any  notice, demand    or  other communication     to the                         Obligors pursuant to the Finance Documents to the Ultimate Parent,                  and in each case the other Obligors shall be bound as though the Ultimate Parent itself                  had  been  given  the  notices  and  instructions or  executed   or made   the  agreements    or                  deeds or effected the amendments, supplements or variations, or received the relevant                  notice, demand or other communication.               (b)   Every   act,  omission,   agreement,    undertaking,   settlement,   waiver,   amendment,                     supplement, variation, notice or other communication given or made by the Ultimate                     Parent or given to the Ultimate Parent under any Finance Document on behalf of the                     other  Obligors  or in connection   with any  Finance  Document    (whether   or not  known      BD-#34696673-v11                                      21

 

                   to any of the other Obligors) shall be binding for all purposes on the other Obligors                     as  if it had expressly  made,  given  or concurred with   it. In the event  of any  conflict                     between any    notices  or other  communications    of the Ultimate Parent    and the other                     Obligors, those of the Ultimate Parent shall prevail.  2.4      Joint and several liability               (a)   Notwithstanding    anything  to  the contrary  herein  contained,  each  Borrower   shall be                     and remain jointly and severally liable with each other Borrower for (i) the payment                     of  each  and  every  sum   from  time  to time  due   from  the Borrowers,   (ii) each  and                     every obligation undertaken and (iii) each and every liability incurred on the part of                     the Borrowers under or pursuant to the Finance Documents. Failure by a Borrower to                     perform   its obligations under   this Agreement   shall constitute  a failure by  all of the                     Borrowers.               (b)   If at any time a Borrower has paid to the Finance Parties or the Finance Parties have                     recovered   from  that  Borrower   a sum   which  was  due  from   the Borrowers   under   or                     pursuant   to the  Finance  Documents    and  such  sum   is higher  than  the amount   that                     Borrower   was  obliged  to contribute  in its relation (if any) with  any other  Borrower,                     then  that  Borrower  shall not  have  the  benefit of any  right of subrogation   and  shall                     not  exercise  any  right of recourse  or claim  any  set-off or counterclaim   against  any                     other Borrower    or prove  otherwise   in competition  with  the Finance  Parties (all such                     rights  being  hereby   irrevocably   waived   by  each  Borrower)   unless   and  until the                     outstanding    indebtedness    under   the   Finance   Documents     has   been   paid   and                     discharged in full.               (c)   Each  Borrower   irrevocably  and  unconditionally  jointly and  severally with  each other                     Borrower:                  (i)    agrees that it is responsible for the performance of the obligations of each other                         Borrower under this Agreement;                  (ii)   acknowledges and agrees that it is a principal and original debtor in respect of all                         amounts due from the Borrowers under this Agreement; and                  (iii)  agrees with each Finance Party that, if any obligation of another Borrower under                         this Agreement    is or becomes   unenforceable,   invalid or  illegal for any reason  it                         will, as an  independent    and  primary   obligation,  indemnify   that  Finance  Party                         immediately on demand against any and all losses it incurs as a result of another                         Borrower   not  paying  any   amount   which   would,  but  for such   unenforceability,                         invalidity or  illegality, have been   payable   by  that  other  Borrower   under   this                         Agreement.    The  amount    payable   under  this  indemnity   shall be  equal   to the                         amount which that Finance Party would otherwise have been entitled to recover.                (d)   The  obligations  of each  Borrower   under  the  Finance  Documents    shall continue  until                     all amounts    which   may   be   or become    payable   by   the  Borrowers   under   or  in                     connection   with  the Finance   Documents    have  been  irrevocably  and  unconditionally                     paid  or discharged   in full, regardless  of any  intermediate   payment   or discharge   in                     whole or in part.               (e)   If any discharge, release or arrangement (whether in respect of the obligations of a                     Borrower   or  any  security for those  obligations  or otherwise)   is made   by a  Finance                     Party in  whole or in part on the basis of any payment, security or other disposition                     which   is avoided  or  must  be  restored  in insolvency,   liquidation, administration   or                     otherwise,    without   limitation, then   the   liability of the   Borrowers    under   this                     Agreement will continue or be reinstated as if the discharge, release or arrangement                     had not occurred.                (f)   The obligations of each Borrower under the Finance Documents shall not be affected                     by  an  act,  omission,  matter   or thing  which,  but  for this Clause   (whether   or not                     known    to it or any  Finance   Party), would   reduce,  release  or  prejudice  any  of its                     obligations under the Finance Documents including:     BD-#34696673-v11                                      22

 

              (i)    any time, waiver or consent granted to, or composition with, any Obligor or other                       person;                (ii)   the release  of  any  other  Obligor  or any  other  person   under  the  terms   of any                       composition or arrangement with any creditor of any other Obligor;                (iii)  the taking, variation, compromise, exchange, renewal or release of, or refusal or                       neglect to perfect, take up or enforce, any rights against, or security over assets                       of, any Obligor or other person or any non-presentation or non-observance of any                       formality  or other  requirement    in respect  of  any  instrument   or any   failure to                       realise the full value of any security;                (iv)   any incapacity or lack of power, authority or legal personality of or dissolution or                       change in the members or status of an Obligor or any other person;                (v)    any   amendment,      novation,   supplement,     extension,   restatement     (however                       fundamental    and  whether   or  not more   onerous)   or  replacement    of a  Finance                       Document or any other document or security;                (vi)   any unenforceability, illegality or invalidity of any obligation of any person under                       any Finance Document or any other document or security; or                (vii)  any insolvency or similar proceedings.              (g)   Each Borrower 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  Borrower                   under   any  Finance  Document.     This waiver   applies irrespective  of any   law or  any                   provision of a Finance Document to the contrary.              (h)   After  cancellation   of  the  Total  Commitments      in  accordance    with  Clauses   7.3                   (Mandatory prepayment –       Illegality) or 7.6 (Voluntary cancellation) or the giving of                   notice  under  paragraph   (a)  of Clause  24.17  (Acceleration),  then,  until all amounts                   which   may  be  or become    payable  by  the Obligors  under   or in connection   with the                   Finance Documents have been irrevocably and unconditionally paid or discharged in                   full, each Finance Party (or any trustee or agent on its behalf) may:                (i)    refrain from  applying  or  enforcing  any  other moneys,    security or  rights held  or                       received by that Finance Party (or any trustee or agent on its behalf) in respect of                       those  amounts,   or apply  and  enforce  the  same   in such  manner   and  order  as it                       sees  fit (whether  against  those  amounts   or otherwise)   and  no  Borrower   will be                       entitled to the benefit of the same; and                (ii)   hold  in an  interest-bearing   suspense    account  any   money    received  from   any                       Borrower or on account of any Borrower's liability under any Finance Document.              (i)   Until  all amounts   which  may   be  or  become   payable   by  the  Obligors  under  or  in                   connection with the Finance Documents have been irrevocably paid in full and unless                   the  Agent  otherwise   directs (on  such  terms   as it may  require),  no  Borrower   shall                   exercise   any  rights  which   it may   have   by  reason   of performance    by   it of its                   obligations under the Finance Documents:                (i)    to be indemnified by another Obligor;                (ii)   to claim any contribution from any other Obligor or any guarantor of any Obligor's                       obligations under the Finance Documents;                 (iii)  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  guarantee   or security taken  pursuant   to, or in connection   with, the  Finance                       Documents by any Finance Party;   BD-#34696673-v11                                      23

 

                (iv)   to bring legal or other proceedings for an order requiring any Obligor to make any                         payment,   or perform   any  obligation, in  respect of  which  that Borrower   is liable                         under this Agreement or any of the other Finance Documents;                  (v)    to exercise any right of set-off against any other Obligor; and/or                  (vi)   to claim  or  prove  as  a creditor  of any   other  Obligor  in competition   with  any                         Finance Party.                (j)   If a Borrower receives any benefit, payment or distribution in relation to such rights                     it will promptly pay an equal amount to the Agent for application in accordance with                     Clause 29 (Payment mechanics). This only applies until all amounts which may be or                     become payable by the Obligors under or in connection with the Finance Documents                     have been irrevocably paid in full.   2.5      Accordion option               (a)   Provided that no Default has occurred and is continuing (or will occur as a         result of                     the Accordion Increase (as defined below)) including, without limitation, compliance                     with Clause 21 (Financial Covenants) and provided further that a Vessel is subject to                     a  charter  with a  third party, not  being  a Group   Member,    for a firm  period  of five                     years  or more at a   minimum    time charter   rate of $65,000 per    day  or otherwise  on                     terms acceptable to the Lenders that participate in the Accordion Increase (each, an                     “Accordion    Lender”    and  collectively the  "Accordion    Lenders"),   the  Commercial                     Facility Majority Lenders and KEXIM, the Borrowers may, subject to:                  (i)    the Lenders   obtaining  further commitments     satisfactory to the  Borrowers,   which                         commitments     shall be   allocated  pro-rata  as  between    the  relevant  Accordion                         Lenders; and                  (ii)   the Commercial    Facility Majority  Lenders   approving   the Accordion   Increase  (as                         defined below);                  (iii)  the Accordion   Increase  (as  defined  below)   becoming   effective and   to be  made                         available to the Borrowers not later than twelve (12) months after the Drawdown                         Date relating to the Loan for such Vessel; and                  (iv)   the Borrowers   agreeing   to any  and  all amendments     to  the Finance   Documents                         required  by  the  Agent   (acting  on  the  instructions  of the  Commercial    Facility                         Majority Lenders);                  increase  the  Total Commitments     and  the  Total Commercial    Facility Commitments     (an                  "Accordion Increase") by an amount of whichever shall be the lesser of:                         (A)   $10,000,000 in respect of such Vessel; and                         (B)   such  amount    as when   aggregated    with the  Commercial    Facility Loan, the                               KEXIM    Facility Loan  and  the  KEXIM   Guaranteed    Facility Loan  relating  to                               such Vessel equals 70% of the Market Value of such Vessel as determined                               by  the  most  recent  valuations   delivered  to the  Agent  pursuant   to clause                               20.3  (Vessels’ Market Value) (the "Additional Commitments").                (b)   Without   prejudice  to  any  amendments     to  the Finance   Documents    required   under                     Clause   2.5(a), the  Borrowers   shall be  required  as  a condition  to making   available                     any   Additional   Commitments      relative  to  a  Vessel   to  prepay   such   Additional                     Commitments      if, for whatever   reason,   the relevant   charter  shall be  terminated,                     cancelled   or otherwise   cease  to  be in  full force and  effect prior  to its scheduled                     expiry.  Any   notice  issued  by  the  Agent   confirming   the  amount   of  the  required                     prepayment shall be conclusive and binding on all parties, in the absence of manifest                     error.     BD-#34696673-v11                                      24

 

             (c)   The Additional Commitments may be used for the general working capital purposes                     of the Borrowers.               (d)   No Lender shall be obliged to provide any Additional Commitments.                (e)   The  Additional Commitments      shall be repaid in  accordance with    Clauses  6.1(b) and                     6.1(c).                (f)   Subject   to Clause  2.5(a),  the Borrowers   may   increase  the Total  Commitments     and                     the  Commercial     Facility Commitments      for the  relevant  Vessel   by  delivering  an                     Increase Confirmation to the Agent not later than      five (5) Business Days prior to the                     proposed    increase   date   (the  "Increase    Date").   An   Increase   Confirmation    is                     irrevocable.               (g)   On the Increase Date:                  (i)    the amount   of  the Additional  Commitments     of each  Accordion   Lender  will be as                         set out in the relevant Increase Confirmation;                   (ii)   each  of the  Obligors  and  each  Lender  of Additional  Commitments     shall  assume                         obligations  towards  one   another  and/or   acquire  rights against  one   another  as                         they   would   have    acquired   or   assumed     had   each   Lender    of  Additional                         Commitments     been  an  Original  Commercial    Facility Lender  with  the rights  and                         obligations  acquired  and  assumed    by  it as  a result  of providing  its Additional                         Commitments; and                  (iii)  unless otherwise   agreed  by  the  Parties, the Additional  Commitments     shall, from                         the  Increase  Date,  form   part  of the  Commercial    Facility Loan  relating  to the                         relevant Vessel.    3      Purpose  3.1      Purpose           The  Borrowers   shall apply  all amounts   borrowed    by it under  the  Facilities towards  the part           financing of the Vessels and, in the case of the KEXIM Guaranteed Facility, financing the cost           of the KEXIM Guarantee Premium.  3.2      Monitoring           Without prejudice to the obligations of the Borrowers under this Clause 3, no Finance Party is           bound   to  monitor   or  verify  the  application   of any   amount    borrowed    pursuant   to  this           Agreement.    4      Conditions Precedent  4.1      Initial conditions precedent               (a)   The signing and effectiveness of this Agreement is conditional upon the Agent having                     received   all of the  documents    and  other  evidence   listed in Part  I of Schedule   2                    (Conditions   precedent   - Signing)  in form  and  substance   satisfactory  to the  Agent.                     The   Agent   shall notify the  Borrowers    and  the  Lenders   promptly   upon   being  so                     satisfied.               (b)   The Borrowers may not deliver a Drawdown Notice unless the Agent has received all                     of  the  documents    and  other  evidence   listed in Part II of  Schedule   2  (Conditions                     precedent –   Drawdown Notice) in form and substance satisfactory to the Agent. The                     Agent shall notify the Borrowers and the Lenders promptly upon being so satisfied.     BD-#34696673-v11                                      25

 

             (c)   The  Borrowers   shall procure   that the  Agent  has  received  all of the documents    and                     other evidence listed in Part III of Schedule 2   (Conditions precedent –    Delivery Date)                     in form and substance satisfactory to the Agent latest on the relevant Delivery Date.               (d)   Other than to the extent that the Majority Lenders notify the Agent in        writing to the                     contrary before the Agent gives the notification described in paragraphs (a), (b) and                     (c)  above,   the  Lenders   authorise  (but  do   not  require)  the  Agent   to give  that                     notification.  The   Agent   shall not   be  liable for  any   damages,    costs  or  losses                     whatsoever as a result of giving any notifications.  4.2      Further conditions precedent           The  Lenders   will only be obliged  to comply   with Clause  5.4  (Lenders'  participation) if on the           date of a Drawdown Notice and on the proposed Drawdown Date:               (a)   no Default is continuing or would result from the proposed drawing; and               (b)   the   Repeating    Representations    contained    in  Clause   19  (Representations     and                     warranties)   deemed    to  be  repeated   on  those  dates   are  true  and  correct  in all                     material respects;               (c)   no   KEXIM   Mandatory    Prepayment    Event   has  occurred   or would   result  from  the                     proposed Loan;               (d)   the  KEXIM    Agent  has  not  received   a notice  from  KEXIM    requesting   that further                     advances be suspended or terminated under this Agreement (unless such notice has                     been withdrawn by KEXIM); and               (e)   the full amount   of any  outstanding   KEXIM   Guarantee Premium      has been, or will  on                     the relevant Drawdown Date be, paid.  4.3      Maximum number of drawings           The Facility may be drawn in five (5) Loans only during the Availability Period, one in respect           of each Borrower and its Vessel.  4.4      Waiver of conditions precedent           The  conditions  precedent   specified in this Clause  4  are solely  for the benefit  of the Lenders           and may be waived on their behalf in whole or in part and with or without conditions by the           Agent (acting on the instructions of all the Lenders).     BD-#34696673-v11                                      26

 

                                          Section    3 - Drawdown    5      Drawdown  5.1      Delivery of a Drawdown Notice           The Borrowers may utilise the Facilities by delivering to the Agent a duly completed Drawdown           Notice  no  later than  11:00   hours  four (4)  Business   Days  prior to  the proposed   Drawdown           Date.  5.2      Completion of the Drawdown Notice           Each Drawdown Notice is irrevocable and will not be regarded as having been duly completed           unless:               (a)   it identifies the Borrower, and the Vessel to which the proposed Loan relates;               (b)   it identifies the purpose   of the proposed   Loan,  being  in accordance with   Clause  3.1                     (Purpose);               (c)   the proposed Drawdown Date is a Business Day within the Availability Period;               (d)   subject to Clause 5.5 (Closing mechanics), the proposed Drawdown Date is also the                     Delivery Date of the relevant Vessel;               (e)   the currency specified is USD;               (f)   the  amount    of  the  proposed   Loan   is an   amount   not   exceeding   the  applicable                     Maximum     Loan  Amount,   as  determined   by  the Market   Value  of the relevant  Vessel                     established not more than four (4) weeks prior to the proposed Drawdown Date;               (g)   the aggregate of any Loan drawn down and the amount of the proposed Loan, does                     not   exceed   the  Commitment      for the   relevant  Vessel   identified in  Schedule   7                    (Vessels);               (h)   the proposed Loan comprises a Commercial Facility Loan, a KEXIM Facility Loan and                     KEXIM Guaranteed Facility Loan, each in the Relevant Percentage of such Loan; and               (i)   the proposed Interest Period complies with Clause 9 (Interest Periods).  5.3      Availability           Any   amount   of  the  Total  Commitments     which,  at  that  time,  has  not  been   utilised shall           automatically   be cancelled  at  the close  of business  in Oslo  on  the  expiry of the  Availability           Period.  5.4      Lenders' participation               (a)   Upon receipt of a Drawdown Notice, the Agent shall notify each Lender of the details                     of  the requested   drawing   and  the  amount   of each  Lender's   participation not  later                     than  11.00   hours  on  the  day  falling three (3)  Business  Days   before  a Drawdown                     Date.               (b)   If the conditions set out in this Agreement have been met, each Lender shall no later                     than 11:00 hours on a Drawdown Date make available to the Agent for the account                     of  the relevant  Borrower   an amount    equal  to its participation in the drawing   to be                     advanced pursuant to a Drawdown Notice.     BD-#34696673-v11                                      27

 

5.5      Closing mechanics           Subject to (i) an agreed closing procedure, (ii) conditions for release and return of funds, and           (iii) relevant undertakings not to trigger release prior to the Agent's written consent, all to the           satisfaction of  the Agent   (acting on  the  instruction of  the Lenders,   in their sole discretion)           prior to issue of the Drawdown Notice, the Drawdown Date may be prior to the Delivery Date           in order  to facilitate pre-positioning  of funds  with  the relevant  Yard's  bank  and/or   with the           relevant Intermediate Buyer’s bank.   5.6      Notice to KEXIM as guarantor            The Agent shall promptly after each Drawdown Notice notify the KEXIM Agent of the amount           of the  relevant  Loan  and   of the  relevant  Drawdown    Date  and  the  KEXIM   Agent   shall then           notify KEXIM as guarantor of the same.     BD-#34696673-v11                                      28

 

                   Section    4 - Repayment, Prepayment and Cancellation    6      Repayment  6.1      Repayment               (a)   To  the  extent   not  previously  reduced,   the  Borrowers   shall  repay  each   Loan  as                     follows:                  (i)    the Commercial    Facility Loan   (excluding  any  Additional  Commitments)     forming                         part of  such  Loan  shall be  repaid  in  one  payment    on the  Final  Maturity  Date                         relating to the Commercial Facility;                  (ii)   subject  to clause  6.1(a)(v),  the KEXIM   Facility Loan  forming   part of  such  Loan                         shall, for the  first six (6)  years,  be  repaid  in equal  semi-annual    consecutive                         instalments, based on a 3006     year linear repayment profile, and for the following                         six (6)  years   shall be  repaid   in twelve   (12)  equal  semi-annual    consecutive                         instalments to zero;                  (iii)  subject to  clause 6.1(a)(v),  the  KEXIM   Guaranteed   Facility Loan  forming  part  of                         such   Loan   shall be   repaid   in  twelve   (12)  equal   semi-annual    consecutive                         instalments to zero;                  (iv)   subject to clause 6.1(a)(v), the combined repayment profile of the KEXIM Facility                         Loan and the KEXIM Guaranteed Facility Loan shall be a twelve (12)-year profile                         in equal semi-annual consecutive instalments to zero; and                  (v)    the first instalment of the KEXIM Facility Loan and the KEXIM Guaranteed Facility                         Loan forming part of the first Loan to be made available shall be due and payable                         on the date falling six months after the first Drawdown Date and each subsequent                         instalment  shall be  due  on each   of the dates  falling six monthly   thereafter; the                         first pro-rated instalment for the KEXIM Facility Loan and the KEXIM Guaranteed                         Facility Loan forming part of any later Loan shall be due on the same date upon                         which the next instalment shall fall due in respect of the KEXIM Facility Loan and                         the KEXIM   Guaranteed    Facility Loan forming   part of the  first such Loan  in order                         that the instalment dates for each Loan shall be consolidated.                 (b)   To  the  extent  not previously  reduced,   the  Borrowers   shall repay  each  Commercial                     Facility Loan  relating to  the Additional  Commitments     on  a twenty   (20)-year  profile                     over   a  repayment     period  ending   on   the  Final  Maturity  Date   relating  to  the                     Commercial    Facility in equal  semi-annual    consecutive   instalments  (other  than  the                     final such  instalment   which  shall be  the balance   of such  Commercial    Facility Loan                     which   would, but for this clause, have been repaid between the Final Maturity Date                     relating to the Commercial Facility and the expiry of such twenty (20)-year period).                (c)   An  illustrative repayment schedule     is set out in Schedule   8 (Repayment    Schedule),                     based   on  the  assumption   of full utilisation of the  Total Commitments.     The  Agent                     shall  provide   an  updated    repayment    schedule   prior  to  each   Drawdown     Date,                     reflecting the final amount of each Loan and its Drawdown Date.  6.2      No re-borrowing           The Borrowers may not re-borrow any part of a Loan which is repaid.  6.3      Final repayment           Notwithstanding    Clause  6.1  (Repayment),    on  the  Final Maturity   Date,  the  Borrowers   shall           repay the relevant Loans then outstanding under this Agreement in full, together with         all other           sums due and outstanding under the Finance Documents at such date (if any).     BD-#34696673-v11                                      29

 

  7      Prepayment and Cancellation  7.1      Mandatory prepayment –         Collateral Maintenance Test               (a)   The   aggregate   Market   Value  of  the  Vessels  shall at  all times  be  minimum     one                     hundred    and  thirty per  cent.  (130%)   of  the  Loans  outstanding   (the  "Collateral                     Maintenance Test").               (b)   If there  is a breach  of  the Collateral  Maintenance   Test,  the Borrowers   shall within                     fourteen (14) days of the occurrence of such breach either:                  (i)    post additional collateral reasonably satisfactory to the Majority Lenders in favour                         of the Security  Agent (it  being understood that cash     in USD  placed  in a pledged                         and  blocked  account   shall be satisfactory  to the  Majority  Lenders),  pursuant   to                         security  documentation    in form   and  substance    reasonably   satisfactory  to the                         Agent, in an aggregate amount sufficient to cure such breach; or                  (ii)   prepay the Loans by an amount necessary to cure such breach.  7.2      Mandatory prepayment –         Total Loss or sale               (a)   For the purpose of this Clause 7.2, the following definitions shall apply:                  "Disposal Date" means:                  (i)    in case of a sale or other disposal of a Vessel, the date on which the sale or other                         disposal is completed by delivery of the Vessel to the buyer;                  (ii)   in case of a sale or other disposal of all shares in a Borrower, the date of transfer                         of such shares from the Intermediate Parent to the buyer; or                  (iii)  in the case of a Total Loss, on the earlier of (i) the date falling one hundred and                         eighty (180) days after the Total Loss Date and (ii) the receipt by the Agent (on                         behalf of the Lenders) of the proceeds of Insurance relating to such Total Loss (or                         in the  event   of  a  requisition for  title of the   Vessel,  immediately    after the                         occurrence of such requisition of title).               (b)   If a Vessel is sold or otherwise disposed of, or it becomes a Total Loss, or all shares                     in a  Borrower   are  sold or otherwise   disposed  of, the  respective  Borrower   shall be                     obliged  to  prepay   the Loan   related  to such  Vessel  in  full, together  with accrued                     interest, and   settle all costs and  fees, and  all outstanding  amounts    under  Hedging                     Agreements,     related   to  such  Loan    on  the   Disposal   Date   and   any  undrawn                     Commitment      under  the  Facility available for the  financing  of such  Vessel  shall be                     cancelled on the Disposal Date.  7.3      Mandatory prepayment –         Illegality           If it becomes unlawful in any applicable jurisdiction (including by virtue of the introduction of,           or  any  change   in  the  interpretation  or application  of,  any  regulation)  or  contrary  to,  or           declared by any Sanctions Authority to be contrary to, Sanctions (including, without limitation,           due to actions by any Obligor) for a Lender to perform any of its obligations as contemplated           by this Agreement or to fund or maintain its participation in a Loan:               (a)   that  Lender   is entitled,  at is discretion,  at  any  time  to  notify  the  Agent  upon                     becoming aware of that event;               (b)   upon   the  Agent  notifying  the  Borrowers,   the  Commitment     of that  Lender  will be                     immediately cancelled; and               (c)   the  Borrowers   shall repay   that Lender's   participation in the  Loan   on the  Interest                     Payment Date occurring after the Agent has notified the Borrowers or, if earlier, the      BD-#34696673-v11                                      30

 

                   date  specified  by that Lender   in the notice  delivered  to the Agent  (being  no  earlier                     than the last day of any applicable grace period permitted by law).  7.4      Mandatory prepayment –         Change of Control           Upon   the occurrence   of a  Change   of Control  any  Lender   may  cancel  its Commitments,     and           declare that its participation in any Loan, together with accrued interest, costs and fees shall           be  due  and  payable.  Such  notice  shall be given  by the  relevant Lender(s)   to the  Agent,  and           upon the Agent notifying the Borrowers, such Commitments will be immediately cancelled and           such  outstanding   part of  any  Loan  and  other  amounts   will become   due  and  payable   by the           Borrower(s) within 20 Business Days of such notice. The         Borrowers shall   promptly notify the           Agent upon becoming aware of a Change of Control.  7.5      Voluntary prepayment           The  Borrowers   may,   if they give  the Agent   not less  than  ten (10)  Business  Days'  (or  such           shorter  period  as the  Majority Lenders   may  agree)  prior  written notice, prepay   the whole   or           any part of a Loan (but if in part, being an amount of minimum USD 5,000,000 or in integral           multiples thereof and which shall be applied against each of the Commercial Facility Loan, the           KEXIM Facility Loan and KEXIM Guaranteed Facility Loan forming part of such Loan on a pro           rata  basis). A prepayment    fee  of 0.5%   shall be paid  by  the Borrowers   on  any  amount   of a           KEXIM Facility Loan which is prepaid, provided that the KEXIM Facility Lenders may, but shall           not  be  obliged  to, waive  such   prepayment    fee if such  prepayment    occurs   on the  Interest           Payment Date of such KEXIM Facility Loan(s).  7.6      Voluntary cancellation           The  Borrowers   may,   if they give  the Agent   not less  than  ten (10)  Business  Days'  (or  such           shorter  period  as the  Majority  Lenders  may   agree)  prior written  notice, cancel  the whole   or           any  part  of the  Available  Commitments      (but if in part  being  a  minimum    amount    of USD           5,000,000    or in integral  multiples  thereof  and  which  shall  be  applied  against  each  of the           Commercial    Facility  Loan,  the  KEXIM    Facility Loan  and   KEXIM   Guaranteed     Facility Loan           forming  part  of such  Loan  on  a pro  rata basis). Any  cancellation  under  this Clause  7.6  shall           reduce the Commitments of the Lenders rateably.  7.7      Right of repayment in relation to a single Lender               (a)   If:                  (i)    any  sum   payable  to  any  Lender  by  the  Borrowers   is required  to  be  increased                         under paragraph (c) of Clause 12.2 (Tax gross-up); or                  (ii)   any  Lender  claims  indemnification   from  the  Borrowers   under  Clause   12.3  (Tax                         indemnity) or Clause 13.1 (Increased costs),                  the  Borrowers   may,   whilst the  circumstance   giving  rise to  the  requirement   for that                  increase  or  indemnification   continues,  give  the  Agent   notice  of  cancellation  of the                  Commitment of that Lender and its intention to procure the repayment of that Lender's                  participation in the Loans.               (b)   On   receipt  of a  notice  of  cancellation  referred  to  in paragraph    (a)  above,  the                     Commitment of that Lender shall immediately be reduced to zero.               (c)   On  the  last day  of each  Interest Period  which  ends  after the  Borrowers   have  given                     notice of cancellation under paragraph (a) above (or, if earlier, the date specified by                     the Borrowers in that notice), the Borrowers shall repay that Lender's participation in                     the  Loans  together   with all interest and  other  amounts   accrued   under  the  Finance                     Documents.     BD-#34696673-v11                                      31

 

 7.8      KEXIM Guarantee            If, for any reason   whatsoever,   a KEXIM   Mandatory    Prepayment    Event  occurs, the  Borrowers            or the relevant Finance Party shall promptly notify the KEXIM Agent upon any Obligor or such            Finance  Party  (as  applicable)  becoming   aware   of such  KEXIM   Mandatory    Prepayment    Event            following  which   the  Borrowers    shall, if instructed   by  the  KEXIM    Agent   (acting  on  the            instructions  of  a  KEXIM   Guaranteed     Facility Lender),   prepay   the  portion  of  the  KEXIM            Guaranteed    Facility Loans  attributable  to such  KEXIM    Guaranteed    Facility Lender,  together            with  any  other  amounts    owing  to  such  KEXIM   Guaranteed    Facility Lender  relating to  such            KEXIM Guaranteed Facility Loans under this Agreement and the Finance Documents within 30            Business Days' of receipt of the KEXIM Agent's notice.   7.9      Commercial Facility             If, by the  date  falling 30 days  prior to the  Final Maturity  Date  in respect of  the Commercial            Facility Loans, the Commercial Facility Loans (a) have not been extended or (b) have not been            replaced by another loan facility on terms and with lenders satisfactory to the KEXIM Facility            Lenders and the KEXIM Guaranteed Facility Lenders, the Borrowers shall, if instructed by the            KEXIM   Agent   (acting  on the  instruction  of a KEXIM    Guaranteed   Facility Lender   or KEXIM),            prepay the KEXIM Facility Loans and      the KEXIM Guaranteed Facility Loans, together with any            other  amounts    owing   to  the  KEXIM   Facility Lenders   and   the  KEXIM   Guaranteed    Facility            Lenders under this Agreement and the other Finance Documents on the Final Maturity Date in            respect of the Commercial    Facility Loans.   7.10      Terms and conditions for prepayments and cancellation                (a)   Any notice of prepayment or cancellation by the Borrowers under this Clause 7 shall                      be  irrevocable  and,  unless  a  contrary  indication  appears   in this Agreement,    shall                      specify the date upon which the prepayment or cancellation is to be made.                (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)   The Borrowers may not re-borrow any part of the Facility which is prepaid.                (d)   The Borrowers shall not repay or prepay all or any part of the Loans or cancel all or                      any   part of  the Commitments      except  at  the times   and  in the  manner    expressly                      provided for in this Agreement.                (e)   No   amount    of  the   Total  Commitments      cancelled  under    this Agreement     may                      subsequently be reinstated.                (f)   If the Agent receives a notice under this Clause 7 it shall promptly forward a copy of                      that notice to the Borrowers or the Lenders, as appropriate.  7.11      Application of prepayments            Unless  otherwise provided for in this Clause 7, prepaid amounts shall be applied as follows:                (a)   any mandatory prepayment        under this Agreement shall, to the extent not prepaying                      a  single Loan  in full, be applied  in inverse  order of maturity   against the  remaining                      instalments,   including  balloon  payments,    pro  rata  between   the  Loans   under  the                      Facility,  and  shall,  save   as  otherwise    stated,  reduce   rateably   each   Lender's                      participation in the Loan(s) prepaid; and                (b)   any voluntary prepayment      under this Agreement shall be applied pro rata across the                      repayment    schedule,  including  the  balloon, for the  relevant  Loan(s)  being  prepaid,                      including  any  balloon,  and   shall, save  as  otherwise  stated,  reduce   rateably  each                      Lender's participation in the Loan(s) prepaid.      BD-#34696673-v11                                      32

 

                                    Section    5 - Costs of Utilisation    8      Interest  8.1      Calculation of interest           The rate of interest for a Loan for each Interest Period is the percentage rate per annum which           is the aggregate of the applicable:               (a)   Margin; and               (b)   LIBOR.  8.2      Payment of interest           The  Borrowers shall   pay  accrued  interest on  each  Loan  (or on  any  Commercial   Facility Loan,           KEXIM Facility Loan or KEXIM Guaranteed Facility Loan comprising part of such Loan) on the           last day of each Interest Period (and, if an Interest Period in respect of a Commercial Facility           Loan is longer than six months, on the dates falling at six monthly intervals after the first day           of that Interest Period).  8.3      Default interest               (a)   If an Obligor fails to pay any amount payable by it under the Finance Documents on                     its due date, interest shall accrue on the overdue amount from the due date and up                     to the date of actual payment (both before and after judgment) at a rate determined                     by the Agent to be two percentage points (2.00%) per annum higher than the rate                     which   would  have   been  payable   if the overdue   amount   had,  during  the  period  of                     non-payment,     constituted   a  Loan   in the   currency   of the  overdue    amount    for                     successive   Interest   Periods,  each  of  a  duration   selected  by  the  Agent   (acting                     reasonably).   Any   interest  accruing   under  this  Clause   8.3  shall be   immediately                     payable by the relevant Obligor on demand by the Agent.               (b)   Default  interest (if unpaid)  arising on  an overdue   amount   will be compounded     with                     the  overdue   amount   at the  end  of each  Interest  Period  applicable to  that overdue                     amount but will remain immediately due and payable.               (c)   If an  Event  of Default  has occurred   and  is continuing, and  notice  thereof  has been                     sent  from   the  Agent  to  the  Borrowers   under   Clause  24.17(b)   (Acceleration),  all                     outstanding amounts under the Facility shall be deemed overdue and default interest                     will be calculated and is payable forthwith upon demand from the Agent.    9      Interest Periods  9.1      Selection of Interest Periods               (a)   The Borrowers may select an Interest Period for a Loan in a Drawdown Notice or (if                     one or more Loans have already been borrowed and in the case of the Commercial                     Facility Loans only) in a Selection Notice.               (b)   Each   Selection  Notice  is irrevocable  and  must  be  received  by  the  Agent  not  later                     than 12:00 hours three (3) Business Days before the Quotation Day for that Interest                     Period.               (c)   If, in the case of Commercial Facility Loans, the Borrowers fail to deliver a Selection                     Notice  to the  Agent  in accordance   with  paragraph   (b)  above,  the relevant  Interest                     Period will be six (6) months.               (d)   Subject   to Clause  9.1(e), the  first Interest Period shall start on  the first Drawdown                     Date.   The  first Interest Period  for the second   or any  later Loan  shall start  on the      BD-#34696673-v11                                      33

 

                    relevant Drawdown Date and end on the last day of the then current Interest Period                      for the balance   of the Loan which    has  previously  been drawn   and  each subsequent                      Interest Period shall start on the day following the last day of the previous Interest                      Period.                (e)   The   Borrowers   may,   in respect  of  the Commercial    Facility Loans   only,  select an                      Interest Period of   one (1),  three (3) or six  (6) months   or such  other period  agreed                      between    the  Borrowers   and  the  Agent  (on  behalf  of the  Lenders)   in the  case  of                      Commercial    Facility Loans  only, however the Borrower     may   only  select a maximum                      of three (3) one (1) month periods per year. In respect of KEXIM Facility Loans and                      KEXIM    Guaranteed   Facility Loans,  Interest  Periods  may  only  be  six (6) months    or                      any   other  period  agreed   between    the  Borrowers   and  the  Agent   (acting  on  the                      instruction of the Lenders,  and in respect of KEXIM Guaranteed Facility Loans, also                      KEXIM    as guarantor).   For  the  avoidance   of doubt   at all times  following  the  first                      Drawdown     Date,  Interest  Periods  for (i) all Commercial    Facility Loans  and  (ii) all                      KEXIM Facility Loans and KEXIM Guaranteed Facility Loans, shall be consolidated.                (f)   An  Interest  Period  shall not  extend   beyond   the  Final Maturity  Date,  but  shall be                      shortened so that it ends on the Final Maturity Date relating to it.   9.2      Non-Business Day            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      Market disruption                (a)   If a Market Disruption Event occurs in relation to a Loan for any Interest      Period, then                      the rate of interest on each Lender's share of that Loan for the Interest Period shall                      be the 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 the  Loan  from   whatever   source  it may   reasonably                          select.                (b)   In this Agreement, "Market      Disruption Event" means:                   (i)    at or about  12:00   hours  on  the Quotation   Day  for the  relevant  Interest Period,                          LIBOR is not available; or                   (ii)   before close of business in the London interbank market on the Quotation Day for                          the relevant  Interest  Period,  the Agent   receives  notifications from  a  Lender   or                          Lenders (whose participations in the Loans exceed fifty per cent (50.00%) of the                          Loans)  that the  cost to it or them   of obtaining  matching   deposits in the  London                          interbank market would be in excess of LIBOR.  10.2      Alternative basis of interest or funding                (a)   If a Market Disruption Event occurs and the Agent or the Borrowers so requires, the                      Agent and the Borrowers shall enter into negotiations (for a period of not more than                      thirty (30) days) with a view to agreeing a substitute basis for determining the rate                      of interest.      BD-#34696673-v11                                      34

 

              (b)   Any   alternative  basis  agreed   pursuant   to this  Clause  10.2   shall, with  the  prior                      consent of all the Lenders and the Borrowers, be binding on all Parties.  10.3      Break Costs                (a)   The Borrowers shall, within three (3) Business Days of demand by a Finance            Party,                      pay  to that Finance   Party its Break  Cost  attributable to all or any  part of a Loan   or                      Unpaid   Sum   being  paid  by  the Borrowers   on  a day  other  than  the  last day  of an                      Interest Period for the 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 Cost for any Interest Period                      in which they accrue.    11      Fees  11.1      Commitment fee                (a)   The Borrowers shall pay to the Agent (for the account of each Lender) a fee in USD                      computed    at  a rate  per  annum   equal   to 40%   of  the Margin,   calculated  on  each                      Lender's Available Commitment, from the date of this Agreement to the earlier of:                   (i)    the expiry of the Availability Period; or                   (ii)   the date on which the Facilities have been fully drawn or cancelled in whole.                (b)   The accrued commitment fee is payable semi-annually in arrears on the last day of                      each fiscal half-year and on the last day of the Availability Period or such other date                      upon which the Facility is fully drawn or cancelled in whole or, in respect of any part                      cancellation, on the cancelled amount on the date the cancellation is effective.  11.2      Arrangement fee            The  Borrowers   shall pay  to Agent  (for further  distribution to the  Arrangers)  an  arrangement            fee in the amount and at the times agreed in a Fee Letter.  11.3      Agency fee            The Borrowers shall pay to the Agent (for its own account) an agency fee in the amount and            at the times agreed in a Fee Letter.  11.4      KEXIM Guarantee Premium                (a)   The   Borrowers    acknowledge    that  the  KEXIM    Guaranteed    Facility  Lenders   shall                      procure   the issuance   of the  KEXIM   Guarantee   either  through  the  KEXIM   Agent   or                      directly with KEXIM as guarantor and shall benefit from it throughout the duration of                      the Security Period. The Borrowers agree to pay to the KEXIM Agent (for the account                      of  KEXIM   as guarantor)   the  KEXIM   Guarantee   Premium    applicable  to  each  KEXIM                      Guaranteed Facility Loan on or prior to the Drawdown Date in respect of such KEXIM                      Guaranteed Facility Loan.                (b)   The   Borrowers   agree  that  their obligation  to make    the payments    set  out  in this                      Clause   11.4  to the  KEXIM   Agent  in respect  of  the KEXIM   Guarantee    (or any  part                      thereof)  shall  be an  absolute   obligation and   shall not  be  affected by  any  matter                      whatsoever.     The   KEXIM   Guarantee    Premium   (or  any  part  thereof)  shall not  be                      refundable except in accordance with the terms of the KEXIM Guarantee and KEXIM                      as guarantor's internal regulations.                 (c)   The  Borrowers acknowledge      that the amount    of the KEXIM   Guarantee Premium      will                      be solely determined by KEXIM as guarantor and no Lender is in any way involved in                      the determination of the amount of any KEXIM Guarantee Premium and agrees that       BD-#34696673-v11                                      35

 

                 the Borrowers shall have no claim or defence against any Lender in connection with                   the amount of the KEXIM Guarantee Premium.   BD-#34696673-v11                                      36

 

                           Section    6  - Additional Payment Obligations    12      Tax Gross-up and Indemnities  12.1      Definitions                (a)   In this Agreement:                   "Protected Party" means a Finance Party which is or will be subject to any liability, or                   required to make any payment, for or on account of Tax in relation to a sum received or                   receivable  (or any  sum   deemed   for the  purposes   of Tax  to be  received  or receivable)                   under a Finance Document or the KEXIM Guarantee and KEXIM as guarantor.                   "Qualifying   Lender"   means a    Lender which   is beneficially entitled to interest payable                   to it in respect of a Loan under a Finance Document and, in relation to a Borrower is:                   (i)    a Lender which is resident for tax purposes in a Borrower's Tax Jurisdiction and to                          whom interest may be paid by that Borrower without a Tax Deduction under the                          domestic laws of that Borrower's Tax Jurisdiction; or                   (ii)   a Treaty Lender.                   "Tax Confirmation" means a confirmation by a Lender that it is beneficially entitled to                   interest payable to it in respect of an advance under a Finance Document specifying:                   (i)    its Tax Jurisdiction;                   (ii)   whether the Lender believes it is a Treaty Lender in relation to a Borrower; and                   (iii)  such other relevant details as may be reasonably requested by the Borrowers or                          the Agent                   "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     or the  KEXIM    Guarantee,   other  than  a  FATCA                   Deduction.                   "Tax  Jurisdiction"    means,   in relation  to a  Borrower,   the jurisdiction  in which  it is                   resident for tax purposes from time to time.                   "Tax  Payment"     means    either the  increase  in  a payment    made   by  an  Obligor  to a                   Finance  Party  under  Clause  12.2  (Tax  gross-up)  or a payment under     Clause 12.3 (Tax                   indemnity).                   "Treaty   Lender"    means,   in  relation to  a  Borrower,   a Lender   which   is treated  as                   resident  in a jurisdiction that has  a  double  taxation  agreement    (a "Treaty")   with the                   Borrowers'  Tax  Jurisdiction which  gives  such  resident  full exemption  from  tax  imposed                   by the Borrowers' Tax Jurisdiction on interest.                (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)   Each  Obligor shall make all payments to be made by it without any Tax Deduction,                      unless a Tax Deduction is required by law.      BD-#34696673-v11                                      37

 

           (b)   The  Borrowers    shall promptly  upon   becoming   aware   that an  Obligor  must  make   a                   Tax   Deduction   (or  that there  is  any  change   in  the rate  or  the  basis  of a  Tax                   Deduction) notify the Agent accordingly. Similarly, a Lender shall notify the Agent on                   becoming    so  aware  in respect  of a  payment    payable  to that  Lender.  If the Agent                   receives   such  notification  from  a  Lender   it shall notify  the  Borrowers   and  that                   Obligor.             (c)   If a Tax Deduction is required by law to be made by an Obligor, the amount of the                   payment due from that Obligor shall be increased to an amount which (after making                   any Tax Deduction) leaves an amount equal to the payment which would have been                   due if no Tax Deduction had been required.             (d)   Subject to paragraph (iii) below, a payment shall not be increased under paragraph                   (c) above   by  reason  of a Tax  Deduction   if on the  date  on which  the  payment   falls                   due:                (i)    the  payment    could  have   been   made   to  the  relevant  Lender   without   a  Tax                       Deduction  if the Lender had    been a  Qualifying  Lender in  respect of  that Obligor,                       but on  that date  that  Lender  is not  or has  ceased  to be  a  Qualifying Lender   in                       respect  of that  Obligor  other than   as a  result of any  change   after  the date  it                       became    a   Lender    under    this  Agreement     in  (or   in  the   interpretation,                       administration,  or application  of) any  law or  Treaty  or any  published  practice  or                       published concession of any relevant authority; or                (ii)   the relevant  Lender   is a Treaty  Lender  and  the  Obligor  making   the  payment   is                       able  to demonstrate    that  the  payment   could   have  been   made   to  the Lender                       without  the Tax  Deduction   had   that Lender   complied  with  its obligations  under                       paragraph (g) below,                (iii)  it is acknowledged that as at the date of this Agreement none of the Lenders are                       a Qualifying  Lender   and  it is hereby  agreed  that  if a Lender  shall  at any  time                       become a Qualifying Lender, the Parties shall consult in good faith for a period of                       not less  than 30  days  regarding   any  amendments     that  should  be made    to this                       Clause to reflect the principle that, subject to any applicable obligations on such a                       Lender under Clauses 12.2(g) or 15.1(a), the Lenders are expected to be able to                       receive payments    under  the  Finance  Documents    either  without  a Tax  Deduction                       or with Clause 12.2(c) being applicable.             (e)   If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax                   Deduction   and  any  payment    required  in connection  with  that Tax  Deduction   within                   the time allowed and in the minimum amount required by law.             (f)   Within thirty (30) days of making either a Tax Deduction or any payment required in                   connection   with  that  Tax  Deduction,  the  Obligor  making   that  Tax  Deduction   shall                   deliver  to the Agent   for the Finance   Party evidence   reasonably   satisfactory to that                   Finance   Party   that  the  Tax  Deduction    has  been   made    or (as  applicable)   any                   appropriate payment paid to the relevant taxing authority.             (g)   A  Treaty  Lender   and  each  Obligor  which   makes   a  payment   to  which  that  Treaty                   Lender    is  entitled  shall  co-operate   in  completing    any   procedural   formalities                   necessary   for that  Obligor to  obtain authorisation  to  make   that payment   without  a                   Tax Deduction.             (h)   A Lender shall promptly provide a Tax Confirmation to the Agent when it becomes a                   party  to this Agreement and     the Agent shall  promptly   send  the Tax  Confirmation   it                   receives   to the  Borrowers.   The   Agent   may   request  a  Lender   to  provide  a  Tax                   Confirmation in a specific format. A Lender shall promptly notify the Borrowers and                   the  Agent   if there  is any  change    in the  position  from  that  set  out  in the  Tax                   Confirmation.   BD-#34696673-v11                                      38

 

12.3      Tax indemnity                (a)   The Borrowers shall (within three (3) Business Days of demand by the Agent) pay to                      a Protected Party an amount equal to the loss, liability or cost which that Protected                      Party  determines    will be  or  has  been  (directly  or indirectly)  suffered  for or  on                      account   of Tax  by  that  Protected  Party  in respect  of  a Finance   Document    or the                      KEXIM Guarantee.                (b)   Paragraph a) above shall not apply:                   (i)    with respect to any Tax assessed on a Finance Party:                          (A)   under the law of the jurisdiction in which that Finance Party is incorporated                                or, if different, the jurisdiction (or jurisdictions) in which that Finance Party                                is treated as resident for tax purposes; or                          (B)   under the law of the jurisdiction in which that Finance Party's Facility Office                                is located in respect of amounts received or receivable in that jurisdiction,                          if that Tax is imposed on or calculated by reference to the net income received or                          receivable (but not any sum deemed to be received or receivable) by that Finance                          Party; or                   (ii)   to the extent a loss, liability or cost:                          (A)   is compensated for by an increased payment under Clause 12.2 (Tax gross-                               up); or                          (B)   would   have  been  compensated     for by an  increased  payment   under   Clause                                12.2 (Tax gross-up) but was not so compensated solely because one of the                                exclusions in paragraph (d) of Clause 12.2 (Tax gross-up) applied; or                          (C)   relates to a FATCA Deduction required to be made by a Party.                (c)   A Protected Party making, or intending to make, a claim under paragraph a) above                      shall promptly notify the Agent of the event which will give, or has given, rise to the                      claim, following which the Agent shall notify the Borrowers.                (d)   A  Protected  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 to  an  increased  payment    of which   that Tax  Payment                      forms part, to that Tax Payment or to a Tax Deduction in consequence of which that                      Tax Payment was required; and                (b)   that Finance Party has obtained and utilised that Tax Credit,            the Finance Party shall pay an amount to the Obligor which that Finance Party determines will            leave it (after that payment) in the same after-Tax position as it would have been in had the            Tax Payment not been required to be made by the Obligor.  12.5      Stamp taxes                (a)   The  Borrowers shall   pay  and,  within three (3)  Business  Days   of demand,   indemnify                      each Finance Party and/or KEXIM as guarantor against any cost, loss or liability that                      Finance   Party  and/or   KEXIM   as  guarantor   incurs  in  relation to  all stamp   duty,       BD-#34696673-v11                                      39

 

                    registration and other similar Taxes payable in respect of any Finance Document or                      the KEXIM Guarantee.                (b)   The relevant Finance Party shall, if it intends to make a claim pursuant to paragraph                      (a)  above,  promptly   notify the Borrowers   of the  event  giving rise to  the claim  and                      shall as soon as practicable, provide a certificate confirming the amount of the claim.  12.6      VAT            All amounts set out, or expressed to be payable under a Finance Document by any Party to a            Finance   Document    shall be  deemed    to be  exclusive  of any  VAT.  If VAT   is chargeable,  the            Borrowers   shall pay  to  the Agent   for the account   of such  Finance  Party  (in addition  to the            amount required pursuant to the Finance Documents) an amount equal to such VAT.  12.7      FATCA Information                (a)   Subject to paragraph (c) below, each Party shall, within ten (10) Business Days of a                      reasonable request by another Party:                   (i)    confirm to that other Party whether it is:                          (A)   a FATCA Exempt Party; or                          (B)   not a FATCA Exempt Party;                   (ii)   supply  to  that other   Party  such  forms,  documentation     and  other  information                          relating to its status under FATCA as that other Party reasonably requests for the                          purposes of that other Party's compliance with FATCA; and                   (iii)  supply  to  that other   Party  such  forms,  documentation     and  other  information                          relating to its status as that other Party reasonably requests for      the purposes of                          that other  Party's  compliance   with  any   other  law,  regulation,  or exchange    of                          information regime.                (b)   If a Party  confirms to another    Party pursuant to paragraph     (a)(i) above that it is a                      FATCA Exempt Party and it subsequently becomes aware that            it is not or has ceased                      to  be  a FATCA   Exempt    Party,  that Party  shall notify  that other  Party  reasonably                      promptly.                (c)   Paragraph a) above shall not oblige any Finance Party to do anything, and paragraph                      (a)(iii) above shall not oblige any other Party to do anything, which would or might                      in its reasonable opinion constitute a breach of:                   (i)    any law or regulation;                   (ii)   any fiduciary duty; or                   (iii)  any duty of confidentiality.                (d)   If a Party  fails to confirm  whether   or not  it is a FATCA  Exempt    Party or to  supply                      forms, documentation     or other information requested     in accordance   with  paragraph                      a)(i) or (ii) above (including, for the avoidance of doubt, where paragraph c) above                      applies), then such Party shall be treated for the purposes of the Finance Documents                      (and payments under them)       as if it is not a FATCA Exempt Party until such time as                      the Party in question provides the requested confirmation, forms, documentation or                      other information.  12.8      FATCA Deduction                (a)   Each   Party may   make   any  FATCA   Deduction   it is required to make   by  FATCA,   and                      any  payment required in     connection  with  that FATCA   Deduction, and    no Party shall       BD-#34696673-v11                                      40

 

                    be  required  to  increase  any  payment    in respect  of which  it makes   such  a  FATCA                      Deduction   or  otherwise   compensate    the  recipient of  the payment    for that  FATCA                      Deduction.                (b)   Each   Party  shall  promptly,   upon   becoming    aware   that  it must  make    a  FATCA                      Deduction    (or that  there  is any  change   in the  rate  or the  basis  of such   FATCA                      Deduction), notify the Party to whom it is making the payment and, in addition, shall                      notify  the Borrowers    and  the  Agent  and  the  Agent  shall  notify the  other  Finance                      Parties.    13      Increased Costs  13.1      Increased Costs                (a)   Subject   to Clause  13.3  (Exceptions)  the  Borrowers   shall, within three  (3) Business                      Days of a demand by the Agent, pay for the account of a Finance Party or KEXIM as                      guarantor   the  amount    of any  Increased   Costs  incurred   by that  Finance   Party  or                      KEXIM as guarantor or any of its Affiliates as a result of:                   (i)    the introduction  of or  any  change  in (or  in the interpretation,  administration   or                          application of) any law or regulation  made after the date of this Agreement;                   (ii)   compliance with any law or regulation made after the date of this Agreement;                   (iii)  the implementation    or  application  of, or compliance   with,  Basel  III, CRD  IV  or                          CRR; or                   (iv)   the implementation    or  application  of, or compliance   with,  IFRS  9  or any  other                          changes in relevant reporting standards,                (b)   In this Agreement:                   "Basel III" means:                   (i)    the agreements on capital requirements, a leverage ratio and liquidity standards                          contained  in "Basel  III: A  global regulatory  framework    for more   resilient banks                          and  banking   systems",    "Basel  III: International   framework    for  liquidity risk                          measurement,    standards   and  monitoring"   and  "Guidance   for national authorities                          operating the countercyclical capital buffer" published by the Basel Committee on                          Banking   Supervision   in December     2010,  each   as  amended,    supplemented     or                          restated;                   (ii)   the rules for global systemically important banks contained in "Global systemically                          important   banks:  assessment    methodology    and   the additional  loss absorbency                          requirement    –  Rules   text' published    by  the  Basel   Committee     on  Banking                          Supervision in November 2011, as amended, supplemented or restated; and                   (iii)  any further guidance or standards published by the Basel Committee on Banking                          Supervision relating to "Basel III".                   "CRD IV" means Directive 2013/36/EU of the European Parliament and of the Council of                   26  June   2013   on  access   to  the  activity of  credit  institutions and   the  prudential                   supervision  of credit institutions and  investment   firms  amending   Directive  2002/87/EC                   and repealing Directive 2006/48/EC and 2006/49/EC.                   "CRR"   means   Regulation   (EU)  No  575/2013    of  the European    Parliament   and  of the                   Council   of 26   June   2013   on  prudential   requirements    for  credit  institutions  and                   investment firms and amending Regulation (EU) No 648/2012.      BD-#34696673-v11                                      41

 

                 "IFRS    9"  means    the  International   Financial   Reporting   Standard    (IFRS)   by  the                   International Accounting Standards Board (IASB) designated as "IFRS 9" and replacing                   IAS 39.                   "Increased Costs" means:                   (i)    a reduction  in the rate  of return from  the  Facility or on a  Finance  Party's (or its                          Affiliate's) overall capital;                   (ii)   an additional or increased cost; or                   (iii)  a reduction of any amount due and payable under any Finance Document,                   which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that                   it is attributable to that Finance Party having entered into its Commitment or funding or                   performing its obligations under any Finance Document.  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 the claim, following which the Agent                      shall promptly notify the Borrowers.                (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,  and  the Agent                      shall promptly forward such certificate to the Borrowers.  13.3      Exceptions                (a)   Clause 13.1 (Increased Costs) does not apply to the extent any Increased Cost is:                   (i)    attributable to a Tax Deduction required by law to be made by an Obligor;                   (ii)   compensated     for  by   Clause   12.2   (Tax   Indemnity)    (or  would   have   been                          compensated for under Clause 12.2 (Tax Indemnity) but was not so compensated                          solely because    any  of  the  exclusions  in  paragraph   (b)  of  Clause  12.2   (Tax                          Indemnity) applied);                   (iii)  attributable to a FATCA Deduction required to be made by a Party;                   (iv)   attributable  to  the  implementation    or  application  of  or  compliance   with  the                          "International  Convergence    of  Capital  Measurement     and  Capital  Standards,   a                          Revised Framework" published by the Basel Committee on Banking Supervision in                          June 2004 in the form existing on the date of this Agreement ("Basel II") or any                          other law or regulation which implements Basel II (whether such implementation,                          application or compliance is by a government, regulator, Finance Party or any of                          its Affiliates);                   (v)    attributable to the  wilful breach  by the  relevant  Finance  Party  or its Affiliates of                          any law or regulation.                (b)   In this Clause 13.3, a reference to "Tax Deduction" has the same meaning given to                      that term in Clause 12.1 (Definitions).    14      Other Indemnities  14.1      Currency indemnity                (a)   If  any  sum   due   from  an  Obligor   under   the  Finance  Documents     or  the  KEXIM                      Guarantee (a    "Sum"),   or any  order, judgement or award      given  or made in   relation                      to  a Sum,   has to  be converted   from  the  currency  (the "First  Currency")    in which       BD-#34696673-v11                                      42

 

                    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,  judgement or    award  in relation to  any litigation                          or arbitration proceedings,                   that  Obligor  shall as  an  independent    obligation, within  three  (3)  Business   Days   of                   demand, indemnify each Finance Party and/or KEXIM as guarantor to whom that Sum is                   due  against  any  cost,  loss or liability arising out of or  as a  result of the  conversion                   including any discrepancy between (A) the rate of exchange         used to convert that Sum                   from the First Currency into the Second Currency and (B) the rate or rates of exchange                   available to that person at the time of its receipt of that Sum.                (b)   Each   Obligor  waives  any  right it may   have  in any  jurisdiction to pay  any  amount                      under the Finance Documents or the KEXIM Guarantee in a currency or currency unit                      other than that in which it is expressed to be payable.  14.2      Sanctions indemnity            Each  Obligor   shall, on demand,    indemnify   each  Finance   Party  and/or  KEXIM   as  guarantor            against any cost, loss or liability incurred by it as a result of any claim, action, civil penalty or            fine against,  any  settlement,  and  any  other  kind of loss or  liability, and all reasonable costs            and expenses    (including reasonable counsel fees and disbursements) incurred by the Agent or            any  Lender  and/or   KEXIM   as guarantor   as a result of conduct   of any  Obligor or  any  of their            directors, officers, employees, that violates any Sanctions Laws.  14.3      Other indemnities            The  Borrowers   shall (or shall procure  that  an Obligor  will) within three  (3) Business  Days   of            demand, indemnify each Finance Party and/or KEXIM as guarantor against any costs, loss or            liability incurred by that Finance Party and/or KEXIM as guarantor as a result of:                (a)   the occurrence of any Event of Default;                (b)   a failure by an Obligor to pay any amount due under the Finance Documents on its                      due date, including without limitation, any cost, loss or liability arising as a result of                      Clause 28 (Sharing among the Finance Parties);                (c)   the  funding,  or making   arrangements    to fund,  its participation in a Loan  requested                      by the Borrowers in a Drawdown Notice but not made by reason of the operation of                      any one or more of the provisions of this Agreement (other than by reason of default                      or negligence by that Lender alone);                (d)   (under   or  pursuant   to the  KEXIM    Guarantee)    any  duly  evidenced   and   properly                      incurred   additional premiums,    cost  or expense    as provided   for under   the  KEXIM                      Guarantee which KEXIM as guarantor may charge, invoice or set-off against amounts                      owing   to the  KEXIM   Agent  or the  KEXIM   Guaranteed    Facility Lenders  or otherwise                      properly  incurred  by  the  KEXIM   Agent,  the  Lenders  and/or  KEXIM    as guarantor   in                      connection with compliance with the KEXIM Guarantee; or                (e)   a  Loan   (or  part  of a  Loan)   not  being  prepaid   in accordance    with  a  notice  of                      prepayment given by the Borrowers.  14.4      Indemnity to the Agent and the KEXIM Agent            The Borrowers shall promptly indemnify the Agent and the KEXIM Agent against any cost, loss            or liability incurred by the Agent or the KEXIM Agent (acting reasonably) as a result of:                (a)   investigating any event which it reasonably believes is a possible Event of Default;      BD-#34696673-v11                                      43

 

              (b)   acting or verifying any notice, request or instruction which it reasonably believes to                      be genuine, correct or appropriately authorised; or                (c)   instructing   lawyers,  accountants,    tax  advisers,  surveyors   or  other   professional                      advisers or experts as permitted under this Agreement.  14.5      Indemnity to the Security Agent                (a)   The Borrowers shall promptly indemnify the Security Agent against any cost, loss or                      liability incurred by it as a result of:                   (i)    the taking, holding, protection or enforcement of the Security Documents or any                          other Finance Documents,                   (ii)   the exercise of any of the rights, powers, discretions and remedies vested in the                          Security Agent by the Finance Documents or by law; or                   (iii)  any default by an Obligor in the performance of any of the obligations expressed                          to be assumed by it in the Finance Documents.                (b)   The Security Agent may, in priority to any payment to the Finance Parties, indemnify                      itself out of the Trust Property in respect of, and pay and retain, all sums necessary                      to  give  effect to the  indemnity   in this Clause   14.5  and  shall have   a lien on  the                      Security Documents and the proceeds of the enforcement of the Security Documents                      for all monies payable to it.    15      Mitigation by the Lenders  15.1      Mitigation            (a)    Each  Finance  Party  shall, in consultation  with the  Borrowers,  take  all reasonable  steps                   (for a period of  fifteen (15) Business   Days)  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:                   (i)    Clause 7.3 (Mandatory prepayment –       Illegality);                   (ii)   Clause 12 (Tax gross-up and indemnities); and                   (iii)  Clause 13 (Increased Costs),                   including  (but not  limited to) transferring  its rights and  obligations  under  the  Finance                   Documents to another Affiliate.            (b)    Paragraph (a) does not in any way limit the obligations of any Obligor under the Finance                   Documents.  15.2      Limitation of liability            (a)    The  Borrowers   shall promptly  indemnify   each  Finance  Party  for all costs and  expenses                   reasonably and properly 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 this Clause 15.1 if, in the opinion                   of that Finance Party (acting reasonably), to do so might be prejudicial to it.      BD-#34696673-v11                                      44

 

  16      Costs and Expenses  16.1      Transaction expenses            The  Borrowers   shall promptly   on  demand    pay  to the Agent   (for distribution to the  relevant            Finance  Party  or KEXIM   as  guarantor)  the  amount   of all costs and  expenses   (including  legal            fees)  reasonably   and  properly  incurred  by  any  of them   in connection   with the  negotiation,            preparation, printing, perfection, execution, registration and syndication of:            (a)    this Agreement    and  any  other documents    referred  to in this Agreement    (including the                   KEXIM Guarantee); and            (b)    any other Finance Documents executed after the date of this Agreement.  16.2      Amendment and enforcement costs, etc            The  Borrowers    shall, within  three  (3) Business   Days   of demand,    reimburse   the  Agent   or            another   Finance  Party  or  KEXIM   as  guarantor   for  the  amount   of  all costs and   expenses            (including  internal  and   external   legal  fees)  reasonably   and   properly   incurred  by   it in            connection with:            (a)    the granting of any release, waiver or consent under the Finance Documents;            (b)    any amendment or variation of any of the Finance Documents; and            (c)    the preservation, protection, enforcement or maintenance of, or attempt to preserve or                   enforce,  any  of the rights  of the Finance  Parties  under  the  Finance  Documents    or the                   KEXIM Guarantee.      BD-#34696673-v11                                      45

 

                                 Section    7  - Guarantee and Security    17      Guarantee and Indemnity  17.1      Guarantee and indemnity            Each  Guarantor   hereby   irrevocably and  unconditionally   guarantees to the   Security  Agent  (as            trustee for the Finance Parties) and the other Finance Parties, as primary obligors as         and for            its own debt and not merely as surety to each Finance Party, on a joint and several basis with            the other Guarantor:                (a)   the due and punctual payment by the Borrowers of any and all sums which are now                      or at any time hereafter will be payable by the Borrowers under or in respect of the                      Finance   Documents    in accordance with   the terms and    provisions  thereof (including,                      without   limitation, principal, interest,  default  interest, legal fees  and  other   fees,                      Break   Costs,  transaction  and   enforcement    costs  and  any  other  costs,  expenses,                      Taxes   and  Tax indemnities,   currency  indemnities and   any  other indemnities,   claims                      for damages and any other costs and expenses in respect of any Event of Default or                      any other breach by the Borrowers under the Finance Documents);                (b)   the   due  and   punctual   performance    by  the  Borrowers    of all of  the  Borrowers'                      obligations under or in respect of the Finance Documents; and                (c)   to indemnify each Finance Party immediately upon the Agent's first written demand                      against   any  loss, liability, costs and  expenses   suffered,  incurred  or  paid  by that                      Finance Party if any obligation of the Borrowers is or becomes unenforceable, invalid                      or illegal            (such amounts together referred to as the "Outstanding Indebtedness").  17.2      Payment upon first demand            If any Borrower shall fail to pay any sum under the Finance Documents as and when such sum            shall become    due   and  payable,   each  Guarantor   shall  immediately    upon  the  Agent's   first            written  demand    pay  to the Agent   for the  account  of the  relevant  Finance  Party  an  amount            equal  to such   sum  which   the Borrowers   shall not  have  paid,  such  payment    to be  made   in            immediately available funds to the account of the Agent, as the Agent may designate, without            set-off or counter-claim and free and clear of and without deduction for or on account          of any            present or future Taxes.  17.3      No limitation on number of demands            Demands under this Clause 17 may be made by the Agent (on behalf of the Finance Parties)            from  time  to time  and  there  shall be  no limitation in the  number   of demands    which  can  be            made hereunder.  17.4      Continuing guarantee            This Guarantee shall be a continuing guarantee which shall be effective as of the date hereof            and   shall remain   in full force  and  effect  until payment    in full has  been   irrevocably  and            unconditionally  received   by the  Agent  (on  behalf  of the Finance   Parties) of the  Outstanding            Indebtedness.  17.5      Waiver of defences            The  obligations   of each   Guarantor   under   this Clause  17   will not  be  affected  by  an  act,            omission, matter or thing (whether or not known to it or any Finance Party) which, but for         this            Clause, would reduce, release or prejudice any of its obligations under this Clause 17 including            (without limitation):      BD-#34696673-v11                                      46

 

              (a)   any  time,  waiver  or consent   granted  to, or  composition   with, any  Obligor  or other                      person;                (b)   the  release   of any  other   Obligor  or  any  other  person   under   the  terms  of  any                      composition or arrangement with any creditor of any other Obligor;                (c)   the  taking,  variation, compromise,    exchange,    renewal  or  release  of, or refusal  or                      neglect to perfect, take up or enforce, any rights against, or security over assets of,                      any   Obligor  or  other  person  or  any  non-presentation    or  non-observance    of  any                      formality or other requirement in respect of any instrument or any failure to realise                      the full value of any security;                (d)   any  incapacity  or  lack of power,   authority  or legal personality  of  or dissolution  or                      change in the members or status of an Obligor or any other person;                (e)   any    amendment,       novation,    supplement,     extension,    restatement     (however                      fundamental    and   whether   or  not more   onerous)   or  replacement    of any   Finance                      Document or any other document or security including without limitation any change                      in the purpose of, any extension of or any increase in any facility or the addition of                      any new facility under any Finance Document or other document or security;                (f)   any unenforceability, illegality or invalidity of any obligation of any person under any                      Finance Document or any other document or security; or                (g)   any insolvency or similar proceedings.  17.6      Guarantor Intent            Without   prejudice  to  the generality   of Clause  17.5   (Waiver  of  defences),  each   Guarantor            expressly  confirms   that it intends that  this guarantee   shall extend  from  time  to time  to any            (however   fundamental) variation,    increase,  extension or addition   of or to any  of the Finance            Documents     and/or   any   facility or  amount    made    available  under   any   of  the   Finance            Documents.  17.7      Reinstatement            If any payment by any Borrower, any other guarantor or any other provider of security under            the  Finance  Documents     must  be  repaid,  or  any  discharge   given  by  a Lender   (whether   in            respect  of  the  obligations  of any   Borrower,   another   guarantor   or any   security for  those            obligations or otherwise) is avoided or reduced, as a result of insolvency or any similar event:                (a)   the   liability of the  Guarantors    shall  continue   as  if such   payment,    discharge,                      avoidance or reduction had not occurred; and                (b)   the Finance Parties shall be entitled to recover the value or amount of that security                      or  payment    from   the  Guarantors,   as  if such  payment,    discharge,  avoidance    or                      reduction had not occurred.  17.8      Undertaking            Each Guarantor undertakes to the Agent that as long as this Guarantee is effective:                (a)   following  receipt  of  a notice  from   the Agent   of the  occurrence   of  any  Event   of                      Default, the Guarantor will not make a demand for any claim of moneys due to the                      Guarantor from any Borrower or any other guarantor, or exercise any other right or                      remedy    to which  any  Borrower   or any  other guarantor   are  entitled to in respect  of                      such  moneys    unless  and  until all moneys   due  and  payable  by  the  Borrowers   have                      been irrevocably paid in full;                (b)   if a   Borrower   or  any   other  guarantor   becomes     the  subject  of  an   insolvency                      proceeding   or  shall be wound    up or  liquidated, the  Guarantor   shall not (unless  so       BD-#34696673-v11                                      47

 

                     instructed  by  the  Agent  and  then  only  on  condition  that  the Guarantor   holds  the                       benefit of any claim in such insolvency or liquidation to pay any amounts recovered                       thereunder    to  the  Agent)   make    any  claim   in such   insolvency,   winding-up   or                       liquidation until all the Outstanding Indebtedness owing or due has been irrevocably                       paid in full;                 (c)   if the  Guarantor    being  in breach   of  paragraphs   (a)  and   (b) above   receives   or                       recovers any money pursuant to such exercise, claim or proof as therein referred to,                       such  moneys    shall be held  by  the Guarantor   for the Agent   to apply  the same   as if                       they were money received or recovered by the Agent under this Guarantee; and                 (d)   it will not take or has not taken from any Borrower any security whatsoever for the                       obligations guaranteed hereunder.   17.9      Immediate recourse             Each  Guarantor    waives  any  right  it may  have  of  first requiring any  Finance   Party (or  any             trustee  or agent  on  its behalf) to proceed   against  or enforce  any  other  rights or security  or             claim  payment   from   any person   before  claiming  from  such  Guarantor   under  this Clause  17.              This  waiver  applies  irrespective of  any  law or  any  provision  of a Finance   Document    to the             contrary.  17.10      Appropriations             Until all amounts   which  may   be  or become    payable  by  the Obligors  under   or in connection             with  the  Finance  Documents     have  been   irrevocably  and  unconditionally   paid  in full, each             Finance Party (or any trustee or agent on its behalf) may:                 (a)   refrain  from  applying   or enforcing   any  other  moneys,    security or  rights  held  or                       received  by  that Finance   Party (or any  trustee  or agent  on  its behalf) in respect  of                       those amounts, or apply and enforce the same in such manner and order as it sees                       fit (whether against those amounts or otherwise) and no Guarantor shall be entitled                       to the benefit of the same; and                 (b)   hold  in  an  interest-bearing   suspense   account   any  moneys    received   from  either                       Guarantor or on account of such Guarantor's liability under this Clause 17.  17.11      Deferral of Guarantor's rights                 (a)   Until  all amounts   which  may   be  or  become   payable   by  the  Obligors  under  or  in                       connection   with  the Finance   Documents    have  been  irrevocably  and  unconditionally                       paid  in full and unless  the  Agent  otherwise   directs, no Guarantor   will exercise  any                       rights which it may have by reason of performance by it of its obligations under the                       Finance   Documents    or by  reason  of any  amount    being  payable,  or liability arising,                       under this Clause 17:                    (i)    to be indemnified by another Obligor;                    (ii)   to claim  any  contribution  from  any  other  guarantor  of  any  Obligor's obligations                           under the Finance Documents;                    (iii)  to take  the benefit  (in whole  or  in part and  whether   by  way  of  subrogation   or                           otherwise) of any rights of the Finance Parties under the Finance Documents or of                           any  other  guarantee   or security  taken  pursuant   to, or  in connection   with, the                           Finance Documents by any Finance Party;                    (iv)   to bring legal or other proceedings for an order requiring any Obligor to make any                           payment, or perform any obligation, in respect of which such Guarantor has given                           a guarantee, undertaking or indemnity under this Clause 17;                    (v)    to exercise any right of set-off against any other Obligor; and/or       BD-#34696673-v11                                      48

 

                  (vi)   to claim  or  prove  as  a creditor  of any   other  Obligor  in competition   with  any                           Finance Party.                 (b)   If either Guarantor   receives  any  benefit, payment   or  distribution in relation to such                       rights  it will  promptly   pay   an  equal   amount    to  the  Agent   for application   in                       accordance with Clause 29 (Payment mechanics).  This only applies until all amounts                       which   may  be  or become    payable  by  the Obligors  under   or in connection   with the                       Finance Documents have been irrevocably paid in full.  17.12      No right of recourse and no security             The Guarantors shall have no right of recourse against any Borrower, any other guarantor or             any  of their respective  bankruptcy   estate  for any  amount   paid  by the  Guarantors   under  this             Guarantee for so long as any part of the Outstanding Indebtedness remains outstanding, and             the  Guarantors   shall not be  entitled to obtain  from  any  Borrower   any  security  for any  such             right of recourse which the Guarantors may have after such time. Any such security which the             Guarantors might obtain shall be regarded as supplementary security in favour of the Finance             Parties. The  Guarantors   hereby   renounce   any  and  all such claims  it has or  may  get  against             any Borrower or any other guarantor for as long as any part of the Outstanding Indebtedness             remains outstanding.  17.13      No subrogation in Finance Parties' security             The Guarantors shall have no right to subrogate, wholly or partly, in any security provided to             the  Finance  Parties pursuant   to the  Finance  Documents    or  in any  other way   until all of the             Outstanding Indebtedness has been fully and finally paid.  17.14      Action             Without affecting the obligations of either Guarantor hereunder,       the Agent, the other Finance             Parties may take such action as the Agent, the other Finance Parties, as the case may be, in             their own   discretion may   consider  appropriate  against  any  Borrower,   the Guarantors    or any             other  persons   or parties or  securities to recover  monies   due  and  payable   in respect  of the             obligations under the Finance Documents.  17.15      Knowledge of the additional security             Each Guarantor acknowledges and agrees that:                 (a)   it has  received   a copy  of  and  has  full knowledge   of  the security  which   is to be                       granted in respect of the amounts outstanding under the Finance Documents;                 (b)   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 as security for                       the Borrowers' obligations under the Finance Documents.  17.16      Assignment             The Agent and the Finance Parties may assign or transfer the rights under this Guarantee to             any person to whom the rights and obligations of such Finance Party under the Agreement are             wholly  or  partly assigned   or transferred  to  in accordance   with  Clause  25  (Changes    to the             Parties) of the Agreement.  17.17      Expenses             The Guarantors shall pay to the Agent on demand on a full indemnity basis all charges, costs             and  expenses    (including  the  legal fees)  reasonably   and  properly   incurred  by  the  Finance             Parties  in connection   with  the  preservation   and  enforcement    of  any  of the  rights  of the             Finance Parties under this Guarantee.       BD-#34696673-v11                                      49

 

17.18      No implied waivers             No delay or failure   by the Agent or any    other Finance Party    to exercise any  right or remedy             under  this  Guarantee   shall operate  or  be construed   as  a waiver  of such  rights  or remedies             unless  otherwise   expressly  stated  in writing by  the Agent   or such  Finance  Party.  No  partial             exercise  of any  right or remedy    shall prevent  any  further or  other exercise  of such  right  or             remedy or any other right or remedy. No express waiver of any rights or remedies in respect             of an Event of Default or any other event by the Agent, any other Finance Party shall operate             or be construed as a waiver of any rights or remedies in respect of any similar or other Event             of Default or events.     18      Security   18.1      Security Documents             The  Borrowers'   obligations  and  liabilities under the  Finance   Documents,    including  (without             limitation)  the Borrowers'   obligation  to repay   the  Loans  together   with all unpaid   interest,             default interest, commissions, charges, expenses and any other derived liability whatsoever of             any  Borrower   towards  the  Lenders,  the  Agent  or any  other  Finance  Party  in connection  with             this Agreement or    another  Finance  Document,    shall at any  time  until all amounts  due  to the             Finance  Parties  under  the Finance   Documents    have  been  paid  and/or  repaid  in full, be cross             collaterally secured by:                 (a)   the Security Agreements;                 (b)   the General Assignments;                 (c)   the Assignment of Hedging Claims;                 (d)   the Guarantees;                 (e)   the Mortgages;                 (f)   the Share Pledges; and                 (g)   the Manager’s Undertakings.   18.2      Security for Hedging Agreements                 (a)   For the avoidance of doubt, the Security Interest created by the Security Documents                       shall also secure the Borrowers' obligations under the Hedging        Agreements on a pro                       rata basis, but subject to a subordinated distribution of proceeds in accordance with                       Clause 29.5 (Partial payments).                 (b)   Each   Borrower   shall ensure  that  the Mortgages    be  amended    to cover  any  and  all                       Hedging   Agreements    entered  into  subsequent   to the  date of any  of the  Mortgages,                       on terms acceptable to the Security Agent and without undue delay from entry into                       of  any  such  Hedging   Agreement,    in order  to  secure  –  subject  to a  subordinated                       distribution of proceeds in accordance with Clause 29.5      (Partial payments) -   that any                       liability of the Borrowers under    any  and all Hedging   Agreements are secured      under                       the Mortgages.   18.3      Perfection and further assistance             Each  Obligor  undertakes   to ensure   that the  above  Security  Documents    be  duly executed   by             the  parties thereto  in favour  of the  Security  Agent  (on  behalf of  the Finance  Parties)  on  or             about  the  date  of this Agreement    (or  if not possible,  as soon  as  practically possible),  and             legally valid and  in full force and  effect throughout   the Security  Period. Each   Obligor further             undertake    to take  all such   action  as  is available  to  it (including  making   all filings and             registrations)  as may   be  necessary   for the  purpose   of the  creation, perfection,  protection,        BD-#34696673-v11                                      50

 

          maintenance or realisation    of any  Security  Interest conferred or intended to be     conferred on            the Security Agent or the Finance Parties by or pursuant to the Finance Documents.  18.4      Share Pledges -     waiver of recourse            If the  Security  Agent  enforces   any  or all of the  Share   Pledges,  each  Guarantor   and   each            Borrower   hereby  irrevocably  (i) waives  any  and  all of its claims against  the relevant  (other)            Borrower   and   releases  the  relevant  (other)  Borrower   from   any  and  all liabilities to each            Guarantor and each Borrower, including but not limited to any liabilities of the relevant (other)            Borrower under any  intra-group or shareholder loans and any liability to each Guarantor and            the  relevant  (other) Borrower   under  any  recourse   claims  (the "Borrower    Liabilities"),  and            (ii) authorises  the  Security  Agent   and  grants  power   of attorney   to the  Security  Agent   to            (without   any  consent,   sanction,  authority  or  further confirmation   from   any  other  party),            release any and all of the Borrower Liabilities, in order to allow for a sale of the shares in each            of the  Borrowers   to  be completed    without  any  claims  of any  Guarantor    and/or  any  of the            (other) Borrowers continuing to exist against any of the Borrowers following such sale to the            extent permitted by applicable mandatory laws.      BD-#34696673-v11                                      51

 

           Section    8  - Representations, Undertakings and Events Of Default    19      Representations and Warranties            Each  Obligor   makes   the  representations   and  warranties  set  out  in this Clause  19  to  each            Finance Party on the date of this Agreement:  19.1      Status and ownership                (a)   It is a company with limited liability or corporation, as applicable, duly incorporated                      and validly existing under the law of its jurisdiction of incorporation;                (b)   It has the power to own its assets and carry on its business as it is being conducted;                (c)   The   Intermediate   Parent  owns   directly  one  hundred   per  cent.  (100.00%)    of the                      shares  and voting rights in the Borrowers; and                (d)   The  Ultimate   Parent  owns  directly one  hundred   per  cent. (100.00%)    of the  shares                      and voting rights in the Intermediate Parent.  19.2      Insolvency            No  corporate   action, legal proceeding   or  other  procedure   or step  described  in  Clause  24.7            (Insolvency   proceedings)   or creditors' process  described  in Clause   24.8 (Creditors'  process),            has  been   taken  or  threatened   in  relation to  an  Obligor,  and  none   of  the circumstances            described in Clause 24.6 (Insolvency) applies to an Obligor.  19.3      Binding obligations                (a)   The Finance Documents and Transaction Documents to which it is a party constitute                      legal, valid, binding and enforceable obligations.                (b)   Save as provided herein or therein and/or as have been or shall be completed prior                      to  the  Drawdown     Date,  no  registration, filing, payment    of tax  or  fees or  other                      formalities  are necessary   or  desired  to render  the  Finance  Documents    enforceable                      against it, and in respect of the Vessels, for each Mortgage to constitute a valid and                      enforceable   first priority mortgage   over  the  respective  Vessel  and,  subject  to the                      Legal  Reservations,   for each  of the  other  Security  Documents    to have  the  priority                      which it is expressed to have in the Security Documents.  19.4      No conflict with other obligations            The  entry  into and  performance   by  it of, and the  transactions  contemplated by,    the  Finance            Documents and/or the Transaction Documents do not and will not conflict with:                (a)   any  law  or regulation  applicable  to it any present   law or regulation  applicable  to it                      (including Directive 2005/60/EC of the European Parliament and of the Council of the                      European    Communities    Union  of 26  October   2005,  implemented    to combat   money                      laundering);                (b)   any of its constitutional documents; or                (c)   or  constitute   a  default  or  termination    event   (however    described)   under   any                      agreement or document to which it is a party or by which it or any of its assets are                      bound.  19.5      Power and authority            It has  the power   to enter  into, perform   and  deliver, and  has taken   all necessary  actions  to            authorise its entry into, performance and delivery of, the Finance Documents and Transaction       BD-#34696673-v11                                      52

 

           Documents     to  which  it is a  party  and   the  transactions   contemplated    by  those   Finance             Documents and Transaction Documents.   19.6      Governing law and enforcement                 (a)   The  choices  of governing   law of  the relevant Finance Documents      will be recognised                       and enforced in its jurisdiction of incorporation.                 (b)   Any  judgment    obtained  in relation to a  Finance  Document    in the jurisdiction of the                       governing law will be recognised and enforced in its Relevant Jurisdiction.   19.7      Authorisations and consents             All Authorisations required by it (i) in connection with the entering into, performance, validity             and  enforceability  of the Finance   Documents    and  the transactions   contemplated   hereby   and             thereby, and (ii) to make the Finance Documents to which it is a party admissible in evidence             in its Relevant Jurisdiction, have been obtained or effected and are in full force and effect.   19.8      Taxes                 (a)   It  has  complied   with  all taxation  laws  in all jurisdictions where   it is subject   to                       taxation  and  has  paid  all applicable Taxes  and  other  amounts   due  to  governments                       and other public bodies where failure to do so is reasonably likely to have a Material                       Adverse Effect. No claims are being asserted against it with respect to any Taxes or                       other payments due to public or governmental bodies, which are reasonably likely to                       have a Material Adverse Effect.                 (b)   It  is not   required   to  make   any   Tax   Deductions   (as  defined   in  Clause   12.1                       (Definitions)) for or on account of Tax from any payment it may make under any of                       the Finance Documents.   19.9      No filing or stamp taxes             Under the laws of its Relevant Jurisdiction it is not necessary that the Finance Documents be             filed, recorded  or  enrolled with  any  court  or other  authority  in that jurisdiction or that  any             stamp, registration, notarial   or similar Taxes  or fees  be paid on   or in relation to the Finance             Documents     or  the   transactions   contemplated    by   the  Finance   Documents,     except   the             registration  of the  Mortgages   with  the  Approved   Ship  Registry,  which  registrations,  filings,             taxes and fees shall be made and paid promptly by the Obligors after the date of the relevant             Finance Document.  19.10      No Default                 (a)   No Event of Default is continuing or might reasonably be expected to result from the                       making    of  a  Loan   or  the  entry  into  and   performance    of  or  any   transaction                       contemplated by any of the Finance Documents.                 (b)   No other event or circumstances is outstanding which constitutes a default or (with                       the expiry of a grace period, giving of notice or the making of any determination or                       any   combination    of the  foregoing)   might   constitute  a  default  under   any  other                       agreement or instrument which is binding on it or to which the its assets are subject                       which has or is reasonably likely to have a Material Adverse Effect.  19.11      No misleading information                 (a)   Any factual information, documents, exhibits or reports       relating to it and which have                       been   furnished  to the Finance   Parties by  or on behalf  of it for the purposes   of this                       Agreement are complete and correct in all material respects and do not contain any                       misstatement    of  fact or omit  to state  a fact  making   such  information,  exhibits  or                       reports misleading in any material respect.       BD-#34696673-v11                                      53

 

               (b)   Any   financial projections  contained   in the information   referred  to in paragraph   a)                       above    have  been   prepared    as  at their  date  on   the  basis  of  recent  historical                       information    and  on   the  basis  of  assumptions    believed   by  the   Obligor  to  be                       reasonable as at the date of preparation.  19.12      Original Financial Statements                 (a)   The Original Financial Statements give a true and fair view of its financial condition                       as  at  the  end  of the  period  to  which  they  related,  and   have  been   prepared   in                       accordance with US GAAP consistently applied.                 (b)   Since   the date  of  the  Original Financial  Statements,   there  has  been   no  material                       adverse change in its business or financial condition.  19.13      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  preferred  by             mandatory law applying to companies generally.  19.14      No proceedings pending or threatened             No litigation, arbitration or administrative proceedings of or before any court, arbitral body or             agency,   which  if adversely   determined,   might   reasonably   be  expected   to have   a Material             Adverse   Effect, have  (to its knowledge   and  belief) been  started or  threatened   against it and             no  judgments    or orders  have   been  issued  which  might   reasonably   be  expected   to have  a             Material Adverse Effect.  19.15      No immunity             The  execution and   delivery  by it of each  Finance Document to which      it is a party constitute,             and its exercise of its respective rights and performance of its obligations under each Finance             Document will constitute, private and commercial acts performed for private and commercial             purposes,   and  it will not (except  for bankruptcy    or any  similar proceedings)    be entitled  to             claim for  itself or any or all of its assets immunity   from  suit, execution,  attachment or   other             legal process   in any  other  proceedings   taken  in England,  Norway    and/or  elsewhere   (as the             case may be) in relation to any Finance Document.  19.16      No winding-up             It has   not  taken   any  corporate   action  nor  have   any   other  steps  been   taken   or  legal             proceedings   been  started or threatened    against  it for its reorganisation (by way   of voluntary             arrangement,     scheme    of  arrangement     or   otherwise),   winding-up,    dissolution,  judicial             management      or   administration   or  for  the   appointment     of  a  receiver,   administrator,             administrative   receiver, judicial manager,   trustee  or  similar officer of it or any  or all of its             assets.  19.17      Environmental compliance             It has performed and observed in all material respects all      Environmental Laws, Environmental             Approvals and all other material covenants, conditions, restrictions or agreements directly or             indirectly concerned with any contamination, pollution or waste or the release or discharge of             any toxic or hazardous substance in connection with the Vessels.  19.18      Environmental Claims             No Environmental Claim has been commenced or (to the best of the Obligor's knowledge and             belief) is threatened against it.       BD-#34696673-v11                                      54

 

19.19      ISM Code and ISPS Code compliance             All requirements    of the  ISM  Code   and  the  ISPS   Code  as  they  relate  to any  Obligor,  the             Managers and/or any Vessel have been complied with in all material respects.  19.20      The Vessels             Each Vessel is or will from its respective Delivery Date be:                 (a)   in  the  absolute   ownership    of  the  respective   Borrower,    free  and  clear  of  all                       encumbrances     (other  than  as permitted   in accordance   with  Clause  22.5  (Negative                       Pledge –   Collateral)) and the relevant Borrower is and will remain the sole, legal and                       beneficial owner of the Vessel;                 (b)   registered   in the name    of the  relevant  Borrower   with  an Approved    Ship  Registry                       under the laws and flag of such Approved Ship Registry;                 (c)   operationally seaworthy in every way and fit for service; and                 (d)   classed  with  an  Approved   Classification  Society, free  of all overdue   requirements,                       recommendations and conditions.  19.21      Anti-corruption laws             The Obligors have conducted its businesses in compliance with applicable anti-corruption laws             and Sanctions and has instituted and maintained policies and procedures designed to promote             and achieve compliance with such laws and Sanctions.  19.22      No money laundering                 (a)   It is acting  for  its own  account   in relation  to the  Facility and  in relation  to the                       performance    and  the  discharge   of its obligations  and  liabilities under the  Finance                       Documents     and  the transactions  and  other  arrangements    effected  or contemplated                       by the Finance Documents to which it is a party, and the foregoing will not involve or                       lead to contravention of any law, official requirement or other regulatory measure or                       procedure implemented      to combat money      laundering  (as defined in  Article 1 of the                       Directive   2015/849/EC     of the   European   Parliament    and  of  the  Council   of the                       European    Communities    (as  amended,   supplemented     and/or  replaced  from   time  to                       time).                 (b)   The Borrowers will use the proceeds of the Facility for its own benefit, under its full                       responsibility and exclusively for the purposes specified in this Agreement.  19.23      No breach of laws             Except  as  notified by  the Obligors  to the  Agent  and  accepted   in writing by  the  Agent,  each             Obligor complies in all material respects with any law or regulation applicable to it.  19.24      Sanctions             None of the Obligors nor any of their Subsidiaries and, to the best of their knowledge (having             made due and careful enquiry), none of their respective directors, officers or employees:                 (a)   is in breach of any Sanctions;                 (b)   is a Restricted Party nor acts directly or indirectly on behalf of a Restricted Party; or                 (c)   has  received   notice  of or is aware   of  any  claim, action,  suit, proceeding,   formal                       notice or investigation against it with respect to Sanctions.       BD-#34696673-v11                                      55

 

19.25      No Rebates             No agreement or understanding has been entered into or agreed pursuant to an Intermediate             MOA to allow or pay any rebate, premium, inducement, commission, discount or other benefit             or payment    (however   described)  to any  Borrower   or any  other  Group  Member    in connection             with the purchase by a     Borrower of a Vessel, other than as disclosed to the Agent in writing             on or before the date of this Agreement.  19.26      Repetition             The Repeating Representations set out in this Clause 19 shall be deemed to be repeated:                 (a)   on the date of each Drawdown Notice;                 (b)   on each Drawdown Date;                 (c)   on the first day of each Interest Period; and                 (d)   in  each  Compliance    Certificate forwarded    to the  Agent   pursuant   to Clause   20.2                       (Compliance certificate) (or, if no such Compliance Certificate is forwarded, on each                       day such certificate should have been forwarded to the Agent at the latest).     20      Information Undertakings             The   undertakings   set  out  in this Clause   20  shall  remain   in force  from  the  date  of  this             Agreement and throughout the Security Period.   20.1      Financial statements             The Ultimate Parent shall supply to the Agent in sufficient copies for all of the Lenders:                 (a)   as  soon  as  the same   become    available, but  in any  event  within  four (4)  calendar                       months    after the end   of each  of its fiscal years, its consolidated   audited  financial                       statements    for  that  fiscal year  together   with  the  unaudited    accounts   of  each                       Borrower;                 (b)   as  soon  as  the same   become    available, but  in any  event  within  two  (2)  calendar                       months   after  the end  of each  financial quarter,  its unaudited  consolidated   financial                       statements for that financial quarter; and                 (c)   as  soon  as same   become   available,  but in any  event  no  later than 28  February   for                       each year, its budget and cash flow projections.   20.2      Compliance Certificates             The Ultimate Parent shall supply to the Agent, with each set of financial statements delivered             pursuant   to  paragraphs   (a)  and  (b)  of Clause   20.1  (Financial  statements),   a Compliance             Certificate in the  form  set out in Schedule   5  (Form  of Compliance    Certificate) signed  by the             Principal  Financial   Officer  of  the   Ultimate   Parent   setting  out   (in  reasonable    detail)             computations    as  to  compliance    with  Clause  21   (Financial  covenants)   and   the  Collateral             Maintenance    Test  pursuant  to  Clause  7.1  (Mandatory   prepayment    –  Collateral Maintenance             Test), as at the date at which those financial statements were drawn up.   20.3      Vessels' Market Value             Valuations  to  determine  the  Market  Value  of the  Vessels  shall be obtained   by the  Borrowers             for the Borrowers' cost prior to the end of each financial half-year and to be sent to the Agent             together with each relevant Compliance Certificate, or, if an Event of Default has occurred, for             the  Borrowers'  cost  at such  further frequency   as may   be requested   by  the Agent   (acting on             behalf of the Majority Lenders).       BD-#34696673-v11                                      56

 

20.4      Requirements as to financial statements            The Obligors shall procure that each set of financial statements delivered pursuant to Clause            20.1  (Financial  statements)   is prepared   using  US  GAAP,   accounting   practices  and  financial            reference   periods  consistent  with those   applied in  the preparation   of the  Original Financial            Statements for the Obligors unless, in relation to any set of financial statements, it notifies the            Agent that there has been a change in US GAAP, the accounting practices or reference periods            and the Obligor's auditors deliver to the Agent:                (a)   a  description  of any  change   necessary  for those  financial statements    to reflect US                      GAAP, accounting practices and reference periods upon which that Obligor's Original                      Financial Statements were prepared; and                (b)   sufficient information, in form and substance as may be reasonably required by the                      Agent, to enable the Lenders to determine whether Clause 21 (Financial covenants)                      has  been   complied   with and   make   an  accurate  comparison    between   the  financial                      position  indicated  in those financial statements   and  that  Obligor's Original Financial                      Statements.            Any   reference  in  this Agreement     to those   financial statements    shall be  construed    as a            reference to those financial statements as adjusted to reflect the basis upon which the Original            Financial Statements were prepared.  20.5      Fiscal Year            There shall be no change to any Obligor's fiscal year without the prior written consent of the            Agent (on behalf of the Majority Lenders).  20.6      Information –     miscellaneous            The  Obligor shall  notify the Agent and/or    supply  to the Agent (in  sufficient copies  for all the            Lenders, if the Agent so requests):                (a)   at the same time as they are dispatched, copies of all documents dispatched by an                      Obligor to its creditors generally;                (b)   promptly    upon   becoming    aware   of  them,   the  details  of  any  litigation, claim,                      arbitration  or administrative   proceedings   which  are current,  threatened   or pending                      against   an  Obligor,  and  which   might,  if adversely   determined,    have  a  Material                      Adverse Effect;                (c)   promptly,    such  further  information   regarding   the   business,  operations,   assets,                      operations (financial or otherwise) and technical data of any Group Member and the                      Vessels  as  the Agent   may  reasonably   request,  and  which  can  be  delivered  without                      breach   of  any  confidentiality  undertakings    or any   applicable  law  or  rules  of a                      securities/regulatory exchange;                (d)   promptly, such further information reasonably requested by the Agent (on behalf of                      the Finance   Parties) in order for  each  Finance Party to carry   out and be satisfied it                      has complied with all necessary "know your customer" or other similar checks under                     all applicable laws and regulations pursuant to the transactions contemplated in the                      Finance Documents; and                (e)   promptly, upon becoming aware of them, the details of any loss, seizure, capture or                      piracy against any Vessel.  20.7      Notification of default            Each  Obligor   shall notify the  Agent  of  any  Default  (and  the  steps,  if any, being  taken   to            remedy it) promptly upon becoming aware of its occurrence.      BD-#34696673-v11                                      57

 

20.8      Notification of Environmental Claims            Each   Obligor  shall  inform  the  Agent   in writing  as  soon   as  reasonably   practicable  upon            becoming aware of the same:                (a)   if any  Environmental    Claim  has  been  commenced     or  (to the  best of  the Obligor's                      knowledge and belief) is threatened against an Obligor or a Vessel; and                (b)   of  any  fact and  circumstances   which   will or are  reasonably  likely to result  in any                      Environmental Claim being commenced or threatened against an Obligor or a Vessel.  20.9      "Know your customer" checks                (a)   If:                   (i)    the introduction  of or  any  change  in (or  in the interpretation,  administration   or                          application of) any law or regulation made after the date of this Agreement;                   (ii)   any Applicable KYC Procedures;                   (iii)  any change in the status of an Obligor (or of a Holding Company of an Obligor) or                          the composition of the shareholders of an Obligor (or of a Holding Company of an                          Obligor) after the date of this Agreement;                   (iv)   a proposed    assignment    or  transfer by   a Lender   of  any  of  its rights  and/or                          obligations under   this Agreement    to a  party that  is not a  Lender  prior  to such                          assignment or transfer; or                   (v)    any  anti-money    laundering   or  anti-terrorism   financing   laws  and   regulations                          applicable to the Agent or any Lender,                   obliges  the  Agent   or  any  Lender   (or,  in  the  case  of  paragraph    (iii) above,  any                   prospective  new   Lender) to  comply   with "know   your customer"    or similar identification                   procedures in circumstances where the necessary information is not already available to                   it, each Obligor shall promptly upon the request of the Agent or any Lender supply, or                   procure   the  supply   of, such   documentation    and   other  evidence    as  is reasonably                   requested by the Agent (for itself or on behalf of any Lender) or any Lender (for itself                   or, in  the  case  of the  event   described  in  paragraph   (iii) above,  on  behalf  of  any                   prospective new Lender) in order for the Agent, such Lender or, in the case of the event                   described  in  paragraph   (iii) above, any  prospective   new   Lender  to  carry out  and  be                   satisfied it has  complied   with  all necessary   "know   your  customer"    or  other  similar                   checks   under   all  applicable   laws  and   regulations   pursuant    to  the   transactions                   contemplated in the Finance Documents.                (b)   Each   Lender  shall promptly   upon   the request  of  the Agent   supply,  or procure  the                      supply of, such documentation and other evidence as is reasonably requested by the                      Agent (for itself) in order for the Agent to carry out and be satisfied it has complied                      with all necessary "know your customer" or other similar checks under all applicable                      laws   and  regulations   pursuant   to the  transactions   contemplated    in  the  Finance                      Documents.            For the purpose of this Clause 20.9:            "Applicable KYC Procedures" means any applicable "know your customer" checks or similar            identification procedures,   or  equivalent  internal  policies of a  Lender   or the  Agent,  or  any            equivalent procedures required by applicable law or regulations.      BD-#34696673-v11                                      58

 

20.10      KEXIM as guarantor notification and information                 (a)   The   Borrowers   shall promptly   notify the Agent   and  the  KEXIM   Agent  forthwith  by                       email   of the   occurrence   of  any  event   involving  a  risk covered   by   the  KEXIM                       Guarantee and shall:                    (i)    pay  upon   demand    any  additional  premium    payable  to  KEXIM   as  guarantor   in                           respect of the KEXIM Guarantee as a result of such event involving a political or                           commercial risk; and                    (ii)   cooperate with the Agent or the KEXIM Agent on its reasonable request to take all                           steps  necessary  on  the  part  of the  Borrowers   to ensure   the KEXIM   Guarantee                           remains in full force and effect throughout the Facility Period.                 (b)   The Borrowers shall promptly provide the Agent and the KEXIM Agent with copies of                       all financial or other information required by the KEXIM Agent to satisfy any request                       for information by KEXIM as guarantor pursuant to the       KEXIM Guarantee.  20.11      Use of websites                 (a)   The  Ultimate   Parent  may  satisfy its obligation under   this Agreement   to  deliver any                       information   in  relation to  those   Finance  Parties  (the  "Website    Lenders")    who                       accept this method of communication by posting this information onto an electronic                       website   designated    by  the  Ultimate   Parent   and   the  Agent   (the  "Designated                       Website") if:                    (i)    the Agent  expressly   agrees  (after consultation  with  each  of the Finance  Parties)                           that it will accept communication of the information by this method;                    (ii)   both  the Ultimate   Parent  and  the  Agent  are  aware   of the  address  of  and  any                           relevant password specifications for the Designated Website; and                    (iii)  the information is in a format previously agreed between the Ultimate Parent and                           the Agent.                    If any  Finance   Party  (a "Paper    Form   Lender")    does  not  agree  to  the  delivery  of                    information  electronically  then  the Agent   shall notify the  Ultimate  Parent   accordingly                    and  the Ultimate   Parent  shall supply the  information  to  the Agent  (in sufficient copies                    for each  Paper  Form   Lender)   in paper  form.   In  any  event  the Ultimate   Parent  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 Ultimate Parent and the Agent.                 (c)   The Ultimate Parent shall promptly upon becoming aware of its occurrence notify the                       Agent if:                    (i)    the Designated Website cannot be accessed due to technical failure;                    (ii)   the password specifications for the Designated Website change;                    (iii)  any  new  information   which  is required  to be  provided   under  this Agreement    is                           posted onto the Designated Website;                    (iv)   any  existing  information   which  has  been   provided   under  this  Agreement    and                           posted onto the Designated Website is amended; or       BD-#34696673-v11                                      59

 

                 (v)    the  Ultimate   Parent   becomes    aware    that  the  Designated    Website    or  any                          information  posted  onto  the  Designated   Website  is or  has been   infected by  any                          electronic virus or similar software.            If the Ultimate Parent notifies the Agent under paragraph (c)(i) or paragraph (c)(v) above, all            information to be provided by the Ultimate Parent under this Agreement after the date of that            notice shall be supplied in paper form unless and until the Agent and each Website Lender is            satisfied that the circumstances giving rise to the notification are no longer continuing.    21      Financial Covenants  21.1      Financial definitions            Except  otherwise   explicitly provided  for in this Agreement,    an  accounting  term   used  in this            Clause is to be construed in accordance with US GAAP.            For the purposes of this Clause 21, the following definitions shall apply:            "Cash and Cash Equivalents" means, at any date, the aggregate amount of freely available            cash  and  cash  equivalents  of the Group,   in each  case reported   in accordance with   US  GAAP,            including without limitation:                (a)   cash in hand or on freely available deposit with any bank or financial institution;                (b)   certificates of deposits  or  marketable   debt  securities (including, but  not limited  to,                      money    market   funds)   with  a maturity   of twelve   (12)  months    or less  after the                      relevant date of calculation, issued by an Arranger or a financial institution which has                      a rating for its long term unsecured and non-credit enhanced debt obligations with A                      or higher  by Standard & Poor's Rating Services or Fitch Ratings Ltd or A2 or higher                      by Moody's Investor Services Limited or a comparable rating from an internationally                      recognised credit rating agency; or                (c)   any other instrument, security or investment approved in writing by the Agent, and                      in each   case, to which   any  of the Obligors  is beneficially entitled at  that time  and                      which can be promptly realised and applied against the Loans.            "Equity Ratio" means the ratio of Total Equity to Total Assets.            "Liquidity" means, at any given time, the aggregate of (i) Cash and Cash Equivalents and (i)            any   undrawn   amount    freely  and  unconditionally   available  for drawings    under  any   credit            facilities with remaining tenor of at least six (6) months.            "Total Assets" means the aggregate book value of total assets in accordance with US GAAP.            "Total Equity" means the aggregate book value of the equity treated as equity in accordance            with US GAAP.            "Working     Capital"   means    current   assets   less  current  liabilities (which   shall  exclude            instalments of long term debt due in the twelve (12) months, capital lease payments and, in            respect  of  any  Borrower    only, any   intra group   debt  incurred   in accordance    with  Clause             22.11(b)(ii) (Financial Indebtedness restrictions).  21.2      Financial testing                (a)   The   financial covenants   set  out  in this Clause  21   (Financial Covenants)    shall be                      calculated  in accordance    with US  GAAP   consistently  applied,  provided  always,  that                      lease   obligations  shall  be   classified in  accordance    with   applicable  accounting                      principles  prior to  1 January   2019   (for the  avoidance   of doubt,  disregarding   any                      amendments to accounting principles as a result of IFRS 16 or equivalent).       BD-#34696673-v11                                      60

 

              (b)   The   financial covenants    shall be  tested   quarterly,  by  reference  to  each   of the                      financial  statements   delivered  pursuant   to paragraphs   (a)  and  (b) of  Clause  20.1                      (Financial  Statements)    and/or   each  Compliance    Certificate delivered   pursuant   to                      Clause 20.2 (Compliance Certificate).  21.3      Financial covenants            The Ultimate Parent shall ensure that it maintains (on a consolidated basis) at all times:                (a)   an  Equity Ratio of minimum 0.25 to 1.00;                (b)   a positive Working Capital; and                (c)   Liquidity of minimum the higher of:                   (i)    USD 25,000,000; or                   (ii)   an  amount   equal  to  five per  cent. (5%)   of  the Group's   total interest  bearing                          Financial  Indebtedness    on  a  consolidated   basis  net   of any   Cash   and   Cash                          Equivalents.  21.4      Change of accounting principles            If the Agent believes that the definitions and/or the financial covenants set out in this Clause            21  (Financial  covenants)    need  to  be  amended    as  a  result of  any  change    of accounting            principles, determination   or  requirement,   the Ultimate   Parent  and  the Agent   shall negotiate            (Agent   acting  on  the  instructions  of  the  Lenders)   in  good  faith  to amend    the  existing            definitions and/or financial covenants so as to provide the Lenders with substantially the same            protections  as the definitions  and/or  financial covenants   set out in this Clause  21 (but   which            are not materially more onerous for the Borrowers or the Ultimate Parent).    22      General Undertakings            The   undertakings   set  out  in this Clause   22  shall  remain   in force  from  the  date  of  this            Agreement and throughout the Security Period.   22.1      Blocking Law            Any provision of Clauses 19.24 (Sanctions) or 22.22 (Sanctions) shall, if specified in writing by            a  Finance  Party  to the  Agent,  not apply  to  or in favour  of any  Finance   Party if and  to the            extent that it would result in a breach, by or in respect of that Finance Party, of any applicable            Blocking  Law.   An  affected  Finance  Party  shall be  obliged  to notify the  Agent  whether   such            provisions shall not be deemed to apply promptly after a potential breach by or in respect of            such Finance Party comes to the attention of such Finance Party.            For the purposes of this Clause 22.1,    Blocking Law    means:                 (a)   any  provision  of Council  Regulation   (EC)  No  2271/1996    of 22  November    1996   (or                      any   law or  regulation  implementing    such  Regulation   in any  member    state  of the                      European Union or the United Kingdom); or                 (b)   any similar blocking or anti-boycott law applicable to that Finance Party.  22.2      Authorisations etc.            The Obligors shall promptly:                (a)   obtain, comply and do all that is necessary to maintain in full force and effect; and                (b)   supply certified copies to the Agent (if so requested) of,      BD-#34696673-v11                                      61

 

          any  Authorisation  required   under  any  law or  regulation  of its jurisdiction of incorporation  to            enable it  to perform its  obligations under   the Finance Documents     and  to ensure   the legality,            validity, enforceability  or admissibility in  evidence  in its jurisdiction of incorporation   of any            Finance Document.  22.3      Compliance with laws            Each Obligor shall comply in all material respects with all laws (including Sanctions) to which it            may be subject.  22.4      Pari passu ranking            Each Obligor shall ensure that its obligations under the Finance Documents do and will rank at            least  pari  passu   with  all  its other  present   and   future  unsecured    and   unsubordinated            obligations,  except  for those  obligations  which  are  preferred  by  mandatory    law applying   to            companies generally in the jurisdictions of their incorporation or in the jurisdiction in the ports            of calls.  22.5      Title – Collateral            The  respective  Borrower   will hold legal title to, and  own  the  entire beneficial interest in, its            Vessel,  its Insurances,  its Earnings  and  all of its other  assets, free  of all Security Interest,            except for  those created by    the Finance  Documents    and  as  set out in Clause  22.6 (Negative            pledge -  Collateral).  22.6      Negative Pledge –      Collateral            None   of the  Obligors,  nor  any  other  Group  Member,    shall create  or  permit  to subsist  any            Security Interest over (i) any asset subject to, or intended to be subject to, Security Interest            under the Security Documents, or (ii) any other asset of the Borrowers, other than:                (a)   the Security Interest   created under the Security Documents;                (b)   any  Security  Interest  arising under  the  general  terms  and  conditions  of banks  with                      whom any Group Member maintains a banking relationship in the ordinary course of                      business (including, without limitation, arising under article 24 and 25 of the general                      terms and conditions (algemene voorwaarden) of any member of the Dutch Bankers'                      association (Nederlandse Vereniging van Banken));                (c)   any Security Interests arising in the ordinary course of business by operation of law                      and securing obligations not more than forty-five (45) days overdue; and                (d)   any Security Interests disclosed in writing to the Agent, and consented to in writing                      by the Agent (acting upon instructions from the Majority Lenders).  22.7      Ownership of the Borrowers and the Intermediate Parent                (a)   The   Intermediate   Parent   shall at  all times  own   directly  one  hundred   per  cent.                      (100.00%) of the shares and voting rights in the Borrowers.                (b)   The Ultimate Parent shall at all times own directly one hundred per cent. (100.00%)                      of the shares and voting rights in the Intermediate Parent.                (c)   None of the Obligors shall create or permit to subsist any Security Interest over any                      existing or future shares issued by any of the Borrowers or the Intermediate Parent,                      other than the Security Interest created under the Security Documents.  22.8      Preservation of assets            Each  Obligor  shall maintain  and  preserve   all of its assets that are necessary   or desirable,  in            the opinion of the Agent, for the conduct of its business, as intended to be conducted at the       BD-#34696673-v11                                      62

 

           date  of  this  Agreement,    in good   working   order   and  condition,  ordinary   wear   and  tear             excepted.   22.9      Change of business             The  Obligors shall  ensure  that no  change   is made to  the general   nature  of its business  from             that carried out at the date of this Agreement without the prior       written consent of the Agent             (on behalf of the Lenders and KEXIM as guarantor).  22.10      No mergers etc.             No   Obligor   shall  enter   into  any   merger,   amalgamation,     de-merger,     split-up,  divest,             consolidation  with  or  into any  other  person  or  be the  subject  of any  reconstruction,   name             change or change of type of organization without the prior consent of the Agent (on behalf of             the Lenders and KEXIM as guarantor).  22.11      Financial Indebtedness restrictions                 (a)   The    Borrowers    shall  not  incur,   create   or  permit   to   subsist  any   Financial                       Indebtedness.                 (b)   Paragraph (a) above does not apply to Financial Indebtedness:                    (i)    incurred under the Finance Documents;                    (ii)   incurred  under  any  loans  from  any  Guarantor   or  any  other  Borrower,  provided                           that any Guarantor's or the other Borrower's claims under such loans are subject                           to a  Security  Agreement    and   fully subordinated   to the  claims  of  the  Finance                           Parties under the Finance Documents; or                    (iii)  consented to in writing by the Lenders.  22.12      Financial support             The  Borrowers   shall not  make  or  grant any  loans,  guarantees   or any  other  form  of financial             support to any person, except for:                 (a)   financial support   by way   of trade  credit in the ordinary  course   of operation  of the                       Vessels; and                 (b)   intra-group   loans  to another   Borrower   or  a Guarantor,   provided   always   that the                       obligations   of any  other   Borrower   or  a Guarantor    be  fully subordinated   to  any                       obligations under the Finance Documents, and the relevant Borrower's claims under                       such loans are subject to a Security Agreement.  22.13      Distributions from the Borrowers             Following the occurrence of an Event of Default which is continuing, no Borrower may:                 (a)   declare, make or pay any dividend, charge, fee or other distribution (whether in cash                       or in kind) on or in respect of its share capital (or any class of its share capital);                 (b)   pay any interest or repay any principal amount (or capitalised interest) on any debt                       to any of its shareholders; or                 (c)   redeem,   repurchase   or  repay  any  of its share capital  or resolve  to do  so, or enter                       into  any   transaction   or  arrangement     having   a  similar  effect  as  described   in                       paragraphs (i) to (iii).       BD-#34696673-v11                                      63

 

22.14      Distributions from the Ultimate Parent                 (a)   Subject to the limitations listed in paragraph (b) below, the Ultimate Parent may:                    (i)    declare, make or pay    any  dividend,  charge, fee  or other distribution  (whether   in                           cash  or in kind)  on  or in respect  of its share  capital (or  any  class of its share                           capital);                    (ii)   pay  any  interest or repay  any  principal  amount   (or capitalised  interest) on  any                           debt to any of its shareholders;                    (iii)  redeem, repurchase or repay any of its share capital or resolve to do so; or                    (iv)   enter into any transaction or arrangement having a similar effect as described in                           paragraphs (i) to (iii).                 (b)   The   distributions described   in paragraph    (a) above   can  only  be  carried  out  and                       effectuated if:                    (i)    no Event of Default is existing and is continuing on the time when the distribution                           is to be  made   or would  result  from  the making,   payment    or declaration  of the                           distribution; or                    (ii)   as otherwise   consented   to  in writing  by  the Agent   (on  behalf  of the  Majority                           Lenders).  22.15      Investments             No Borrower shall make any investments or acquisitions, neither of vessels or companies (or             shares in companies), other than:                 (a)   the acquisition of the Vessels;                 (b)   ordinary and scheduled maintenance of the Vessels; and                 (c)   any other maintenance of the Vessels required in order to be in compliance with the                       provisions   under   this  Agreement,     including,  but  not   limited  to,  Clause   23.3                       (Classification and repairs).  22.16      Environmental compliance             The Obligors shall comply in all respects with all applicable Environmental Laws subject to the             terms and   conditions  of any  applicable Environmental    Approval   and  obtain  and maintain   any             applicable Environmental Approval.  22.17      Arm's length transactions             No  Obligor  shall  engage   in, directly or indirectly, any  transaction   with  any  party  (without             limitation, the purchase,   sale or exchange    of assets or the rendering   of any  service), except             pursuant   to  the   reasonable   requirement    of  the  Obligor's   business   and  upon   fair  and             reasonable   terms  that  are no  less favorable  to the  Obligor, as  the case  may   be, than  those             which might be obtained in an arm's length transaction at the time.  22.18      Listing             The  Ultimate   Parent  shall remain   listed on  the Oslo  Stock  Exchange    and/or  the  New   York             Stock Exchange and/or another recognised stock exchange acceptable to the Agent (on behalf             of the Lenders).       BD-#34696673-v11                                      64

 

22.19      Hedging                 (a)   The Hedge Providers shall have a first right of refusal in relation to interest hedging                       relating to any Vessel or the Facility on competitive terms. The Borrowers shall use                       reasonable   endeavours    to ensure  that  the ISDA   Master  Agreements    and  schedules                       entered   into with  the  Hedge   Providers  shall be  in substantially  similar terms   and                       shall provide copies to the Agent once they have been signed.                  (b)   No Obligor shall carry out derivative transactions for speculative purposes.  22.20      Earnings Accounts             The  Borrowers    shall open   and  maintain   all its Earnings  Accounts   with  the  Account   Bank,             ensure  that  all Earnings  are paid  to the  Earnings  Accounts,   and  that the  Earnings  Accounts             remain   subject  to the  relevant  Security  Agreement.   The  Borrowers   may   freely operate   and             make   withdrawals   from   the Earnings   Accounts   until the occurrence   of  an Event   of Default             which is continuing.  22.21      Taxation             The  Obligors  shall pay  and  discharge  all Taxes  imposed   upon  it or its assets within  the time             period allowed without incurring penalties unless and only to the extent that such payment is             being contested in good faith or can be lawfully withheld.  22.22      Sanctions                 (a)   Each Obligor, and the Obligors and its Subsidiaries shall ensure that their directors,                       officers and employees, agents and representatives shall comply in all respects with                       Sanctions.                 (b)   No Obligor shall, and the Obligors and its Subsidiaries shall ensure that none of their                       directors,  officers or employees    will, take  any  action  or make    any  omission  that                       results,  or is reasonably   likely to  result, in  it or any  Finance   Party  becoming   a                       Restricted Party.                 (c)   No Obligor shall use any revenue or benefit derived from any activity or dealing with                       a Restricted Party in discharging any obligation due or owing to the Finance Parties.                 (d)   Each   Obligor  shall procure   that no  proceeds   from   any  activity or  dealing  with a                       Restricted Party are credited to any bank account held with any Finance Party in its                       name.                 (e)   Each Obligor shall to the extent permitted by law promptly upon becoming aware of                       them    supply   to the   Agent   details  of any   claim,  action,  suit,  proceedings    or                       investigation  against  it with  respect  to Sanctions  by  any  Sanctions   Authority,  and                       provide information on what steps are being taken with regards to answer or oppose                       such.                 (f)   No  Obligor  shall permit  or  authorise  any  other person   to, directly or indirectly use                       the proceeds of a Loan, or lend, make payments of or contribute or otherwise make                       available all or any part of such proceeds or permit services provided by any Finance                       Party  to  such  Obligor  under  the  Finance   Documents    to be  used  (i) to  or for the                       benefit  of any  Restricted  Party  or (ii) in any  other  manner   that  would  result in a                       violation  of Sanctions  by  any  person  (including  any  person   participating in a  Loan                       hereunder, whether as a Finance Party or otherwise) or any such person becoming a                       Restricted Party.  22.23      EU Bail-In             In the event that any Finance Document will be governed by the laws of a non-EEA Member             Country,   then  to  the  extent  the  Facility Agent   determines    it is necessary   such   Finance        BD-#34696673-v11                                      65

 

           Document    shall either  prior to its entry,  or if already  in force be  amended    to, contain  the             current form of EU bail-in provisions recommended by the Loan Market Association.  22.24      KEXIM as guarantor requirements             No Obligor shall act (or omit to act) in a manner that is inconsistent with any requirement of             KEXIM as guarantor under or in connection with the KEXIM Guarantee and, in particular:                 (a)   each Obligor shall do all that is necessary to ensure that all requirements of KEXIM                       as  guarantor  under   or in connection   with the  KEXIM   Guarantee   are  complied  with;                       and                  (b)   each Obligor will refrain from acting in any manner which could result in a breach of                       any   requirements   of KEXIM    as guarantor   under   or in connection   with  the  KEXIM                       Guarantee or affect its validity.  22.25      KEXIM Guarantee protection             If at any   time  in the  reasonable   opinion  of the  KEXIM   Agent,  any   provision  of a  Finance             Document    contradicts   or conflicts with  any  provision  of  the KEXIM    Guarantee,   the  KEXIM             Agent shall notify the Borrowers and the Agent accordingly and the Borrowers will:                   (a)   take  all steps  as  the  Agent,  the  KEXIM    Agent  and/or   KEXIM   as  guarantor   shall                       reasonably require to remove such contradiction or conflict; and                 (b)   take  all steps  as  the  Agent,  the  KEXIM    Agent  and/or   KEXIM   as  guarantor   shall                       reasonably   require  to  ensure  that the  KEXIM   Guarantee    remains   in full force and                       effect.     23      Vessel Covenants             The   undertakings   set  out  in this Clause   23  shall  remain   in force  from  the  date  of  this             Agreement and throughout the Security Period.   23.1      Insurance                 (a)   Each   Borrower   shall maintain  or  ensure  that the  Vessels  are  insured  against  such                       risks,  including  but  not  limited  to, Hull  and  Machinery,   Protection   &  Indemnity                       (including  maximum     cover  for pollution liability with a club within the  International                       Group   of P&I  Clubs),  Hull Interest  and/or  Freight  Interest and  War   Risk (including                       acts of terrorism, hijacking, confiscation and piracy insurances), in such amounts, on                       such terms and    with such brokers, clubs and/or insurers as the Agent from time to                       time shall approve (such approval not to be unreasonably withheld).                 (b)   The insurance value (to be on agreed value basis) for Hull and Machinery combined                       with  Hull Interest  and/or  Freight  Interest,  and  for War  Risk,  shall for each  Vessel                       cover  the  higher  of (i) the  Market  Value  of  the Vessel,  and  (ii) one  hundred   and                       twenty per cent (120.00%) of the relevant Loan.                 (c)   The  insured  value  for the  Hull and  Machinery   insurance   shall cover  at least eighty                       per  cent  (80.00%)   of the Market   Value  of the Vessel.  The  remaining   cover  may  be                       taken out as Hull Interest and/or Freight Interest.                 (d)   Each Obligor shall procure that the Security Agent (on behalf of the Finance Parties)                       is noted   as first priority mortgagee    in the  insurance  contracts,  together  with  the                       confirmation    from   the  underwriters    to  the  Agent   thereof   that  the  notice   of                       assignment with regards to the Insurances and the loss payable clauses are noted in                       the insurance contracts and that standard letters of undertaking are executed by the                       insurers and/or brokers (as applicable).       BD-#34696673-v11                                      66

 

              (e)   Not later than fourteen (14) days prior to the expiry date of the relevant Insurances                      the  Borrowers    shall procure   the  delivery to  the  Agent   of a  certificate from  the                      insurance   broker(s)   through   whom    the  Insurances   referred  to  in paragraph   (a)                      above have been renewed and taken out in respect of a Vessel with insurance values                      as required by paragraph (b) above, that such Insurances are in full force and effect                      and  that  the Security  Agent  (on  behalf  of the Finance  Parties)  have  been  noted  by                      the relevant insurers.                 (f)   The  Agent   shall, for the account  of the  Borrowers,   take out  a Mortgagee's   Interest                      Insurance    ("MII")   and/or   a  Mortgagee's    Interest  –  Additional   Perils  Pollution                      Insurance   ("MAPI")   with  an insurance   broker and   on terms agreed by    the Security                      Agent and the Agent, covering up to one hundred and twenty per cent (120.00%) of                      the  Loans,  but  the  Agent   shall (if requested   by the  Borrowers)   consult  with  the                      Borrowers    for  such  period   as  the  Agent   shall agree   prior  to taking   out  such                      insurances.                 (g)   If any of the Insurances referred to in paragraph (a) form part of a fleet cover, the                      Borrowers    shall  procure  that  the   insurers  and/or   brokers  (as  applicable)   shall                      undertake to the    Agent that they   shall neither  set-off against any  claims  in respect                      of any Vessel any premiums due in respect of other vessels under such fleet cover or                      any premiums due for other insurances, nor cancel this Insurance for reason of non-                     payment    of premiums    for other  vessels under   such  fleet cover  or of premiums    for                      such  other  insurances,  and  shall undertake   to issue  a separate   policy in respect  of                      the Vessels if and when so requested by the Agent.                (h)   The Borrower shall procure that any person named as assured or co-assured in any                      insurance   policy assigns   such  insurances  to  the  Security  Agent  or  provides  other                      satisfactory undertakings as the Security Agent may require. Further, the Borrowers                      shall  procure  that  the  Security  Agent  shall have   the  right to  appoint  an  insured                      party.                (i)   The Borrowers shall procure that the Vessels always are employed in conformity with                      the  terms  of the  instruments   of Insurances   (including any  warranties   expressed   or                      implied   therein)  and   comply   with  such   requirements    as  to  extra  premium     or                      otherwise as the insurers may prescribe.                (j)   No Obligor will make any change to the Insurances         described under paragraphs (a)                      and   (b) above   without  the  prior  written  consent  of  the Agent   (on  behalf  of the                      Lenders).                (k)   The Agent will obtain an Insurance Report      from an independent insurance consultant                      for the  account  of  the Borrowers   prior to  any utilisation of the  Facility, and, if the                      Agent (acting on the instructions of the Majority Lenders) so requires, on an annual                      basis thereafter.                (l)   The   Borrowers    will supply   to  the  Agent   from   time  to  time   on  request   such                      information as the Agent may in its discretion require with regard to the Insurances                      and   the  brokers,  underwriters,   associations  or  clubs  through   or  with  which  the                      Insurances are placed.                (m)   Each   Obligor   shall promptly    take  any   steps  required,  or  provide   any   and  all                      assistance requested by the Agent, to ensure prompt collection of any claims under                      the Insurances.  23.2      Loss Payable            Claims related to the Insurances in respect of an actual or constructive or agreed or arranged            or compromised Total Loss or requisition for title or other compulsory acquisition of a Vessel            and claims payable in respect of a major casualty, that is to say any claim (or the aggregate            of which) in excess of USD 3,000,000 shall be payable to the        Security Agent and the Security            Agent’s  approval   to settle such  a  claim  shall be  required. Subject   thereto  all other claims,            unless  and  until the  insurers  have  received  notice  from  the  Security  Agent  of  an  event  of       BD-#34696673-v11                                      67

 

          default  which  is continuing  and  unremedied    under  the  Agreement    in which  event  all claims            shall be  payable  directly to the  Security  Agent  up  to the Finance  Parties' mortgage    interest,            shall be  released directly  for the repair, salvage or other charges involved or to the relevant            Borrower as reimbursement if it has fully repaired the damage and paid all of the salvage or            other  charges   or otherwise   in respect  of Borrower's   actual costs  in connection   with  repair,            salvage and/or other charges.  23.3      Classification and repairs            The Obligors shall keep the Vessels in a good, safe and efficient condition consistent with first            class ownership and management practice and in particular:                (a)   so  as to  maintain  the  highest  classification required for the  relevant  trade with  an                      Approved    Classification Society,  free of overdue   recommendations      and  conditions;                      and                (b)   so as to comply with the laws and regulations (statutory or otherwise) applicable to                      vessels  registered  under   the flag state  of the Vessels  or  to vessels  trading  to any                      jurisdiction to which the Vessels may trade from time to time.  23.4      Restrictions on chartering, appointment of managers etc.                (a)   The Borrowers shall not without the prior written consent of the Agent (on behalf of                      the Majority Lenders):                   (i)    let any  Vessel on  bareboat   charter  for any  period  other  than to  another  Group                          Member    (subject  to satisfactory  Security   Interest in  favour  of  the Agent   (on                          behalf of the Finance Parties) with respect to such Group Member’s earnings and                          charterparty in respect of that Vessel);                   (ii)   charter in or hire any vessel or tonnage;                   (iii)  appoint a Manager other than any Approved Manager; or                   (iv)   change the class certification of any Vessel.                (b)   The  Borrowers shall inform    the Agent   of any  change  of management of      a Vessel  to                      another   Approved   Manager,   or change   of classification society to another   Approved                      Classification Society.  23.5      Notification of certain events            The Borrowers shall immediately notify the Agent of:                (a)   any accident to a Vessel involving repairs where the costs will or is likely to exceed                      USD 3,000,000 (or the equivalent in any other currency);                (b)   any requirement or recommendation made by any insurer or classification society or                      by any competent authority which is not, or cannot be, immediately complied with;                (c)   any  exercise  or  purported  exercise  of  any  lien on any  Vessel,  the  Earnings  or the                      Insurances;                (d)   any  occurrence   as  a result of which   a Vessel  has  become   or  is, by the passing   of                      time or otherwise, likely to become a Total Loss; and                (e)   any   claim  for a material  breach   of the  ISM   Code  or  the  ISPS  Code   being  made                      against a Borrower, a Manager or otherwise in connection with a Vessel.      BD-#34696673-v11                                      68

 

23.6      Operation of the Vessels                (a)   The   Borrowers   shall comply,   or  procure   the compliance    by  any  manager,    in all                      material respects with the ISM Code, the ISPS Code, Marpol, all Environmental Laws                      and all other laws or regulations applicable to the Vessels, their ownership, operation                      and   management     or  to the  business  of  the Borrowers    and  shall not  employ   any                      Vessel nor allow its employment:                   (i)    in any manner contrary to law or regulation in any relevant jurisdiction including                          but not limited to the ISM Code;                   (ii)   in U.S. waters  contrary  to  COFR  regulations,  always  ensuring   as required  that a                          Certificate of Financial Responsibility is maintained for such purpose; and                   (iii)  in the event   of hostilities in any part  of the world  (whether   war  is declared   or                          not), in any zone which is declared a war zone by any government or by the war                          risk insurers  of the  relevant  Vessel  unless   the Borrower    has  (at its expense)                          effected  any   special, additional  or  modified   insurance   cover   which   shall be                          necessary   or  customary   for  first class shipowners    trading  vessels  within  the                          territorial waters of such country at such time and has provided evidence of such                          cover to the Agent.                (b)   Without limitation   to the generality  of this Clause  23.6, the Borrowers shall    comply                      or  procure   compliance,   with, as  applicable,  all requirements    of the  International                      Convention    for the  Safety  of Life at  Sea  (SOLAS)   1974   as  adopted,  amended     or                      replaced from time to time including, but not limited to, the STCW 95, the ISM Code                      or the ISPS Code.                (c)   Each Vessel shall only be used as a civil merchant trading vessel.   23.7      Inspections and class records                (a)   The  Borrowers    shall upon  the  request  of the  Agent  permit,  and  shall procure  that                      any managers and charterers permit, one person appointed by the Agent to inspect                      the  Vessels,  limited to one  time  per  twelve  (12) months   per  Vessel,  at the cost  of                      the  Borrowers.    If the  request   is made   following   an  Event  of  Default  which   is                      continuing, there shall be no limitation on the number of inspections per year. Unless                      there  is  an  Event  of Default,  any   inspection  shall not  interfere with  the  normal                      operation and trading of the Vessels.                (b)   The Borrowers shall instruct the classification society to send to the Agent, following                      a written request from the Agent, copies of all class records held by the classification                      society in relation to the Vessels.  23.8      Surveys            The Borrowers shall submit to or cause the Vessels to be submitted to such periodic or other            surveys   as may   be  required  for classification purposes   and   to ensure  full compliance   with            regulations  of the  flag state of the  Vessels  and  to supply  or  to cause  to be  supplied  to the            Agent   copies  of  all survey   reports  and  confirmations   of  class  issued  in  respect  thereof            whenever such is required by the Agent, however limited to once a year.  23.9      Arrest            The  Borrowers    shall or shall  procure  that  the  charterers  (if any)  shall, promptly   pay  and            discharge:                (a)   all liabilities which give or may give rise to maritime or possessory liens on or claims                      enforceable against any Vessel, the Earnings or the Insurances;                (b)   all tolls, taxes, dues,  fines, penalties and  other  amounts   charged   in respect  of any                      Vessel, the Earnings or the Insurances; and      BD-#34696673-v11                                      69

 

               (c)   all other   outgoings   whatsoever   in  respect  of  any  Vessel,  the  Earnings   and  the                       Insurances.  23.10      Total Loss             In the  event  that  a Vessel  shall suffer a  Total Loss,  the Borrowers   shall, within a  period  of             ninety  (90)  days   after the  Total  Loss  Date,  obtain   and  present   to the  Agent,  a  written             confirmation   from  the  relevant  insurers  that the  claim  relating to the  Total  Loss  has  been             accepted   in full, and the  insurance  proceeds   shall be applied  in prepayment    of the  relevant             Loan in accordance with Clause 7.1 (Mandatory prepayment –          Total Loss or sale).  23.11      Dismantling                 (a)   Each Borrower shall procure that within eight (8) weeks of the Delivery Date of each                       respective Vessel, it has obtained a Green Passport in respect of such Vessel, which                       shall be maintained and available throughout the lifespan of that Vessel.                 (b)   Each Obligor shall ensure that any Vessel or other vessels controlled by it or another                       Group Member being scrapped, or sold to an intermediary with the intention of being                       scrapped,   is recycled  at a recycling  yard which   conducts  its recycling business  in a                       socially and  environmentally    responsible  manner,   in accordance   with the provisions                       of The Hong Kong International Convention for the Safe and Environmentally Sound                       Recycling of Ships, 2009 or EU Ship Recycling Regulation of 20 November, 2013.  23.12      Flag, name and registry                 (a)   The Vessels shall at all times be registered with an Approved Ship Registry.                 (b)   The Borrowers shall not, without the prior written consent of the Agent (on behalf of                       the Lenders and KEXIM as guarantor), such consent not to be unreasonably withheld                       or delayed, change the flag, name or registry of a Vessel. Subject to substitution of                       the  relevant  Mortgage,   and  closing arrangements    satisfactory to  the Agent,  neither                       the Lenders nor KEXIM as guarantor may refuse a Borrower's request to change the                       registry  of a  Vessel  from  one   Approved   Ship  Registry  to  another   Approved   Ship                       Registry, unless a Default has occurred.  23.13      Dealings with Vessel             Each  Borrower   shall, upon the request of    the Agent and   at the cost of  such  Borrower,   on  or             before  31   July in  each  calendar   year,  supply  or  procure  the  supply   to the  Agent   of all             information   necessary   in  order  for any   Lender   to comply   with  its obligations   under  the             Poseidon   Principles in respect of  the preceding   year, being all ship  fuel oil consumption   data             required to be collected and reported in accordance with Regulation 22A of Annex VI and any             Statement of Compliance, in each case relating to each Vessel for the preceding calendar year             provided always that no Lender shall publicly disclose such information with the identity of any             Vessel  without  the  prior written consent  of  such Borrower.   For  the avoidance   of doubt,  such            information   shall be  "Confidential  Information"   for the purposes   of  Clause  36  (Confidential             Information).   Without   prejudice   to  the  foregoing,  each   Borrower   acknowledges     that,  in             accordance    with  the   Poseidon   Principles,  such  information    will on  an   anonymous     and             unidentifiable  basis  form  part of  the information   published  regarding   the  relevant  Lender's             portfolio climate alignment.     24      Events of Default             Each of the events or circumstances set out in this Clause 24 is an Event of Default (save for             Clause 24.17 (Acceleration)).   24.1      Non-payment             Any   Obligor  does  not  pay   on  the  due  date  any   amount   payable   pursuant   to  a  Finance             Document at the place and in the currency in which it is expressed to be payable unless:       BD-#34696673-v11                                      70

 

              (a)   its failure to pay is caused by administrative or technical     error affecting the transfer                      of funds despite timely payment instructions by the Obligor; and                (b)   payment is made within three (3) Business Days of its due date.  24.2      Financial covenants, Sanctions, Insurances and Classification            Any   requirement   in  Clauses  21  (Financial  covenants),   22.22   (Sanctions),  23.1  (a)  to (d)            (Insurance) or  23.3(a) (Classification and repair) is not satisfied.  24.3      Other obligations                (a)   An Obligor does not comply with any provision of the Finance Documents (other than                      those   referred   to  in  Clause   24.1  (Non-payment)      and   Clause   24.2  (Financial                      covenants, Sanctions, Insurances and Classification)).                (b)   No Event of Default under paragraph (a) above will occur if the failure to comply is                      capable of remedy and is remedied within ten (10) Business Days of the earlier of (i)                      the Agent giving notice to the Borrowers and (ii) any Obligor becoming aware of the                      failure to comply.  24.4      Misrepresentations            Any  representation   or statement   made   or  deemed   to be  made   by  an Obligor  in the  Finance            Documents     or any   other  document    delivered  by  or  on  behalf  of an  Obligor   under  or  in            connection   with  any   of the  Finance   Documents     is or  proves  to  have   been   incorrect  or            misleading in any material respect when made or deemed to be made.  24.5      Cross default                (a)   Any   Financial  Indebtedness   of  any  Obligor  is not  paid  when   due  nor  within  any                      originally applicable grace period.                (b)   Any   Financial Indebtedness    of any  Obligor  is declared  to be or  otherwise  becomes                      due   and  payable  prior  to its specified maturity  as  a  result of an  event  of default                      (however described).                (c)   Any   commitment     for  any  Financial  Indebtedness    of any   Obligor  is cancelled   or                      suspended    by  a creditor of any  Obligor  as a result of  an event  of default  (however                      described).                (d)   Any  creditor  of any  Obligor becomes entitled    to declare  any  Financial Indebtedness                      of any Obligor due and payable prior to its specified maturity as a result of an event                      of default (however described).                (e)   No Event of Default will occur under this Clause 24.5 if the aggregate amount of the                      Financial  Indebtedness     or commitment      for Financial  Indebtedness    falling within                      paragraphs    (a) to (d)  above  is less than  USD   8,000,000   (or  its equivalent  in any                      other currency or currencies).  24.6      Insolvency                (a)   An  Obligor  is unable  or admits  inability to pay  its debts  as they  fall due, suspends                      making payments on any of its debts or, by reason of actual or anticipated financial                      difficulties, commences negotiations with one or more of its creditors with a view to                      rescheduling any of its indebtedness.                (b)   The  value  of the  assets of  an Obligor  is less than  its liabilities (taking into account                      contingent and prospective liabilities).      BD-#34696673-v11                                      71

 

 24.7      Insolvency proceedings             Any corporate action, legal proceedings or other procedure or step is taken in relation to:                 (a)   the   suspension   of  payments,    a  moratorium     of  any  indebtedness,    winding-up,                       cessation    of   business,   dissolution,   administration,    judicial  management       or                       reorganisation    (by  way   of  voluntary   arrangement,    scheme    or  arrangement     or                       otherwise) of an Obligor;                 (b)   a  composition,   compromise,    assignment    or  arrangement    with  any  creditor  of an                       Obligor;                 (c)   the  appointment    of  a  liquidator, receiver,  administrative   receiver,  administrator,                       judicial manager or other similar officer in respect of an Obligor; or                 (d)   enforcement    of  any  Security   Interest  over  any  assets   of an  Obligor   (excluding                       enforcement    of  any  share  pledge   over  shares   owned   by  a  Guarantor   in special                       purpose vessel owning entities (excluding any Obligor) within the Group).   24.8      Creditor's process             Any expropriation, attachment, sequestration, distress or execution affects any asset or assets             of  an  Obligor  (excluding  shares   owned   by  a  Guarantor   in special  purpose   vessel  owning             entities (excluding any Obligor) within the Group) and is not discharged within thirty (30) days             after the Obligor has become aware of it.   24.9      Arrest             If an  arrest  or detention  is taken   or levied  against  a Vessel  and   is not discharged   within             twenty   (20)  days  (or such   longer  period  as approved    in writing by  the  Lenders)   after an             Obligor becomes aware of the same.  24.10      Cessation of business             Any of the Obligors suspends or ceases to carry on (or threatens to suspend or cease to carry             on)  all or a substantial  part  of its business,  or otherwise  substantially  changes   the  general             nature of its business.  24.11      Unlawfulness             It is or becomes impossible or unlawful for an Obligor to perform any of its obligations under             the Finance Documents.  24.12      Repudiation             Any Obligor repudiates a Finance Document or evidences an intention to repudiate a Finance             Document.  24.13      Security Documents             Any of the Security Documents for any reason whatsoever          becomes invalid, ineffective, illegal             or for any other reason ceases to continue in full force and effect.  24.14      Material adverse change             Any   event  or  series  of events   occur  which,  in  the  opinion  of  the Agent   (acting  on  the             instructions of the Lenders), might have a Material Adverse Effect.       BD-#34696673-v11                                      72

 

24.15      Permits             Any   licence, authorization,  consent,   permission   or  approval   required  in order  to  enforce,             complete or perform any of the Finance Documents is revoked, terminated or modified having             a Material Adverse Effect on an Obligor.  24.16      Litigation             There  is current,  pending   or threatened   any  claims,  litigation, arbitration or administrative             proceedings against an Obligor which might, if adversely determined, have a Material Adverse             Effect on that Obligor.  24.17      Acceleration             Upon   the occurrence   of an  Event  of Default,  the Agent   may,  and  shall if so directed  by the             Majority Lenders:                 (a)   by  written  notice to the  Borrowers,  cancel  the  Total Commitments     whereupon    they                       shall immediately be cancelled;                 (b)   by written notice to the Borrowers, declare that all or part of the Loans together with                       accrued   interest, and  all other  amounts   accrued  or  outstanding   under  the  Finance                       Documents,    be  either immediately    due  and  payable  and/or  payable   upon  demand,                       whereupon     they shall  become   either  immediately   due  and  payable   or payable   on                       demand; and/or                 (c)   having   given  written  notice to the  Borrowers,   instruct the  Security  Agent  to  start                       enforcement     in  respect  of  the  Security   Interests  established   by   the  Security                       Documents; and/or                 (d)   take  any  other  action, with  or without  notice  to the Borrowers,   exercise  any  other                       right or  pursue  any  other  remedy   conferred  upon  the  Agent,  the Security  Agent   or                       the  Finance  Parties  by any   of the Finance   Documents    or by  any  applicable  law  or                       regulation or otherwise as a consequence of such Event of Default; and/or                 (e)   exercise  or  direct the Security  Agent  to  exercise  any  or all of its rights, remedies,                       powers or discretions under the Finance Documents.       BD-#34696673-v11                                      73

 

                                     Section    9 - Changes to Parties    25      Changes to the Parties  25.1      No assignment by the Obligors                (a)   Subject   to  this Clause   25.1,  the  Obligors   may   not  assign  or  transfer  or  have                      assumed    any   part of, or  any  interest  in, its rights and/or   obligations  under  the                      Finance Documents.                (b)   The   Borrowers    may,   not  later  than  thirty  (30)  days   prior to  any   anticipated                      Drawdown     Date,  upon  notice to the  Agent,  request  that the  Lenders  and  KEXIM   as                      guarantor accept an Alternative Vessel in place of a Vessel. The Lenders and KEXIM                      as guarantor shall accept such Alternative Vessel provided that the Market Value of                      such Alternative Vessel (as evidenced by valuations dated not earlier than three (3)                      months    prior to the  date  of the  request  to  accept  an  Alternative  Vessel)  and  its                      technical  specifications  are  substantially similar  (in the  reasonable   opinion  of the                      Agent) to the relevant Vessel.                (c)   If the  Lenders  and  KEXIM    as guarantor   accept  the replacement    of the  Vessel, the                      relevant   Alternative  Vessel  shall  become    the  "Vessel"  for  the  purposes   of  this                      Agreement.                (d)   If  the  Borrowers   exercise  their  rights  under  this  Clause  25.1   in respect   of an                      Alternative Vessel,   the amount   of the Loan to   be  made   available in respect of  such                      Alternative  Vessel  shall be  the  amount   of the  Loan  which   would  have  been   made                      available  in respect   of the  Vessel  which  is  being  replaced  but  reduced   with  any                      scheduled repayment instalments in respect of the Commercial Facility Loan, KEXIM                      Facility Loan   and  KEXIM    Guaranteed    Facility Loan  relating to  such  Vessel   under                      Clause 6.1 (Repayment) which fall due prior to delivery of the Alternative Vessel.                 (e)   The   Borrowers   may   only exercise   their rights under   this Clause  25.1  in  order  to                      replace up to two (2) Vessels with Alternative Vessels provided that the Market Value                      of such  Alternative  Vessel  (as evidenced   by  valuations  dated  not earlier than  three                      (3) months prior to the date of the request to accept an Alternative Vessel) and its                      technical  specifications  are  substantially similar  (in the  reasonable   opinion  of the                      Agent)   to  the   relevant  Vessel   and   the  Agent   is satisfied  that  the   Collateral                      Maintenance Test, following such replacement, shall continue to be satisfied.                (f)   If  it shall be  necessary   for  one  or  more   Borrowers    to be  replaced   with  other                      Subsidiaries    of  the  Intermediate     Parent   as  "Borrowers"    under    the   Finance                      Documents,     the Borrowers,   such  Subsidiaries   of the  Intermediate   Parent  and  the                      other  Obligors  shall enter  into such  documentation    as  the Lenders,   the Agent   and                      KEXIM as guarantor shall require in order to effect such replacement of the relevant                      Borrowers.  25.2      Assignments and transfers by the Lenders            A  Lender  (the  "Existing   Lender")   may   at  any  time  assign,  transfer or  have  assumed    its            rights or obligations under the Finance Documents (a "Transfer") to another bank or financial            institution (the "New Lender").            The consent of KEXIM is required for an assignment or transfer by an Existing Lender which is            a KEXIM Guaranteed Facility Lender.            The consent of the Obligors will be required (such consent not to be unreasonably withheld or            delayed),   unless  (i) an Event   of Default  has  occurred  and   is continuing,  or (ii) in case  of            Transfer  to another   Lender  or  KEXIM   as guarantor,   or an  Affiliate of the Existing Lender   or            another Lender or KEXIM as guarantor. The Obligors will be deemed to have given its consent            if no express refusal is received within five (5) Business Days.      BD-#34696673-v11                                      74

 

          Unless the Agent otherwise agrees and excluding an assignment or transfer to an Affiliate of a            Lender or KEXIM as guarantor in accordance with         Clause 25.8, the New Lender shall, on the            date  upon   which   an  assignment    or transfer  takes  effect,  pay  to the  Agent   (for its own            account) a fee of USD 5,000.  25.3      Limitations 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 the New Lender for:                   (i)    the  legality, validity, effectiveness,  adequacy    or enforceability  of  the  Finance                          Documents or any other documents;                   (ii)   the financial condition of an Obligor;                   (iii)  the performance    and   observance   by  the  Obligors  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 the Finance Documents or any other document.                (b)   Each New Lender confirms to the Existing Lender and the other Finance Parties that                      it:                   (i)    has  made   (and  will continue   to make)   its own   independent    investigation  and                          assessment   of the  financial condition  and  affairs of the  Obligors  and  its related                          entities in connection  with  its participation in this Agreement    and  has not  relied                          exclusively on any information provided to it by the Existing Lender in connection                          with any Finance Document; and                   (ii)   will continue to make its own independent appraisal of the creditworthiness of the                          Obligors  and  its related  entities whilst  any  amount    is or may   be  outstanding                          under the Finance Documents or any Commitment is in force.                (c)   Nothing in any Finance Document obliges an Existing Lender to:                   (i)    accept  a  re-transfer  from  a  New   Lender  of  any  of the  rights  and  obligations                          assigned or transferred under this Clause 25; or                   (ii)   support any losses directly or indirectly incurred by the New Lender by reason of                          the  non-performance     by   any   Obligor  of  its  obligations  under   the   Finance                          Documents or otherwise.  25.4      Procedure for Transfer            Any Transfer shall be effected as follows:                (a)   the Existing Lender must notify the Agent of its intention to Transfer all or part of its                      rights or rights and obligations by delivering a duly completed Transfer Certificate to                      the Agent duly executed by the Existing Lender and the New Lender;                (b)   subject to Clause 25.2 (Assignments and transfers by the Lenders), the Agent shall                      as  soon  as  reasonable   possible  after receipt  of a Transfer  Certificate  execute  the                      Transfer  Certificate  and  deliver a copy  of the  same   to each  of the  Existing Lender                      and the New Lender; and                (c)   subject  to  Clause  25.2  (Assignments    and  transfers  by  the  Lenders),  the  Transfer                      shall become effective on the Transfer Date.      BD-#34696673-v11                                      75

 

25.5      Effects of the Transfer            On the Transfer Date:                (a)   the  Existing  Lender  will assign  absolutely  to the  New  Lender   the  rights under  the                      Finance   Documents    expressed   to be  the subject  of the  assignment   in the  Transfer                      Certificate;                (b)   the  Existing Lender   will be released  by  each  Obligor  and  the other  Finance  Parties                      from the obligations owed by it (the "Relevant Obligations") and expressed to be                      the subject of the release in the Transfer Certificate (but the obligations owed by the                      Obligors under the Finance Documents shall not be released); and                (c)   the New Lender shall become a Party to the Finance Documents as a "Lender" and as                      a   "Commercial    Facility  Lender",   a  "KEXIM    Facility Lender"   and/or    a  "KEXIM                      Guaranteed    Facility  Lender"  (as  applicable)  for  the  purposes   of  all the  Finance                      Documents and will be bound by obligations equivalent to the Relevant Obligations.  25.6      Further assurances            The  Borrowers undertake to procure      that in relation  to any  Transfer, the  Borrowers shall   (at            its own cost) at the request of the Agent execute such documents as may in the discretion of            the  Agent  be  necessary   to  ensure  that  the New   Lender   attains the  benefit  of the  Finance            Documents.  25.7      Security over Lenders' rights            In addition  to the  other  rights provided   to Lenders  under   this Clause  25, each   Lender  may            without consulting with or obtaining consent from the Obligors, at any time charge, assign or            otherwise create Security Interest in or over (whether by way of collateral or otherwise) all or            any  of its rights under any   Finance  Document to secure     obligations  of that Lender  including,            without limitation:                (a)   any charge, assignment or other Security Interest to secure obligations to a federal                      reserve or central bank; and                (b)   in the case of any Lender which is a fund, any charge, assignment or other Security                      Interest   granted   to  any  holders   (or  trustee  or  representatives   of  holders)   of                      obligations   owed,   or  securities  issued,   by  that  Lender   as   security  for  those                      obligations or securities,            except that no such charge, assignment or Security Interest shall:                   (i)    release  a Lender   from  any  of  its obligations under   the  Finance  Documents     or                          substitute the beneficiary of the relevant charge, assignment or Security Interest                          for the Lender as a party to any of the Finance Documents; or                   (ii)   require any  payments    to be  made   by  an Obligor  other  than  or in excess   of, or                          grant to any person any more extensive rights than, those required to be made or                          granted to the relevant Lender under the Finance Documents.  25.8      Transfer to KEXIM as guarantor            If a KEXIM Guaranteed Facility Lender receives a payment from KEXIM as guarantor under the            KEXIM Guarantee in respect of its participation in a KEXIM Guaranteed Facility Loan, then, to            the  extent  that it is required to  do so  by KEXIM   as  guarantor   pursuant  to the  terms  of the            KEXIM Guarantee, that KEXIM Guaranteed Facility Lender shall, at the cost of the Borrowers,            transfer  to KEXIM   as guarantor   a part  of its participation in such  KEXIM   Guaranteed   Facility            Loan equal to the amount paid to it by KEXIM as guarantor (but the transfer shall not limit the            rights  of  that  KEXIM   Guaranteed     Facility Lender   to  recover  any   remaining   part  of  its            participation  in the  KEXIM   Guaranteed    Facility Loan  or of  any  other  moneys    owing  to  it),       BD-#34696673-v11                                      76

 

       provided  however that if   KEXIM   as guarantor makes any      payment to the KEXIM      Guaranteed         Facility Lenders under the KEXIM Guarantee:             (a)   the  obligations  of the Obligors  and  the Finance   Parties (or any  of them)   under  this                   Agreement and each of the Finance Documents shall not be discharged nor affected                   in any way;             (b)   KEXIM    as  guarantor   shall be  subrogated    to the  respective   rights of  the  KEXIM                   Guaranteed Facility Lenders against the Obligors and the Finance Parties;              (c)   without double counting, KEXIM as guarantor shall be entitled to the extent of such                   payment to exercise the respective rights of the KEXIM Guaranteed Facility Lenders                   (whether    present  or  future)  against  the  Obligors   and  the  Finance   Parties  (and                   against any of them) pursuant to this Agreement and the Finance Documents or any                   relevant   laws  and/or  regulations  unless  and   until such  payment    and  the  interest                   accrued thereon are fully reimbursed to KEXIM as guarantor; and             (d)   without double counting, with respect to the obligations of the Obligors owed to the                   Finance   Parties under   the  Finance  Documents    (or  any  of them),   such  obligations                   shall additionally be owed to KEXIM as guarantor by way of subrogation of the rights                   of the Finance Parties.   BD-#34696673-v11                                      77

 

                                   Section    10  - The Finance Parties    26      Role     of   the    Agent,      the    Security       Agent,      the    KEXIM       Agent,      the            Arrangers, Bookrunners and ECA Co-ordinator  26.1      Appointment of the Agent and the Security Agent                (a)   Each other Finance Party appoints the Agent to act as its facility agent under and in                      connection with the Finance Documents.                (b)   Each other Finance Party appoints the Security Agent to act as its security agent and                      (to the extent permitted    under  any  applicable  law) trustee  under  and in  connection                      with the Finance Documents.                (c)   Each other Finance Party authorises the Agent and the Security Agent to perform the                      duties, obligations and responsibilities and to exercise the rights, powers, authorities                      and discretions specifically given to the Agent and the Security Agent, respectively,                      under   or  in  connection   with  the   Finance   Documents    together   with  any   other                      incidental rights, powers, authorities and discretions.                (d)   Each other   Finance Party authorises the Agent and the Security Agent, as applicable,                      to  execute  and  enforce  each  Finance  Document    to be  executed   and/or  enforced  by                      the  Agent  or  the Security  Agent,  as  the case  may   be, on  its behalf in the  manner                      contemplated by the Finance Documents.                (e)   The   Finance  Parties  shall  not have   any  independent    power   to  enforce,  or  have                      recourse   to,  any  of  the  Security  or  to exercise   any  right, power,   authority   or                      discretion arising under the Security Documents except through the Agent.                (f)   The  Security  Agent  accepts   its appointment   under  Clause  26.1(b)  as  trustee of the                      Trust Property with effect from the date of this Agreement and declares that it holds                      the Trust  Property on   trust for itself, the other Finance  Parties (for  so long as  they                      are  Finance  Parties)  on and  subject  to the  terms  set  out in Clauses  26.1  to 26.22                      and 29.5 (inclusive) and the Security Documents to which it is a party.  26.2      Instructions                (a)   The Agent and the Security Agent shall:                   (i)    unless  a contrary  indication appears   in a Finance   Document,   exercise  or  refrain                          from exercising any right, power, authority or discretion vested in it as Agent or                          Security Agent, as the case may be, in accordance with any instructions given to                          it by:                          (A)   all Lenders if the relevant Finance Document stipulates the matter is an all                                Lender decision; and                          (B)   in all other cases, the Majority Lenders; and                   (ii)   not  be  liable for any  act  (or omission)   if it acts (or  refrains  from  acting)  in                          accordance with paragraph (i) above.                (b)   The   Agent   and  the  Security  Agent   shall  be  entitled to  request   instructions,  or                      clarification of any instruction, from the Majority Lenders (or, if the relevant Finance                      Document     stipulates  the matter   is a  decision  for any   other  Lender  or  group   of                      Lenders, from that Lender or group of Lenders) as to whether, and in what manner,                      it should exercise or refrain from exercising any right, power, authority or discretion.                      The   Agent   and  the  Security  Agent   may   refrain  from  acting  unless   and  until it                      receives any such instructions or clarification that it has requested.      BD-#34696673-v11                                      78

 

              (c)   Save in the case of decisions stipulated to be a matter for any other Lender or group                      of  Lenders  under   the relevant  Finance   Document    and  unless  a contrary  indication                      appears in a Finance Document, any instructions given to the Agent or the Security                      Agent by   the Majority Lenders shall override any conflicting instructions given by any                      other Parties and will be binding on all Finance Parties.                (d)   The  Agent   and  the Security  Agent   may  refrain from  acting  in accordance   with  any                      instructions   of  any   Lender   or   group   of  Lenders    until it  has   received   any                      indemnification   and/or  security  that it may  in its discretion require  (which  may   be                      greater   in extent  than  that  contained  in  the Finance   Documents    and   which  may                      include  payment    in advance)   for  any  cost, loss  or liability which  it may  incur  in                      complying with those instructions.                (e)   In the absence of instructions, the Agent and the Security Agent may act (or refrain                      from acting) as it considers to be in the best interest of the Lenders.                (f)   The   Agent  and  the  Security  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.  26.3      Duties of the Agent and the Security Agent                (a)   The  Agent and    the Security  Agent's  duties under  the Finance   Documents    are solely                      mechanical and administrative in nature.                (b)   Subject   to paragraph   (c)  below,  the  Agent  shall promptly   forward   to a Party  the                      original or a copy of any document which is delivered to the Agent for that Party by                      any other Party.                (c)   Except   where  a Finance   Document    specifically provides  otherwise,  the Agent   is not                      obliged to review or check the adequacy, accuracy or completeness of any document                      it forwards to another Party.                (d)   If the  Agent  receives  notice from  a  Party referring  to this Agreement,   describing  a                      Default  and  stating  that the  circumstance   described   is a Default, it shall promptly                      notify the other Finance Parties.                (e)   If the Agent is aware of the non-payment of any principal, interest, commitment fee                      or  other  fee payable   to a  Finance  Party  (other  than  the  Agent  or the  Arrangers)                      under this Agreement, it shall promptly notify the other Finance Parties.                (f)   The   Agent  shall have   only  those  duties, obligations  and  responsibilities  expressly                      specified  in the Finance   Documents    to which  it is expressed  to be  a party  (and  no                      others shall be implied).  26.4      Role of the Arrangers, Bookrunners and the ECA Co-ordinator            Except as specifically provided in the Finance Documents, the Arrangers, the Bookrunners and            the  ECA   Co-ordinator   have   no  obligations  of  any   kind  to any   other  Party  under   or  in            connection   with  any  Finance   Document    or  the  transactions   contemplated    by  the  Finance            Documents.  26.5      Role of the Security Agent                (a)   The   Security  Agent   shall not  be   (except  as  expressly   provided   in any   Finance                      Document)    a  trustee of any  Finance  Party  under  or  in connection  with  any  Finance                      Document.                (b)   The Security Agent shall hold the benefit of the Security Documents for itself and as                      agent   on behalf  of the other  Finance  Parties  and  will apply all payments   and  other                      benefits   received  by   it under  the   Security  Documents     in accordance    with  the                      provisions of this Agreement.      BD-#34696673-v11                                      79

 

26.6      No fiduciary duties                (a)   Nothing   in  any  Finance   Document    constitutes  the  Agent,  the  KEXIM    Agent,  the                      Security   Agent  (except   as  expressly  provided   in any   Finance  Document)     or the                      Arrangers, the Bookrunners or the ECA Co-ordinator as a trustee or fiduciary of any                      other person.                (b)   None of the Agent, the Security Agent, the Arrangers, the Bookrunners nor the ECA                      Co-ordinator   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.  26.7      Rights and discretions                (a)   The Agent and the Security Agent may:                   (i)    rely on any representation, communication, notice or document believed by it to                          be genuine, correct and appropriately authorised;                   (ii)   assume that:                          (A)   any  instructions  received  by  it from the  Majority  Lenders,  any  Lenders   or                                any  group   of Lenders  are  duly  given in  accordance   with the  terms  of the                                Finance Documents; and                          (B)   unless it has received notice of revocation, that those instructions have not                                been revoked; and                   (iii)  rely on a certificate from any person:                          (A)   as  to  any   matter  of  fact  or  circumstance   which   might   reasonably   be                                expected to be within the knowledge of that person; or                          (B)   to   the  effect  that  such   person   approves    of  any   particular  dealing,                                transaction, step, action or thing,                          as sufficient evidence   that  that is the  case  and,  in the  case  of paragraph   (A)                          above, may assume the truth and accuracy of that certificate.                (b)   The Agent and the Security Agent may assume (unless it has received notice to the                      contrary in its capacity as agent for the Lenders) that:                   (i)    no Default has occurred (unless it has actual knowledge of a Default arising under                          Clause 24.1 (Non-payment));                   (ii)   any  right, power,   authority  or discretion  vested  in any   Party  or any  group   of                          Lenders  has not been exercised; and                   (iii)  any notice or request made by the Borrowers (other than a Drawdown Notice or                          Selection Notice) is made on behalf of and with the consent and knowledge of all                          the Obligors.                (c)   The   Agent   may   engage    and   pay  for  the  advice   or  services  of  any   lawyers,                      accountants, tax advisers, surveyors or other professional advisers or experts.                (d)   Without prejudice to the generality of paragraph (c) above or paragraph (e) below,                      the Agent may at any time engage and pay for the services of any lawyers to act as                      independent counsel     to the Agent (and    so separate from   any  lawyers instructed by                      the Lenders) if the Agent in its reasonable opinion deems this to be necessary.                (e)   The   Agent  may   rely  on  the advice   or services  of  any  lawyers,  accountants,   tax                      advisers,  surveyors   or other  professional  advisers  or experts  (whether   obtained  by       BD-#34696673-v11                                      80

 

                    the  Agent or by   any  other  Party) and  shall not be liable  for any  damages,   costs  or                      losses to any person, any diminution in value or any liability whatsoever arising as a                      result of its so relying.                (f)   The   Agent  and  the  Security  Agent  may   act  in relation to  the Finance   Documents                      through its officers, employees and agents.                (g)   Unless a Finance Document expressly provides otherwise the Agent may disclose to                      any other Party any information it reasonably believes it has received as agent under                      this Agreement.                (h)   Notwithstanding any other provision of any Finance Document to the contrary, none                      of  the Agent,  the  Security  Agent  nor  the Arrangers   is entitled 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.                (i)   Notwithstanding    any  provision  of any Finance Document to the contrary, the Agent                      and  the  Security  Agent  is not obliged  to expend   or risk its own  funds  or otherwise                      incur   any   financial liability in  the   performance    of  its  duties,  obligations   or                      responsibilities or  the exercise  of any  right, power,  authority  or  discretion if it has                      grounds for believing the repayment of such funds or adequate indemnity against, or                      security for, such risk or liability is not reasonably assured to it.                (j)   Except with KEXIM as guarantor's prior consent, neither the Agent nor the Security                      Agent   shall be   entitled to  exercise  or  refrain from   exercising  any  right, power,                      authority  or  discretion, or give  or withhold   any  consent,  the  exercise  or giving  of                      which,  by  the terms of   this Agreement and/or    the KEXIM    Guarantee, would    require                      KEXIM   as  guarantor's prior  consent  and  any  amendment or     waiver  which  relates to                      any   matter   which,  by  the   terms  of  any   Finance  Document     and/or   the  KEXIM                      Guarantee,    requires the  prior consent   of KEXIM   as guarantor   shall not  be entered                      into  or provided  by  the  Agent  or the  Security  Agent  until KEXIM   as guarantor   has                      agreed to its terms.  26.8      Responsibility for documentation            Neither the Agent, the Security Agent nor any Arranger is responsible or liable for:                (a)   the adequacy, accuracy or completeness of any information (whether oral or written)                      supplied   by  the Agent,   the Arrangers,   the  Obligors  or any   other  person  in or  in                      connection   with  any  Finance  Documents,    the KEXIM   Guarantee    or the  transactions                      contemplated     in  the  Finance   Documents,    the   KEXIM   Guarantee    or  any   other                      agreement, arrangement or document entered into, made or executed in anticipation                      of, under or in connection with any Finance Document or the KEXIM Guarantee;                (b)   the   legality, validity, effectiveness,   adequacy    or  enforceability  of  any  Finance                      Document or any other agreement, arrangement or document entered into, made or                      executed in anticipation of, under or in connection with any Finance Document or the                      KEXIM Guarantee;                (c)   any determination as to whether any information provided or to be provided to any                      Finance   Party  is non-public   information   the  use  of  which   may   be  regulated   or                      prohibited by applicable law or regulation relating to insider dealing or otherwise; or                (d)   any  loss to the Trust  Property   arising in consequence of the failure, depreciation     or                      loss of  any Charged   Property  or any   investments   made   or retained  in good  faith or                      by reason   of any other matter or thing.  26.9      No duty to monitor            The Agent shall not be bound to enquire:                (a)   whether or not any Default has occurred;      BD-#34696673-v11                                      81

 

               (b)   as  to the  performance,   default or  any  breach  by  any  Party of its obligations  under                       any Finance Document; or                 (c)   whether any other event specified in any Finance Document has occurred  26.10      Exclusion of liability                 (a)   Without   limiting paragraph   (b) below  (and  without  prejudice to  any  other  provision                       of  any  Finance  Document     excluding  or  limiting the  liability of the Agent  and  the                       Security Agent), the Agent and the Security Agent will not be liable for:                    (i)    any  damages,    costs or  losses  to any  person,   any  diminution  in  value, or  any                           liability whatsoever arising as a result of taking or not taking any action under or                           in connection with any Finance    Document or the KEXIM Guarantee, unless directly                           caused by its gross negligence or wilful misconduct;                    (ii)   exercising, or not exercising, any right, power, authority or discretion given to it                           by, or in connection with, any Finance Document or the KEXIM Guarantee or any                           other agreement,    arrangement    or document    entered   into, made   or executed   in                           anticipation of, under or in connection with, any Finance Document or the KEXIM                           Guarantee, other than by reason of its gross negligence or wilful misconduct; or                    (iii)  without prejudice to the generality of paragraphs (i) and (ii) above, any damages,                           costs or losses to any person, any diminution in value or any liability whatsoever                           (including, without   limitation, for negligence   or  any  other  category   of liability                           whatsoever   but  not including  any  claim  based  on  the fraud  of the  Agent  or the                           Security Agent) arising as a result of:                           (A)   any act, event or circumstance not reasonably within its control; or                           (B)   the   general  risks  of  investment   in,  or  the  holding  of  assets  in,  any                                 jurisdiction,                           including  (in each   case  and  without   limitation) such   damages,    costs, losses,                           diminution in value or liability arising as a result of: nationalisation, expropriation                           or other  governmental    actions; any  regulation,  currency   restriction, devaluation                           or  fluctuation;  market    conditions  affecting   the  execution   or  settlement    of                           transactions or the value of assets (including any Disruption Event); breakdown,                           failure or malfunction of any third party transport, telecommunications, computer                           services or systems; natural disasters or acts of God; war, terrorism, insurrection                           or revolution; or strikes or industrial action.                 (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,    the  KEXIM   Guarantee   and  any  officer,                       employee or agent of the Agent may rely on this Clause.                 (c)   Neither the Agent nor the Security Agent will 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 it if it 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 it for that purpose.                 (d)   Nothing   in  this  Agreement    shall  oblige  the  Agent,   the  Security  Agent   or  the                       Arrangers to carry out:                    (i)    any "know your customer" or other checks in relation to any person; or                    (ii)   any  check   on   the  extent   to  which   any   transaction   contemplated    by   this                           Agreement might be unlawful for any Lender,       BD-#34696673-v11                                      82

 

                     on behalf of any Lender and each Lender confirms to the Agent, the Security Agent                       and  the  Arrangers  that  it is solely responsible for any  such  checks  it is required  to                       carry out and that it may not rely on any statement in relation to such checks made                       by the Agent, the Security Agent or the Arrangers.                 (e)   Without prejudice to any provision of any Finance Document excluding or limiting the                       Agent's  liability, any liability of the Agent or the  Security  Agent  arising under   or in                       connection with any Finance Document shall be limited to the amount of actual loss                       which   has been   suffered  (as determined   by  reference  to the  date  of default of the                       Agent   and  the  Security  Agent  or, if later, the date  on  which  the  loss arises  as a                       result   of  such   default)  but   without   reference   to  any   special   conditions   or                       circumstances    known    to  the  Agent  and   the  Security  Agent   at  any  time   which                       increase the amount of that loss. In no event shall the Agent be liable for any loss of                       profits,  goodwill,  reputation,  business   opportunity   or  anticipated   saving,  or  for                       special,  punitive, indirect or consequential   damages,    whether  or  not the  Agent  has                       been advised of the possibility of such loss or damages.  26.11      Lenders'    indemnity    to  the  Agent    and   Finance    Parties'  indemnity     to  the  Security             Agent                 (a)   Each   Lender  shall (in proportion   to its share  of the  Total Commitments      or, if the                       Total   Commitments      are  then   zero,  to  its  share   of  the  Total   Commitments                       immediately    prior  to their  reduction  to  zero)  indemnify   the  Agent,  within  three                       Business   Days   of demand,    against   any  cost,  loss or  liability (including, without                       limitation, for negligence   or any  other  category  of liability whatsoever)  incurred  by                       the  Agent   (otherwise   than  by  reason   of  the  Agent's  gross  negligence   or  wilful                       misconduct, in acting as Agent under the Finance Documents (unless the Agent has                       been reimbursed by the Obligors pursuant to a Finance Document).                 (b)   Each other Finance Party shall (in proportion to its share of all amounts outstanding                       and/or   available for drawing   under  the Finance   Documents)    indemnify  the  Security                       Agent,  within  three (3)  Business  Days  of demand,    against  any  cost, loss or liability                       incurred  by  the  Security  Agent  (otherwise   than  by  reason  of the  Security  Agent's                       gross negligence or wilful misconduct) in acting as Security Agent under the Finance                       Documents    and,  to the extent   applicable, the KEXIM   Guarantee (unless    it has been                       reimbursed by the Obligors pursuant      to a Finance Document).  26.12      Resignation of the Agent or the Security Agent                 (a)   The   Agent  or  the Security   Agent  may   resign  and  appoint  one   of its Affiliates as                       successor by giving notice to the Lenders, the Borrowers and the KEXIM Agent.                 (b)   Alternatively, the Agent or the Security Agent may resign by giving thirty (30) days'                       notice to the   Lenders  and  the Borrowers,   in which  case  the  Majority Lenders   (after                       consultation with the Borrowers) may appoint a successor Agent, or as the case may                       be, a successor Security Agent.                 (c)   If the Majority Lenders have not appointed a successor Agent or as the case may be,                       a  successor  Security  Agent   in accordance   with  paragraph   (b) above   within twenty                       (20) days after notice of resignation was given, the retiring Agent or Security Agent                       (after  consultation  with  the Borrowers)   may   appoint   a successor   Agent  or  as the                       case may be, a successor Security Agent.                 (d)   The retiring Agent shall, or, as the case may be, the Security Agent make available                       to the successor   Agent,  or, as  the case  may   be, the successor Security    Agent such                       documents    and  records  and  provide  such  assistance   as the  successor  Agent  or, as                       the  case  may   be,  the  successor   Security  Agent  may   reasonably   request   for the                       purposes   of performing   its functions  under  the  Finance  Documents.    The  Borrowers                       shall, within  three  Business  Days   of demand,   reimburse   the  retiring Agent  for the                       amount    of all costs and  expenses    (including legal  fees) properly  incurred  by  it in                       making available such documents and records and providing such assistance.       BD-#34696673-v11                                      83

 

               (e)   The  Agent's,  or, as  the case  may   be, the  Security Agent's,  resignation  notice  shall                       only take effect upon the appointment of a successor.                 (f)   Upon   the appointment of a    successor, the retiring   Agent or Security   Agent shall  be                       discharged   from  any  further  obligation in respect  of the  Finance  Documents    (other                       than   its obligations under   paragraph   (d)  above)   but shall  remain  entitled  to the                       benefit  of  Clause  14.4  (Indemnity   to  the  Agent),  Clause  14.5   (Indemnity   to the                       Security  Agent)   and  this Clause   26  (and  any  agency   fees for  the account   of the                       retiring Agent shall  cease to accrue    from  (and shall be payable   on)  that date).  Any                       successor   and  each  of the other  Parties  shall have  the same   rights and  obligations                       amongst themselves as they would have had if such successor had been an original                       Party.                 (g)   After  consultation  with  the Borrowers,   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.                 (h)   The  Agent   shall resign in accordance   with  paragraph   (b) above   (and, to the extent                       applicable,  shall use  reasonable  endeavours    to appoint  a successor   Agent  pursuant                       to paragraph (c) above) if on or after the date which is three (3) months before the                       earliest  FATCA   Application  Date  relating  to any  payment    to the  Agent   under  the                       Finance Documents, either:                    (i)    the Agent   fails to respond  to a request   under  Clause  12.7  (FATCA   Information)                           and  Borrower  or a  Lender  reasonably   believes that the Agent will   not be (or will                           have  ceased   to be)  a FATCA   Exempt    Party  on  or after that  FATCA   Application                           Date;                    (ii)   the  information    supplied   by  the   Agent   pursuant    to  Clause   12.7   (FATCA                           Information)  indicates  that  the Agent   will not be  (or will have  ceased   to be) a                           FATCA Exempt Party on or after that FATCA Application Date; or                    (iii)  the Agent  notifies the  Borrowers   and  the Lenders   that the  Agent  will not be  (or                           will have ceased to be) a FATCA Exempt Party on or after that FATCA Application                           Date;                       and  (in each  case)  a Borrower   or a  Lender  reasonably   believes that  a Party  will be                       required to make a FATCA Deduction that would not be required if the Agent were a                       FATCA   Exempt    Party, and   the Borrowers    or that  Lender,  by  notice  to the  Agent,                       requires it to resign.  26.13      Confidentiality                 (a)   In  acting  as agent  for  the Finance   Parties, the Agent   shall be  regarded   as acting                       through   its agency   division which  shall  be treated  as  a  separate  entity  from  any                       other of its divisions or departments.                 (b)   If information is received by another division or department of the Agent, it may         be                       treated  as  confidential  to that division  or department    and  the  Agent  shall not  be                       deemed to have notice of it.  26.14      Relationship with the Lenders                 (a)   The  Agent   may   treat the person   shown   in its records as  Lender  at  the opening   of                       business (in the place of the Agent's principal office as notified to the Finance Parties                       from time to time) as the Lender:                    (i)    entitled to or liable for any  payment    due  under  any  Finance   Document    on that                           day; and       BD-#34696673-v11                                      84

 

                  (ii)   entitled to receive and act upon any notice, request, document or communication                           or make   any  decision  or  determination   under   any  Finance  Document    made    or                           delivered on that day,                       unless  it has  received  not less  than  five (5) Business  Days'  prior  notice from  that                       Lender to the contrary in accordance with the terms of this Agreement.                 (b)   Any Lender may by notice to the Agent appoint a person to receive on its behalf all                       notices,  communications,    information   and documents    to be  made   or despatched    to                       that Lender under the Finance Documents. Such notice shall contain the address, fax                       number    and  e-mail  address   and/or  any   other  information  required  to  enable  the                       transmission   of information   by  that means   (and,  in each   case, the  department    or                       officer, if any, for whose attention communication is to be made) and be treated as a                       notification  of a  substitute  address,   e-mail  address   (or such  other   information),                       department and     officer by that Lender for   the purposes   of Clause  31.2 (Addresses)                       and the Agent shall be entitled to treat such person as the person entitled to receive                       all such notices, communications, information and documents as though that person                       were that Lender.  26.15      Credit appraisal by the Lenders             Without   affecting the  responsibility of  each  Obligor  for information  supplied   by it or on  its             behalf in connection with any Finance Document, each Lender confirms to the Agent and the             Arrangers   that it has  been,  and  will continue   to be,  solely responsible  for making    its own             independent    appraisal and   investigation of  all risks arising under  or in connection   with  any             Finance Document including but not limited to:                 (a)   the financial condition, status and nature of the Obligors;                 (b)   the   legality, validity, effectiveness,   adequacy    or  enforceability  of  any  Finance                       Document and any other agreement, arrangement or document entered into, made                       or executed in anticipation of,  under or in connection with any Finance Document;                 (c)   whether    that Lender   has  recourse,  and   the  nature  and  extent   of that  recourse,                       against  any  Party  or  any  of its respective  assets  under  or in connection   with  any                       Finance Document, the transactions contemplated by the Finance Documents or any                       other   agreement,   arrangement     or document     entered  into,  made   or  executed   in                       anticipation of, under or in connection with any Finance Document; and                 (d)   the adequacy, accuracy     or completeness of    any  information provided    by the Agent,                       any Party or by any other person under or in connection with any Finance Document,                       the  transactions  contemplated    by  any  Finance  Document    or  any  other agreement,                       arrangement    or document    entered  into, made or    executed  in anticipation  of, under                       or in connection with any Finance Document.  26.16      Reference Banks             If a  Reference    Bank  ceases   to  be  a  Lender,   the  Agent   shall (in  consultation  with  the             Borrowers) appoint another Lender to replace that Reference Bank.  26.17      Role of Reference Banks                 (a)   No   Reference   Bank  is under   any  obligation  to  provide  a  quotation  or  any  other                       information to the Agent.                 (b)   No  Reference   Bank   will be liable for any  action taken  by  it under  or in connection                       with any Finance Document, or for any quotation provided as Reference Bank, unless                       directly caused  by its gross negligence or wilful misconduct.                 (c)   No   Party  (other  than  the   relevant  Reference   Bank)   may   take  any   proceedings                       against any officer, employee or agent of any Reference Bank in respect of any claim                       it might have against that Reference Bank or in respect of any act or omission of any        BD-#34696673-v11                                      85

 

                     kind  by  that officer, employee   or agent  in relation to any  Finance   Document,   or  to                       any quotation provided as a Reference Bank, and any officer, employee or agent of                       each Reference Bank may rely on this Clause 26.17.  26.18      Deduction from amounts payable by the Agent or the Security Agent             If any Party owes an amount to the Agent or the Security Agent under the Finance Documents             the Agent or the Security Agent may, after giving notice to that Party, deduct an amount not             exceeding   that amount from any payment to that Party which the Agent or the Security Agent             (as the case may be) would otherwise be obliged to make under the Finance Documents and             apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of             the  Finance   Documents    that  Party  shall be  regarded   as  having   received  any   amount   so             deducted.  26.19      No responsibility to perfect Security Interest             Neither the Agent nor the Security Agent shall be liable for any failure to:                 (a)   require  the  deposit   with it of  any  deed   or document    certifying,  representing   or                       constituting the title of any Obligor to any of the assets subject to or intended to be                       subject to the Security Interest under the Security Documents;                 (b)   obtain  any  licence, consent   or other  authority  for the  execution,  delivery, legality,                       validity, enforceability  or admissibility in evidence   of any  Finance  Document    or the                       Security Interest;                 (c)   register,  file or record or otherwise   protect  any  of the Security  Interest  under  the                       Security Documents (or the priority of any of those Security Interest) under any law                       or  regulation  or  to  give  notice  to any   person  of  the  execution   of any   Finance                       Document or of the Security Interest under the Security Documents;                 (d)   take,  or to  require any  Obligor  to  take, any  step  to perfect  its title to any of the                       assets   subject  to or  intended   to  be  subject  to the  Security   Interest  under  the                       Security  Documents    or  to render  those  Security  Interest effective  or to secure  the                       creation of any ancillary Security under any law or regulation; or                 (e)   require any further assurance in relation to any Security Document.  26.20      Powers and duties of the Security Agent as trustee of the security             In its capacity as trustee in relation to the Trust Property, the Security Agent:                 (a)   shall, without  prejudice  to any  of the  powers,  discretions  and  immunities   conferred                       upon trustees by law (and to the extent not inconsistent with the provisions of this                       Agreement     or any   of the  Security   Documents),    have  all the  same    powers   and                       discretions  as  a  natural  person   acting  as the  beneficial  owner   of such   property                       and/or   as  are conferred   upon   the Security   Agent  by  this Agreement    and/or   any                       Security  Document    but  so  that the  Security Agent   may  only  exercise  such  powers                       and  discretions to  the extent  that  it is authorised to do  so by the provisions of   this                       Agreement;                 (b)   shall (subject to Clause 29.5    (Partial Payments))   be  entitled (in its own  name or in                       the  names   of  nominees)   to invest  moneys    from  time  to time  forming   part of the                       Trust  Property or otherwise held by     it as a consequence of    any  enforcement   of the                       security  constituted  by  any  Finance  Document    which,  in the  reasonable   opinion  of                       the Security Agent, it would not be practicable to distribute immediately, by placing                       the same on    deposit in  the name   or under   the control of the  Security  Agent as  the                       Security Agent may think fit without being under any duty to diversify the same and                       the  Security  Agent   shall not  be  responsible   for any  loss  due  to interest  rate  or                       exchange    rate  fluctuations except   for any  loss  arising from   the  Security  Agent's                       gross negligence or wilful misconduct;       BD-#34696673-v11                                      86

 

               (c)   may,    in the  conduct    of its  obligations  under   and   in respect   of  the  Security                       Documents     (otherwise   than   in  relation  to  its right  to  make   any   declaration,                       determination   or decision),  instead of  acting personally,  employ   and  pay  any  agent                       (whether   being  a  lawyer  or any  other  person)  to transact  or concur   in transacting                       any   business  and  to  do  or concur  in  doing  any  acts required   to be  done  by  the                       Security Agent (including the receipt and payment of money) and on the basis that                       (i) any such agent engaged in any profession or business shall be entitled to be paid                       all usual  professional  and  other  charges  for business   transacted  and  acts  done  by                       him  or  any  partner  or employee   of his or  her in connection   with such  employment                       and (ii) the Security Agent shall not be bound to supervise, or be responsible for any                       loss  incurred  by reason   of any  act or  omission  of, any  such   agent  if the Security                       Agent shall have exercised reasonable care in the selection of such agent; and                 (d)   may   place  all deeds  and  other documents    relating  to the Trust  Property  which  are                       from time to time deposited with it pursuant to the Security Documents in any safe                       deposit, safe or receptacle selected by the Security Agent exercising reasonable care                       or  with any  firm  of solicitors or company   whose   business   includes undertaking   the                       safe custody of documents selected by the Security Agent exercising reasonable care                       and may make any such arrangements as it thinks fit for allowing Obligors access to,                       or  its solicitors or  auditors  possession    of, such   documents    when   necessary    or                       convenient   and  the  Security Agent   shall not be  responsible  for any  loss incurred  in                       connection with any such deposit, access or possession if it has exercised reasonable                       care  in  the  selection  of a  safe  deposit,  safe, receptacle   or firm  of  solicitors or                       company (save that it shall take reasonable steps to pursue any person who may be                       liable to it in connection with such loss).  26.21      Co-operation to achieve agreed priorities of application             The  other  Finance  Parties shall co-operate   with  each  other and  with  the  Security Agent   and             any  receiver  or  administrator  under   the  Security  Documents    in realising  the property   and             assets subject to the Security Documents and in ensuring that the net proceeds realised under             the  Security   Documents     after  deduction   of  the  expenses   of  realisation  are  applied   in             accordance with Clause 29.5 (Partial payments).  26.22      Indemnity from Trust Property                 (a)   In respect of all liabilities, costs or expenses for which the Obligors are liable under                       this Agreement, the Security Agent and each Affiliate of the Security Agent and each                       officer or  employee   of the  Security  Agent  or  its Affiliate (each a Relevant   Person)                       shall  be  entitled  to be  indemnified    out  of the  Trust  Property   in respect   of all                       liabilities, damages,  costs, claims, charges or expenses whatsoever properly incurred                       or suffered by such Relevant Person:                    (i)    in the execution   or exercise  or bona  fide purported   execution  or exercise  of the                           trusts, rights, powers, authorities, discretions and duties created or conferred by                           or pursuant to the Finance Documents;                    (ii)   as a result of any breach by an Obligor of any of its obligations under any Finance                           Document;                    (iii)  in respect of any Environmental Claim made or asserted against an Obligor which                           would not have arisen if the Finance Documents had not been executed; and                    (iv)   in respect of any matter or thing done or omitted in any way in accordance with                           the  terms   of the  Finance   Documents     relating  to the   Trust  Property  or  the                           provisions of any of the Finance Documents.                 (b)   The   rights conferred   by  this Clause  26.22   are  without  prejudice  to  any  right  to                       indemnity   by  law  given  to trustees  generally  and  to  any  provision  of the  Finance                       Documents     entitling the  Security  Agent   or any   other  person  to  an  indemnity   in                       respect  of, and/or   reimbursement    of, any  liabilities, costs or expenses   incurred  or                       suffered by it in connection with any of the Finance Documents or the performance        BD-#34696673-v11                                      87

 

                     of any duties under any of the Finance Documents.  Nothing contained in this Clause                       26.22    shall entitle the  Security  Agent   or any  other  person   to be  indemnified   in                       respect of any liabilities, damages, costs, claims, charges or expenses to the extent                       that the same arise from such person's own gross negligence or wilful misconduct.  26.23      Finance Parties to provide information             The other   Finance Parties shall provide the Security Agent with such written information as it             may   reasonably  require for  the purposes   of carrying  out its duties  and obligations  under  the             Security  Documents     and,  in particular, with  such  necessary   directions  in  writing so  as  to             enable the Security    Agent  to make the calculations    and  applications contemplated    by  Clause             25.9  (Partial payments)    above   and  to apply  amounts    received  under,  and  the  proceeds   of             realisation of, the  Security  Documents    as  contemplated   by  the  Security  Documents,    Clause             25.9 (Partial payments).  26.24      Release to facilitate enforcement and realisation             Each  Finance   Party acknowledges     that pursuant   to any  enforcement    action  by the  Security             Agent (or a receiver) carried out on the instructions of the Agent it       may be desirable for the             purpose of such enforcement and/or maximising the realisation of the Charged Property being             enforced against, that any rights or claims of or by the Security Agent (for the benefit of the             Finance  Parties)  and/or  any  Finance  Parties against any   Obligor and/or   any Security  Interest             over  any  assets  of  any  Obligor  (in each  case)  as  contained   in or created   by any   Finance             Document, other than such rights or claims or security being enforced, be released in order to             facilitate such enforcement action and/or realisation and, notwithstanding any other provision             of the  Finance   Documents,    each  Finance   Party  hereby   irrevocably  authorises  the  Security             Agent   (acting  on the  instructions  of the  Agent)   to grant  any  such   releases  to the  extent             necessary to fully effect such enforcement action and realisation including, without limitation,             to the extent necessary for such purposes to execute release documents in the name of and             on  behalf  of the Finance   Parties.  Where   the relevant  enforcement    is by way   of disposal  of             shares in an Obligor, the requisite release shall include releases of all claims (including under             guarantees) of   the Finance Parties and/or    the Security Agent against     such  Obligor and  of all             Security Interests over the assets of such Obligor.  26.25      Undertaking to pay             Each  Obligor  which   is a Party undertakes    with the  Security  Agent  on  behalf  of the  Finance             Parties  that it will, on demand   by  the  Security  Agent,  pay  to the  Security  Agent  all money             from time to time owing, and discharge all other obligations from time to time incurred, by it             under or in connection with the Finance Documents.  26.26      Additional trustees             The Security Agent shall have power by notice in writing to the other Finance Parties and the             Borrowers    to appoint   any  person   approved    by  the  Borrowers   (such   approval  not  to  be             unreasonably    withheld  or delayed)   either to act  as separate  trustee  or as  co-trustee  jointly             with the Security Agent:                 (a)   if the  Security  Agent   reasonably   considers   such  appointment    to  be  in the  best                       interests of the Finance Parties;                 (b)   for the purpose of conforming with any legal requirement, restriction or condition in                       any jurisdiction in which any particular act is to be performed; or                 (c)   for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any                       jurisdiction against any person of a judgment already obtained,             and  any  person   so appointed   shall (subject  to the  provisions  of this Agreement)    have  such             rights (including  as to  reasonable  remuneration),    powers,  duties  and  obligations  as shall be             conferred or imposed by the instrument of appointment.  The Security Agent shall have power             to remove any person so appointed.  At the request of the Security Agent, the other parties to             this Agreement shall forthwith execute all such documents and do all such things as may be        BD-#34696673-v11                                      88

 

           required  to perfect  such  appointment or    removal  and  each  such  party  irrevocably  authorises             the Security Agent in its name and on its behalf to do the same.  Such a person shall accede             to this Agreement as a Security Agent to the extent necessary to carry out their role on terms             satisfactory  to the Security  Agent   and  (subject  always  to the  provisions  of this Agreement)             have such trusts, powers, authorities, liabilities and discretions (not exceeding those conferred             on the Security Agent by this Agreement and the other Finance Documents) and such duties             and obligations as shall be conferred or imposed by the instrument of appointment (being no             less onerous   than  would  have  applied  to the  Security  Agent  but  for the appointment).     The             Security  Agent   shall not be  bound   to supervise,  or  be responsible   for any  loss incurred  by             reason of any act or omission of, any such person if the Security        Agent shall  have exercised             reasonable care in the selection of such person.  26.27      Non-recognition of trust             It is agreed by all the parties to this Agreement that:                 (a)   in relation to any jurisdiction the courts of which would not recognise or give effect                       to  the trusts expressed   to be  constituted  by  this Clause  26, the  relationship of the                       Security  Agent   and the  other  Finance  Parties shall be  construed  as  one of  principal                       and agent, but to the extent permissible under the laws of such jurisdiction, all the                       other  provisions   of this Agreement     shall have   full force and  effect  between   the                       parties to this Agreement; and                 (b)   the  provisions  of this Clause  26  insofar as  they  relate to the  Security  Agent  in its                       capacity as trustee for the Finance Parties and the relationship between themselves                       and the Security Agent as their trustee may be amended by agreement between the                       other  Finance  Parties  and  the  Security Agent.    The  Security  Agent  may   amend   all                       documents necessary to effect the alteration of the relationship between the Security                       Agent and the other Finance Parties and each such other party irrevocably authorises                       the Security Agent in its name and on its behalf to execute all documents necessary                       to effect such amendments.  26.28      Role of the KEXIM Agent                 (a)   Each   of the KEXIM   Guaranteed    Facility Lenders  and  the  Agent  appoints  the  KEXIM                       Agent   to act  as its agent  for the  purposes   of dealing  with KEXIM    as guarantor   in                       respect  of the  KEXIM   Guarantee   and  the  KEXIM   Agent  accepts  the appointment    on                       and subject to the terms of these paragraphs (a) to (g).                 (b)   The  KEXIM   Agent's  duties  under  the  Finance  Documents    are  solely mechanical   and                       administrative in nature.                 (c)   The  KEXIM   Agent shall  promptly   forward to the Agent    the original or  a copy  of any                       document     which  is  delivered  to  the  KEXIM    Agent   for another   Party  and   shall                       promptly   forward  to  KEXIM   as guarantor   (in accordance   with  the provisions  of the                       KEXIM Guarantee) the original or a copy of any document which is delivered to the                       KEXIM Agent by any other Party.                 (d)   Except where a Finance Document specifically provides otherwise, the KEXIM Agent                       is not  obliged  to review  or  check  the  adequacy,   accuracy  or  completeness    of any                       document it   forwards to another Party.                 (e)   Clauses 26.7 (Rights and discretions), 26.8 (Responsibility for documentation), 26.1                       (No duty to monitor), 26.10 (Exclusion of liability), 26.12 (Resignation of the Agent                       or   the  Security   Agent),   26.13   (Confidentiality),  26.14   (Relationship   with  the                       Lenders),   26.15   (Credit  appraisal  by   the  Lenders)   and  26.18   (Deduction    from                       amounts    payable  by  the  Agent  or  the Security  Agent)   shall each  extend  so  as  to                       apply to the KEXIM Agent in its capacity as such and for that purpose each reference                       to the "Agent" in these Clauses shall extend to include in addition a reference to the                       "KEXIM    Agent"  in its capacity  as such,  provided,   that any  change,   substitution  or                       resignation   of  the  KEXIM    Agent   shall be   subject  to  any  consent    requirement                       pursuant to the KEXIM Guarantee.       BD-#34696673-v11                                      89

 

               (f)   All communication     between    the  Finance  Parties  and   KEXIM   shall be  carried  out                       exclusively through the KEXIM Agent.                 (g)   Each   Lender  and  the  Hedge   Providers  shall deal with  the  KEXIM   Agent  exclusively                       through the Agent and shall not deal     directly with the KEXIM Agent.  26.29      KEXIM Guarantee             Each  KEXIM   Lender   represents  and  warrants   to the  KEXIM   Agent  that, with  effect from  the             date it receives the KEXIM Guarantee (a) it has reviewed any KEXIM Guarantee and is aware             of the  provisions  thereof, (b) any  representations   and  warranties  made   by  the KEXIM   Agent             on behalf of each KEXIM Guaranteed Facility Lender under any KEXIM Guarantee are true and             correct  with  respect  to such   KEXIM   Guaranteed    Facility Lender  in all respects  and   (c) no             information provided by such KEXIM Guaranteed Facility Lender in writing to the KEXIM Agent             or to KEXIM as guarantor prior to the date hereof was incomplete, untrue or incorrect in any             respect  except  to the  extent  that such  KEXIM   Guaranteed    Facility Lender, in the  exercise  of             reasonable   care  and  due   diligence  prior to the  giving  of the  information,   could  not  have             discovered   the  error  or omission.   Each  KEXIM   Guaranteed    Facility Lender   represents   and             warrants   to the  KEXIM   Agent  that it has  not taken  (or  failed to take), and  agrees   with the             KEXIM Agent that it shall not take (or fail to take), any action that would result in the KEXIM             Agent being in breach of any of its obligations in its capacity as KEXIM Agent under the KEXIM             Guarantee or the Finance     Documents,    or result in any  of KEXIM   Guaranteed Facility   Lenders             being in breach of any of their respective obligations as guaranteed parties, under the KEXIM             Guarantee, or which would otherwise prejudice the KEXIM Agent's ability to make a claim on             behalf of the KEXIM Guaranteed Facility Lenders under the KEXIM Guarantee.  26.30      KEXIM Agent actions             The  KEXIM   Agent   agrees  to  take  such  actions  under  the  KEXIM   Guarantee   (including  with             respect to  any  amendment, modification      or supplement   to  the KEXIM   Guarantee) as    may  be             directed on the unanimous instructions of the KEXIM Guaranteed Facility Lenders from time to             time,   provided   that,   anything   herein   or  in   the  KEXIM    Guarantee     to  the   contrary             notwithstanding, the KEXIM Agent shall not be obliged to take any such action or to expend or             risk its own funds or otherwise incur any liability in the performance of any of its duties or the             exercise  of any  of  its rights or powers   hereunder   or thereunder   if it shall have  reasonable             grounds for believing that repayment of such funds or adequate indemnity against such risk or             liability is not reasonably assured to it or if such action would be contrary to applicable law.     27      Conduct of Business of 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 to the extent, order or 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      Payment to Finance Parties             If a Finance Party (a "Recovering Finance Party") receives or recovers any amount from an             Obligor  other   than  in  accordance   with  Clause   29  (Payment    mechanics)    (a  "Recovered             Amount") and applies that amount to a payment due under the Finance Documents then:                 (a)   the Recovering    Finance  Party shall promptly,   within three (3)  Business   Days,  notify                       details of the receipt or recovery to the Agent;       BD-#34696673-v11                                      90

 

              (b)   the Agent shall determine whether the receipt or recovery is in excess of the amount                      the Recovering Finance Party would have been paid had the receipt or recovery been                      received   by  or made   by  the  Agent  and   distributed in  accordance   with  Clause  29                      (Payment mechanics), without taking account of Tax which would be imposed on the                      Agent in relation to the receipt, recovery or distribution; and                (c)   the Recovering Finance Party shall, within three (3) Business Days of demand by the                      Agent, pay to the Agent an amount (the "Sharing Payment") equal to such receipt                      or  recovery  less any  amount    which  the  Agent  determines   may   be  retained  by the                      Recovering   Finance   Party  as its share  of any  payment    to be  made,   in accordance                      with Clause 29.5 (Partial payments).            For  the avoidance   of  doubt,  any  payment   received   by a  KEXIM   Guaranteed    Facility Lender            from   KEXIM   as  guarantor   or  the  KEXIM   Agent   or  the  Security  Agent   under   the  KEXIM            Guarantee shall not constitute a Recovered Amount for the purposes of this Clause 28.1.  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)  (the            "Sharing   Finance Parties")     in accordance with    Clause  29.5 (Partial payments)    towards  the            obligations of that Obligor to the Sharing Finance Parties.  28.3      Recovering Finance Party's rights            On a distribution by the Agent under Clause 28.2 (Redistribution of payments), of a payment            received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and            the  Recovering   Finance   Party, an  amount    of the  Recovered   Amount    equal  to  the Sharing            Payment will be treated as not having been paid by that Obligor.  28.4      Reversal of redistribution            If any  part  of the  Sharing   Payment   received   or recovered   by  a  Recovering   Finance  Party            becomes repayable and is repaid by that Recovering Finance Party, then:                (a)   each  Sharing   Finance  Party  shall, upon  request  of the  Agent,  pay  to the Agent   for                      the  account   of that Recovering   Finance   Party an  amount   equal  to  the appropriate                      part of its share of the Sharing Payment (together with an amount as is necessary to                      reimburse   that  Recovering   Finance   Party for its proportion   of any  interest on  the                      Sharing   Payment    which   that  Recovering   Finance   Party  is required  to  pay)  (the                      "Redistributed Amount"); and                (b)   as between the relevant Obligor and each relevant Sharing Finance Party, an amount                      equal to  the relevant Redistributed    Amount   will treated as  not having  been paid   by                     that Obligor.  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 the legal or arbitration proceedings; and                   (ii)   that other   Finance  Party  had   an  opportunity   to participate  in  those  legal  or                          arbitration  proceedings   but  did  not  do   so  as  reasonably   practicable   having                          received notice and did not take separate legal or arbitration proceedings.      BD-#34696673-v11                                      91

 

                                       Section    11  - Administration    29      Payment Mechanics  29.1      Payments to the Agent            All payments     by  an  Obligor  or  a  Lender   under   the  Finance  Documents     (other  than   in            connection with the realisation or enforcement of any Security Documents) shall be made:                (a)   to the Agent to its account with such office or bank as the Agent may from time to                      time designate in writing to the Obligor or a Lender for this purpose; and                (b)   for value on the due date at such times and in such funds as the Agent may specify                      to the Party concerned as being customary at the time for settlement of transactions                      in the relevant currency in the place of payment.  29.2      Distributions by the Agent            Each  payment    received  by  the Agent   under  the Finance   Documents    for another  Party  shall,            subject to Clause 29.3 (Distributions to the Obligors), 29.4 (Clawback) and 29.9 (Payments to            the Security Agent), be made available by the Agent as soon as practicable after receipt to the            Party entitled to receive payment in accordance with this Agreement, to such account as that            Party may notify to the Agent by not less than five (5) Business Days' notice.  29.3      Distributions to an Obligor            The  Agent  may   (with  the consent   of the Obligor  or in accordance   with  Clause  30  (Set-off)),            apply  any  amount   received by   it for that Obligor in or towards   payment (on    the date and   in            the  currency  and  funds  of receipt)  of any  amount   due  from  that  Obligor  under  the  Finance            Documents or in or towards purchase of any amount of currency to be so applied.  29.4      Clawback and pre-funding                (a)   Where   a  sum  is to be  paid to  the Agent  under   the Finance  Documents    for another                      Party, the Agent is not obliged to pay that sum to that other Party (or to enter into                      or  perform  any  related exchange    contract)  until it has been  able to  establish to its                      satisfaction that it has actually received that sum.                (b)   Unless paragraph c)    below applies, if the Agent pays an amount to another Party and                      it proves to be the case that the Agent had not actually received that amount, then                      the Party to whom that amount (or the proceeds of any related exchange contract)                      was   paid  by  the  Agent  shall on  demand    refund   the  same   amount   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.                (c)   If the Agent has notified the Lenders that it is willing to make available amounts for                      the account of the Borrowers before receiving funds from the Lenders, then if and to                      the extent that the Agent does so but it proves to be the case that it does not then                      receive funds from a Lender in respect of a sum which       it paid to a Borrower:                   (i)    the Agent  shall notify the  Borrowers   of that Lender's  identity and  the  Borrowers                          shall on demand refund it to the Agent; and                   (ii)   the Lender   by  whom   those   funds  should  have  been   made   available  or, if that                          Lender  fails to  do  so, the  Borrowers    shall on  demand    pay  to  the  Agent  the                          amount   (as  certified by the  Agent)  which  will indemnify   the Agent   against  any                          funding  cost incurred  by  it as a  result of paying  out  that sum   before  receiving                          those funds from that Lender.      BD-#34696673-v11                                      92

 

29.5      Partial payments                (a)   If the Agent (or the Security Agent, as applicable)     receives a payment or an amount                      is recovered by the Security Agent pursuant to the terms of any Security Document                      in connection   with  the realisation or  enforcement   of all or any  part of the  Security                      Interest) that  is insufficient to discharge all the amounts then due and payable by an                      Obligor  under  the  Finance  Documents,    the Agent   shall apply that payment    towards                      the obligations of that Obligor under the Finance Documents in the following order:                   (i)    firstly, in or towards payment pro rata    of any unpaid fees, costs and expenses of                          the Agent and the Security Agent under the Finance Documents;                   (ii)   secondly,  in  or towards   payment    pro  rata  of any   accrued   interest (including                          default interest), fee or commissions 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 (excluding the Hedging Agreements); and                   (v)    fifthly, in or towards payment pro rata   of any other sum due but unpaid under the                          Hedging Agreements.                (b)   The  Agent shall,  if so directed by  the Lenders and    the  KEXIM   Agent vary  the  order                      set out in paragraphs (i) to (v) above.                (c)   The Security Agent and each other beneficiary of the Security Documents shall make                      each application in accordance with paragraph (a) as soon as is practicable after the                      relevant  moneys    are  received  by,  or otherwise   become    available to,  it save that                      (without   prejudice   to  any   other   provision  contained    in  any   of the   Security                      Documents)    the  Security  Agent  (acting  on the  instructions of the  Agent)  any  other                      beneficiary  of the  Security  Documents    or any  receiver  or administrator   may   credit                      any moneys received by it to a suspense account for so long and in such manner as                      the Security Agent, any other beneficiary of the Security Documents or such receiver                      or  administrator  may   from   time  to time  determine   with  a view  to  preserving  the                      rights of the Finance Parties or any of them to prove for the whole of their respective                      claims against the Borrowers or any other person liable.                (d)   The   Security  Agent  and/or  any   other beneficiary  of  the Security  Documents     shall                      obtain a good discharge in respect of the amounts expressed to be due to the other                      Finance   Parties as  referred  to in this Clause  29.5  by  paying  such  amounts    to the                      Agent for distribution in accordance with Clause 29 (Payment mechanics).                (e)   This Clause 29.5 will override any appropriation made by an Obligor.  29.6      No set-off by the 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.  29.7      Business Days                (a)   Any payment under the Finance Documents which is due to be made on a day that is                      not  a Business   Day  shall be  made   on the  next  Business  Day  in the  same   calendar                      month (if there is one) or the preceding Business Day (if there is not).                (b)   During   any  extension  of the  due  date for payment    of any  principal or Unpaid   Sum                      under this Agreement interest is payable on the principal or Unpaid Sum at the rate                      payable on the original due date.      BD-#34696673-v11                                      93

 

29.8      Currency of account            The Obligors shall pay:                (a)   any amount payable under the Finance Documents, except as otherwise provided for                      herein, in USD; and                (b)   all payments of costs   and Taxes in the currency in which the same were incurred.  29.9      Payments to the Security Agent            Notwithstanding any other provision of any Finance Document, at any time after any Security            Interest created by or pursuant to any Security Document becomes enforceable, the Security            Agent may require:                (a)   any Obligor to pay all sums due under any Finance Document; or                (b)   the Agent to pay all sums received or recovered from an Obligor under any Finance                      Document,            in each case as the Security Agent may direct for application in accordance with the terms of            the relevant Security Document.    30      Set-Off            A  Finance  Party  may,  to  the extent  permitted   by applicable  law,  set off any  obligation  due            from   an  Obligor  under  the  Finance   Documents    (to  the extent   beneficially owned   by  that            Finance Party) against any obligations owed by that Finance Party to that Obligor, regardless            of the place of payment, booking branch or currency of either obligation. If the obligations are            in different currencies,  the  Finance  Party  may   convert  either obligation  at a market   rate  of            exchange in its usual course of business for the purpose of the set-off.    31      Notices  31.1      Communication in writing                (a)   Any communication to be made under or in connection with the Finance Documents                      shall be  made   in writing  and, unless  otherwise   stated, may   be  made   by  e-mail  or                      letter.                (b)   Any such notice or communication addressed as provided in Clause 31.2 (Addresses)                      will be deemed to be given or made as follows:                   (i)    if by letter, when delivered at the address of the relevant Party;                   (ii)   if by email, when received in legible form.                (c)   However, a notice given in accordance with the above but received on a day which is                      not a Business Day or after 16:00 hours in the place of receipt will only be deemed                      to be given at 9:00 hours on the next Business Day in that place.                (d)   Any   communication     or document    to  be  made   or  delivered  to  the  Agent  will be                      effective  only when   actually received   by the  Agent  and  then  only  if it is expressly                      marked    for the  attention  of the  department    or officer identified with  the  Agent's                      signature   below  (or any  substitute  department   or officer as  the Agent  shall specify                      for this purpose).  31.2      Addresses            Any   communication     or  document    to be   made   under   or  in connection   with  the   Finance            Documents    shall be  made   or delivered  to the  address  and  email  address   of each  Party  and       BD-#34696673-v11                                      94

 

          marked for the attention of the department or persons set out below and, in case of any New            Lender, to the address notified to the Agent:            If to the Agent or the Security Agent:         Nordea Bank Abp, filial i Norge                                                          Dept.: Global Maritime Loans                                                          Essendrops gate 7, 0367 Oslo, Norway            For credit and documentation     matters:           Dept.: Global Maritime Loans           Email: agency.soosid@nordea.com           (recipient for information undertakings, amendment and waiver requests, conditions            precedent and conditions subsequent etc.)            For loan operation   matters:            Dept.: Structure Loan Services           Email: sls.norway@nordea.com           (recipient for utilisation requests, selection notices, payment notices etc.)            If to any of the Obligors:FLEX LNG MANAGEMENT AS           Bryggegata 3           0250 Oslo, Norway           Att: Principal Financial Officer           E-mail: finance@flexlng.com            or any substitute address and/or email address and/or marked for such other attention as the            Party may notify to the other Agent (or the Agent may notify the other Parties if a change is            made by the Agent) by not less than five (5) Business Days' prior notice.  31.3      Communication with the Obligors            All communication from    or to an Obligor shall be sent through the Agent.  31.4      Language            Communication     to be  given  by one  Party  to another   under  the  Finance  Documents    shall be            given  in  the  English  language   or, if not  in English  and   if so required   by  the  Agent,  be            accompanied    by  a certified English translation  and,  in this case, the  English translation  shall            prevail unless the document is a statutory or other official document.    32      Calculations and Certificates  32.1      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.  32.2      Day count convention            All interest, commission or fee accruing under the Finance Documents will accrue from day-to-           day  and  is calculated  on the  basis of  the actual  number   of days  elapsed  and  a  year  of 360            days.    33      Partial Invalidity            If, at  any  time,  any   provision  of  a Finance   Document     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            provisions under any law of any other jurisdiction will in any way be affected or impaired.      BD-#34696673-v11                                      95

 

  34      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,  of  any  such  right  or            remedy   any   of the  Finance  Documents.    No  single  or partial exercise  of any  other  right  or            remedy   shall prevent   any further  or other  exercise  of any  other right or  remedy.   The  rights            and  remedies   provided   in each  Finance  Document    are  cumulative   and  not  exclusive  of any            rights or remedies provided by law.    35      Amendments and Waivers  35.1      Required consents                (a)   Subject   to Clause  35.2 (All Lender matters)    and  35.3  (Other  exceptions),  any  term                      of the Finance Documents may be amended or waived only with the consent of the                      Majority  Lenders   and  the Obligors  and  any  such  amendment     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.  35.2      All Lender matters            An  amendment     to  or waiver  of  any  term  of any   Finance  Document    that  has  the effect  of            changing or   which relates to:                (a)   the definition of "Majority Lenders" in Clause 1.1 (Definitions);                (b)   an   extension   of the   date  of  any  payment    of  any   amount   under   the   Finance                      Documents;                (c)   a  reduction  in Margin   or a  reduction  in the  amount    of any  payment    of principal,                      interest, fees or commission payable;                (d)   an  increase  in or extension   of any  Commitment     other than  any  Accordion   Increase                      pursuant to Clause 2.5 (Accordion Option) or an extension of the Availability Period                      or any requirement that a cancellation of Commitments reduces          the Commitments of                      the Lenders rateably under the Facility;                (e)   a  term  of the  Finance  Documents     which  expressly  requires  the  consent  of  all the                      Lenders;                (f)   a proposed substitution or replacement of a Borrower or a Guarantor;                (g)   the definitions of "Restricted Party", "Sanctions", "Sanctions Authority" or "Sanctions                      List", any   Clause  in  which  such   term  is  used  in  this Agreement,    or  any  other                      provision  or other  matters  relating  to Sanctions,  including  without  limitation Clause                      22.22  (Sanctions).                (h)   the  release  of any  guarantee   and   indemnity  granted   under  Clause   17  (Guarantee                      and   indemnity)   or  of any   Security  Interest  granted   under   any  of  the  Security                      Documents     unless permitted   under  this Agreement or    any  other  Finance  Document                      or relating to a sale or disposal of an asset which is the subject to Security Interest                      where   such  sale  or disposal  is expressly   permitted   under  this Agreement    or  any                      other Finance Document; or                (i)   the  definition  of  “Change   of  Control”,  Clauses   2.2  (Finance   party's  rights  and                      obligations), 7.3 (Mandatory prepayment –       Illegality), 7.4 (Mandatory prepayment –                     Change     of  Control),  7.8   (Mandatory    prepayment      –  KEXIM    Guarantee),    7.9                      (Mandatory    Prepayment    – Commercial    Facility), 18 (Security),  25  (Changes   to the                      Parties),  28  (Sharing  among    the  Finance   Parties), 29.5  (Partial payments),    29.8      BD-#34696673-v11                                      96

 

                    (Currency   of  account),  this Clause   35.2,  Clauses  39.1  (Governing    law)  and  39.2                      (Jurisdiction of English courts),            shall not be made without the prior written consent of all the Lenders.  35.3      Other exceptions                (a)   An amendment or waiver which relates to the rights or obligations of the Agent, the                      KEXIM    Agent,   the   Hedge    Providers,  the   Security  Agent,   the   Arrangers,   the                      Bookrunners    or the  ECA  Co-ordinator   (each  in their capacity  as  such)  may   not be                      effected  without  the  consent  of the  Agent,  the KEXIM   Agent,   the Hedge   Providers,                      the Security Agent, the Arrangers, the Bookrunners or, as the case may be, the ECA                      Co-ordinator.                (b)   Amendments      to or  waivers   in respect  of Clauses   7.8  (KEXIM   Guarantee)    or 7.9                      (Commercial    Facility) may   only be  agreed   with the  consent   of each  of the  KEXIM                      Guaranteed Facility Lenders.                (c)   Amendment     to  the definition of "Majority  Lenders"  or  Clauses  22.22  (Sanctions)  or                      25  (Changes    to the  Parties)  may   only  be  agreed  with  the  consent   of KEXIM   as                      guarantor.  35.4      Replacement of Screen Rate                (a)   Subject to Clause 35.3 (Other exceptions), any amendment or waiver which relates                      to:                   (i)    providing for the use of a Replacement Benchmark; and                   (ii)                          (A)   aligning   any  provision   of  any  Finance   Document     to  the  use   of that                                Replacement Benchmark;                          (B)   enabling   that Replacement     Benchmark    to  be  used  for the  calculation  of                                interest   under    this  Agreement      (including,   without   limitation,   any                                consequential   changes   required  to enable that   Replacement    Benchmark    to                                be used for the purposes of this Agreement);                          (C)   implementing      market    conventions     applicable   to   that   Replacement                                Benchmark;                          (D)   providing   for appropriate   fallback (and   market   disruption)  provisions  for                                that Replacement Benchmark; or                          (E)   adjusting   the  pricing  to reduce   or  eliminate,  to  the  extent  reasonably                                practicable, any transfer of economic value from one Party to another as a                                result  of  the  application  of  that  Replacement     Benchmark    (and   if any                                adjustment    or method    for calculating  any  adjustment   has  been   formally                                designated, nominated or recommended by the Relevant Nominating Body,                                the  adjustment    shall  be  determined    on  the  basis  of  that  designation,                                nomination or recommendation),                          may  be  made   with  the  consent  of the  Agent  (acting  on  the instructions  of the                          Majority Lenders) and the Obligors.                (b)   If any Lender fails to respond to a request for an amendment or waiver described in                      paragraph    (a) above  within  ten (10)  Business   Days  (or such  longer  time  period  in                      relation to any request which the Ultimate Parent and the Agent may agree) of that                      request being made:      BD-#34696673-v11                                      97

 

                 (i)    its Commitment(s)    shall not  be included  for the  purpose  of calculating  the Total                          Commitments under the relevant Facility when ascertaining whether any relevant                          percentage   of Total  Commitments     has  been  obtained   to approve   that  request;                          and                   (ii)   its status  as  a  Lender   shall be  disregarded   for  the  purpose   of  ascertaining                          whether  the  agreement    of any  specified group   of Lenders  has  been  obtained   to                          approve that request.                (c)   For the purpose of this Clause 35.4 (Replacement of Screen Rate)                   "Relevant   Nominating     Body"   means    any  applicable central  bank,  regulator  or other                   supervisory authority or a group of them, or any working group or committee sponsored                   or chaired  by,  or constituted  at the  request  of, any  of them   or the Financial  Stability                   Board.                   "Replacement Benchmark" means:                   (i)    a benchmark    rate  which  is formally designated,   nominated    or recommended     as                          the replacement for a Screen Rate by:                          (A)   the   administrator   of  that  Screen   Rate   (provided   that  the  market    or                                economic    reality that such  benchmark    rate measures    is the same   as that                                measured by that Screen Rate); or                          (B)   any Relevant Nominating Body,                          (C)   and  if replacements   have,  at the  relevant  time, been  formally  designated,                                nominated    or  recommended      under   both  paragraphs,    the  "Replacement                                Benchmark" will be the replacement under paragraph (ii) above;                   (ii)   a benchmark     rate  which   is in the  opinion   of the  Majority   Lenders   and  the                          Obligors,  generally   accepted   in  the  international   or  any  relevant   domestic                          syndicated loan markets as the appropriate successor to a Screen Rate; or                   (iii)  a benchmark     rate  which   is in the  opinion   of the  Majority   Lenders   and  the                          Obligors, an appropriate successor to a Screen Rate.  35.5      Conflict and KEXIM Guarantee override                (a)   Without limiting   in any  manner   the rights of the Lenders   under  the Facilities (other                      than   the  KEXIM   Guaranteed    Facility), and  subject  and   without  prejudice  to  any                      amendments, consents       or waivers  as may   be given,  consented or   agreed   to by the                      Agent   which  is contrary  to  or inconsistent  with  any  vote  exercised  by  the  KEXIM                      Guaranteed    Facility Lenders  (acting on  the  instructions of KEXIM   as  guarantor)  but                      which   are  otherwise  in  accordance   with  the  terms  and  conditions  of  the  Finance                      Documents;                    (i)    in case of any conflict between the Finance Documents and the KEXIM Guarantee,                          the KEXIM   Guarantee    shall, as between   the  KEXIM   Guaranteed    Facility Lenders                          and   KEXIM   as   guarantor,   prevail,  and   to  the  extent   of  such   conflict  or                          inconsistency, none of the KEXIM Guaranteed Facility Lenders or the KEXIM Agent                          shall assert to KEXIM as guarantor, the terms of the relevant Finance Documents;                          and                    (ii)   nothing  in this Agreement    or any  Finance   Document    shall permit  or oblige  any                          KEXIM Guaranteed Facility Lender or the KEXIM Agent to act (or omit to act) in a                          manner that is inconsistent with any requirement of KEXIM as guarantor under or                          in connection with the KEXIM Guarantee.                (b)   If, in  the  opinion  of  the  KEXIM    Agent   (acting  reasonably),   any  terms   of  this                      Agreement    contradicts  and/or  conflicts with  any  provision  of the KEXIM   Guarantee       BD-#34696673-v11                                      98

 

                    such  that  compliance   by  a Finance   Party  with the  terms  of  the KEXIM   Guarantee                      could  result  in a breach   by  a Finance   Party  of the  terms  of this Agreement,    the                      relevant terms of this Agreement will be amended or supplemented as necessary so                      that  compliance   by  any  Finance  Party  with the  terms  of the  KEXIM   Guarantee   will                      not   result  in a  breach   of  the   terms   of this  Agreement,     provided   that  such                      amendment shall     not affect  the rights or obligations  of an  Obligor without  the  prior                      written consent of the relevant Obligor.  35.6      Prior consultation with KEXIM as guarantor              The Borrowers acknowledge that the Agent may, under the terms of the KEXIM Guarantee, be            required:                (a)   to  consult   with  the  KEXIM    Agent   (who   shall  in  turn  consult  with   KEXIM   as                      guarantor),   prior to the  exercise of certain  decisions  under  the Finance   Documents                      (including   the  exercise   of  such   voting   rights  in  relation  to  any   substantial                      amendment to any Finance Document); and                (b)   to follow certain instructions given by the KEXIM Agent (acting on the instructions of                      KEXIM as guarantor),            and each KEXIM Guaranteed Facility Lender will be deemed to have acted reasonably if it has            acted on the instructions of the Agent (given by the KEXIM Agent (acting on the instructions            of KEXIM as guarantor) to the Agent in accordance with the terms of the KEXIM Guarantee in            the making of any such decision or the taking or refraining from taking any action under any            Finance Document to which it is a party).  35.7      Demand under KEXIM Guarantee            Notwithstanding any other term as set forth herein and/or in any other Finance Document, the            Agent (or, as the case may be, the KEXIM Agent) shall only make a written demand to KEXIM            as guarantor for payment under the KEXIM Guarantee after the Agent has first made a written            demand    for payment    of  the relevant  outstanding   amount    due  from   the Borrowers    or the            Guarantors in accordance with the terms of the Finance Documents to which they are a party.  35.8      Hedging            No Hedge Provider shall be entitled to terminate or close out any Hedging Contract (as defined            in the Assignment of Hedging Claims) prior to its stated maturity (in circumstances other than            where   the Loans   are also  reduced  under   this Agreement)    except  if the Borrowers   have  not            paid amounts due under the Hedging Contract and such amounts remain unpaid for a period            of five days  after  the due  date  for payment    or for reasons   entitling it to do so  due  to the            occurrence   of a  Tax  Event,  Illegality or a Force  Majeure   event  (as  defined  in any  Hedging            Agreement) and only then upon notice to the Agent.    36      Confidential Information  36.1      Confidentiality            Each Finance Party agrees to keep      all Confidential Information confidential and not to disclose            it to  anyone,   save   to  the  extent  permitted   by  Clause   36.2   (Disclosure  of  Confidential            Information),   and   to  ensure  that  all Confidential   Information   is protected   with  security            measures and a degree of care that would apply to its own confidential information.   36.2      Disclosure of Confidential Information            Any Finance Party may disclose:                (a)   to  any   of its  Affiliates and  any   of  its or  their officers,  directors, employees,                      professional   advisers,   auditors,   partners,   insurance   and   reinsurance    brokers,                      insurers  and  reinsurers   and  representatives   such  Confidential  Information   as that       BD-#34696673-v11                                      99

 

                    Finance   Party  shall consider   appropriate  if any  person   to whom    the  Confidential                      Information    is to  be  given   pursuant   to  this  paragraph    a)  is informed   of  its                      confidential  nature  and  that  some   or all of such  Confidential  Information   may   be                      price-sensitive  information   except  that  there  shall be  no  such  requirement    to so                      inform   if the   recipient  is subject   to  professional   obligations  to  maintain   the                      confidentiality  of  the   information   or  is  otherwise   bound    by  requirements     of                      confidentiality in relation to the Confidential Information;                (b)   to  any  person  and   only such  Confidential   Information  as  that  Finance  Party  shall                      consider appropriate:                   (i)    to (or through)   whom   it transfers (or  may  potentially  transfer) all or any  of its                          rights  and/or  obligations   under   one   or more    Finance   Documents     or  which                          succeeds (or which may potentially succeed) it as Agent and, in each case, to any                          of that person's Affiliates and professional advisers;                   (ii)   with (or  through)  whom    it enters into  (or may   potentially enter  into), whether                          directly or indirectly, any sub-participation in relation to, or any other transaction                          under  which  payments    are to be  made or may     be made by    reference  to, one  or                          more Finance Documents and the Borrowers and to any of that person's Affiliates                          and professional advisers;                   (iii)  appointed  by  any  Finance  Party  or by a  person  to whom    paragraph   (b)(i) or (ii)                          above   applies  to receive   communications,    notices,  information   or  documents                          delivered  pursuant   to the  Finance  Documents     on its behalf  (including,  without                          limitation,  any   person    appointed    under   paragraph    (c)   of  Clause    26.14                          (Relationship with the Lenders));                   (iv)   who  invests  in or otherwise   finances  (or may   potentially invest  in or otherwise                          finance), directly or indirectly, any transaction referred to in paragraphs (b)(i) or                          (b)(ii) above;                   (v)    to whom    information  is required  or  requested   to be  disclosed  by  any  court  of                          competent jurisdiction or any governmental, banking, taxation or other regulatory                          authority or similar body, the rules of any relevant stock exchange or pursuant to                          any applicable law or regulation;                   (vi)   to whom   information   is required  to be disclosed  in connection   with, and  for the                          purposes   of, any  litigation, arbitration,  administrative  or  other  investigations,                          proceedings or disputes;                   (vii)  to whom   or  for whose   benefit that  Finance  Party  charges,  assigns  or otherwise                          creates Security (or may do so) pursuant to Clause 25.8 (Security over Lenders'                          rights);                   (viii) who is a Party; or                   (ix)   with the consent of the Borrowers.  36.3      Disclosure to numbering service providers                (a)   Notwithstanding    any  other  term  of any  Finance  Document    or any  other  agreement                      between the Parties to the contrary (whether express or implied), any Finance Party                      may   disclose  to any  national or international  numbering    service provider  appointed                      by  that Finance  Party  to provide identification  numbering services    in respect of  this                      Agreement, the Facility and/or one or more Obligors the following information:                   (i)    names of Obligors;                   (ii)   country of domicile of Obligors;                   (iii)  place of incorporation of Obligors;      BD-#34696673-v11                                     100

 

                 (iv)   date of the Agreement;                   (v)    governing law of the Agreement;                   (vi)   names of the Agent and the Arrangers;                   (vii)  date of each amendment and restatement of the Agreement;                   (viii) amounts of, and names of, the Facility (and any tranches);                   (ix)   amount of Total Commitments;                   (x)    currencies of the Facility;                   (xi)   type of Facility;                   (xii)  ranking of Facility;                   (xiii) Final Maturity Date for any Facility;                   (xiv)  changes to any of the information previously supplied pursuant to sub-Clauses (i)                          to (xii) above; and                   (xv)   such  other  information   agreed   between   such   Finance  Party  and   the  Ultimate                          Parent,                   to  enable   such  numbering     service  provider   to provide   its  usual  syndicated   loan                   numbering identification services.                (b)   The  Parties acknowledge and     agree that each    identification number   assigned to the                      Agreement,     the  Facility and/or   one  or  more   Obligors   by  a  numbering    service                      provider and the information associated with each such number may be disclosed to                      users  of its services  in accordance   with  the standard   terms  and  conditions  of that                      numbering service provider.                (c)   Each Obligor represents that none of the information set out in sub-paragraphs (i) to                      (xiv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive                      information.                (d)   The Agent shall notify the Ultimate Parent and the other Finance Parties of:                   (i)    the name of any numbering service provider appointed by the Agent in respect of                          this Agreement, the Facility and/or one or more Obligors; and                   (ii)   the number    or, as the  case  may   be, numbers    assigned   to the  Agreement,   the                          Facility and/or one or more Obligors by such numbering service provider.  36.4      Disclosure to administration/settlement services providers            Notwithstanding    any  other term   of any  Finance  Document    or any  other  agreement    between            the  Parties to the  contrary  (whether  express   or implied),  any  Finance  Party may   disclose  to            any person appointed by:                (a)   that Finance Party;                (b)   a  person   to (or  through)  whom    that  Finance  Party  assigns  or  transfers  (or may                      potentially assign or transfer) all or any of its rights and/or obligations under one or                      more Finance Documents or which succeeds (or which may potentially succeed) it as                      Agent or Security Agent under the Agreement; and/or      BD-#34696673-v11                                     101

 

              (c)   a person 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,   or may   be made,   by  reference  to, one  or more   Finance                      Documents and/or one or more Obligors,            to  provide  administration  or  settlement   services  in respect  of one  or  more   of the  Finance            Documents including without limitation, in relation to the trading of participations in respect of            the Finance Documents, such Confidential Information as may be required to be disclosed to            enable  such  service  provider  to provide  any  of the services  referred to  in this Clause  36.4 if            the  service provider  to whom    the Confidential  Information   is to be given  has  entered  into a            confidentiality  agreement     substantially  in  the  form   of  the   LMA   Master   Confidentiality            Undertaking for use with Administration/ Settlement Services Providers or such other form of            confidentiality  undertaking   agreed   between   the  Ultimate   Parent  and  the  relevant   Finance            Party.  36.5      Entire agreement            This  Clause   36  constitutes  the  entire  agreement    between    the  Parties  in relation  to the            obligations  of  the  Finance   Parties  under   the  Finance   Documents     regarding   Confidential            Information   and  supersedes   any  previous  agreement,   whether   express   or implied, regarding            Confidential Information.  36.6      Inside information            Each of the Finance Parties acknowledges that some or all of the Confidential Information is or            may be price-sensitive information and that the use of such information may be regulated or            prohibited  by  applicable  legislation  including  securities law  relating  to insider  dealing  and            market   abuse   and   each  of  the  Finance   Parties  undertakes   not  to  use   any  Confidential            Information for any unlawful purpose.  36.7      Notification of disclosure            Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform            the Borrowers:                (a)   of the circumstances of any disclosure of Confidential Information made pursuant to                      paragraph    (b)(v)  of Clause   36.2  (Disclosure  of  Confidential  Information),   except                      where   such  disclosure  is made  to  any  of the persons   referred to in that  paragraph                      during the  ordinary course of its supervisory or regulatory function; and                (b)   upon becoming aware that Confidential Information has been disclosed in breach of                      this Clause 36.  36.8      Continuing obligations            The  obligations  in this Clause  36  are continuing   and, in particular, shall survive  and  remain            binding on each Finance Party for a period of twelve (12) months from the earlier of:                (a)   the date on   which  all amounts   payable by   the Obligors  under   or in connection  with                      this Agreement have been paid in full and all Commitments have been cancelled or                      otherwise cease to be available; and                (b)   the date on which such Finance Party otherwise ceases to be a Finance Party.    37      Counterparts            Each  Finance   Document    may   be executed   in any  number    of counterparts,  and  this has  the            same   effect as  if the signatures  on  the  counterparts   were  on  a single  copy  of the  Finance            Document.      BD-#34696673-v11                                     102

 

38      Contractual Recognition of Bail-In          Notwithstanding     any  other   term   of  any   Finance   Document     or  any   other  agreement,          arrangement     or   understanding     between    the   Parties,  each    Party  and    each   Obligor          acknowledges     and  accepts  that  any  liability of any  Party  to any   other  Party  under  or  in          connection   with  the  Finance  Documents     may  be  subject  to  Bail-In Action  by  the  relevant          Resolution Authority and acknowledges and accepts to be bound by the effect of:               (a)   any Bail-In Action in relation to any such liability, including (without limitation):                 (i)    a reduction, in full or in part, in the principal amount, or outstanding amount due                        (including any accrued but unpaid interest) in respect of any such liability;                 (ii)   a conversion of all, or part of, any such liability into shares or other instruments                        of ownership that may be issued to, or conferred on, it; and                 (iii)  a cancellation of any such liability; and              (b)   a  variation of  any  term  of any  Finance  Document    to  the extent  necessary   to give                    effect to any Bail-In Action in relation to any such liability.    BD-#34696673-v11                                     103

 

                          Section    12  - Governing Law and Enforcement    39      Governing Law and Enforcement  39.1      Governing law            This Agreement and any non-contractual obligations connected with it are governed by English            law.  39.2      Jurisdiction of English courts                (a)   The courts of England have exclusive jurisdiction to settle any dispute arising out of                      or  in connection  with  this Agreement    or any  non-contractual   obligations  connected                      with  it (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  39.2   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.  39.3      Service of process            Without prejudice to any other mode of service, each Obligor:                (a)   appoints FLEX LNG Chartering Limited of 10 Eastcheap, London, England, EC3M 1AJ                     as  its agent  for the  service  of process   in relation to  any  proceedings   before  the                      English courts in connection with any Finance Document; and                (b)   agrees that failure by such process agent to notify an Obligor of the process will not                      invalidate the proceedings concerned.            If any  process   agent  appointed   pursuant   to this Clause   39.3  (Service  of process)  (or  any            successor   thereto)  shall cease  to  exist for any   reason  where   process  may   be  served,  the            Obligor  will forthwith appoint  another  process agent    with an  office in England  where   process            may be served and will forthwith notify the Agent thereof.     This   Agreement      has   been   entered    into  on   the  date   stated   at  the   beginning    of  this     Agreement.      BD-#34696673-v11                                     104

 

                                                Schedule     1                             THE ORIGINAL PARTIES AND COMMITMENTS                                                The Borrowers  Name of Borrower                                   FLEX LNG Amber Limited                                                     Marshall Islands Original Jurisdiction                                                     96759 Registration number (or  equivalent, if any)                                                    Trust Company Complex, Ajeltake Road, Ajeltake  Registered office                                                    Island, Majuro, MH96960, Marshall Islands   Name of Borrower                                   FLEX LNG Aurora Limited                                                     Marshall Islands Original Jurisdiction                                                     96758 Registration number (or  equivalent, if any)                                                    Trust Company Complex, Ajeltake Road, Ajeltake  Registered office                                                    Island, Majuro, MH96960, Marshall Islands   Name of Borrower                                   FLEX Freedom Limited                                                     Marshall Islands Original Jurisdiction                                                     98380 Registration number (or  equivalent, if any)                                                    Trust Company Complex, Ajeltake Road, Ajeltake  Registered office                                                    Island, Majuro, MH96960, Marshall Islands   Name of Borrower                                   FLEX LNG Reliance Limited                                                     Marshall Islands Original Jurisdiction                                                     96931 Registration number (or  equivalent, if any)                                                    Trust Company Complex, Ajeltake Road, Ajeltake  Registered office                                                    Island, Majuro, MH96960, Marshall Islands   BD-#34696673-v11                                     105

 

Name of Borrower                                   FLEX LNG Resolute Limited                                                     Marshall Islands Original Jurisdiction                                                     96932 Registration number (or  equivalent, if any)                                                    Trust Company Complex, Ajeltake Road, Ajeltake  Registered office                                                    Island, Majuro, MH96960, Marshall Islands                                 The Original Commercial Facility Lenders  Name of Original Commercial Facility Lender                                             Commitment  ABN AMRO BANK  N.V., Oslo Branch                                                      USD 45,000,000 Registration no. 34334259  Citibank N.A., London Branch                                                          USD 25,000,000  Crédit Agricole Corporate and Investment Bank                                         USD 12,500,000  Danske Bank A/S                                                                       USD 37,500,000  Deutsche Bank AG                                                                      USD 12,500,000  Nordea Bank Abp, filial I Norge                                                       USD 50,000,000  Skandinaviska Enskilda Banken AB (publ)                                               USD 37,500,000  SpareBank 1 SR-Bank ASA                                                               USD 30,000,000  Total Commercial Facility Commitments                                                USD 250,000,000                                     The Original KEXIM Facility Lenders  Name of Original KEXIM Facility Lender                                                  Commitment  The Export-Import Bank of Korea                                                       USD 189,879,000  Total KEXIM Facility Commitments                                                     USD 189,879,000                             The Original KEXIM Guaranteed Facility Lenders  Name of Original KEXIM Guaranteed Facility Lender                                       Commitment  ABN AMRO BANK  N.V., Oslo Branch                                                      USD 5,121,000 Registration no. 34334259   BD-#34696673-v11                                     106

 

Citibank N.A., London Branch                                                          USD 25,000,000  Commonwealth Bank of Australia                                                        USD 40,000,000  Crédit Agricole Corporate and Investment Bank                                         USD 22,000,000  Credit Suisse AG                                                                      USD 40,000,000  Deutsche Bank Aktiengesellschaft Filiale Hong Kong (Incorporated in the               USD 35,000,000 Federal Republic of Germany & members’ liability is limited)  Sumitomo Mitsui Trust Bank, Limited (London Branch)                                   USD 22,000,000  Total KEXIM Guaranteed Facility Commitments                                          USD 189,121,000                                              The Hedge Providers  Name of Hedge Provider  ABN AMRO BANK  N.V. Registration no. 34334259  Citibank Europe plc., Dublin Branch  Danske Bank A/S   Deutsche Bank AG  Nordea Bank Abp Registration no. 2858394-9  Skandinaviska Enskilda Banken AB (publ)  SpareBank 1 SR-Bank ASA   BD-#34696673-v11                                     107

 

                                                Schedule     2                                         CONDITIONS PRECEDENT                                                     PART I                                  CONDITIONS PRECEDENT TO SIGNING  1      Corporate authorisations         (a)    A copy of each Obligor's constitutional documents;         (b)    A copy of resolutions passed by each Obligor's board of directors evidencing:                (i)    the approval of the terms of, and the transactions      contemplated by, the Finance                       Documents; and                (ii)   the authorisation  of its appropriate officer  or officers or other  representatives   to                       execute   the Finance   Documents     and  any  other  documents     necessary   for the                       transactions contemplated by the Finance Documents, on its behalf.         (c)    To the extent required in the relevant jurisdictions, a copy of resolutions passed by the                shareholders of each Obligor ratifying the resolutions of its board of directors;         (d)    To  the  extent  not  covered   by  resolutions,   any  powers   of  attorney  (notarised   and                legalised, if required) granted by an Obligor to execute any Finance Documents;         (e)    A certificate of goodstanding (or equivalent) in respect of each Obligor;         (f)    A specimen of the signature (which can be by way of copy of passport) of each person                signing the Finance Documents on behalf of each Obligor         (g)    A  certificate of  an  authorised   signatory  of  each  Obligor   certifying that  each   copy                document relating to it specified in this Schedule 2 is correct, complete and in full force                and  effect and  has  not been   amended    or superseded   as  at a date  no  earlier than the                date of  this Agreement   and  confirming   that borrowing   or guaranteeing   or  securing, as                appropriate,   the  Total  Commitments      would   not  cause   any   borrowing,   guarantee,                security or similar binding limit to be exceeded.  2      Authorisations         All approvals, authorisations and consents required by any government or other authorities for         the  Obligors  to enter into and  perform   their obligations  under  this Agreement    and/or  any  of         the Finance Documents to which they are respective parties.  3      Finance Documents         (a)    The  Agreement    (as approved   by the Agent (acting on    the instructions  of all Lenders));                and         (b)    The Fee Letters,         duly executed.  4      Vessel Documents         (a)    A copy of the Shipbuilding Contracts;         (b)    A copy of the Intermediate MOAs, including arrangements for the assignment of Yard's                warranties in respect of the Vessel to the relevant Borrower; and         (c)    A copy of the Management Agreements.   BD-#34696673-v11                                     108

 

5      Miscellaneous         (a)    Evidence that all fees referred to in Clause 11 (Fees) that are due have or will be paid                on its due date;         (b)    Copy of the Original Financial Statements;         (c)    Evidence that all process agent appointments required by the Finance Documents listed                in item 3 above have been duly accepted; and         (d)    Any  other  documentation    authorization,  opinion   or assurance   reasonably   required  by                the Agent.  6      Legal opinions         If required,  such  legal  opinions  relating to  the  Agreement,    in such  form  (agreed   draft  or         issued) as the Agent may require (acting on the instructions of the Lenders).   BD-#34696673-v11                                     109

 

                                                  PART II                          CONDITIONS PRECEDENT           TO DRAWDOWN NOTICE  1      Finance Documents         (a)    the Security Agreements, and deliverables thereunder;         (b)    the General Assignment, and deliverables thereunder;         (c)    if applicable, the Assignment of Hedging Claims, and deliverables thereunder;         (d)    the Share Pledges, and deliverables thereunder;         All of the above Security Documents as approved by the Agent (acting on the instructions of         all Lenders) duly executed and perfected.         (e)    the Mortgage in respect of the relevant Vessel (agreed form only);         (f)    The Drawdown Notice at least three (3) Business Days prior to the Drawdown Date; and         (g)    Any Hedging Agreements.  2      Vessel Documents         For the relevant Vessel to which the proposed Loan relates:         (a)    evidence (by way of email confirmation from the registry) that the Vessel is ready to be                 registered in the name of the Borrower in an Approved Ship Registry upon receipt of the                copy of the title documents on the Delivery Date, and that the agreed form Mortgage is                pre-cleared for registration with its intended first priority against the Vessel;         (b)    copies  of insurance   policies/cover  notes  documenting    that  insurance  cover  has  been                taken  out  in respect  of  the Vessel  in accordance    with  Clause  23.1  (Insurance),   and                evidencing that the Security Agent’s (on behalf of the Finance Parties) Security Interest                in the  insurance  policies have  been   noted  in accordance   with  the  relevant  notices as                required under the Security Agreement;         (c)    the Insurance Report, with no outstanding pre-delivery action points;         (d)    the technical manager’s current DOC;         (e)    each Manager’s Undertaking as approved by the Agent (acting on the instructions of all                Lenders) duly executed by the relevant Manager;         (f)    a copy of each charterparty or other employment contract entered into in respect of the                Vessel with a fixed term exceeding twelve (12) months; and         (g)    evidence of the Market Value of the Vessel dating not more thirty (30) days prior to the                proposed Drawdown Date.  3      Miscellaneous         (a)    Evidence that all fees referred to in Clause 11 (Fees), and costs and expenses referred                to in 16 (Costs and expenses) that are due have or will be paid on its due date;         (b)    A  Compliance    Certificate  confirming  that  the  Obligors   are  in  compliance   with  the                financial covenants   as  set out  in Clause   21  (Financial covenants),   together  with  the                latest consolidated financial statements of the Guarantor.         (c)    Evidence that all process agent appointments required by the Finance Documents have                been duly accepted;   BD-#34696673-v11                                     110

 

       (d)    Documentation    evidencing   all shareholder   loans to  any  Obligor, as  well as  any  intra-               group loans or receivables to which any Obligor is a party;         (e)    Such other documentation and evidence       required to complete the "know your customer"                checks as described in Clause 20.9 ("Know your customer" checks).         (f)    If relevant, a closing  memorandum agreed between         the Yard,  the Intermediate Buyer,                the relevant Borrower and the Agent;         (g)    If relevant, an agreed wording of the conditional SWIFT;         (h)    If relevant, an  irrevocable  undertaking   from  the  Intermediate   Buyer  (if relevant)  and                Borrower,   and  their  representative   at closing,  not  to sign  any  document    triggering                release under the MT199 SWIFT, unless they have first         received the written consent of                the Agent.         (i)    If relevant, evidence that any part of the delivery instalment for the Vessel not covered                by the relevant Loan has been, or will at the latest together with the Loan be, paid by                equity to the Yard or the relevant   Intermediate Buyer (as the case may be).         (j)    Any  other  documentation    authorization,  opinion   or assurance   reasonably   required  by                the Agent.  4      Legal opinions         (a)    A legal opinion regarding Norwegian law issued by Advokatfirmaet Thommessen AS;         (b)    A legal opinion regarding   Bermuda law issued by Appleby (Bermuda) Limited;         (c)    A legal opinion regarding Marshall Islands law issued by Norton Rose Fulbright (US) LLP;         (d)    A legal opinion regarding English law issued by Norton Rose Fulbright LLP; and         (e)    (In the case of the first Drawdown Date) A legal opinion regarding the KEXIM Guarantee                issued by Shin & Kim LLC,         in such form (agreed draft or issued) as the Agent may require (acting on the instructions of         the Lenders); and         (f)    Any  such   other  favourable  legal  opinions  in form   and  substance   satisfactory  to the                Agent (acting on the instructions of the Lenders) from lawyers appointed by the Agent                on  matters   concerning    all relevant   jurisdictions, including   the  jurisdiction of  the                Approved Ship Registry in which the Vessel is registered.   BD-#34696673-v11                                     111

 

                                                  PART III                              CONDITIONS PRECEDENT –           DELIVERY DATE  1      For the relevant Vessel to which the proposed Loan relates:         (a)    A copy of the duly executed Builder’s Certificate and/or Bill of Sale of the Vessel issued                by the Yard and the Intermediate Buyer (as applicable);         (b)    A copy of the  duly executed Protocol of Delivery and Acceptance both between the Yard                and the Intermediate Buyer, and the Intermediate Buyer and the Borrower;         (c)    evidence (by way of transcript of registry) that the Vessel is, or will be, registered in the                name   of  the  Borrower   in an  Approved    Ship  Registry,  that  the  Mortgage   has  been                executed   and  recorded   with its intended   first priority against the Vessel  and   that no                other  encumbrances,     maritime   liens, mortgages    or debts  whatsoever    are  registered                against the Vessel;         (d)    a copy   of the  interim  or permanent    class  certificate related  to the  Vessel  from  the                relevant  classification society, confirming   that  the Vessel  is classed  with  the  highest                class  in accordance    with  Clause   23.3  (Classification and   repairs),  free of  overdue                recommendations and conditions;         (e)    a copy of the Vessel’s SMC and ISPS Certificates; and         (f)    such legal opinions as may not be issued prior to the Delivery Date.  2      KEXIM Guarantee         (a)    An  original counterpart   of the  KEXIM   Guarantee    for the  relevant  KEXIM   Guaranteed                Facility Loan, duly executed by KEXIM as guarantor, including an English translation in                form and substance acceptance to the KEXIM Guaranteed Facility Lenders.         (b)    Evidence   that the KEXIM   Guarantee    Premium   in relation  to the KEXIM   Guarantee    and                any  costs  and  expenses   which  are  then  due  and  payable  to  KEXIM   as guarantor   has                been paid by the Borrowers and received by KEXIM in full.         (c)    Confirmation from the Agent (as indicated by the KEXIM Agent) that:                (i)    it has not  been   informed   that KEXIM    as guarantor   intends   to, and  KEXIM   as                       guarantor has not stipulated its intention to, repudiate or suspend the application                       of the KEXIM Guarantee for any KEXIM Guaranteed Facility Loan;                (ii)   it is satisfied that the KEXIM Guarantee is in full force and effect; and                (iii)  it has received  no  instruction from  KEXIM   as guarantor   that the  relevant  KEXIM                       Guaranteed Facility Loan should not be permitted or made available by the KEXIM                       Guaranteed Facility Lenders or, as the case may be, the Agent.         (d)    Evidence   satisfactory  to  the  KEXIM    Guaranteed    Facility Lenders   that  each   of the                documents    specified under   the KEXIM    Guarantee   for the  relevant  KEXIM   Guaranteed                Facility Loan  have   been  duly  delivered  in  accordance   with  the  terms  of  the  KEXIM                Guarantee for the relevant KEXIM Guaranteed Facility Loan.   BD-#34696673-v11                                     112

 

                                                Schedule     3                                      FORM OF DRAWDOWN NOTICE  To:    [], as Agent  From:[Borrowers]  Date:  [***]            $629,000,000 FACILITY AGREEMENT DATED [] 2020 (THE “AGREEMENT”)  We   refer to Clause  5.1 (Delivery  of the Drawdown     Notice)  of the Agreement.    Terms  defined in  the  Agreement shall have the same meaning when used           in this Drawdown Notice.         (a)    You are hereby irrevocably notified that we wish to make the following drawdown on the                following terms:                 Vessel:                           []                 Proposed Drawdown Date:           []                 Principal Amount:                 USD $[] (represented by:                                                   $[] Commercial Facility Loan;                                                   $[] KEXIM Facility Loan; and                                                   $[] KEXIM Guaranteed Facility Loan)                 Interest Period:                  []          (b)    The  purpose   of the  Loan  is the  part financing  of  the Vessel  and,  in the  case  of the                KEXIM   Guaranteed     Facility Loan,  to  fund  the  KEXIM    Guarantee    Premium,    and  all                proceeds shall applied accordingly.         (c)    The proceeds of the Loan shall be credited to [**] [insert details of account].         (d)    We   confirm   that, as  of  the  date  hereof   (i) each   condition  specified  in  Clause  4                (Conditions   Precedent)   of  the  Agreement     is satisfied;  (ii) each  of  the  Repeating                Representations    set  out   in  Clause   19   (Representations    and   warranties)   of  the                Agreement is true and correct; and (iii) no event or circumstances has occurred and is                continuing which constitute or may constitute an Event of Default.  Yours sincerely for and on behalf of  [Borrowers]  By: __________________________________ Name: Title:  [authorised officer]   BD-#34696673-v11                                     113

 

                                                Schedule     4                                      FORM OF SELECTION NOTICE  To:    [], as Agent  From:FLEX LNG Ltd.  Date:  [***]            $629,000,000 FACILITY AGREEMENT DATED [] 2020 (THE “AGREEMENT”)  We   refer to the  Agreement.    Terms  defined  in the  Agreement    shall have  the  same   meaning   when  used in this Selection Notice.         (a)    We refer to the amount outstanding under the Commercial Facility Loans with Interest                Periods ending on [**].         (b)    We request that the next Interest Period for the Commercial Facility Loans is [**].  This Selection Notice is irrevocable.  Yours sincerely for and on behalf of  FLEX LNG Ltd.  By: ______________________________ Name: Title:   BD-#34696673-v11                                     114

 

                                                Schedule     5                                  FORM OF COMPLIANCE CERTIFICATE  To:    [], as Agent  From:FLEX LNG Ltd.  Date:  [***] [To be delivered no later than 120/60 days after each Reporting Date]            $629,000,000 FACILITY AGREEMENT DATED [] 2020 (THE “AGREEMENT”)  We refer to the Agreement. Terms defined in the Agreement have their defined meanings when used  in this Compliance Certificate.  5      We   hereby  represent  and  warrant   that at the  date  of this Compliance   Certificate, we  are  in         compliance   with  Clause  21  (Financial covenants),   that no  Event  of Default  has occurred   and         that the Repeating    Representations   contained  in Clause  19 (Representations and     warranties)         of the Agreement are true and correct at the date hereof as if made with respect to the facts         and circumstances existing at this date.  6      Without   limiting  the  generality  of paragraph    1  above,   we  hereby   further  represent   and         warrant as follows:            Equity Ratio           For the purpose of Clause 21.3 a) (Equity Ratio) we confirm as follows:            Total Assets                                          USD []           Total Liabilities                                     USD []           Equity (Total Assets less Total Liabilities)          USD []           Equity Ratio                                          [       ]:1.00           Requirement:                                          Not lower than 0.25:1.00           Compliance:                                           [Yes/No]            Working Capital           For the purpose of Clause 21.3 b) (Working Capital) we confirm as follows:            Working Capital:                                      USD []           Requirement:                                          Working Capital > 0           Compliance:                                           [Yes/No]            Liquidity           For the purpose of Clause 21.3 c) (Liquidity) we confirm as follows:            Liquidity:                                            USD []           of which Cash and Cash Equivalents is:                USD []            Group’s total interest bearing Financial            Indebtedness on a consolidated basis, net      of     USD [] (“NIBD”)            Cash and Cash Equivalents.                            5% of which is USD []            Requirement:                                          Liquidity > Higher of (i) USD 25,000,000                                                                  and (ii) 5% of NIBD           Compliance:                                                                 [Yes/No]   BD-#34696673-v11                                     115

 

          Collateral Maintenance Test           For the purpose of Clause 7.1 (Collateral Maintenance Test) we confirm as follows:            Market Values*                                        USD []/[Not delivered]           Flex Artemis                                          USD []/[Not delivered]           Flex Resolute                                         USD []/[Not delivered]           Flex Freedom                                          USD []/[Not delivered]           Flex Aurora                                           USD []/[Not delivered]           Flex Amber                                            USD []/[Not delivered]           [Alternative Vessel]                                  USD []/[Not delivered]            (A) Aggregate Market Value:                           USD []           (B) Aggregate Loans:                                  USD []           Ratio (A/B):                                          [    ]%            Requirement:                                          (A/B) > 130%            Compliance:                                           [Yes/No]            * Evidence of Market Values attached      hereto   7      This  Compliance   Certificate shall be  governed   by  and  construed   in accordance   with  English         law.  Yours sincerely for and on behalf of  FLEX LNG Ltd.  By: __________________________________ Name: Title:  Principal Financial Officer   BD-#34696673-v11                                     116

 

                                                Schedule     6                                    FORM OF TRANSFER CERTIFICATE  To:    [], as Agent  From:[**] (the “Existing Lender” and [**] (the “New Lender”)  Date:  [**]            $629,000,000 FACILITY AGREEMENT DATED [] 2020 (THE “AGREEMENT”)  1      We   refer to the Agreement.     This is a Transfer  Certificate.  Terms defined in   the  Agreement         have  the  same   meaning   in this Transfer  Certificate unless  given  a different meaning    in this         Transfer Certificate.  2      We   refer to Clauses  25.3  (Limitations  of responsibility of Existing  Lenders),  25.4  (Procedure         for Transfer) and 25.5 (Effects of the Transfer):         (a)    The  Existing Lender assigns   absolutely to the New Lender all     the rights  of the Existing                Lender  under   the  Agreement    and  the  other  Finance  Documents    which   relate to that                portion  of the Existing  Lender’s  Commitment(s)     and  participations  in the Loans  under                the Agreement as specified in the Schedule.         (b)    The  Existing  Lender  is released  from   all the obligations  of the Existing  Lender   which                correspond to that portion of the Existing Lender’s Commitment(s) and participations in                the Loans under the Agreement specified in the Schedule.         (c)    The New Lender becomes a Party as a Lender and is bound by obligations equivalent to                those from which the Existing Lender is released under paragraph (b) above.         (d)    The Facility Office and address, fax number and attention details for notices of the New                Lender for the purposes of Clause 31.2 (Addresses) are set out in the Schedule.  3      The proposed Transfer Date is [●].  4      This  Transfer  Certificate may   be  executed  in  any  number   of counterparts   and  this has  the         same   effect as  if the signatures  on  the counterparts   were  on  a single  copy  of this Transfer         Certificate.  5      This  Transfer Certificate  and  any non-contractual   obligations  connected   with  it are governed         by English law.  6      This  Transfer  Certificate has  been  entered   into on  the date  stated  at the  beginning   of this         Transfer Certificate.   BD-#34696673-v11                                     117

 

                                               The Schedule                Rights to be assigned and obligations to be released and undertaken  [insert relevant details]  [Facility Office  address,   fax  number    and  attention  details  for  notices  and  account   details  for  payments.]  [Existing Lender]          [New Lender]  By:                        By:  This is accepted by the Agent as a Transfer Certificate and     the Transfer Date is confirmed as [].  Signature of this Transfer Certificate by the Agent constitutes confirmation by the Agent of receipt of  notice  of the  assignment    referred  to herein,  which  notice  the  Agent  receives   on  behalf of  each  Finance Party.  [Agent]  By:   BD-#34696673-v11                                     118

 

                                                Schedule     7                                                   VESSELS  Name of Vessel:                         Flex Amber  Type of Vessel:                         LNG carrier   Capacity:                               174,000 cbm  Shipbuilding Contract                   6 March 2018  Hull No:                                8011  Yard                                    Hyundai Samho Heavy Industries Co., Ltd.  Intermediate MOA                        28 May 2018  Intermediate Buyer                      Sea America Inc.  Scheduled Delivery Date                 31 August 2020  Owner:                                  FLEX LNG Amber Limited  Flag State:                             Marshall Islands   Port of Registry:                       Majuro   Classification:                         +1A, Tanker for liquefied gas, Ship type 2G(-163°C, 500                                          kg/m3, 0.35bar), GF, E0, BIS, TMON, COAT-PSPC(B), CMON,                                          LCS, BWM(T), Recyclable, ERS, NAUT(NAV), CLEAN, F(A, C)  Classification Society:                 DNV GL  Commitment ($)                          $125,800,000   BD-#34696673-v11                                     119

 

Name of Vessel:                         Flex Aurora  Type of Vessel:                         LNG carrier   Capacity:                               174,000 cbm  Shipbuilding Contract                   6 March 2018  Hull No:                                8010  Yard                                    Hyundai Samho Heavy Industries Co., Ltd.  Intermediate MOA                        28 May 2018  Intermediate Buyer                      Sea Aurora Inc.  Scheduled Delivery Date                 30 June 2020  Owner:                                  FLEX LNG Aurora Limited  Flag State:                             Marshall Islands   Port of Registry:                       Majuro   Classification:                         +1A, Tanker for liquefied gas, Ship type 2G(-163°C, 500                                          kg/m3, 0.35bar), GF, E0, BIS, TMON, COAT-PSPC(B), CMON,                                          LCS, BWM(T), Recyclable, ERS, NAUT(NAV), CLEAN, F(A, C)  Classification Society:                 DNV GL  Commitment ($)                          $125,800,000   BD-#34696673-v11                                     120

 

Name of    Vessel:                      Flex Freedom  Type of Vessel:                         LNG carrier   Capacity:                               173,400 cbm  Shipbuilding Contract                   5 July 2018  Hull No:                                2492  Yard                                    Daewoo Shipbuilding & Marine Engineering Co., Ltd.  Intermediate MOA                        15 October 2018  Intermediate Buyer                      Sea Freedom Shipowning Inc.  Scheduled Delivery Date                 30 November 2020  Owner:                                  FLEX Freedom Limited  Flag State:                             Marshall Islands   Port of Registry:                       Majuro   Classification:                         +1A, Tanker for liquefied gas, Ship type 2G(-163°C, 500                                          kg/m3, 0.35bar), GF, E0#1, BIS, TMON, COAT-PSPC(B),                                          CMON, BWM(T), Clean, NAUT(OC)#2, Recyclable  Classification Society:                 DNV GL  Commitment ($)                          $125,800,000   BD-#34696673-v11                                     121

 

Name of Vessel:                         Flex Artemis  Type of Vessel:                         LNG carrier   Capacity:                               173,400 cbm  Shipbuilding Contract                   26 February 2018  Hull No:                                2479  Yard                                    Daewoo Shipbuilding & Marine Engineering Co., Ltd.  Intermediate MOA                        15 October 2018  Intermediate Buyer                      Sea Reliance Inc.  Scheduled Delivery Date                 31 August 2020  Owner:                                  FLEX LNG Reliance Limited  Flag State:                             Marshall Islands   Port of Registry:                       Majuro   Classification:                         +1A, Tanker for Liquefied Gas, Ship type 2G(-163°C, 500                                          kg/m3, 0.35bar), GF, E0#1, BIS, TMON, COAT-PSPC(B),                                          CMON, BWM(T), Clean, NAUT(OC)#2, Recyclable  Classification Society:                 DNV GL  Commitment ($)                          $125,800,000   BD-#34696673-v11                                     122

 

Name of Vessel:                         Flex Resolute  Type of Vessel:                         LNG carrier   Capacity:                               173,400 cbm  Shipbuilding Contract                   26 February 2018  Hull No:                                2480  Yard                                    Daewoo Shipbuilding & Marine Engineering Co., Ltd.  Intermediate MOA                        15 October 2018  Intermediate Buyer                      Sea Resulute Inc.  Scheduled Delivery Date                 30 September 2020  Owner:                                  FLEX LNG Resolute Limited  Flag State:                             Marshall Islands   Port of Registry:                       Majuro   Classification:                         +1A, Tanker for Liquefied Gas, Ship type 2G(-163°C, 500                                          kg/m3, 0.35bar), GF, E0#1, BIS, TMON, COAT-PSPC(B),                                          CMON, BWM(T), Clean, NAUT(OC)#2, Recyclable  Classification Society:                 DNV GL  Commitment ($)                          $125,800,000   BD-#34696673-v11                                     123

 

                                         ALTERNATIVE VESSELS  Name of Alternative Vessel:             Flex Volunteer  Type of Alternative Vessel:             LNG carrier   Capacity:                               174,000 cbm  Shipbuilding Contract                   30 June 2018  Hull No:                                8012  Yard                                    Hyundai Samho Heavy Industries Co., Ltd.  Scheduled Delivery Date                 28 February 2021  Owner:                                  FLEX Volunteer Limited  Flag State:                             Marshall Islands   Port of Registry:                       Majuro   Classification:                         +1A, Tanker   for liquefied gas, Ship type 2G(-163°C, 500                                          kg/m3, 0.35bar), GF, E0, BIS, TMON, COAT-PSPC(B), CMON,                                          LCS, BWM(T), Recyclable, ERS, NAUT(NAV), CLEAN, F(A, C)  Classification Society:                 DNV GL  Commitment ($)                          $125,800,000   Name of Alternative Vessel:             Flex Vigilant  Type of Alternative Vessel:             LNG carrier   Capacity:                               174,000 cbm  Shipbuilding Contract                   30 June 2018  Hull No:                                8013  Yard                                    Hyundai Samho Heavy Industries Co., Ltd.  Scheduled Delivery Date                 31 May 2021  Owner:                                  FLEX Vigilant Limited  Flag State:                             Marshall Islands   Port of Registry:                       Majuro   Classification:                         +1A, Tanker for liquefied gas, Ship type 2G(-163°C, 500                                          kg/m3, 0.35bar), GF, E0, BIS, TMON, COAT-PSPC(B), CMON,                                          LCS, BWM(T), Recyclable, ERS, NAUT(NAV), CLEAN, F(A, C)  Classification Society:                 DNV GL  Commitment ($)                          $125,800,000   BD-#34696673-v11                                     124

 

                                                    Schedule  8                                                 REPAYMENT SCHEDULE                                                        (USD)          Per Vessel  Period      Commercial Facility    Kexim Guaranteed Facility     Kexim Facility                 Total          Repayment      Balance    Repayment     Balance    Repayment     Balance    Total Repayment Total Balance       0              50,000,000.00             37,824,200.00            37,975,800.00                125,800,000.00       1              50,000,000.00 3,152,016.67 34,672,183.33  6,316.67 37,969,483.33   3,158,333.33 122,641,666.67       2              50,000,000.00 3,152,016.67 31,520,166.67  6,316.67 37,963,166.67   3,158,333.33 119,483,333.33       3              50,000,000.00 3,152,016.67 28,368,150.00  6,316.67 37,956,850.00   3,158,333.33 116,325,000.00       4              50,000,000.00 3,152,016.67 25,216,133.33  6,316.67 37,950,533.33   3,158,333.33 113,166,666.67       5              50,000,000.00 3,152,016.67 22,064,116.67  6,316.67 37,944,216.67   3,158,333.33 110,008,333.33       6              50,000,000.00 3,152,016.67 18,912,100.00  6,316.67 37,937,900.00   3,158,333.33 106,850,000.00       7              50,000,000.00 3,152,016.67 15,760,083.33  6,316.67 37,931,583.33   3,158,333.33 103,691,666.67       8              50,000,000.00 3,152,016.67 12,608,066.67  6,316.67 37,925,266.67   3,158,333.33 100,533,333.33       9              50,000,000.00 3,152,016.67 9,456,050.00   6,316.67 37,918,950.00   3,158,333.33  97,375,000.00      10  50,000,000.00       0.00  3,152,016.67 6,304,033.33   6,316.67 37,912,633.33  53,158,333.33  44,216,666.67      11                            3,152,016.67 3,152,016.67   6,316.67 37,906,316.67   3,158,333.33  41,058,333.33      12                            3,152,016.67       0.00     6,316.67 37,900,000.00   3,158,333.33  37,900,000.00      13                                                     3,158,333.33 34,741,666.67  3,158,333.33  34,741,666.67      14                                                     3,158,333.33 31,583,333.33  3,158,333.33  31,583,333.33      15                                                     3,158,333.33 28,425,000.00  3,158,333.33  28,425,000.00      16                                                     3,158,333.33 25,266,666.67  3,158,333.33  25,266,666.67   BD-#34696673-v11                                        125

 

     17                                                     3,158,333.33 22,108,333.33  3,158,333.33  22,108,333.33      18                                                     3,158,333.33 18,950,000.00  3,158,333.33  18,950,000.00      19                                                     3,158,333.33 15,791,666.67  3,158,333.33  15,791,666.67      20                                                     3,158,333.33 12,633,333.33  3,158,333.33  12,633,333.33      21                                                     3,158,333.33 9,475,000.00   3,158,333.33   9,475,000.00      22                                                     3,158,333.33 6,316,666.67   3,158,333.33   6,316,666.67      23                                                     3,158,333.33 3,158,333.33   3,158,333.33   3,158,333.33      24                                                     3,158,333.33       0.00     3,158,333.33         0.00   BD-#34696673-v11                                        126

 

                                                Schedule     9                                  FORM OF INCREASE CONFIRMATION  To:    [], as Agent, and          [], for and on behalf of each Obligor  From: [the Accordion Lender] (the Accordion Lender)  Dated: [●]                $629,000,000 Facility Agreement dated [] 2020 (the "Agreement")  1      We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement         have the same meaning in this Increase Confirmation unless given a different meaning in this         Increase Confirmation.   2      We refer to Clause 2.5   (Accordion option) of the Facility Agreement.   3      The  Accordion Lender agrees     to assume   and  will assume   all of the obligations  corresponding         to the Commitment specified in the Schedule (the "Relevant Commitment") as if it was an         Original Commercial Facility Lender under the Agreement.   4      The proposed date on which the increase in relation to the Accordion Lender and the Relevant         Commitment is to take effect (the "Increase Date") is [].   5      On   the  Increase   Date,  the  Accordion   Lender   becomes    a  party  to  the  relevant  Finance         Documents as a Lender.   6      The Facility Office and address, fax number and attention details for notices to the Accordion         Lender for the purposes of Clause 31.2 (Addresses) are set out in the Schedule.   7      This Increase Confirmation 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 Increase         Confirmation.   8      This Increase Confirmation and any non-contractual obligations arising out of or in connection         with it are governed by English law.   9      This Increase Confirmation has been entered into on the date stated at the beginning of this         Increase Confirmation.     BD-#34696673-v11                                     127Exhibit

EXHIBIT 10.1
CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

 EXECUTION VERSION

SECOND AMENDED AND RESTATED 364-DAY REVOLVING CREDIT AGREEMENT
Among
GENERAL MOTORS COMPANY, 
GENERAL MOTORS FINANCIAL COMPANY, INC., 
 
THE SUBSIDIARY BORROWERS FROM TIME TO TIME PARTIES HERETO, 
THE SEVERAL LENDERS FROM TIME TO TIME PARTIES HERETO,
Dated as of April 14, 2020

	
		
	JPMORGAN CHASE BANK, N.A., 
as Administrative Agent, Global Coordinator, Joint Lead Arranger and Joint Bookrunner
	CITIBANK, N.A., 
as Syndication Agent

	 
	CITIGROUP GLOBAL MARKETS INC., 
as Global Coordinator, Joint Lead Arranger and Joint Bookrunner

	
			
	LLOYDS BANK PLC1,2
	THE TORONTO 
DOMINION BANK, NEW 
YORK BRANCH1,2

	as European Regional Coordinator
	as North American Regional 
Coordinator

	
										
	BARCLAYS BANK PLC1,2
	BANCO BILBAO VIZCAYA ARGENTARIA, S.A. NEW YORK BRANCH1,2

	BNP PARIBAS1,2
	COMMERZBANK AG, NEW YORK BRANCH2
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK 1,2

	DEUTSCHE BANK SECURITIES INC.1,2

	GOLDMAN SACHS BANK USA1,2
	BANK OF AMERICA, N.A.1
as Co-Syndication Agent

	MIZUHO BANK, LTD.1,2
	MORGAN STANLEY SENIOR FUNDING, INC.1,2 

	RBC CAPITAL
MARKETS1
ROYAL BANK OF
CANADA2
	NATIONAL WESTMINSTER BANK PLC 1,2
	SUMITOMO MITSUI BANKING CORPORATION1,2
	SOCIÉTÉ GÉNÉRALE1,2
	THE BANK OF NOVA SCOTIA1,2
	 

	As Joint Bookrunners and Joint Lead Arrangers when noted ( 1 ) and as Documentation Agents when noted ( 2 )

Table of Contents
	
				
	 
	 
	Page
	

	SECTION 1.
	DEFINITIONS
	1
	

	1.1
	Defined Terms
	1
	

	1.2
	Other Definitional Provisions
	32
	

	1.3
	Conversion of Foreign Currencies
	32
	

	1.4
	Other Interpretive Provisions
	32
	

	1.5
	Interest Rates; LIBOR Notification.
	33
	

	1.6
	Divisions
	33
	

	SECTION 2.
	AMOUNT AND TERMS OF COMMITMENTS
	33
	

	2.1
	Commitments
	33
	

	2.2
	Procedure for Borrowing
	34
	

	2.3
	[Reserved]
	34
	

	2.4
	[Reserved]
	34
	

	2.5
	[Reserved]
	34
	

	2.6
	[Reserved]
	34
	

	2.7
	[Reserved]
	34
	

	2.8
	[Reserved]
	35
	

	2.9
	Competitive Bid Procedure
	35
	

	2.10
	Facility Fees, etc.
	36
	

	2.11
	Termination and Reduction of Commitments
	37
	

	2.12
	Optional Prepayments
	37
	

	2.13
	[Reserved]
	38
	

	2.14
	Conversion and Continuation Options
	38
	

	2.15
	Limitations on Eurocurrency Tranches
	38
	

	2.16
	Interest Rates and Payment Dates
	38
	

	2.17
	Computation of Interest and Fees
	39
	

	2.18
	Inability to Determine Interest Rate; Illegality
	39
	

	2.19
	Pro Rata Treatment and Payments; Evidence of Debt
	41
	

	2.20
	Requirements of Law
	42
	

	2.21
	Taxes
	44
	

	2.22
	Indemnity
	46
	

	2.23
	Change of Applicable Lending Office
	47
	

	2.24
	Replacement/Termination of Lenders
	47
	

	2.25
	Defaulting Lender
	48
	

	2.26
	Reallocation of Payments for the Account of Defaulting Lenders
	48
	

i

	
				
	2.27
	Incremental Commitments
	49
	

	SECTION 3.
	[RESERVED]
	49
	

	SECTION 4.
	REPRESENTATIONS AND WARRANTIES
	49
	

	4.1
	Financial Condition
	50
	

	4.2
	No Change
	50
	

	4.3
	Existence
	50
	

	4.4
	Power; Authorization; Enforceable Obligations
	50
	

	4.5
	No Legal Bar
	50
	

	4.6
	Litigation
	50
	

	4.7
	No Default
	50
	

	4.8
	Ownership of Property
	51
	

	4.9
	Intellectual Property
	51
	

	4.10
	Federal Regulations
	51
	

	4.11
	ERISA
	51
	

	4.12
	Investment Company Act
	51
	

	4.13
	Ownership of the Subsidiary Borrowers
	51
	

	4.14
	Use of Proceeds
	51
	

	4.15
	Anti-Corruption Laws and Sanctions
	51
	

	SECTION 5.
	CONDITIONS PRECEDENT
	52
	

	5.1
	Conditions to Closing Date
	52
	

	5.2
	Conditions to Each Extension of Credit
	53
	

	SECTION 6.
	AFFIRMATIVE COVENANTS
	53
	

	6.1
	Financial Statements
	53
	

	6.2
	Compliance Certificates
	54
	

	6.3
	Maintenance of Business; Existence
	54
	

	6.4
	Maintenance of Insurance
	54
	

	6.5
	Notices
	54
	

	6.6
	Reinstated Guarantors, etc
	54
	

	6.7
	Books and Records
	55
	

	6.8
	Ratings
	55
	

	SECTION 7.
	NEGATIVE COVENANTS
	55
	

	7.1
	Minimum Liquidity
	55
	

	7.2
	Indebtedness
	55
	

	7.3
	Asset Sale Restrictions
	55
	

	7.4
	Fundamental Changes
	56
	

	7.5
	Anti-Corruption Laws and Sanctions
	56
	

	SECTION 8.
	EVENTS OF DEFAULT
	57
	

ii

	
				
	SECTION 9.
	THE AGENTS
	58
	

	9.1
	Appointment
	58
	

	9.2
	Delegation of Duties
	58
	

	9.3
	Exculpatory Provisions
	59
	

	9.4
	Reliance by Administrative Agent
	59
	

	9.5
	Notice of Default
	59
	

	9.6
	Non-Reliance on Agents and Other Lenders
	60
	

	9.7
	Indemnification
	60
	

	9.8
	Agent in Its Individual Capacity
	60
	

	9.9
	Successor Administrative Agent
	61
	

	9.10
	[Reserved]
	61
	

	9.11
	Bookrunners, Lead Arrangers, Global and Regional Coordinators, Documentation Agents, Syndication Agent and Co-Syndication Agent
	61
	

	9.12
	Certain ERISA Matters
	61
	

	SECTION 10.
	MISCELLANEOUS
	62
	

	10.1
	Amendments and Waivers
	62
	

	10.2
	Notices
	65
	

	10.3
	No Waiver; Cumulative Remedies
	67
	

	10.4
	Survival of Representations and Warranties
	67
	

	10.5
	Payment of Expenses
	67
	

	10.6
	Successors and Assigns; Participations and Assignments
	69
	

	10.7
	Adjustments
	72
	

	10.8
	Counterparts; Electronic Execution.
	72
	

	10.9
	Severability
	73
	

	10.10
	Integration
	73
	

	10.11
	GOVERNING LAW
	73
	

	10.12
	Submission to Jurisdiction; Waivers
	73
	

	10.13
	Judgment
	74
	

	10.14
	Acknowledgments
	74
	

	10.15
	Releases of Guarantees.
	74
	

	10.16
	Confidentiality
	75
	

	10.17
	WAIVERS OF JURY TRIAL
	75
	

	10.18
	USA Patriot Act
	75
	

	10.19
	No Novation
	76
	

	10.20
	Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	76
	

	10.21
	Acknowledgement Regarding Any Supported QFCs
	76
	

iii

SCHEDULES:
1.1A    Commitments; Scheme Reference Number and Jurisdiction of Tax Residence
1.1B    Initial Excluded Subsidiaries
1.1C    Applicable Pricing Grid
1.1D    Existing Liens
1.1E    Excluded Subsidiary Businesses
4.6    Litigation

EXHIBITS:
A    Form of Guarantee
B    Form of Competitive Bid Request
C    Form of Competitive Bid
D    Form of Competitive Bid Accept/Reject Letter
E    Form of Incremental Loan Activation Notice
F    Form of Closing Certificate
G    Form of Assignment and Assumption
H    Form of Borrower Joinder Agreement
I-1    Form of Exemption Certificate for Non-Partnership Non-U.S. Lenders
I-2    Form of Exemption Certificate for Partnership Non-U.S. Lenders
I-3    Form of Exemption Certificate for Non-Partnership Non-U.S. Participants
I-4    Form of Exemption Certificate for Partnership Non-U.S. Participants
J    Form of Compliance Certificate
K    Form of Note
L    Form of Borrowing Request
M    Form of Company Consent

i

SECOND AMENDED AND RESTATED 364-DAY REVOLVING CREDIT AGREEMENT, dated as of April 14, 2020 (this “Agreement”), among GENERAL MOTORS COMPANY, a Delaware corporation (the “Company”), General Motors Financial Company, Inc., a Texas corporation (“GMF”), the other Subsidiary Borrowers (as defined herein) from time to time parties hereto, the several banks and other financial institutions or entities from time to time parties hereto, as lenders (collectively, the “Lenders”), JPMORGAN CHASE BANK, N.A. (and any of its branches and affiliates acting on its behalf in such capacity), as administrative agent for the Lenders (in such capacity, the “Administrative Agent”), CITIBANK, N.A., as syndication agent (in such capacity, the “Syndication Agent”) and BANK OF AMERICA, N.A., as co-syndication agent (in such capacity, the “Co-Syndication Agent”).
WHEREAS, the Company entered into that certain 364-Day Revolving Credit Agreement, dated as of April 16, 2019 (the “Existing 364-Day Credit Agreement”), with GMF, GM Global Treasury Centre Limited, the other Subsidiary Borrowers (as defined therein) from time to time party thereto, the several lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and the other agents party thereto; and
WHEREAS, the parties hereto have agreed to amend and restate the Existing 364-Day Credit Agreement as provided in this Agreement, which Agreement shall become effective upon the satisfaction of the conditions set forth in Section 5.1;
NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants herein contained, the parties hereto hereby agree that on the Closing Date (as defined below), the Existing 364-Day Credit Agreement shall be amended and restated in its entirety as follows:
Section 1.DEFINITIONS
1.1    Defined Terms.  As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1.
“2019 10-K” has the meaning assigned to such term in Section 4.1.
“2019 3-Year Revolving Credit Agreement” means (i) that certain Three Year Revolving Credit Agreement, dated as of January 14, 2019, among the Company, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A. as administrative agent and Citibank N.A. as syndication agent, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time and (ii) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any Indebtedness or other financial accommodation, irrespective of the amount thereof or any combination of any one or more of the foregoing, that has been incurred to extend, replace, renew, defease, exchange, repay, refinance or refund in whole or in part the Indebtedness and other obligations outstanding under the 2019 3-Year Revolving Credit Agreement referred to in clause (i) above or any other agreement or instrument referred to in this clause (ii) unless the Company notifies the Administrative Agent that it is not intended to be a “2019 3-Year Revolving Credit Agreement” hereunder.  All references to the “2019 3-Year Revolving Credit Agreement” in this Agreement shall refer to any 2019 3-Year Revolving Credit Agreement then extant.
“2019 3-Year Total Available Commitments” means the “Total Available Commitments” (or equivalent term) under, and as defined in, the 2019 3-Year Revolving Credit Agreement.

1

“3-Year Revolving Credit Agreement” means (i) that certain Third Amended and Restated Three Year Revolving Credit Agreement, dated as of April 18, 2018, among the Company, GMF, GMB, GMGTC, certain other subsidiaries of the Company from time to time party thereto as borrowers, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A. as administrative agent, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time and (ii) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any Indebtedness or other financial accommodation, irrespective of the amount thereof or any combination of any one or more of the foregoing, that has been incurred to extend, replace, renew, defease, exchange, repay, refinance or refund in whole or in part the Indebtedness and other obligations outstanding under the Third Amended and Restated Three Year Revolving Credit Agreement referred to in clause (i) above or any other agreement or instrument referred to in this clause (ii) unless the Company notifies the Administrative Agent that it is not intended to be a “3-Year Revolving Credit Agreement” hereunder.  All references to the “3-Year Revolving Credit Agreement” in this Agreement shall refer to any 3-Year Revolving Credit Agreement then extant.
“3-Year Total Available Commitments” means the “Total Available Commitments” (or equivalent term) under, and as defined in, the 3-Year Revolving Credit Agreement (it being understood that if there is more than one 3-Year Revolving Credit Agreement in effect at any time, references hereunder to “3-Year Total Available Commitments” shall be deemed to mean the sum of the “3-Year Total Available Commitments” (as defined above) under each such agreement).
“3-Year Total Commitments” means the “Total Commitments” (or equivalent term) under, and as defined in, the 3-Year Revolving Credit Agreement (it being understood that if there is more than one 3-Year Revolving Credit Agreement in effect at any time, references hereunder to “3-Year Total Commitments” shall be deemed to mean the sum of the “3-Year Total Commitments” (as defined above) under each such agreement).
“3-Year Total Extensions of Credit” means the “Total Extensions of Credit” (or equivalent term) under, and as defined in, the 3-Year Revolving Credit Agreement (it being understood that if there is more than one 3-Year Revolving Credit Agreement in effect at any time, references hereunder to “3-Year Total Extensions of Credit” shall be deemed to mean the sum of the “3-Year Total Extensions of Credit” (as defined above) under each such agreement).
“5-Year Revolving Credit Agreement” means (i) that certain Third Amended and Restated Five Year Revolving Credit Agreement, dated as of April 18, 2018, among the Company, GMF, GMB, GMGTC, certain other subsidiaries of the Company from time to time party thereto as borrowers, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A. as administrative agent, as the same may be amended, restated, amended and restated, supplemented or otherwise modified from time to time and (ii) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any Indebtedness or other financial accommodation, irrespective of the amount thereof or any combination of any one or more of the foregoing, that has been incurred to extend, replace, renew, defease, exchange, repay, refinance or refund in whole or in part the Indebtedness and other obligations outstanding under the Third Amended and Restated Five Year Revolving Credit Agreement referred to in clause (i) above or any other agreement or instrument referred to in this clause (ii) unless the Company notifies the Administrative Agent that it is not intended to be a “5-Year Revolving Credit Agreement” hereunder.  All references to the “5-Year Revolving Credit Agreement” in this Agreement shall refer to any 5-Year Revolving Credit Agreement then extant.

2

“5-Year Total Available Commitments” means the “Total Available Commitments” (or equivalent term) under, and as defined in, the 5-Year Revolving Credit Agreement (it being understood that if there is more than one 5-Year Revolving Credit Agreement in effect at any time, references hereunder to “5-Year Total Available Commitments” shall be deemed to mean the sum of the “5-Year Total Available Commitments” (as defined above) under each such agreement).
“5-Year Total Commitments” means the “Total Commitments” (or equivalent term) under, and as defined in, the 5-Year Revolving Credit Agreement (it being understood that if there is more than one 5-Year Revolving Credit Agreement in effect at any time, references hereunder to “5-Year Total Commitments” shall be deemed to mean the sum of the “5-Year Total Commitments” (as defined above) under each such agreement).
“5-Year Total Extensions of Credit” means the “Total Extensions of Credit” (or equivalent term) under, and as defined in, the 5-Year Revolving Credit Agreement (it being understood that if there is more than one 5-Year Revolving Credit Agreement in effect at any time, references hereunder to “5-Year Total Extensions of Credit” shall be deemed to mean the sum of the “5-Year Total Extensions of Credit” (as defined above) under each such agreement).
“ABR” means for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1.00%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1.00% and (c) the Eurocurrency Rate, calculated as of such date in respect of a proposed Eurocurrency Loan with a one-month interest period, plus 1.00%; provided, that if the rate determined pursuant to this definition of “ABR” shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  Any change in the ABR due to a change in the Prime Rate, the NYFRB Rate or the Eurocurrency Rate shall be effective as of the opening of business on the effective day of such change in the Prime Rate, the NYFRB Rate or the Eurocurrency Rate, respectively. If the ABR is being used as an alternate rate of interest pursuant to Section 2.18 hereof (for the avoidance of doubt, only until any amendment has become effective pursuant to Section 2.18(c)), then the ABR shall be the greater of clause (a) and (b) above and shall be determined without reference to clause (c) above.
“ABR Loans” means Loans the rate of interest applicable to which is based upon the ABR.
“Administrative Agent” has the meaning assigned to such term in the preamble hereto.
“Affected Financial Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
“Agreement” has the meaning assigned to such term in the preamble hereto.
“Anti-Corruption Laws” means the United States Foreign Corrupt Practices Act of 1977 and the UK Bribery Act.
“Applicable Lending Office” means, for any Lender, such Lender’s office, branch or affiliate designated for Eurocurrency Loans or ABR Loans, as notified to the Administrative Agent and the Company or as otherwise specified in the Assignment and Assumption pursuant to which such Lender became a party hereto, any of which offices may, subject to Section 2.23, be changed by such Lender upon 10 days’ prior written notice to the Administrative Agent and the Company.

3

“Applicable Margin” means, for any day, with respect to any ABR Loan or Eurocurrency Loan, as the case may be, the applicable rate per annum set forth under the relevant column heading in the Applicable Pricing Grid, based upon the Applicable Rating in effect on such day.
“Applicable Pricing Grid” means the table set forth on Schedule 1.1C.
“Applicable Rating” means the Index Debt Rating; provided, that in the event the Company has obtained or maintained a Facility Rating from at least two of Moody’s, S&P or Fitch, the “Applicable Rating” shall be the Facility Rating in effect at any time of determination.
“Approved Electronic Platform” has the meaning assigned to such term in Section 10.2(b).
“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in revolving bank loans and similar revolving extensions of credit in the ordinary course 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.
“Arrangers” has the meaning assigned to such term in Section 9.11.
“Assignee” has the meaning assigned to such term in Section 10.6(b).
“Assignment and Assumption” means an Assignment and Assumption, substantially in the form of Exhibit G.
“Available Commitment” means, on any date of determination with respect to any Lender, (a) such Lender’s Commitment in effect on such date minus (b) its Extensions of Credit on such date.
“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.
“Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).
“Basel III” means: (a) the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated, (b) the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement – Rules text” published by the Basel Committee on Banking Supervision in November 2011, as amended, 

4

supplemented or restated, and (c) and any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”.
“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may be a SOFR-Based Rate) that has been selected by the Administrative Agent and the Company giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the Eurocurrency Base Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement; provided further that any such Benchmark Replacement shall be administratively feasible as determined by the Administrative Agent in its reasonable discretion.
“Benchmark Replacement Adjustment” means, with respect to any replacement of the Eurocurrency Base Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Company giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Eurocurrency Base Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the Eurocurrency Base Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time (for the avoidance of doubt, such Benchmark Replacement Adjustment shall not be in the form of a reduction to the Applicable Rate). 
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative, operational or other changes (including changes to definitions, timing and frequency of determining rates and making payments of interest and other matters) that the Administrative Agent in consultation with the Company decides in its reasonable discretion may be necessary, appropriate or advisable to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent in consultation with the Company reasonably determines that the adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).
“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the Eurocurrency Base Rate: 
(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Screen Rate permanently or indefinitely ceases to provide the Screen Rate; or

5

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.
“Benchmark Transition Event” means, the occurrence of one or more of the following events with respect to the Eurocurrency Base Rate: 
(1) a public statement or publication of information by or on behalf of the administrator of the Screen Rate announcing that such administrator has ceased or will cease to provide the Screen Rate, permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Screen Rate; 
(2) a public statement or publication of information by the regulatory supervisor for the administrator of the Screen Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the Screen Rate, a resolution authority with jurisdiction over the administrator for the Screen Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the Screen Rate, in each case which states that the administrator of the Screen Rate has ceased or will cease to provide the Screen Rate permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Screen Rate; and/or 
(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Screen Rate announcing that the Screen Rate is no longer representative.
“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to the Company, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.
“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the Eurocurrency Base Rate and solely to the extent that the Eurocurrency Base Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the Eurocurrency Base Rate for all purposes hereunder in accordance with Section 2.18 and (y) ending at the time that a Benchmark Replacement has replaced the Eurocurrency Base Rate for all purposes hereunder pursuant to Section 2.18.
“Beneficial Ownership Regulation” means 31 C.F.R. §1010.230.
“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (c) any Person whose assets include (for purposes of the Plan Asset Regulations  or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“Benefitted Lender” has the meaning assigned to such term in Section 10.7.

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“BHC Act Affiliate” of a party means an “affiliate’ (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Board” means the Board of Governors of the Federal Reserve System of the United States (or any successor).
“Borrower” means the Company, GMF or any other Subsidiary Borrower designated from time to time by the Company until (in the case of any Subsidiary Borrower) such time as such Subsidiary Borrower is removed as a party hereto pursuant to Section 10.1(d).
“Borrower Joinder Agreement” means a joinder agreement substantially in the form of Exhibit H.
“Borrowing Date” means any Business Day specified by the Company or any Subsidiary Borrower as a date on which the Company or such Subsidiary Borrower requests the relevant Lenders to make Loans hereunder.
“Borrowing Request” means a request by any Borrower for a Loan in substantially the form of Exhibit L.
“Brazilian Reais” and “R$” mean the lawful currency of the Federative Republic of Brazil.
“Brazilian Subsidiary” means, with respect to any Person, any Subsidiary of such Person organized under the laws of any jurisdiction within the Federative Republic of Brazil. Unless otherwise qualified, all references to a “Brazilian Subsidiary” or to “Brazilian Subsidiaries” in this Agreement shall refer to a Brazilian Subsidiary or Brazilian Subsidiaries of the Company.
“Business Day” means any day other than a Saturday, Sunday or other day on which banks in New York City are permitted to close; provided, however, that when used in connection with a Eurocurrency Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank market.
“Capital Lease Obligations” means as to any Person, the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in accordance with GAAP.
“Capital Stock” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a Person (other than a corporation) and any and all warrants, rights or options to purchase any of the foregoing.
“Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.20, by any lending office of such Lender or by such Lender’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any 

7

Governmental Authority made or issued after the date of this Agreement. For purposes of this definition and Section 2.20, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof (whether or not having the force of law) and (y) all requests, rules, regulations, guidelines, requirements or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities (whether or not having the force of law), in each case pursuant to Basel III, shall in each case described in clauses (x) and (y) above, be deemed to be a Change in Law, regardless of the date enacted, adopted, issued or implemented.
“Change in Tax Law” has the meaning assigned to such term in Section 2.21(a).
“Change of Control” means the occurrence of any of the following events:  (a) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) shall become, or obtain rights (whether by means of warrants, options or otherwise) to become, the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d) 5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company or (b) Continuing Directors cease to constitute at least a majority of the members of the board of directors of the Company.
“CLO” means any person that is primarily engaged in the issuance of securities based on, collateralized by or otherwise backed by one or more pools of assets consisting primarily of bank loans. 
“Closing Date” means the date on which the conditions precedent set forth in Section 5.1 shall have been satisfied, which date is April 14, 2020.
“Co-Syndication Agent” has the meaning assigned to such term in the preamble hereto.
“Code” means the Internal Revenue Code of 1986, as amended from time to time.
“Commitment” means as to any Lender, the obligation of such Lender, if any, to make Loans in an aggregate principal amount not to exceed the amount set forth under the heading “Commitment” opposite such Lender’s name on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof, including pursuant to any Commitment Increase permitted pursuant to Section 2.27(a) hereof.
“Commitment Increase” has the meaning assigned to such term in Section 2.27(a).
“Commitment Increase Date” means, as to any Commitment Increase, the date (which shall be a Business Day) specified in the related Incremental Loan Activation Notice as the date on which such Commitment Increase shall be effective.
“Commitment Period” means with respect to any Lender in the Facility, the period from and including the Closing Date (or in the case of a Lender that becomes a Lender under the Facility after the Closing Date, the date on which such Lender becomes a Lender under the Facility) to, but excluding, the Termination Date applicable to such Lender under the Facility.
“Communications” means each notice, demand, communication, information, document and other material provided for hereunder or under any other Loan Document or otherwise 

8

transmitted between the parties hereto relating to this Agreement, the other Loan Documents, any Loan Party or its affiliates, or the transactions contemplated by this Agreement or the other Loan Documents.
“Company” has the meaning assigned to such term in the preamble hereto.
“Competitive Bid” means an offer by a Lender to make a Competitive Loan in accordance with Section 2.9.
“Competitive Bid Accept/Reject Letter” means a notification made by the Company pursuant to Section 2.9, substantially in the form of Exhibit D.
“Competitive Bid Rate” means, with respect to any Competitive Bid (a) in the case of a Eurocurrency Competitive Loan, the Eurocurrency Rate plus (or minus) the Margin and (b) in the case of a Fixed Rate Loan, the fixed rate of interest per annum, in each case specified by the Lender making such Competitive Loan in its related Competitive Bid.
“Competitive Bid Request” means a request made pursuant to Section 2.9, substantially in the form of Exhibit B.
“Competitive Loan” means a Loan made pursuant to Section 2.9.
“Compliance Certificate” means a certificate duly executed by a Responsible Officer, substantially in the form of Exhibit J.
“Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this rate, and conventions for this rate (which may include compounding in arrears with a lookback and/or suspension period as a mechanism to determine the interest amount payable prior to the end of each Interest Period) being established by the Administrative Agent in accordance with: 
(1) the rate, or methodology for this rate, and conventions for this rate selected or recommended by the Relevant Governmental Body for determining compounded SOFR; provided that: 
(2) if, and to the extent that, the Administrative Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that the Administrative Agent determines in its reasonable discretion are substantially consistent with any evolving or then-prevailing market convention for determining compounded SOFR for U.S. dollar-denominated syndicated credit facilities at such time; 
provided, further, that if the Administrative Agent decides that any such rate, methodology or convention determined in accordance with clause (1) or clause (2) is not administratively feasible for the Administrative Agent, then Compounded SOFR will be deemed unable to be determined for purposes of the definition of “Benchmark Replacement.”
“Consolidated Domestic Liquidity” means, as of any date of determination, the sum of (a) the 3-Year Total Available Commitments at such date plus (b) the 5-Year Total Available Commitments at such date plus (c) the 2019 3-Year Total Available Commitments at such date plus (d) the Total Available Commitments at such date plus (e) the total available commitments (after giving effect to any applicable borrowing base limitations) under other then-effective committed credit facilities of the Company or any Domestic Subsidiary plus (f) total cash (other than restricted cash), cash equivalents, and Marketable 

9

Securities of the Company and its Domestic Subsidiaries (other than Domestic Subsidiaries of the Company that constitute Finance Subsidiaries, if any), as determined by the Company based on adjustments to the amount of total cash (other than restricted cash), cash equivalents and Marketable Securities, as reported in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, filed with the SEC.
“Consolidated Global Liquidity” means as of any date of determination, the sum of (a) the 3-Year Total Available Commitments as of such date plus (b) the 5-Year Total Available Commitments as of such date plus (c) the 2019 3-Year Total Available Commitments at such date plus (d) the Total Available Commitments at such date plus (e) the total available commitments (after giving effect to any applicable borrowing base limitations) under other then-effective committed credit facilities of the Company or any of its Subsidiaries plus (f) total cash (other than restricted cash), cash equivalents and Marketable Securities of the Company and its Subsidiaries (other than Subsidiaries of the Company that constitute Finance Subsidiaries, if any), as reported in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, filed with the SEC.
“Consolidated Tangible Assets” means the aggregate amount of the Company’s consolidated assets after deducting therefrom all goodwill, trade names, trademarks, patents, unamortized debt discount and expense and other like intangibles, in each case as set forth in the most recent financial statements of the Company and its consolidated Subsidiaries delivered pursuant to Section 6.1 prepared in accordance with GAAP.
“Consolidated Total Assets” means, at any date, with respect to any Person, the amount set forth opposite the caption “total assets” (or any like caption) on a consolidated balance sheet (or the equivalent) of such Person and its consolidated Subsidiaries.
“Continuing Director” means, at any date, an individual (a) who is a member of the board of directors of the Company on the Closing Date or (b) who has been nominated or appointed to be a member of such board of directors, or approved or otherwise ratified, by a majority of the other Continuing Directors then in office.
“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound.
“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding business day adjustment) as the applicable tenor for the applicable Interest Period with respect to the Eurocurrency Base Rate.
“Covered Entity” means any of the following:
		
	(i)
	a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

		
	(ii)
	a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

		
	(iii)
	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

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“Covered Party” has the meaning assigned to it in Section 10.21.
“Debt” means, as to any Person at any date, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments and (c) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) and (b) above.
“Default” means any of the events specified in Section 8, whether or not any requirement for the giving of notice, the lapse of time, or both, has been satisfied.
“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
“Defaulting Lender” means, at any time, a Lender (a) that has defaulted in its obligation to make Loans under this Agreement, (b) that has, or the direct or indirect parent company of which has, notified the Administrative Agent or the Company, or has stated publicly, that it will not comply with any such funding obligation under this Agreement or that it will not comply with its funding obligations generally under other agreements in which it is obligated to extend credit, (c) that has, for three or more Business Days, failed to confirm in writing to the Company, in response to a written request of the Company after the Company has a reasonable basis to believe such Lender will not comply with its funding obligations under this Agreement, that it will comply with its funding obligations under this Agreement; provided, that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Company’s receipt of such confirmation, (d) with respect to which a Lender Insolvency Event has occurred and is continuing or (e) which has become the subject of a Bail-In Action. 
“Designated Principal Trade Name” means a Principal Trade Name, designated by the Company as the “Designated Principal Trade Name” in a written notice to the Administrative Agent pursuant to the terms hereof; provided, that, for the avoidance of doubt, only one Principal Trade Name may be designated as a “Designated Principal Trade Name” during the term of this Agreement.
“Disposition” means, with respect to any property, any sale, transfer or other disposition thereof; and the terms “Dispose” and “Disposed of” shall have correlative meanings; provided, that, for the avoidance of doubt, (a) the pledge or collateral assignment of property, or the granting of a Lien on property, and (b) the licensing and sublicensing of intellectual property and other general intangibles on customary terms and conditions in the ordinary course of business of the licensing or sublicensing party shall not constitute a “Disposition”.
 “Dollar Equivalent” means, on any date of determination, (a) with respect to any amount denominated in Dollars, such amount and (b) with respect to an amount denominated in any other currency, the equivalent in Dollars of such amount determined by the Administrative Agent in accordance with normal banking industry practice using the Exchange Rate on the date of determination of such equivalent, and such determination shall be conclusive in the absence of manifest error.  In making any determination of the Dollar Equivalent, the Administrative Agent shall use the relevant Exchange Rate in effect on the date upon which a Dollar Equivalent is required to be determined pursuant to the provisions of this Agreement. As appropriate, amounts specified herein as amounts in Dollars shall be or include any relevant Dollar Equivalent amount.
“Dollars” and “$” mean the lawful money of the United States.

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“Domestic Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is not (a) a Foreign Subsidiary or (b) a Subsidiary that is owned, directly or indirectly, by a Foreign Subsidiary. Unless otherwise qualified, all references to a “Domestic Subsidiary” or to “Domestic Subsidiaries” in this Agreement shall refer to a Domestic Subsidiary or Domestic Subsidiaries of the Company.
“Domestic Subsidiary Borrower” means any Subsidiary Borrower which is a Domestic Subsidiary.
“Early Opt-in Election” means the occurrence of: (1) (i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar-denominated broadly syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 2.18, are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace Eurocurrency Base Rate, and (2) (i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Company and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.
“EEA Financial Institution” means (a) any institution established in any EEA Member Country which is subject to the supervision of the applicable Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition or (c) any institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.
“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway.
“EEA Resolution Authority” means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.
“Environmental Laws” means any and all foreign, federal, state, provincial, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating or imposing liability or standards of conduct concerning protection of human health, the environment or natural resources, as now or may at any time hereafter be in effect.
“ERISA” means the Employee Retirement Income Security Act of 1974.
“ERISA Affiliate” means any trade or business (whether or not incorporated) that together with the Company is treated as a single employer under Section 414(b) or (c) of the Code or any entity, whether or not incorporated, that is under common control with the Company within the meaning of Section 4001(a)(14) of ERISA.
“ERISA Default” means (a) any of the following (i) the occurrence of a nonexempt “prohibited transaction” (within the meaning of Section 406 of ERISA or Section 4975 of the Code) with respect to any Plan to which the Company or any ERISA Affiliate is a “party in interest” (within 

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the meaning of Section 3(14) of ERISA) or a “disqualified person” (within the meaning of Section 4975 of the Code); (ii) any failure by any Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived; (iii) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any Plan, the failure to make by its due date a required installment under Section 430(j) of the Code with respect to any Plan or the failure by the Company or any ERISA Affiliate to make any required contribution to a Multiemployer Plan; (iv) the incurrence by the Company or any ERISA Affiliate of any liability under Title IV of ERISA with respect to the termination of any Plan, including but not limited to the imposition of any Lien in favor of the PBGC or any Plan; (v) the receipt by the Company or any ERISA Affiliate from the PBGC or a plan administrator of any notice relating to the intention to terminate any Plan or to appoint a trustee to administer any Plan under Section 4042 of ERISA; or (vi) the incurrence by the Company or any ERISA Affiliate of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; and (b) in each case in clauses (i) through (vi), such event or condition, together with all other such events or conditions, if any, would reasonably be expected to result in a Material Adverse Effect.
“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.
“Euro” and “€” means the single currency of the Participating Member States.
“Eurocurrency Base Rate” means, with respect to each day during each Interest Period pertaining to a Eurocurrency Loan, the London interbank offered rate as administered by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for Dollars for a period equal to such Interest Period commencing on the first day of such Interest Period as displayed on page LIBOR01 or LIBOR02 of the Thomson Reuters Corp., Refinitiv, or any successor thereto (“Reuters”) screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent with the consent of the Company (such consent not to be unreasonably withheld); in each case, the “Screen Rate”) as of 11:00 A.M., London time, on the Quotation Date; provided, that, if the Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to Dollars, then the Eurocurrency Base Rate shall be the Interpolated Rate at such time; provided, further, that if the Screen Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.  “Interpolated Rate” means, at any time, the rate per annum determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the Screen Rate for the longest period (for which that Screen Rate is available for Dollars) that is shorter than the Impacted Interest Period and (b) the Screen Rate for the shortest period (for which that Screen Rate is available for Dollars) that exceeds the Impacted Interest Period, in each case, at such time; provided, that if the Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Eurocurrency Competitive Loans” means Competitive Loans bearing interest at a rate determined by reference to the Eurocurrency Rate.
“Eurocurrency Loans” means Loans the rate of interest applicable to which is based upon the Eurocurrency Rate.

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“Eurocurrency Rate” means, with respect to each day during each Interest Period pertaining to a Eurocurrency Loan, a rate per annum determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%):
	
	
	Eurocurrency Base Rate

	1.00 - Eurocurrency Reserve Requirements

	 

“Eurocurrency Reserve Requirements” means for any day as applied to a Eurocurrency Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves under any regulations of the Board or any other banking authority to which any Lender is subject) dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System of the United States. Such reserve percentages shall include those imposed under Regulation D.  Eurocurrency Loans shall be deemed to constitute Eurocurrency liabilities (as defined in Regulation D of the Board) and as such shall be deemed to be subject to such reserve requirements without benefit of or credit for proration, exceptions or offsets which may be available from time to time to any Lender under Regulation D.  Eurocurrency Reserve Requirements shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
“Eurocurrency Tranche” means the collective reference to Eurocurrency Loans under the Facility, the then current Interest Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day) (it being understood that any such group of Eurocurrency Loans that constitutes one Eurocurrency Tranche pursuant to the foregoing shall be amalgamated and deemed to be one Eurocurrency Loan for all purposes of this Agreement).
“Event of Default” means any of the events specified in Section 8; provided, that any requirement for the giving of notice, the lapse of time, or both, has been satisfied.
“Exchange Act” means the Securities and Exchange Act of 1934, as amended.
“Exchange Rate” means, for any day with respect to (i) any currency (other than Dollars or Brazilian Reais), the rate at which such currency may be exchanged into Dollars, as set forth at 11:00 A.M., London time, on such day on the applicable Reuters currency page with respect to such currency and (ii) Brazilian Reais, the exchange rate (taxa de câmbio) at which such currency may be exchanged into Dollars disclosed by the Central Bank of Brazil on its website (which, at the date hereof, is located at https://www.bcb.gov.br/estabilidadefinanceira/historicocotacoes), under “Cotações de fechamento de todas as moedas em uma data”, “Venda” (or any successor screen established by the Central Bank of Brazil), on such day.  In the event that such rate does not appear on the applicable Reuters currency page or is not disclosed by the Central Bank of Brazil, as applicable, the Exchange Rate with respect to such currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by the Administrative Agent and the Company or, in the absence of such agreement, such Exchange Rate shall instead be the spot rate of exchange of the Administrative Agent in the London interbank market or other market where its foreign currency exchange operations in respect of such currency are then being conducted, at or about 11:00 A.M., London time, or, with respect to Brazilian Reais, 11:00 A.M., São Paulo time, on such day for the purchase of Dollars with such currency, for delivery two Business Days later; provided, however, that if at the time of any such determination, 

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for any reason, no such spot rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate to determine such rate, and such determination shall be conclusive absent manifest error.
“Excluded Subsidiary” means (a) GM Holdings, (b) each of the Initial Excluded Subsidiaries, (c) each Subsidiary of the Company that (i) is prohibited by any applicable requirement of law or Governmental Authority from guaranteeing the obligations of the Loan Parties or (ii) is acquired after the Closing Date and, at the time of acquisition, is a party to, or is bound by, any contract, agreement, instrument, indenture or other Contractual Obligation pursuant to which such Subsidiary’s agreement to guarantee the obligations of the Loan Parties is prohibited by, or would constitute a default or breach of, or would result in the termination of, such contract, agreement, instrument, indenture or other Contractual Obligation; provided, that such contract, agreement, instrument, indenture or other Contractual Obligation shall not have been entered into in contemplation of such acquisition; provided, further, that such Subsidiary shall cease to be an Excluded Subsidiary upon the termination of such contract, agreement, instrument, indenture or other Contractual Obligation, and will become a Subsidiary Guarantor only if required by and pursuant to this Agreement, (d) each Foreign Subsidiary, (e) each Unconsolidated Subsidiary, (f) each Finance Subsidiary of the Company, (g) each Subsidiary that is a dealership and (h) each Subsidiary acquired or formed after the Closing Date primarily to operate an Excluded Subsidiary Business; provided, that such Subsidiary shall cease to be an Excluded Subsidiary if such Subsidiary no longer operates an Excluded Subsidiary Business or the Company elects, in its sole discretion, in writing to the Administrative Agent that it no longer intends that such Subsidiary shall do so.
“Excluded Subsidiary Businesses” means the businesses and/or Subsidiaries indicated on Schedule 1.1E.
“Existing 364-Day Credit Agreement” has the meaning assigned to such term in the recitals hereto.
“Existing Loan” means any “Loan” under and as defined in the Existing 364-Day Credit Agreement.
“Existing Required Lenders” means the “Required Lenders” under and as defined in the Existing 364-Day Credit Agreement.
“Extensions of Credit” means, as to any Lender at any time, an amount equal to the aggregate principal amount of all Loans held by such Lender then outstanding.
“Facility” means the Commitments and the extensions of credit made thereunder.
“Facility Fee” has the meaning assigned to such term in Section 2.10(a).
“Facility Fee Rate” means, for any day relating to the Facility, with respect to the Facility Fees payable hereunder, the applicable rate per annum set forth under the column heading “Facility Fee Rate” in the Applicable Pricing Grid, based upon the Applicable Rating in effect on such day.
“Facility Rating” means, as of any date, the credit rating provided by Moody’s, S&P or Fitch, as applicable, for the Facility provided hereunder.

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“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable), including any regulations or official interpretations thereof whether issued before or after the date of this Agreement, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any intergovernmental agreements entered into in connection with the implementation of such Section of the Code (or any such amended or successor version thereof) and any law, regulation, rule, promulgation or official agreement implementing an official governmental agreement with respect to the foregoing.
“Federal Funds Effective Rate” means for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary institutions (as determined in such manner as shall be set forth on the Federal Reserve Bank of New York’s Website from time to time) and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate; provided, that if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Federal Reserve Bank of New York’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.
“Fee Payment Date” means (a) the fifteenth day of each March, June, September and December (or, if any such day is not a Business Day, the next succeeding Business Day) and (b) the last day of the final Fee Payment Period.
“Fee Payment Period” means, initially, the period from and including the Closing Date to but excluding the initial Fee Payment Date, and thereafter, each period commencing on and including a Fee Payment Date to but excluding the succeeding Fee Payment Date (except that the final Fee Payment Period for any Lender shall end on the date on which the Commitment of such Lender terminates and its Extensions of Credit have been paid in full).
“Finance Subsidiary” means, with respect to any Person, any Subsidiary of such Person which is primarily engaged in leasing or financing activities including (a) lease and purchase financing provided by such Subsidiary to dealers and consumers, (b) leasing or financing of installment receivables or otherwise providing banking, financial or insurance services to the Company and/or its affiliates or others or (c) financing the Company’s and/or its affiliates’ operations.  For the avoidance of doubt, GM Global Treasury Centre Limited shall not be considered a Finance Subsidiary.
“Financial Officer” means, with respect to any Person, the chief financial officer, principal accounting officer, a financial vice president, treasurer, assistant treasurer, or controller of such Person.
“Fitch” means Fitch Ratings, a business segment of Fitch Group, Inc. and its successors.
“Fixed Rate Loan” means a Competitive Loan bearing interest at a fixed rate per annum specified by the Lender making such Loan in its related Competitive Bid.
“Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is organized under the laws of any jurisdiction outside the United States.  Unless otherwise qualified, all references to a “Foreign Subsidiary” or to “Foreign Subsidiaries” in this Agreement shall refer to a Foreign Subsidiary or Foreign Subsidiaries of the Company.

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“Foreign Subsidiary Holding Company” means a Subsidiary substantially all of the Net Book Value of whose assets consists of Capital Stock (or other interests that could reasonably be characterized as equity for U.S. federal income tax purposes) of one or more Foreign Subsidiaries or other Foreign Subsidiary Holding Companies.
“Funding Office” means the office of the Administrative Agent specified in Section 10.2 or such other office as may be specified from time to time by the Administrative Agent as its funding office with respect to the Facility by written notice to the Company, any relevant Subsidiary Borrower and the applicable Lenders.
“GAAP” means generally accepted accounting principles as in effect from time to time in the United States.
“GM Holdings” means General Motors Holdings LLC, a Delaware limited liability company.
“GMB” means General Motors do Brasil Ltda, a Brazilian limited liability company.
“GMF” has the meaning assigned to such term in the preamble hereto.
“Governmental Authority” means any federal, state, provincial, municipal or other governmental department, commission, board, bureau, agency or instrumentality, or any federal, state or municipal court, in each case whether of the United States or a foreign jurisdiction, including any applicable supranational bodies (such as the European Union or European Central Bank).
“Guarantee” means the Second Amended and Restated Guarantee Agreement to be executed and delivered by the Company, substantially in the form of Exhibit A.
“Guarantee Joinder” means a joinder agreement substantially in the form of Annex I to the Guarantee.
“Guarantee Obligation” means, as to any Person (the “guaranteeing person”), if the primary purpose or intent thereof is to provide assurance that the Indebtedness of another Person will be paid or discharged, any obligation of the guaranteeing Person that guarantees or in effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit) that guarantees or in effect guarantees, any Indebtedness (the “primary obligations”) of any other third Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation of the guaranteeing person, whether or not contingent, (a) to advance or supply funds for the purchase or payment of any such primary obligation (b) to purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation or (c) otherwise to assure or hold harmless the owner of any such primary obligation against loss in respect thereof; provided, however, that the term “Guarantee Obligation” shall not include endorsements of instruments for deposit or collection in the ordinary course of business.  The amount of any Guarantee Obligation of any guaranteeing person shall be deemed to be the lower of (i) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee Obligation is made and (ii) the maximum amount for which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such primary obligation and the maximum amount for which such guaranteeing person may be liable are not stated or determinable, in which case 

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the amount of such Guarantee Obligation shall be such guaranteeing person’s reasonably anticipated liability in respect thereof as determined by such guaranteeing person in accordance with GAAP.
“Guarantee Reinstatement Date” means the first date after the Closing Date or any Guarantee Release Date on or as of which any two or more of the following ratings have been issued by the relevant rating agency: (a) in the case of S&P, a “Long-Term Local Issuer Credit Rating” for the Company of less than BBB-; (b) in the case of Moody’s, a “Long-Term Corporate Family Rating” for the Company of less than Baa3; or (c) in the case of Fitch, a “Long-Term Issuer Default Rating” for the Company of less than BBB-.  If the rating system of S&P, Moody’s and/or Fitch shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, the Company and the Administrative Agent (in consultation with the Lenders) shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency.
“Guarantee Release Date” means the first date following any Guarantee Reinstatement Date on or as of which any two or more of the following ratings have been issued by the relevant rating agency: (a) in the case of S&P, a “Long-Term Local Issuer Credit Rating” for the Company of at least BBB-; (b) in the case of Moody’s, a “Long-Term Corporate Family Rating” for the Company of at least Baa3; or (c) in the case of Fitch, a “Long-Term Issuer Default Rating” for the Company of at least BBB-.  If the rating system of S&P, Moody’s and/or Fitch shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, the Company and the Administrative Agent (in consultation with the Lenders) shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency. At any time after Moody’s has withdrawn the Long-Term Corporate Family Rating of the Company due to the Company’s achievement of “investment grade” status, the Company shall be deemed to have a Long-Term Corporate Family Rating of at least Baa3 for purposes of this definition from such date until the date, if any, that Moody’s subsequently issues a Long-Term Corporate Family Rating of the Company of Ba1 or lower.  For the avoidance of doubt, it is understood and agreed that as of the date hereof, Moody’s has withdrawn the Long-Term Corporate Family Rating of the Company due to the Company’s achievement of “investment grade” status.
“Guarantors” means, collectively, the Company (with respect to the Obligations of any Subsidiary Borrower) and, during any Reinstated Guarantee Period, the Subsidiary Guarantors.  For the avoidance of doubt, GM Holdings does not and shall not constitute a Guarantor. 
“Hedging Obligations” means any of the following: (a) a rate swap transaction, swap option, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross currency rate swap transaction, currency option, credit protection transaction, credit swap, credit default swap, credit default option, total return swap, credit spread transaction, repurchase transaction, reverse repurchase transaction, buy/sell-back transaction, securities lending transaction, weather index transaction or forward purchase or sale of a security, commodity or other financial instrument or interest (including any option with respect to any of these transactions) or (b) which is a type of transaction that is similar to any transaction referred to in clause (a) above that is currently, or in the future becomes, recurrently entered into in the financial markets (including terms and conditions incorporated by reference in such agreement) and which is a forward, swap, future, option or other derivative on one or more rates, currencies, commodities, equity securities or other equity instruments, debt securities or other debt 

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instruments, economic indices or measures of economic risk or value, or other benchmarks against which payments or deliveries are to be made.
“HMRC” means Her Majesty’s Revenue and Customs.
“HMRC DT Treaty Passport scheme” means the HMRC Double Taxation Treaty Passport scheme.
“Incremental Commitment” means, as to each Incremental Lender, in respect of any Commitment Increase, the obligation of such Incremental Lender on and after the applicable Commitment Increase Date to make Incremental Loans under this Facility in a principal amount equal to the amount set forth under the heading “Incremental Commitment” opposite such Incremental Lender’s name on the applicable Incremental Loan Activation Notice.
“Incremental Lender” means (a) any Lender designated by the Company, (b) any other bank, financial institution or other Person that does not have an investment grade rating from two of S&P, Moody’s and Fitch at the time of such Commitment Increase which becomes a signatory to an Incremental Loan Activation Notice with the consent of the Company (in its sole discretion) and the Administrative Agent and (c) each Lender which has made, or acquired pursuant to an assignment made in accordance with Section 10.6, an Incremental Commitment.
“Incremental Loan Activation Notice” means a notice substantially in the form of Exhibit E.
“Incremental Loans” has the meaning assigned to such term in Section 2.27(b).
“Impacted Interest Period” has the meaning set forth in the definition of Eurocurrency Base Rate.
“Indebtedness” of any Person at any date means, without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property or services (other than trade payables incurred in the ordinary course of such Person’s business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all Capital Lease Obligations of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (g) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (a) through (f) above, (h) all obligations of the kind referred to in clauses (a) through (g) above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation and (i) all obligations of such Person in respect of Hedging Obligations.
“Indemnified Liabilities” has the meaning assigned to such term in Section 10.5.
“Indemnitee” has the meaning assigned to such term in Section 10.5.

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“Index Debt Rating” means, as of any date, the credit rating provided by Moody’s, S&P or Fitch, as applicable, for senior, unsecured, long-term Indebtedness of the Company.
“Ineligible Assignee” means (a) any Person that is a hedge fund or a captive finance company, (b) any Person, or affiliate of any such Person, which is a captive finance company of, or which is engaged in, automotive vehicle manufacturing, automotive vehicle distribution, automotive vehicle parts manufacturing or automotive vehicle parts distribution irrespective of whether such Person (or an affiliate thereof) is a direct competitor of the Company or any of its Subsidiaries, (c) any CLO or (d) any person that is not a commercial bank.  For purposes of determining if a Person is an Ineligible Assignee, an institutional investor which is a passive investor in the financing of equipment or facilities used in automotive vehicle manufacturing, automotive vehicle distribution, automotive vehicle parts manufacturing or automotive vehicle parts distribution shall not, solely by reason of such investment, be deemed to be engaged in such businesses.
“Ineligible Participant” means any Person that is engaged in automotive vehicle manufacturing, automotive vehicle distribution, automotive vehicle parts manufacturing or automotive vehicle parts distribution and is a direct competitor of the Company or any of its Subsidiaries or any captive finance company controlled by such Person.  For purposes of determining if a Person is an Ineligible Participant, an institutional investor which is a passive investor in the financing of equipment or facilities used in automotive vehicle manufacturing, automotive vehicle distribution, automotive vehicle parts manufacturing or automotive vehicle parts distribution shall not, solely by reason of such investment, be deemed to be engaged in such businesses.
“Initial Excluded Subsidiary” means each Subsidiary listed on Schedule 1.1B.
“Intellectual Property” means the collective reference to all rights, priorities and privileges with respect to intellectual property, arising under the laws of the United States or any State thereof, including copyrights, copyright licenses, patents, patent licenses, trademarks, trademark licenses, technology, know-how and processes, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom.
“Interest Payment Date” means (a) as to any ABR Loan, the fifteenth day of each March, June, September and December to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurocurrency Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to any Eurocurrency Loan having an Interest Period longer than three months, each day that is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period and (d) as to any Loan, the date of any repayment or prepayment made in respect thereof (to the extent of such repayment or prepayment).
“Interest Period” means, (a) as to any Eurocurrency Loan (i) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such Loan and ending one week or one, two, three or six (or, if agreed to by all Lenders under the Facility, twelve) months (or additionally, in the case of any Eurocurrency Competitive Loan, one, two or three weeks) thereafter (or any other period of less than six months agreed to by all Lenders under the Facility), as selected by the Company or relevant Subsidiary Borrower in its notice of borrowing, Competitive Bid Request or notice of conversion, as the case may be, given with respect thereto; and (ii) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Loan and ending one week or one, two, three or six (or, if agreed to by all Lenders under the Facility, twelve) months (or additionally, in the case of any Eurocurrency Competitive Loan, one, two or three weeks) 

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thereafter (or any other period of less than six months agreed to by all Lenders under the Facility), as selected by the Company or relevant Subsidiary Borrower by irrevocable notice to the Administrative Agent not later than 1:00 P.M., New York City time, on the date that is three Business Days prior to the last day of the then current Interest Period with respect thereto and (b) with respect to a Fixed Rate Loan, the period (which shall be not less than seven days or more than 360 days) commencing on the Borrowing Date thereof and ending on the date specified in the applicable Competitive Bid Accept/Reject Letter; provided, that all of the foregoing provisions relating to Interest Periods are subject to the following:
(A)    if any Interest Period is one week or more in length and would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day;
(B)    the Company or relevant Subsidiary Borrower may not select an Interest Period under the Facility that would extend beyond the earliest Termination Date then in effect for the Facility; and
(C)    any Interest Period that is one week or more in length and that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month.
“Interpolated Rate” has the meaning set forth in the definition of Eurocurrency Base Rate.
“IRS” means the United States Internal Revenue Service.
“Judgment Currency” has the meaning assigned to such term in Section 10.13.
“Lender Insolvency Event” means, with respect to any Lender, that such Lender or its direct or indirect parent company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its direct or indirect parent company, or such Lender or its direct or indirect parent company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment. For the avoidance of doubt, a Lender that participates in a government support program will not be considered to be the subject of a proceeding of the types described in this definition solely by reason of its participation in such government support program.
“Lenders” has the meaning assigned to such term in the preamble hereto.
“Lien” means any mortgage, pledge, lien, security interest, charge, conditional sale or other title retention agreement or other similar encumbrance.
“Loan Documents” means this Agreement, the Guarantee, the Notes, each Borrower Joinder Agreement, each Guarantee Joinder and any amendment, waiver, supplement or other modification to any of the foregoing.
“Loan Parties” means, collectively, (a) the Company and each Subsidiary Borrower and (b) during any Reinstated Guarantee Period, each Subsidiary Guarantor; provided, however, that the 

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term “Loan Parties” shall not include any such Person from and after the date such Person ceases to be a party to the Loan Documents in accordance with the terms thereof until the date such Person becomes or is required to become a party to any Loan Document. 
 “Loans” means the loans and advances made by the Lenders pursuant to this Agreement. 
“Margin” means, as to any Eurocurrency Competitive Loan, the margin to be added (or subtracted) from the Eurocurrency Rate to determine the rate of interest applicable to such Loan, as specified in the Competitive Bid relating to such Loan.
“Marketable Securities” means, with respect to any Person, investments by such Person in fixed income securities with original maturities greater than 90 days that have a determinable fair value, are liquid and are readily convertible into cash.  For avoidance of doubt, (i) such investments are passive investments, purchased by such Person in the ordinary course of business as part of its liquidity and/or cash management activities, and (ii) for all purposes of the Loan Documents, the amount of Marketable Securities of the Company and its Subsidiaries as of the last day of any fiscal quarter or fiscal year of the Company is equal to the amount reported on the Company’s Annual Report on Form 10-K and Quarterly Report on Form 10-Q consolidated balance sheet for such fiscal quarter or fiscal year, as the case may be, as the line “Marketable Securities”, less any adjustment for securities that do not satisfy the requirements of the first sentence of this definition.
“Material Adverse Effect” means a material adverse effect on (a) the financial condition of the Company and its Domestic Subsidiaries, taken as a whole or (b) the validity or enforceability of the Loan Documents, taken as a whole, or the rights and remedies of the Administrative Agent and the Lenders hereunder or thereunder, taken as a whole.
“Material Indebtedness” means, with respect to the Company or any Principal Domestic Subsidiary, indebtedness for borrowed money of, or guaranteed by, such Person having an aggregate principal amount, individually or in the aggregate, the Dollar Equivalent of which exceeds $1 billion.
“Material Loan Party” means, (a) during any Reinstated Guarantee Period, (i) the Company and (ii) any Subsidiary Guarantor that, at the time of determination, has Consolidated Total Assets equal to at least 10% of the Consolidated Total Assets of the Company at such time, as reflected initially in the 2019 10-K and thereafter in the most recent annual consolidated financial statements of the Company delivered or deemed delivered pursuant to Section 6.1 and (b) at all other times, the Company.
“Moody’s” means Moody’s Investors Service, Inc. and its successors.
“Multiemployer Plan” means a multiemployer plan defined as such in Section 4001(a)(3) or Section 3(37) of ERISA to which contributions are required to be made by the Company or any ERISA Affiliate or to which the Company or any ERISA Affiliate may have any direct or indirect liability or obligation contingent or otherwise.
“Net Book Value” means with respect to any asset of any Person (a) other than accounts receivable, the gross book value of such asset on the balance sheet of such Person, minus depreciation in respect of such asset on such balance sheet and (b) with respect to accounts receivable, the gross book value thereof, minus any specific reserves attributable thereto.
“Non-Excluded Taxes” has the meaning assigned to such term in Section 2.21(a).

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“Non-U.S. Lender” has the meaning assigned to such term in Section 2.21(d).
“Notes” has the meaning assigned to such term in Section 2.19(g).
“NYFRB” means the Federal Reserve Bank of New York.
“NYFRB Rate” means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided, that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Obligations” means, collectively, the unpaid principal of and interest on the Loans and all other obligations and liabilities of the Company, any other Borrower and any Subsidiary Guarantor (including interest accruing at the then applicable rate provided in this Agreement after the maturity of the Loans and Post-Petition Interest) to the Administrative Agent or any Lender hereunder, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with, the Loan Documents, in each case whether on account of principal, interest, reimbursement obligations, fees, prepayment premiums, indemnities, costs, expenses or otherwise (including all fees and disbursements of counsel to the Administrative Agent or the Lenders that are required to be paid by the Company, any of the Subsidiary Borrowers or any of the Subsidiary Guarantors pursuant to the terms of any of the Loan Documents).
“OFAC” means the U.S. Department of the Treasury’s Office of Foreign Assets Control.
“Original Currency” has the meaning assigned to such term in Section 10.13.
“Other Taxes” means any and all present or future stamp or documentary Taxes and any other excise or property, intangible or mortgage recording Taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.24) as a result of a present or former connection between the recipient of such payment and the jurisdiction imposing such Taxes.
“Outstanding Amount” means (a) with respect to indebtedness for borrowed money, the aggregate outstanding principal amount thereof, (b) with respect to Hedging Obligations, the aggregate amount recorded by the applicable obligor as its termination liability thereunder and (c) with respect to any other obligations, the aggregate outstanding amount thereof.
“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurocurrency borrowings by U.S.-managed banking offices of depository institutions (as such composite rate shall be determined by the NYFRB as set forth on the Federal Reserve Bank of New York’s Website from time to time) and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate); provided, that if the Overnight Bank Funding Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.
“Participant” has the meaning assigned to such term in Section 10.6(c)(i).

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“Participant Register” has the meaning assigned to such term in Section 10.6(c)(i).
“Participating Member State” means any member state of the European Union that has the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.
“PBGC” means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA.
“Percentage” means as to any Lender at any time, the percentage which such Lender’s Commitment then constitutes of the aggregate amount of the Commitments then in effect or, at any time after the Commitments shall have expired or terminated, the percentage which the aggregate Outstanding Amount of Extensions of Credit and Competitive Loans of such Lender then outstanding constitutes of the aggregate Outstanding Amount of Extensions of Credit and Competitive Loans of the Lenders then outstanding.
“Permitted Liens” means:
(a)Liens for Taxes, assessments, governmental charges and utility charges, in each case that (i) are not yet delinquent, (ii) are not yet subject to penalties or interest for non-payment, (iii) are due, but the Liens imposed for such Taxes, assessments or charges are unenforceable or (iv) are being contested in good faith by appropriate actions or proceedings, provided, that if and to the extent required by GAAP, adequate reserves with respect thereto are maintained on the books of the relevant Person in conformity with GAAP;
(b)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, supplier’s, landlord’s or other like Liens imposed by law or arising in the ordinary course of business (including deposits made to obtain the release of such Liens) that are not overdue for a period of more than 60 days or that are being contested in good faith by appropriate actions or proceedings;
(c)    Liens securing Hedging Obligations not entered into for speculative purposes;
(d)    statutory, common law or customary Liens (or similar rights) in favor of trustees and escrow agents, and netting and statutory or common law Liens, set-off rights, banker’s Liens, Liens arising under Section 4-210 of the UCC and the like in favor of counterparties to financial obligations and instruments;
(e)    permits, licenses, leases or subleases granted to others, encroachments, covenants, use agreements, easements, rights-of-way, reservations of rights, title defects, servitudes, zoning and environmental restrictions, other restrictions and other similar encumbrances and other agreements incurred or entered into in the ordinary course of business or imposed by law that, individually or in the aggregate, do not in any case materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Company and the Principal Domestic Subsidiaries, taken as a whole;

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(f)    Liens arising under leases or subleases of real or personal property that do not, individually or in the aggregate, materially interfere with the ordinary conduct of business of the Company and the Principal Domestic Subsidiaries, taken as a whole;
(g)    Liens, pledges or deposits made in the ordinary course of business or imposed by law in connection with workers’ compensation, unemployment or other insurance (including self-insurance arrangements) or other types of social security or pension benefits or to secure the performance of bids, tenders, sales, contracts (other than for the repayment of borrowed money), licenses, leases (other than capital lease obligations), statutory or regulatory obligations and surety, appeal, customs or performance bonds and similar obligations, or deposits as security for contested taxes or import or customs duties or similar obligations or for the payment of rent, in each case, incurred in the ordinary course of business;
(h)    Liens arising from UCC financing statement filings (or similar filings) regarding or otherwise arising under (i) leases entered into by the Company or any Principal Domestic Subsidiary in the ordinary course of business or (ii) sales of accounts, payment intangibles, chattel paper, receivables and/or instruments;
(i)    purchase money Liens granted by the Company or any Principal Domestic Subsidiary and Liens in respect of Capital Lease Obligations (including the interest of a lessor under any Capital Lease Obligation and purchase money Liens to which any property is subject at the time, on or after the date hereof, of the Company or such Principal Domestic Subsidiary’s acquisition thereof including acquisitions through amalgamation, merger or consolidation) limited, in each case, to the property purchased with the proceeds of such purchase money indebtedness or subject to such Capital Lease Obligations, or Liens granted to secure Indebtedness provided or guaranteed by a Governmental Authority to finance research and development, limited to the property purchased or developed with the proceeds of such Indebtedness;
(j)    Liens in existence on the Closing Date and listed on Schedule 1.1D, provided, that no such Lien is spread to cover any unrelated property acquired by the Company or any Principal Domestic Subsidiary after the Closing Date and that the amount of Indebtedness or other obligations secured thereby is not increased (except as otherwise permitted by this Agreement);
(k)    Liens on property or Capital Stock of a Person at the time such Person becomes a Loan Party or a Subsidiary; provided, however, that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such other Person becoming a Subsidiary; provided, further, however, that any such Lien may not extend to any other property owned by the Company or any Principal Domestic Subsidiary;
(l)    Liens on property at the time the Company or any Principal Domestic Subsidiary acquires the property, including any acquisition by means of a merger or consolidation with or into the Company or such Principal Domestic Subsidiary; provided, however, that such Liens are not created, incurred or assumed in connection with, or in contemplation of, such acquisition; provided, further, however, that such Liens may not extend to any other property owned by the Company or any Principal Domestic Subsidiary;

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(m)    any Lien securing the renewal, extension, refinancing, replacing, amending, extending, modifying or refunding of any indebtedness or obligation secured by any Lien permitted by clause (i), (j), (k), (l) or (p) or this clause (m) without any change in the assets subject to such Lien;
(n)    any Lien arising out of claims under a judgment rendered, decree or claim filed so long as such judgments, decrees or claims do not constitute an Event of Default;
(o)    any Lien consisting of rights reserved to or vested in any Governmental Authority by any statutory provision;
(p)    Liens in favor of lessors pursuant to Sale/Leaseback Transactions;
(q)    Liens securing Indebtedness or other obligations comprising or Guarantee Obligations with respect to (i) letters of credit, bankers’ acceptances and similar instruments issued in the ordinary course of business in respect of the financing of insurance premiums, customs, stay, performance, bid, surety or appeal bonds and similar obligations, (ii) completion guaranties, (iii) “take or pay” obligations in supply agreements, (iv) reimbursement obligations regarding workers’ compensation claims, (v) indemnification, adjustment of purchase price and similar obligations incurred in connection with (A) the acquisition or disposition of any business or assets or (B) sales contracts, (vi) coverage of long term counterparty risk in respect of insurance companies, (vi) purchasing and supply agreements, (viii) rental deposits, (ix) judicial appeals and (x) service contracts;
(r)    Liens securing Indebtedness or other obligations of a Subsidiary owing to the Company or any Principal Domestic Subsidiary;
(s)    statutory and other Liens incurred or pledges or deposits made in favor of a Governmental Authority to secure the performance of obligations of the Company or any Subsidiary of the Company under Environmental Laws to which any assets of the Company or such Subsidiary are subject;
(t)    Liens securing Indebtedness or other obligations incurred in the ordinary course of business in connection with banking, cash management (including automated clearinghouse transactions), custody and deposit accounts and operations, netting services, employee credit card programs and similar arrangements and Liens securing indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business;
(u)    Liens under industrial revenue, municipal or similar bonds;
(v)    servicing agreements, development agreements, site plan agreements and other agreements with Governmental Authorities pertaining to the use or development of any of the properties and assets of the Company or any Principal Domestic Subsidiary consisting of real or personal property;
(w)    Liens arising from security interests granted by Persons who are not affiliates of the Company or any Subsidiary in such Person’s co-ownership interest in Intellectual Property that such Person co-owns together with the Company or any Subsidiary;

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(x)    Liens under licensing agreements for use of Intellectual Property or licenses or sublicenses of Intellectual Property, in each case, entered into in the ordinary course of business;
(y)    Liens of sellers of goods to any Loan Party arising under Article 2 of the UCC or similar provisions of applicable law in the ordinary course of business; and
(z)    so long as no Event of Default shall have occurred and be continuing, Liens in favor of any finance party granted by the Company or any Principal Domestic Subsidiary on company cars and receivables (and other Collateral evidencing, securing, or relating to such company cars or receivables including Supporting Obligations and Letter-of-Credit Rights, in each case, as such terms are defined in the UCC).
“Permitted Principal Trade Name Transfer” means the transfer of the Designated Principal Trade Name to a Qualified IP Holding Company so long as, immediately prior to and after giving effect to such transfer, no Default or Event of Default shall have occurred and be continuing.
“Person” means an individual, partnership, corporation, limited liability company, business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature.
“Plan” means, at a particular time, an employee pension benefit plan covered by Title IV of ERISA or Section 412 of the Code or Section 303 of ERISA, but excluding any Multiemployer Plan, (a) which is sponsored, established, contributed to or maintained by the Company or any ERISA Affiliate, (b) for which the Company or any ERISA Affiliate could have any liability, whether actual or contingent (whether pursuant to Section 4069 of ERISA or otherwise) or (c) for which the Company or any ERISA Affiliate is (or, if such Plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
“Plan Asset Regulations” means of 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time to time.
“Post-Petition Interest” shall mean all interest (or entitlement to fees or expenses or other charges) accruing or that would have accrued after the commencement of any bankruptcy, insolvency or reorganization proceeding, irrespective of whether a claim for post-filing or petition interest (or entitlement to fees or expenses or other charges) is allowed in any such bankruptcy, insolvency or reorganization proceeding.
“Previously Pledged Assets” means the “Collateral,” under and as defined in that certain Three Year Revolving Credit Agreement, dated as of November 5, 2012, among General Motors Holdings LLC, GMF, GM Europe Treasury Company AB, GMB, the other subsidiary borrowers from time to time party thereto, the several lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent, Banco do Brasil S.A., as the Brazilian administrative agent, and the other agents party thereto, determined as if such agreement were still outstanding, and with each reference to Section 7.2(b) therein being deemed to be a reference to Section 7.2 hereof.
“Prime Rate” mean the rate of interest per annum last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.

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15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective.
 “Principal Domestic Subsidiary” means (a) during any Reinstated Guarantee Period, (i) GM Holdings and (ii) each Subsidiary Guarantor and (b) at any other time, (i) GM Holdings and (ii) each Domestic Subsidiary of the Company, other than an Excluded Subsidiary, that (A) has Consolidated Total Assets with a Net Book Value in excess of $500 million as of the most recent audited annual financial statements delivered pursuant to Section 6.1 (or, prior to the first such required delivery, as of the 2018 10-K), (B) at least 80% or more of the Capital Stock or Voting Stock of such Domestic Subsidiary is owned, directly or indirectly, by the Company and (C) none of the Capital Stock of such Domestic Subsidiary is publicly held. 
“Principal Trade Names” means GM, GMC, Chevrolet, Cadillac, and Buick and any variation thereof.
“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).
“QFC Credit Support” has the meaning assigned to it in Section 10.21.
“Qualified IP Holding Company” means any wholly-owned Foreign Subsidiary of the Company to which the Designated Principal Trade Name is transferred. 
“Quotation Date” means, in relation to any period for which the Eurocurrency Base Rate is to be determined hereunder, the Business Day on which quotations would ordinarily be given by prime banks in the London Interbank market for deposits in Dollars is to be determined for delivery on the first day of that period; provided, that, if for any such period quotations would ordinarily be given on more than one date, the Quotation Date for that period shall be the last of those dates.
“Receiving Party” has the meaning assigned to such term in Section 10.16.
“Register” has the meaning assigned to such term in Section 10.6(b)(iv).
“Regulation D” means Regulation D of the Board as in effect from time to time.
“Regulation T” means Regulation T of the Board as in effect from time to time.
“Regulation U” means Regulation U of the Board as in effect from time to time.
“Regulation X” means Regulation X of the Board as in effect from time to time.
“Relevant Governmental Body” means the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto.

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“Reinstated Guarantee Period” means a period from and including the 30th day after any Guarantee Reinstatement Date to but excluding the following Guarantee Release Date, if any.
“Reinstated Guarantee Requirement Period” means a period from and including any Guarantee Reinstatement Date to but excluding the following Guarantee Release Date, if any.
 “Required Lenders” means, at any time, the holders of more than 50% of the aggregate amount of the Total Commitments (or, at any time after the Commitments shall have expired or terminated, the holders of more than 50% of the sum of the Total Extensions of Credit).
“Requirements of Law” means as to any Person, any law, treaty, rule or regulation or determination of an arbitrator or a court of competent jurisdiction or other Governmental Authority, in each case applicable to and binding upon such Person and any of its property, and to which such Person and any of its property is subject.
“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.
“Responsible Officer” means the chief executive officer, president, chief accounting officer, chief financial officer, controller, assistant controller, treasurer or assistant treasurer of the Company.
“S&P” means Standard & Poor’s Ratings Service and its successors.
“Sale/Leaseback Transaction” means any arrangement with any Person providing for the leasing by any Loan Party or Principal Domestic Subsidiary of real or personal property that has been or is to be sold or transferred by the applicable Loan Party or Principal Domestic Subsidiary to such Person, including any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental obligations of the applicable Loan Party or Principal Domestic Subsidiary.
“Sanctioned Country” has the meaning assigned to such term in Section 4.15.
“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State or (b) the European Union or Her Majesty’s Treasury of the United Kingdom.
“Sanctions List” has the meaning assigned to such term in Section 4.15.
“Screen Rate” has the meaning set forth in the definition of Eurocurrency Base Rate.
“SEC” means the Securities and Exchange Commission, and any analogous Governmental Authority.
“SOFR” with respect to any day means the secured overnight financing rate published for such day by the NYFRB, as the administrator of the benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website.
“SOFR-Based Rate” means SOFR, Compounded SOFR or Term SOFR.

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“Subsidiary” means, with respect to any Person, any corporation, partnership, limited liability company or other entity of which at least a majority of the securities or other ownership interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other persons performing similar functions of such corporation, partnership or other entity (irrespective of whether or not at the time securities or other ownership interests of any other class or classes of such corporation, partnership or other entity have or shall have the right to have voting power by reason of the happening of any contingency) is at the time directly or indirectly, owned or controlled by such Person and/or one or more Subsidiaries of such Person.  Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the Company.
“Subsidiary Borrower” means GMF and any other Domestic Subsidiary that becomes a party hereto pursuant to Section 10.1(d) until such time as such Subsidiary Borrower is removed as a party hereto pursuant to Section 10.1(d). 
“Subsidiary Guarantor” means during any Reinstated Guarantee Period, each Domestic Subsidiary that was a Principal Domestic Subsidiary on the applicable Guarantee Reinstatement Date or that became a party to the Guarantee after such Guarantee Reinstatement Date pursuant to Section 6.6(a) or Section 6.6(b) or Section 10.1(b); provided, however, that the term “Subsidiary Guarantor” shall not include (i) GM Holdings, (ii) any Excluded Subsidiary, (iii) any Foreign Subsidiary Holding Company and (iv) any such Person from and after the date such Person ceases to be a party to the Guarantee in accordance with the terms thereof until the date such Person becomes or is required to become a party to the Guarantee.
 “Supported QFC” has the meaning assigned to it in Section 10.21.
“Syndication Agent” has the meaning assigned to such term in the preamble hereto.
“Taxes” means any taxes, charges or assessments, including but not limited to income, sales, use, transfer, rental, ad valorem, value-added, stamp, property, consumption, franchise, license, capital, net worth, gross receipts, excise, occupancy, intangibles or similar taxes, charges or assessments.
“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
“Termination Date” means April 13, 2021 which is the date which is 364 calendar days following the Closing Date.
“Total Available Commitments” means, at any time, an amount equal to the excess, if any, of (a) the Total Commitments then in effect, over (b) the Total Extensions of Credit then outstanding.
“Total Commitments” means, at any time, the aggregate amount of the Commitments then in effect.  The original amount of the Total Commitments is $1.95 billion.
“Total Extensions of Credit” means, at any time, the aggregate Outstanding Amount of (a) the Extensions of Credit of the Lenders at such time plus (b) Competitive Loans at such time.
“Transferee” means any Assignee or Participant.

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“Type” means (a) as to any Loan (other than a Competitive Loan), its nature as an ABR Loan or a Eurocurrency Loan and (b) as to any Competitive Loan, its nature as a Eurocurrency Competitive Loan or a Fixed Rate Loan.
“UCC” means the Uniform Commercial Code as in effect in any applicable jurisdiction.
“UK Financial Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.
“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.
“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment; provided that, if the Unadjusted Benchmark Replacement as so determined would be less than zero, the Unadjusted Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.
“United Kingdom” means the United Kingdom of Great Britain and Northern Ireland.
“United States” means the United States of America and its territories and possessions.
“Unconsolidated Subsidiary” means a subsidiary of the Company or other Person whose financial results are not, in accordance with GAAP, included in the consolidated financial statements of the Company.
“U.S. Special Resolution Regime” has the meaning assigned to it in Section 10.21.
“USA Patriot Act” has the meaning assigned to such term in Section 10.18.
“Voting Stock” means, with respect to any Person, such Person’s Capital Stock having the right to vote for election of directors (or the equivalent thereof) of such Person under ordinary circumstances.
“Write-Down and Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

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1.2    Other Definitional Provisions.  (a)  Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto.
(b)    As used herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting terms not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iv) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock, securities, revenues, accounts, leasehold interests and contract rights, (v) references to agreements or other Contractual Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Contractual Obligations as amended, supplemented, restated or otherwise modified from time to time, (vi) references to any Person shall include its successors and permitted assigns, (vii) references to any law, treaty, statute, rule or regulation shall (unless otherwise specified) be construed as including all statutory provisions, regulatory provisions, rulings, opinions, determinations or other provisions consolidating, amending, replacing, supplementing or interpreting such law, treaty, statute, rule or regulation and (viii) unless otherwise specified, references to fiscal periods shall be deemed to be references to fiscal periods of the Company.
(c)    The words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole (including the Schedules and Exhibits hereto) and not to any particular provision of this Agreement (or the Schedules and Exhibits hereto), and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified.
(d)    The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.
1.3    Conversion of Foreign Currencies.
(a)    The Administrative Agent shall determine the Dollar Equivalent of any amount as required hereby, and a determination thereof by the Administrative Agent shall be conclusive absent manifest error using the procedure set forth in the definition of “Dollar Equivalent” and Section 1.3(b).  The Administrative Agent may, but shall not be obligated to, rely on any determination made by any Loan Party in any document delivered to the Administrative Agent.
(b)    For purposes of determining compliance with Section 7.2, with respect to any amount of any Indebtedness that is denominated in a currency other than Dollars, the Dollar Equivalent thereof shall be determined based on the Exchange Rate in effect at the time such Indebtedness was incurred unless the specific restriction or covenant provides a different method or time for valuation.
(c)    The Administrative Agent may set up appropriate rounding off mechanisms or otherwise round-off amounts hereunder to the nearest higher or lower amount in whole Dollar or cent to ensure amounts owing by any party hereunder or that otherwise need to be calculated or converted hereunder are expressed in whole Dollars or in whole cents, as may be necessary or appropriate.
1.4    Other Interpretive Provisions. If a Lien satisfies the requirements of two or more clauses of the definition of Permitted Lien, the Company may, at any time and from time to time designate 

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or redesignate such Lien as a Permitted Lien in any of such clauses and the Company need not classify such Lien solely by reference to one such clause. 
1.5    Interest Rates; LIBOR Notification. The interest rate on a Loan may be derived from an interest rate benchmark that is, or may in the future become, the subject of regulatory reform. Regulators have signaled the need to use alternative benchmark reference rates for some of these interest rate benchmarks and, as a result, such interest rate benchmarks may cease to comply with applicable laws and regulations, may be permanently discontinued, and/or the basis on which they are calculated may change. The interest rate on Eurocurrency Loans is determined by reference to the Eurocurrency Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. Upon the occurrence of a Benchmark Transition Event or an Early Opt-In Election, Section 2.18(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify the Company, pursuant to Section 2.18(e), of any change to the reference rate upon which the interest rate on Eurocurrency Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “Eurocurrency Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or replacement rate implemented pursuant to Section 2.18(c), whether upon the occurrence of a Benchmark Transition Event or an Early Opt-In Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 2.18(d)), including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the Eurocurrency Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.
1.6    Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Capital Stock at such time.
SECTION 2.    AMOUNT AND TERMS OF COMMITMENTS
2.1    Commitments.  (a)  Subject to the terms and conditions hereof, each Lender severally agrees to make (or cause its Applicable Lending Office to make) revolving loans (“Loans”) in Dollars to the Company or any Subsidiary Borrower from time to time during the Commitment Period 

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of such Lender; provided, that, after giving effect to such borrowing and the use of proceeds thereof, (i) such Lender’s Extensions of Credit do not exceed the amount of such Lender’s Commitments and (ii) the Total Extensions of Credit shall not exceed the Total Commitments then in effect.  During the Commitment Period of the applicable Lenders for the Facility, the Company and any Subsidiary Borrower may use the Commitments by borrowing, prepaying the Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof.  The Loans may from time to time be Eurocurrency Loans, ABR Loans or any combination of the foregoing, as determined by the Company or the relevant Subsidiary Borrower and notified to the Administrative Agent in accordance with Section 2.2 and 2.14.
(b)    The Company and, to the extent of its borrowings, any relevant Subsidiary Borrower shall repay all outstanding Loans of a Lender on the Termination Date for such Lender under the Facility.
2.2    Procedure for Borrowing.  The Company and any Subsidiary Borrower may borrow under the Commitments during the Commitment Period on any Business Day; provided, that, the Company or the relevant Subsidiary Borrower shall give the Administrative Agent a written Borrowing Request (or telephonic notice promptly confirmed with a written Borrowing Request) prior to (a) in the case of Eurocurrency Loans, 1:00 P.M., New York City time, three Business Days prior to the requested Borrowing Date or (b) in the case of ABR Loans, 1:00 P.M., New York City time, on the date of the proposed borrowing, specifying (i) the amount and Type of Loans to be borrowed, (ii) the requested Borrowing Date and (iii) in the case of Eurocurrency Loans, the respective lengths of the initial Interest Period(s) therefor; provided further, that, any such Borrowing Request submitted by a Subsidiary Borrower shall include the written consent of the Company. If no election as to the Type of a Loan is specified in any such notice, then the requested borrowing shall be an ABR Loan.  If no Interest Period with respect to a Eurocurrency Loan is specified in any such notice, then the Company or the relevant Subsidiary Borrower shall be deemed to have selected an Interest Period of one month’s duration.  Each borrowing under the Commitments shall be in an amount equal to $25 million (or, if the Total Available Commitments at such time are less than $25 million, such lesser amount) or a whole multiple of $5 million in excess thereof.  Upon receipt of any such notice from the Company or the relevant Subsidiary Borrower, the Administrative Agent shall promptly notify each Lender thereof.  Each Lender will make (or cause its Applicable Lending Office to make) the amount of its pro rata share of each such borrowing available to the Administrative Agent for the account of the Company or the relevant Subsidiary Borrower at the Funding Office prior to 1:00 P.M. (or, in the case of an ABR Loan requested on the proposed Borrowing Date, 3:00 P.M.), New York City time, on the Borrowing Date requested (or deemed requested) by the Company or the relevant Subsidiary Borrower in funds immediately available to the Administrative Agent.  Such borrowing will then be made available to the Company or the relevant Subsidiary Borrower by the Administrative Agent crediting the account of the Company or the relevant Subsidiary Borrower on the books of such office or such other account as the Company or the relevant Subsidiary Borrower may specify to the Administrative Agent with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent.
2.3    [Reserved].    
2.4    [Reserved].
2.5    [Reserved].  
2.6    [Reserved].  
2.7    [Reserved].  

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2.8    [Reserved]. 
2.9    Competitive Bid Procedure.  (a)  Subject to the terms and conditions set forth herein, from time to time during the Commitment Period, the Company or any Subsidiary Borrower may request Competitive Bids under the Facility and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive Loans in Dollars; provided, that, after giving effect to such borrowing and the use of proceeds thereof, the Total Extensions of Credit shall not exceed the Total Commitments then in effect.  To request Competitive Bids under the Facility, the Company or the relevant Subsidiary Borrower shall give the Administrative Agent written notice (or telephonic notice promptly confirmed in writing) by delivery of a Competitive Bid Request not later than 12:00 Noon New York City time (A) four Business Days prior to the requested Borrowing Date, in the case of Eurocurrency Competitive Loans, or (B) one Business Day prior to the requested Borrowing Date, in the case of Fixed Rate Loans.  Each such Competitive Bid Request shall specify (1) that it is a request for Competitive Loans under the Facility, (2) the amount (which shall be a minimum of $50 million) and Type of the requested Competitive Loans, (3) the requested Borrowing Date and (4) the requested Interest Period applicable thereto; provided, that the Company or the relevant Subsidiary Borrower may request offers to make Competitive Loans under the Facility for more than one Interest Period or for multiple Types of Competitive Loans under the Facility in a single Competitive Bid Request.
(b)    Promptly following receipt of a Competitive Bid Request conforming to the requirements of this Section 2.9 (but, in any event, no later than 3:00 P.M. New York City time on the date of receipt thereof), the Administrative Agent shall notify the Lenders of the details thereof, inviting such Lenders to submit Competitive Bids.
(c)    Each Lender under the Facility (or any Applicable Lending Office of such Lender) may (but shall not have any obligation to) make one or more Competitive Bids to the Company in response to a Competitive Bid Request.  Each Competitive Bid by a Lender must be substantially in the form of Exhibit C and must be received by the Administrative Agent at its office specified in Section 10.2 not later than 9:30 A.M., New York City time, three Business Days before the proposed Borrowing Date, in the case of Eurocurrency Competitive Loans, or 9:30 A.M., New York City time, on the proposed Borrowing Date, in the case of Fixed Rate Loans.  Competitive Bids that do not conform substantially to Exhibit C may be rejected by the Administrative Agent, and the Administrative Agent shall notify the applicable Lender as promptly as practicable if such bid is rejected.  Each Competitive Bid shall specify (i) the principal amount (which shall be a minimum of $5 million and which may equal the entire principal amount of the Competitive Loans requested by the Company or the relevant Subsidiary Borrower) of the Competitive Loan or Loans that the Lender is willing to make, (ii) the Competitive Bid Rate or Rates at which the Lender is prepared to make such Loan or Loans (expressed as a percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii) the Interest Period applicable to each such Loan and the last day thereof.  A Competitive Bid may set forth up to five separate offers by a quoting Lender with respect to each Interest Period specified in a Competitive Bid Request.  A Competitive Bid submitted pursuant to this paragraph (c) shall be irrevocable.
(d)    The Administrative Agent shall promptly (and, in any event, by no later than  10:00 A.M., New York City time (i) three Business Days before the proposed Borrowing Date, in the case of Eurocurrency Competitive Loans, and (ii) on the proposed Borrowing Date, in the case of Fixed Rate Loans) notify the Company or the relevant Subsidiary Borrower of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the identity of the Lender that shall have made such Competitive Bid and, as soon as practical thereafter, shall provide the Company with a copy of all Competitive Bids (including rejected bids).

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(e)    Subject only to the provisions of this paragraph, the Company or the relevant Subsidiary Borrower may accept or reject any Competitive Bid.  The Company or the relevant Subsidiary Borrower shall notify the Administrative Agent by telephone, promptly confirmed in writing by delivery of a Competitive Bid Accept/Reject Letter to the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Bid not later than 10:30 A.M., New York City time (i) three Business Days before the proposed Borrowing Date, in the case of Eurocurrency Competitive Loans, and (ii) on the proposed Borrowing Date, in the case of Fixed Rate Loans; provided, that (A) the failure of the Company or the relevant Subsidiary Borrower to give such notice shall be deemed to be a rejection of each Competitive Bid, (B) the Company or the relevant Subsidiary Borrower shall not accept a Competitive Bid of a particular Type for a particular Interest Period made at a particular Competitive Bid Rate if the Company or such Subsidiary Borrower rejects a Competitive Bid for Loans of such Type and for such Interest Period made at a lower Competitive Bid Rate, (C) the aggregate amount of the Competitive Bids accepted by the Company or the relevant Subsidiary Borrower shall not exceed the aggregate amount of the requested Competitive Loans specified in the related Competitive Bid Request, (D) to the extent necessary to comply with clause (C) above, the Company or the relevant Subsidiary Borrower may accept Competitive Bids at the same Competitive Bid Rate in part, which acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made (as nearly as possible) pro rata in accordance with the amount of each such Competitive Bid with such amounts rounded (as nearly as possible) to integral multiples of $1 million, in a manner determined by the Company or the relevant Subsidiary Borrower, and (E) except pursuant to clause (D) above, no Competitive Bid shall be accepted for a Competitive Loan made by a Lender unless such Competitive Loan is in a minimum principal amount of $5 million.  A notice given by the Company or the relevant Subsidiary Borrower pursuant to this paragraph shall be irrevocable.
(f)    The Administrative Agent shall promptly (and, in any event, by 11:00 A.M., New York City time (i) three Business Days before the proposed Borrowing Date, in the case of Eurocurrency Competitive Loans, and (ii) on the proposed Borrowing Date, in the case of Fixed Rate Loans) notify each bidding Lender whether or not its Competitive Bid has been accepted (and, if so, the amount and Competitive Bid Rate so accepted), and each successful bidder will thereupon become bound, subject to the terms and conditions hereof, to make the Competitive Loan in respect of which its Competitive Bid has been accepted.
(g)    If the Administrative Agent shall elect to submit a Competitive Bid in its capacity as a Lender, it shall submit such Competitive Bid directly to the Company or the relevant Subsidiary Borrower at least one half of an hour earlier than the time by which the other Lenders are required to submit their Competitive Bids to the Administrative Agent pursuant to paragraph (c) of this Section 2.9.
(h)    The Company or, to the extent of its borrowings, any relevant Subsidiary Borrower shall repay each outstanding Competitive Loan on the last day of the Interest Period therefor.
2.10    Facility Fees, etc..  (a)  The Company agrees to pay to the Administrative Agent a facility fee (the “Facility Fee”) for the account of each Lender for the period from and including the Closing Date (or such later date as of which such Lender shall become a Lender) to the date on which all Extensions of Credit of such Lender under the Facility have been paid in full and the Commitments of such Lender under the Facility have been terminated, computed at the Facility Fee Rate on the average daily amount of the Commitments of such Lender (whether used or unused) under the Facility, or, if such Commitments have been terminated, on the daily average Extensions of Credit and Competitive Loans of such Lender under the Facility during the related Fee Payment Period for which payment is 

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made, payable in arrears on each Fee Payment Date, commencing on the first such date to occur after the Closing Date.
(b)    The Company agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in the Arranger Fee Letter, dated as of April 14, 2020, between the Company and the Administrative Agent.
2.11    Termination and Reduction of Commitments. The Company shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Commitments under the Facility or, from time to time, to reduce the amount of Commitments under the Facility; provided, that no such termination or reduction of such Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Loans (if applicable) made on the effective date thereof, (x) the Total Extensions of Credit would exceed the Total Commitments then in effect or (y) the Extensions of Credit of any Lender would exceed such Lender’s Commitment then in effect. In the event that the Administrative Agent receives such notice, the Administrative Agent shall give notice thereof to the relevant Lenders as soon as practicable thereafter.  Any such reduction shall be in an amount equal to $25 million or a whole multiple of $10 million in excess thereof and shall reduce permanently the Commitments then in effect under the Facility.  Each notice delivered by the Company pursuant to this Section 2.11 shall be irrevocable; provided, that a notice to terminate any Commitments delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit facilities or a Change of Control, in which case, such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Notwithstanding the foregoing, the revocation of a termination notice shall not affect the Company’s obligation to indemnify any Lender in accordance with Section 2.22 for any loss or expense sustained or incurred as a consequence thereof.
2.12    Optional Prepayments.  The Company and any relevant Subsidiary Borrower may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 1:00 P.M., New York City time, three Business Days prior thereto, in the case of Eurocurrency Loans, and no later than 1:00 P.M., New York City time, on the day of such prepayment, in the case of ABR Loans, in each case which notice shall specify the date and amount of prepayment and whether the prepayment is of Eurocurrency Loans or ABR Loans; provided, that (a) if a Eurocurrency Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Company or the relevant Subsidiary Borrower shall also pay any amounts owing pursuant to Section 2.22 and (b) unless otherwise agreed to between the Company and the relevant Subsidiary Borrower, on the one hand, and the applicable Lender, on the other hand, no Competitive Loan may be prepaid without the consent of the Lender thereof except for any prepayment in connection with a Change of Control or in order to cure an Event of Default; provided, further, that such notice to prepay the Loans delivered by the Company may state that such notice is conditioned upon the effectiveness of other credit facilities or a Change of Control, in either case, which such notice may be revoked by the Company (by further notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.  Notwithstanding the foregoing, the revocation of a prepayment notice shall not affect the Company’s or any relevant Subsidiary Borrower’s obligation to indemnify any Lender in accordance with Section 2.22 for any loss or expense sustained or incurred as a consequence thereof.  Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof.  If any such notice is given (and not revoked as provided herein), the amount specified in such notice shall be due and payable on the date specified therein, together with (except in the case of ABR Loans) accrued interest to such date on the amount prepaid.  Partial prepayments of Loans shall be in an integral multiple of $1 million and no less than $25 million.  

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2.13    [Reserved].  
2.14    Conversion and Continuation Options.  (a)  The Company or any Subsidiary Borrower may elect from time to time to convert Eurocurrency Loans in Dollars to ABR Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date, provided, that any such conversion of Eurocurrency Loans that is not made on the last day of an Interest Period with respect thereto shall be subject to Section 2.22.  The Company or any Subsidiary Borrower may elect from time to time to convert ABR Loans to Eurocurrency Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 1:00 P.M., New York City time, on the third Business Day preceding the proposed conversion date (which notice shall specify the length of the initial Interest Period therefor); provided, that no ABR Loan may be converted into a Eurocurrency Loan when (after giving effect to such Loan and to the application of proceeds thereof) any Event of Default has occurred and is continuing and the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such conversions (and the Administrative Agent shall notify the Company within a reasonable amount of time of any such determination).  Upon receipt of any such conversion notice, the Administrative Agent shall promptly notify each relevant Lender, the Company and any relevant Subsidiary Borrower thereof.
(b)    Any Eurocurrency Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Company or relevant Subsidiary Borrower giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period(s) to be applicable to such Loans; provided, that notwithstanding any contrary provision hereof, if (after giving effect to such Loan and to the application of proceeds thereof) an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders or in its sole discretion, so notifies the Company, then, so long as an Event of Default is continuing, other than to the extent repaid, each Eurocurrency Loan under the Facility shall be converted to an ABR Loan at the end of the Interest Period applicable thereto; and provided, further, that if the Company or such Subsidiary Borrower shall fail to give any required notice as described above in this paragraph such Loans shall be automatically continued as a Eurocurrency Loan, on the last day of such then expiring Interest Period and shall have an Interest Period of the same duration as the expiring Interest Period.  Upon receipt of any such continuation notice (or any such automatic continuation), the Administrative Agent shall promptly notify each relevant Lender, the Company and any relevant Subsidiary Borrower thereof.
2.15    Limitations on Eurocurrency Tranches.  Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and continuations of Eurocurrency Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that no more than ten (10) Eurocurrency Tranches shall be outstanding at any one time.
2.16    Interest Rates and Payment Dates.  (a)  Each Eurocurrency Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the Eurocurrency Rate determined for such Interest Period plus the Applicable Margin.
(b)    Each Eurocurrency Competitive Loan shall bear interest at a rate per annum equal to the Eurocurrency Rate applicable to such Loan plus (or minus, as applicable) the Margin.
(c)    Each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin.

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(d)    Each Fixed Rate Loan shall bear interest at the fixed rate applicable to such Loan.
(e)    (i) If all or a portion of the principal amount of any Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 2.16 plus 2% per annum and (ii) if all or a portion of any interest payable on any Loan or any Facility Fee payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans, in each case, with respect to clauses (i) and (ii) above, from the date of such nonpayment until such amount is paid in full (as well after as before judgment).
(f)    Interest shall be payable in arrears on each Interest Payment Date, provided, that interest accruing pursuant to Section 2.16(e) shall be payable from time to time on demand.
(g)    [Reserved].
(h)    All interest hereunder shall be paid in Dollars.
2.17    Computation of Interest and Fees.  (a)  Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that interest computed by reference to ABR at times when ABR is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days elapsed. The Administrative Agent shall as soon as practicable notify the Company or relevant Subsidiary Borrower and the Lenders of each determination of a Eurocurrency Rate.  Any change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes effective.  The Administrative Agent shall as soon as practicable notify the Company or relevant Subsidiary Borrower and the relevant Lenders of the effective date and the amount of each such change in interest rate.
(b)    Each determination of an interest rate by the Administrative Agent pursuant to any provision of this Agreement or any other Loan Document shall be conclusive and binding on the Company, any Subsidiary Borrower and the Lenders in the absence of manifest error.  The Administrative Agent shall, at the request of the Company or any Subsidiary Borrower, deliver to the Company or such Subsidiary Borrower a statement showing the quotations used by the Administrative Agent in determining any interest rate pursuant to Section 2.17(a).
2.18    Inability to Determine Interest Rate; Illegality.  (a)  If prior to the first day of any Interest Period:
(i)    Subject to clause (c) below, the Administrative Agent shall have determined (which determination shall be conclusive and binding upon the Company or relevant Subsidiary Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurocurrency Rate (including because the Screen Rate is not available or published on a current basis) for such Interest Period; or
(ii)    the Administrative Agent shall have received notice from the Required Lenders that the Eurocurrency Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period; 

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the Administrative Agent shall give notice thereof to the Company and any relevant Subsidiary Borrower and the relevant Lenders as soon as practicable thereafter.  If any such notice is given pursuant to clause (i) or (ii) of this Section 2.18(a) in respect of Eurocurrency Loans, then thereafter (and until the Administrative Agent notifies the Company and the Lenders that the circumstances giving rise to such notice no longer exist) (such notice to be given promptly upon the Administrative Agent becoming aware of such change in circumstances) (1) any such Eurocurrency Loans denominated under the Facility requested to be made on the first day of such Interest Period shall be made as ABR Loans, (2) any ABR Loans that were to have been converted on the first day of such Interest Period to Eurocurrency Loans shall be continued as ABR Loans and (3) any outstanding Eurocurrency Loans shall be converted, on the last day of the then-current Interest Period, to ABR Loans.
(b)    If the adoption of or any change in any Requirement of Law or in the interpretation or application thereof, in each case, made subsequent to the Closing Date, shall make it unlawful for any Lender to make or maintain Eurocurrency Loans as contemplated by this Agreement, such Lender shall give notice thereof to the Administrative Agent, the Company and any affected Subsidiary Borrower describing the relevant provisions of such Requirement of Law (and, if the Company shall request, provide the Company with a memorandum or opinion of counsel of recognized standing (as selected by such Lender) as to such illegality), following which, (i) the commitment of such Lender hereunder to make Eurocurrency Loans, continue such Eurocurrency Loans as such and convert ABR Loans to Eurocurrency Loans shall forthwith be cancelled and (ii) such Lender’s outstanding Eurocurrency Loans shall be converted automatically on the last day of the then current Interest Periods with respect to such Loans (or within such earlier period as shall be required by law) to ABR Loans.  If any such conversion or prepayment of a Eurocurrency Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Company or relevant Subsidiary Borrower shall pay to any Lender whose Loan is converted or prepaid such amounts, if any, as may be required pursuant to Section 2.22.
(c)    Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Company may amend this Agreement to replace the Eurocurrency Base Rate with a Benchmark Replacement. Any such amendment shall become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Company, so long as the Administrative Agent has not received, by such time, written notice of objection to such proposed amendment from Lenders comprising the Required Lenders; provided that, with respect to any such proposed amendment containing any SOFR-Based Rate, the Lenders shall be entitled to object only to the Benchmark Replacement Adjustment contained therein.  Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Required Lender have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment.  No replacement of the Eurocurrency Base Rate with a Benchmark Replacement pursuant to this Section 2.18(c) will occur prior to the applicable Benchmark Transition Start Date.
(d)    In connection with the implementation of a Benchmark Replacement, the Administrative Agent in consultation with the Company will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

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(e)    The Administrative Agent will promptly notify the Company and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-In Election, as applicable, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to this Section 2.18, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.18.
(f)    Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, (i) any request to convert any Borrowing to, or to continue any Borrowing as, a Eurocurrency Borrowing shall be ineffective, and any such Eurocurrency Borrowing shall be deemed automatically converted into an ABR Borrowing on the last day of the then current Interest Period applicable thereto (provided that if the Eurocurrency Borrowing so converted is not denominated in Dollars it shall be converted to Dollars at the Exchange Rate), (ii) if any request for a Borrowing requests a Eurocurrency Borrowing denominated in Dollars, such Borrowing shall be made as an ABR Borrowing and (iii) any request by a Borrower for a Eurocurrency Borrowing (including a Eurocurrency Competitive Borrowing) shall be ineffective.
2.19    Pro Rata Treatment and Payments; Evidence of Debt.  (a)  Each borrowing of Loans under the Facility by the Company or any Subsidiary Borrower from the Lenders under the Facility, each payment by the Company or any Subsidiary Borrower on account of any Facility Fee and any reduction of the Commitments of the Lenders under the Facility shall be made pro rata according to the respective Percentages under the Facility, of the relevant Lenders in the Facility except to the extent required or permitted pursuant to Sections 2.9, 2.11, 2.24 and 2.25.
(b)    Each payment (including each prepayment) by the Company or any Subsidiary Borrower on account of principal of and interest on the Loans under the Facility shall be made pro rata to the Lenders under the Facility according to the respective outstanding principal amounts of the Loans under the Facility then held by the Lenders under the Facility except to the extent required or permitted pursuant to Sections 2.9, 2.11, 2.24 and 2.25.  Each such payment shall be paid in Dollars.
(c)    All payments (including prepayments) to be made by the Company or any Subsidiary Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 3:00 P.M., New York time, on the due date thereof to the Administrative Agent, for the account of the applicable Lenders, at the Funding Office, in Dollars and in immediately available funds.  The Administrative Agent shall distribute such payments to the applicable Lenders promptly upon receipt in like funds as received.  If any payment hereunder becomes due and payable on a day other than a Business Day, such payment shall be extended to the next succeeding Business Day, except as otherwise provided with respect to the payment of interest at the expiration of an Interest Period for a Eurocurrency Loan as provided in the proviso to the definition of Interest Period.  If any payment on a Eurocurrency Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day.  In the case of any extension of any payment of principal pursuant to the preceding two sentences, interest thereon shall be payable at the then applicable rate during such extension.

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(d)    Unless the Administrative Agent shall have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Company or any Subsidiary Borrower a corresponding amount.  If such amount is not made available to the Administrative Agent by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon, at a rate up to the greater of (i) the Federal Funds Effective Rate and (ii) a rate reasonably determined by the Administrative Agent in accordance with banking industry rules on interbank compensation for the period until such Lender makes such amount immediately available to the Administrative Agent.  A certificate of the Administrative Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error.  If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender within three Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans under the Facility, on demand, from the Company or the relevant Subsidiary Borrower.
(e)    Unless the Administrative Agent shall have been notified in writing by the Company or relevant Subsidiary Borrower prior to the date of any payment due to be made by the Company or such Subsidiary Borrower under the Facility that the Company or such Subsidiary Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Company or such Subsidiary Borrower is making such payment, and the Administrative Agent may, but shall not be required to, in reliance upon such assumption, make available to the Lenders under the Facility their respective pro rata shares of a corresponding amount.  If such payment is not made to the Administrative Agent by the Company or relevant Subsidiary Borrower within three Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each such Lender to which any amount was made available pursuant to the preceding sentence, such amount with interest thereon at the rate per annum equal to the daily average Federal Funds Effective Rate.  Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Company or any Subsidiary Borrower.
(f)    Unless all of the Obligations have become due and payable (whether at the stated maturity, by acceleration or otherwise), payments under the Guarantee shall be applied to the Obligations in such order of application as the Company may from time to time specify, subject however, to the provisions of Sections 2.19(a) and (b) (applied as if such payments were made by the Company) and Section 10.7.
(g)    Each of the Company and the Subsidiary Borrowers agrees that, upon the request to the Administrative Agent by any Lender, the Company or the applicable Subsidiary Borrower shall promptly execute and deliver to such Lender a promissory note of the Company and/or such Subsidiary Borrower evidencing the Loans of such Lender, substantially in the forms of Exhibit K (a “Note”), with appropriate insertions as to date and principal amount.
2.20    Requirements of Law.  Except with respect to Competitive Loans to which this Section 2.20 shall not apply:
(a)    If any Change in Law shall:

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(i)    impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender that is not otherwise included in the determination of the Eurocurrency Rate; or
(ii)    impose on such Lender or any London Interbank market any other condition;
and the result of any of the foregoing is to increase the cost to the Administrative Agent or such Lender (or its affiliate, as the case may be), by an amount that the Administrative Agent or such Lender reasonably deems material, of making, converting into, continuing or maintaining Eurocurrency Loans or to reduce any amount receivable hereunder in respect thereof, then, in any such case, the Company and any relevant Subsidiary Borrower shall pay the Administrative Agent or such Lender, within 15 Business Days of receipt of notice from the Administrative Agent or the relevant Lender as described below, any additional amounts necessary to compensate the Administrative Agent or such Lender for such increased cost or reduced amount receivable (it being understood that the provisions set forth in this Section 2.20(a) are not intended to derogate from the Company’s rights provided in Section 2.23 and Section 2.24).  If the Administrative Agent or any Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Company or the relevant Subsidiary Borrower (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled (including a reasonably detailed calculation of such amounts).
(b)    If any Lender shall have determined that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or an entity controlling such Lender’s capital as a consequence of its obligations hereunder to a level below that which such Lender or such entity could have achieved but for such Change in Law (taking into consideration such Lender’s or such entity’s policies with respect to capital adequacy or liquidity) by an amount deemed by such Lender to be material, then from time to time, within 15 Business Days after submission by such Lender to the Company and any relevant Subsidiary Borrower (with a copy to the Administrative Agent) of a written request therefor (together with a reasonably detailed description and calculation of such amounts), the Company and any relevant Subsidiary Borrower shall pay to such Lender such additional amount or amounts as will compensate such Lender or such entity for such reduction (it being understood that the provisions set forth in this Section 2.20(b) are not intended to derogate from the Company’s rights provided in Sections 2.23 and 2.24). 
(c)    A certificate as to any additional amounts payable pursuant to this Section 2.20 submitted by the Administrative Agent or any Lender to the Company and any relevant Subsidiary Borrower (with a copy to the Administrative Agent) shall be prima facie evidence of the amount owing in the absence of manifest error.  Notwithstanding anything to the contrary in this Agreement, (i) neither the Administrative Agent nor any Lender shall be entitled to request any payment or amount under this Section 2.20 unless the Administrative Agent or such Lender is generally demanding payment (and certifies to the Company that it is generally demanding payment) under comparable provisions of its agreements with similarly situated borrowers of similar credit quality (provided, that the Administrative Agent shall not be under any obligation to verify any such request of a Lender) and (ii) the Company and any relevant Subsidiary Borrower shall not be required to compensate the Administrative Agent or a Lender pursuant to this Section 2.20 for any amounts incurred more than 90 days prior to the date that the Administrative Agent or such Lender notifies the Company or relevant Subsidiary Borrower of the Administrative Agent’s or such Lender’s intention to claim compensation therefor; provided, that, if the circumstances giving rise to such claim have a retroactive effect, then such 90 day period shall be extended to include the period of such retroactive effect, but not more than 180 days prior to the date that such 

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notice was received by the Company and the relevant Subsidiary Borrower, if any.  The obligations of the Company and the Subsidiary Borrowers pursuant to this Section 2.20 shall survive the termination of this Agreement and the payment of the Loans and all interest thereon and fees payable hereunder.
2.21    Taxes.  (a)  All payments made by or on behalf of any Loan Party under this Agreement (other than in respect of any Competitive Loans as to which this Section 2.21(a) shall not apply) or any other Loan Document shall be made free and clear of, and without deduction or withholding for or on account of, any present or future Taxes, excluding (i) Taxes imposed on or measured by income or profits (including franchise Taxes imposed in lieu of or in addition to net income Taxes) imposed on the Administrative Agent or any Lender as a result of a present or former connection between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such Tax or any political subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Administrative Agent or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement or any other Loan Document), (ii) any branch profit Taxes imposed by the United States or any similar Tax imposed by any other Governmental Authority in a jurisdiction described in clause (i) above and (iii) any Taxes imposed by reason of FATCA (any such non-excluded Taxes, “Non-Excluded Taxes”).  If any Taxes are required to be deducted or withheld from any amounts payable to the Administrative Agent or any Lender under any Loan Document, as determined in good faith by the applicable withholding agent or by the relevant Borrower, to the extent there is no withholding agent, the applicable withholding agent or the relevant Borrower shall make such deductions or withholdings and shall pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable laws.  In the case of any Non-Excluded Taxes or Other Taxes, the amounts so payable by the applicable Loan Party to the Administrative Agent or such Lender shall be increased to the extent necessary to yield to the Administrative Agent or such Lender (after payment of all Non-Excluded Taxes and Other Taxes) an amount equal to the sum which would have been received had no such deduction or withholding been made, provided, however, that no Loan Party shall be required to increase any such amounts payable to the Administrative Agent or any Lender with respect to any Non-Excluded Taxes except to the extent that any change in applicable law, treaty or governmental rule or regulation after the time such Lender becomes a party to this agreement (a “Change in Tax Law”), shall result in an increase in the rate of any deduction, withholding or payment from that in effect at the time such Lender becomes a party to this Agreement (or designates a new Applicable Lending Office), except to the extent that such Lender (or its assignor, if any) was entitled, at the time of its designation of a new Applicable Lending Office (or assignment), to receive additional amounts from such Loan Party with respect to such Non-Excluded Taxes pursuant to this Section 2.21.  Notwithstanding anything to the contrary herein, neither the Company nor any Subsidiary Borrower shall be required to increase any amounts payable to the Administrative Agent or any Lender with respect to any Non-Excluded Taxes that are attributable to such Person’s failure to comply with the requirements of paragraph (d) or (f) of this Section 2.21 except as such failure relates to a Change in Tax Law rendering such Person legally unable to comply.
(b)    In addition, each Loan Party shall pay any Other Taxes over to the relevant Governmental Authority in accordance with applicable law.
(c)    Whenever any Non-Excluded Taxes or Other Taxes are payable by any Loan Party, as promptly as practicable thereafter such Loan Party shall send to the Administrative Agent for its own account or for the account of the relevant Lender, as the case may be, a certified copy of an original official receipt received by such Loan Party (or other evidence reasonably satisfactory to the Administrative Agent or the relevant Lender) showing payment thereof.  If (i) any Loan Party fails to pay any Non-Excluded Taxes or Other Taxes when due to the appropriate taxing authority, (ii) any Loan 

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Party fails to remit to the Administrative Agent the required receipts or other required documentary evidence or (iii) any Non-Excluded Taxes or Other Taxes are imposed directly upon the Administrative Agent or any Lender, the Loan Parties shall indemnify the Administrative Agent and the Lenders for such amount and any incremental taxes, interest, additions to tax, expenses or penalties that may become payable by the Administrative Agent or any Lender as a result of any such failure in the case of clauses (i) and (ii), or any such direct imposition in the case of clause (iii). The indemnification payment under this Section 2.21 shall be made within 30 days after the date the Administrative Agent or such Lender (as the case may be) makes a written demand therefor (together with a reasonably detailed calculation of such amounts).
(d)    Each Lender (or Transferee) (i) that is not a “United States person” as defined in Section 7701(a)(30) of the Code (a “Non-U.S. Lender”) shall deliver to the Company, any relevant Domestic Subsidiary Borrower and the Administrative Agent (or in the case of a Participant, to the Lender from which the related participation shall have been purchased) two copies of IRS Form W-8BEN, Form W-8BEN-E, Form W-8ECI or Form W-8IMY (together with any applicable underlying IRS forms), or, in the case of a Non-U.S. Lender claiming exemption from U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a statement substantially in the form of Exhibit I-1, Exhibit I-2, Exhibit I-3 or Exhibit I-4, as applicable, and the applicable IRS Form W-8, or any subsequent versions thereof or successors thereto, properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from U.S. federal withholding tax on all payments by the Company under this Agreement and the other Loan Documents and (ii) that is a “United States person” as defined in Section 7701(a)(30) of the Code shall deliver to the Company, any relevant Domestic Subsidiary Borrower and the Administrative Agent (or in the case of a Participant, to the Lender from which the related participation shall have been purchased) two properly completed and duly executed copies of IRS Form W-9.  Such forms shall be delivered by each Lender on or before the date it becomes a party to this Agreement (or, in the case of any Participant, on or before the date such Participant purchases the related participation).  Thereafter, each Lender shall, to the extent it is legally able to do so, deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Lender at any other time prescribed by applicable law or as reasonably requested by the Company or any relevant Subsidiary Borrower.  If any Commitment is reallocated in accordance with Section 2.11(b), then the relevant Lender (to whom such Commitment has been reallocated) shall deliver, on the effective date of such reallocation, all such forms that it is legally able to deliver.  Each Lender shall deliver to the Company, any relevant Domestic Subsidiary Borrower and the Administrative Agent, any other form prescribed by applicable requirements of U.S. federal income tax law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable requirements of law to permit the Company, any relevant Domestic Subsidiary Borrower and the Administrative Agent to determine the withholding or deduction required to be made. Each Lender shall promptly notify the Company and any relevant Domestic Subsidiary Borrower at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Company (and any other form of certification adopted by the U.S. taxing authorities for such purpose).  In addition, if a payment made to a Lender under this Agreement or the other Loan Documents would be subject to U.S. federal withholding tax imposed by FATCA if such Lender fails to comply with the applicable reporting requirements of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Company or the Administrative Agent as may be necessary for the Company and the Administrative Agent to comply 

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with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment.  Solely for purposes of this Section 2.21(d), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. Notwithstanding any other provision of this Section 2.21, a Lender shall not be required to deliver any form pursuant to this Section 2.21 (other than clause (ii) of the first sentence of this paragraph) that such Lender is not legally able to deliver.
(e)    If the Administrative Agent, any Transferee or any Lender determines, in its sole good faith discretion, that it has received a refund of any Non-Excluded Taxes or Other Taxes as to which it has been indemnified by any Loan Party or with respect to which a Loan Party has paid additional amounts pursuant to this Section 2.21, it shall pay over such refund to such Loan Party (but only to the extent of indemnity payments made, or additional amounts paid, by such Loan Party under this Section 2.21 with respect to the Non-Excluded Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent, such Transferee or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that such Loan Party, upon the request of the Administrative Agent, such Transferee or such Lender, agrees to repay the amount paid over to such Loan Party (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent, such Transferee or such Lender in the event the Administrative Agent, such Transferee or such Lender is required to repay such refund to such Governmental Authority. This paragraph shall not be construed to (i) interfere with the right of the Administrative Agent, any Transferee or any Lender to arrange its tax affairs in whatever manner it sees fit, (ii) obligate the Administrative Agent, any Transferee or any Lender to claim any tax refund, (iii) require the Administrative Agent, any Transferee or any Lender to make available its tax returns (or any other information relating to its taxes or any computation in respect thereof which it deems in its sole discretion to be confidential) to any Loan Party or any other Person, or (iv) require the Administrative Agent, any Transferee or any Lender to do anything that would in its sole discretion prejudice its ability to benefit from any other refunds, credits, reliefs, remissions or repayments to which it may be entitled.
(f)    Each Lender shall indemnify the Administrative Agent (to the extent not reimbursed by or on behalf of the Company if it is required to do so under Section 2.21(a) or 10.5 and without limiting the obligation of the Company under Section 2.21(a) or 10.5 to do so) for the full amount of any taxes, levies, imposts, duties, charges, fees, deductions, withholdings or similar charges imposed by any Governmental Authority that are attributable to such Lender and that are payable or paid by the Administrative Agent, together with all interest, penalties, reasonable costs and expenses arising therefrom or with respect thereto, as determined by the Administrative Agent in good faith. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error.
(g)    Each Assignee shall be bound by this Section 2.21.
(h)    The agreements in this Section 2.21 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder and the other Loan Documents.
2.22    Indemnity.  The Company and each relevant Subsidiary Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any actual loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Company or relevant Subsidiary Borrower in making a borrowing of, conversion into or continuation of Eurocurrency Loans after the Company or such Subsidiary Borrower has given a notice requesting the same in accordance with the 

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provisions of this Agreement, (b) default by the Company or relevant Subsidiary Borrower in making any prepayment of or conversion from Eurocurrency Loans after the Company or such Subsidiary Borrower has given a notice thereof in accordance with the provisions of this Agreement, (c) the making of a prepayment of Eurocurrency Loans (or the conversion of a Eurocurrency Loan into a Loan of a different Type) on a day that is not the last day of an Interest Period with respect thereto or (d) the assignment of any Eurocurrency Loan other than on the last day of an Interest Period therefor as a result of a request by the Company pursuant to Section 2.24.  Such indemnification may include an amount up to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank Eurocurrency market.  A certificate as to any amounts payable pursuant to this Section 2.22 submitted to the Company and the relevant Subsidiary Borrower, if any, by any Lender (together with a reasonably detailed calculation of such amounts) shall be prima facie evidence thereof and shall be payable within 30 days of receipt of any such notice.  The agreements in this Section 2.22 shall survive the termination of this Agreement, the repayment of the Loans and all other amounts payable hereunder and the other Loan Documents.
2.23    Change of Applicable Lending Office.  Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.20 or 2.21(a) with respect to such Lender or its Applicable Lending Office, as applicable, it will, if requested by the Company, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another Applicable Lending Office for any Loans affected by such event with the object of avoiding or minimizing the consequences of such event; provided, that such designation is made on terms that, in the reasonable judgment of such Lender, do not cause such Lender and its lending office(s) to suffer any material economic, legal or regulatory disadvantage; and provided, further, that nothing in this Section 2.23 shall affect or postpone any of the obligations of the Company or the rights of any Lender pursuant to Section 2.20 or 2.21(a).
2.24    Replacement/Termination of Lenders.  The Company shall be permitted to replace with a replacement financial institution or terminate the Commitments under the Facility and repay any outstanding Loans at par under the Facility (and any accrued interest and fees thereon) of a Defaulting Lender or any Lender that (i) requests reimbursement for amounts owing pursuant to Section 2.20 or 2.21(a), (ii) fails to give its consent for any amendment, consent or waiver requiring the consent of 100% of the Lenders or all affected Lenders under the Facility (and such Lender is an affected Lender) and for which the Required Lenders have consented or (iii) fails to give its consent to an extension of the Termination Date to which the Required Lenders have consented; provided, in each case, that (A) the replacement financial institution or the Company, as applicable, shall purchase or repay at par, all Loans owing to such replaced or terminated Lender on or prior to the date of replacement or termination, and shall pay all accrued interest and fees thereon to such date, (B) unless otherwise agreed, the Company shall be liable to such replaced or terminated Lender under Section 2.22 if any Eurocurrency Loan owing to such replaced Lender shall be purchased or repaid other than on the last day of the Interest Period relating thereto, (C) any replacement financial institution, if not a Lender, shall be reasonably satisfactory to the Administrative Agent and if a Lender, shall not constitute a Defaulting Lender, (D) any replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided, that, unless otherwise agreed, the Company shall be obligated to pay the registration and processing fee referred to therein), (E) until such time as such replacement shall be consummated, the 

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Company shall pay all additional amounts (if any) required pursuant to Section 2.20 or 2.21(a), as the case may be, and (F) any such replacement, termination and/or repayment shall not be deemed to be a waiver of any rights that the Company, any other Loan Party, the Administrative Agent or any other Lender shall have against the replaced Lender.  Notwithstanding the foregoing, in the event that a Lender being replaced pursuant to this Section 2.24 shall not have executed an Assignment and Assumption requested by the Company reflecting such permitted replacement, such Lender shall be deemed to have approved such assignment three Business Days following receipt of notice from the Company of such replacement, and such deemed approval shall be effective for purposes of documenting an assignment pursuant to Section 10.6 without any action by any other party hereto (including the Administrative Agent), and the Administrative Agent shall record the same.
2.25    Defaulting Lender.
Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:
(a)    Facility Fees, if any, shall cease to accrue on the unfunded Commitment of such Defaulting Lender pursuant to Section 2.10; and
(b)    such Defaulting Lender and the Commitment and Extensions of Credit of such Defaulting Lender shall not be included in determining whether the Lenders, the Required Lenders or any directly affected Lender under the Facility have taken or may take any action hereunder (including any consent to any amendment, consent, waiver or other modification pursuant to Section 10.1); provided, that this clause (b) shall not apply in the case of an amendment, waiver or other modification that has the effect of (i) increasing the amount or extending the expiration date of all or any portion of such Defaulting Lender’s Commitment or extending the final scheduled maturity date of any Loan held by such Defaulting Lender, (ii) forgiving or reducing any principal amount of any Loan owing to such Defaulting Lender, or (iii) reducing the stated rate of any interest or fees payable to such Defaulting Lender hereunder, or extending the scheduled date of any payment required hereunder (for the purpose of clarity, the foregoing clauses (i), (ii), and (iii) shall not include any waiver of a mandatory prepayment and shall not preclude a waiver of applicability of any post-default increases in interest rates).
2.26    Reallocation of Payments for the Account of Defaulting Lenders.  Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of any Defaulting Lender under the Facility (whether voluntary or mandatory, at or prior to maturity, or otherwise), shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder (pro rata in accordance with the amounts owed by such Defaulting Lender to the Administrative Agent); second, as the Company may request (so long as no Event of Default has occurred and is continuing), to the funding of any Loan under the Facility in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Company, to be held in an interest bearing deposit account and released from time to time in order to satisfy obligations of such Defaulting Lender to fund Loans under the Facility (it being understood and agreed that the accrued interest thereon shall be held as additional collateral for such obligations); fourth, to the payment of any amounts owing to the Lenders under the Facility as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, to the payment of any amounts owing to a Loan 

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Party as a result of any judgment of a court of competent jurisdiction obtained by such Loan Party against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided, that if (x) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share and (y) such Loans were made at a time when the conditions set forth in Section 5.2 were satisfied or waived, such payment shall be applied solely to pay the Loans under the Facility of all non-Defaulting Lenders under the Facility on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by such Defaulting Lender pursuant to this Section 2.26 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender under the Facility irrevocably consents hereto.
2.27    Incremental Commitments.  (a) The Company may from time to time notify the Administrative Agent that certain of the Lenders designated by the Company and/or that additional lenders shall be added to this Agreement as Incremental Lenders with Commitments for the purpose of increasing the existing Commitments under the Facility (a “Commitment Increase”) by executing and delivering to the Administrative Agent an Incremental Loan Activation Notice signed by such Lenders or such additional lenders and specifying (i) the respective Incremental Commitments of such Incremental Lenders and (ii) the applicable Commitment Increase Date; provided, that after giving effect to such Commitment Increase (including the incurrence of any Incremental Loans on the applicable Commitment Increase Date and use of proceeds thereof) (x) no Default or Event of Default shall be continuing and (y) the sum of the Total Commitments then in effect (including, for the avoidance of doubt, Incremental Commitments) shall not exceed $2 billion.
(b)    Each Incremental Lender that is a signatory to an Incremental Loan Activation Notice severally agrees, on the terms and conditions of this Agreement, to make revolving credit loans (each, an “Incremental Loan”) to the Company and/or the applicable Subsidiary Borrowers from time to time on or after the Commitment Increase Date specified in such Incremental Loan Activation Notice in an aggregate principal amount outstanding at any time up to but not exceeding the amount of the Incremental Commitment of such Incremental Lender specified in such Incremental Loan Activation Notice, subject to the terms of this Agreement and the applicable Incremental Loan Activation Notice.  Nothing in this Section 2.27 shall be construed to obligate any Lender to execute an Incremental Loan Activation Notice.
(c)    On any Commitment Increase Date, in the event any Loans under the Facility are then outstanding, (i) each relevant Incremental Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine are necessary in order to cause, after giving effect to such increased Commitments and the application of such amounts to prepay Loans under the Facility of other relevant Lenders, the Loans under the Facility to be held ratably by all Lenders with Commitments in the Facility in accordance with such Commitments after giving effect to such increase, (ii) the Company and any relevant Subsidiary Borrower shall be deemed to have prepaid and reborrowed all outstanding Loans under this Agreement and (iii) the Company and any relevant Subsidiary Borrower shall pay to the relevant Lenders the amounts, if any, payable under Section 2.22 as a result of such prepayment.
SECTION 3.    [RESERVED]
SECTION 4.    REPRESENTATIONS AND WARRANTIES

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To induce the Lenders to enter into this Agreement and to make the Loans the Company hereby represents and warrants to each Lender that:
4.1    Financial Condition.  The consolidated financial statements of the Company included in its Annual Report on Form 10-K, for the twelve-month period ended December 31, 2019 (the “2019 10-K”) as most recently updated or amended on or before the Closing Date and filed with the SEC, present fairly, in all material respects, in accordance with GAAP, the financial condition and results of operations of the Company and its Subsidiaries as of, and for, the twelve-month period ended on December 31, 2019; provided, that the foregoing representation shall not be deemed to have been incorrect if, in the event of a subsequent restatement of such financial statements, the changes reflected in such restatement(s) do not reflect a change in the financial condition or results of operation of the Company and its Subsidiaries, taken as a whole, which would reasonably be expected to have a Material Adverse Effect.
4.2    No Change.  Between the date of the financial statements included in the 2019 10-K and the Closing Date, there has been no development or event which has had a Material Adverse Effect.
4.3    Existence.  Each Loan Party (a) is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, (b) has the power and authority to conduct the business in which it is currently engaged and (c) is duly qualified and in good standing in each jurisdiction where it is required to be so qualified and in good standing, except to the extent all failures with respect to the foregoing clauses (a), (b) and (c) would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.
4.4    Power; Authorization; Enforceable Obligations.  Each Loan Party (a) has the requisite organizational power and authority to execute, deliver and perform its obligations under each Loan Document to which it is a party, (b) has taken all necessary corporate or other organizational action to authorize the execution, delivery and performance thereof, (c) has duly executed and delivered each Loan Document to which it is a party and (d) each such Loan Document constitutes a legal, valid and binding obligation of such Person enforceable against each such Person in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (whether enforcement is sought by proceedings in equity or at law).
4.5    No Legal Bar.  The execution, delivery and performance of this Agreement and the other Loan Documents by each Loan Party that is party to such documents, the borrowings hereunder and the use of the proceeds thereof will not violate any Requirement of Law, the Certificate of Incorporation and By Laws or other organizational or governing documents of such Loan Party, or any Contractual Obligation of such Loan Party, except to the extent all such violations would not, in the aggregate, reasonably be expected to have a Material Adverse Effect.
4.6    Litigation.  Except as set forth on Schedule 4.6 and except as set forth in the 2019 10-K or on any Current Report on Form 8-K of the Company filed with the SEC after December 31, 2019 and prior to the Closing Date, no litigation, investigation, proceeding or arbitration is pending, or to the best of the Company’s knowledge, is threatened against the Company or any Loan Party as of the Closing Date that would reasonably be expected to have a Material Adverse Effect.
4.7    No Default.  As of the Closing Date no Default or Event of Default has occurred and is continuing.

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4.8    Ownership of Property.  As of the Closing Date, the Company and each Principal Domestic Subsidiary, as applicable, has good title to, or a valid leasehold interest in, all of its other property then owned or leased by it; provided, that the foregoing representation shall not be deemed to have been incorrect, (a) if any such property (inclusive, in the case of any such real property, of associated machinery and equipment installed in such property) with respect to which the Company or a Principal Domestic Subsidiary cannot make such representation has a Net Book Value of less than $500 million or (b) with respect to defects in title to or leasehold interests in any such real or personal property, either (A) such defects are Permitted Liens, (B) such defects are cured no later than 180 days after the earlier to occur of (x) the date that the Administrative Agent gives notice of such defects to the Company and (y) the date that a Financial Officer of the Company has actual knowledge of such defects, or (C) such defects would not reasonably be expected to have a Material Adverse Effect.
4.9    Intellectual Property.  As of the Closing Date, the Company and each Principal Domestic Subsidiary own, or are licensed to use, all United States Intellectual Property necessary for the operation of their respective businesses as currently conducted and as proposed to be conducted, except where the failure to own or be licensed would not reasonably be expected to have a Material Adverse Effect.
4.10    Federal Regulations.  No part of the proceeds of any Loans, and no other extensions of credit hereunder, will be used for any purpose that violates the provisions of Regulation T, U or X of the Board.
4.11    ERISA.  No ERISA Default has occurred and is continuing.
4.12    Investment Company Act.  No Loan Party is an “investment company”, or a company “controlled” by an “investment company”, registered or required to be registered as such under the Investment Company Act of 1940, as amended.
4.13    Ownership of the Subsidiary Borrowers.  As of the Closing Date, each Subsidiary Borrower is a direct or indirect wholly-owned Subsidiary of the Company.
4.14    Use of Proceeds.  The proceeds of the Loans shall be used to finance the working capital needs of the Company and its Subsidiaries and for general corporate or entity purposes, including to enable the Company to make valuable transfers to any of its Subsidiaries in connection with the operation of their respective businesses.
4.15    Anti-Corruption Laws and Sanctions.  The Company has implemented and maintains in effect corporate policies reasonably designed to promote compliance by the Company, its Subsidiaries and their respective employees with Anti-Corruption Laws and with applicable Sanctions. Neither the Company nor any of its Subsidiaries is included on the Specially Designated Nationals and Blocked Persons List, the Foreign Sanctions Evaders List or the Sectoral Sanctions Identifications List maintained by OFAC or any publicly available Sanctions-related list of designated Persons maintained by the U.S. Department of Treasury, Her Majesty’s Treasury of the United Kingdom or the U.S. Department of State or the European Union (collectively, the “Sanctions Lists”). Neither the Company nor any of its Subsidiaries has a physical place of business, or is organized or resident, in (a) Cuba, Iran, North Korea, Syria or Crimea or (b) in any other Sanctioned Country. The Company and its Subsidiary Borrowers will not knowingly use the proceeds of the Loans (i) in violation of any Anti-Corruption Laws or (ii) to fund any activities or business (x) of or with any individual or entity  that is included on any Sanctions List or (y) in, or with the government of, any country, region or territory that is the subject or target of comprehensive territorial sanctions administered by OFAC, the U.S. Department of Treasury 

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or the U.S. Department of State (a “Sanctioned Country”), except in the case of (x) or (y), to the extent licensed or otherwise authorized under U.S. law or (in the case of clause (x)) such other applicable law, as the case may be. Notwithstanding the foregoing, if any country, region or territory, including Cuba, Iran, North Korea, Syria or Crimea, shall no longer be the subject of comprehensive territorial sanctions administered by OFAC, then it shall not be considered a Sanctioned Country for purposes hereof and the provisions of this Section 4.15 shall no longer apply with respect to that country, region or territory.
SECTION 5.    CONDITIONS PRECEDENT
5.1    Conditions to Closing Date.  This Agreement and the obligation of each Lender to make extensions of credit requested to be made by it hereunder shall be effective upon (1) the execution and delivery of this Agreement by each of the Administrative Agent, the Syndication Agent, the Co-Syndication Agent, the Company, each other Borrower, the Existing Required Lenders, each Person listed on Schedule 1.1A and each other party hereto and (2) written confirmation by the Administrative Agent to the Company and the Lenders confirming that the following conditions have been satisfied (or waived in accordance with the provisions hereof):
(a)    Guarantee.  The Company shall have executed and delivered the Guarantee.
(b)    Fees.  The Lenders, the Administrative Agent and the Arrangers shall have received all fees and out-of-pocket expenses required to be paid hereunder and (with respect to such expenses) invoiced at least three (3) Business Days prior to the Closing Date.
(c)    Closing Certificate; Certified Certificate of Incorporation; Good Standing Certificates.  The Administrative Agent shall have received (i) a certificate of each Loan Party (or a certificate of the Loan Parties), dated the Closing Date, substantially in the form of Exhibit F, with appropriate insertions and attachments, including the certificate of incorporation or formation (or equivalent organizational document) of each Loan Party, certified by the relevant authority of the jurisdiction of organization of such Loan Party, (ii) a long form good standing certificate (or equivalent thereof in the relevant jurisdiction) for each Loan Party from its jurisdiction of organization (but only to the extent applicable in the relevant jurisdiction) and (iii) a certificate of the Company, dated the Closing Date, to the effect that the conditions set forth in Section 5.2 have been satisfied or waived.
(d)    Legal Opinions.  The Administrative Agent shall have received the executed legal opinion of (i) in house counsel to the Loan Parties and (ii) Mayer Brown LLP, counsel to the Loan Parties, each in form and substance reasonably acceptable to the Administrative Agent.
(e)    Existing 364-Day Credit Agreement.  The Administrative Agent shall have received reasonably satisfactory evidence that all Existing Loans shall be repaid, the commitments of the lenders under the Existing 364-Day Credit Agreement that are not Lenders hereunder shall have been terminated (and the Commitments of all continuing Lenders shall be as set forth on Schedule 1.1(A)) and all accrued interest and fees under the Existing 364-Day Credit Agreement shall have been paid, or arrangements satisfactory to the Administrative Agent in respect thereof shall have been made.
(f)    USA Patriot Act. The Administrative Agent shall have received all documentation and other information reasonably requested by the Administrative Agent or any Lender who is not a lender under the Existing 364-Day Credit Agreement under applicable “know your customer” and anti-money-laundering rules and regulations, including the USA Patriot Act and the Beneficial Ownership Regulation.

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5.2    Conditions to Each Extension of Credit.  The agreement of each Lender to make any Loan (it being expressly understood and agreed that the foregoing shall not apply to any conversion or continuation of an outstanding Loan) requested to be made by it on any date (including its initial extension of credit) is subject to the Closing Date having occurred and to the satisfaction (or waiver pursuant to Section 10.1) of the following conditions precedent as of the borrowing date for such Loan:
(a)    Representations and Warranties.  Each of the representations and warranties made by the Company in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date (except to the extent such representations and warranties relate to an earlier date (including those set forth in Sections 4.1, 4.2, 4.6, 4.7, 4.8, 4.9 and 4.13), in which case, such representations and warranties shall have been true and correct in all material respects on and as of such earlier date).
(b)    No Default or Event of Default.  No Default or Event of Default shall have occurred and be continuing on such date, after giving effect to the extensions of credit requested to be made on such date and the use of proceeds thereof.
(c)    No Subsidiary Borrower Bankruptcy Events.  With respect to any Loan made to any Subsidiary Borrower, (i) such Subsidiary Borrower shall not have (A) commenced any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors (1) seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (2) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or (B) made a general assignment for the benefit of its creditors; and (ii) there shall not be commenced against such Subsidiary Borrower any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 90 days.
Each borrowing hereunder shall constitute a representation and warranty by the Company as of the date of such borrowing or the date of such issuance or such amendment, as the case may be, that the conditions contained in this Section 5.2 have been satisfied or waived.
SECTION 6.    AFFIRMATIVE COVENANTS
The Company hereby agrees that, so long as the Commitments remain in effect or any Loan, interest or fee payable hereunder or under any other Loan Document is owing to any Lender:
6.1    Financial Statements.  The Company shall deliver to the Administrative Agent, audited annual financial statements and unaudited quarterly financial statements of the Company within 15 days after it is required to file the same with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act, after giving effect to any extensions (or, if it is not required to file annual financial statements or unaudited quarterly financial statements with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act, then within 15 days after it would be required to file the same with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act, after giving effect to any extensions, if it had a security listed and registered on a national securities exchange) (and, for the avoidance of doubt, no such unaudited quarterly financial statements shall be required to be delivered with respect to the last fiscal quarter of any fiscal year); provided, that such financial statements shall be deemed to be delivered 

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upon the filing with the SEC of its Form 10-K or Form 10-Q for the relevant fiscal period; provided, further, that any restatement of previously delivered (or deemed delivered) financial statements shall not constitute a breach or violation of this Section 6.1.
6.2    Compliance Certificates.  The Company shall deliver to the Administrative Agent within 5 Business Days after the delivery (or deemed delivery) of any financial statements pursuant to Section 6.1, a Compliance Certificate of a Responsible Officer (i) stating that, to the best of such Responsible Officer’s knowledge, no Default or Event of Default has occurred and is continuing as of the date of such certificate, except as specified in such certificate, and (ii) containing a calculation of Consolidated Domestic Liquidity and Consolidated Global Liquidity as of the last day of the fiscal period covered by such financial statements.
6.3    Maintenance of Business; Existence.  The Company shall continue to engage primarily in the automotive business and preserve, renew and keep in full force and effect its organizational existence and take all reasonable actions to maintain all rights necessary for the normal conduct of its principal line of business, except, in each case, (i) to the extent that failure to do so would not have a Material Adverse Effect and (ii) as otherwise permitted or provided in the Loan Documents.
6.4    Maintenance of Insurance.  The Company shall, and shall cause each other Loan Party to, maintain, as appropriate, with insurance companies that the Company believes (in the good faith judgment of the management of the Company) are financially sound and responsible at the time the relevant coverage is placed or renewed, insurance in amounts (after giving effect to any self-insurance, deductibles, and exclusions which the Company believes (in the good faith judgment of management of the Company) is reasonable and prudent in light of the size and nature of its business) and against at least such risks (and with such risk retentions, deductibles, and exclusions) as the Company believes (in the good faith judgment of the management of the Company) are reasonable in light of the size and nature of its business.
6.5    Notices.  Promptly upon a Financial Officer of the Company obtaining actual knowledge thereof, the Company shall give notice to the Administrative Agent of the occurrence of any Default or Event of Default.  Each notice pursuant to this Section 6.5 shall be accompanied by a statement of a Responsible Officer setting forth details of the occurrence referred to therein and stating what action the Company or the other relevant Loan Party has taken, is taking, or proposes to take with respect thereto.
6.6    Reinstated Guarantors, etc.  (a)  Within 30 days after any Guarantee Reinstatement Date, the Company shall deliver, or cause to be delivered to the Administrative Agent a Guarantee Joinder, executed and delivered by each Domestic Subsidiary that is a Principal Domestic Subsidiary (other than an Excluded Subsidiary) on such Guarantee Reinstatement Date, together with customary secretary’s certificates, resolutions and legal opinions; provided, that the foregoing requirements shall not apply to GM Holdings.
(b)    During any Reinstated Guarantee Requirement Period, within 90 days after the end of any fiscal quarter of the Company, during which (w) the Company or one of its Principal Domestic Subsidiaries forms or acquires any Principal Domestic Subsidiary (other than an Excluded Subsidiary), (x) the Company or one of its Principal Domestic Subsidiaries makes a single investment or a series of related investments having a value (determined by reference to Net Book Value, in the case of an investment of assets) of $500 million or more in the aggregate, directly or indirectly, in a Domestic Subsidiary (other than an Excluded Subsidiary) that is not a Principal Domestic Subsidiary that results 

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in such Domestic Subsidiary becoming a Principal Domestic Subsidiary, (y) any Domestic Subsidiary (other than an Excluded Subsidiary) that is not a Principal Domestic Subsidiary otherwise becomes a Principal Domestic Subsidiary or (z) any Principal Domestic Subsidiary ceases to be an Excluded Subsidiary, the Company shall (or shall cause the relevant Subsidiary to), unless a Guarantee Release Date shall have occurred prior to such 90th day after the end of such fiscal quarter of the Company, cause such Principal Domestic Subsidiary (or Domestic Subsidiary receiving such investment(s) or otherwise becoming a Principal Domestic Subsidiary) to become a party to the Guarantee pursuant to a Guarantee Joinder and to deliver customary secretary’s certificates, resolutions and legal opinions in connection therewith.
(c)    Notwithstanding the foregoing or anything in any Loan Document to the contrary, in no event shall GM Holdings or any other Excluded Subsidiary be required to be a Guarantor or a Subsidiary Guarantor.
6.7    Books and Records.  The Company shall and shall cause each other Loan Party to keep proper books of records and account in which entries are made in a manner so as to permit preparation of financial statements in conformity with GAAP (or, in the case of any Foreign Subsidiary, generally accepted accounting principles in effect in the jurisdiction of organization of such Foreign Subsidiary).
6.8    Ratings.  The Company shall use commercially reasonable efforts to maintain an Index Debt Rating, to the extent available, from each of S&P, Moody’s and Fitch (it being understood that Moody’s does not provide Index Debt Ratings for investment grade companies); provided, that the Company shall not be required to obtain or maintain, as applicable, a specific Index Debt Rating.
SECTION 7.    NEGATIVE COVENANTS
The Company hereby agrees that, so long as the Commitments remain in effect or any Loan, interest or fee payable hereunder or under any other Loan Document is owing to any Lender:
7.1    Minimum Liquidity.  The Company shall not at any time permit the Consolidated Global Liquidity to be less than $4 billion or the Consolidated Domestic Liquidity to be less than $2 billion.
7.2    Indebtedness. The Company shall not, and shall not permit any Principal Domestic Subsidiary to, incur Indebtedness that is secured by a Lien on any Previously Pledged Assets other than (A) Indebtedness secured by Permitted Liens on such Previously Pledged Assets and (B) Indebtedness secured by Liens on such Previously Pledged Assets, in an aggregate principal amount, the Dollar Equivalent of which, at the time of the incurrence thereof, does not exceed 7.5% of Consolidated Tangible Assets.
7.3    Asset Sale Restrictions.
(a)    All or Substantially All.  The Company shall not, nor shall it permit any Principal Domestic Subsidiary to, in one transaction or a series of related transactions, Dispose of all or substantially all of their respective assets (on a consolidated basis), except (x) in a transaction that complies with Section 7.4(a) or (y) in the case of any Principal Domestic Subsidiary, to a wholly-owned Principal Domestic Subsidiary (or a wholly-owned Domestic Subsidiary that will be, following receipt of such assets, a wholly-owned Principal Domestic Subsidiary), in each case, other than any Excluded Subsidiary; provided, that during any Reinstated Guarantee Period, any such transfer from a Subsidiary Guarantor shall be to another Subsidiary Guarantor; provided further that notwithstanding the foregoing the 

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Company or any of its Principal Domestic Subsidiaries may Dispose of all or any portion of an Excluded Subsidiary Business to one or more Excluded Subsidiaries.
(b)    Principal Trade Names.  The Company shall not, nor shall it permit any Principal Domestic Subsidiary or Qualified IP Holding Company to, Dispose of any Principal Trade Name, except (x) in a transaction that complies with Section 7.4 (other than Section 7.4(b)(iii)), (y) to a wholly-owned Principal Domestic Subsidiary (or a wholly-owned Domestic Subsidiary that will be, following receipt of such Principal Trade Name, a wholly-owned Principal Domestic Subsidiary), in each case, other than any Excluded Subsidiary; provided, that during any Reinstated Guarantee Period, any such transfer from the Company or a Subsidiary Guarantor shall be to the Company or another Subsidiary Guarantor or (z) in the case of the Designated Principal Trade Name, in any Permitted Principal Trade Name Transfer.
7.4    Fundamental Changes.
(a)    Neither the Company nor any Subsidiary Borrower shall merge or consolidate with any other Person or Dispose of all or substantially all of its assets to any Person unless (A) no Event of Default shall be continuing after giving effect to such transaction and (B)(x) such Borrower shall be the continuing entity or (y)(1) the Person formed by or surviving such merger or consolidation, or the transferee of such assets, shall be an entity organized or existing under the laws of the United States, any state thereof, or the District of Columbia that expressly assumes all the obligations of such Borrower under the Loan Documents pursuant to a supplement or amendment to the Loan Documents reasonably satisfactory to the Administrative Agent, (2) the Company and, during any Reinstated Guarantee Period, each Subsidiary Guarantor shall have reaffirmed its obligations under the Loan Documents and (3) the Administrative Agent shall have received an opinion of counsel (which may be internal counsel to a Loan Party) which is reasonably satisfactory to the Administrative Agent and consistent with the opinions delivered on the Closing Date with respect to such Borrower; provided, that, so long as no Obligations are owed by the applicable Subsidiary Borrower, the Company may elect for such Subsidiary to cease to be a “Borrower” hereunder pursuant to Section 10.1(d) hereof and, thereafter, such Subsidiary shall not be subject to the restrictions contained in this paragraph.
(b)    During any Reinstated Guarantee Requirement Period, no Subsidiary that is a Subsidiary Guarantor shall merge or consolidate with any other Person or dispose of all or substantially all of its assets to any Person unless (i) the Company or a Subsidiary Guarantor shall be the continuing entity or shall be the transferee of such assets, (ii) (A) the Person formed by or surviving such merger or consolidation, or the transferee of such assets, shall be an entity organized or existing under the laws of the United States, any state thereof, or the District of Columbia that expressly assumes all the obligations of such other Subsidiary Guarantor under the Loan Documents pursuant to a supplement or amendment to each applicable Loan Document reasonably satisfactory to the Administrative Agent, (B) the Company and each then-remaining Loan Party shall have reaffirmed its obligations under the Loan Documents and (C) the Administrative Agent shall have received an opinion of counsel (which may be internal counsel to a Loan Party) which is reasonably satisfactory to the Administrative Agent and, if applicable, consistent with the opinions delivered on the Closing Date with respect to such Loan Party, or (iii) in connection with an asset sale not prohibited by Section 7.3.
7.5    Anti-Corruption Laws and Sanctions.  The Company and its Subsidiary Borrowers shall not, and shall not permit any of its Subsidiaries to, knowingly use the proceeds of the Loans (i) in violation of any Anti-Corruption Laws or (ii) to fund any activities or business (x) of or with any individual or entity that is included on any Sanctions List or (y) in, or with the government of, a Sanctioned Country, except in the case of (x) or (y), to the extent licensed or otherwise authorized under U.S. law or (in the 

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case of clause (x)) such other applicable law, as the case may be.  Notwithstanding the foregoing, if any country, region or territory, including Cuba, Iran, North Korea, Syria or Crimea, shall no longer be the subject of comprehensive territorial sanctions administered by OFAC, the U.S. Department of Treasury or the U.S. Department of State, then it shall not be considered a Sanctioned Country for purposes hereof and the provisions of this Section 7.5 shall no longer apply with respect to that country, region or territory.
SECTION 8.    EVENTS OF DEFAULT
If any of the following events shall occur and be continuing:
(a)    any Borrower shall fail to pay (i) any principal of any Loan at maturity, (ii) any interest or Facility Fee hereunder for a period of five Business Days after receipt of notice of such failure by such Borrower and the Company from the Administrative Agent or (iii) any other amount due and payable under any Loan Document for 30 days after receipt of notice of such failure by such Borrower and the Company from the Administrative Agent (other than, in the case of amounts in this clause (iii), any such amount being disputed by the Company in good faith); or
(b)    any representation or warranty made or deemed made by the Company in any Loan Document or in any certified statement furnished pursuant to Section 6.2 at any time, shall prove to have been incorrect in any material respect on or as of the date made or deemed made or furnished; or
(c)    any Loan Party or any Principal Domestic Subsidiary shall default in the observance or performance of (i) its agreements in Section 7.1 for a period of 20 consecutive days, or (ii) any other agreement contained in this Agreement (limited with respect to any Subsidiary Borrower, to Section 7.4 and 7.5) or in any other Loan Document; provided, that, with respect to clause (ii) only, such default shall continue unremedied for a period of 20 Business Days after the Company’s receipt from the Administrative Agent of notice of such default; or
(d)    the Company or any Principal Domestic Subsidiary shall (i) default in making any payment of any principal of any Material Indebtedness on the due date with respect thereto beyond the period of grace, if any, provided in the instrument or agreement under which such Indebtedness was created; or (ii) default in making any payment of any interest on any Material Indebtedness beyond the period of grace, if any, provided in the instrument or agreement evidencing, securing or relating to such Indebtedness; or (iii) default in the observance or performance of any other agreement or condition relating to any such Material Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto, the effect of which default is to cause such Material Indebtedness to become due prior to its stated maturity or (in the case of any such Material Indebtedness constituting a Guarantee Obligation) to become payable; or
(e)    (i) any Material Loan Party shall (A) commence any case, proceeding or other action under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors (1) seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (2) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or (B) make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against any Material Loan Party, any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief 

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or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 90 days; or
(f)    the occurrence of an ERISA Default; or
(g)    one or more judgments or decrees shall be entered in the United States against any Material Loan Party (or in the jurisdiction of organization of the applicable Material Loan Party) that is not vacated, discharged, satisfied, stayed or bonded pending appeal within 60 days from the entry thereof, and involves a liability (not paid or fully covered by insurance as to which the relevant insurance company has not denied coverage) of the Dollar Equivalent, individually or in the aggregate, of $1 billion or more; or
(h)    the Guarantee of the Company or, during any Reinstated Guarantee Period, any Subsidiary Guarantor shall cease to be in full force and effect (other than pursuant to or as provided by the terms hereof or any other Loan Document); or
(i)    the occurrence of a Change of Control;
then, and in any such event, (A) if such event is an Event of Default specified in paragraph (e) above with respect to the Company, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing by any Loan Party to the Lenders under this Agreement and the other Loan Documents shall immediately become due and payable and (B) if such event is any other Event of Default, either or both of the following actions may be taken:  (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Company declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Company, declare the Loans (with accrued interest thereon) and all other amounts owing to the Lenders under this Agreement and the other Loan Documents to be due and payable forthwith, whereupon the same shall immediately become due and payable.  Except as expressly provided above in this Section 8, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrowers.
SECTION 9.    THE AGENTS
9.1    Appointment.  Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents and each such Lender irrevocably authorizes the Administrative Agent, in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto.  Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein or in any other Loan Document, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against the Administrative Agent.
9.2    Delegation of Duties.  The Administrative Agent may execute any of its duties under this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties.  The Administrative Agent 

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shall not be responsible for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care.
9.3    Exculpatory Provisions.  Neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement or any other Loan Document (except to the extent that any of the foregoing resulted from its or such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party hereto or thereto to perform its obligations hereunder or thereunder. The Administrative Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party.
9.4    Reliance by Administrative Agent .  The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, facsimile, telex or teletype message, e-mail, statement, order or other document or conversation believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to any Loan Party), independent accountants and other experts selected by the Administrative Agent.  The Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent.  The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified in this Agreement) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action.  The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified in this Agreement), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans.
9.5    Notice of Default.  The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Company referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default.”  In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders as soon as practicable thereafter.  The Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders or any other instructing group of Lenders specified in this Agreement); provided, that unless and until the Administrative Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders.

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9.6    Non-Reliance on Agents and Other Lenders.  Each Lender expressly acknowledges that neither the Administrative Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by the Administrative Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender.  Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans and other extensions of credit hereunder and enter into this Agreement.  Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates.  Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates.
9.7    Indemnification.  The Lenders agree to indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by or on behalf of the Company if it is required to do so under Section 10.5 and without limiting the obligation of the Company under Section 10.5 to do so), ratably according to their respective Commitments in effect on the date on which indemnification is sought under this Section 9.7 (or, if indemnification is sought after the date upon which the Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Percentages immediately prior to such date), from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; provided, that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the Administrative Agent’s gross negligence or willful misconduct.  The agreements in this Section 9.7 shall survive the payment of the Loans and all other amounts payable hereunder.
9.8    Agent in Its Individual Capacity.  The Administrative Agent and its affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Loan Party as though the Administrative Agent were not the Administrative Agent.  With respect to its Loans made or renewed by it and any other extension of credit made by it hereunder, the Administrative Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent in its individual capacity.

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9.9    Successor Administrative Agent.  The Administrative Agent may resign as Administrative Agent upon 30 days’ notice to the Lenders and the Company.  If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8(a) or Section 8(e) with respect to the Company shall have occurred and be continuing) be subject to approval by the Company (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans.  If no successor agent has accepted appointment as Administrative Agent by the date that is 30 days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent may, on behalf of the Lenders and with the consent of the Company (such consent not to be unreasonably withheld or delayed and which consent shall not be required if an Event of Default under Section 8(a) or Section 8(e) with respect to the Company shall have occurred and be continuing), appoint a successor Administrative Agent, which shall be a commercial bank organized or licensed under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $500 million.  Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents.
9.10    [Reserved].
9.11    Bookrunners, Lead Arrangers, Global and Regional Coordinators, Documentation Agents, Syndication Agent and Co-Syndication Agent.  None of the Syndication Agent, Co-Syndication Agent nor any of the bookrunners, lead arrangers, documentation agents, global or regional coordinator, or other agents identified on the cover page to this Agreement or in any commitment letter relating hereto (collectively, the “Arrangers”) shall have any duties or responsibilities under this Agreement or the other Loan Documents in their respective capacities as such, nor shall the consent of any such Person, in its capacity as such, be required for any amendment, modification or supplement to this Agreement or any other Loan Document.
9.12    Certain ERISA Matters. (a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agents, and each Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that at least one of the following is and will be true:
(i) such Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments or this Agreement, 

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(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, 

(iii) (A) such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement, or

(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

In addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Agents, and each Arranger, and not, for the avoidance of doubt, to or for the benefit of the Borrowers or any other Loan Party, that the Agents, or any Arranger or any of their respective Affiliates is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Agents under this Agreement, any Loan Document or any documents related to hereto or thereto).

SECTION 10.    MISCELLANEOUS
10.1    Amendments and Waivers.  (a)  Subject to Section 2.18 and Section 10.1(e), neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1 or as otherwise expressly provided herein; provided, that any update or revision to any annex or schedule to any Loan Document (other than any amendment or modification to Schedule 1.1C to this Agreement) (including any update or revision to any annex or schedule to any Loan Document related to a Guarantee Joinder) shall not constitute an amendment, supplement or modification for purposes of this Section 10.1 and 

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shall be effective upon acceptance thereof by the Administrative Agent.  The Required Lenders and the Company (on its own behalf and as agent on behalf of any other Loan Party to the relevant Loan Document) may, or, with the written consent of the Required Lenders, the Administrative Agent (on behalf of the Required Lenders) and the Company (on its own behalf and as agent on behalf of any Loan Party to the relevant Loan Document) may, from time to time, (i) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights or obligations of the Administrative Agent, the Lenders or of the Loan Parties hereunder or thereunder or (ii) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement (including any condition precedent to an Extension of Credit) or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall:
(A)    forgive or reduce any principal amount or extend the final scheduled date of maturity of any Loan (for the purpose of clarity each of the foregoing not to include any waiver of a mandatory prepayment), reduce the stated rate of any interest, fee or prepayment premium payable hereunder or under any other Loan Document (except in connection with the waiver of applicability of any post-default increases in interest rates), or extend the scheduled date of any payment thereof or increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the written consent of each Lender directly and adversely affected thereby;
(B)    eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written consent of such Lender;
(C)    consent to the assignment or transfer by or release of any Borrower of any of its rights and obligations under this Agreement and the other Loan Documents (except, for the avoidance of doubt, in the case of any Subsidiary Borrower, pursuant to Section 10.1(d) below), release the Company from its obligations under the Guarantee, release all or substantially all of the Subsidiary Guarantors from the obligations under the Guarantee (in each case, except as otherwise provided in the Loan Documents), in each case without the written consent of all Lenders;
(D)    reduce the percentage specified in the definition of Required Lenders without the written consent of all Lenders;
(E)    [Reserved];
(F)    amend, modify or waive any provision of Section 9 in a manner adverse to the Administrative Agent without the written consent of the Administrative Agent;
(G)    [Reserved];
(H)    amend, modify or waive any provision of Section 2.19(a) or (b) without the written consent of each Lender adversely affected thereby; 
(I)    [Reserved]; or
(J)    add additional available currencies to the Facility without the written consent of each Lender directly affected thereby. 

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Any such waiver and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the Loans.  In the case of any waiver, the Loan Parties, the Lenders and the Administrative Agent shall be restored to their former positions and rights hereunder and under the other Loan Documents and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent thereon.
(b)    Notwithstanding the foregoing paragraph (a), without the consent of the Required Lenders, but subject to any consent required by paragraphs (A) through (J) above, the Administrative Agent (on its own behalf and as agent on behalf of each Lender) and the Company (on its own behalf and as agent on behalf of any other Loan Party who is a party to the relevant Loan Document) may amend, modify or supplement any provision of this Agreement or any other Loan Document, and the Administrative Agent (on its own behalf and as agent on behalf of each Lender) may waive any provision of this Agreement or any other Loan Document, in each case to (A) cure any ambiguity, omission, defect or inconsistency, (B) permit additional affiliates of the Company or other Persons to guarantee the Obligations, (C) release any Subsidiary Guarantor or other guarantor that is required or permitted to be released by the terms of any Loan Document and to release any such Subsidiary Guarantor that was or becomes an Excluded Subsidiary or (D) add or effect changes to administrative or ministerial provisions contained herein reasonably believed to be required as a result of the addition of Subsidiary Borrowers pursuant to Section 10.1(d); provided, that the Administrative Agent shall notify the Lenders of any such amendment, modification, supplement or waiver consummated in accordance with this clause (ii) promptly after consummation thereof.
(c)    For the avoidance of doubt it is understood that (i) any transaction permitted by Sections 2.11 shall not be subject to this Section 10.1 and the Company and the Administrative Agent may, without the input or consent of any other Lender (except to the extent provided in any such Section), effect amendments to this Agreement as may be necessary in the reasonable opinion of the Company and the Administrative Agent to effect the provisions of such Sections (including any definitions relating to or necessary to effectuate the foregoing) and (ii) the delivery of a Guarantee Joinder shall not constitute an amendment, supplement or modification for purposes of this Section 10.1 and shall be effective upon the delivery thereof to the Administrative Agent.
(d)    In addition, notwithstanding the foregoing, this Agreement may be amended after the Closing Date without consent of the Lenders, so long as no Default or Event of Default shall have occurred and be continuing, as follows:
(i)    to designate any Domestic Subsidiary of the Company as a Subsidiary Borrower upon (A) ten Business Days’ prior notice to the Administrative Agent (such notice to contain the name, primary business address and taxpayer identification number of such Domestic Subsidiary), (B) the execution and delivery by the Company, such Domestic Subsidiary and the Administrative Agent of a Borrower Joinder Agreement, providing for such Domestic Subsidiary to become a Subsidiary Borrower, (C) the agreement and acknowledgment by the Company and, during any Reinstated Guarantee Period, each Subsidiary Guarantor, that the Guarantee covers the Obligations of such Domestic Subsidiary, (D) the delivery to the Administrative Agent of corporate or other applicable resolutions, other corporate or other applicable documents, certificates and legal opinions in respect of such Domestic Subsidiary reasonably equivalent to comparable documents delivered on the Closing Date and (E) the delivery to the Administrative Agent of any documentation or other information reasonably requested by the 

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Administrative Agent and necessary to satisfy obligations of the Lenders described in Section 10.18 or any applicable “know your customer” or other anti-money-laundering Requirement of Law; and
(ii)    to remove any Subsidiary as a Subsidiary Borrower upon (A) execution and delivery by the Company to the Administrative Agent of a written notification to such effect, (B) repayment in full of all Loans made to such Subsidiary Borrower and (C) repayment in full of all other amounts owing by such Subsidiary Borrower under this Agreement and the other Loan Documents (it being agreed that any such repayment shall be in accordance with the other terms of this Agreement) (it being understood that in the event any Subsidiary Borrower shall cease to be a Subsidiary of the Company, the Company shall remove such Subsidiary Borrower as a Subsidiary Borrower hereunder in accordance with the terms of this clause (ii)).
(e)    Notwithstanding anything in this Agreement or any other Loan Document to the contrary, this Agreement may be amended, supplemented or otherwise modified as set forth in Section 2.18.
10.2    Notices.  (a)  All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by facsimile or electronic transmission), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of facsimile notice or electronic transmission, as received during the recipient’s normal business hours, addressed as follows in the case of any Borrower and the Administrative Agent, and as set forth in an administrative questionnaire delivered to the Administrative Agent and the Company in the case of the Lenders or to such other address as may be hereafter notified by the respective parties hereto:
	
		
	Any Borrower:
	General Motors Company 
Detroit Treasury Office 
300 Renaissance Center 
Mail code: 482-C26-A68 
Detroit, MI 48265 
Attention: Treasurer

	with a copy to (which shall not constitute notice):
	General Motors Company 
Detroit Treasury Office 
300 Renaissance Center 
Mail code: 482-C26-D41 
Detroit, MI 48265 
Attention: Assistant Treasurer

	with a further copy to (which shall not constitute notice):
	General Motors Company 
Detroit Treasury Office 
300 Renaissance Center 
Mail code: 482-C26-C18 
Detroit, MI 48265 
Attention: Director, Capital Markets

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	with a further copy to (which shall not constitute notice):
	General Motors Company 
Detroit Treasury Office 
300 Renaissance Center 
Mail code: 482-C26-B98 
Detroit, MI 48265 
Attention: Director, Treasury Operations

	with a further copy to (which shall not constitute notice):
	General Motors Company 
Mail Code 482-C39-B40 
300 Renaissance Center 
P.O. Box 300 
Detroit, MI 48265-3000 
Attention:  General Counsel 
Email: craig.glidden@gm.com

	with a further copy to (which shall not constitute notice):
	General Motors Company 
Mail Code 482-C24-A68 
300 Renaissance Center 
P.O. Box 300 
Detroit, MI 48265-3000 
Attention:  Assistant General Counsel & Corporate Secretary 
Email: rick.hansen@gm.com

	Administrative Agent for all notices:
	JPMorgan Chase Bank, N.A., as Administrative Agent
Investment Bank Loan Operations North America
500 Stanton Christiana Road, NCC5, Floor 01
Newark, DE, 19713-2107, United States
Email: Meghan.Roberts@chase.com
Facsimile: 302-634-4733
Telephone: 302-634-4670
Attention: Meghan Roberts

	with a copy to:
	JPMorgan Chase Bank, N.A.
8181 Communications Pkwy, Bldg B, Floor 6
Plano, TX, 75024, United States
Email: Sean.Bodkin@jpmorgan.com
Telephone:  972-324-1749
Attention: Sean Bodkin

	 
	 

provided, that any notice, request or demand to or upon the Administrative Agent or the Lenders pursuant to Section 2.2, 2.9, 2.11, 2.12 or 2.14 shall not be effective until received.
(b)    Each of the parties hereto agrees that the Administrative Agent may, but shall not be obligated to, make any notices or other Communications available to the Lenders by posting such Communications on IntraLinksTM or a substantially similar electronic platform chosen by the Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”).
(c)    Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Closing Date, a dual firewall and a user ID/password authorization system) and the Approved Electronic Platform is secured through a single user-per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the parties hereto acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and 

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other risks associated with such distribution. In consideration for the convenience and other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency of which is hereby acknowledged, each of the parties hereto hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.
(d)    THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. NONE OF THE ADMINISTRATIVE AGENT OR ANY AFFILIATE THEREOF WARRANTS THE ACCURACY, ADEQUACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM AND EACH EXPRESSLY DISCLAIMS ANY LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE ADMINISTRATIVE AGENT IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM.
(e)    Each of the parties hereto agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally-applicable document retention procedures and policies.
10.3    No Waiver; Cumulative Remedies.  No failure to exercise and no delay in exercising, on the part of any Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder or thereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.  The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law.
10.4    Survival of Representations and Warranties.  All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and other extensions of credit hereunder.
10.5    Payment of Expenses.  The Company agrees (a) to pay or reimburse the Administrative Agent and the Arrangers for all their reasonable out-of-pocket costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, the syndication of the Facility, the consummation and administration of the transactions contemplated hereby and thereby and any amendment or waiver with respect thereto, including (i) the reasonable fees and out-of-pocket disbursements of Simpson Thacher & Bartlett LLP, and one additional local counsel in each relevant jurisdiction for the Administrative Agent and, in the event of a conflict, one separate counsel (and one local counsel in each relevant jurisdiction) for all persons similarly situated as required to address such conflict, (ii) filing and recording fees and expenses and (iii) the charges of Intralinks, (b) to pay or reimburse the Administrative Agent for all its reasonable out-of-pocket costs and expenses incurred in connection with the enforcement or preservation of any 

67

rights under this Agreement and the other Loan Documents, including the reasonable fees and out-of-pocket disbursements and other charges of one primary counsel to the Administrative Agent, one additional local counsel in each relevant jurisdiction which counsel shall act on behalf of all Lenders and, in the event of a conflict, one separate counsel (and one local counsel in each relevant jurisdiction) for all persons similarly situated as required to address such conflict, (c) to pay, indemnify or reimburse each Lender and the Administrative Agent for, and hold each Lender and the Administrative Agent harmless from, any and all recording and filing fees that may be payable or determined to be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement and the other Loan Documents, and (d) to pay, indemnify or reimburse each Lender, the Administrative Agent, their respective affiliates, and their respective officers, directors, partners, employees, advisors, agents, controlling persons and trustees (each, an “Indemnitee”) for, and hold each Indemnitee harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever (other than with respect to Taxes, which shall be governed exclusively by Section 2.21 or with respect to the costs, losses or expenses which are of the type covered by Section 2.20 or Section 2.22) in respect of the financing contemplated by this Agreement or the use or the proposed use of proceeds thereof and the other Loan Documents (all the foregoing in this clause (d), collectively, the “Indemnified Liabilities”); provided, that the Company shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities resulted from (i) the gross negligence or willful misconduct of such Indemnitee as determined by a court of competent jurisdiction in a final and non-appealable judgment, (ii) a material breach of the Loan Documents by, such Indemnitee, any of its affiliates or its or their respective officers, directors, partners, employees, advisors, agents, controlling persons or trustees as determined by a court of competent jurisdiction in a final and non-appealable judgment or (iii) any dispute solely among Indemnitees not arising out of any act or omission of the Company or any of its affiliates (other than disputes involving claims against any Indemnitee in its capacity as, or fulfilling its role as, the Administrative Agent or an Arranger or similar role in respect of the transactions contemplated hereby).  Without limiting the foregoing, and to the extent permitted by applicable law, the Company agrees not to assert, and to cause each of the Subsidiary Guarantors not to assert, and hereby waives, and agrees to cause each of the Subsidiary Guarantors to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee unless the same shall have resulted from the gross negligence or willful misconduct of, or material breach of the Loan Documents by, such Indemnitee, any of its affiliates or its or their respective officers, directors, partners, employees, advisors, agents, controlling persons or trustees as determined by a court of competent jurisdiction in a final and non-appealable judgment.  Unless such amounts are being contested in good faith by the Company, all amounts due under this Section 10.5 shall be payable not later than 45 Business Days after the party to whom such amount is owed has provided a statement or invoice therefor, setting forth in reasonable detail, the amount due and the relevant provision of this Section 10.5 under which such amount is payable by the Company and any other Borrower.  For purposes of the preceding sentence, it is understood and agreed that the Company may ask for reasonable supporting documentation to support any request to reimburse or pay out-of-pocket expenses, legal fees and disbursements, that the grace period to pay any such amounts shall not commence until such supporting documentation has been received by the Company and that out-of-pocket expenses that are reimbursable by the Company are limited to those that are consistent with the Company’s then prevailing policies and procedures for reimbursement of expenses. The Company agrees to provide upon request by any party that may be entitled to expense reimbursement hereunder, on a confidential basis, a written statement setting forth those portions of its then prevailing policies and 

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procedures that are relevant to obtaining expense reimbursement hereunder.  Statements payable by the Company pursuant to this Section 10.5 shall be submitted to the Company at the address of the Company set forth in Section 10.2, or to such other Person or address as may be hereafter designated by the Company in a written notice to the Administrative Agent.  The agreements in this Section 10.5 shall survive the repayment of the Loans and all other amounts payable hereunder.  In no event shall any party hereto or any other Loan Party be liable for any special, indirect, consequential or punitive damages (including any loss of profits, business or anticipated savings); provided, that this sentence shall not limit the Loan Parties’ indemnification obligations set forth above to the extent the relevant, special, indirect, consequential or punitive damages are included in any third party claim in connection with which the relevant Indemnitee is entitled to indemnification hereunder.
10.6    Successors and Assigns; Participations and Assignments.  (a)  The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) other than pursuant to Section 7.4, neither the Company nor any Subsidiary Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Company or any Subsidiary Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section 10.6.
(b)    (i)  Subject to the conditions set forth in paragraph (b)(ii) below and subject to advance notice to the Company, any Lender may assign to one or more assignees (other than the Company or any affiliate of the Company or any natural person) (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) with the prior written consent (in each case, not to be unreasonably withheld or delayed) of:
(1)    the Company (unless such assignment is to a Lender to which any two or more of the following ratings have been issued by the relevant rating agency: (a) in the case of S&P, at least BBB; (b) in the case of Moody’s, at least Baa2; and (c) in the case of Fitch, at least BBB); and
(2)    the Administrative Agent;
provided, that (x) no consent provided for in clause (2) above shall be required for an assignment to a Lender or an affiliate thereof and (y) no consent of the Company provided for in clause (1) above shall be required if an Event of Default under Section 8(a) or (e) has occurred and is continuing.
Notwithstanding the foregoing, no Lender shall be permitted to assign any of its rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans at the time owing to it) to an Ineligible Assignee without the consent of the Company, which consent may be withheld in its sole discretion.
(ii)    Assignments shall be subject to the following additional conditions:
(A)    except in the case of an assignment to a Lender, an affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount of the assigning Lender’s Commitments and Loans, the amount of the Commitments and Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such 

69

assignment is delivered to the Administrative Agent) shall not be less than $10 million, unless each of the Company and the Administrative Agent otherwise consent; provided, that (1) no such consent of the Company shall be required if an Event of Default under Section 8(a) or (e) has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its affiliates or Approved Funds, if any;
(B)    the parties to each assignment (or, in the case of an assignment made pursuant to the exercise of the Company’s rights under Section 2.24, the Administrative Agent, as agent for the assigning Lender, and the Assignee) shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500 (which shall be paid by the assigning Lender or the Assignee or, in the case of an assignment made pursuant to the exercise of the Company’s rights under Section 2.24, by the assigning Lender, the Assignee, or the Company); and
(C)    the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent and the Company an administrative questionnaire.
(iii)    Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after the effective date specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.20, 2.21, 2.22 and 10.5 with respect to facts and circumstances occurring prior to the effective date of such assignment).  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section 10.6.
(iv)    The Administrative Agent, acting for this purpose as an agent of the Company, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of and interest on the Loans owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). Subject to the last sentence of (b)(iii) above, the entries in the Register shall be conclusive in the absence of manifest error, and the Company, the Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by the Company, at any reasonable time and from time to time upon reasonable prior notice. The Administrative Agent shall provide a copy of the Register to the Company upon its request at any time and from time to time by electronic communication.
(v)    Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender (or, in the case of an assignment made pursuant to the exercise of the Company’s rights under Section 2.24, the Administrative Agent, as agent for the assigning Lender) and an Assignee, the Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section 10.6 and any written consent to such assignment required by paragraph (b) of this Section 10.6, the 

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Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register.  No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.
(c)    (i)  Any Lender may, without the consent of the Company or the Administrative Agent, sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided, that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (C) the Loan Parties, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents, (D) such Participant shall not be an Ineligible Participant, and (E) no later than January 31 of each year, such Lender shall provide the Company with a written description of each participation of Loans and/or Commitments by such Lender during the prior year (it being understood that any failure to provide notice shall not render the participation invalid).  Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided, that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the consent of each Lender directly and adversely affected thereby pursuant to clause (A) of the proviso to the second sentence of Section 10.1(a) and (2) directly and adversely affects such Participant.  Subject to paragraph (c)(ii) of this Section 10.6, the Company agrees that each Participant shall be entitled to the benefits of Sections 2.20, 2.21 and 2.22 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 10.6.  Each Lender that sells a participation, acting solely for this purpose as a non-fiduciary agent of the Company, shall maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this Agreement (the “Participant Register”); provided, that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Loans or its other obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive in the absence of manifest error, and such Lender, the Company and the Administrative Agent shall treat each person whose name is recorded in the Participant Register pursuant to the terms hereof as the owner of such participation for all purposes of this Agreement, notwithstanding notice to the contrary.  
(ii)    A Participant shall not be entitled to receive any greater payment under Section 2.20 or 2.21 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant.  A Participant shall not be entitled to receive any funds directly from the Company in respect of Sections 2.20, 2.21, 2.22 or 10.7 unless such Participant shall have provided to Administrative Agent, acting for this purpose as an agent of the Company, such information as is required to be recorded in the Register pursuant to paragraph (b)(iv) above as if such Participant were a Lender.  Any Participant shall not be entitled to the benefits of Section 2.21 unless such Participant complies with Sections 2.21(c), 2.21(d) and 2.21(e) as though it were a Lender.
(d)    Any Lender may, without the consent of the Company or the Administrative Agent at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure such Lender’s obligations 

71

to a Federal Reserve Bank or any central bank having jurisdiction over such Lender, and this Section 10.6 shall not apply to any such pledge or assignment of a security interest; provided, that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto.
(e)    In connection with any assignment pursuant hereto, the assigning Lender shall surrender the Note held by it and the Company shall, upon the request to the Administrative Agent by the assigning Lender or the Assignee, as applicable, execute and deliver to the Administrative Agent (in exchange for the outstanding Note of the assigning Lender) a new Note to the order of such assigning Lender or Assignee, as applicable, in the amount equal to the amount of such assigning Lender’s or Assignee’s, as applicable, Commitment to it after giving effect to its applicable assignment (or if the Commitments have terminated, the Loan of such party).  Any Notes surrendered by the assigning Lender shall be returned by the Administrative Agent to the Company marked “cancelled.”
10.7    Adjustments.  If any Lender (a “Benefitted Lender”) shall, at any time after the Loans and all other amounts payable hereunder shall have become due and payable (whether at the stated maturity, by acceleration or otherwise), receive any payment of all or part of the Obligations owing to it (other than in connection with an assignment made pursuant to Section 10.6), or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set off, pursuant to events or proceedings of the nature referred to in Section 8(e), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender shall purchase for cash in Dollars from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.
10.8    Counterparts; Electronic Execution.
(a)    This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.  A set of the copies of this Agreement signed by all the parties shall be lodged with the Company and the Administrative Agent.
(b)    Delivery of an executed counterpart of a signature page of this Agreement be telecopy, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement.  The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be deemed to include an electronic symbol or process attached to a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record (each an “Electronic Signature”), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the 

72

New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent.  Without limiting the generality of the foregoing, the Company hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders and the Loan Parties, electronic images of this Agreement or any other Loan Documents (in each case, including with respect to any signature pages thereto)  shall have the same legal effect, validity and enforceability as any paper original, and (ii) waives any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original copies of any Loan Documents, including with respect to any signature pages thereto.
10.9    Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
10.10    Integration.  This Agreement and the other Loan Documents represent the entire agreement of the Borrowers, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents.
10.11    GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
10.12    Submission to Jurisdiction; Waivers.  (a)  Each of the Administrative Agent, the Lenders, the Company, each Subsidiary Borrower and each other Loan Party hereby irrevocably and unconditionally:
(i)    submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York located in the Borough of Manhattan, the courts of the United States for the Southern District of New York, and appellate courts from any thereof;
(ii)    consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; and
(iii)    waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 10.12 any special, exemplary, punitive or consequential damages.

73

(b)    To the extent that any Subsidiary Borrower has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) with respect to itself or any of its property, such Subsidiary Borrower hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under this Agreement or any other Loan Document.
10.13    Judgment.  The obligations of the Company or any Subsidiary Borrower in respect of this Agreement and the other Loan Documents due to any party hereto shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which the sum originally due to such party is denominated (the “Original Currency”), be discharged only to the extent that on the Business Day following receipt by such party of any sum adjudged to be so due in the Judgment Currency such party may in accordance with normal banking procedures purchase the Original Currency with the Judgment Currency; if the amount of the Original Currency so purchased is less than the sum originally due under such judgment to such party in the Original Currency, the Company agrees, as a separate obligation and notwithstanding any such judgment, to indemnify such party against such loss, and if the amount of the Original Currency so purchased exceeds the sum originally due to any party to this Agreement, such party agrees to remit to the Company such excess. The provisions of this Section 10.13 shall survive the termination of this Agreement and payment of the Loans, interest and Facility Fees payable hereunder or under any other Loan Document.
10.14    Acknowledgments.  Each of the Company and the Subsidiary Borrowers hereby acknowledges that:
(a)    it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents;
(b)    none of the Administrative Agent or any Lender has any fiduciary relationship with or duty to the Company or any Subsidiary arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent and the Lenders, on one hand, and the Company or any Subsidiary, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and
(c)    no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Company or any Subsidiary and the Lenders.
10.15    Releases of Guarantees.  Notwithstanding anything to the contrary contained herein or in any other Loan Document, the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required in Section 10.1) to take, and the Administrative Agent hereby agrees to take promptly, any action requested by the Company having the effect of releasing, or evidencing the release of, any collateral or any obligations under the Guarantee (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 10.1 or (ii) under the circumstances described in this Section 10.15.  
(b)    At such time as the Loans and interest and fees owing hereunder and under any other Loan Document shall have been paid in full and the Commitments have been terminated, all obligations (other than as expressly provided therein) of each Guarantor under the Guarantee shall terminate, all without delivery of any instrument or performance of any act by any person.

74

(c)    Immediately upon the occurrence of any Guarantee Release Date, all obligations (other than as expressly provided herein or therein) of each Subsidiary Guarantor under the Guarantee shall terminate, all without delivery of any instrument or performance of any act by any person.  In connection with any such termination, the Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 10.1) to take, and the Administrative Agent hereby agrees to take, promptly, any action reasonably requested by the Company having the effect of releasing, or evidencing the release of, the obligations of each Subsidiary Guarantor under the Guarantee.
(d)    Any guarantees of the Obligations from a Subsidiary Guarantor (including any obligations of such Subsidiary Guarantor under the Guarantee) will be automatically released if such Subsidiary Guarantor becomes an Excluded Subsidiary or for any other reason ceases to be a Subsidiary Guarantor pursuant to a transaction not otherwise prohibited by the Loan Documents.
10.16    Confidentiality.  Each of the Administrative Agent, each Lender and each Transferee (each a “Receiving Party”) agrees to keep confidential all non-public information provided to it by or on behalf of any Loan Party or any of its respective Subsidiaries, the Administrative Agent or any Lender pursuant to or in connection with any Loan Document; provided, that nothing herein shall prevent a Receiving Party from disclosing any such information (a) to the Administrative Agent, any other Lender or any affiliate thereof for purposes of the transactions contemplated by this Agreement (it being acknowledged and agreed that such information would be subject to the confidentiality provisions of the this Section 10.16), (b) subject to a written agreement to comply with the provisions of this Section 10.16 (or other provisions at least as restrictive as this Section 10.16), to any actual or prospective Transferee or any pledgee referred to in Section 10.6(c) or any direct or indirect contractual counterparty (or the professional advisors thereto) to any swap or derivative transaction or to any credit insurance provider relating to the Company and its obligations, (c) to its employees, officers, directors, trustees, agents, attorneys, accountants and other professional advisors or those of any of its affiliates for performing the purposes of a Loan Document, in each case, who are subject to or bound by an agreement to comply with the provisions of this Section 10.16 (or other provisions at least as restrictive as this Section 10.16), (d) upon the request or demand of any Governmental Authority or regulatory agency (including self-regulated agencies), (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, after notice to the Company if reasonably feasible, (f) if requested or required to do so in connection with any litigation or similar proceeding, after notice to the Company if reasonably feasible, (g) that has been publicly disclosed (other than by such Receiving Party in breach of this Section 10.16), (h) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (i) in connection with the exercise of any remedy hereunder or under any other Loan Document or (j) with the consent of the Borrower.
10.17    WAIVERS OF JURY TRIAL.  THE COMPANY, EACH SUBSIDIARY BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.
10.18    USA Patriot Act and the Beneficial Ownership Regulation.  Each Lender hereby notifies the Company and each Subsidiary Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “USA Patriot Act”) and the 

75

Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies the Company and each Subsidiary Borrower, which information includes the name and address of the Company and each Subsidiary Borrower and other information that will allow such Lender to identify the Company and each Subsidiary Borrower in accordance with the USA Patriot Act and the Beneficial Ownership Regulation.
10.19    No Novation. The terms and conditions of the Existing 364-Day Credit Agreement are amended as set forth in, and restated in their entirety and superseded by, this Agreement.  Nothing in this Agreement shall be deemed to be a novation of any of the Obligations as defined in the Existing 364-Day Credit Agreement.  Notwithstanding any provision of this Agreement or any other Loan Document or instrument executed in connection herewith, the execution and delivery of this Agreement and the incurrence of Obligations hereunder shall be in substitution for, but not in payment of, the Obligations owed by the Loan Parties under the Existing 364-Day Credit Agreement.  From and after the Closing Date, each reference to the “Agreement”, “Credit Agreement” or other reference originally applicable to the Existing 364-Day Credit Agreement contained in any Loan Document shall be a reference to this Agreement, as amended, supplemented, restated or otherwise modified from time to time.
10.20    Acknowledgement and Consent to Bail-In of Affected Financial Institutions.  Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the write-down and conversion powers of an Affected Financial Institution and agrees and consents to, and acknowledges and agrees to be bound by:
(a)    the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and
(b)    the effects of any Bail-In Action on any such liability, including, if applicable:
(i)    a reduction in full or in part or cancellation of any such liability;
(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Loan Document; or
(iii)    the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution Authority.
10.21    Acknowledgement Regarding Any Supported QFCs.  To the extent that the Credit Documents provide support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and 

76

QFC Credit Support (with the provisions below applicable notwithstanding that the Credit Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Credit Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Credit Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

[Remainder of page intentionally left blank. Signature pages follow.]

77

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written.
GENERAL MOTORS COMPANY

By: /s/ Rakesh K. Gupta            
Name: Rakesh K. Gupta
Title: Vice President and Treasurer

GENERAL MOTORS FINANCIAL COMPANY, INC.

By: /s/ Richard A. Gokenbach, Jr.        
Name: Richard A. Gokenbach, Jr.
Title: Executive Vice President and Treasurer

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

JPMORGAN CHASE BANK, N.A., as Administrative 
Agent and as Lender

By: /s/ Peter S. Predun            
Name: Peter S. Predun
Title: Executive Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

CITIBANK, N.A., as Lender

By: /s/ Susan Olsen                        
Name: Susan Olsen
Title: Vice President

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
NEW YORK BRANCH, as Lender

By: /s/ Brian Crowley                
Name: Brian Crowley
Title: Managing Director

By: /s/ Miriam Trautmann            
Name: Miriam Trautmann
Title: Senior Vice President

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

Bank of America, N.A., as Lender

By: /s/ Brian Lukehart                
Name: Brian Lukehart
Title: Managing Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

BARCLAYS BANK PLC, as Lender

By: /s/ Craig Malloy                
Name: Craig Malloy
Title: Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

BNP Paribas, as Lender

By: /s/ Kirk Hoffman                
Name: Kirk Hoffman
Title: Managing Director

By: /s/ Monica Tilani                
Name: Monica Tilani
Title: Vice President

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

Credit Agricole Corporate & Investment Bank, as 
Lender

By: /s/ Jill Wong                
Name: Jill Wong
Title: Director

By: /s/ Gordon Yip                
Name: Gordon Yip
Title: Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

DEUTSCHE BANK AG NEW YORK BRANCH, 
as Lender

By: /s/ Ming K. Chu                
Name: Ming K. Chu
Title: Director

By: /s/ Annie Chung                    
Name: Annie Chung
Title: Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

GOLDMAN SACHS BANK USA, as Lender

By: /s/ Ryan Durkin                
Name: Ryan Durkin
Title: Authorized Signatory

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

Intesa Sanpaolo, S.p.A., New York Branch 
as Lender

By: /s/ Alessandro Toigo            
Name: Alessandro Toigo
Title: Head of Corporate Desk

By: /s/ Anne Culver                
Name: Anne Culver
Title: Relationship Manager

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

LLOYDS BANK CORPORATE MARKETS PLC, 
as Lender

By: /s/ Kamala Basdeo                
Name: Kamala Basdeo
Title: Assistant Vice President

By: /s/ Tina Wong                
Name: Tina Wong
Title: Assistant Vice President

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

MIZUHO BANK, LTD., as Lender

By: /s/ Donna DeMagistris                
Name: Donna DeMagistris
Title: Executive Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

Morgan Stanley Senior Funding, Inc., as Lender

By: /s/ Alysha Salinger            
Name: Alysha Salinger
Title: Vice President

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

National Westminster Bank plc, as Lender

By: /s/ Jonathan Eady                
Name: Jonathan Eady
Title: Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

ROYAL BANK OF CANADA, as Lender

By: /s/ Benjamin Lennon            
Name: Benjamin Lennon
Title: Authorized Signatory

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

Santander Bank, N.A., as Lender

By: /s/ Paul Lammey                
Name: Paul Lammey
Title: Managing Director

By: /s/ Andres Barbosa                
Name: Andres Barbosa
Title: Executive Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

Société Générale, as Lender

By: /s/ John Hogan                
Name: John Hogan
Title: Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

Sumitomo Mitsui Banking Corporation, as Lender

By: /s/ Michael Maguire                
Name: Michael Maguire
Title: Managing Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

The Bank of Nova Scotia, as Lender

By: /s/ David Brooks                
Name: David Brooks
Title: Managing Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

THE TORONTO-DOMINION BANK, NEW YORK 
BANCH, as Lender

By: /s/ Michael Borowiecki            
Name: MICHAEL BOROWIECKI
Title: AUTHORIZED SIGNATORY

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

Canadian Imperial Bank of Commerce, New York 
Branch as Lender

By: /s/ Dominic Sorresso            
Name: Dominic Sorresso
Title: Authorized Signatory

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

BANK OF MONTREAL, as Lender

By: /s/ Chris Clark            
Name: Chris Clark
Title: Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

Commerzbank AG, New York as Lender

By: /s/ Mathew Ward                
Name: Mathew Ward
Title: Director

By: /s/ Robert Sullivan                
Name: Robert Sullivan
Title: Vice President

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

DBS Bank Ltd., as Lender

By: /s/ Terence Yong            
Name: Terence Yong
Title: Managing Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

MUFG Bank, Ltd., as Lender

By: /s/ Victor Pierzchalski            
Name: Victor Pierzchalski
Title: Authorized Signatory

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

U.S. BANK NATIONAL ASSOCIATION, as Lender

By: /s/ Jeffrey S. Johnson            
Name: Jeffrey S. Johnson
Title: Senior Vice President

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

UNICREDIT BANK AG, NEW YORK BRANCH, 
as Lender

By: /s/ Betsy Briggs                
Name: Betsy Briggs
Title: Associate Director

By: /s/ Thomas Petz                    
Name: Thomas Petz
Title: Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

THE BANK OF NEW YORK MELLON, as Lender

By: /s/ John T. Smathers            
Name: John T. Smathers
Title: Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

Wells Fargo Bank, National Association, as Lender

By: /s/ Emma Clifford                
Name: Emma Clifford
Title: Director

ING Bank N.V., Dublin Branch as Lender

By: /s/ Barry Fehily                
Name: Barry Fehily
Title: Managing Director

By: /s/ Sean Hassett                
Name: Sean Hassett
Title: Director

Signature Page to Second Amended and Restated 364-Day Revolving Credit Agreement

 

SCHEDULE 1.1A
to
   Credit Agreement

COMMITMENTS/DTTP INFORMATION
	
					
	Lender
	Commitment
	 
	Scheme Reference Number
	Jurisdiction of Tax Residence

	JPMorgan Chase Bank, N.A.
	$[***]
	 
	13/M/0268710/DTTP
	U.S.A.

	Citibank, N.A.
	$[***]
	 
	13/C/62301/DTTP
	U.S.A.

	Banco Bilbao Vizcaya Argentaria, S.A. New York Branch
	$[***]
	 
	9/B/75354/DTTP
	Spain

	Bank of America, N.A. 1
	$[***]
	 
	13/B/7418/DTTP
	U.S.A.

	Barclays Bank PLC
	$[***]
	 
	N/A
	UK

	BNP Paribas
	$[***]
	 
	5/B/255139/DTTP
	France

	Intesa Sanpaolo S.p.A. - New York Branch
	$[***]
	 
	N/A
	UK

	Commerzbank AG New York Branch
	$[***]
	 
	7/C/25382/DTTP
	Germany

	Credit Agricole Corporate and Investment Bank
	$[***]
	 
	5/C/0222082/DTTP
	France

	Deutsche Bank AG New York Branch
	$[***]
	 
	07/D/70006/DTTP
	Germany

	Goldman Sachs Bank USA
	$[***]
	 
	13/G/0351779/DTTP
	U.S.A.

	Lloyds Bank Corporate Markets plc
	$[***]
	 
	N/A
	UK

	Mizuho Bank, Ltd.
	$[***]
	 
	43/M/274822/DTTP
	Japan

	Morgan Stanley Senior Funding, Inc.
	$[***]
	 
	13/M/227953/DTTP
	U.S.A.

	National Westminster Bank Plc
	$[***]
	 
	N/A
	UK

	Royal Bank of Canada
	$[***]
	 
	3/R/70780/DTTP
	Canada

	Societe Generale
	$[***]
	 
	5/S/70085/DTTP
	France

Credit Agreement Schedule 1.1A

 

	
					
	Lender
	Commitment
	 
	Scheme Reference Number
	Jurisdiction of Tax Residence

	Sumitomo Mitsui Banking Corporation
	$[***]
	 
	43/S/274647/DTTP
	Japan

	The Bank of Nova Scotia
	$[***]
	 
	003/T/0366714/DTTP
	Canada

	The Toronto-Dominion Bank, New York Branch
	$[***]
	 
	3/T/80000/DTTP
	Canada

	Canadian Imperial Bank of Commerce, New York Branch
	$[***]
	 
	3/C/80001/DTTP
	Canada

	Bank of Montreal, Chicago Branch
	$[***]
	 
	3/M/270436/DTTP
	Canada

	DBS Bank Ltd.
	$[***]
	 
	67/D/363894/DTTP
	Singapore

	MUFG Bank, Ltd.
	$[***]
	 
	43/B/322072/DTTP
	Japan

	Santander Bank, N.A.
	$[***]
	 
	013/S/357603/DTTP
	U.S.A.

	UniCredit Bank AG, New York Branch
	$[***]
	 
	7/U/237605/DTTP
	Germany

	U.S. Bank National Association
	$[***]
	 
	13/U/62184/DTTP
	U.S.A.

	ING Bank N.V., Dublin Branch
	$[***]
	 
	12-I-371270-DTTP (with respect to ING Ireland DAC as applicable lending office)
	Ireland

	The Bank of New York Mellon
	$[***]
	 
	13/B/357401/DTTP
	U.S.A.

	Wells Fargo Bank, N.A.
	$[***]
	 
	13/W/61173/DTTP
	U.S.A.

	Total
	$[***]
	 
	 
	 

1Bank of America Merrill Lynch International is a designated Affiliate of Bank of America, N.A. for the purpose of lending to certain Foreign Subsidiary Borrowers.  Any reference to "Bank of America Merrill Lynch International Limited" is a reference to its successor in title Bank of America Merrill Lynch International Designated Activity Company (including, without limitation, its branches) pursuant to and with effect from the merger between Bank of America Merrill Lynch International Limited and Bank of America Merrill Lynch International Designated Activity Company that takes effect in accordance with Chapter II, Title II of Directive (EU) 2017/1132 (which repeals and codifies the Cross-Border Mergers Directive (2005/56/EC)), as implemented in the United Kingdom and Ireland.  Notwithstanding anything to the contrary in any Loan Document, a transfer of rights and obligations from Bank of America Merrill Lynch International Limited to Bank of America Merrill Lynch International Designated Activity Company pursuant to such merger shall be permitted.

Credit Agreement Schedule 1.1A

SCHEDULE 1.1B
to
 Credit Agreement
INITIAL EXCLUDED SUBSIDIARIES

	
		
	Name of Entity
	Jurisdiction of Organization

	Cruise LLC
	Delaware

	General Motors China LLC
	Delaware

	General Motors Ventures LLC
	Delaware

	Global Services Detroit LLC
	Delaware

	GM Canada Holdings LLC
	Delaware

	GM Regional Holdings LLC
	Delaware

	GMGP Holdings LLC
	Delaware

	Maven Drive LLC
	Delaware

	OnStar LLC
	Delaware

	GM Cruise Holdings LLC
	Delaware

	OnStar Global Services Corporation
	Delaware

	
		
	 
	 

Credit Agreement Schedule 1.1B

SCHEDULE 1.1C
to
 Credit Agreement

PRICING GRID

	
					
	S&P / Moody’s / Fitch
Company’s Rating
	Facility Fee Rate
	Applicable Margin
for Eurocurrency Loans
	Applicable Margin
for ABR Loans
	All-in Spread for Eurocurrency Loans

	≥ A/A2/A
	[***]
	[***]
	[***]
	[***]

	A-/A3/A-
	[***]
	[***]
	[***]
	[***]

	BBB+ / Baa1 / BBB+
	[***]
	[***]
	[***]
	[***]

	BBB / Baa2 / BBB
	[***]
	[***]
	[***]
	[***]

	BBB- / Baa3 / BBB-
	[***]
	[***]
	[***]
	[***]

	BB+ / Ba1 / BB+
	[***]
	[***]
	[***]
	[***]

	≤ BB / Ba2 / BB
	[***]
	[***]
	[***]
	[***]

Changes in the Applicable Margin and Facility Fee Rate shall become effective on the date on which S&P, Moody’s and/or Fitch changes the rating it has issued with respect to the Company’s Applicable Rating. Each such change in the Applicable Margin or Facility Fee Rate, as applicable, shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of S&P, Moody’s and/or Fitch shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, the Company and the Administrative Agent (in consultation with the Lenders) shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Margin and the Facility Fee Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation. [***]  

Credit Agreement Schedule 1.1C

 

SCHEDULE 1.1 D
to
 Credit Agreement

EXISTING LIENS

Liens reflected in the lien search results, dated as of March 12, 2020 delivered to the Administrative Agent prior to the Closing Date.

 Credit Agreement Schedule 1.1D

SCHEDULE 1.1 E
to
 Credit Agreement

EXCLUDED SUBSIDIARY BUSINESSES

[***]

Credit Agreement Schedule 1.1E

SCHEDULE 4.6
to
   Credit Agreement

LITIGATION

None.

Credit Agreement Schedule 4.6

EXHIBIT A
to
Credit Agreement

                
FORM OF
SECOND AMENDED AND RESTATED GUARANTEE AGREEMENT
made by
GENERAL MOTORS COMPANY
AND CERTAIN OTHER PERSONS FROM TIME TO TIME PARTIES HERETO, as the Guarantors
 
in favor of
JPMORGAN CHASE BANK, N.A., as the Administrative Agent
Dated as of April 14, 2020

2    

TABLE OF CONTENTS
	
				
	 
	 
	Page
	

	SECTION 1.
	DEFINED TERMS
	1
	

	1.1
	Definitions
	1
	

	1.2
	Other Definitional Provisions
	3
	

	SECTION 2.
	Guarantee
	3
	

	2.1
	Guarantee
	3
	

	2.2
	Right of Contribution
	4
	

	2.3
	No Subrogation
	4
	

	2.4
	Amendments, etc. with respect to the Guaranteed Obligations
	4
	

	2.5
	Guarantee Absolute and Unconditional
	5
	

	2.6
	Reinstatement
	6
	

	2.7
	Payments
	6
	

	SECTION 3.
	MISCELLANEOUS
	6
	

	3.1
	Authority of Administrative Agent
	6
	

	3.2
	Amendments in Writing
	7
	

	3.3
	Notices
	7
	

	3.4
	No Waiver by Course of Conduct; Cumulative Remedies
	7
	

	3.5
	Enforcement Expenses; Indemnification
	7
	

	3.6
	Successors and Assigns
	8
	

	3.7
	Counterparts
	8
	

	3.8
	Severability
	8
	

	3.9
	Section Headings
	8
	

	3.10
	Integration
	8
	

	3.11
	GOVERNING LAW
	8
	

	3.12
	Submission To Jurisdiction; Waivers
	9
	

	3.13
	Judgment
	9
	

	3.14
	Additional Guarantors
	9
	

	3.15
	Releases
	9
	

	3.16
	WAIVER OF JURY TRIAL
	10
	

ANNEX
Annex I        Form of Joinder Agreement

ii

SECOND AMENDED AND RESTATED GUARANTEE AGREEMENT, dated as of April 14, 2020 (this “Agreement”), made by GENERAL MOTORS COMPANY, a Delaware corporation (the “Company”), and each of the Subsidiary Guarantors (such term and certain other capitalized terms used herein being defined in Section 1.1) from time to time party hereto, and each of the Other Guarantors from time to time party hereto (together with the Company and the Subsidiary Guarantors, collectively, the “Guarantors”), in favor of JPMORGAN CHASE BANK, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the lenders (collectively, the “Lenders”) from time to time party to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of the date hereof (as amended, restated, amended and restated, renewed, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Company, General Motors Financial Company, Inc., a Texas Corporation, the other Subsidiary Borrowers from time to time parties thereto, the Lenders, the Administrative Agent, Citibank, N.A., as syndication agent (in such capacity, the “Syndication Agent”), Bank of America, N.A., as co-syndication agent (in such capacity, the “Co-Syndication Agent”), and the other agents named therein.  
W I T N E S S E T H:
WHEREAS, pursuant to the Credit Agreement, the Lenders have severally agreed to make extensions of credit to or for the account of the Company and the Subsidiary Borrowers upon the terms and subject to the conditions set forth therein;
WHEREAS, each of the Company and the Subsidiary Borrowers is a member of an affiliated group of companies that includes each other Guarantor;
WHEREAS, each Guarantor will derive substantial direct and indirect benefit from the making of the extensions of credit made by the Lenders to or for the account of the Company or any Subsidiary Borrower, as applicable, under the Credit Agreement; and
WHEREAS, it is a condition precedent to the obligation of the Lenders to make their respective extensions of credit to or for the account of the Company or any Subsidiary Borrower, as applicable, under the Credit Agreement that each Guarantor shall have executed and delivered this Agreement to the Administrative Agent;
NOW, THEREFORE, in consideration of the premises and to induce the Administrative Agent and the Lenders to enter into the Credit Agreement and to induce the Lenders to make their respective extensions of credit to or for the account of the Company or any Subsidiary Borrower, as applicable, under the Credit Agreement, each Guarantor hereby agrees with the Administrative Agent, for the benefit of the Guaranteed Parties, as follows:
Section 1.DEFINED TERMS
1.1    Definitions.  
(a)    Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings assigned to such terms in the Credit Agreement.

1

(b)    The following terms shall have the following meanings:
“Administrative Agent” has the meaning assigned to such term in the preamble.
“Agreement” has the meaning assigned to such term in the preamble. 
“Company” has the meaning assigned to such term in the preamble. 
“Credit Agreement” has the meaning assigned to such term in the preamble. 
“Guaranteed Obligations” means, collectively, the unpaid principal of and interest on the Loans and all other obligations and liabilities of the Company and the Subsidiary Borrowers (including interest on such other obligations or liabilities accruing at the then applicable rate provided in the Credit Agreement after the maturity of the Loans and interest accruing on the Loans and such other obligations and liabilities at the then applicable rate provided in the Credit Agreement after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company or any Subsidiary Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) to the Administrative Agent or any Lender thereunder, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in connection with the Loan Documents to which the Company or any Subsidiary Borrower is a party, in each case whether on account of principal, interest, reimbursement obligations, fees, prepayment premiums, indemnities, costs, expenses or otherwise (including all reasonable fees and out-of-pocket disbursements of external counsel to the Administrative Agent or the Lenders that are required to be paid by the Company or any Subsidiary Borrower pursuant to the terms of any of the Loan Documents).
“Guaranteed Parties” means, collectively, the Administrative Agent, the Lenders and each other Person that holds a Guaranteed Obligation. 
“Guarantors” has the meaning assigned to such term in the preamble.
“Joinder Agreement” has the meaning assigned to such term in Section 3.14.
“Lenders” has the meaning assigned to such term in the preamble.
“Other Guarantors” means each Person, other than the Company, a Subsidiary Guarantor or the Administrative Agent, that becomes a party to this Agreement pursuant to a Joinder Agreement executed and delivered by such Person pursuant to Section 3.14.
“paid in full” or “payment in full” means with respect to the Guaranteed Obligations, the payment in full in cash of the principal of and accrued (but unpaid) interest (including post-petition interest) and premium, if any, on, all such Guaranteed Obligations after or concurrently with termination of all commitments thereunder and payment in full in cash of all fees payable with respect to a Guaranteed Obligation at or prior to the time such principal and interest are paid. 
“Subsidiary Guarantor” means during any Reinstated Guarantee Period, each Domestic Subsidiary that was a Principal Domestic Subsidiary on the applicable Guarantee 

2

Reinstatement Date or that became a party to this Agreement after such Guarantee Reinstatement Date pursuant to Section 6.6(b) or 10.1(b) of the Credit Agreement; provided, however, that the term “Subsidiary Guarantor” shall not include (i) GM Holdings, (ii) any Excluded Subsidiary, (iii) any Foreign Subsidiary Holding Company and (iv) any such Person from and after the date such Person ceases to be a party to this Agreement in accordance with the terms hereof until the date such Person becomes or is required to become a party to this Agreement.  It is understood and agreed that, as of the date hereof, no “Subsidiary Guarantors” are party to this Agreement.  
1.2    Other Definitional Provisions.  
(a)    The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified.
(b)    The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms.
(c)    References to agreements defined in Section 1.1(b) shall, unless otherwise specified, be deemed to refer to such agreements as amended, supplemented, restated or otherwise modified from time to time, references to any Person shall include its successors and permitted assigns, and references to any law, treaty, statute, rule or regulation shall (unless otherwise specified) be construed as including all statutory provisions, regulatory provisions, rulings, opinions, determinations or other provisions consolidating, amending, replacing, supplementing or interpreting such law, treaty, statute, rule or regulation.
Section 2.Guarantee
2.1    Guarantee.  
(a)    Each of the Guarantors hereby, jointly and severally, unconditionally and irrevocably, guarantees, as primary obligor and not merely as surety, to the Administrative Agent, for the ratable benefit of the Guaranteed Parties, the prompt and complete payment, and not collection, and performance by the Company and each Subsidiary Borrower, as applicable, when due (whether at the stated maturity, by acceleration or otherwise) and at all times thereafter, of all Guaranteed Obligations.
(b)    Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of each Guarantor hereunder shall in no event exceed the amount which can be guaranteed by such Guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established in Section 2.2).
(c)    Each Guarantor agrees that the Guaranteed Obligations may at any time and from time to time exceed the amount of the liability of such Guarantor hereunder without impairing the guarantee contained in this Section 2 or affecting the rights and remedies of the Guaranteed Parties hereunder.  
(d)    The guarantee contained in this Section 2 shall remain in full force and effect until all the Guaranteed Obligations shall have been paid in full, notwithstanding that from time to time during the term of the Credit Agreement, the Company and/or one or more of the Subsidiary Borrowers may be free from any Guaranteed Obligations.

3

(e)    No payment made by the Company, any Subsidiary Borrower, any of the Guarantors, any other guarantor or any other Person or received or collected by any Guaranteed Party from the Company, any Subsidiary Borrower, any of the Guarantors, any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Guaranteed Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of any Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by such Guarantor in respect of the Guaranteed Obligations or any payment received or collected from such Guarantor in respect of the Guaranteed Obligations), remain liable for the Guaranteed Obligations up to the maximum liability of such Guarantor hereunder until the Guaranteed Obligations are paid in full.
2.2    Right of Contribution.  
Each Guarantor hereby agrees that to the extent that a Guarantor shall have paid more than its proportionate share of any payment made hereunder, such Guarantor shall be entitled to seek and receive contribution from and against any other Guarantor hereunder which has not paid its proportionate share of such payment. Each Guarantor’s right of contribution shall be subject to the terms and conditions of Section 2.3. The provisions of this Section 2.2 shall in no respect limit the obligations and liabilities of any Guarantor to any Guaranteed Party and each Guarantor shall remain liable to such Guaranteed Party for the full amount guaranteed by such Guarantor hereunder.
2.3    No Subrogation.  
Notwithstanding any payment made by any Guarantor hereunder or any set-off or application of funds of any Guarantor by any Guaranteed Party, no Guarantor shall be entitled to be subrogated to any of the rights of any Guaranteed Party against the Company, any of the Subsidiary Borrowers or any other Guarantor or any collateral security or guarantee or right of offset held by the Administrative Agent or any other Guaranteed Party for the payment of the Guaranteed Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Company, any Subsidiary Borrower or any other Guarantor in respect of payments made by such Guarantor hereunder, until all amounts owing to the Guaranteed Parties by the Company and the Subsidiary Borrowers on account of the Guaranteed Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Guaranteed Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Guaranteed Parties, and shall, forthwith upon receipt by such Guarantor, be turned over to the Administrative Agent in the form received by such Guarantor (duly indorsed by such Guarantor to the Administrative Agent, if required), to be applied against the Guaranteed Obligations, whether matured or unmatured, in such order as such Guarantor (or, if an Event of Default shall have occurred and be continuing, the Administrative Agent) may determine.
2.4    Amendments, etc. with respect to the Guaranteed Obligations.  
Other than as expressly contemplated by Section 3.15 hereof, each Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against any Guarantor and without notice to or further assent by any Guarantor, any demand for payment 

4

of any of the Guaranteed Obligations made by any Guaranteed Party may be rescinded by such Guaranteed Party and any of the Guaranteed Obligations continued, and the Guaranteed Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guarantee therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by any Guaranteed Party, and the Credit Agreement, the other Loan Documents and any other documents executed and delivered in connection therewith may be amended, modified, supplemented or terminated, in whole or in part, as the Administrative Agent (or the Required Lenders, all affected Lenders, or all Lenders, as the case may be) may deem advisable from time to time, and any collateral security, guarantee or right of offset at any time held by any Guaranteed Party for the payment of the Guaranteed Obligations may be sold, exchanged, waived, surrendered or released.  No Guaranteed Party shall have any obligation to protect, secure, perfect or insure any Lien at any time held by it as security for the Guaranteed Obligations or for the guarantee contained in this Section 2 or any property subject thereto.  
2.5    Guarantee Absolute and Unconditional.  
To the extent permitted by applicable law, each Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Guaranteed Obligations and notice of or proof of reliance by any Guaranteed Party upon the guarantee contained herein or acceptance of the guarantee contained herein; the Guaranteed Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guarantee contained herein; and all dealings between the Company, any of the Subsidiary Borrowers and any of the Guarantors, on the one hand, and the Guaranteed Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guarantee contained herein. To the extent permitted by applicable law, each Guarantor waives diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon the Company, any of the Subsidiary Borrowers or any of the Guarantors with respect to the Guaranteed Obligations. Each Guarantor understands and agrees that the guarantee contained herein shall be construed as a continuing, absolute and unconditional guarantee of payment without regard to (a) the validity or enforceability of the Credit Agreement or any other Loan Document, any of the Guaranteed Obligations or any other collateral security therefor or guarantee or right of offset with respect thereto at any time or from time to time held by any Guaranteed Party, (b) any defense, set-off or counterclaim (other than a defense of payment or performance) which may at any time be available to or be asserted by the Company, any Subsidiary Borrower or any other Person against any Guaranteed Party, (c) any law or regulation of any jurisdiction or any other event affecting any term of the Guaranteed Obligations or (d) any other circumstance whatsoever (with or without notice to or knowledge of the Company, any Subsidiary Borrower or such Guarantor) which constitutes, or might be construed to constitute, an equitable or legal discharge or defense of a surety or guarantor or any other obligor on any obligation of the Company or any Subsidiary Borrower for any of the Guaranteed Obligations, or of such Guarantor under the guarantee contained herein, in bankruptcy or in any other instance.  Notwithstanding anything herein to the contrary, (x) the Company understands and agrees that this Agreement shall remain in full force and effect as to the Company’s obligations hereunder notwithstanding the occurrence of any Guarantee Release 

5

Date, but subject to any release of such obligations hereunder to the extent provided in, and pursuant to the terms of, Section 3.15 and (y) each of the other Guarantors shall be released from its obligations hereunder to the extent provided in, and pursuant to the terms of, Section 3.15.  When making any demand hereunder or otherwise pursuing its rights and remedies hereunder against any Guarantor, any Guaranteed Party may, but shall be under no obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have against the Company, any Subsidiary Borrower, any other  Guarantor or any other Person or against any collateral security or guarantee for the Guaranteed Obligations or any right of offset with respect thereto, and any failure by any Guaranteed Party to make any such demand, to pursue such other rights or remedies or to collect any payments from the Company, any Subsidiary Borrower, any other Guarantor or any other Person or to realize upon any such collateral security or guarantee or to exercise any such right of offset, or any release of the Company, any Subsidiary Borrower, any other Guarantor or any other Person or any such collateral security, guarantee or right of offset, shall not relieve any Guarantor of any obligation or liability hereunder, and shall not impair or affect the rights and remedies, whether express, implied or available as a matter of law, of any Guaranteed Party against any Guarantor.  For the purposes hereof “demand” shall include the commencement and continuance of any legal proceedings.
2.6    Reinstatement.  
The guarantee contained herein shall continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part thereof, of any of the Guaranteed Obligations is rescinded or must otherwise be restored or returned by any Guaranteed Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company, any Subsidiary Borrower or any Guarantor, or upon or as a result of the appointment of a receiver, intervenor or conservator of, or trustee or similar officer for, the Company, any Subsidiary Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payments had not been made.
2.7    Payments.  
Each Guarantor hereby guarantees that payments hereunder will be paid to the Administrative Agent without set-off or counterclaim in Dollars at the Funding Office.  All payments made hereunder shall be made in accordance with Sections 1.3 and 2.21 of the Credit Agreement.
Section 3.MISCELLANEOUS
3.1    Authority of Administrative Agent.  
Each Guarantor acknowledges that the rights and responsibilities of the Administrative Agent under this Agreement with respect to any action taken by the Administrative Agent or the exercise or non-exercise by the Administrative Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this Agreement shall, as among the Guaranteed Parties, be governed by the Credit Agreement and by such other agreements with respect thereto as may exist from time to time 

6

among them, but, as between the Administrative Agent and the Guarantors the Administrative Agent shall be conclusively presumed to be acting as agent for the Lenders with full and valid authority so to act or refrain from acting, and no Guarantor shall be under any obligation, or entitlement, to make any inquiry respecting such authority. No Guaranteed Party other than the Administrative Agent may exercise any right or remedy hereunder, it being understood that all of such rights and remedies are vested in, and are exercisable solely by, the Administrative Agent for the benefit of the Guaranteed Parties.
3.2    Amendments in Writing.  
None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except in accordance with Section 10.1 of the Credit Agreement.
3.3    Notices.  
All notices, requests and demands to or upon the Administrative Agent or any Guarantor hereunder shall be effected in the manner provided for in Section 10.2 of the Credit Agreement; provided, that any such notice, request or demand to or upon any Guarantor shall be addressed to the Company at the addresses provided in Section 10.2 of the Credit Agreement (or such other address as the Company may at any time or from time to time provide for purposes of the Credit Agreement and this Agreement).
3.4    No Waiver by Course of Conduct; Cumulative Remedies.  
No Guaranteed Party shall by any act (except by a written instrument pursuant to Section 3.2), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising, on the part of any Guaranteed Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, power or privilege. A waiver by any Guaranteed Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which such Guaranteed Party would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by law.
3.5    Enforcement Expenses; Indemnification.  
(a)    Without intending to duplicate the obligations of the Guarantors under Section 2.1, if and to the extent that the Company is required to pay or reimburse the Guaranteed Parties (or any of them), for various costs and expenses contemplated by Section 10.5 of the Credit Agreement, or to indemnify the Indemnitees (or any of them) for the Indemnified Liabilities, in each case as and to the extent (and in the manner) contemplated by Section 10.5 of the Credit Agreement, each Guarantor, jointly and severally, hereby agrees to make such payments or reimbursements and to provide such indemnification.

7

(b)    The agreements of each Guarantor in this Section 3.5 shall survive repayment of the Guaranteed Obligations and all other amounts payable under the Credit Agreement.
3.6    Successors and Assigns.  
This Agreement shall be binding upon the parties hereto and their respective successors and assigns and shall inure to the benefit of the Guaranteed Parties and their permitted successors and assigns; provided, that no Guarantor may assign, transfer or delegate any of its rights or obligations under this Agreement other than (i) to the extent expressly permitted by the Credit Agreement or (ii) with the prior written consent of the Administrative Agent.
3.7    Counterparts.  
This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.
3.8    Severability.  
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
3.9    Section Headings.  
The Section headings used in this Agreement are for convenience of reference only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof.
3.10    Integration.  
This Agreement and the other Loan Documents represent the entire agreement of the Guarantors and the Guaranteed Parties with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by any Guarantor or any Guaranteed Party relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the other Loan Documents.
3.11    GOVERNING LAW.  
THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

8

3.12    Submission To Jurisdiction; Waivers.  
Each Guarantor hereby irrevocably and unconditionally:
(a)    submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York located in the Borough of Manhattan, the courts of the United States of America for the Southern District of New York, and appellate courts from any thereof;
(b)    consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;
(c)    agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Guarantor at its address referred to in Section 3.3 or at such other address of which the Administrative Agent shall have been notified pursuant thereto;
(d)    in the case of each Guarantor other than the Company, hereby irrevocably designates the Company (and the Company hereby irrevocably accepts such designation) as its agent to receive service of process in any such action or proceeding;
(e)    agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right to sue in any other jurisdiction; and
(f)    waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section any special, exemplary, punitive or consequential damages.
3.13    Judgment. 
The parties hereto agree that Section 10.13 of the Credit Agreement shall apply to the obligations of the Guarantors hereunder, mutatis mutandis. 
3.14    Additional Guarantors.  
Each Subsidiary of the Company that is required to become a party to this Agreement pursuant to Section 6.6 of the Credit Agreement, and each other Person (whether or not a Subsidiary of the Company) that the Company desires to become a party to this Agreement pursuant to Section 10.1(b) of the Credit Agreement or otherwise, shall become a Guarantor for all purposes of this Agreement upon execution and delivery by such Subsidiary or other Person of a Joinder Agreement in the form of Annex I hereto (a “Joinder Agreement”).
3.15    Releases.  
(a)    Upon the satisfaction of the conditions set forth in Section 10.15(b) of the Credit Agreement, this Agreement and the obligations (other than those expressly stated to survive such 

9

termination) of each Guarantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, in accordance with the terms thereof.
(b)    Upon the satisfaction of the conditions set forth in Section 10.15(c) of the Credit Agreement, the obligations (other than those expressly stated to survive such termination) of each Subsidiary Guarantor hereunder shall terminate, without delivery of any instrument or performance of any act by any party, in accordance with the terms thereof.
(c)    Upon the satisfaction of the conditions set forth in Section 10.15(d) of the Credit Agreement, the obligations (other than those expressly stated to survive such termination) of any applicable Subsidiary Guarantor hereunder shall terminate, without delivery of any instrument or performance of any act by any party, in accordance with the terms thereof.
(d)    Notwithstanding the foregoing, the Administrative Agent agrees, at the request and the expense of the Company, at any time and from time to time, to execute and deliver any instrument or other document and in such form as may be reasonably specified by the Company, in order to give effect to the release of any Guarantor pursuant to the foregoing provisions of this Section 3.15.  
3.16    WAIVER OF JURY TRIAL.  
EACH GUARANTOR AND THE ADMINISTRATIVE AGENT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN.
 [Remainder of this page intentionally left blank.]

10

IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed and delivered as of the date first above written.
GENERAL MOTORS COMPANY, as the Company

By:___________________________________ 
Name:  ____________________________ 
Title:  _____________________________

Signature Page to Second Amended and Restated 364-Day Guarantee Agreement

ACCEPTED AND AGREED TO 
AS OF THE DATE SET FORTH ABOVE:

JPMORGAN CHASE BANK, N.A., as the Administrative Agent

By:_____________________________________ 
Name: 
Title:

Signature Page to Second Amended and Restated 364-Day Guarantee Agreement

    

Annex 1
to
Guarantee Agreement

JOINDER AGREEMENT, dated as of ________________, 20__ (the “Joinder Agreement”), made by ______________________________ (the “Additional Guarantor”), in favor of JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”) for the Lenders from time to time parties to the Credit Agreement referred to below.  Unless otherwise defined herein, all capitalized terms not defined herein shall have the meanings ascribed to them in the Credit Agreement. 
W I T N E S S E T H :
WHEREAS, pursuant to the terms of the certain Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020 (as amended, restated, amended and restated, renewed, supplemented or otherwise modified from time to time, the “Credit Agreement”), among General Motors Company, a Delaware corporation (the “Company”), General Motors Financial Company, Inc., a Texas corporation (“GMF”), the other Subsidiary Borrowers from time to time parties thereto, the Lenders, the Administrative Agent, Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents named therein, the Company [has] [and certain of its Subsidiaries (collectively, the “Subsidiary Guarantors”; and, together with the Company and the other Persons party to the Guarantee Agreement (as defined below) as guarantors, collectively, the “Guarantors”) have] entered into the Second Amended and Restated Guarantee Agreement, dated as of April 14, 2020 (as amended, restated, amended and restated, renewed, supplemented or otherwise modified from time to time, the “Guarantee Agreement”); and
WHEREAS, the Additional Guarantor desires to become a party to the Guarantee Agreement in accordance with Section 3.14 of the Guarantee Agreement;
NOW, THEREFORE, IT IS AGREED:
1.  Guarantee Agreement.  By executing and delivering this Joinder Agreement, the Additional Guarantor, as provided in Section 3.14 of the Guarantee Agreement, hereby becomes a party to the Guarantee Agreement as a Guarantor thereunder with the same force and effect as if originally named therein as a Guarantor and, without limiting the generality of the foregoing, hereby expressly assumes all obligations and liabilities and has all rights of a Guarantor thereunder.  
2.  Governing Law.  THIS JOINDER AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

    

IN WITNESS WHEREOF, the undersigned has caused this Joinder Agreement to be duly executed and delivered as of the date first above written.
[ADDITIONAL GUARANTOR]
By:___________________________ 
Name: 
Title:

    

ACCEPTED AND AGREED TO 
AS OF THE DATE SET FORTH ABOVE:

JPMORGAN CHASE BANK, N.A., as the Administrative Agent

By:_____________________________________ 
Name: 
Title:

    

EXHIBIT B
to
Credit Agreement
FORM OF COMPETITIVE BID REQUEST
JPMorgan Chase Bank, N.A., as Administrative Agent
Investment Bank Loan Operations North America
500 Stanton Christiana Road, NCC5, Floor 01
Newark, DE, 19713-2107, United States
Email: Meghan.Roberts@chase.com
Facsimile: 302-634-4733
Telephone: 302-634-4670
Attention: Meghan Roberts
_________, 20__
Ladies/Gentlemen:
The undersigned, [INSERT NAME OF APPLICABLE BORROWER] (the “Applicable Borrower”) [and General Motors Company, a Delaware corporation (“Company/Applicable Borrower”)]1, refer[s] to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020, as amended, restated, amended and restated, renewed, supplemented or modified from time to time (the “Credit Agreement”), among [the Company/the Applicable Borrower]2, General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Borrowers from time to time party thereto, the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents named therein.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The Applicable Borrower and the Company hereby give you notice pursuant to Section 2.9(a) of the Credit Agreement that it requests a Competitive Loan under the Credit Agreement, and in that connection sets forth below the terms on which such Competitive Loan is requested to be made:

    

	
			
	(A)
	Date of Competitive Loan (which is 
a Business Day)   
	            

	(B)
	Principal Amount of Competitive Loan3
	            

	(C)
	Interest rate basis4
	            

	(D)
	Interest Period and the last day thereof5
	            

__________________________________ 
 1Insert if the Company is not the Applicable Borrower.
 2If Bid Requested from the Company, it is the “Applicable Borrower”.
 3Not less than $25,000,000 or Dollar Equivalent thereof.

 4Eurocurrency Competitive Loan or Fixed Rate Loan.
 5Which shall be subject to the definition of "Interest Period" and end on or before Termination Date.

Upon acceptance of any or all of the Competitive Loans offered by the Lenders in response to this request, the Applicable Borrower shall be deemed to have represented and warranted that the conditions to lending specified in Section 5.2 of the Credit Agreement have been satisfied.
Very truly yours,

[INSERT NAME OF APPLICABLE BORROWER]

By:_________________________________
      Name:  
      Title:  

[GENERAL MOTORS COMPANY]

By:_________________________________
      Name:  
      Title:  

EXHIBIT C
to
Credit Agreement
FORM OF COMPETITIVE BID
JPMorgan Chase Bank, N.A., as Administrative Agent
Investment Bank Loan Operations North America
500 Stanton Christiana Road, NCC5, Floor 01
Newark, DE, 19713-2107, United States
Email: Meghan.Roberts@chase.com
Facsimile: 302-634-4733
Telephone: 302-634-4670
Attention: Meghan Roberts
_________, 20__
Ladies/Gentlemen:
The undersigned, [Name of Lender], refers to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020, as amended, restated, amended and restated, renewed, supplemented or modified from time to time (the “Credit Agreement”), among General Motors Company, a Delaware corporation, General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Borrowers from time to time party thereto, the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents party thereto.  Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The undersigned hereby makes a Competitive Bid pursuant to Section 2.9(c) of the Credit Agreement, in response to the Competitive Bid Request made by [INSERT NAME OF APPLICABLE BORROWER] (the “Applicable Borrower”) on _________, 20__, and in that connection sets forth below the terms on which such Competitive Bid is made:

(A)        Date of Competitive Loan                            
(B)        Principal Amount1                                
(C)        Competitive Bid Rate2                            
(D)        Interest Period and last day thereof                        
_____________________________
1Not less than $5,000,000 or the Dollar Equivalent thereof (or greater than the requested Competitive Bid).  Multiple bids will be accepted by the Administrative Agent (including up to 5 bids from any single Lender).
2 i.e., Eurocurrency Rate + or - __%, in the case of Eurocurrency Competitive Loans or __%, in the case of Fixed Rate Loans, in each expressed as a percentage per annum in the form of a decimal to no more than four decimal places.

The undersigned hereby confirms that it is prepared, subject to the conditions set forth in the Credit Agreement, to extend credit to the Applicable Borrower upon acceptance by the Applicable Borrower of this bid in accordance with Section 2.9(c) of the Credit Agreement.

Very truly yours,

[NAME OF LENDER]

By:__________________________
     Name:    
     Title:    
 

EXHIBIT D
to
Credit Agreement
FORM OF COMPETITIVE BID ACCEPT/REJECT LETTER
JPMorgan Chase Bank, N.A., as Administrative Agent
Investment Bank Loan Operations North America
500 Stanton Christiana Road, NCC5, Floor 01
Newark, DE, 19713-2107, United States
Email: Meghan.Roberts@chase.com
Facsimile: 302-634-4733
Telephone: 302-634-4670
Attention: Meghan Roberts
_________, 20__
Ladies/Gentlemen:

The undersigned, [INSERT NAME OF APPLICABLE BORROWER] (the “Applicable Borrower”) [and General Motors Company, a Delaware corporation (the “Company/Applicable Borrower”)]1, refer[s] to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020, as amended, restated, amended and restated, renewed, supplemented or modified from time to time (the “Credit Agreement”), among the [Company/Applicable Borrower]2, General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Borrowers from time to time party thereto, the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents named therein.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them therein.
In accordance with Section 2.9(d) of the Credit Agreement, we have received a summary of bids in connection with our Competitive Bid Request dated _________, 20__  and in accordance with Section 2.9(e) of the Credit Agreement, we hereby accept the following bids: 
Principal Amount  $
Fixed Rate/Margin  [%]/[+/-.__%]
Maturity Date  
Lender  
Interest Period  
Borrowing Date     
_____________________________
 1Insert if the Company is not the Applicable Borrower.
 2If Bid Requested by the Company, it is the “Applicable Borrower”.

We hereby reject the following bids:
Principal Amount  $
Fixed Rate/Margin  [%]/[+/-.__%]
Maturity Date  
Lender  
Interest Period  
Borrowing Date

The [$]            should be made available to the Applicable Borrower in immediately available funds by crediting the following account:
[Bank Name]
ABA #:    _________________________
Account #:    _________________________
Attention:    _________________________

Very truly yours,

[INSERT NAME OF APPLICABLE BORROWER]

By:____________________________________
     Name:
     Title:

[GENERAL MOTORS COMPANY]

By:_________________________________
      Name:  
      Title:

EXHIBIT E
to
Credit Agreement
FORM OF INCREMENTAL LOAN ACTIVATION NOTICE

		
	To:
	JPMorgan Chase Bank, N.A., as Administrative Agent 
under the Credit Agreement referred to below

Reference is made to that certain Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020, as amended, restated, amended and restated, renewed, supplemented or modified from time to time (the “Credit Agreement”, among General Motors Company, a Delaware corporation (the “Company”), General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Borrowers from time to time party thereto, the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents party thereto. Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

This notice is an Incremental Loan Activation Notice referred to in the Credit Agreement, and the Company and each of the lenders party hereto (each, an “Incremental Lender”) hereby notify you that:

1.    Each Incremental Lender party hereto agrees to increase the amount of its existing Commitment in the amount set forth opposite such Incremental Lender’s name on the signature pages hereof under the caption “Incremental Commitment”.

2.    The Commitment Increase Date is ___________________.

3.      The agreement of each Incremental Lender party hereto to make the Incremental Loans to be made by it is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Commitment Increase Date, of the following conditions precedent:

(a)  The Administrative Agent shall have received this notice, executed and delivered by the Company and each Incremental Lender party hereto.

(b)  After giving effect to the Commitment Increase (including the incurrence of any Incremental Loans on the applicable Commitment Increase Date and use of proceeds thereof), (i) no Default or Event of Default shall be continuing and (ii) the sum of the Total Commitments in effect (including, for the avoidance of doubt, Incremental Commitments) shall not exceed $2 billion.   

4.    Upon execution and delivery hereof, each Incremental Lender shall have the rights and obligations of a Lender under the Credit Agreement and the other Loan Documents, and shall be bound by the provisions thereof.

[Signature page follows]

GENERAL MOTORS COMPANY

By:______________________________
      Name:    
      Title:

Incremental Loan Commitment        [NAME OF EACH INCREMENTAL LENDER]
$
By:______________________________
      Name:    
      Title:

RECEIVED BY:
JPMorgan Chase Bank, N.A., 
as Administrative Agent

By:______________________________
      Name:    
      Title:

EXHIBIT F
to
Credit Agreement

FORM OF CLOSING CERTIFICATE

CERTIFICATE
of
[NAME OF LOAN PARTY]

__________, 20__
This Certificate is furnished pursuant to Section 5.1(c) of that certain Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020, as amended, restated, amended and restated, renewed, supplemented or modified from time to time (the “Credit Agreement”, among General Motors Company (together with its successors and permitted assigns, the “Company”), General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Borrowers from time to time party thereto, the lenders from time to time party thereto, JPMorgan Chase Bank, N.A. as the Administrative Agent for the Lenders (the “Administrative Agent”), Citibank N.A. as syndication agent, Bank of America N.A. as co-syndication agent, and the other agents party thereto.  Unless otherwise defined herein, capitalized terms used in this Certificate have the meanings assigned to such terms in the Credit Agreement. 
I, the undersigned, [Assistant] Secretary of [the Company] [Name of Loan Party], a Delaware [corporation][limited liability company] (the “Company”)], do hereby certify, in the name and on behalf of the Company, and without assuming any personal liability, that:
1.Attached hereto as Annex I is a true and complete copy of the [Certificate of Incorporation][Certificate of Formation] of the Company as in effect of the date hereof. There have been no amendments to the [Certificate of Incorporation][Certificate of Formation] of the Company except for those attached in Annex I, if any, and no action has been taken by the Company, its [Board of Directors][Managers], or officers in contemplation of liquidation or dissolution of the Company.
2.Attached hereto as Annex II is a true, correct and complete copy of the [by‐laws][Limited Liability Company Agreement][Operating Agreement] of the Company as in effect on the date hereof. 
3.Attached hereto as Annex III is a true, correct and complete copy of resolutions duly adopted by the Board of [Directors] [Managers] of the Company [at a meeting thereof] [by written consent] as of the ___ day of ____________, 2020; such resolutions have not in any way been revoked, modified, amended, or rescinded, have been in full force and effect since their adoption to and including the date hereof, and are now in full force and effect, and are the only organizational proceedings of the Company now in force relating to or affecting the matters referred to therein, 

and the [Credit Agreement and the other] Loan Documents to which the Company is a party are in substantially the forms of those documents approved by the Board of [Directors] [Managers] of the Company [at such meeting]. 
4.The persons named in Annex IV attached hereto are now duly elected and duly qualified officers of the Company holding the offices set forth therein opposite their names and the signatures set forth therein opposite their names are their genuine signatures. 

Witness my hand as of the first date written above.
_________________________________
[Assistant] Secretary

I, the undersigned, [[Assistant] Secretary][Responsible Officer] of the Company, do hereby certify, in the name and on behalf of the Company, and without assuming any personal liability, that:
1.    ___________________ is [a] [the] duly elected and qualified [Assistant] Secretary of the Company and the signature above is [his][her] genuine signature. 
2.    [The representations and warranties on the part of the Company contained in the Credit Agreement and the other Loan Documents are true and correct in all material respects on and as of the date hereof as though made on and as of the date hereof, except to the extent that any such representation and warranty expressly relates solely to an earlier date, in which case such representation and warranty was true and correct in all material respects on and as of such earlier date.]1 
3.    [No Default or Event of Default has occurred and is continuing as of the date hereof.] 2 
_______________________________
[[Assistant] Secretary][Responsible Officer the Company]     

_____________________________
1To be included in Certificate relating to General Motors Company only.

2To be included in Certificate relating to General Motors Company only.

ANNEX I
to       
Certificate

[Copy of the Certificate of [Incorporation][Formation]]
of
[NAME OF LOAN PARTY]]

ANNEX II
to       
Certificate

[Copy of the [by-laws] [Limited Liability Company Agreement][Operating Agreement]
of
[NAME OF LOAN PARTY]]

ANNEX III
to       
Certificate

Resolutions of the Board of [Directors] [Managers] of [Name of Loan Party]

ANNEX IV
to       
Certificate 

	
			
	Name of Officer
	Office
	Signature

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

	 
	 
	 

EXHIBIT G
to
Credit Agreement

FORM OF ASSIGNMENT AND ASSUMPTION
ASSIGNMENT AND ASSUMPTION, dated as of _____________, 20__ (as amended, supplemented or modified from time to time, this “Agreement”), between [NAME OF ASSIGNOR], a Lender under the Credit Agreement referred to below (the “Assignor”), and [NAME OF ASSIGNEE] (the “Assignee”).  
Reference is made to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020 (as amended, restated, amended and restated, renewed, supplemented or modified from time to time, the “Credit Agreement”), among General Motors Company, a Delaware corporation (together with its successors and permitted assigns, the “Company”), General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Borrowers from time to time party thereto, the lenders from time to time party thereto (together with their respective successors and permitted assigns, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents party thereto. Unless otherwise defined herein, terms used herein have the meanings assigned to such terms in the Credit Agreement.
The Assignor and the Assignee hereby agree as follows:
1.    For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, without recourse to, or (except as otherwise provided in Section 2 below) warranty by, the Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor, without recourse to, or (except as otherwise provided in Section 2 below) warranty by, the Assignor, as of the Trade Date (as defined below), the interest described in Schedule 1 hereto (the “Assigned Interest”) in and to the Assignor’s rights and obligations under the Credit Agreement with respect to its [Commitment][and outstanding Loans], [including (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto [to the extent related to the amount and percentage interest identified in Schedule 1 hereto] of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit and guarantees included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above] in a principal amount for the Assigned Interest as set forth on Schedule 1 hereto; provided, however, it is expressly understood and agreed that (i) the Assignor is not assigning to the Assignee and the Assignor shall retain (A) all of the Assignor’s rights under Section 10.5 of the Credit Agreement with respect to any cost, 

reduction or payment incurred or made prior to the Trade Date, including, without limitation the rights to indemnification and to reimbursement for taxes, costs and expenses and (B) any and all amounts paid to the Assignor prior to the Trade Date and (ii) the Assignee shall be entitled to the benefits of Section 10.5 of the Credit Agreement from and after the Trade Date.
2.    The Assignor (a) makes no representation or warranty, and assumes no responsibility, with respect to any statements, warranties or representations made in or in connection with the Credit Agreement or with respect to the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any other instrument or document furnished pursuant thereto; provided, that the Assignor represents and warrants to the Assignee, to the Company and to the Administrative Agent (i) that the Assignor is the legal and beneficial owner of the Assigned Interest being assigned by it hereunder, (ii) that the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, and (iii) that the Assignor has full power and authority, and has taken all action necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and (b) makes no representation or warranty, and assumes no responsibility, with respect to the financial condition of the Company or any of its Subsidiaries or any other Person obligated in respect of any Loan Document or the performance or observance by the Company or any of its Subsidiaries or any other Person of any of its obligations under the Credit Agreement or any other Loan Document or any other instrument or document furnished pursuant hereto or thereto, and (c) attaches any Note held by it evidencing the Loans made and to be made by it and (i) requests that the Administrative Agent, upon request by the Assignee, exchange the attached Note(s) for a new Note or Notes payable to the Assignee and (ii) if the Assignor has retained any interest in the Loans or its Commitment, requests that the Administrative Agent exchange the attached Note(s) for a new Note or Notes payable to the Assignor, in each case in amounts which reflect the assignment of the Assigned Interest being made hereby (and after giving effect to any other assignments which have become effective on the Trade Date).
3.    The Assignee (a) represents and warrants to the Assignor, to the Company and to the Administrative Agent that (i) it is not an Ineligible Assignee (unless the Company has specifically approved the Assignee), and (ii) it has full power and authority, and has taken all actions necessary, to execute and deliver this Agreement and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement; (b) confirms that it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered or deemed delivered pursuant to Section 6.1 thereof (or, if none of such financial statements shall have then been delivered or deemed delivered, then copies of the financial statements referred to in Section 4.1 thereof) and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Agreement and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender; (c) agrees that it will, independently and without reliance upon the Assignor, the Administrative Agent or any Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents or any other instrument or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Loan Documents or any other instrument or document furnished pursuant hereto or thereto as are delegated 

to the Administrative Agent by the terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, and will perform in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender; and (f) if the Assignee is organized under the laws of a jurisdiction outside the United States, attaches the forms pursuant to Section 2.21(d) of the Credit Agreement, duly completed  and executed by the Assignee.
4.    The effective date of this Agreement shall be the Trade Date of assignment described in Schedule 1 hereto (the “Trade Date”). Following the execution of this Agreement by the Assignor, the Assignee, the Company, each relevant Issuing Lender and the Brazilian Administrative Agent (in the case of the Company, each such Issuing Lender and the Brazilian Administrative Agent, to the extent that the consent of any such Person is required or permitted by the Credit Agreement), it will be delivered to the Administrative Agent for acceptance by it and recording by the Administrative Agent pursuant to Section 10.6 of the Credit Agreement, effective as of the Trade Date (which shall not, unless otherwise agreed to by the Administrative Agent, be earlier than five Business Days after the date of acceptance and recording by the Administrative Agent) of this Agreement, executed as aforesaid.
5.    Upon such acceptance and recording, from and after the Trade Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Trade Date and to the Assignee for amounts which have accrued from and subsequent to the Trade Date.
6.    From and after the Trade Date, (a) the Assignee shall be a party to the Credit Agreement and, to the extent provided in this Agreement, have the rights and obligations of a Lender thereunder and under the other Loan Documents and shall be bound by the provisions thereof and (b) the Assignor shall, to the extent provided in this Agreement, relinquish its rights and be released from its obligations under the Credit Agreement. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns.  
7.    THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
8.    This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of an executed signature page of this Agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written by their respective duly authorized officers on Schedule 1 hereto.

	
		
	 
	_________________________, as Assignor

	 
	By:___________________________________ 
Name: 
Title:

	 
	________________________, as Assignee

	 
	By:___________________________________ 
Name: 
Title:

Accepted and Consented to1:

	
		
	[JPMORGAN CHASE BANK, N.A.], as Administrative Agent
	 

	By:___________________________________ 
Name: 
Title:
	 

	 
	 

	Consented to:
	 

	GENERAL MOTORS COMPANY
	 

	By:___________________________________ 
Name: 
Title:
	 

_____________________________
		
	1 
	Prior written consent of the Company and the Administrative Agent is required unless, (x) in the case of the Administrative Agent, the Assignee is a Lender or affiliate thereof and (y) in the case of the Company only, (i) an Event of Default under Section 8(a) or (e) of the Credit Agreement has occurred and is continuing or (ii) the Assignee is a Lender to which any two or more of the following ratings have been issued by the relevant rating agency: (a) in the case of S&P, at least BBB; (b) in the case of Moody’s, at least Baa2; and (c) in the case of Fitch, at least BBB. 

SCHEDULE 1
to
Assignment and Assumption

This Schedule 1 is attached to and incorporated in the Assignment and Assumption, dated as of ________________, 20__ (as amended, supplemented or modified from time to time, the “Assignment and Assumption”), between [NAME OF ASSIGNOR], a Lender under the Credit Agreement referred to below (the “Assignor”), and [NAME OF ASSIGNEE] (the “Assignee”).  
Reference is made to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of [__], 2020 (as amended, restated, amended and restated, renewed, supplemented or modified from time to time, the “Credit Agreement”), among General Motors Company, a Delaware corporation (together with its successors and permitted assigns, the “Company”), General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Guarantors from time to time party thereto, the lenders from time to time party thereto (together with their respective successors and permitted assigns, collectively, the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents party thereto. Unless otherwise defined herein, terms used herein have the meanings assigned to such terms in the Credit Agreement.
Legal Name of the Assignor:  ______________________
Legal Name of the Assignee:  ______________________
		
	(a)
	[The Assignee is an affiliate of: [Name of Lender]]

		
	(b)
	[The Assignee is an Approved Fund administered or managed by: [Name of Lender][an affiliate of [Name of Lender]][an entity or an affiliate of an entity that administers or manages [Name of Lender]]

		
	(c)
	The Assignee is [not an Ineligible Assignee] [an Ineligible Assignee, but the Company has consented to the assignment by the Assignor to the Assignee.]

	
				
	Facility Assigned
	Aggregate Amount of Commitment/Loans for all Lenders under such Facility
	Amount of Commitment/Loans Assigned
	Percentage 
Assigned of Commitment/Loans

	 
	 
	 
	 

(d)    Trade Date of Assignment (the “Trade Date”): __________, 20_1.
The Assignee shall deliver to the Administrative Agent and the Company an administrative questionnaire in a form approved by the Administrative Agent in which the Assignee designates 

one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Loan Parties and their affiliates or their respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable Requirements of Law, including Federal and state securities laws.

_____________________________
		
	1 
	To be inserted by Administrative Agent and which shall be the effective date of recordation of transfer in the Register therefor.

EXHIBIT H
to
Credit Agreement
FORM OF JOINDER AGREEMENT
JOINDER AGREEMENT, dated as of ___, 20__, made by each signatory hereto (each a “Subsidiary Borrower”), in favor of JPMorgan Chase Bank, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”) referred to in the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of [__], 2020 (as amended, restated, amended and restated, renewed, supplemented or modified from time to time, the “Credit Agreement”), among General Motors Company, a Delaware corporation (the “Company”), General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Borrowers from time to time party thereto, the Lenders referred to therein, the Administrative Agent, Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents party thereto.  Unless otherwise defined herein, terms used but not defined herein shall have the meanings given to them in the Credit Agreement.

W I T N E S S E T H:

WHEREAS,  the parties to this Joinder Agreement wish to add the Subsidiary Borrower to the Credit Agreement in the manner hereinafter set forth; and

WHEREAS, this Joinder Agreement is entered into pursuant to Section 10.1(d)(i) of the Credit Agreement;

NOW, THEREFORE, in consideration of the premises, the parties hereto hereby agree as follows:

1.  The Subsidiary Borrower, hereby acknowledges that it has received and reviewed a copy of the Credit Agreement, and acknowledges and agrees to (i) join the Credit Agreement as a Subsidiary Borrower, as indicated with its signature below; (ii) be bound by all covenants, agreements and acknowledgments attributable to a Subsidiary Borrower in the Credit Agreement; and (iii) perform all obligations and duties required of it by the Credit Agreement.

2.  The address, taxpayer identification number (if any) and jurisdiction of organization of the Subsidiary Borrower is set forth in Annex I to this Joinder Agreement.

3.  THIS JOINDER AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

IN WITNESS WHEREOF, each of the undersigned has caused this Joinder Agreement to be duly executed and delivered by its proper and duly authorized officer as of the day and year first above written.

[EACH SUBSIDIARY BORROWER],
as a Subsidiary Borrower 

By:__________________________
     Name:
     Title:

ACKNOWLEDGED AND AGREED TO:

JPMorgan Chase Bank, N.A.,
as Administrative Agent

By:_________________________
      Name:
      Title:

GENERAL MOTORS COMPANY

By:____________________________________
     Name:
     Title:

EXHIBIT I-1
to
Credit Agreement

[FORM OF]
U.S. TAX COMPLIANCE CERTIFICATE
(For Non-U.S. Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020 (as amended, restated, amended and restated, renewed, supplemented or otherwise modified from time to time, the “Credit Agreement”), among General Motors Company, a Delaware corporation (the “Company”), General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Guarantors from time to time party thereto, the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents party thereto.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.  
Pursuant to the provisions of Section 2.21 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Commitment, the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “10-percent shareholder” of the Company within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign corporation” related to the Company as described in Section 881(c)(3)(C) of the Code and (v) the interest payments in question are not effectively connected with the undersigned's conduct of a U.S. trade or business.
The undersigned has furnished, or concurrently herewith furnishes, the Administrative Agent and the Company with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate or in such Form W-8BEN or Form W-8BEN-E changes, the undersigned shall promptly so inform the Company and the Administrative Agent and (2) the undersigned shall have at all times furnished the Company and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment under the Credit Agreement or any other Loan Document is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF LENDER]
By:______________________________________ 
    Name: 
    Title:
Date: ______________, 20__

EXHIBIT I-2
to
Credit Agreement

[FORM OF]
U.S. TAX COMPLIANCE CERTIFICATE
(For Non-U.S. Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020 (as amended, restated, amended and restated, renewed, supplemented or otherwise modified from time to time, the “Credit Agreement”), among General Motors Company, a Delaware corporation (the “Company”), General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Guarantors from time to time party thereto, the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents party thereto.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
Pursuant to the provisions of Section 2.21 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Commitment, the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to the Credit Agreement, neither the undersigned nor any of its direct or indirect partners/members  is a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “10-percent shareholder” of the Company within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its direct or indirect partner/members’ conduct of a U.S. trade or business.
The undersigned has furnished, or concurrently herewith furnishes, the Administrative Agent and the Company with IRS Form W-8IMY accompanied by one of the following forms from each of its direct or indirect partners/members that is claiming the portfolio interest exception: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such direct or indirect partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate or in such Form W-8IMY, Form W-8BEN or Form W-8BEN-E changes, the undersigned shall promptly so inform the Company and the Administrative Agent and (2) the undersigned shall have at all times furnished the Company and the Administrative Agent with a properly completed and currently effective certificate in either 

the calendar year in which each payment under the Credit Agreement or any other Loan Document is to be made to the undersigned, or in either of the two calendar years preceding such payments.
Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
[NAME OF LENDER]
By:______________________________________ 
    Name: 
    Title:
Date: ___________, 20__

EXHIBIT I-3
to
Credit Agreement

[FORM OF]
U.S. TAX COMPLIANCE CERTIFICATE
(For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020 (as amended, restated, amended and restated, renewed, supplemented or otherwise modified from time to time, the “Credit Agreement”), among General Motors Company, a Delaware corporation (the “Company”), General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Guarantors from time to time party thereto, the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents party thereto.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
Pursuant to the provisions of Section 2.21 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a “10-percent shareholder” of the Company within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign corporation” related to the Company as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question are not effectively connected with the undersigned's conduct of a U.S. trade or business.
The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable.  By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate or in such Form W-8BEN or Form W-8BEN-E changes, the undersigned shall promptly so inform such Lender in writing and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment under the Credit Agreement or any other Loan Documents is to be made to the undersigned, or in either of the two calendar years preceding such payments.

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICIPANT]
By:______________________________________ 
    Name: 
    Title:
Date: _____________, 20__

EXHIBIT I-4
to
Credit Agreement

[FORM OF]
U.S. TAX COMPLIANCE CERTIFICATE
(For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
Reference is hereby made to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020 (as amended, restated, amended and restated, renewed, supplemented or otherwise modified from time to time, the “Credit Agreement”), among General Motors Company, a Delaware corporation (the “Company”), General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Guarantors from time to time party thereto, the Lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”), Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents party thereto.  Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.
Pursuant to the provisions of Section 2.21 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect to such participation, neither the undersigned nor any of its direct or indirect partners/members is a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a “10-percent shareholder” of the Company within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or indirect partners/members that is a beneficial owner of such participation is a “controlled foreign corporation” related to the Company as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its direct or indirect partners/members’ conduct of a U.S. trade or business.
The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its direct or indirect partners/members that is claiming the portfolio interest exception: (i) an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, from each of such direct or indirect partner’s/member’s beneficial owners that is claiming the portfolio interest exemption.  By executing this certificate, the undersigned agrees that (1) if the information provided in this certificate or in such Form W-8IMY, Form W-8BEN or Form W-8BEN-E changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment under the Credit Agreement or any other Loan Documents is to be made to the undersigned, or in either of the two calendar years preceding such payments.

        

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

[NAME OF PARTICIPANT]
By:______________________________________ 
    Name: 
    Title:
Date: ______________, 20__

EXHIBIT J
to
Credit Agreement

FORM OF COMPLIANCE CERTIFICATE
_____________, 20__
		
	To:
	JPMorgan Chase Bank, N.A., as Administrative Agent under the Credit Agreements referred to below

		
	Re:
	(i) the Third Amended and Restated Three Year Revolving Credit Agreement, dated as of April 18, 2018 (as amended, restated, amended and restated, renewed, supplemented or modified from time to time, the “3-Year Credit Agreement”), among General Motors Company (together with its successors and permitted assigns, the “Company”), General Motors Financial Company, Inc., a Texas corporation (“GMF”), GM Global Treasury Centre Limited, a corporation organized under the laws of England and Wales (“GMGTC”), General Motors do Brasil Ltda., a Brazilian limited liability company (“GMB”), the Subsidiary Borrowers from time to time party thereto, the lenders from time to time party thereto, as lenders (the “3-Year Lenders”), JPMorgan Chase Bank, N.A. (“JPM”), as administrative agent for the 3-Year Lenders (in such capacity, together with any successor thereto in such capacity, the “3-Year Administrative Agent”), Banco do Brasil S.A., as Brazilian administrative agent, Citibank, N.A., as syndication agent (in such capacity, the “Syndication Agent”), Bank of America, N.A., as co-syndication agent (in such capacity, the “Co-Syndication Agent”), and the other agents party thereto, (ii) the Third Amended and Restated Five Year Revolving Credit Agreement, dated as of April 18, 2018 (as amended, restated, amended and restated, renewed, supplemented or modified from time to time, the “5-Year Credit Agreement”), among the Company, GMF, GMGTC, GMB, the Subsidiary Borrowers from time to time party thereto, the lenders from time to time party thereto, as lenders (the “5-Year Lenders”), JPM, as administrative agent for the 5-Year Lenders (in such capacity, together with any successor thereto in such capacity, the “5-Year Administrative Agent”), Banco do Brasil S.A., as Brazilian administrative agent, the Syndication Agent, the Co-Syndication Agent, and the other agents party thereto, (iii) the Three Year Revolving Credit Agreement, dated as of January 14, 2019 (as amended, restated, amended and restated, renewed, supplemented or modified from time to time, the “2019 3-Year Credit Agreement”), among the Company, the lenders from time to time party thereto, as lenders (the “2019 3-Year Lenders”), JPM as administrative agent for the 2019 3-Year Lenders (in such capacity, together with any successor thereto in such capacity, the “2019 3-Year Administrative Agent”) and Citibank, N.A., as syndication agent (in such capacity, the “Syndication Agent”) and the other agents party thereto and (iv) the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020, as amended, restated, amended and restated, renewed, supplemented or modified from time to time (the “364-Day Credit Agreement” and together with the 3-Year Credit Agreement, the 5-Year Credit Agreement and the 2019 3-Year Credit Agreement, the “Credit Agreements” and 

each a “Credit Agreement”), among the Company, GMF, the Subsidiary Borrowers from time to time party thereto, the lenders from time to time party thereto, as lenders (the “364-Day Lenders” and together with the 3-Year Lenders, the 5-Year Lenders and 2019 3-Year Lenders, the “Lenders”), JPM as the Administrative Agent for the 364-Day Lenders (in such capacity, together with any successor thereto in such capacity, the “364-Day Administrative Agent” and together with the 3-Year Administrative Agent, the 5-Year Administrative Agent and the 2019 3-Year Administrative Agent, the “Administrative Agent”), the Syndication Agent, the Co-Syndication Agent, and the other agents party thereto.   
This Compliance Certificate (this “Certificate”) is furnished pursuant to Section 6.2 of each Credit Agreement.  Unless otherwise defined herein, terms used in this Compliance Certificate have the meanings assigned to such terms in each Credit Agreement.  I, the undersigned, a Responsible Officer of the Company, do hereby certify, in the name and on behalf of the Company, and without assuming any personal liability, as follows:
1.    I am [the] [a] duly elected [insert title of Responsible Officer] of the Company;
2.    To the best of my knowledge, no Default or Event of Default has occurred
 
and is continuing as of the date hereof [, except as set forth in Annex 1 hereto]; 
3.    Attached hereto as Schedule I is the calculation of Consolidated Domestic Liquidity as of the last day of the most recent fiscal period covered by the financial statements of the Company delivered or deemed delivered pursuant to Section 6.1 of each Credit Agreement; and
4.    Attached hereto as Schedule II is the calculation of Consolidated Global Liquidity as of the last day of the most recent fiscal period covered by the financial statements of the Company delivered or deemed delivered pursuant to Section 6.1 of each Credit Agreement.
[signature page follows]

The foregoing certifications, together with the calculations set forth in Schedules I and II hereto, are made and delivered in my capacity described in paragraph 1 above for and on behalf of the Company.
GENERAL MOTORS COMPANY 

By:____________________________
Name:__________________________
Title:___________________________

SCHEDULE I
to
Compliance Certificate

Consolidated Domestic Liquidity as of _____________, 20__(the “Calculation Date”)1 
	
		
	 
	 

	(A)   The Total Available Commitments under the 3-Year Credit Agreement as of the Calculation Date
	 

	PLUS
	 

	(B)   The Total Available Commitments under the 5-Year Credit Agreement as of the Calculation Date
	 

	PLUS
	 

	(C)   The Total Available Commitments under the 364-Day Credit Agreement as of the Calculation Date
	 

	PLUS
	 

	(D) The Total Available Commitments under the 2019 3-Year Credit Agreement as of the Calculation Date
	 

	PLUS
	 

	(E)   The total available commitments (after giving effect to any applicable borrowing base limitations) under other effective committed credit facilities of the Company or any Domestic Subsidiary as of the Calculation Date.
	 

	PLUS
	 

	(F)   Total cash (other than restricted cash), cash equivalents, and Marketable Securities of the Company and its Domestic Subsidiaries (other than Domestic Subsidiaries of the Company that constitute Finance Subsidiaries, if any), as determined by the Company based on adjustments to the amount of total cash (other than restricted cash), cash equivalents, and Marketable Securities, as reported in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, filed with the SEC
	 

	Sum of (A) plus (B) plus (C) plus (D) plus (E) plus (F):   Consolidated Domestic Liquidity:
	$______________________

_____________________________
		
	1 
	The last day of the most recent fiscal period covered by the financial statements of the Company delivered or deemed delivered pursuant to Section 6.1 of each Credit Agreement.

SCHEDULE II
to
Compliance Certificate

Consolidated Global Liquidity as of _____________, 20__(the “Calculation Date”)1 
	
		
	 
	 

	(A)   The Total Available Commitments under the 3-Year Credit Agreement as of the Calculation Date
	 

	PLUS
	 

	(B) The Total Available Commitments under the 5-Year Credit Agreement as of the Calculation Date
	 

	PLUS
	 

	(C)   The Total Available Commitments under the 364-Day Credit Agreement as of the Calculation Date
	 

	 PLUS
	 

	(D) The Total Available Commitments under the 2019 3-Year Credit Agreement as of the Calculation Date
	 

	PLUS
	 

	(E)   The total available commitments (after giving effect to any applicable borrowing base limitations) under other effective committed credit facilities of the Company or any of its Subsidiaries as of the Calculation Date. 
	 

	PLUS
	 

	(F)   The total cash (other than restricted cash), cash equivalents, and Marketable Securities of the Company and its Subsidiaries (other than Subsidiaries of the Company that constitute Finance Subsidiaries, if any), as reported in the Company’s most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, filed with the SEC
	 

	Sum of (A) plus (B) plus (C) plus (D) plus (E) plus (F):   Consolidated Global Liquidity:
	$______________________

_____________________________
		
	1 
	The last day of the most recent fiscal period covered by the financial statements of the Company delivered or deemed delivered pursuant to Section 6.1 of each Credit Agreement.

ANNEX 1
to
Compliance Certificate

[Defaults/Events of Default that have occurred and are continuing]

EXHIBIT K
to
Credit Agreement

FORM OF NOTE
THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MAY NOT BE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE TERMS AND PROVISIONS OF THE CREDIT AGREEMENT REFERRED TO BELOW.  TRANSFERS OF THIS NOTE AND THE OBLIGATIONS REPRESENTED HEREBY MUST BE RECORDED IN THE REGISTER MAINTAINED BY THE ADMINISTRATIVE AGENT PURSUANT TO THE TERMS OF SUCH CREDIT AGREEMENT.
New York, New York
$_____________    ______________, 20__

FOR VALUE RECEIVED, the undersigned, [NAME OF BORROWER],  [JURISDICTION OF INCORPORATION/FORMATION], [TYPE OF ORGANIZATION] (together with its successors and permitted assigns, the “Applicable Borrower”), hereby unconditionally promises to pay to ______________ (the “Lender”) or its registered assigns, on the Lender’s Termination Date specified in the Credit Agreement (as hereinafter defined) at the Funding Office specified in such Credit Agreement, in the currency of such Loans and in immediately available funds, the principal amount of (a) ___________________ (__________), or, if less, (b) the unpaid principal amount of the Loans of the Lender outstanding under the Credit Agreement.  The Applicable Borrower further agrees to pay interest in like money at such Funding Office on the unpaid principal amount hereof from time to time outstanding at the rates and on the dates specified in Section 2.16 of the Credit Agreement. 
The holder of this Note is authorized to endorse on the schedules annexed hereto and made a part hereof or on a continuation thereof which shall be attached hereto and made a part hereof the date, Type and amount of each Loan evidenced hereby, and the date and amount of each payment or prepayment of principal with respect thereto, each conversion of all or a portion thereof to another Type, each continuation of all or a portion thereof as the same Type and, in the case of Eurocurrency Loans, the length of each Interest Period with respect thereto.  Subject to the provisions of Section 10.6(b) of the Credit Agreement, each such endorsement shall constitute prima facie evidence of the accuracy of the information endorsed.  The failure to make any such endorsement or any error in any such endorsement shall not affect the obligations of the Applicable Borrower in respect of the Loans. 
This Note (a) is one of the Notes referred to in the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020 (as amended, restated, amended and restated, renewed, supplemented or otherwise modified from time to time, the “Credit Agreement”), among General Motors Company, a Delaware corporation, General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Borrowers from time to time party thereto, the Lender, the 

other lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents party thereto, (b) is subject to the provisions of the Credit Agreement and (c) is subject to optional and mandatory prepayment in whole or in part as provided in the Credit Agreement.  This Note is guaranteed as provided in the Loan Documents subject to the release and termination provisions contained therein.  
All parties now and hereafter liable with respect to this Note, whether as maker, principal, surety, guarantor, endorser or otherwise, hereby waive presentment, demand, protest and all other notices of any kind. 
Unless otherwise defined herein, terms used herein have the meanings assigned to such terms in the Credit Agreement. 
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN OR IN THE CREDIT AGREEMENT, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AND IN ACCORDANCE WITH THE REGISTRATION AND OTHER PROVISIONS OF SECTION 10.6 OF THE CREDIT AGREEMENT. 
THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.
[NAME OF APPLICABLE BORROWER].

By:_______________________________
Name:_____________________________
Title:______________________________

4

SCHEDULE A
to
Note
LOANS, CONVERSIONS AND REPAYMENTS OF ABR LOANS
	
							
	Date
	Amount of ABR Loans
	Amount Converted to
ABR Loans
	Amount of Principal
of ABR Loans
Repaid
	Amount of ABR
Loans Converted to
Eurocurrency Loans
	Unpaid Principal Balance
of ABR Loans
	Made By

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 

SCHEDULE B
to
Note
LOANS, CONVERSIONS AND REPAYMENTS OF EUROCURRENCY LOANS
	
								
	Date
	

Interest Period
	Amount of 
Eurocurrency Loans
	Amount Converted to
Eurocurrency Loans
	Amount of Principal
of Eurocurrency Loans
Repaid
	Amount of Eurocurrency
Loans Converted to
ABR Loans
	Unpaid Principal Balance
of Eurocurrency Loans
	Made By

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 
	 
	 
	 

EXHIBIT L
to
Credit Agreement
FORM OF BORROWING REQUEST
[JPMorgan Chase Bank, N.A., as Administrative Agent for the lenders referred to below
Investment Bank Loan Operations North America
500 Stanton Christiana Road, NCC5, Floor 01
Newark, DE, 19713-2107, United States
Email: Meghan.Roberts@chase.com
Facsimile: 302-634-4733
Telephone: 302-634-4670
Attention: Meghan Roberts]

_________, 20__

Ladies/Gentlemen:

The undersigned, [INSERT NAME OF APPLICABLE BORROWER] (the “Applicable Borrower”) [and General Motors Company, a Delaware corporation (“Company/Applicable Borrower”)]1, refer[s] to the Second Amended and Restated 364-Day Revolving Credit Agreement, dated as of April 14, 2020, as amended, restated, amended and restated, renewed, supplemented or modified from time to time (the “Credit Agreement”), among [the Company/the Applicable Borrower]2, General Motors Financial Company, Inc., a Texas corporation, the Subsidiary Borrowers from time to time party thereto, the several banks and other financial institutions or entities from time to time party thereto (the “Lenders”), JPMorgan Chase Bank, N.A., as administrative agent, Citibank, N.A., as syndication agent, Bank of America, N.A., as co-syndication agent, and the other agents named therein. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement.  The Applicable Borrower and the Company hereby give you notice pursuant to Section [2.2] of the Credit Agreement that it requests an Extension of Credit under the Credit Agreement, and in connection sets forth below the terms on which such Extension of Credit is requested to be made[, to which the Company hereby consents]3:

1Insert if the Company is not the Applicable Borrower.
2If Borrowing Request from the Company, it is the “Applicable Borrower”.
3Insert if the Applicable Borrower is a Domestic Subsidiary Borrower.

	
			
	(A)
	Borrowing Date
(which is a Business Day)4
	            

	(D)
	Aggregate Amount of Extension of Credit5
	            

	(E)
	Type of Extension of Credit6 
	            

	(F)
	Interest Period and the last day thereof7
	            

	(G)
	Funds are requested to be disbursed to the Borrower’s account with _____________  (Account No. _________________ ).
	            

[Remainder of page intentionally left blank]

_____________________________
4Borrowing Request to be delivered to the Administrative Agent prior to (a) in the case of Eurocurrency Loans, 1:00 P.M., New York City time, three Business Days prior to the requested Borrowing Date or (b) in the case of ABR Loans, 1:00 P.M., New York City time, on the date of the proposed borrowing.
5Each borrowing shall be in an amount equal to $25 million (or, if the Total Available Commitments at such time are less than $25 million, such lesser amount) or a whole multiple of $5 million in excess thereof.
6 Specify Eurodollar Borrowing or ABR Borrowing.
 7Which shall be subject to the definition of “Interest Period” and end on or before the Termination Date.

The Applicable Borrower hereby represents and warrants to the Administrative Agent and the Lenders that, on the date of the requested Extension of Credit, the conditions to lending specified in Section[s] 5.1 [and 5.28] of the Credit Agreement have been satisfied.

[INSERT NAME OF APPLICABLE BORROWER]9 

By:_________________________________
      Name:  
      Title:  

GENERAL MOTORS COMPANY

By:_________________________________
      Name:  
      Title:  

______________________
8[Insert for Borrowing on the Closing Date.]
9[Insert for Borrowings by an Applicable Borrower other than the Company.]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]